Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Fortified Holdings Corp. - Exhibit 10.7

EMPLOYMENT AGREEMENT 

                    This
EMPLOYMENT AGREEMENT (this “Agreement”) made as of September 13, 2007,
between Fortified Holdings Corp., a Nevada corporation with a place of business
at 125 Elm Street, New Canaan, CT 06840 (“Employer”), and Alan
Hurwitz (“Executive”), an individual residing at 2 Bald Rock Rd, Redding,
CT 06896. 

                    The
parties agree as follows: 

          1.      Definitions.
  Unless otherwise defined herein, capitalized terms when used herein shall
  have the following meanings:

                    1.1
“Cause” shall mean: (i) the gross neglect of or willful failure or
refusal of Executive to perform Executive’s duties hereunder (other than as a
result of Executive’s Disability) that is not cured by Executive within ten (10)
business days following receipt by Executive of written notice thereof setting
for with specificity a description of the acts or omissions giving rise to the
claim; (ii) conviction of a felony or any crime involving fraud, dishonesty or
moral turpitude; or (iii) the material breach by Executive of any provision,
material representation, warranty and/or covenant set forth in this Agreement )
that is not cured by Executive within ten (10) business days following receipt
by Executive of written notice thereof setting for with specificity a
description of the acts or omissions giving rise to the claim.

                    1.2     
“Change in Control” shall mean: (i) when any “Person” (as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended) who immediately prior to the applicable transaction was not, directly
or indirectly, the “Beneficial Owner” (as defined in Rule 13d-3 under said Act)
of fifty percent (50%) or more of the total voting power represented by
Employer’s then outstanding voting securities; or (ii) the merger or
consolidation of Employer other than a merger or consolidation which would
result in the voting securities of Employer outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least fifty percent
(50%) of the total voting power represented by the voting securities of Employer
or such surviving entity outstanding immediately after such merger or
consolidation; or (iii) the shareholders of Employer approve a plan of complete
liquidation of Employer or an agreement for the sale or disposition by Employer
of all or substantially all of Employer’s assets.

                    1.3      “Confidential
Information” means any and all information in whatever form, whether
written, electronically stored, orally transmitted or memorized pertaining to:
Trade Secrets; customer lists, records and other information regarding
customers; price lists and pricing policies, financial plans, records, ledgers
and information; purchase orders, agreements and related data; business
development plans; products and technologies; product tests; manufacturing
costs; product or service pricing; sales and marketing plans; research and
development plans; personnel and employment records, files, data and policies
(other than information pertaining solely to Executive); tax or financial
information; business and sales methods and operations; business correspondence,
memoranda and other records; inventions, improvements and discoveries; processes
and methods; business operations and related data formulae; computer records and
related data; know-how, research and development; trademark, technology,
technical information, copyrighted material; and any other confidential or
proprietary data and information which Executive encounters during employment.
Confidential Information does not include information that: (i) is or becomes
generally known within Employer’s industry through no act or omission by
Executive; (ii) information that Executive may receive from third parties
without any obligation to maintain secrecy; (iii) information that is required
to be disclosed by the written order of a court or other governmental body;
provided, however, that Executive shall provide prompt written notice to
Employer so that Employer may have time to take action to oppose or limit such
order; and (iv) information known to Executive prior to the date of this
Agreement. 

                    1.4      “Disability”
as used in this Agreement shall have the same meaning as that term, or such
substantially equivalent term, has in any group disability policy carried by
Employer. If no such policy exists, the term “Disability” shall mean the
occurrence of any physical or mental condition that materially interferes with
the performance of Executive’s customary duties in his capacity as an employee
where such disability has been in effect for a period of six (6) months, which
need not be consecutive, during any single twelve (12) month period. 

                    1.5     
“Good Reason” as used in this Agreement shall mean, without Executive’s
express written consent, the occurrence of any of the following events: (i) the
failure by Employer to pay compensation or provide benefits or perquisites to
Executive as and when due under the terms of this Agreement; (ii) the assignment
to Executive of responsibilities inconsistent with his position, the diminution
of title or change of reporting structure of Executive, or the material
diminution of the authority of Executive; (iii) any material reduction of
Executive’s Base Pay or Bonus Potential; (iv) any material breach by Employer of
any term of (a) this Agreement, (b) that certain Agreement and Plan of Merger
among Employer, Z5 Technologies LLC and certain other parties, or (c) any of the
Related Documents (as defined in such Agreement and Plan of Merger), in each
case beyond any express period for cure; or (v) any requirement that Executive
move his regular office to a location more than twenty-five (25) miles from
Executive’s home residence or the distance from Executive’s current home
residence to Executive’s current offices in New Canaan, CT, whichever is
greater. 

                    1.6     
“Trade Secrets” as used in this Agreement means any information of
Employer (including any compilation, device, method, technique or process) that
the Executive has actual knowledge that: (a) derives independent economic value,
actual or potential, from not being generally known to, and not being readily
ascertainable by proper means by, other persons who can obtain economic value
from its disclosure or use; and (b) is the subject of efforts that are
reasonable under the circumstances to maintain its secrecy.

          2.      Employment/Services.

                    2.1     
Employment. Employer agrees to employ Executive as its Chief Financial
Officer, with such employment to commence on the date hereof and to continue for
a period of two (2) years, the “Employment Period.” Executive shall also serve
as an officer of such subsidiaries or affiliates of Employer as Employer may
designate. In such capacities, Executive shall have such duties and
responsibilities as are assigned to him from time to time by Employer’s Chief
Executive Officer provided that such activities are in the nature of those
associated with Executive’s position and title. At the expiration of the
Employment Period this Agreement shall automatically renew, and the Employment
Period shall be extended, for successive one-year periods unless either party
gives notice of non-renewal not less than six (6) months prior to the end of the
then-current Employment Period.

                    2.2      Acceptance
of Employment. Executive hereby accepts such employment upon the terms and
conditions and for the compensation provided for herein. Executive agrees to
devote his business time, attention, efforts, and abilities to the business of
Employer, and to promote the interests of Employer. Executive acknowledges that
the services to be rendered by him under this Agreement require special
training, skill and experience and are of a special and intellectual character
which give them peculiar value, and that this Agreement is entered into for the
purpose of obtaining such special services for Employer. Employer acknowledges
that the Executive may have other business interests and ownerships as well as
serving on the Boards of Directors of other companies. Employer acknowledges and
consents to the continuation of these ownerships and relationships, provided
they do not interfere materially with the Executive’s duties under this
Agreement. 

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          3.      Location
of Work. During the Employment Period, Executive shall perform
his services to Employer at Employer’s office located in New Canaan, CT or at
such other location as Executive and Employer may agree. Executive acknowledges,
however, that his duties may require frequent travel to Employer’s other offices
and to other locations. 

          4.      Compensation.
The compensation to be paid by Employer to Executive for the services
rendered by him during the Employment Period shall be as follows: 

                    4.1     
Base Salary. Executive’s base salary shall initially be at the rate of
$200,000.00 per year, payable in accordance with Employer’s normal payroll
practices, but not less frequently than monthly. Executive’s base salary may not
be decreased without his consent for so long as he is employed by Employer.
Executive’s base salary may be increased from time to time, based upon, among
other things, the achievement of established milestones and/or other criteria
established by the Board of Directors of Employer applicable to all senior
executives of Employer from time to time. 

                    4.2      Fringe
Benefits. Executive shall be entitled to the benefits generally made
available to Employer’s executives and employees from time to time, including
without limitation standard health, dental and 401(k). 

                    4.3      Withholding.
All compensation paid to Executive pursuant to this Agreement shall be less
required deductions for state, federal and municipal withholding tax, social
security and all other employment taxes and payroll deductions.

                    4.4      Bonus.
Executive shall be entitled to participate in all bonus, incentive compensation
and similar plans available to executives of Employer, including without
limitation the ability to obtain a bonus equal to 50% of the Executive’s base
salary under guidelines mutually agreed upon between the Executive and the
Compensation Committee of the Board of Directors. 

                    4.5     
Vacation. During the Term, the Executive shall be entitled to four (4)
weeks’ annual vacation to be taken at times mutually agreed by Executive and
Employer.

                    4.6      Vehicle
Expense. During the Term, the Executive shall be entitled to a monthly
allowance equal to four hundred dollars ($400) for expenses associated with
Executive’s automobile. 

                    4.7      Stock
Options. Employer shall grant Executive options to purchase one million
(1,000,000) shares of Employer’s Common Stock with an exercise price of the fair
market value on the date of grant (or 110% of fair market value if Employer and
Executive mutually agree that such option shall be an “incentive stock option”
qualified as such under the Internal Revenue Code, to the extent such higher
percentage is legally required in order for the option to be so qualified),
subject to the terms of the Employer’s 2007 Stock Plan. Such stock options shall
be granted pursuant to a stock option agreement that provides, inter
alia, that (i) all unvested stock options shall automatically vest upon (a)
termination of Executive’s employment by Employer for any reason other than
Cause or by Executive for Good Reason, and (b) any Change in Control, and that
(ii) vested stock options shall not be canceled and shall be exercisable for a
period of 180 days following such termination (“Exercise Period”). If Executive
continues to provide services to Employer as a Director, advisor, consultant or
similar arrangement, the Exercise Period shall extend through such service
period and for 180 days thereafter.

          5.     
Reimbursement of Expenses. Employer will reimburse
Executive for all reasonable business expenses incurred by Executive in the
course of his employment pursuant to this Agreement. 

          6.     
Termination. 

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                    6.1      Termination
Events. This Agreement may be terminated upon any of the following: (1) upon
the determination by a unanimous consent of the disinterested members of the
Board of Directors of the Company that Cause exists; (2) Executive’s death; (3)
Executive’s Disability; and (4) by Executive, either for Good Reason or upon not
less than sixty (60) days notice in the absence of Good Reason. 

                    6.2      Severance.
In the event the (i) Executive’s employment is terminated by Employer other
than for Cause, (ii) Executive terminates his employment for Good Reason, or
(iii) Executive’s employment is terminated as a result of Executive’s
Disability, Employer shall (a) pay to Executive an amount equal to two years
base salary plus any other unpaid amounts to which Executive is entitled as of
the date of termination pursuant to Sections 4 and 5 of this Agreement,
including, without limitation, bonus paid or relating to the applicable period
(pro rated for any partial periods) that Executive would have been entitled to
had he been employed by the Employer as of such date (the “Severance
Payment”) ; provided, however, that the payment of the Severance
Payment shall be subject to the execution of a release in substantially the form
of Exhibit A hereto. For the purposes of calculating the Severance
Payment, base salary will be calculated at greater of (x) the rate of base
salary then paid to Executive or his estate as of the date of termination, or
(y) Executive’s base pay prior to any reduction within six months of the date of
termination. The Severance Payment shall be paid by Employer in cash in a lump
sum within ten (10) days following the date of termination. Any bonus portion of
the Severance Payment shall be paid at such time that such amounts are paid to
any other employee of the Employer, notwithstanding that Employee may no longer
be employed by Employer. 

                    6.3      Continuing
Benefits. In the event of a termination of Executive’s employment on any of
the bases described in the first sentence of Section 6.2, Employer shall provide
and fund (to the extent specified in the following sentence) Executive’s or his
estate’s continued health and dental coverage under Employer’s group health and
dental plans pursuant to Sections 601 et seq. of ERISA (“COBRA”) for a period of
24 months following termination (or such lesser period as Executive or his
estate maintains coverage under COBRA) (the “COBRA Continuation Benefit”).
During the period which Employee or Employee’s estate is entitled to the COBRA
Continuation Benefit, the cost to Executive or his estate of maintaining
coverage under COBRA shall be the same as the amount paid by employees of
Employer for the same coverage under Employer’s group health plan. 

                    6.4      Termination
for Cause or in the Absence of Good Reason. If Executive’s employment with
the Company is terminated for Cause by Employer or voluntarily by Executive
other than for Good Reason, Death or Disability, then (i) all vesting of any
outstanding Company stock options held by the Executive will terminate
immediately and all payments of compensation by the Company to Executive
hereunder will terminate immediately (except as to amounts already earned), and
(ii) Executive will only be eligible for severance benefits in accordance with
the Company’s established policies as then in effect. 

          7.     
Confidentiality Agreement. Executive understands and agrees
that as an employee of Employer, Executive will receive or contribute
Confidential Information. Executive agrees that at all times during the period
of Executive’s employment and after the termination thereof for any reason
whatsoever, Executive shall keep secret Confidential Information and that
Executive will not use or make known the same to any person, firm, or
corporation without first obtaining the written consent of Employer. Executive
acknowledges that Employer’s Confidential Information constitutes a unique and
valuable asset of Employer and represents a substantial investment of time and
expense by Employer and that any disclosure or other use of such knowledge or
information other than for the sole benefit of Employer would be wrongful and
would cause irreparable harm to Employer. 

          8.     
Return of Employer’s Property. All records, designs,
patents, business plans, financial statements, financial records, manuals,
memoranda, lists and other property delivered to or compiled by 

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Executive by or on behalf of Employer or its representatives,
vendors or customers which pertain to the business of Employer shall be and
remain the property of Employer. Likewise, all correspondence, reports, records,
charts, advertising materials and other similar data pertaining to the business,
activities or future plans of Employer which is collected by Executive shall be
delivered promptly to Employer upon request by it upon termination of
Executive’s employment. 

