Miramar Mining Corporation

On December 17, 1999 MHBL acquired from Hope Bay Gold Corporation Inc. ("Hope Bay Gold") for US$13,346,100 a 50% interest in a group of concession agreements (the "NTI Concessions") and Federal mineral claims and mining leases located in Nunavut and known as the Hope Bay Project. The NTI Concessions were granted by Nunavut Tunngavik Incorporated ("NTI"), a corporation representing the Inuit people of Nunavut which owns subsurface mineral rights in Nunavut. The acquisition occurred concurrently with Hope Bay Gold's acquisition of 100% of the Hope Bay Project from BHP Diamonds Inc. for US$18,492,340. In 2000, MHBL and Hope Bay Gold entered into a joint venture agreement (the "Hope Bay JVA") to govern all work on the Hope Bay Project.