AMENDED PROPERTY PURCHASE AGREEMENT



     THIS AGREEMENT made as of the 29th day of July, 1997.

A M O N G S T:

     INTERNATIONAL   PRECIOUS  METALS  CORPORATION  OF  ARIZONA,  a  corporation
     incorporated  under the laws of the Sate of Arizona,  being a wholly  owned
     subsidiary of International Precious Metals Corporation,

         (hereinafter referred to as "IPMA")

                                                              OF THE FIRST PART;

                                      -and-

     OMEGA INVESTMENT CORPORATION,  a corporation incorporated under the laws of
     the Cayman Islands,

     (hereinafter referred to as the "Omega")

                                                             OF THE SECOND PART;

                                      -and-

     INTERNATIONAL PRECIOUS METALS CORPORATION,  a corporation amalgamated under
     the laws of the Province of Ontario,

     (hereinafter referred to as "IPM")

                                                              OF THE THIRD PART;

     WHEREAS pursuant to a property  purchase  agreement dated as of the 9th day
of May, 1997 (the  "Agreement"),  between IPMA,  Omega and IPM,  Omega agreed to
transfer to IPMA a 100% ownership  interest in the Property (as such capitalized
term and all other capitalized terms not otherwise defined herein are defined in
the Agreement) for a purchase price of $27,000,000.00 (US);

     AND WHEREAS the balance of the purchase  price for the  Property  being the
sum of $16,500,000.00 (US) was payable on or before July 15, 1997;





<PAGE>



     AND WHEREAS  IPMA wishes to obtain an extension of time within which to pay
the aforesaid $16,500,000.00;

     NOW  THEREFORE  in  consideration  of the  mutual  covenants  and  payments
contained in the Agreement and herein, the parties hereto agree as follows:

     1. The payment of the balance of the purchase price for the Property in the
amount of $16,500.000.00 be extended from July 15, 1997, to October 15, 1997.

     2. In  consideration  for Omega  extending  the date for the payment of the
said  $16,500,000.00,  IPMA shall pay, or caused to be paid,  the  following  to
Omega:

     (a)  the sum of Five  Thousand  Dollars  ($5,000.00)  per day for  each day
          subsequent   to  July  15,   1997,   that  the  balance  of  the  said
          $16,500,000.00 has not been paid;

     (b)  500 common  shares of IPM per day for each day  subsequent to July 15,
          1997, that the balance of the said  $16,500,000.00  has not been paid,
          to August 15, 1997;

     (c)  1,000 common  shares of IPM per day for each day  subsequent to August
          15,  1997,  that the balance of the said  $16,500,000.00  has not been
          paid, to September 15, 1997; and

     (d)  1,500  common  shares  of IPM per  day  for  each  day  subsequent  to
          September 15, 1997,  that the balance of the said  $16,500,000.00  has
          not been paid, to October 15, 1997.

     IPMA shall pay the amount  referred to above,  as applicable,  on or before
the 15th day of the month for the amounts and number of common  shares owing for
the previous forty five (45) day period. As an example, the interest payment and
common shares required to be issued for the forty five (45) day period from July
15, 1997, to August 31, 1997, will be made on September 15, 1997.

     3.  Additionally,  IPM shall issue to Omega an additional  3,000,000 common
shares as Security Shares, which shares shall be subject to the Escrow Agreement
made as of the 9th  day of  May,  1997,  between  IPMA,  Omega,  IPM and  Conway
Kleinman Kornhauser & Gotlieb.

     4. The  Agreement  as changed,  altered,  amended or  supplemented  by this
Amended Property Purchase Agreement, shall continue in full force and effect and
is hereby confirmed by the parties hereto.

     6. The Agreement shall  henceforth be read in conjunction with this Amended
Property Purchase Agreement and the Agreement and this Amended Property Purchase
Agreement shall henceforth have effect so far as is practicable as if all of the
provisions of the Agreement and of this Amended Property Purchase Agreement were
contained in one instrument.

                                       -2-



<PAGE>


     IN WITNESS WHEREOF the parties have duly executed this Agreement as of this
29th day of July, 1997.


SIGNED, SEALED and         )      INTERNATIONAL PRECIOUS METALS CORPORATION
DELIVERED in the           )
presence of                )
                           )
                           )      Per:_____________________________________
                           )
                           )
                           )
                           )      OMEGA INVESTMENT CORPORATION
                           )
                           )
                           )
                           )      Per:_____________________________________
                           )
                           )
                           )
                           )      INTERNATIONAL PRECIOUS METALS CORPORATION 
                           )        OF ARIZONA
                           )
                           )
                           )      Per:_____________________________________

                                 


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