          9.     
Disclosure of Inventions. Executive will promptly disclose to
Employer, or any persons designated by it, all improvements, inventions,
creations, processes, know-how, data and ideas made, conceived, reduced to
practice, developed, originated or learned by Executive, either alone or jointly
with others during the period of Executive’s employment with Employer, and that
relate in any material respect to the businesses in which Employer is then
engaged or is then actively planning to become engaged, or are a logical
extension of such businesses (“Inventions”).

          10.      Assignment
of Inventions. All Inventions are considered works-made-for-hire and
thereby owned by Employer; provided, however, that in the event that, by
operation of law, an Invention cannot be considered a work-made-for-hire,
Executive will assign any and all right, title and interest in and to all
Inventions (and all trademarks, copyrights, patents, trade secrets and other
proprietary rights with respect thereto) to Employer. In connection with such
assignment, Executive will assist Employer or its nominees at any time during or
after Executive’s employment with Employer and in every proper way in both
securing foreign and domestic protection for the Inventions and preventing and
defending infringement of the Inventions. Such assistance includes, without
limitation, (a) the execution of any documentation necessary to evidence
Employer’s full rights in the Inventions; and (b) testimony, at Employer’s
expense, evidencing the ownership of the Inventions by Employer. Executive’s
obligation to assist Employer with respect to proprietary rights relating to
such Inventions in any and all countries will continue beyond the termination of
Executive’s employment, but Employer will compensate Executive at a reasonable
rate after such termination for time actually spent by Executive at Employer’s
request for such assistance. 

          11.      Records
of Inventions. Executive will keep and maintain adequate and
current records (in the form of notes, sketches, drawings and in any other form
that may be required by Employer) of all Inventions developed by Executive or
made by Executive during the period of Executive’s employment at Employer, which
records will be available to and remain at all times the sole property of
Employer. 

          12.     
Covenants Not to Compete or Solicit. 

                    12.1      Covenant.
During the period of Executive's employment with Employer, and thereafter for a
period of two years following any termination of Executive’s employment either
(i) by Employer for Cause, or (ii) by Executive without Good Reason, Executive
shall not: 

                              12.1.1      own,
manage, operate, control, be employed by, participate in, or be connected in any
manner with the ownership, management, operation or control of any business that
(A) is actively engaged, as a material part of its business, in developing or
selling one or more products or services that were competitive with one or more
products or services that constituted a material portion of Employer’s business
at the date of termination of Executive’s employment or that, as of such date,
Employer had developed concrete plans to offer in the future as a material part
of it business; 

                              12.1.2      solicit
business (whether on his own behalf or on behalf of any employer, client or
other person) from any person or entity that was a customer of Employer at any
time during the six months prior to the date of termination, or that Employer
actively solicited to be a customer at any time during that six month period,
which solicited business is of the same nature as the business being conducted
or actively planned by Employer as of the date of termination of his employment;
or 

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                              12.1.3      solicit
(directly or indirectly) or attempt to persuade anyone who at the time is an
employee, independent contractor, consultant or other participant in Employer's
business to terminate such employment or other relationship in order to enter
into any business relationship with Executive, with any business organization in
which Executive is a participant, or with any other business organization that
materially competes with Employer's business. 

                    12.2      Scope;
Interpretation. Executive acknowledges that the market for Employer’s
services and products is, by its nature, without geographical boundaries, and
that the non-competition and non-solicitation covenants contained in this
Agreement are (and it is reasonable for them to be) geographically unlimited.
For purposes of this Section 12, the term “Employer” shall be interpreted to
include each of its subsidiaries.

                    12.3      Passive
Investments. Notwithstanding the foregoing, Executive may own interests
of less than five percent of the outstanding equity securities of a company that
is engaged in a business otherwise prohibited under subsection 5.1 if the equity
securities of such company are registered under the Securities Exchange Act of
1934 or publicly traded under similar laws of any other country.

                    12.4      Consideration.
Employer and Executive acknowledge and agree that Employer's promise to
pay the Severance Payment and COBRA Continuation Benefit to Executive in the
events specified in Section 6 constitute additional and sufficient consideration
for the covenants contained in this Section. 

          13.     
Miscellaneous. 

                    13.1      Notices.
Any notice or other communication given or made pursuant to this Agreement must
be in writing and shall be delivered to the party to whom intended by personal
delivery, by telecopier, by nationally recognized courier (Federal Express, DHL,
etc.) or by certified or registered mail, postage prepaid, and shall be deemed
given when personally delivered or sent by telecopier or two (2) business days
after deposit with a courier or five (5) business days after mailing. The
addresses to which any such notice shall be sent shall be as set forth in the
opening of this Agreement (or at such other address as such party may designate
by proper notice given as aforesaid). 

                    13.2      Entire
Agreement. This Agreement represents the entire agreement between the
parties regarding the subject matter hereof and supersede in all respects any
and all prior oral or written agreements or understandings between them
pertaining to the subject matter of this Agreement. This Agreement cannot be
modified or terminated, nor may any of its provisions be waived, except by a
written instrument signed by the parties. Any waiver by any party of the strict
performance of any of the terms, conditions and provisions of this Agreement
shall not be construed as a waiver thereof for the future, but shall be
considered a waiver only in the particular instance, for the particular purpose,
and at the time when and for which it is given. 

                    13.3      Governing
Law. This Agreement has been made and entered into in the State of
Connecticut and shall be governed by and construed and enforced in accordance
with the internal substantive laws of the State of Connecticut. 

                    13.4      Jurisdiction;
Venue. With respect to any disputes arising out of or related to this
Agreement, the parties consent to the exclusive jurisdiction of, and venue in,
the Federal and state courts in Connecticut. 

                    13.5     
Assignment; Binding Effect. This is an agreement for personal services of
Executive. Executive agrees, therefore, he cannot assign all or any portion of
his performance under this Agreement, and any attempt by Executive to do so
shall be null and void and of no force or effect. Subject to 

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the foregoing, this Agreement shall be binding upon and inure
to the benefit of the respective parties, their successors, assigns, heirs,
legatees, executors, administrators and legal representatives
(“Successors”), and any Successor shall be deemed a party to this
Agreement upon such Successor’s receipt of any interest in this Agreement.
Whenever a party is referred to in this Agreement, such reference shall include
reference to such party’s Successors. 

                    13.6      Attorneys’
Fees. In any legal action, proceeding or arbitration arising out of this
Agreement, regardless of which party hereto initiated such action, the
prevailing party shall be entitled to recover reasonable attorneys’ fees and
costs. 

                    13.7      Captions.
Headings contained in this Agreement have been inserted for reference
purposes only and shall not be considered part of this Agreement in construing
this Agreement. 

                    13.8     
Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement.

                    13.9      Counterparts.
This Agreement may be executed by the parties hereto in any number of
counterparts, and by facsimile signature, each of which shall be deemed an
original, but all of which shall constitute one and the same agreement. Each
counterpart may consist of a number of copies hereof, each signed by less than
all, but together signed by all, the parties hereto 

[Signature page follows]

-7- 

          This
Employment Agreement has been executed as of the day and year first above
written. 

FORTIFIED HOLDINGS CORP. 

By:      /s/ Dennis
Mee                                                      

Name: Dennis Mee 
Title:   Interim President, Chief
Financial Officer & Secretary 

 

EXECUTIVE 

/s/ Alan D.
Hurwitz                                                            

Alan D. Hurwitz 

 

 

[Signature page to Hurwitz Employment
Agreement] 

-8- 

Exhibit A 

Release

CONFIDENTIAL GENERAL RELEASE 

          This
Confidential General Release (“Agreement”) is made as of this ____ day of
_______________ 20__ by and between [insert name], [insert address]
(“Executive”), and [insert name], with a place of business at [insert address]
(“Company”). 

          WHEREAS,
Executive and Company are a party to that certain Employment Agreement dated as
of __________, 2007 (the “Employment Agreement”), and Executive’s employment has
terminated thereunder.

          NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in
this Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are acknowledged by the parties, it is hereby stipulated
and agreed as follows: 

1.      Consideration.
Simultaneous with the execution hereof, Company shall commence payment, and
shall continue to pay until all amounts due thereunder have been paid, of the
Severance Payment and the COBRA Continuation Benefit (both as defined in the
Employment Agreement).

2.      General Release of All
Claims. Except for an action to enforce the terms of this Agreement,
Executive hereby freely, knowingly and voluntarily releases and fully discharges
the Company (and its parents, subsidiaries, affiliates, successors, assigns,
predecessors, and present and former directors, officers, agents, shareholders,
fiduciaries, plan administrators, employees, attorneys, insurers, and
representatives) (collectively, the “Company Releasees”) of and from any and all
claims, demands, causes of action, and rights, known and unknown, whether in
contract, tort or otherwise, all to the extent arising out of or relating to
Executive’s employment. Nothing set forth herein shall be deemed to be a release
of any claim that Executive has or may have arising from or relating to his
rights as a holder of stock, options, or other securities or instruments issued
by Company, or as a member of the Board of Directors of the Company. 

          Without
limiting the foregoing, Executive specifically releases and fully discharges the
Company Releasees of and from any and all claims, demands, causes of action, and
rights, including but not limited to: any alleged violation of federal, state or
local laws prohibiting discrimination on the basis of sex, race, age,
disability, national origin, color, religion, veteran status, marital status,
sexual orientation, or any other protected classification or status, including
but not limited to any and all claims under Title VII of the Civil Rights Act of
1964 and the Civil Rights Act of 1991, as amended; any other federal, state or
local civil or human rights laws, including any violation of the federal Age
Discrimination in Employment Act of 1967, as amended and the Connecticut Fair
Employment Practices Act; any public policy, contract, tort or common law
obligation, including but not limited to breach of express or implied contract
or of an implied covenant of good faith and fair dealing, fraud, and negligent
or intentional infliction of emotional distress; any claim for wages or other
compensation under any federal or state wage payment laws, including the Fair
Labor Standards Act and the Connecticut Wage Payment Laws, and their
implementing regulations; any claim for compensation, bonus, incentive pay,
vacation pay, sick pay, separation or severance payments of any kind, or any
other payments or benefits; and any obligation for costs, fees or other
expenses. 

          Company,
on behalf of itself and its parents, subsidiaries, affiliates, successors,
assigns, predecessors, and present and former directors, officers, agents,
shareholders, fiduciaries, plan administrators, employees, attorneys, insurers,
and representatives, hereby freely, knowingly and voluntarily releases and fully
discharges the Executive of and from any and all claims, demands, causes of
action, and rights, known and unknown, 

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whether in contract, tort or otherwise. 

3.      Non-Disparagement.
Each of Executive and Company will not take any action or make any
statements, written or oral, which would disparage or defame the other or the
goodwill, reputation, image or commercial interest of the other, except as may
be required by law or necessary to respond in an appropriate manner to any legal
or regulatory proceeding.

4.      Non-Disclosure of this
Agreement. Each of Executive and Company agrees that it will keep the
substance of the negotiations and the terms and conditions of this Agreement
strictly confidential; provided, however, that Executive may disclose this
Agreement and such related matters only to his immediate family, attorney,
and/or tax advisor provided that each such person first agrees to maintain such
confidentiality or may make such disclosure as may be required by a lawful court
order.

5.      Successors.
Executive and Company agree that this Agreement will bind and inure to the
benefit of their heirs, personal representatives, executors, administrators,
successors, and assigns. 

6.      Ownership of Claims.
Executive represents that he has not assigned all or any portion of any
claims against Company to any other person or entity, either in fact or by
operation of law and that his claims are not subject to any statutory or common
law liens, including any lien for attorney’s fees.

7.      Governing Law;
Interpretation. This Agreement will be governed and interpreted by the law
of the State of Connecticut, without regard to its conflict of law provisions.
Should any provisions of this Agreement be declared illegal or unenforceable by
any court of competent jurisdiction and cannot be modified to become legal and
enforceable, excluding the general release language, such provision will
immediately become null and void, leaving the remainder of this Agreement in
full force and effect. 

8.      Entire Agreement;
Amendment. This Agreement constitutes the entire agreement between the
parties, and supersedes all prior representations, understandings, and
agreements of the parties. Each party agrees that it has not relied on any
representations, promises or agreements of any kind from the other in connection
with its decision to accept this Agreement. This Agreement may not be modified,
altered, amended or changed except upon express written consent of all parties
where specific reference is made to this Agreement. 

9.      Review by Counsel.
Each party agrees that this Agreement has been negotiated by the parties and
their respective counsel and that neither party will be regarded as the drafter.
Each party agrees that, by signing below, their respective attorneys have
explained to them the meaning and significance of this Agreement, its terms
and any consequences for any breach, and acknowledges that they have entered
into this Agreement freely, knowingly, and voluntarily after consultations with
their counsel. 

10.      Executive’s Notices and
Representations. Executive represents and agrees: 

	that he has read this Agreement and understands and agrees with all of the
  terms and conditions of this Agreement;
  
	that he has had a reasonable period of time to consider the terms and
  conditions, and the effect, of this Agreement;
  
	that he enters into this Agreement freely, knowingly and voluntarily;
  
	that he has been advised by Executive and Company to consult with an
  attorney of his choice prior to executing this Agreement, and that he has done
  so;
  
	that he has been advised by Company to consult with a tax attorney,
  accountant or tax preparer of his choice prior to executing this Agreement,
  and that he has done so or chosen not to do so; and 

-10- 

	that by signing this Agreement, Executive waives any right to bring or
  maintain a lawsuit or make any other legal claims against the Company
  Releasees as described in this Agreement. 

11.      Counterparts.
This Agreement may be executed by the parties in separate counterparts so that
each party may hold a duplicate original.

