Document:

Exhibit 4.5

                            SHARE PURCHASE AGREEMENT

                                  made between

                              ARGOSY MINERALS INC.
                               ARGOSY MINING CORP.

                                       and

                           TOURNIGAN GOLD CORPORATION

                                  July 9, 2003

                            Fasken Martineau DuMoulin
                             Barristers & Solictors
                         2100 - 1075 West Georgia Street
                                 Vancouver, B.C.
                                     V6E 3G2

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                                TABLE OF CONTENTS

ARTICLE 1        INTERPRETATION................................................2
           1.1   Defined Terms.................................................2
           1.2   Schedules.....................................................3
           1.3   Interpretation................................................4

ARTICLE 2        PURCHASE AND SALE.............................................5
           2.1   Shares........................................................5
           2.2   Purchase Price................................................5
           2.3   Purchase Price Allocation.....................................5
           2.4   Operating Cost Adjustment.....................................6
           2.5   AMI Consent...................................................6

ARTICLE 3        REPRESENTATIONS AND WARRANTIES OF THE VENDORS.................6
           3.1   Representations and Warranties................................6

ARTICLE 4        REPRESENTATIONS AND WARRANTIES OF THE PURCHASER...............9
           4.1   Representations and Warranties................................9

ARTICLE 5        CLOSING......................................................10
           5.1   Closing Date and Location....................................10
           5.2   Application for Exchange Approval............................10
           5.3   Vendors' Closing Documents...................................10
           5.4   Purchaser's Closing Documents................................11

ARTICLE 6        CONDITIONS PRECEDENT TO THE PERFORMANCE BY THE
                 PURCHASER OF ITS OBLIGATIONS UNDER THIS AGREEMENT............11
           6.1   Purchaser's Conditions.......................................11
           6.2   Waiver.......................................................13
           6.3   Covenant of the Vendors......................................13

ARTICLE 7        CONDITIONS PRECEDENT TO THE PERFORMANCE BY THE
                 VENDORS OF THEIR OBLIGATIONS UNDER THIS AGREEMENT............13
           7.1   Vendors' Conditions..........................................13
           7.2   Waiver.......................................................14

ARTICLE 8        CONDUCT OF BUSINESS PRIOR TO CLOSING.........................14
           8.1   Conduct......................................................14

ARTICLE 9        EXAMINATIONS AND WAIVERS.....................................15
           9.1   Access for Investigation.....................................15
           9.2   Disclosure of Information....................................15

ARTICLE 10       EXCLUSIVE AREA OF INTEREST...................................16

ARTICLE 11       GENERAL......................................................16
           11.1  Public Notices...............................................16
           11.2  Expenses.....................................................16
           11.3  Time.........................................................16
           11.4  Notices......................................................16
           11.5  Governing Law................................................17
           11.6  Severability.................................................17
           11.7  Entire Agreement.............................................18
           11.8  Further Assurances...........................................18
           11.9  Enurement....................................................18
           11.10 Counterparts.................................................18

<PAGE>

                            SHARE PURCHASE AGREEMENT

THIS AGREEMENT is made as of July 9, 2003

BETWEEN:

               ARGOSY MINERALS INC., a body corporate duly
               incorporated in the Yukon Territory ("AMI"), and
               ARGOSY MINING CORP. a body corporate duly
               incorporated in the Yukon Territory ("AMC"), each
               having an office at 20607 Logan Avenue, Langley,
               B.C., V3A 7R3

               (together, "the Vendors")

AND:

               TOURNIGAN GOLD CORPORATION, a company
               incorpo-rated under the laws of the Yukon
               Territory, having a place of business at Suite 520
               - 800 West Pender Street, Vancouver, B.C.

               (the "Purchaser")

WHEREAS:

A. AMI holds all of the issued and outstanding shares in the capital of AMC

B. AMC is the legal and beneficial owner of all of the issued and outstanding
shares in the capital of the Slovak joint stock company, Kremnica Gold, a.s (the
"Company");

C. The Company is the holder of certain mineral properties in the area of
Kremnica in the Slovak Republic;

D. The Purchaser and AMI entered into a letter agreement dated March 11, 2003,
whereby the Purchaser offered to acquire the Company shares, subject to all
necessary regulatory approvals and completion of satisfactory due diligence, and
paid to AMI the sum of $25,000 to secure the exclusive right to conduct such due
diligence; and

E. The Purchaser has completed the due diligence process to its satisfaction and
gave notice thereof to AMI on May 28, 2003, in accordance with such letter
agreement;

     NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of one dollar
and the mutual agreements and covenants herein contained (the receipt and
adequacy of such consideration being hereby acknowledged by each party), the
parties covenant and agree as follows:

<PAGE>

                                   ARTICLE 1
                                 INTERPRETATION

1.1  Defined Terms

     As used in this Agreement, the following terms have the following meanings:

(a)  "Affiliate" has the meaning ascribed to that term under the Yukon Business
     Corporations Act as of the date of this Agreement;

(b)  "Assets" means the Machinery and Equipment, the real property described in
     Schedule D, the mineral rights described in Schedule E, the Permit and the
     Data;

(c)  "Balance Sheet" means the Company's balance sheet comprised in the
     Financial Statements;

(d)  "Bookkeeping Report" means the Company's bookkeeping report dated June 30,
     2003 prepared by Eva Krajcikova, a copy of which is contained in Schedule
     A;

(e)  "Closing" means the completion of the purchase and sale of the Shares
     pursuant to this Agreement;

(f)  "Closing Date" means July 11, 2003 or such other date as may be agreed in
     writing by the parties;

(g)  "Company" means the Slovak joint stock company, Kremnica GOLD, a.s., having
     its registered seat at Horna 51, 974 01 Banska Bystrica, Identification
     No.: 36 019 798, registered with the Company Register of the District Court
     in Banska Bystrica, file: Sa, inlet No.: 415/S;

(h)  "Current Operations" means the Company's operations in relation to its
     Mineral Properties as of the date of the Purchase Notice;

(i)  "Data" means the maps, data, reports, samples, assay and other test results
     and other information in the possession or under the control of the Company
     or either of the Vendors and relating to the mineral exploration or mining
     operations of the Company or of any previous owner of the Company's mineral
     rights;

(j)  "Encumbrances" means any lien, claim, charge, pledge, hypothecation,
     security interest, mortgage, title retention agreement, option, royalty or
     encumbrance of any nature or kind whatsoever;

(k)  "Exchange" means the TSX Venture Exchange;

(l)  "Financial Statements" means the audited financial statements of the
     Company for the fiscal year of the Company ended December 31, 2002
     consisting of a balance sheet, statement of retained earnings, an income
     statement and a statement of changes in financial position of the Company
     including the notes to such financial statements;

<PAGE>

(m)  "Key Employees" means those individuals employed by the Company and listed
     in Schedule B;

(n)  "Letter Agreement" means the letter agreement referred to in Recital D of
     this Agreement;

(o)  "Machinery and Equipment" means the machinery, equipment and other personal
     property listed in Schedule C;

(p)  "Permit" means the permit listed in Schedule G;

