Document:

EXHIBIT 4.05

                                     RELEASE
                                     -------

TO:              ARCHANGEL DIAMOND CORPORATION ("Archangel")
AND TO:          the officers and directors thereof.

     The  undersigned,  RICHARD  WAKE-WALKER  (the  "Releaseor"),  for  valuable
consideration  the receipt and sufficiency is hereby  acknowledged,  DOES HEREBY
REMISE,  RELEASE  AND  FOREVER  DISCHARGE  Archangel  including  its  respective
directors, officers, employees,  servants, agents, predecessors,  successors and
assigns,  and each of them  (individually  a  "Releasee"  and  collectively  the
"Releasees") of and from any and all actions, causes of action, claims, demands,
damages,  interest,  costs,  expenses and  compensation  of whatsoever  kind and
howsoever arising, whether known or unknown (collectively, a "Claim"), and which
the Releasor now has or at any time hereafter can, shall or may have, in any way
resulting or arising from any cause,  matter or thing whatsoever  existing up to
the present time with respect to the Releasees,  and in particular,  but without
restricting  the generality of the foregoing,  of and from or in connection with
any  business,  directorship  or  employment  arrangement  between  or among the
Releasor or his affiliates and any or all of the Releasees and any  remuneration
obligation or settlement related thereto, SAVE AND EXCEPT for:

     (a)  any outstanding  stock options or other rights to purchase  granted or
          issued to the  Releasor in any capacity by Archangel up to the date of
          this Release; and

     (b)  any claim or right of indemnity  from Archangel for the benefit of The
          Releasor in accordance  with Yukon  corporate law in connection to any
          Claim made  against  the  Releasor  in his  capacity as an employee or
          officer of Archangel.

     The  Releasor  hereby  acknowledges  and agrees  that any and all powers of
attorney  granted to the  Releasor by Archangel  are  cancelled,  terminated  or
revoked, as the case may be, and of no further force and effect.

     The Releasor acknowledges and agrees that:

     (a)  neither the Releasor nor his  affiliates  shall make any claim or take
          any  proceedings  against any other  person or  corporation  who might
          claim  contribution  or indemnity  from the  Releasees or any of their
          officers,  employees,  servants, agents,  predecessors,  successors or
          assigns;

     (b)  the Release  herein is intended to be a general  Release in respect of
          any claim or potential claim, known or unknown,  that the Releasor may
          have against any of the Releasees;

<PAGE>

     (c)  he has had the  opportunity  to seek  independent  legal  advice  with
          respect to the terms of  settlement as set forth herein as well as the
          effect of the Release herein and he fully understands the contents and
          the effect thereof; and

     (d)  he has  read  this  Release  herein  and  hereby  confirms  that  this
          Agreement  Release the entire agreement between the parties hereto and
          the  terms of the  Release  herein  are  contractual,  and not  merely
          recital.

This  Termination  Agreement  shall enure to the benefit of and be binding upon,
the heirs, executors,  administrators and legal personal  representatives of the
parties to this Termination Agreement. This Termination Agreement is governed by
and  interpreted  in  accordance  with  the laws  from  time to time in force in
Ontario and the laws of Canada applicable herein.

IN WITNESS  WHEREOF the  Releasor,  intending  to be bound,  has  executed  this
Release this 19th day of December, 2002.

SIGNED, SEALED AND DELIVERED        )
by RICHARD WAKE-WALKER in           )
the presence of:                    )
                                    )
Gerald E. Davis                     )      /s/ R.A. Wake-Walker         (Seal)
-----------------                   )      -----------------------------------
Witness                             )      RICHARD WAKE-WALKER
                                    )
/s/ Gerald E. Davis                 )
-------------------                 )
Print Name                          )EXHIBIT 4.06

                          Archangel Diamond Corporation

                                                               December 19, 2002

Mr. Gerald E. Davis
34 Lark Bunting LN
Littleton, Colorado
80127

Dear Mr. Davis:

     The  purpose  of  this  letter  is to set  forth  the  arrangement  between
Archangel Diamond Corporation (the "Company") and Gerald E. Davis ("Davis") with
respect  to (a)  certain  options  to  purchase  common  shares  of the  Company
("Options") that were previously issued to Davis under the Company's 1999 Equity
Incentive  Plan,  as Amended and  Restated in 2001 ("the  Option  Plan") and (b)
certain deferred compensation  ("Deferred  Compensation") payable to Davis under
the terms of his Executive  Employment  Agreement  with the Company,  as amended
January 1, 2002 (the "Employment Agreement").

The parties acknowledge and agree that:

     (a)  Davis has  agreed to resign as a director  and office of the  Company,
          effective December 19, 2002 and to terminate the Employment Agreement;

     (b)  under the Option Plan, all Options held b y Davis would expire 30 days
          from the date on which  Davis  ceases to be an officer or  director of
          the Company, unless otherwise determined by the Board of Directors;

     (c)  on December 19, 2002 the Board of Directors agreed to waive the 30-day
          expiry  period of the Options  referred to in (b) above and permit the
          Options to expire on the final expiry date provided when those Options
          were first issued;

     (d)  as of the date  hereof,  Davis holds  75,000  Options  exercisable  at
          C$0.23/share and expiring October 9, 2007, 200,000 Options exercisable
          at  C$0.50/share  and expiring  February 18, 2004 and 900,000  Options
          exercisable  at  C$0.11/share  and expiring  November 25, 2006,  for a
          total of 1,175,000 Options (the "Davis Options"); and

     (e)  the  Deferred  Compensation  payable  to Davis  under  the  Employment
          Agreement is US$50,322.30

In  consideration  of Davis agreeing to resign as an officer and director of the
Company  and  for  other  good  and  valuable  consideration,  the  receipt  and
sufficiency of which are acknowledged, the parties agree as follows:

<PAGE>

1.   Davis shall be permitted to keep all of the Davis Options, at their current
     exercise price,  until their  respective  final expiry dates stated in such
     Options.

