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## Making Our Future 

Successful exploration continues to add reserves to the rich Grasberg minerals district. 

<img src='content_image/56778.jpg'>

Background photo:  The new Ali Budiardjo adits open access for the future production of our significant underground reserves. 

Exploration, Reserves and Development PT Freeport Indonesia’s Grasberg mining complex and the surround ing Grasberg minerals district is known as one of the worl d’s richest ore bodies. For our geologists and mine plann ers working in this highly mineralized district, the opportu- nity to continue to explore for additional resources an d to establish additional proven and probable reserves i s exciting and stimulating. 

Exploration results have continued to add value for our Company. Recent reserve additions have bee n achieved at the Deep Mill Level Zone (MLZ), and the likelihood of further additions is promising. During 20 04, the PT Freeport Indonesia exploration team establishe d net additions, before 2004 production, to the aggrega te proven and probable reserves at the Grasberg mining complex of 141 million metric tons of ore, representin g increases of 2.9 billion recoverable pounds of copper and 2.2 million recoverable ounces of gold. 

These additions were largely the result of excellen t drilling results at the Deep MLZ deposit, a 146-million - metric-ton ore body with average grades of 1.22 perce nt copper and 0.95 grams per metric ton gold. Additiona l engineering studies evaluating drilling results on th e western side of that ore body are expected to be compl eted in 2005 and could increase the size of the ore body. We are also conducting feasibility studies on developmen t of the Big Gossan ore body containing 33 million metr ic tons of high-grade proven and probable reserves with approximately 1.6 billion pounds of copper and 0.7 mil lion ounces of gold. We are evaluating an open-stope mine with the potential of reaching full production in early 2010. 