(q)  "Person" includes an individual, corporation, body corporate, partnership,
     joint venture, association, trust or unincorporated organization or any
     trustee, executor, administrator or other legal representative thereof;

(r)  "Purchase Notice" means the notice dated May 28, 2003 described in recital
     E of this Agreement;

(s)  "Purchase Price" means $500,000;

(t)  "Purchaser's Solicitors" means the law firm of Fasken Martineau DuMoulin
     LLP;

(u)  "Shares" means all of the outstanding shares in the share capital of the
     Company;

(v)  "Shareholder Loans" means amount due or accruing due to AMC or AMI or any
     of their respective Affiliates, or any director or officer of any of them;

(w)  "Time of Closing" means the time on the Closing Date that the Closing
     occurs;

(x)  "Vendors' Solicitors" means the law firm of Lawson Lundell;

1.2  Schedules

     The following are the schedules to this Agreement:

         Schedule A        Bookkeeping Report June 2003
         Schedule B        Employees
         Schedule C        Machinery and Equipment
         Schedule D        Real Property
         Schedule E        Mineral Rights
         Schedule F        Encumbrances
         Schedule G        Permit

<PAGE>

1.3  Interpretation

     For the purposes of this Agreement, except as otherwise expressly provided
herein:

(a)  "this Agreement" means this Agreement, including the schedules hereto, as
     it may from time to time be supplemented or amended;

(b)  any reference in this Agreement to a designated article, section,
     subsection, paragraph or other subdivision, or to a schedule, is to the
     designated article, section, subsection, paragraph or other subdivision of
     or schedule to this Agreement unless otherwise specifically stated;

(c)  the words "herein", "hereof" and "hereunder" and other words of similar
     import refer to this Agreement as a whole and not to any particular
     article, clause, subclause or other subdivision or schedule;

(d)  the singular of any term includes the plural and vice versa and the use of
     any term is equally applicable to any gender and where applicable to a body
     corporate;

(e)  the word "or" is not exclusive and the word "including" is not limiting
     (whether or not non-limiting language such as "without limitation" or "but
     not limited to" or other words of similar import are used with reference
     thereto);

(f)  all accounting terms not otherwise defined in this Agreement have the
     meanings assigned to them in accordance with generally accepted accounting
     principles applicable in Canada;

(g)  except as otherwise provided, any reference to a statute includes the
     regulations made pursuant thereto with all amendments made to such statute
     and regulations and in force from time to time, and to any statute or
     regulations that may be passed which have the effect of supplementing or
     superseding such statute or such regulations;

(h)  the phrase "to the best of the knowledge of" or phrases of similar import
     used in this Agreement mean that the Person in respect of whom the phrase
     is used has made such enquiries as would be reasonably necessary to enable
     a Person to make the statement or disclosure;

(i)  the headings to the articles and clauses of this Agreement are inserted for
     convenience only and do not form a part of this Agreement and are not
     intended to interpret, define or limit the scope, extent or intent of this
     Agreement or any provision hereof;

(j)  any reference to a corporate entity includes and is also a reference to any
     corporate entity that is a successor to such entity;

<PAGE>

(k)  the parties acknowledge that this Agreement is the product of arm's length
     negotiation between the Vendors and the Purchaser, each having obtained
     their or its own independent legal advice, and that this Agreement will be
     construed neither strictly for nor strictly against any party irrespective
     of which party was responsible for drafting this Agreement;

(l)  the representations, warranties, covenants and agreements contained in this
     Agreement will not merge at the Closing and will continue in full force and
     effect from and after the Closing Date;

(m)  each and every covenant, representation or warranty of the Vendors
     contained herein will be a joint and several covenant, representation or
     warranty of AMI and AMC; and

(n)  unless otherwise specifically noted, all references to money in this
     Agreement are to lawful currency of Canada.

                                   ARTICLE 2
                                PURCHASE AND SALE

2.1  Shares

     The Purchaser agrees to purchase the Shares from AMC and AMC agrees to sell
the Shares to the Purchaser, free and clear of all Encumbrances and the
Purchaser agrees to pay the Purchase Price by bank draft or certified cheque on
the terms and conditions hereinafter set forth.

2.2  Purchase Price

     The Vendors, in consideration of the Purchase Price, agree to assign,
transfer and set over unto the Purchaser, the Shareholder Loans as at the
Closing Date, provided that such Shareholder Loans are not less than the amount
of the Shareholder Loans described in the Bookkeeping Report.

2.3  Purchase Price Allocation

     The Purchase Price will be allocated amongst the Shares and the Shareholder
Loans owned by AMC on the following basis:

                  Shares:                   $448,100

                  Shareholder Loans         $ 51,900

                  TOTAL                     $500,000

<PAGE>

2.4  Operating Cost Adjustment

     The Purchaser will, by certified cheque or bank draft, reimburse the
Vendors at Closing for $3.000, being that proportion of the July operating costs
of the Company advanced by the Vendors to the Company which represents the
number of days in July after the Closing Date as compared with the number of
days in July to and including the Closing Date.

2.5  AMI Consent

     AMI agrees with the sale of the Shares from AMC to the Purchaser and
undertakes to provide AMC with all approvals, assistance and co-operation
required with respect to the sale of the Shares and transactions contemplated by
this Agreement.

                                   ARTICLE 3
                  REPRESENTATIONS AND WARRANTIES OF THE VENDORS

3.1  Representations and Warranties

     Each of the Vendors jointly and severally represents and warrants to the
Purchaser as follows:

(a)  Organization and Good Standing of Vendors. Each of the Vendors is a company
     duly incorporated, validly existing and in good standing with respect to
     the filing of annual reports under the Yukon Business Corporations Act.

(b)  Transaction Authority. AMC has all necessary corporate power, authority and
     capacity to sell the Shares and to perform its other obligations hereunder.
     AMI has all necessary corporate power authority and capacity to perform its
     obligations hereunder. The execution and delivery of this Agreement has
     been duly authorized by all necessary corporate action on the part of each
     of the Vendors and this Agreement has been duly executed and delivered by
     each of them and constitutes a valid and binding obligation of each of
     them.

(c)  No Exchange Approval Needed. Neither of the Vendors is required to obtain
     any approval or acceptance by the Exchange or any other stock exchange in
     relation to the transaction contemplated herein.

(d)  No Violation of Other Agreements. Neither of the Vendors is a party to,
     bound by or subject to any indenture, mortgage, lease, agreement,
     instrument, statute, regulation, order, judgment, decree or law which would
     be violated, contravened or breached by, or under which any default would
     occur as a result of, the execution and delivery by the Vendors of this
     Agreement or their performance of any of the terms hereof.

(e)  Title to Shares. AMC owns and has good and marketable registered title to
     all of the Shares, free of all Encumbrances, and the Shares have been duly
     and validly issued to AMC and are outstanding as fully paid and
     non-assessable shares in the capital of the Company.

<PAGE>

(f)  Residency of AMC. AMC is not a "non-resident" of Canada within the meaning
     of s. 116 of the Income Tax Act of Canada.

