Text (MI+errata): Counter target spell. If that spell is countered this way, exile it instead of putting it into its owner's graveyard. [Oracle 2009/07/08]
The card does not go to the graveyard before being removed from the game. [DeLaney 1999/01/04]
If the spell is not countered (because the spell it targets cannot be countered), then it does not get removed from the game. [D'Angelo 2001/04/16]
Note - Before errata, this card was of type Interrupt. [Oracle 1999/07/01]