	[insert name] 	Witnessed By: 
	  	  
	By _______________________________________	_____________________________
	  	Print Name: 
	 	 
	Name [insert
      name]                                                                
    	_____________________________  
	  	Print Name: 
	 	 
	Date ______________________________________	  

 

Personally appeared, [insert name], who acknowledged that the
execution of this Agreement was his free act and deed, before me, this _____ day
of ________________, 20__. 

 

 

	_____________________________
	Notary Public 
	My Commission Expires: 

-11-Filed by Automated Filing Services Inc. (604) 609-0244 - Detour Gold Corporation - Exhibit 4.01

DUNDEE SECURITIES CORPORATION 
AGENCY AGREEMENT 

January 22, 2007 

Detour Gold Corporation 
BCE Place, 161 Bay Street,
27th Floor 
Toronto, ON M5J 2S1 
Attention: Mr. Gerald
Panneton,

                   
President and Chief Executive Officer 

Dear Sirs: 

Re:      Detour Gold Corporation
  – Initial Public Offering

Dundee Securities Corporation (“Dundee”), Haywood
Securities Inc., TD Securities Inc. and Blackmont Capital Inc. (collectively,
the “Agents”) understand that (i) Detour Gold Corporation (the
“Corporation”) is authorized to issue, among other things, a minimum of
5,000,000 common shares (individually a “Share” and, collectively, the
“Shares”) in the capital of the Corporation and a maximum of 10,000,000
Shares; and (ii) the Corporation is prepared to issue and sell, and the Agents
have agreed to purchase themselves or to place through other parties, a minimum
of 5,000,000 Shares and a maximum of 10,000,000 Shares at a price of Cdn$3.50
per share (the “Purchase Price”). 

Based upon the understanding of the Agents set out above and
upon the terms and subject to the conditions contained hereinafter, upon the
acceptance hereof by the Corporation, the Corporation hereby appoints the
Agents to act as the sole and exclusive agents of the Corporation to
solicit offers to purchase the Shares, on a best efforts basis, a minimum of
5,000,000 Shares and a maximum of 10,000,000 Shares at the Purchase Price for an
aggregate purchase price of a minimum of Cdn$17,500,000 and a maximum of
Cdn$35,000,000 and the Agents hereby agree to act as such Agents. It is
understood and agreed that the Agents are under no obligation to purchase
the Shares although the Agents may subscribe for and purchase all or part of the
Shares if they so desire. 

In consideration of the Agents’ services to be rendered in
connection with the Offering (as defined hereinafter), including assisting in
preparing documentation relating to the Shares including the Preliminary
Prospectus and the Final Prospectus (in each case as hereinafter defined),
distributing the Shares, directly and through other investment dealers and
brokers, the Corporation agrees to pay the Agency Fee (as hereinafter defined)
to the Agents.

The Corporation agrees that the Agents will be permitted to
appoint, at their sole expense, other registered dealers or other dealers duly
qualified in their respective jurisdictions, in each case acceptable to the
Corporation, acting reasonably, as their Agents to assist in the Offering in the
Qualifying Provinces (as hereinafter defined) and that the Agents may determine
the remuneration payable to such other dealers appointed by them. 

Table of Contents

	1. 	Definitions, Interpretation and Schedules 	2 
	2. 	Shares 	6 
	3. 	Offering 	6 
	4. 	Due Diligence 	7 
	5. 	Conditions to Purchase Obligation 	8 
	6. 	Additional Documents Upon Filing of Final
      Prospectus 	11 
	7. 	Closing 	11 
	8. 	Compensation 	12 
	9. 	Representations and Warranties of the Corporation 	13 
	10. 	Covenants of the Corporation 	23 
	11. 	Termination 	24 
	12. 	Indemnity and Contribution 	25 
	13. 	Expenses 	28 
	14. 	Actions by Agents 	28 
	15. 	Conditions 	28 
	16. 	Notices 	29 
	17. 	Miscellaneous 	30 
	SCHEDULE “A” Opinion of the Corporation’s
      Counsel 	 
	SCHEDULE “B” Terms for Offering to U.S. Purchasers
      	 

The terms and conditions of this Agreement are as follows: 

	1. 	
      Definitions, Interpretation and
      Schedules

	 	 	 	 
		(a) 	
      Definitions: Whenever used in this
    Agreement:

	 	 	 	 
			(i) 	
      “Acquisition” means the acquisition of the Detour
      Lake Property by the Corporation from Pelangio, pursuant to the Purchase
      Agreement;

	 	 	 	 
			(ii) 	
      “Accredited Investors” means an “accredited
      investor” as defined in Rule 501(a) of Regulation D under the U.S.
      Securities Act;

	 	 	 	 
			(iii) 	
      “Agency Fee” means a cash fee equal to 6% of the
      aggregate gross proceeds of the Offering payable at the Closing
    Time;

	 	 	 	 
			(iv) 	
      “Agents” shall have the meaning ascribed thereto
      in the first paragraph of this Agreement;

	 	 	 	 
			(v) 	
      “Agents’ Shares” means the common shares of the
      Corporation which may be issued on exercise of the Compensation
      Options;

	 	 	 	 
			(vi) 	
      “Agreement” means the agreement resulting from the
      acceptance by the Corporation of the offer made by the Agents herein,
      including the schedules attached hereto, as amended or supplemented from
      time to time;

2 

	 	(vii) 	
      “Ancillary Documents” means all agreements,
      indentures, certificates (including the Compensation Options) and
      documents executed and delivered, or to be executed and delivered, by the
      Corporation in connection with the transactions contemplated by this
      Agreement;

	 	 	 
	 	(viii) 	
      “Business Day” means a day which is not a
      Saturday, Sunday or a statutory or civic holiday in the City of Toronto,
      Province of Ontario;

	 	 	 
	 	(ix) 	
      “CBCA” means the Canada Business Corporations
      Act;

	 	 	 
	 	(x) 	
      “Closing” means the purchase and sale of the
      Shares subscribed for by the Purchasers;

	 	 	 
	 	(xi) 	
      “Closing Date” means the Business Day for which
      there is a closing of the sale of the Shares, which shall be held on
      January 30, 2007 or such earlier or later date as may be agreed by the
      Corporation, the Agents and Pelangio;

	 	 	 
	 	(xii) 	
      “Closing Time” means 8:00 a.m. (Toronto time) on
      the Closing Date or such other time on the Closing Date as the Corporation
      and the Agents may mutually agree upon in writing;

	 	 	 
	 	(xiii) 	
      “Compensation Options” means the warrants
      entitling the Agents to acquire that number of Agents’ Shares that is
      equal to 5% of the aggregate number of Shares issued under the Offering,
      at a price of Cdn$3.85 per Agents’ Share, being a 10% premium to the
      Purchase Price;

	 	 	 
	 	(xiv) 	
      “Corporation” means Detour Gold Corporation, a
      company incorporated under the CBCA and includes any successor corporation
      thereto;

	 	 	 
	 	(xv) 	
      “Detour Gold Segment” means a development stage
      entity which is the Detour Lake Property segment of Pelangio to be
      acquired by the Corporation pursuant to the Purchase Agreement;

	 	 	 
	 	(xvi) 	
      “Detour Lake Joint Venture” means Pelangio-Larder
      Mines Limited, the predecessor to Global Alumina Corporation and
      Franco-Nevada Mining Corporation Limited;

	 	 	 
	 	(xvii) 	
      “Detour Lake Property” means certain mining
      claims, staked claims and mining leases in and around Detour Lake,
      Ontario, and an option to purchase the Mine Option Property to be acquired
      by the Corporation pursuant to the Purchase Agreement;

	 	 	 
	 	(xviii) 	
      “Distribution Period” means the period commencing
      on the date of this Agreement and ending on the date on which all of the
      Shares have been sold by the Agents to the public;

	 	 	 
	 	(xix) 	
      “Exchange” means the Toronto Stock
  Exchange;

	 	 	 
	 	(xx) 	
      “Final Prospectus” means the (final) prospectus of
      the Corporation qualifying the distribution of the
  Shares;

3 

	 	(xxi) 	
      “Mine Option” means the option to acquire the Mine
      Option Property pursuant to the Option and Access Agreement;

	 	 	 
	 	(xxii) 	
      “Mine Option Property” means the part of the
      Detour Lake Property as set out in the Option and Access Agreement that is
      subject to the Mine Option;

	 	 	 
	 	(xxiii) 	
      “Offering” means the offering for sale by the
      Corporation on a best efforts basis of the Shares;

	 	 	 
	 	(xxiv) 	
      “Offering Documents” means, collectively, the
      Preliminary Prospectus, the Final Prospectus and any Supplementary
      Material;

	 	 	 
	 	(xxv) 	
      “Ontario Act” means the Securities Act
      (Ontario) and the regulations thereunder, together with the
      instruments, published policies, rules, orders, notices and interpretation
      notes of the Ontario Securities Commission, as amended, supplemented or
      replaced from time to time;

	 	 	 
	 	(xxvi) 	
      “Option and Access Agreement” means the option and
      access agreement between the Detour Lake Joint Venture and Placer Dome
      (CLA) Limited dated December 10, 1998;

	 	 	 
	 	(xxvii) 	
      “Pelangio” means Pelangio Mines Inc.;

	 	 	 
	 	(xxviii) 	
      “Person” means an individual, a firm, a
      corporation, a syndicate, a partnership, a trust, an association, an
      unincorporated organization, a joint venture, an investment club, a
      government or an agency or political subdivision thereof and every other
      form of legal or business entity of whatsoever nature or kind;

	 	 	 
	 	(xxix) 	
      “Preliminary Prospectus” means the preliminary
      prospectus of the Corporation dated December 5, 2006 prepared in
      connection with the qualification of the distribution of the
  Shares;

	 	 	 
	 	(xxx) 	
      “Purchase Agreement” means the asset purchase
      agreement between the Corporation and Pelangio entered into August 21,
      2006 and amended on September 21, 2006, October 4, 2006 and January 8,
      2007 in respect of the Acquisition;

	 	 	 
	 	(xxxi) 	
      “Purchase Price” means Cdn. $3.50 per
  Share;

	 	 	 
	 	(xxxii) 	
      “Purchasers” means the purchasers of the Shares
      collectively;

	 	 	 
	 	(xxxiii) 	
      “Qualifying Provinces” means each of the provinces
      of Canada other than Québec;

	 	 	 
	 	(xxxiv) 	
      “Securities Commissions” means the securities
      regulatory authorities of the Selling Jurisdictions;

	 	 	 
	 	(xxxv) 	
      “Securities Laws” means the securities legislation
      and regulations of, and the instruments, published policies, rules,
      orders, notices and interpretation notes

4 

	 		
      of the securities regulatory authorities of, the
      applicable jurisdiction or jurisdictions collectively;

	 	 	 
	 	(xxxvi) 	
      “Seed Shares” means 5,000,0000 Shares, being all
      of the Shares issued and outstanding on the date hereof;

	 	 	 
	 	(xxxvii) 	
      “Selling Group” means, collectively, those
      registered dealers appointed by the Agents to assist in the Offering as
      contemplated herein;

	 	 	 
	 	(xxxviii) 	
      “Selling Jurisdictions” means, collectively, the
      Qualifying Provinces and such other jurisdictions as the Agents and the
      Corporation may agree, including the United States;

	 	 	 
	 	(xxxix) 	
      “Subscription Agreement” means a subscription
      agreement pursuant to which a United States purchaser subscribes for
      Shares pursuant to the Offering;

	 	 	 
	 	(xl) 	
      “Subsidiary” shall have the meaning ascribed to
      such term in the Securities Act (Ontario);

	 	 	 
	 	(xli) 	
      “Supplementary Material” means, collectively, any
      amendment to the Final Prospectus, any amended or supplemental prospectus
      or ancillary material required to be filed with any of the Securities
      Commissions in connection with the distribution of the Shares and any
      material incorporated therein by reference;

	 	 	 
	 	(xlii) 	
      “Transfer Agent” means Computershare Investor
      Services Inc.

	 	 	 
	 	(xliii) 	
      “United States” means the United States of
      America, its territories and possessions, any state of the United States,
      and the District of Columbia;

	 	 	 
	 	(xliv) 	
      “U.S. Person” means “U.S. Person” as defined in
      Regulation S under the U.S. Securities Act;

	 	 	 
	 	(xlv) 	
      “U.S. Preliminary Wrap” means the preliminary
      offering memorandum used with the Preliminary Prospectus for purposes of
      the exempt distribution in the United States;

	 	 	 
	 	(xlvi) 	
      “U.S. Final Wrap” means the final offering
      memorandum used with the Final Prospectus for purposes of the exempt
      distribution in the United States; and

	 	 	 
	 	(xlvii) 	
      “U.S. Securities Act” means
      the United States Securities Act of 1933, as
amended.

	 	(b) 	
      Other Defined Terms: Whenever used in this
      Agreement, the words and terms “affiliate”, “associate”, “material fact”,
      “material change”, “misrepresentation” and “senior officer” shall have the
      meaning given to such word or term in the Ontario Act unless
      specifically provided otherwise herein.

5 

	 	(c) 	
      Plural and Gender: Whenever used in this
      Agreement, words importing the singular number only shall include the
      plural and vice versa and words importing the masculine gender
      shall include the feminine gender and neuter.

	 	 	 
	 	(d) 	
      Currency: All references to monetary amounts in
      this Agreement are to lawful money of Canada.

	 	 	 
	 	(e) 	
      Schedules: The following schedules are attached to
      this Agreement and are deemed to be a part of and incorporated in this
      Agreement:

	 	Schedule 	Title 
	 	 	 
	 	A 	Opinion of the Corporation’s
      Counsel 
	 	 	 
	 	B 	Terms for Offering to U.S. Purchasers
    

	2. 	
      Shares

The Shares include the minimum of
5,000,000 Shares and the maximum of 10,000,000 Shares which the Agents have
agreed to place. 

