Asia PR News

RIO DE JANEIRO, Nov. 29 /PRNewswire-AsiaNet/ –

Companhia Vale do Rio Doce (CVRD) announces that 42,117,999 common shares
of Canico Resource Corp. (Canico) (TSX: CNI.TO), including shares deposited by
guaranteed delivery, representing 93% of the Canico common shares outstanding
on a fully-diluted basis, were deposited to the offer to acquire all of the
outstanding common shares of Canico for CAD$ 20.80 in cash per Canico share as
at the expiry time, 8:00 p.m. Toronto time on November 28, 2005.

All of the conditions of the offer were satisfied as at the expiry time,
and CVRD has taken up all of the Canico common shares that were deposited to
the offer at such time. Payment for such Canico common shares is expected to
be made on or prior to December 1, 2005, and will represent a disbursement by
CVRD of approximately CAD$ 876 million.

In order to provide Canico shareholders who have not yet accepted the
offer with the opportunity to analyze and accept the offer, CVRD has extended
the expiry time of this offer to 8:00 p.m. Toronto time on December 8, 2005.

CVRD intends, as soon as permitted, to acquire the remaining Canico common
shares by means of a statutory compulsory acquisition under Section 300 of the
British Columbia Business Corporation Act at the same price as the offer
price.

CVRD intends to reconstitute the Canico Board of Directors in a manner
consistent with its share ownership and, upon acquiring a sufficient number of
Canico shares, to de-list the shares.

About Canico
Canico is a Canadian-based junior resource company focused on the
development of the Onca-Puma nickel laterite project located in the state of
Para, Brazil. According to the feasibility studies, the plant will have a
nominal capacity to produce 57,000 tons of nickel per year and its development
will demand investments of US$ 1.1 billion. Production start up of the first
module is scheduled for 2008.

About CVRD
CVRD, a Brazilian company, headquartered in the city of Rio de Janeiro,
Brazil, is the largest metals and mining company in the Americas and one of
the largest in the global metals and mining industry, with a market
capitalization of approximately US$ 45 billion.

It is the largest global producer and exporter of iron ore and pellets,
the world’s second largest producer of manganese and ferroalloys, one of the
world’s lowest cost producers of aluminum products (bauxite, alumina and
primary aluminum) and a producer of copper, potash and kaolin. CVRD is the
largest logistics player in Brazil, owning and operating several railroads and
ports.

CVRD shares are traded on the New York Stock Exchange, NYSE (RIO and
RIOPR), on the Sao Paulo Stock Exchange, BOVESPA (Vale3 and Vale5), and on the
Madrid Stock Exchange, Latibex (XVALP and XVALO).

The offer is aligned with CVRD’s strategy to become a large global player
in the nonferrous metals business, creating value to its shareholders. It is
already a copper producer and is starting the development of its first nickel
project, Vermelho, located in the southern range of Carajas. Given the
location of Onca Puma, near to CVRD mining operations and its efficient
infrastructure, where its Carajas railroad is a very important asset, there
are significant synergies to be explored with this acquisition.

CVRD has retained UBS Securities Canada Inc. as its financial advisor and
Stikeman Elliott LLP as its legal counsel for the purposes of this
transaction.

SOURCE Companhia Vale do Rio Doce

/CONTACT: Roberto Castello Branco, +011-55-21-3814-4540, or
roberto.castello.branco@cvrd.com.br, Alessandra Gadelha, +011-55-21-3814-4053,
or alessandra.gadelha@cvrd.com.br, or Barbara Geluda, +011-55-21-3814-4557, or
barbara.geluda@cvrd.com.br, or Daniela Tinoco, +011-55-21-3814-4946, or
daniela.tinoco@cvrd.com.br, or Eduardo Mello Franco, +011-55-21-3814-9849, or
eduardo.mello.franco@cvrd.com.br, or Fabio Lima, +011-55-21-3814-4271, or
fabio.lima@cvrd.com.br, all of Companhia Vale do Rio Doce/
/Web site: http://www.cvrd.com.br /
(RIO CNI.)