(g)  Absence of Options. No Person has any agreement, right or option, present
     or future, contingent, absolute or capable of becoming an agreement, right
     or option or which with the passage of time or the occurrence of any event
     could become an agreement, right or option:

     (i)  to require the Company to issue any further or other shares in its
          capital or any other security convertible or exchangeable into shares
          in its capital or to convert or exchange any securities into or for
          shares in its capital;

     (ii) to require the Company to purchase, redeem or otherwise acquire any of
          its Shares; or

     (iii) to acquire the Shares or any of them.

(h)  Financial Statements. The Financial Statements and the Bookkeeping Report
     present fairly the financial position of the Company as at the respective
     date thereof and the results of the Company's operations and the changes in
     the Company's financial position for the period then ending.

(i)  Absence of Undisclosed Liabilities. Except to the extent reflected or
     reserved against in the Financial Statements or the Bookkeeping Report, or
     incurred subsequent to June 30, 2003 in the ordinary and usual course of
     the business of the Company or otherwise and not in excess of $10,000 in
     the aggregate (excluding any Shareholder Loans and any employee severance
     obligations), the Company does not have any outstanding indebtedness or any
     liabilities or obligations (whether accrued, absolute, contingent or
     otherwise) including any debt, liability or other obligation to either of
     the Vendors or to any of their respective Affiliates, directors, officers
     or employees, or to any director, officer or employee of the Company.

(j)  Absence of Changes. Since the date of the Balance Sheet, except as shown on
     the Bookkeeping Report there has not been:

     (i)  any material adverse change in the condition or operations of the
          business, in the Assets or in the financial affairs of the Company; or

     (ii) any damage, destruction or loss, labour trouble or other event,
          development or condition, of any character (whether or not covered by
          insurance) which is not generally known or which has not been
          disclosed to the Purchaser, which has or may have a material adverse
          effect on the business, Assets, financial affairs or future prospects
          of the Company.

(k)  Equipment. Substantially all of the office equipment, furniture and
     computer equipment (including software) of the Company as inspected by the
     Purchaser on April 28, 2003 will be included in the assets of and will be
     in the possession of the Company at Closing.

<PAGE>

(l)  Title to Assets. The Company has good and marketable title to all of its
     Assets, free and clear of all Encumbrances except as shown in Schedule F
     and none of the Company's Assets are in the possession of or under the
     control of any other Person.

(m)  Permits. To the best of the Vendors' knowledge, the Permit is in good
     standing, unamended except as disclosed to the Purchaser, and the Vendors
     are not aware of any existing breach of the Permit by the Company or any
     act or omission which, after notice or lapse of time, might constitute such
     a breach.

(n)  Employees. Schedule B contains a complete and accurate list of the names
     and job titles of all individuals who are full-time, part-time or casual
     employees or individuals engaged on contract to provide employment or
     similar services or who are sales or other agents or representatives of the
     Company. Neither of the Vendors is aware of any intention of any Key
     Employee to terminate his or her employment with the Company.

(o)  Litigation. To the best of the Vendors' knowledge, there is no action,
     suit, litigation, arbitration proceeding, governmental proceeding,
     investigation or claim, including appeals and applications for review, in
     progress, threatened or pending against, or relating to the Company or
     affecting its Assets, the Current Operations or its business, and there is
     no judgment, decree, injunction, rule or order of any court, governmental
     department, commission, agency, instrumentality or arbitrator outstanding
     against the Company.

(p)  Corporate Records. The Vendors, as shareholders of the Company, have not
     approved or taken any other action with respect to the Company since
     December 31, 2002 which would constitute a declaration of dividend,
     fundamental change or other determination solely within the jurisdiction of
     the shareholders, other than with respect to the issuance of additional
     shares upon the capitalization of outstanding Shareholder Loans.

(q)  Trade-marks. The Company does not have and does not use any service marks,
     trade names, design marks or trade marks.

(r)  Indebtedness to Vendors. Except as reflected in the Financial Statements
     and the Bookkeeping Report, the Company is not indebted to the Vendors,
     other than in respect of amounts advanced for monthly operating expenses in
     the ordinary course.

(s)  Environmental Matters. Neither the Company nor either of the Vendors has
     received notice alleging a violation of environmental laws relating the
     Company's activities or its properties, none of them is aware of any such
     violation having occurred other than as disclosed to the Purchaser, and to
     the best of their knowledge the Vendors have made available to the
     Purchaser all environmental audits, evaluations, assessments, reports,
     studies or tests relating to the Company and its business and Assets that
     were commissioned by or are in the possession of either of them.

<PAGE>

(t)  Shareholder Loans. AMC does not, nor does AMI or any of the Affiliates,
     directors, officers or employees of either of them, have any debt or other
     liability owing to the Company nor are there any debts or other liabilities
     of the Company to any such persons, other than amounts owed to or
     receivable from employees which are not in excess of $5,000 in the
     aggregate, and the Shareholder Loans disclosed in the Financial Statements
     and the Bookkeeping Report, and AMC:

     (i)  has actually advanced to the Company the aggregate amount of such
          Shareholder Loans;

     (ii) is lawfully entitled to be repaid, on demand and without interest, the
          full amount of such Shareholder Loans, to the extent that the Company
          has the ability to repay such loans, and holds its interest therein
          free of all Encumbrances;

     (iii) has not assigned any of such Shareholder Loans or any right, title or
          interest therein to any other Person;

     (iv) has not made any demand for repayment of the whole or any portion of
          such Shareholder Loans; and

     (v)  confirms that it has not forgiven, settled or waived any right of
          repayment in respect of the whole or any portion of such Shareholder
          Loans other than Shareholder Loans that were previously re-capitalized
          as equity by the Company as reflected in the Bookkeeping Report.

                                   ARTICLE 4
                 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

4.1  Representations and Warranties

     In order to induce the Vendors to enter into and to consummate the
transactions contemplated by this Agreement the Purchaser represents and
warrants to the Vendors that:

(a)  Organization and Good Standing. The Purchaser is a company duly
     incorporated, validly existing and in good standing with respect to the
     filing of annual reports under the Yukon Business Corporations Act.

(b)  Transaction Authority. The Purchaser has all necessary corporate power,
     authority and capacity to acquire the Shares and to perform its obligations
     hereunder. The execution and delivery of this Agreement has been duly
     authorized by all necessary corporate action on the part of the Purchaser
     and this Agreement has been duly executed and delivered by the Purchaser
     and, subject to Exchange approval, constitutes a valid and binding
     obligation of the Purchaser.

<PAGE>

(c)  No Violation of Other Agreements. The Purchaser is not a party to, bound by
     or subject to any indenture, mortgage, lease, agreement, instrument,
     statute, regulation, order, judgment, decree or law which would be
     violated, contravened or breached by, or under which any default would
     occur as a result of, the execution and delivery by the Purchaser of this
     Agreement or the performance by the Purchaser of any of the terms hereof.

