News Release

For immediate release
March 3, 2004

MARBLE QUARRY TO EXPAND WITH GOVERNMENT
OF CANADA ASSISTANCE

RIVER DENYS, N.S. -- MacLeod Resources Limited of River Denys is investing $1.7 million to expand its marble quarry.

Established in 2000, MacLeod Resources has developed a marble quarry extracting a vein of high grade commercial marble near River Denys, Cape Breton. The company now plans to expand its operation by establishing a processing facility to finish and polish the marble. New equipment will also be purchased to increase productivity in the quarry. It is anticipated that the expansion will result in the creation of an additional 10 jobs at the facility, bringing the total to 20.

"Through its sizable investment in rural Cape Breton, MacLeod Resources is making a substantial commitment to the area. This translates into increased economic activity and jobs for local residents,” said Rodger Cuzner, M.P. for Bras d'Or-Cape Breton. “The Government of Canada is pleased to help entrepreneurs achieve their goals and facilitate investment in our communities."

“The marble found on our River Denys property has a beautiful and unique range of colours and textures, the result of one billon years of geological activity, said Christopher Trider, President, MacLeod Resources Limited. “This rare, deep red and grey-blue marble will be marketed to Canadian companies to replace imported marble or exported to the United States and Europe."

The total estimated cost of the project is $1,700,000. Enterprise Cape Breton Corporation (ECBC) will make a repayable contribution of $500,000 through the Business Development Program.

The establishment of a marble quarry at River Denys is reminiscent of a bygone era. For more than 50 years in the late 1800s and early 1900s, a marble quarry was in operation in nearby Marble Mountain.

Enterprise Cape Breton Corporation offers programs in support of economic development initiatives and is responsible for delivering ACOA's programs on Cape Breton Island and in the Mulgrave area.


FOR ADDITIONAL INFORMATION CONTACT:

Stephen Heckbert
Office of the Honourable Joseph McGuire
Tel: (613) 948-7293

Office of Rodger Cuzner, MP
Bras d’Or-Cape Breton
Tel: (902) 842-9763

Chris Trider, President
MacLeod Resources Limited
Tel: (902) 890-5469

D.A. Landry
ECBC Communications
Tel: (902) 564-3617