	3. 	
      Offering

	 	 	 
		(a) 	
      Nature of Transaction: Each Purchaser resident in
      a Qualifying Province shall purchase the Shares pursuant to the Final
      Prospectus. Each other Purchaser shall purchase in accordance with such
      procedures as the Corporation and the Agents may mutually agree, acting
      reasonably, in order to fully comply with the Securities Laws. The
      Corporation hereby agrees to secure compliance with all applicable
      securities regulatory requirements of the Qualifying Provinces on a timely
      basis in connection with the distribution of the Shares. Subject to being
      notified by the Agents of the requirements thereof and upon request by the
      Agents, the Corporation also agrees to file within the periods stipulated
      under Securities Laws outside of Canada and at the Corporation’s expense
      all private placement forms required to be filed by the Corporation and
      the Purchasers, respectively, in connection with the Offering and agrees
      to pay all filing fees required to be paid in connection therewith so that
      the distribution of the Shares outside of Canada may lawfully occur
      without the necessity of registering the Shares or filing a prospectus or
      any similar document under the Securities Laws outside of Canada, if
      applicable. The Agents agree to assist the Corporation in all reasonable
      respects to secure compliance with all regulatory requirements in
      connection with the Offering.

	 	 	 
		(b) 	
      Agency Group: The Corporation agrees that, subject
      to the consent of the Corporation, such consent not to be unreasonably
      withheld, the Agents have the right to invite one or more investment
      dealers to form an agency or selling group to participate in the
      soliciting of offers to purchase the Shares. The Agents shall have the
      exclusive right to control all compensation arrangements between the
      members of the agency or selling group. The Corporation grants all of the
      rights and benefits of this Agreement to any investment dealer who is a
      member of any agency or selling group formed by the Agents and appoints
      the Agents as trustee of such rights and benefits for all such investment
      dealers, and the Agents hereby accepts such trust and agrees to hold such
      rights and benefits for and on behalf of all such investment dealers. The
      Agents shall ensure that any investment dealer who is a member of any
      agency or selling group formed by the Agents pursuant to the provisions of
      this subsection 3(b) or with whom the Agents has a

6 

	 		
      contractual relationship with respect to the Offering, if
      any, agree with the Agents to comply with the covenants and obligations
      given by the Agents herein.

	 	 	 
	 	(c) 	
      Representations and Covenants of the Agents: Each
      of the Agents represent, warrant and covenant with the Corporation that it
      will (and will use its commercially reasonable best efforts to cause the
      members of the Selling Group to): (i) conduct activities in connection
      with arranging for the sale and distribution of the Shares in compliance
      with all Securities Laws, the Preliminary Prospectus, the Final Prospectus
      and any Supplementary Material and the provisions of this Agreement; (ii)
      not, directly or indirectly, sell or solicit offers to purchase the Shares
      or distribute or publish any offering circular, prospectus, form of
      application, advertisement or other offering materials in any country or
      jurisdiction so as to require registration of the Shares or filing of a
      prospectus or similar document with respect thereto or compliance by the
      Corporation with regulatory requirements (including any continuous
      disclosure obligations or similar reporting obligations) under the laws
      of, or subject the Corporation (or any of its directors, officers or
      employees) to any inquiry, investigation or proceeding of any securities
      regulatory authority, stock exchange or other authority in, any
      jurisdiction (other than the filing of the Preliminary Prospectus and the
      Final Prospectus in the Qualifying Provinces); (iii) use reasonable
      efforts to complete and to cause the members of the Selling Group to
      complete the distribution of the Shares as soon as reasonably practicable;
      (iv) not make any representations or warranties with respect to the
      Corporation or its securities, other than as set forth in the Preliminary
      Prospectus, the Final Prospectus and any Supplementary Material; and (v)
      upon the Corporation obtaining the necessary receipts therefor from each
      of the Securities Commissions in Canada, deliver one copy of the Final
      Prospectus and any Supplementary Material to each of the
  Purchasers.

	 	 	 
	 	(d) 	
      Other: Dundee shall, on behalf of the Agents,
      notify the Corporation when, in its opinion, the Agents and Selling Group
      have ceased distribution of the Shares and, if required for regulatory
      compliance purposes, provide a breakdown of the number of Shares
      distributed and proceeds received (A) in each of the Qualifying Provinces
      and (B) in any other jurisdiction. Notwithstanding the foregoing
      provisions of this Section 3, an Agent will not be liable to the
      Corporation under this Section 3 with respect to a default under this
      Section 3 by another Agent.

	 	 	 
	 	(e) 	
      U.S. Sales: All offers and sales of Shares in the
      United States or to U.S. Persons shall only be made in compliance with
      Schedule “B” to this Agreement which is incorporated herein and forms a
      part of this Agreement.

	4. 	
      Due Diligence

	 	 	 
		(a) 	
      Prior to the filing of the Final Prospectus and any
      Supplementary Material, the Corporation will allow the Agents to
      participate fully in the preparation of the Preliminary Prospectus, the
      Final Prospectus and any Supplementary Material and shall allow the Agents
      to conduct all due diligence which they may reasonably require to conduct
      in order to fulfill their obligations and in order to enable them to
      responsibly execute the certificates required to be executed by them at
      the end of each of the Preliminary Prospectus, the Final Prospectus and
      any applicable Supplementary Material.

	 	 	 
		(b) 	
      The Corporation will promptly notify the Agents in
      writing if, prior to completion of the Distribution Period, there shall
      occur any material change or change in a material fact (in either case,
      whether actual, anticipated, contemplated or threatened and other than
      a

7 

	 		
      change or change in fact relating solely to the Agents)
      or any event or development involving a prospective material change or a
      change in a material fact or any other material change concerning the
      Corporation or any other change which is of such a nature as to result in,
      or could be considered reasonably likely to result in, a misrepresentation
      in the Final Prospectus or any Supplementary Material, as they exist
      immediately prior to such change, or could render Final Prospectus or any
      Supplementary Material, as they exist immediately prior to such change,
      not in compliance with any of the Securities Laws.

	 	 	 
	 	(c) 	
      The Corporation will promptly notify the Agents in
      writing with full particulars of any such actual, anticipated,
      contemplated, threatened or prospective change referred to in the
      preceding paragraph and the Corporation shall, to the satisfaction of the
      Agents, acting reasonably, provided the Agents have taken all action
      required by them hereunder to permit the Corporation to do so, file
      promptly and, in any event, within all applicable time limitation periods
      with the Securities Commissions in the Qualifying Provinces a new or
      amended Final Prospectus or Supplementary Material, as the case may be, or
      material change report as may be required under the Securities Laws and
      shall comply with all other applicable filing and other requirements under
      the Securities Laws including any requirements necessary to qualify the
      distribution of the Shares and the Compensation Option and shall deliver
      to the Agents as soon as practicable thereafter their reasonable
      requirements of conformed or commercial copies of any such new or amended
      Final Prospectus or Supplementary Material. The Corporation will not file
      any such new or amended disclosure documentation or material change report
      without first obtaining the written approval of the form and content
      thereof by the Agents, which approval shall not be unreasonably withheld
      or delayed; provided that the Corporation will not be required to file a
      registration statement or otherwise register or qualify the Shares for
      sale or distribution outside Canada.

	 	 	 
	 	(d) 	
      The Corporation will in good faith discuss with the
      Agents as promptly as possible any circumstance or event which is of such
      a nature that there is or ought to be consideration given as to whether
      there may be a material change or change in a material fact or other
      change described in the preceding two paragraphs.

	 	 	 
	 	(e) 	
      The minute books of the Corporation provided to counsel
      to the Agents contain copies of all constating documents and all
      proceedings of securityholders and directors (and committees thereof) and
      are complete in all material respects.

5.        Conditions
to Purchase Obligation 

5.1      The following are conditions
of the Agents’ obligations to close the sale of the Shares by the Corporation as
contemplated hereby, which conditions the Corporation covenants to exercise its
reasonable best efforts to have fulfilled on or prior to the Closing Date, which
conditions may be waived in writing in whole or in part by the Agents:

	 	(a) 	
      the Corporation will have made and/or obtained the
      necessary filings, approvals, consents and acceptances to or from, as the
      case may be, the Securities Commissions and the Exchange required to be
      made or obtained by the Corporation in connection with the Offering, on
      terms which are acceptable to the Corporation and the Agents, acting
      reasonably, prior to the Closing Date, it being understood that the Agents
      will do all that is reasonably required to assist the Corporation to
      fulfill this condition;

8 

	 	(b) 	
      the Corporation shall have delivered to the Agents
      without charge and in such numbers as the Agents may reasonably request,
      within 24 hours of the issuance of the MRRS decision document or receipt
      for the Preliminary Prospectus by each of the Qualifying Provinces, or
      such later time as may be agreed upon by the Corporation and the Agents,
      in such Canadian cities as the Agents may reasonably request, the
      reasonable requirements of conformed commercial copies of the Preliminary
      Prospectus in the English language;

	 	 	 	 
	 	(c) 	
      the Corporation shall have delivered to the Agents
      without charge and in such numbers as the Agents may reasonably request,
      within 24 hours of the issuance of the MRRS decision document or receipt
      for the Final Prospectus by each of the Qualifying Provinces, or such
      later time as may be agreed upon by the Corporation and Dundee on behalf
      of the Agents, in such Canadian cities as Dundee, on behalf of the Agents,
      may reasonably request, the reasonable requirements of conformed
      commercial copies of the Final Prospectus and any Supplementary Material,
      if applicable, in the English language;

	 	 	 	 
	 	(d) 	
      the Corporation shall have delivered to the Agents,
      without charge and in such numbers and in such cities as Dundee, on behalf
      of the Agents, may reasonably request, commercial copies of the U.S.
      Preliminary Wrap and the U.S. Final Wrap and any amendments
  thereto;

	 	 	 	 
	 	(e) 	
      the Shares will have been accepted for listing by the
      Exchange, subject to the usual conditions of the Exchange, and will, at
      the opening of trading on the Exchange on the Closing Date, be accepted
      for trading on the Exchange;

	 	 	 	 
	 	(f) 	
      the Corporation’s board of directors will have authorized
      and approved this Agreement, the Subscription Agreement, the sale and
      issuance of the Shares, the issuance of the Compensation Options, the
      issuance of the Agents’ Shares upon the exercise of the Compensation
      Options and all matters relating to the foregoing;

	 	 	 	 
	 	(g) 	
      the Corporation will deliver a certificate of the
      Corporation and signed on behalf of the Corporation, but without personal
      liability, by the Chief Executive Officer of the Corporation and the Chief
      Financial Officer of the Corporation or such other senior officers of the
      Corporation as may be acceptable to the Agents, acting reasonably,
      addressed to the Agents and their counsel and dated the Closing Date, in
      form and content satisfactory to the Agents, acting reasonably, certifying
      that:

	 	 	 	 
	 		(i) 	
      no order ceasing or suspending trading in any securities
      of the Corporation or prohibiting the sale of the Shares or any of the
      Corporation’s issued securities has been issued and no proceedings for
      such purpose are pending or, to the knowledge of such officers,
      threatened;

	 	 	 	 
	 		(ii) 	
      there has been no adverse material change (actual,
      proposed or prospective, whether financial or otherwise) in the business,
      affairs, operations, assets, liabilities (contingent or otherwise) or
      capital of the Corporation since the date of this Agreement which has not
      been generally disclosed;

	 	 	 	 
	 		(iii) 	
      no material change relating to the Corporation, except
      for the Offering, has occurred with respect to which the requisite
      material change statement or report has not been filed and no such
      disclosure has been made on a confidential basis;

9 

	 	(iv) 	
      the representations and warranties of the Corporation
      contained in this Agreement are true and correct in all material respects
      at the Closing Time, with the same force and effect as if made by the
      Corporation as at the Closing Time after giving effect to the transactions
      contemplated hereby;

	 	 	 
	 	(v) 	
      the Corporation has complied with all the covenants and
      satisfied all the terms and conditions of this Agreement on its part to be
      complied with or satisfied, other than conditions which have been waived
      by the Agents, at or prior to the Closing Time; and

	 	 	 
	 	(vi) 	
      such other matters as the Agents may reasonably
      request;

	 	(h) 	
      the Corporation will have caused a favourable legal
      opinion to be delivered by its legal counsel addressed to the Agents, in
      form and substance satisfactory to the Agents acting reasonably, including
      in respect of those matters identified in Schedule “A” hereto. In giving
      such opinion, counsel to the Corporation shall be entitled to rely, to the
      extent appropriate in the circumstances, upon local counsel or to arrange,
      to the extent appropriate, for separate opinions of local counsel and
      shall be entitled as to matters of fact to rely upon a certificate of fact
      from responsible persons in a position to have knowledge of such facts and
      their accuracy;

	 	 	 
	 	(i) 	
      in the event that a Person in the United States has
      agreed to purchase Shares, the Agents shall have received at the Closing
      Time a legal opinion from the Corporation's United States counsel dated
      the Closing Date, in form and substance satisfactory to the Agents,
      addressed to the Agents, to the effect that no registration of the Shares
      will be required under the U.S. Securities Act, in connection with
      the offering of the Shares for sale in the United States provided that the
      offer and sale of Shares in the United States is made in accordance with
      the terms set out in this Agreement, including Schedule "B"
  hereto;

	 	 	 
	 	(j) 	
      the Corporation will have caused a favourable title
      opinion with respect to the lands that comprise the Detour Lake Property
      to be delivered, in form and substance satisfactory to the Agents, acting
      reasonably;

	 	 	 
	 	(k) 	
      the Corporation will have obtained, on or prior to the
      completion of the Acquisition, all consents, approvals and authorizations
      contemplated to be obtained by the Corporation under the Purchase
      Agreement and all conditions of closing of the Acquisition shall be
      satisfied or waived;

	 	 	 
	 	(l) 	
      the closing of the Acquisition will have occurred
      concurrently with the closing of the Offering;

	 	 	 
	 	(m) 	
      the holders of the Seed Shares shall escrow the Seed
      Shares from the Closing Date until October 23, 2007;

	 	 	 
	 	(n) 	
      Pelangio shall escrow all of the Shares issued to
      Pelangio pursuant to the Purchase Agreement for a period of six months
      following the Closing Date;

	 	 	 
	 	(o) 	
      the Corporation will have caused McGovern, Hurley,
      Cunningham, LLP to deliver an update of its letter referred to in Section
      6.1 below;

10 

	 	(p) 	
      the Corporation will cause its Transfer Agent to deliver
      a certificate as to the issued and outstanding common shares of the
      Corporation as at the close of business on the Business Day immediately
      preceding the Closing Date;

	 	 	 
	 	(q) 	
      the Corporation will deliver such further certificates
      and other documentation as may be contemplated in this Agreement or as the
      Agents’ or their counsel may reasonably require;

	 	 	 
	 	(r) 	
      the Agents not having previously terminated its
      obligations pursuant to this Agreement; and

	 	 	 
	 	(s) 	
      prior to the Closing Time, no material change (actual,
      anticipated, contemplated or, to the knowledge of the Corporation,
      threatened, whether financial or otherwise) in the business, affairs,
      operations, assets, liabilities (contingent or otherwise) or capital of
      the Corporation shall have occurred.