                                    ARTICLE 5
                                     CLOSING

5.1  Closing Date and Location

     The transactions contemplated by this Agreement are intended to be
completed at 11:00 A.M. on the Closing Date at the offices of the Purchaser's
Solicitors, 2100 - 1075 West Georgia Street, Vancouver B.C., or at such other
time, date or location as the parties may agree in writing.

5.2  Application for Exchange Approval

     Upon execution of this Agreement the Purchaser will promptly file this
agreement and all related relevant materials with the Exchange and will take all
commercially reasonable efforts to obtain Exchange acceptance of the transaction
contemplated herein in a timely fashion

     If the Exchange approval of this transaction has not been received by the
Closing Date, then the Closing will be deferred until 3 business days after
receipt by the Purchaser of Exchange Approval, provided that, if such approval
is not obtained on or before October 1, 2003, then either the Vendors or the
Purchaser may advise the other in writing that they have or it has elected to
terminate this Agreement. Upon such termination, neither the Vendors nor the
Purchaser will have any further obligation or liability hereunder, other than
the obligations of confidentiality described in section 9.2, or as may have
arisen prior to such termination.

5.3  Vendors' Closing Documents

     On the Closing Date, the Vendors will deliver, or cause to be delivered, to
the Purchaser the documents set forth in section 6.1(e) and such other documents
as the Purchaser may reasonably require to complete the purchase and sale
intended hereby.

5.4  Purchaser's Closing Documents

     On the Closing Date, the Purchaser will deliver to the Vendors one or more
bank drafts, certified cheques or solicitor's trust cheques made payable to the
Vendors' Solicitors, in trust, in the aggregate amount of $503,000.

<PAGE>

                                   ARTICLE 6
           CONDITIONS PRECEDENT TO THE PERFORMANCE BY THE PURCHASER OF
                      ITS OBLIGATIONS UNDER THIS AGREEMENT

6.1  Purchaser's Conditions

     The obligations of the Purchaser to complete the purchase of the Shares and
Shareholder Loans will be subject to the satisfaction of, or compliance with, at
or before the Time of Closing, each of the following conditions precedent:

     (a)  Truth and Accuracy of Representations of the Vendors. The
          representations and warranties of the Vendors in Article 3 will be
          true and correct at the Time of Closing and with the same effect as if
          made at and as of the Time of Closing.

     (b)  Performance of Obligations. Each of the Vendors and the Company will
          have performed and complied with all the obligations, covenants and
          agreements to be performed and complied with by it by the Closing
          Date.

     (c)  No Injunctions. No injunction or restraining order of any court or
          administrative tribunal of competent jurisdiction will be in effect
          prohibiting the transactions contemplated by this Agreement, and no
          action or proceeding will have been instituted or be pending before
          any court or administrative tribunal to restrain or prohibit the
          transactions between the parties contemplated by this Agreement.

     (d)  Regulatory Approval. The Purchaser will have received Exchange
          acceptance of the purchase of the Shares and the Shareholder Loans.

     (e)  Closing Documentation. The Purchaser will have received from the
          Vendors and, where applicable, the Company the following closing
          documentation, delivered either to the place of closing or to the
          Purchaser's designated agent in the Slovak Republic:

          (i)  the share certificate representing the Shares issued in the name
               of AMC, duly endorsed for transfer to the Purchaser; which
               endorsement must include the business name and the registered
               seat of the Purchaser, signatures of the representatives
               authorized to act on behalf of AMC and the date of the transfer
               of the Shares must correspond to the Closing Date ;

          (ii) a certified extract from a resolution of the board of directors
               of the Company, authorizing the transfer of the Shares to the
               Purchaser, the endorsement for such purpose of the share
               certificate representing the Shares, and the registration of such
               transfer in the books of the Company and with the Slovak
               Securities Centre;

          (iii) a certified extract from the shareholder register of the Company
               held by the Slovak Securities Centre showing the Purchaser as the
               registered owner of the Shares;

<PAGE>

          (iv) duly signed resignations (including a statement as to the return
               of information to the Company), in form and substance
               satisfactory to the Purchaser, acting reasonably, of each of the
               members of the Company's board of directors, supervisory board,
               officers and statutory representatives designated by the
               Purchaser;

          (v)  releases, in form and substance satisfactory to the Purchaser,
               acting reasonably, executed by each of the Vendors in favour of
               the Company releasing the Company from any and all manner of
               actions, causes of action, suits, proceedings, debts (other than
               the Shareholder Loans being transferred to the Purchaser), dues,
               profits, expenses, contracts, damages, claims, demands and
               liabilities whatsoever, in law or equity, which the Vendors or
               either of them, ever had, now has or may have against the Company
               for or by reason of any matter, cause or thing whatsoever done or
               omitted to be done by the Company up to the Closing;

          (vi) an assignment of the Shareholder Loans, in form and substance
               satisfactory to the Purchaser, acting reasonably, duly executed
               by AMC;

          (vii) an assignment of the engagement agreement between Boris
               Bartalsky and AMC, in form and substance satisfactory to the
               Purchaser, acting reasonably, duly executed by AMC;

          (viii) all other necessary consents, waivers, including waivers of
               pre-emptive rights and authorizations required to enable the
               transfer of the Shares and the Shareholder Loans to the Purchaser
               as provided for in this Agreement; and

          (ix) all such instruments of transfer, duly executed, which in the
               opinion of the Purchaser acting reasonably are necessary to
               effect and evidence the transfer of the Shares and Shareholder
               Loans to the Purchaser free and clear of all Encumbrances.

     (f)  Absence of Damages. No damage, destruction or loss to any Assets of
          the Company, whether owned, leased or licensed that is not adequately
          covered by insurance (less amounts which are "deductibles" under such
          insurance), and no damage, destruction or loss to any Assets of the
          Company where the cost of repairing or replacing all such Assets
          exceeds $10,000 in total, will have occurred.

6.2  Waiver

     The conditions set forth in this Article 6 are for the exclusive benefit of
the Purchaser and may be waived by the Purchaser in writing in whole or in part
at or before the Time of Closing. Notwithstanding any such waiver, the
completion of the purchase and sale contemplated by this Agreement by the
Purchaser will not prejudice or affect in any way the rights of the Purchaser to
indemnification in respect of the warranties and representations of the Vendors
in this Agreement.

<PAGE>

6.3  Covenant of the Vendors

     The Vendors covenant to complete all of their respective obligations
hereunder to be completed by the Time of Closing including the deliver all of
the documents, instruments and other items set out in section 6.1(e).

                                   ARTICLE 7
            CONDITIONS PRECEDENT TO THE PERFORMANCE BY THE VENDORS OF
                     THEIR OBLIGATIONS UNDER THIS AGREEMENT

7.1  Vendors' Conditions

     The obligations of the Vendors to complete the sale of the Shares and
Shareholder Loans will be subject to the satisfaction of, or compliance with, at
or before the Closing Time, each of the following conditions precedent:

     (a)  Truth and Accuracy of Representations of the Purchaser. The
          representations and warranties of the Purchaser made in Article 4 will
          be true and correct at the Time of Closing and with the same effect as
          if made at and as of the Time of Closing.

