March 1, 2010

ｗｗｗ.jogmec.go.jp NEWS RELEASE Japan Oil, Gas and Metals National Corporation

Division in charge: Metals Finance Dept. Nishikawa Fax: +81-44-520-8720 PR in charge: Administration Dept. Uematsu Fax: +81-44-520-8710

JOGMEC provides equity financing for a rare metal exploration project

in the

Japan Oil, Gas & Metals National Corporation (JOGMEC, President: Hirobumi Kawano), has provided equity capital finance of 30% to an exploration subsidiary of Sumitomo Metal

Mining Co., Ltd. (SMM, President: Nobumasa Iemori). The subsidiary has been established for the purpose of promoting a rare metal (nickel and cobalt) exploration project conducted in the Solomon Islands by SMM.

SMM has conducted explorations in the Solomon Islands since obtaining exploration rights in 2006. According to the result of the explorations, potential of rare metal (nickel and cobalt) deposit has been recognized. JOGMEC has provided various types of supports so far, and now upon receiving the request by SMM we have decided to provide financing for the purpose of reducing country risk and providing technological support, with the aim of ensuring development proceeded. This is the first financing project for the metals resources sector of JOGMEC since it was established.

JOGMEC plans to continue to provide active financing support to Japanese companies proceeding with exploration projects in overseas, in order to ensure a stable supply of metal and mineral resources.

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■Corporate Data ・Company name: Sumiko Solomon Exploration Co.,Ltd. ・Ownership/ Investment amount: SMM70％（280 million yen）, JOGMEC 30％（120 million yen） 400 million yen investment in total ・Location of head office: 11-3, Shimbashi 5-chome, Minato-ku, Tokyo ・President: Yukio Kawaguchi (SMM Managing Executive Officer) ・Date of establishment: February 22, 2010 ・Date of JOGMEC participation: March 1, 2010

■Project Outline ・Location East of and east of Santa Isabel Island in the Solomon Islands ・Result at present The east of Choiseul Island and east of Santa Isabel Island have wide distribution of ultrabasic rocks hosting lateritic nickel deposit, which is recognized as having high potential. Geological surveys and drilling have identified the existence of high-grade nickel saprolite ore as well as limonite ore generally recognized in lateritic nickel deposits.

■JOGMEC’s support in the past ・2006 fiscal year：Overseas geological surveys （assistance amount：240 million yen） ・2007-2009 fiscal year：Exploration finance (570 million yen)）

Project Location

Solomon 採掘対象

Choiseul Australia

Santa Isabel

Honiar

Guadalcanal

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