5.2      The Corporation acknowledges
that the Agents and their representatives have not yet completed their due
diligence of the Corporation and may terminate their obligations to purchase the
Shares up to the Closing Time if any of the Agents, in their sole discretion,
acting reasonably, determine that any due diligence finding will, or may be
reasonably expected to, materially affect the Corporation’s affairs. 

6.        Additional
  Documents Upon Filing of Final Prospectus

6.1      The Corporation shall cause
to be delivered to the Agents, concurrently with the filing of the Final
Prospectus and any Supplementary Material, a comfort letter dated the date
thereof from the auditors of the Corporation and addressed to the Agents and to
the directors of the Corporation, in form and substance reasonably satisfactory
to the Agents, relating to the verification of the financial information and
accounting data and other numerical data of a financial nature contained therein
and matters involving changes or developments since the respective dates as of
which specified financial information is given therein, to a date not more than
two business days prior to the date of such letter. 

7.        Closing

7.1      The Offering will be
completed at the offices of the Corporation’s counsel in the city of Toronto,
with share certificates representing the Shares to be concurrently delivered in
the city of Toronto at the Closing Time or such other place, date or time as may
be mutually agreed to; provided that if the Corporation has not been able to
comply in any material respect with any of the covenants or conditions set out
herein required to be complied with by the Closing Time or such other date and
time as may be mutually agreed to or such covenant or condition has not been
waived by the Agents, the respective obligations of the parties will terminate
without further liability or obligation except for payment of expenses,
indemnity and contribution provided for in this Agreement. 

7.2      At the Closing Time, the
Corporation shall deliver to the Agents: 

	 	(a) 	
      certificates representing the Shares registered as the
      Agents may direct;

	 	 	 
	 	(b) 	
      the requisite legal opinions and certificates as
      contemplated in section 5.1; and

	 	 	 
	 	(c) 	
      such further documentation and opinions as may be
      contemplated herein or as the Agents or the Securities Commissions may
      reasonably require,

11 

against payment of the aggregate purchase price for the Shares,
net of the Agency Fee and expenses incurred up to the Closing Date as
contemplated in this Agreement, by certified cheque or wire transfer payable to
the Corporation. Any additional expenses of the Agents incurred in connection
with the Offering to which the Corporation is responsible pursuant to this
Agreement and not included in these expenses retained by the Agents shall be
paid by the Corporation forthwith upon invoices being provided therefor. 

7.3      All terms and conditions of
this Agreement shall be construed as conditions and any breach or failure to
comply with any such terms and conditions in any material respect shall entitle
the Agents to terminate their obligations to sell the Shares by written notice
to that effect given to the Corporation prior to the Closing Time. It is
understood that the Agents may waive, in whole or in part, or extend the time
for compliance with, any of such terms and conditions without prejudice to their
rights in respect of any such terms and conditions or any other subsequent
breach or non-compliance; provided that to be binding on the Agents, any such
waiver or extension must be in writing, it being acknowledged that the execution
of such waiver or extension by Dundee on behalf of the Agents shall satisfy such
requirement. 

8.        Compensation

	 	(a) 	
      Commission: In consideration of the agreement of
      the Agents to act as agents of the Corporation in respect of the Offering,
      and in consideration of the services performed and to be performed by the
      Agents in connection therewith, including, without limitation:

	 	 	 	 
	 		(i) 	
      acting as Agents of the Corporation to solicit, on a best
      efforts basis, offers to purchase the Shares;

	 	 	 	 
	 		(ii) 	
      participating in the preparation of the form of the
      Preliminary Prospectus and the Final Prospectus and certain of the
      Ancillary Documents; and

	 	 	 	 
	 		(iii) 	
      advising the Corporation with respect to the initial
      public offering of the Shares;

	 	 	 	 
	 		
      the Corporation shall pay to the Agents or as the Agents
      may otherwise direct at the Closing Time against receipt of payment of the
      Purchase Price for the Shares, a cash fee equal to 6% of the gross
      proceeds of the Offering.

	 	 	 	 
	 		
      Compensation Options: The Agents will also receive
      the non-transferable Compensation Options entitling them to purchase, in
      the aggregate, that number of Agents’ Shares which is equal to 5% of the
      aggregate number of Shares issued under the Offering at a price of
      Cdn$3.85 per Share, being a 10% premium to the Purchase Price. The
      Compensation Options may be exercised, in whole or in part, for a period
      of twelve (12) months after the Closing Date.

	 	 	 	 
	 	(b) 	
      Taxes: The Corporation and the Agents acknowledge
      and agree that if a separate fee would have been charged to the
      Corporation for the services described in clause 8(a)(i) above, such
      separate fee would represent more than 50% of the fee payable to the
      Agents, and the Corporation hereby further acknowledges and agrees that
      the Agents will rely on the foregoing statement in not charging federal
      goods and services tax on such fee and that the Corporation will forthwith
      pay to the Agents any such tax and any applicable interest and penalties
      to the extent determined to be exigible.

	 	 	 	 
	 	(c) 	
      Expenses: The foregoing obligations are additional
      to those set forth in Section 13 hereof.

12 

	9. 	
      Representations and Warranties of the
      Corporation

	 	 
	9.1 	
      The Corporation hereby represents, warrants and covenants
      to and with the Agents that:

	 	 
	9.1.1 	
      General Matters

	 	(a) 	
      the Corporation (i) has been duly incorporated under the
      CBCA and is and will at the Closing Time be up-to-date in all material
      corporate filings and in compliance with the CBCA; (ii) has all requisite
      corporate power and authority to carry on its business as now conducted
      and to own, lease and operate its properties and assets; and (iii) has all
      requisite corporate power and authority to create, issue and sell the
      Shares, issue the Compensation Options and the Agents’ Share issuable upon
      the exercise thereof, to enter into this Agreement and to carry out the
      provisions contained in this Agreement;

	 	 	 
	 	(b) 	
      the Corporation has no Subsidiaries;

	 	 	 
	 	(c) 	
      no proceedings have been taken, instituted or, to the
      knowledge of the Corporation, are pending for the dissolution or
      liquidation of the Corporation;

	 	 	 
	 	(d) 	
      the Corporation is, in all material respects, conducting
      its business in compliance with all applicable laws, rules and regulations
      (including all material applicable Canadian federal, provincial,
      municipal, and local environmental anti-pollution and licensing laws,
      regulations and other lawful requirements of any governmental or
      regulatory body, including but not limited to relevant exploration,
      concessions and permits) of each jurisdiction in which its business is
      carried on and is licensed, registered or qualified in all jurisdictions
      in which it owns, leases or operates its property or carries on business
      to enable its business to be carried on as now conducted and its property
      and assets to be owned, leased and operated and all such licences,
      registrations and qualifications are valid, subsisting and in good
      standing and it has not received a notice of non-compliance, nor knows of,
      nor has reasonable grounds to know of, any facts that could give rise to a
      notice of non-compliance with any such laws, regulations or permits which
      could have an adverse material effect on the Corporation and will at the
      Closing Time be valid, subsisting and in good standing;

	 	 	 
	 	(e) 	
      all necessary steps, consents, approvals, authorization
      and other corporate action have been taken or will have been taken and all
      necessary documents have been or will be delivered and executed prior to
      the Closing Time in connection with and to effect the completion of the
      Acquisition;

	 	 	 
	 	(f) 	
      all necessary corporate action has been taken or will
      have been taken prior to the Closing Time by the Corporation so as to
      validly issue and sell the Shares and to validly issue the Compensation
      Options;

	 	 	 
	 	(g) 	
      all necessary consents, approvals, authorizations and
      corporate action have been obtained or taken or will be obtained or taken
      prior to the Closing Time, and all necessary documents have been delivered
      and executed or will have been delivered and executed prior to the Closing
      Time, with respect to the Offering;

	 	 	 
	 	(h) 	
      the execution and delivery of this Agreement, and the
      performance of the transactions contemplated hereby have been duly
      authorized by all necessary corporate action of the Corporation and this
      Agreement has been executed and delivered by the Corporation
  and

13 

	 		
      constitutes, and at the Closing Time, will constitute, a
      valid and binding obligation of the Corporation, enforceable against the
      Corporation in accordance with its terms, provided that enforcement
      thereof may be limited by laws affecting creditors’ rights generally, that
      specific performance and other equitable remedies may only be granted in
      the discretion of a court of competent jurisdiction, that the provisions
      relating to indemnity, contribution and waiver of contribution may be
      unenforceable and that enforceability is subject to the provisions of the
      Limitation Act, 2002 (Ontario);

	 	 	 
	 	(i) 	
      the execution and delivery of this Agreement, the
      fulfilment of the terms hereof by the Corporation, the issuance, sale and
      delivery of the Shares to be issued, sold and delivered by the Corporation
      at the Closing Time, the issuance and delivery of the Compensation Options
      to be issued and delivered by the Corporation at the Closing Time and the
      issuance of the Agents’ Shares upon exercise of the Compensation Options
      do not and will not require the consent, approval, authorization,
      registration or qualification of or with any governmental authority, stock
      exchange, Securities Commission or other third party, except such as have
      been obtained or such as may be required (and shall be obtained prior to
      the Closing Time) under Securities Laws or stock exchange regulations or
      pursuant to the Purchase Agreement;

	 	 	 
	 	(j) 	
      the execution and delivery of this Agreement, the
      fulfilment of the terms hereof by the Corporation and the issuance, sale
      and delivery of the Shares to be issued, sold and delivered by the
      Corporation at the Closing Time, the issuance and delivery of the
      Compensation Options to be issued and delivered by the Corporation at the
      Closing Time and the issuance of the Agents’ Shares upon the exercise of
      the Compensation Options do not and will not result in a breach of or
      default under, and do not and will not create a state of facts which,
      after notice or lapse of time or both, will result in a breach of or
      default under, and do not and will not conflict with any of the terms,
      conditions or provisions of the articles or by-laws of the Corporation or
      the resolutions of the shareholders or directors of the Corporation or
      with the terms of any agreement to which the Corporation is a party or any
      judgment, decree, stature, rule or regulation applicable to it, which
      breach or default would have a material adverse effect on the
      Corporation;

	 	 	 
	 	(k) 	
      the Shares to be issued and sold as hereinbefore
      described have been, or prior to the Closing Time will be, authorized for
      issuance, the Shares will have been reserved for issuance by the
      Corporation and, upon payment of the issue price for the Shares and when
      certificates for the Shares are countersigned by the Transfer Agent, the
      Shares will be validly issued and fully paid and non-assessable, and all
      statements made in the Final Prospectus describing the Shares are accurate
      in all material respects;

	 	 	 
	 	(l) 	
      the Compensation Options to be issued as hereinbefore
      described have been, or prior to the Closing Time will be, authorized for
      issuance, and when certificates for the Compensation Options are signed by
      the Corporation, the Compensation Options will be validly issued
      securities, and all statements made in the Final Prospectus describing the
      Compensation Options are accurate in all material respects;

	 	 	 
	 	(m) 	
      the Agents’ Shares to be issued as hereinbefore described
      have been, or prior to the Closing Time will be, authorized for issuance,
      the Agents’ Shares will have been reserved for issuance by the Corporation
      and when certificates for the Agents’ Shares are countersigned by the
      Transfer Agent, the Agents’ Shares will be validly issued and fully paid
      and non-assessable, and all statements made in the Final Prospectus
      describing the Agents’ Shares are accurate in all material
  respects;

14 

	 	(n) 	
      the authorized capital of the Corporation consists of an
      unlimited number of common shares, of which, as of the date of this
      Agreement, 5,000,000 common shares were outstanding as fully paid and
      non-assessable shares of the Corporation;