     (b)  Performance of Agreements. The Purchaser will have performed and
          complied with all the obligations, covenants and agreements to be
          performed and complied with by it by the Closing Date.

     (c)  Absence of Injunctions. No injunction or restraining order of any
          court or administrative tribunal of competent jurisdiction will be in
          effect prohibiting the transactions contemplated by this Agreement,
          and no action or proceeding will have been instituted or be pending
          before any court or administrative tribunal to restrain or prohibit
          the transactions between the parties contemplated by this Agreement.

     (d)  Purchase Price. The Purchase Price will have been delivered in
          accordance with section 5.4.

7.2  Waiver

     The conditions set forth in this Article 7 are for the exclusive benefit of
the Vendors and may be waived by the Vendors in writing in whole or in part at
or before the Time of Closing.

                                   ARTICLE 8
                      CONDUCT OF BUSINESS PRIOR TO CLOSING

8.1  Conduct

     Except as otherwise contemplated or permitted by this Agreement, during the
period from the date of this Agreement to the Closing Time, each of the Vendors
will do or will cause the Company to do the following:

<PAGE>

     (a)  Conduct Business in Ordinary and Usual Course. Conduct the Company's
          business in the ordinary and usual course thereof and not, without the
          prior written consent of the Purchaser, enter into any transaction
          which would constitute a breach of any of the Vendors'
          representations, warranties or agreements contained herein.

     (b)  Continue Insurance. Continue in force any and all existing policies of
          insurance presently maintained by the Company.

     (c)  Perform Obligations. Comply with all laws applicable to the Company
          and its Current Operations and pay all required taxes as they become
          due.

     (d)  Pay Liabilities. Pay and discharge all liabilities or obligations of
          the Company in the ordinary and usual course of business consistent
          with past business practice, except for such liabilities or
          obligations as may be contested by the Company in good faith.

     (e)  No Breach. Refrain from any action or omission which would, or would
          reasonably be expected to, result in a breach of or render untrue any
          representation, warranty, covenant, or other obligation of any of the
          Vendors contained herein.

     (f)  Licences. Obtain, or provide the Purchaser with all co-operation or
          support reasonably required to allow the Purchaser to obtain, on or
          before the Closing Date, from all appropriate federal, provincial,
          state, municipal or other governmental or regulatory bodies, any
          licences, permits, consents, approvals, certificates, registrations
          and authorizations required to permit the completion of the
          transactions contemplated by this Agreement, including Exchange
          approval.

     (g)  Preserve Business. Preserve intact the Assets and carry on the Current
          Operations and the affairs of the Company as currently conducted, and
          promote and preserve for the Purchaser the goodwill of suppliers,
          customers, regulators and others having business relations with the
          Company.

     (h)  Necessary Steps. Take all necessary actions, steps and proceedings
          that are necessary or desirable to approve or authorize, or to validly
          and effectively undertake, the execution and delivery of this
          Agreement and the completion of the transactions contemplated by this
          Agreement.

     (i)  Compliance with Article 9. Comply with the provisions of Article 9.

                                   ARTICLE 9
                            EXAMINATIONS AND WAIVERS

9.1  Access for Investigation

     The Vendors will permit, and will cause the Company to permit, the
Purchaser and its employees, agents, professional advisors and other
representatives between the date hereof and the Closing Date, to have access

<PAGE>

during normal business hours to the premises and to all the Key Employees, the
Data, books, accounts, records and other data of the Company (including all
technical, corporate, accounting and tax records and any electronic or computer
accessed data) and to the Assets of the Company. The Vendors will cause the
Company to furnish, and require that the Company's principal bankers, appraisers
and independent auditors and other advisors furnish, to the Purchaser such
financial and operating data and other information with respect to the Current
Operations, business and Assets of the Company as the Purchaser may from time to
time reasonably request to enable confirmation of the matters warranted in
Article 3.

9.2  Disclosure of Information

     Until the Time of Closing and, in the event of the termination of this
Agreement without consummation of the transactions contemplated by this
Agreement, thereafter, the Purchaser will keep confidential any information
(unless otherwise required by law or such information is readily available or
becomes readily available, from public or published information or sources)
obtained from the Company or from the Vendors. If this Agreement is so
terminated, promptly after such termination all documents, work papers and other
written material obtained from a party in connection with this Agreement and not
theretofore made public (including all copies and photocopies thereof), will be
returned to the party that provided such material. Before and after Closing the
Vendors and the Purchaser will not disclose the Purchase Price or any other
terms of this Agreement except as reasonably required for income tax, stock
exchange, securities commission and other reporting requirements. After Closing
the Vendors will keep confidential any information regarding the Company and its
business and Assets which was known to it at or prior to the Time of Closing.

                                   ARTICLE 10
                           EXCLUSIVE AREA OF INTEREST

     Each of the Vendors agrees that it will not acquire, nor will it permit any
of its Affiliates to acquire, directly or indirectly, any interest in any
exploration concessions, mining claims, leases, mining rights, interests in
land, fee lands, surface rights or water rights within five (5) kilometres of
the external boundaries of the mineral rights described in Schedule E, without
the Purchaser's prior written consent.

                                   ARTICLE 11
                                     GENERAL

11.1 Public Notices

     The parties agree that all notices to third parties and all other publicity
concerning the transactions contemplated by this Agreement will be jointly
planned and co-ordinated and no party will act unilaterally in this regard
without the prior approval of the others, such approval not to be unreasonably
withheld.

<PAGE>

11.2 Expenses

     All costs and expenses incurred in connection with the preparation of this
Agreement and the transactions contemplated by this Agreement will be paid by
the party incurring such expenses.

11.3 Time

     Time will be of the essence of this Agreement.

11.4 Notices

     Any notice or other writing required or permitted to be given hereunder or
for the purposes hereof will be sufficiently given if delivered, telecopied or
transmitted electronically to the party to whom it is given or, if mailed, by
prepaid registered mail addressed to such party at:

     (a)  if to the Purchaser at:

                           520 - 800 West Pender Street
                           Vancouver, B.C.,  V6C 2V6
                           Attention:  President
                           Fax number: (604) 683 8340

          with a copy to Purchaser's Solicitors at:

                           2100 - 1075 West Georgia Street
                           Vancouver, B.C.,  V6E 3G2
                           Attention: R. S. Angus
                           fax number:  (604) 631 3232
                           e-mail:  tangus@van.fasken.com

     (b)  if to the Vendors at:

                           20607 Logan Avenue
                           Langley, B.C.,  V3A 7R3
                           fax number:  (604) 530 8423
                           e-mail:  argosy@intergate.ca

          with a copy to the Vendors' Solicitors at:

                           1600 - 925 West Georgia Street
                           Vancouver, B.C.,  V6C 3L2
                           Attention:  John T.C. Christian
                           fax number:  (604) 669 1620
                           e-mail:  john.christian@lawsonlundell.com

or at such other address as the party to whom such writing is to be given will
have last notified to the party giving the same in the manner provided in this
clause. Any notice mailed or personally delivered will be deemed to have been

<PAGE>

given and received when actually delivered to the recipient. Any notice sent by
telecopier or e-mail will be deemed to have been given and received on the
business day next following the day it was telecopied or e-mailed, provided that
confirmation of receipt is received.

