1. KAPUSKASING PHOSPHATE OPERATIONS Porcupine Northeastern Ontario
January 27, 2011
Porcupine Northeastern Ontario
Mines Safety Groups
Don Berry
Good Morning and Welcome:
This is my first opportunity to address our shareholders at the AGM. I thank you for the trust you have given me in running this great company of yours.
- Presentation today is focused on 2003/1st Quarter 2004 developments for financials. In addition I will close with a quick snap shot on our future outlook and key drivers of Supply Demand.

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Questions ?