	 	 	 	 
	 	(o) 	
      the Corporation is not aware of any legislation, or
      proposed legislation published by a legislative body, which it anticipates
      will materially and adversely affect the business, affairs, operations,
      assets, liabilities (contingent or otherwise) or prospects of the
      Corporation;

	 	 	 	 
	 	(p) 	
      no order ceasing or suspending trading in any securities
      of the Corporation or prohibiting the sale of the Shares or the trading of
      any of the Corporation’s issued securities has been issued and no
      proceedings for such purpose are pending or, to the best of the
      Corporation’s knowledge, information and belief, threatened;

	 	 	 	 
	 	(q) 	
      the Corporation shall comply with the rules and
      regulations of the Exchange;

	 	 	 	 
	 	(r) 	
      except as disclosed in the Final Prospectus, no person
      now has any agreement or option or right or privilege (whether at law,
      preemptive or contractual) capable of becoming an agreement for the
      purchase, subscription or issuance of, or conversion into, any unissued
      shares, securities, warrants or convertible obligations of any nature of
      the Corporation;

	 	 	 	 
	 	(s) 	
      since October 31, 2006, except as disclosed in the Final
      Prospectus:

	 	 	 	 
	 		(i) 	
      there has not been any material change in the assets,
      liabilities, obligations (absolute, accrued, contingent or otherwise),
      business, condition (financial or otherwise) or results of operations of
      the Corporation;

	 	 	 	 
	 		(ii) 	
      there has not been any material change in the capital
      stock or long-term debt of the Corporation; and

	 	 	 	 
	 		(iii) 	
      the Corporation has carried on its business in the
      ordinary course;

	 	 	 	 
	 	(t) 	
      since December 31, 2005, except as disclosed in the Final
      Prospectus, there has not been any material change in the assets,
      liabilities, obligations (absolute, accrued, contingent or otherwise),
      business, condition (financial or otherwise) or results of operations of
      the Detour Gold Segment;

	 	 	 	 
	 	(u) 	
      the financial statements contained in the Final
      Prospectus present fairly, in all material respects, the financial
      condition of the Corporation and the Detour Gold Segment for the periods
      then ended;

	 	 	 	 
	 	(v) 	
      except as disclosed in the Final Prospectus, there are no
      actions, proceedings or investigations (whether or not purportedly by or
      on behalf of the Corporation) pending or threatened against or affecting
      the Corporation or the Detour Gold Segment at law or in equity (whether in
      any court, arbitration or similar tribunal) or before or by any federal,
      provincial, state, municipal or other governmental department, commission,
      board or agency, domestic or foreign;

	 	 	 	 
	 	(w) 	
      neither the Corporation nor the Detour Gold Segment have
      any liability, direct or indirect, contingent or otherwise, which
      materially adversely affects, or would reasonably be expected to have a
      material adverse effect on, the Corporation or the Detour
  Gold

15 

	 		
      Segment. Without limiting the generality of the
      foregoing, neither the Corporation nor the Detour Gold Segment have any
      material obligation or liability except as disclosed in the Final
      Prospectus or those arising in the ordinary course of business none of
      which is materially adverse to the Corporation and the Detour Gold Segment
      taken together as a whole;

	 	 	 
	 	(x) 	
      to the best of the Corporation’s knowledge, having made
      due inquiry, no agreement is in force or effect which in any manner
      affects the voting or control of any of the securities of the Corporation,
      except as disclosed in the Final Prospectus;

	 	 	 
	 	(y) 	
      (i) the Corporation is not in default or in breach in any
      material respect of any agreement, mortgage, note, indenture, contract,
      agreement, instrument, lease or other document to which the Corporation is
      a party, and (ii) the execution and delivery of this Agreement by the
      Corporation and the performance and compliance with the terms of this
      Agreement by the Corporation (including the issue, sale and delivery of
      the Shares, the grant of the Compensation Options by the Corporation and
      the issuance of the Agents’ Shares upon exercise of the Compensation
      Options) will not result in any material breach of, or be in conflict with
      or constitute a default under, or create a state of facts which, after
      notice or lapse of time, or both, would constitute a default under any
      term or provision of the constating documents, by-laws or resolutions of
      the Corporation or any agreement, mortgage, note, indenture, contract,
      agreement, instrument, lease or other document to which the Corporation is
      a party or by which it is bound or any judgment, decree, order, statute,
      rule or regulation applicable to it, which breach or default would have a
      material adverse affect on the Corporation;

	 	 	 
	 	(z) 	
      the Corporation will at the Closing Time be, a “reporting
      issuer” or its equivalent in the Qualifying Provinces, not included in a
      list of defaulting reporting issuers maintained by the Securities
      Commissions, as applicable, and in particular, without limiting the
      foregoing, the Corporation has at all relevant times complied with its
      obligations to make timely disclosure of all material changes relating to
      it, no such disclosure has been made on a confidential basis and there is
      no material change relating to the Corporation which has occurred and with
      respect to which the requisite material change report has not been filed
      with the Securities Commissions, except to the extent that the Offering
      constitutes a material change;

	 	 	 
	 	(aa) 	
      the information and statements set forth in the
      Preliminary Prospectus, the Final Prospectus and any Supplementary
      Material (except any information or statements relating solely to or
      provided by the Agents) are or will be, as applicable, true, correct and
      complete in all material respects and do not or will not, as applicable,
      contain any misrepresentation as of the date of such information or
      statement, and the Corporation has not filed any confidential material
      change reports or similar confidential report with any Securities
      Commission that is still maintained on a confidential basis;

	 	 	 
	 	(bb) 	
      the auditors of the Corporation who audited the
      consolidated financial statements of the Corporation are independent
      public accountants as required by the Securities Laws;

	 	 	 
	 	(cc) 	
      there has not been any “reportable event” (within the
      meaning of National Instrument 51- 102) with the present or any former
      auditor of the Corporation;

	 	 	 
	 	(dd) 	
      all taxes (including income tax, capital tax, payroll
      taxes, employer health tax, workers’ compensation payments, property
      taxes, custom and land transfer taxes), duties,
  royalties,

16 

	 		
      levies, imposts, assessments, deductions, charges or
      withholdings and all liabilities with respect thereto including any
      penalty and interest payable with respect thereto (collectively,
      “Taxes”) due and payable by the Corporation or the Detour Segment
      have been paid except for where the failure to pay such taxes would not
      constitute an adverse material fact of the Corporation or of the Detour
      Segment or result in an adverse material change to the Corporation or the
      Detour Segment. All tax returns, declarations, remittances and filings
      required to be filed by the Corporation have been filed with all
      appropriate governmental authorities and all such returns, declarations,
      remittances and filings are complete and accurate and no material fact or
      facts have been omitted therefrom which would make any of them misleading
      except where the failure to file such documents would not constitute an
      adverse material fact of the Corporation or the Detour Segment or result
      in an adverse material change to the Corporation or the Detour Segment. To
      the best of the knowledge of the Corporation, no examination of any tax
      return of the Corporation is currently in progress and there are no issues
      or disputes outstanding with any governmental authority respecting any
      taxes that have been paid, or may be payable, by the Corporation, in any
      case, except where such examinations, issues or disputes would not
      constitute an adverse material fact of the Corporation or result in an
      adverse material change to the Corporation;

	 	 	 
	 	(ee) 	
      the Corporation is not, nor to the best of the
      Corporation’s knowledge, information and belief, having made due inquiry,
      is any other person, in default in any material respect in the observance
      or performance of any term, covenant or obligation to be performed by the
      Corporation or the Detour Gold Segment under any agreement, or arrangement
      (including all joint venture agreements) to which the Corporation or
      Pelangio, with respect to the Detour Gold Segment, is a party or otherwise
      bound and all such contracts, agreements or arrangements (including all
      joint venture agreements) are in good standing, and no event has occurred
      which with notice or lapse of time or both would constitute such a default
      by the Corporation, or, to the best of the Corporation’s knowledge,
      information and belief, any other party;

	 	 	 
	 	(ff) 	
      the net proceeds of the Offering will be used as
      described in the Final Prospectus;

	 	 	 
	 	(gg) 	
      assuming that the Offering is completed, other than as
      contemplated in the Final Prospectus and this Agreement or with the prior
      written consent of Dundee, such consent not to be unreasonably withheld,
      the Corporation will not, for a period of 120 days from the Closing Date,
      issue or sell or agree to issue or sell (or announce any intention to do
      so) any securities of the Corporation, excluding (i) the exercise of the
      Compensation Options; (ii) the grant or exercise of stock options issued
      pursuant to the Corporation’s incentive stock option plan; and (iii) the
      issuance of Shares issuable upon the exercise of convertible securities,
      options or warrants outstanding on or prior to the Closing Date;

	 	 	 
	 	(hh) 	
      the Corporation will use its reasonable best efforts to
      obtain the necessary regulatory consents from the Exchange in connection
      with the Offering on such conditions as are acceptable to the Agents and
      the Corporation, acting reasonably;

	 	 	 
	 	(ii) 	
      the Corporation will use its reasonable best efforts to
      maintain the listing of the Shares on the Exchange and maintain its status
      as a “reporting issuer” (or the equivalent thereof) and not in default of
      the requirements of the Securities Laws of each of the Qualifying
      Provinces which have such a concept to the date which is two (2) years
      following the Closing Date. For greater certainty, it will not be
      considered reasonable to maintain such status or listing if to do so would
      hinder or impede, in any way, any effort on the part
of

17

	 		
      the Corporation to effect, or to take any steps in
      furtherance of, any amalgamation or business combination (whether by way
      of a merger, plan of arrangement, consolidation, share or other security
      exchange transaction, recapitalization, asset acquisition or other
      transaction) involving any one or more of itself or any of its
      subsidiaries or affiliates completed in accordance with applicable
      securities laws;

	 	 	 
	 	(jj) 	
      the Shares have been conditionally approved for listing
      on the Exchange, subject to compliance with the Exchange’s standard
      listing conditions;

	 	 	 
	 	(kk) 	
      the Transfer Agent at its principal transfer office in
      the Cities of Vancouver, British Columbia and Toronto, Ontario has been
      appointed the registrar and transfer agent for the common shares of the
      Corporation;

	 	 	 
	 	(ll) 	
      except as disclosed in the Final Prospectus, none of the
      directors or officers of the Corporation, any known holder of more than
      10% of any class of shares of the Corporation, or any known associate or
      affiliate of any of the foregoing persons or companies (as such terms are
      defined in the Ontario Act)), has had any material interest, direct or
      indirect, in any material transaction within the previous two years or any
      proposed material transaction which, as the case may be, materially
      affected, is material to or will materially affect the
  Corporation;

	 	 	 
	 	(mm) 	
      other than the Agents pursuant to this Agreement, and
      except for Octagon Capital Corporation, which is to receive a finder’s fee
      of $750,000 plus GST, there is no person acting or purporting to act at
      the request of the Corporation who is entitled to any brokerage, agency,
      underwriting, or other fiscal advisory or similar fee in connection with
      the transactions contemplated herein;

	 	 	 
	 	(nn) 	
      except as disclosed in the Final Prospectus, the
      Corporation is not party to any debt instrument or has any material loans
      or other indebtedness outstanding which has been made to any of its
      shareholders, officers, directors or employees, past or present, or any
      person not dealing at arm’s length with them;

	 	 	 
	 	(oo) 	
      except as disclosed in the Final Prospectus, at Closing
      the assets of the Corporation and its business and operations will be
      insured against loss or damage with responsible insurers on a basis
      consistent with insurance obtained by reasonably prudent participants in
      comparable businesses, and such coverage will be in full force and effect
      at Closing; and

	 	 	 
	 	(pp) 	
      to the best of the Corporation’s knowledge, information
      and belief, having made due inquiry, the Corporation’s business as now
      conducted does not, and as currently proposed to be conducted will not,
      infringe or conflict with in any material respect patents, trademarks,
      service marks, trade names, copyrights, trade secrets, licenses or other
      intellectual property or franchise right of any person. No claim has been
      made against the Corporation alleging the infringement by the Corporation
      of any patent, trademark, service mark, trade name, copyright, trade
      secret, license in or other intellectual property right or franchise right
      of any person.