11.5 Governing Law

     This Agreement will be governed by and construed in accordance with the
laws in force in the Province of British Columbia and the parties submit and
attorn to the jurisdiction of the courts of the Province of British Columbia.

11.6 Severability

     If a court of other tribunal of competent jurisdiction determines that any
one or more of the provisions contained in this Agreement is invalid, illegal or
unenforceable in any respect in any jurisdiction, the validity, legality and
enforceability of such provision or provisions will not in any way be affected
or impaired thereby in any other jurisdiction and the validity, legality and
enforceability of the remaining provisions contained herein will not in any way
be affected or impaired thereby, unless in either case as a result of such
determination this Agreement would fail in its essential purpose.

11.7 Entire Agreement

     This Agreement constitutes the entire agreement between the parties and
supersedes all prior agreements and understandings, oral or written, by and
between any of the parties with respect to the subject matter hereof, including
the Letter Agreement.

11.8 Further Assurances

     The parties will with reasonable diligence, do all such things and provide
all such reasonable assurances as may be required to consummate the transactions
contemplated by this Agreement, and each party will provide such further
documents or instruments required by the other party as may be reasonably
necessary or desirable to give effect to the purpose of this Agreement and carry
out its provisions whether before or after the Closing Date.

11.9 Enurement

     This Agreement and each of the terms and provisions hereof will enure to
the benefit of and be binding upon the parties and their respective successors
and assigns.

<PAGE>

11.10 Counterparts

     This Agreement may be executed in as many counterparts as may be necessary
or by facsimile and each such counterpart agreement or facsimile so executed
will be deemed to be an original and such counterparts and facsimile copies
together will constitute one and the same instrument.

     IN WITNESS WHEREOF the parties have duly executed this Agreement as of the
day and year first above written.

THE CORPORATE SEAL of
TOURNIGAN GOLD CORPORATION                            )
was hereunto affixed in the presence of:              )
                                                      )
                                                      )     C/S
/s/ Hein Poulus                                       )
----------------------------------------------------- )
Authorized Signatory                                  )
                                                      )
                                                      )
----------------------------------------------------- )
Authorized Signatory                                  )

THE CORPORATE SEAL of ARGOSY MINERALS INC. was        )
hereunto affixed in the presence of:                  )
                                                      )
                                                      )     C/S
/s/ Cecil Bond                                        )
----------------------------------------------------- )
Authorized Signatory                                  )
                                                      )
                                                      )
----------------------------------------------------- )
Authorized Signatory                                  )

THE CORPORATE SEAL of ARGOSY MINING CORP. was         )
hereunto affixed in the presence of:                  )
                                                      )
                                                      )     C/S
/s/ Cecil Bond                                        )
----------------------------------------------------- )
Authorized Signatory                                  )
                                                      )
                                                      )
----------------------------------------------------- )
Authorized Signatory                                  )

<PAGE>

                                   SCHEDULE A

                          Bookkeeping Report June 2003

                           (insert document #6032825)

<PAGE>
<TABLE>
<CAPTION>

                                                    SCHEDULE B

                                                     Employees

Employee               Job Description                     Period                                   Monthly Salary
--------               ---------------                     ------                                   --------------
Title, Age                                                 Since             To
----------                                                 -----             --
<S>                    <C>                        <C>      <C>               <C>                    <C>
Boris Bartalsky        Director,                  K G      Jan 1, 2001       Present/unlimited      50 000,-SKK
PhD, 43                member of Board of                                                           one year
                       directors                                                                    severance
                       Exploration Manager        Agy      March 1, 1997     Present/unlimited      1500 C$, one
                                                                                                    year severance
                       Exploration Manager        Ago      March 1, 1998     Dec.31, 2001           50 000,-SKK
                       Exploration Manager        Ago      March 1, 1997     Mach 1, 1998           28 600, -SKK
                       Exploration Manager        Ago      Sept.1, 1996      March 1, 1997          26 000,-SKK
Dusan Roob             Site manager               K G      Nov. 1, 1997      Present/unlimited      16 800,-SKK
Ing, 36
                       Site manager               K G      May 1, 1997       Oct. 31, 1997          16 000,-SKK
Finka Oliver,          Counsellor                 K G      Jan. 1, 2001      Dec. 31, 2003          200,-SK/hour
Ing, 67
                       Technical supervisor       K G      April 1, 2000     Dec. 31, 2000          15 000,-SKK
                       Senior geologist           K G      May 1, 1997       March 31, 2000         15 000,-SKK
                       Senior geologist           K G      May 1, 1997       April 30, 1998         30 000,-SKK
Branislav Martis       Assistant,                 K G      Jan. 7, 1998      Present/unlimited      11 000,-SKK
29                     interpreter/translator
                       Assistant,                 K G      Aug. 25, 1997     January 6, 1998        9 000,-SKK
                       interpreter/translator
Damian Kelement        Watchman                   K G      April 1, 2000     Present/unlimited      5 000,-SKK
44                                                a.s
                       Watchman                   K G      Jan. 1, 1999      March 31, 2000         3 900,-SKK
                                                  a.s
                       Watchman                   K G      July 1, 1997      May 31, 1998           8 500,-SKK
                                                  a.s

Note: The company must pay 38% from salaries monthly overhead for Slovak
employees as social conscription.

Abbreviations: KG - Kremnica Gold a.s.; AGO - Argosy Slovakia S.I.O.; AGY -
Argosy Mining

</TABLE>
<PAGE>

                                   SCHEDULE C

                             Machinery and Equipment

Tangible Fixed Assets:
----------------------

Map cabinet in the archive - book value 25 309 Sk
Air compressor in Prep Lab - book value 15,112 Sk
Security system - book value 11,453 SK
Shelves for core boxes - book value 66107 Sk
Drying owen - book value 21862 Sk

Cars
----

2 Nissans Double Cab, Pick Up, year of prod. 1996

<PAGE>

                                   SCHEDULE D

                                  Real Property

The two parcels numbered 2063 and 2065 registered in Slovakia with:

         Okresny urad v Ziari nad Hronom
         613 Odbor katastra nehntelnosti

<PAGE>

                                   SCHEDULE E

                                 Mineral Rights

Decision issued by the Ministry of Environment of the Slovak Republic on
Sept.18, 2002 on the delineation of the exploration area Lucky No. 503/2002-7.

Decision of the Ministry of Metallurgy and Mining of CSSR on 21 January, 1961 on
the delineation of the Mining area Kremnica No. MHD-D.P. 12.

<PAGE>

                                   SCHEDULE F

                                  Encumbrances

Ludovika shaft building is registered as technical cultural site.