2.   Davis  agrees to defer his right to  payment of the  Deferred  Compensation
     under the Employment Agreement as provided in paragraph 4 below.

3.   If at any time Davis  chooses to  exercise  any of the Davis  Options,  the
     Deferred  Compensation shall be used to pay the exercise price and shall be
     automatically  reduced by an amount equal to the funds required to exercise
     such Options.

4.   On the earlier of (a) the date on which Davis has  exercised  all the Davis
     Options and (b) the date on which Davis's Options expire, the Company shall
     pay Davis the balance of the  Deferred  Compensation  after all  reductions
     referred to in paragraph 3 above.

5.   Davis agrees that he hereby  relinquishes  all rights to any other payments
     that may be payable by the Company under the Employment Agreement.

6.   This agreement  shall be binding upon and shall enure to the benefit of the
     parties hereto and their respective  successors and assigns,  provided that
     Davis may not  assign  this  agreement  without  the prior  consent  of the
     Company.

7.   This  agreement  shall  be  subject  to,  governed  by,  and  construed  in
     accordance with the laws of the Province of Ontario and the federal laws of
     Canada applicable therein.

                                      ARCHANGEL DIAMOND
                                      CORPORATION

                                      By: /s/ Michael J.M. Farmiloe
                                          --------------------------------------
                                            Name:
                                            Title:

                                   **********

Agreed to and accepted by the undersigned this 19th day of December, 2002.

                                            )
                                            )
                                            )
/s/ Christopher Bent                        )            /s/ Gary E. Davis
--------------------                        )            -----------------------
Witness                                     )            Gary E. Davis
                                            )EXHIBIT 4.07

                          Archangel Diamond Corporation

                                                               December 19, 2002

Mr. Timothy J. Haddon
312 High Street
Denver, Colorado
80218

Dear Mr. Haddon:

     The  purpose  of  this  letter  is to set  forth  the  arrangement  between
Archangel  Diamond  Corporation (the "Company") and Timothy J. Haddon ("Haddon")
with  respect to (a) certain  options to purchase  common  shares of the Company
("Options")  that were  previously  issued to Haddon  under the  Company's  1999
Equity  Incentive  Plan, as Amended and Restated in 2001 ("the Option Plan") and
(b) certain deferred compensation  ("Deferred  Compensation")  payable to Haddon
under the terms of his  Executive  Employment  Agreement  with the  Company,  as
amended January 1, 2002 (the "Employment Agreement").

The parties acknowledge and agree that:

     (a)  Haddon has agreed to resign as a director  and office of the  Company,
          effective December 19, 2002 and to terminate the Employment Agreement;

     (b)  under the Option Plan, all Options held by Haddon would expire 30 days
          from the date on which  Haddon  ceases to be an officer or director of
          the Company, unless otherwise determined by the Board of Directors;

     (c)  on December 19, 2002 the Board of Directors agreed to waive the 30-day
          expiry  period of the Options  referred to in (b) above and permit the
          Options to expire on the final expiry date provided when those Options
          were first issued;

     (d)  as of the date hereof,  Haddon holds 1,500,000 Options  exercisable at
          C$0.11/share  and  expiring  November 25, 2006 and  1,000,000  Options
          exercisable at C$0.10/share and expiring November 28, 2007 for a total
          of 2,500,000 Options (the "Haddon Options"); and

     (e)  the  Deferred  Compensation  payable  to Haddon  under the  Employment
          Agreement is US$139,870.50

In  consideration of Haddon agreeing to resign as an officer and director of the
Company  and  for  other  good  and  valuable  consideration,  the  receipt  and
sufficiency of which are acknowledged, the parties agree as follows:

<PAGE>

1.   Haddon  shall be  permitted  to keep all of the  Haddon  Options,  at their
     current exercise price, until their respective final expiry dates stated in
     such Options.

2.   Haddon  agrees to defer his right to payment of the  Deferred  Compensation
     under the Employment Agreement as provided in paragraph 4 below.

3.   If at any time Haddon  chooses to exercise any of the Haddon  Options,  the
     Deferred  Compensation shall be used to pay the exercise price and shall be
     automatically  reduced by an amount equal to the funds required to exercise
     such Options.

4.   On the earlier of (a) the date on which Haddon has exercised all the Haddon
     Options  and (b) the date on which  Haddon's  Options  expire,  the Company
     shall  pay  Haddon  the  balance  of the  Deferred  Compensation  after all
     reductions referred to in paragraph 3 above.

5.   Haddon agrees that he hereby  relinquishes all rights to any other payments
     that may be payable by the Company under the Employment Agreement.

6.   This agreement  shall be binding upon and shall enure to the benefit of the
     parties hereto and their respective  successors and assigns,  provided that
     Haddon may not  assign  this  agreement  without  the prior  consent of the
     Company.

7.   This  agreement  shall  be  subject  to,  governed  by,  and  construed  in
     accordance with the laws of the Province of Ontario and the federal laws of
     Canada applicable therein.

                                           ARCHANGEL DIAMOND
                                           CORPORATION

                                           By: /s/ Michael J.M. Farmiloe
                                               ---------------------------------
                                                 Name:
                                                 Title:

                                   **********

Agreed to and accepted by the undersigned this 19th day of December, 2002.

                                            )
                                            )
                                            )
/s/ Christopher Bent                        )            /s/ Timothy J. Haddon
-----------------------                     )           -----------------------
Witness                                     )           Timothy J. Haddon
                                            )

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