18 

	9.1.2 	
      Prospectus Matters

	 	 	 
		(a) 	
      the Corporation will, provided the Agents have taken all
      action required by them hereunder to permit the Corporation to do so, use
      its best efforts to file the Final Prospectus pursuant to National Policy
      43-201 “Mutual Reliance Review System for Prospectuses and Annual
      Information Forms” and to use its reasonable best efforts to obtain a
      final MRRS decision document from the Ontario Securities Commission in
      respect of each Qualifying Province and if any Securities Commission in a
      Qualifying Province opts out of the MRRS system, a final receipt (or a
      decision document equivalent thereof) from any such Securities Commission
      in Canada, and shall have taken all other steps and proceedings that may
      be necessary in order to qualify the Shares and the Compensation Options
      for distribution pursuant to the Final Prospectus in each of the
      Qualifying Provinces before the close of business on January 25, 2007 (or
      such other date or time as may be agreed to in writing by the Corporation
      and Dundee, on behalf of the Agents);

	 	 	 
		(b) 	
      the Corporation will deliver from time to time without
      charge to the Agents as many copies of the Preliminary Prospectus, the
      Final Prospectus and any Supplementary Material as they may reasonably
      request for the purposes contemplated hereunder and contemplated by the
      Securities Laws in the Qualifying Provinces and such delivery shall
      constitute the consent of the Corporation to their use of such documents
      in the Qualifying Provinces in connection with the distribution or the
      distribution to the public of the Shares, subject to the Agents complying
      with the provisions of the Securities Laws in the Qualifying Provinces and
      the provisions of this Agreement;

	 	 	 
		(c) 	
      all the information and statements to be contained in the
      Offering Documents shall, at the respective dates of delivery thereof,
      constitute full, true and plain disclosure of all material facts relating
      to each of the Offering, the Corporation and the Shares (provided that
      this representation and warranty is not intended to extend to information
      and statements included in reliance upon and in conformity with
      information furnished to the Corporation by or on behalf of the Agents
      specifically for use therein);

	 	 	 
		(d) 	
      no material fact or information has been omitted from the
      Offering Documents (except facts or information relating solely to or
      provided by the Agents) which is required to be stated in such disclosure
      or is necessary to make the statements or information contained in such
      disclosure not misleading in light of the circumstances under which they
      were made;

	 	 	 
		(e) 	
      at the time of filing and qualification thereof, none of
      the Offering Documents will contain a misrepresentation (provided that
      this representation and warranty is not intended to extend to information
      and statements included in reliance upon and in conformity with
      information furnished to the Corporation by or on behalf of the Agents
      specifically for use therein);

	 	 	 
		(f) 	
      the Offering Documents shall in all material respects
      contain the disclosure required by and conform to all requirements of the
      Securities Laws;

	 	 	 
		(g) 	
      during and prior to completion of the Distribution
      Period, the Corporation will use its reasonable best efforts to otherwise
      take or cause to be taken all steps and proceedings (including the filing
      of, and obtaining the issuance of a final receipt (or a decision document
      equivalent thereof) for, the Final Prospectus) that may be required under
      the

19 

	 		
      Securities Laws of the Qualifying Provinces to qualify
      the Shares for sale to the public and the issuance of the Compensation
      Options to the Agents in the Qualifying Provinces through registrants
      registered under the Securities Laws of the Qualifying Provinces who have
      complied with the relevant provisions thereof; and

	 	 	 
	 	(h) 	
      at all times until the completion of the Distribution
      Period, the Corporation will, to the satisfaction of counsel to the
      Agents, acting reasonably, promptly take or cause to be taken all
      additional steps and proceedings that may be required from time to time
      under the Securities Laws of the Qualifying Provinces to continue to so
      qualify the Shares and the Compensation Options or, in the event that the
      Shares, or the Compensation Options have, for any reason, ceased to so
      qualify, to again so qualify the Shares and the Compensation
    Options.

	9.1.3 	
      Mining and Environmental Matters

	 	 	 
		(a) 	
      to the best of the Corporation’s knowledge, having made
      due inquiry, Pelangio, with respect to the Detour Lake Property, is in
      material compliance with all applicable federal, provincial, state,
      municipal and local laws, statutes, ordinances, by-laws and regulations
      and orders, directives and decisions rendered by any ministry, department
      or administrative or regulatory agency, domestic or foreign (the
      “Mining and Environmental Laws”), occupational health and safety or
      the processing, current or proposed mining activities, use, treatment,
      storage, disposal, discharge, transport or handling of any pollutants,
      contaminants, chemicals or industrial, toxic or hazardous wastes or
      substance (“Hazardous Substances”);

	 	 	 
		(b) 	
      other than as described in the Final Prospectus, the
      Corporation will have, upon completion of the Acquisition, obtained all
      material licences, permits, approvals, consents, certificates,
      registrations and other authorizations under all applicable legislation
      including Mining and Environmental Laws (the “Permits”) necessary
      as at the date of the completion of the Acquisition for the operation of
      the businesses carried on or proposed to be commenced by the Corporation
      as described in the Final Prospectus including for certainty with respect
      to the Detour Lake Property, and each Permit will be at the time of such
      commencement valid, subsisting and in good standing and the Corporation
      will not be in material default or breach of any Permit and, to the best
      of the knowledge of the Corporation, no proceeding is pending or
      threatened (other than as disclosed in the Final Prospectus) to revoke or
      limit any Permit;

	 	 	 
		(c) 	
      the Corporation has not used, except in material
      compliance with all Mining and Environmental Laws and Permits, any
      property or facility which it owns or leases or previously owned or
      leased, to generate, manufacture, process, distribute, use, treat, store,
      dispose of, transport or handle any Hazardous Substance;

	 	 	 
		(d) 	
      neither the Corporation nor, to the best of the
      Corporation’s knowledge, having made due inquiry, Pelangio with respect to
      the Detour Lake Property, has received any notice of, or been prosecuted
      for an offence alleging, non-compliance with any Mining and Environmental
      Law, and the Corporation has not settled any allegation of non- compliance
      short of prosecution. There are no orders or directions relating to
      environmental matters requiring any material work, repairs, construction
      or capital expenditures to be made with respect to any of the assets to be
      acquired by the Corporation under the Purchase Agreement or the Detour
      Lake Property, nor has the

20 

	 		
      Corporation received notice of any of the same in respect
      of the assets to be acquired by the Corporation on completion of the
      Acquisition;

	 	 	 
	 	(e) 	
      the Corporation has not received any notice wherein it is
      alleged or stated that it is potentially responsible for a federal,
      provincial, state, municipal or local clean-up site or corrective action
      under any Mining and Environmental Laws and the Corporation has not
      received any request for information in connection with any federal,
      state, municipal or local inquiries as to disposal sites;

	 	 	 
	 	(f) 	
      on completion of the Acquisition, the Corporation will
      own, control or have all of the rights, titles and interests materially
      necessary or appropriate to authorize and enable it to carry on the
      material mineral exploration as currently being undertaken or contemplated
      as described in the Final Prospectus and will have obtained or, upon
      performance of all conditions precedent expects to be able to obtain, such
      rights, titles and interests as may be required to implement such plans on
      such properties and will not be in default of such rights, titles and
      interests;

	 	 	 
	 	(g) 	
      the Corporation is not aware of any assessments or other
      work required to be performed in relation to the Corporation’s material
      property interests and rights to be acquired on completion of the
      Acquisition in order to maintain the Corporation’s interest and rights
      therein, and all such assessments and other work performed to date has
      complied in all material respects with all applicable governmental laws,
      regulations and policies with respect to such property interests and
      rights, in addition to compliance in all material respects with all
      contractual obligations to third parties, except for any non-compliance
      which would not, either individually or in the aggregate, have a material
      adverse effect on the Corporation. All mining claims to be acquired
      pursuant to the Purchase Agreement are in good standing in all material
      respects as of the date of this Agreement and shall be in good standing in
      all material respects as of the Closing Date and as of the date of
      completion of the Acquisition;

	 	 	 
	 	(h) 	
      upon completion of the Acquisition, the Corporation will
      be the absolute legal and beneficial owner of, and have good and
      marketable title to, the Detour Lake Property free of all mortgages,
      liens, charges, pledges, security interests, encumbrances, claims or
      demands whatsoever (other than Permitted Encumbrances as defined in the
      Purchase Agreement) and no other property rights will be necessary for the
      conduct of the business of the Corporation as currently conducted or
      contemplated to be conducted as described in the Final Prospectus. Except
      as disclosed in the Final Prospectus, to the best of the Corporation’s
      knowledge, there is no claim or basis for any claim, including a claim
      with respect to native rights, that might or could adversely affect the
      right thereof to use, transfer or otherwise exploit such property rights
      and the Corporation has no responsibility or obligation to pay any
      commission, royalty, licence fee or similar payment to any person with
      respect to the property rights thereof;

	 	 	 
	 	(i) 	
      the Purchase Agreement is a valid and subsisting
      agreement, in full force and effect, enforceable in accordance with the
      terms thereof, provided that enforcement thereof may be limited by laws
      affecting creditors’ rights generally, that specific performance and other
      equitable remedies may only be granted in the discretion of a court of
      competent jurisdiction, that the provisions relating to indemnity,
      contribution and waiver of contribution may be unenforceable and that
      enforceability is subject to the provisions of the Limitation Act, 2002
      (Ontario), and neither the Corporation or Pelangio is in default of
      any of the material provisions of the Purchase Agreement nor has any such
      default been alleged;

21 

	 	(j) 	
      upon completion of the Acquisition, any and all of the
      agreements and other documents and instruments pursuant to which the
      Corporation shall hold its property and assets or options (including any
      interest in, or right to earn an interest in, any property) shall be valid
      and subsisting agreements, documents or instruments in full force and
      effect, enforceable in accordance with the terms thereof, provided that
      enforcement thereof may be limited by laws affecting creditors’ rights
      generally, that specific performance and other equitable remedies may only
      be granted in the discretion of a court of competent jurisdiction, that
      the provisions relating to indemnity, contribution and waiver of
      contribution may be unenforceable and that enforceability is subject to
      the provisions of the Limitation Act, 2002 (Ontario), and, upon
      completion of the Acquisition, the Corporation shall not be in default of
      any of the material provisions of any such agreements, documents or
      instruments, and such properties and assets shall be in good standing
      under the applicable statutes and regulations of the jurisdictions in
      which they are situated, and upon completion of the Acquisition, all taxes
      required to be paid with respect to such properties and assets to the date
      of the Acquisition shall have been paid. The interests of the Corporation
      in, or rights of the Corporation to earn an interest in, any property of
      the Corporation are not subject to any right of first refusal or purchase
      or acquisition rights, other than as described in the Final
    Prospectus;

	 	 	 
	 	(k) 	
      except as disclosed to the Agents and as disclosed in the
      Final Prospectus, there are no environmental audits, evaluations,
      assessments, studies or tests relating to the Corporation except for
      ongoing assessments conducted by or on behalf of the Corporation in the
      ordinary course;

	 	 	 
	 	(l) 	
      other than as disclosed in the Final Prospectus, there
      are no claims with respect to native rights or native land claims
      currently or, to the best of the knowledge of the Corporation, pending or
      threatened with respect to any of the Corporation’s mining or property
      interests; and

	 	 	 
	 	(m) 	
      the Corporation is in material compliance with the
      provisions of National Instrument 43- 101 – Standards of Disclosure for
      Mineral Projects, and has filed all required technical reports required
      thereby.

	9.1.4 	
      Employment Matters

	 	 	 
		(a) 	
      each material plan for retirement, bonus, stock purchase,
      profit sharing, stock option, deferred compensation, severance or
      termination pay, insurance, medical, hospital, dental, vision care, drug,
      sick leave, disability, salary continuation, legal benefits, unemployment
      benefits, vacation, incentive or otherwise contributed to or required to
      be contributed to, by the Corporation for the benefit of any current or
      former director, officer, employee or consultant of the Corporation (the
      “Employee Plans”) has been maintained in compliance with its terms
      and with the requirements prescribed by any and all statutes, orders,
      rules and regulations that are applicable to such Employee Plans, in each
      case in all material respects and has been publicly disclosed to the
      extent required by Securities Laws;

	 	 	 
		(b) 	
      all material accruals for unpaid vacation pay, premiums
      for unemployment insurance, health premiums, federal or state pension plan
      premiums, accrued wages, salaries and commissions and employee benefit
      plan payments have been reflected in the books and records of the
      Corporation; and

22 

	 	(c) 	
      there has never been, there is not currently and the
      Corporation does not anticipate any labour disruption with respect to the
      employees or consultants of the Corporation which is adversely affecting
      or could adversely affect the exploration or development plans of the
      Corporation or the carrying on of the business of the
  Corporation.

	10. 	
      Covenants of the Corporation

	 	 	 	 
		(a) 	
      Consents and Approvals: The Corporation covenants
      and agrees with the Agents that the Corporation will:

	 	 	 	 
			(i) 	
      use its best efforts obtain, to the extent not already
      obtained, the necessary regulatory consents from, to the extent necessary,
      the Securities Commissions of the Selling Jurisdictions for the Offering
      on such terms as are mutually acceptable to the Agents and the
      Corporation, acting reasonably; and

	 	 	 	 
			(ii) 	
      make all necessary filings to obtain all other necessary
      regulatory and other consents and approvals required in connection with
      the transactions contemplated by this Agreement.

	 	 	 	 
		(b) 	
      General: The Corporation hereby covenants and
      agrees with the Agents and the Purchasers that the Corporation
  will:

	 	 	 	 
			(i) 	
      fulfill all legal requirements to permit the creation,
      issue, offering and sale of the Shares and the creation and issue of the
      Compensation Options as contemplated in this Agreement;

	 	 	 	 
			(ii) 	
      deliver to the Agents a copy of all press releases made
      and material change reports and other documents filed with any regulatory
      authority forthwith upon such press release being made or material change
      report or other document being filed until 30 days after the Closing
      Date;

	 	 	 	 
			(iii) 	
      fulfill all legal requirements to permit the creation,
      issue, offering and sale of the Shares and the creation and issue of the
      Compensation Options as contemplated in this Agreement;

	 	 	 	 
			(iv) 	
      comply with the rules and regulations of the
    Exchange;

	 	 	 	 
			(v) 	
      use the net proceeds of the Offering as described in the
      Final Prospectus;

	 	 	 	 
			(vi) 	
      use its best efforts to obtain the necessary regulatory
      consents from the Exchange in connection with the Offering on such
      conditions as are acceptable to the Agents and the Corporation, acting
      reasonably;

	 	 	 	 
			(vii) 	
      use its reasonable best efforts to maintain the listing
      of the Shares on the Exchange and maintain its status as a “reporting
      issuer” (or the equivalent thereof) and not in default of the requirements
      of the Securities Laws of each of the Qualifying Provinces which have such
      a concept to the date which is two (2) years following the Closing Date.
      For greater certainty, it will not be considered reasonable to maintain
      such status or listing if to do so would hinder or impede, in any way, any
      effort on the part of the Corporation to effect, or to take any steps in
      furtherance of, any amalgamation or business combination (whether
  by

23 

way of a merger, plan of arrangement,
consolidation, share or other security exchange transaction, recapitalization,
asset acquisition or other transaction) involving any one or more of itself or
any of its subsidiaries or affiliates completed in accordance with applicable
securities laws; 

	 	(c) 	
      Material Changes: During the period from the date
      hereof to the completion of the Offering, the Corporation shall notify the
      Agents in writing of the full particulars of any material change (actual,
      anticipated, contemplated or threatened, financial or otherwise) in the
      business, affairs, operations, assets, liabilities (contingent or
      otherwise), capital or control of the Corporation.