<PAGE>

                                   SCHEDULE G

                                     Permit

Permission given by a District Mining Office in Banska Bystrica for a purpose to
carry on securing of mine workings and open pit "Kremnica - Sturec - Au, Ag"
under the following conditions: (i) securing of mine workings and open pit
"Kremnica - Sturec - Au, Ag" must be carried on to the extent and according to
the terms of securing plans filed in the District Mining Office in Banska
Bystrica under No. 1963/99, and (ii) the Company must proceed in compliance with
legal rules regulating safety and health protection at work and safety of
performance of mining activity and other valid legal rules.AMENDMENT NO. 1 TO THE RENEWED RIGHTS AGREEMENT
                 -----------------------------------------------

         AMENDMENT NO. 1, dated as of November 17, 2003 (this "Amendment"), to
the RENEWED RIGHTS AGREEMENT, dated as of August 19, 1997 between IONICS,
INCORPORATED, a Massachusetts corporation (the "Company"), and EQUISERVE TRUST
COMPANY, N.A. (as successor to BankBoston, N.A.), as Rights Agent (the "Rights
Agreement"). All terms not otherwise defined herein shall have the meanings
given such terms in the Rights Agreement. Unless otherwise specified herein, all
section references made herein are references to sections in the Rights
Agreement.

                              W I T N E S S E T H:

         WHEREAS, on December 22, 1987, the Board of Directors of the Company
(the "Board") adopted a stockholder rights plan (the "Existing Rights Plan") and
executed a Rights Agreement between the Company and the Rights Agent (the "1987
Agreement");

         WHEREAS, the Existing Rights Plan expired on December 31, 1997;

         WHEREAS, on August 19, 1997 the Board determined it desirable and in
the best interests of the Company and its stockholders for the Company to renew
the Existing Rights Plan upon its expiration and to implement such renewal by
executing the Rights Agreement;

         WHEREAS, pursuant to Section 26 of the Rights Agreement, the Company
may cause the Rights Agreement to be amended at any time prior to the
Distribution Date without the approval of any holders of certificates
representing shares of Common Stock of the Company;

         WHEREAS, on November 2, 2003, the Board authorized and approved the
acquisition by the Company of Ecolochem, Inc., Ecolochem S.A.R.L., Moson
Holdings, LLC and Ecolochem International, Inc. and their subsidiaries (the
"Ecolochem Acquisition") as provided under that certain Purchase Agreement (the
"Purchase Agreement") dated as of November 18, 2003 among the Company and the
individuals and entities listed on Exhibit A thereto (the "Sellers");

         WHEREAS, in connection with the Ecolochem Acquisition, the Company
intends to issue to Sellers shares of the Common Stock of the Company pursuant
to the Purchase Agreement (the "Shares Sale") (which will be deemed Beneficially
Owned by the Sellers under the Rights Agreement);
<PAGE>

         WHEREAS, in connection with the Ecolochem Acquisition, the Company and
Sellers intend to enter into that certain Stockholders Agreement contemplated by
the Purchase Agreement (the "Stockholders Agreement") granting certain rights
to, and imposing certain restrictions on, Sellers with respect to shares of
Common Stock of the Company; and

         WHEREAS, in anticipation of and in connection with the Ecolochem
Acquisition and Shares Sale, on November 2, 2003, the Board authorized and
approved an amendment of the Rights Agreement for the express purpose of
rendering the Rights Agreement inapplicable to the Transaction (as defined in
the Purchase Agreement), including without limitation, the Shares Sale and the
other transactions contemplated by the Purchase Agreement;

         NOW, THEREFORE, in consideration of these premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

         1. Notwithstanding anything to the contrary in the Rights Agreement,
the Rights Agreement shall not apply to, and none of the Sellers will become an
Acquiring Person upon, and no Distribution Date, Section 11(a)(ii) Event, Stock
Acquisition Date or Triggering Event will occur as a result of, (i) the
approval, execution, delivery, consummation or performance of the Purchase
Agreement, (ii) the announcement of the Ecolochem Acquisition or Shares Sale,
(iii) the consummation of the Transaction, or (iv) following the consummation of
the Transaction, the sale, disposition, conveyance or other transfer by any
Sellers or their Permitted Transferees (as such term is defined in the
Stockholders Agreement) to any Permitted Transferees of shares of Common Stock
of the Company issued to Sellers pursuant to the Purchase Agreement.

         2. The definition of "Acquiring Person" set forth in Section 1(a) is
hereby amended and restated in its entirety as follows:

            "Acquiring Person" shall mean any Person (as hereinafter defined)
            who or which, together with all Affiliates and Associates (each as
            hereinafter defined) of such Person, shall be the Beneficial Owner
            (as hereinafter defined) of 15% or more of the shares of Common
            Stock of the Company then outstanding, but shall not include an
            Exempt Person or the 2003 Special Exempt Persons (each as
            hereinafter defined).

         3. A new definition is hereby added to Section 1 as Section 1(uu),
which such new definition shall read in its entirety as follows:

            "2003 Ecolochem Purchase Agreement" shall mean that certain Purchase
            Agreement dated as of November 4, 2003 among the Company and the
            Persons listed on Exhibit A thereto, as amended and supplemented
            from time to time in accordance with its terms.

                                      -2-
<PAGE>

         4. A new definition is hereby added to Section 1 as Section 1(vv),
which such new definition shall read in its entirety as follows:

            "2003 Ecolochem Stockholders Agreement" shall mean that certain
            Stockholders Agreement contemplated by the 2003 Ecolochem Purchase
            Agreement, as amended and supplemented from time to time in
            accordance with its terms.

         5. A new definition is hereby added to Section 1 as Section 1(ww),
which such new definition shall read in its entirety as follows:

            "2003 Special Exempt Persons" shall mean, collectively, (i) the
            Persons listed on Exhibit A to the 2003 Ecolochem Purchase Agreement
            (the "Sellers"), (ii) any Permitted Transferee (as such term is
            defined in the 2003 Ecolochem Stockholders Agreement) of any such
            Person who becomes a party to the 2003 Ecolochem Stockholders
            Agreement and (iii) any Persons to whom the shares of Common Stock
            of the Company issued in the Shares Sale are attributed due to their
            relationship with any Person described in the immediately preceding
            clauses (i) and (ii) (but only to the extent of such attribution);
            provided, however, that each such Person shall cease to be 2003
            Special Exempt Persons upon the earliest to occur, subsequent to the
            execution and delivery of the 2003 Ecolochem Purchase Agreement, of
            the following events: (A) all Persons described in the immediately
            preceding clauses (i) and (ii), together with their Affiliates,
            Associates and Permitted Transferees who become parties to the 2003
            Ecolochem Stockholders Agreement, cease to Beneficially Own in the
            aggregate 15% or more of the shares of Common Stock of the Company
            then outstanding, or (B) the percentage of outstanding shares of
            Common Stock of the Company Beneficially Owned by all Persons
            described in the immediately preceding clauses (i) and (ii),
            together with their Affiliates, Associates and Permitted Transferees
            who become parties to the 2003 Ecolochem Stockholders Agreement,
            exceeds the sum of (x) the lowest percentage of outstanding shares
            of Common Stock of the Company Beneficially Owned in the aggregate
            by all Persons described in the immediately preceding clauses (i)
            and (ii), together with their Affiliates, Associates and Permitted
            Transferees who become parties to the 2003 Ecolochem Stockholders
            Agreement, while any such Persons are 2003 Special Exempt Persons,
            plus (y) 1% (excluding any such changes to ownership resulting
            solely as a result of a reduction in the number of shares of Common
            Stock of the Company outstanding due to the repurchase of shares of
            Common Stock of the Company by the Company), or (C) the percentage
            of outstanding shares of Common Stock of the Company Beneficially
            Owned by the Sellers exceeds the sum of (x) that percentage of
            outstanding shares of Common Stock of the Company

                                      -3-
<PAGE>

            issued to the Sellers pursuant to the 2003 Ecolochem Purchase
            Agreement plus (y) 1% (excluding any such changes to ownership
            resulting solely as a result of a reduction in the number of shares
            of Common Stock of the Company outstanding due to the repurchase of
            shares of Common Stock of the Company by the Company), or (D) the
            2003 Ecolochem Purchase Agreement is terminated prior to the
            issuance of shares of Common Stock of the Company contemplated
            thereby.

         6. Section 3(a) is hereby amended and restated in its entirety as
follows:

            (a) Until the earliest of (i) the Close of Business on the tenth
            Business Day (or such specified or unspecified later date as may be
            determined by the Board before the occurrence of a Distribution
            Date) after the Stock Acquisition Date (or, if the tenth Business
            Day (or such later date) after the Stock Acquisition Date occurs
            before the Record Date, the Close of Business on the Record Date),
            (ii) the Close of Business on the tenth Business Day (or such
            specified or unspecified later date as may be determined by the
            Board before the occurrence of a Distribution Date) after the date
            that a tender or exchange offer by any Person (other than an Exempt
            Person or, solely with respect to the acquisition of shares of
            Common Stock of the Company pursuant to the 2003 Ecolochem Purchase
            Agreement, the 2003 Special Exempt Persons) is first published or
            sent or given within the meaning of Rule 14d-2(a) of the General
            Rules and Regulations under the Exchange Act if upon consummation
            thereof such Person would be the Beneficial Owner of 15% or more of
            the Common Stock of the Company then outstanding (the earlier of (i)
            and (ii) being herein referred to as the "Distribution Date"), (x)
            the Rights will be evidenced (subject to the provisions of
            paragraphs (b) and (c) of this Section 3) by the certificates for
            the Common Stock of the Company registered in the names of the
            holders thereof (which certificates shall be deemed also to be
            certificates for Rights) and not by separate certificates and (y)
            the Rights will be transferable only in connection with the transfer
            of the underlying shares of Common Stock of the Company (including a
            transfer to the Company). As soon as practicable after the
            Distribution Date, the Rights Agent will send by first-class,
            insured, postage prepaid mail, to each record holder of the Common
            Stock of the Company as of the Close of Business on the Distribution
            Date, at the address of such holder shown on the records of the
            Company, one or more rights certificates, substantially in the form
            attached hereto as Exhibit A (the "Rights Certificates"), evidencing
            one Right for each share of Common Stock of the Company so held,
            subject to adjustment as provided herein. In the event that an
            adjustment in the number of Rights per share of Common Stock of the
            Company has been made pursuant to Section 11(i) hereof, at the time
            of distribution of the Rights Certificates, the Company shall not be
            required to issue Rights Certificates evidencing fractional Rights,
            but

                                      -4-
<PAGE>

            may, in lieu thereof, make the necessary and appropriate rounding
            adjustments (in accordance with Section 14(a) hereof) so that Rights
            Certificates representing only whole numbers of Rights are
            distributed and cash is paid in lieu of any fractional Rights. As of
            and after the Distribution Date, the Rights will be evidenced solely
            by such Rights Certificates.

         7. Section 11(a)(ii) is hereby amended and restated in its entirety as
follows:

            (ii) In the event (a "Section 11(a)(ii) Event") that any Person
            (other than an Exempt Person), alone or together with its Affiliates
            and Associates, shall, at any time after the Rights Dividend
            Declaration Date, become the Beneficial Owner of 15% or more of the
            shares of Common Stock of the Company then outstanding, unless the
            event causing the 15% threshold to be crossed (A) is a transaction
            set forth in Section 13(a) hereof, or (B) is an acquisition of
            shares of Common Stock of the Company pursuant to a tender offer or
            an exchange offer for all outstanding shares of Common Stock of the
            Company at a price and on terms determined by at least a majority of
            the Outside Directors, after receiving advice from one or more
            investment banking firms, to be (x) at a price that is fair to
            stockholders (taking into account all factors which such members of
            the Board deem relevant, including without limitation prices which
            could reasonably be achieved if the Company or its assets were sold
            on an orderly basis designed to realize maximum value) and (y)
            otherwise in the best interests of the Company and its stockholders,
            or (C) is the execution, delivery, consummation and performance of
            the 2003 Ecolochem Purchase Agreement, or (D) is the sale,
            disposition, conveyance or other transfer of shares of Common Stock
            of the Company from one or more Persons, each of whom was a 2003
            Special Exempt Person immediately prior to such transaction, to a
            Person who, immediately following such transaction, is a 2003
            Special Exempt Person, then promptly after the date of occurrence of
            a Section 11(a)(ii) Event, proper provision shall be made so that
            each holder of a Right (except as provided below and in Section 7(e)
            hereof) shall thereafter have the right to receive, upon exercise
            thereof at the then current Purchase Price in accordance with the
            terms of this Agreement, such number of shares of Common Stock of
            the Company as shall equal the result obtained by (1) multiplying
            the then current Purchase Price by the then number of shares of
            Common Stock of the Company for which a Right was exercisable
            immediately prior to the first occurrence of a Section 11(a)(ii)
            Event (whether or not such Right was then exercisable) and (2)
            dividing that product (which following such first occurrence, shall
            thereafter be referred to as the "Purchase Price" for each Right and
            for all purposes of this Agreement) by 50% of the Current Market
            Price per share of Common Stock of the Company on the date of such
            first occurrence (such number of shares being referred to as the
            "Adjustment Shares").

                                      -5-
<PAGE>

         8. Except as amended hereby, the Rights Agreement shall continue in
full force and effect.

         9. The laws of the Commonwealth of Massachusetts shall govern the
interpretation, validity and performance of the terms of this Amendment,
regardless of the law that might be applied under principles of conflicts of
laws.

         10. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original but all of which, when taken together, shall
constitute one and the same instrument.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -6-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to the Renewed Rights Agreement to be duly executed and their respective
corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

Attest:

                                          IONICS, INCORPORATED

By:  /s/ Martin G. Schaefer               By: /s/ Stephen Korn
   -------------------------------           -------------------------------
      Name: Martin G. Schaefer                 Name: Stephen Korn
      Title: Corporate Counsel and             Title: Vice President and General
             Assistant Clerk                          Counsel

Attest:

                                          EQUISERVE TRUST COMPANY, N.A.

By:  /s/ Kim Graziano                     By: /s/ Tyler Heynes
   -------------------------------           -------------------------------
      Name: Kim Graziano                       Name: Tyler Heynes
      Title: Account Manager                   Title: Managing Director

                                      -7-

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