	 	 	 
	 	(d) 	
      Right of First Refusal: The Corporation hereby
      agrees that, (a) subject to a minimum of $15 million being raised in the
      Offering from the sale of a minimum 5,000,000 Shares, Dundee shall have
      the right to participate in future equity offerings (an “Equity
      Offering”) completed by the Corporation during the period prior to the
      second anniversary of the Closing Date; and (b) subject to a minimum of
      $25 million being raised in the Offering from the sale of a minimum
      8,000,000 Shares, Dundee shall have the right to lead or co-lead future
      Equity Offerings completed by the Corporation during the period prior to
      the first anniversary of the Closing Date.

	11. 	
      Termination

	 	 	 	 
		(a) 	
      Right of Termination: The Agents shall be
      entitled, at their sole option, to terminate and cancel, without any
      liability on the part of the Agents, all of the obligations of the Agents
      under this Agreement and the obligations of any Person who has executed a
      Subscription Agreement, by notice in writing to that effect delivered to
      the Corporation prior to or at the Closing Time if:

	 	 	 	 
			(i) 	
      there is, in the sole opinion of the Agents, a material
      change or change in a material fact or new material fact or an undisclosed
      material fact or material change which might be expected to have an
      adverse effect on the condition (financial or otherwise), capital,
      property, assets, operations, business, affairs, profitability or
      prospects of the Corporation or on the market price or value of the Shares
      or any other securities of the Corporation or on the marketability of the
      Shares;

	 	 	 	 
			(ii) 	
      the state of the financial markets is such that, in the
      sole opinion of the Agents, it would be unprofitable to offer or continue
      to offer for sale the Shares;

	 	 	 	 
			(iii) 	
      there should develop, occur or come into effect any
      occurrence of national or international consequence, or any action, law or
      regulation, inquiry or other event, action or occurrence of any nature
      whatsoever which, in the sole opinion of the Agents, seriously affects, or
      could seriously affect, the financial markets, the condition (financial or
      otherwise), capital, property, assets, operations, business, affairs,
      profitability or prospects of the Corporation or the market price or value
      of the Shares or any other securities of the Corporation or the
      marketability of the Shares;

	 	 	 	 
			(iv) 	
      any order or ruling is issued, or any inquiry, action,
      suit, proceeding or investigation (whether formal or informal) is
      instituted or announced or threatened in relation to the Corporation or
      any of the directors, officers or

24 

	 		
      principal shareholders of the Corporation (other than one
      based solely upon the activities or alleged activities of the Agents) or
      any law or regulation is promulgated or changed which prevents or
      restricts trading in or the distribution of the Shares or any other
      securities of the Corporation (other than one based solely upon the
      activities or alleged activities of the Agents);

	 	 	 
	 	(v) 	
      any order to cease or suspend trading in any securities
      of the Corporation is made, threatened or announced by any securities
      regulatory authority;

	 	 	 
	 	(vi) 	
      the Agents are not satisfied in their sole discretion
      with the results of the due diligence review and investigation of the
      Corporation conducted by the Agents; or

	 	 	 
	 	(vii) 	
      the Corporation is in breach of any term, condition,
      covenant or agreement contained in this Agreement or in any Subscription
      Agreement or any representation or warranty given by the Corporation in
      this Agreement or in any Subscription Agreement is or becomes untrue,
      false or misleading.

	 	(b) 	
      Rights on Termination: Any termination by the
      Agents pursuant to subsection 11(a) hereof shall be effected by notice in
      writing delivered by the Agents to the Corporation at the address thereof
      as set out in section 16 hereof. The right of the Agents to so terminate
      the obligations thereof under this Agreement is in addition to such other
      remedies as the Agents may have in respect of any default, act or failure
      to act of the Corporation in respect of any of the matters contemplated by
      this Agreement. In the event of a termination by the Agents pursuant to
      subsection 11(a) hereof there shall be no further liability on the part of
      the Agents to the Corporation or of the Corporation to the Agents except
      any liability which may have arisen or may thereafter arise under either
      section 12 or 13 hereof.

	12. 	
      Indemnity and Contribution

	 	 	 	 
		(a) 	
      Indemnity: The Corporation hereby covenants and
      agrees to protect, indemnify and save harmless each of the Agents and
      members of the Selling Group in connection with the Offering, each of the
      associates and affiliates of each of them and the respective directors,
      officers, employees, shareholders, partners, advisors and agents of the
      Agents and the members of the Selling Group in connection with the
      Offering and of each of the associates and affiliates of each of them (in
      this section 12 each an “Indemnified Person” and collectively the
      “Indemnified Persons”) from and against all losses (other than a
      loss of profits), claims, damages, payments, liabilities, costs and
      expenses (including the amount paid in settlement of any claim, action,
      suit or proceeding and the fees and expenses of counsel on a solicitor and
      his own client basis incurred obtaining advice in respect of, or in
      defending, any such claim, action, suit or proceeding), joint or several,
      of whatsoever nature or kind to which an Indemnified Person may become
      subject or otherwise involved in any capacity under statute or common law
      or otherwise caused or incurred by reason of or in any way arising,
      directly or indirectly, from, by virtue of, or related to, enforcing the
      provisions of this Agreement, or:

	 	 	 	 
			(i) 	
      the Agents having acted as the Agents and agent of the
      Corporation in respect of the Offering (other than by reason of the
      negligence, willful misconduct or bad faith of the
  Agents);

25 

	 	(ii) 	
      any statement or information contained in the Preliminary
      Prospectus, Prospectus or any Supplementary Material which at the time and
      in light of the circumstances under which it was made containing or being
      alleged to contain a misrepresentation or being or being alleged to be
      untrue, false or misleading;

	 	 	 
	 	(iii) 	
      the omission or alleged omission to state in the
      Preliminary Prospectus, Prospectus or any Supplementary Material any
      material fact required to be stated therein or necessary to make any
      statement therein not misleading in light of the circumstances under which
      it was made;

	 	 	 
	 	(iv) 	
      any order made or inquiry, investigation or proceeding
      commenced or threatened by any officer or official of any securities
      commission or authority or any other competent authority, not based upon
      the activities or the alleged activities of the Agents or any member of
      the Selling Group in connection with the Offering;

	 	 	 
	 	(v) 	
      the non-compliance or alleged non-compliance by the
      Corporation with any of the Securities Laws of the Selling Jurisdictions
      or any other applicable law in connection with the transactions
      contemplated herein;

	 	 	 
	 	(vi) 	
      any negligence or willful misconduct by the Corporation
      relating to or connected with the sale by the Corporation of the Shares;
      or

	 	 	 
	 	(vii) 	
      the breach of, or default under, any term, condition,
      covenant or agreement of the Corporation made or contained herein or in
      any other document of the Corporation delivered pursuant hereto or made by
      the Corporation in connection with the sale of the Shares or any
      representation or warranty of the Corporation made or contained herein or
      in any other document of the Corporation delivered pursuant hereto or in
      connection with the sale of the Shares being or being alleged to be
      untrue, false or misleading.

	 		
      If any matter or thing contemplated by this section 12
      shall be asserted against any Indemnified Person in respect of which
      indemnification is or might reasonably be considered to be provided
      hereunder, such Indemnified Person shall notify the Corporation as soon as
      possible of the nature of such claim and the Corporation shall be
      entitled, but not required, to assume the defence of any suit brought to
      enforce such claim; provided, however, that the defence shall be through
      legal counsel reasonably acceptable to the Indemnified Person and that no
      settlement may be made by the Corporation or the Indemnified Person
      without the prior written consent of the other of them and the Corporation
      shall not be liable for any settlement of any such claim unless it has
      consented in writing to such settlement.

	 	 	 	 
	 	(b) 	
      Counsel: In any claim referred to in section 12
      hereof, the Indemnified Person shall have the right to retain separate
      legal counsel to act on behalf of such Indemnified Person provided that
      the fees and disbursements of such separate legal counsel shall be paid by
      the Indemnified Person unless:

	 	 	 	 
	 		(i) 	
      the Corporation fails to assume the defence of such claim
      on behalf of the Indemnified Person within ten days of receiving notice of
      such claim;

	 	 	 	 
	 		(ii) 	
      the Corporation and the Indemnified Person shall have
      mutually agreed to the retention of such separate legal counsel;
  or

26 

	 	(iii) 	
      the named parties to such claim (including any added,
      third or impleaded parties) include both the Corporation and the
      Indemnified Person and the Indemnified Person has been advised by legal
      counsel that representation of both the Corporation and the Indemnified
      Person by the same legal counsel would be inappropriate due to actual or
      potential differing interests between them;

in which event or events the fees and
disbursements of such separate legal counsel shall be paid by the Corporation,
subject as hereinafter provided. Where more than one Indemnified Person is
entitled to retain separate counsel in the circumstances described in this
subsection 12(b), all Indemnified Persons shall be represented by one separate
legal counsel and the fees and disbursements of only one separate legal counsel
for all Indemnified Persons shall be paid by the Corporation, unless: 

	 	(i) 	
      the Corporation and the Indemnified Persons have mutually
      agreed to the retention of more than one legal counsel for the Indemnified
      Persons; or

	 	 	 
	 	(ii) 	
      the Indemnified Persons have or any of them has been
      advised in writing by legal counsel that representation of all of the
      Indemnified Persons by the same legal counsel would be inappropriate due
      to actual or potential differing interests between
them.

	 	(c) 	
      Waiver of Right: The Corporation hereby waives its
      right to recover contribution from the Agents and the other Indemnified
      Persons with respect to any liability of the Corporation by reason of or
      arising out of the indemnity provided by the Corporation in this section
      12; provided, however, that such waiver shall not apply in respect of the
      Agents for any liability directly caused or incurred by reason or arising
      out of any information or statements relating solely to, and provided by,
      the Agents or any failure by the Agents in connection with the Offering to
      provide to Purchasers any document which the Corporation is required to
      provide to the Purchasers and which the Corporation has provided or made
      available to the Agents to forward to the Purchasers.

	 	 	 	 
	 	(d) 	
      Contribution:

	 	 	 	 
	 		(i) 	
      In order to provide for just and equitable contribution
      in circumstances in which the indemnity contained in this section 12 is,
      for any reason of policy or otherwise, held to be unavailable, in whole or
      in part, to an Indemnified Person other than in accordance with the
      provisions of such section, the Corporation shall contribute to the
      aggregate losses (other than a loss of profit), claims, damages, payments,
      liabilities, costs and expenses of the nature contemplated by the said
      indemnity incurred or paid by the Corporation and the Indemnified Person,
      in such proportion as is appropriate to reflect not only the relative
      benefits received by the indemnitor on the one hand and the Agents on the
      other hand, but also the relative fault of the indemnitor and the Agents
      as well as any other equitable considerations; provided that the
      indemnitor shall in any event contribute to the amount paid or payable by
      the Agents as a result of such aggregate losses (other than a loss of
      profit), claims, damages, payments, liabilities, costs and expenses any
      excess of such amount over the amount of the consideration received by the
      Agents pursuant to this Agreement.

27 

	 	(ii) 	
      In the event that the Corporation is held to be entitled
      to contribution from the Agents under the provisions of any statute or
      law, the Corporation shall be limited to such contribution in an amount
      not exceeding the lesser of:

	 	 	 	 
	 		A. 	
      the portion of the amount of the loss or liability giving
      rise to such contribution for which the Agents is responsible as
      determined in accordance with paragraph 12(d)( i) above; and

	 	 	 	 
	 		B. 	
      the amount of the cash fee actually received from the
      Corporation under this Agreement and retained by the Agents.

	 	 	 	 
	 	(iii) 	
      For purposes of this subsection 12(d), each party hereto
      shall give prompt notice to the other party hereto of any claim, action,
      suit or proceeding threatened or commenced in respect of which a claim for
      contribution may be made under this subsection
12(d).

	 	(e) 	
      Held in Trust: To the extent that the indemnity
      contained in subsection 12(a) hereof is given in favour of a Person who is
      not a party to this Agreement, the Corporation hereby constitutes the
      Agents as trustee for such Person for such indemnity and the covenants
      given by Corporation to such Person in this Agreement. The Agents hereby
      accepts such trust and will hold such indemnity and covenants for the
      benefit of such Persons. The benefit of such indemnity and covenants shall
      be held by the Agents in trust for the Persons in favour of whom such
      indemnities and covenants are given and may be enforced directly by such
      Persons.

	13. 	
      Expenses

	 	 
		
      The Corporation will be responsible, whether or not the
      Offering is completed, for all of its costs and the reasonable costs of
      the Agents in connection with the Offering including the reasonable fees
      and disbursements of counsel including counsel to the Agents, trust
      company fees, transfer agents fees, fees of outside consultants (if any),
      filing fees, listing fees, the costs and expenses of any securities or
      other filings required to be made in connection with the Offering,
      printing costs, the preparation and holding of information meetings, the
      out-of-pocket expenses including all the Agents’ travel expenses in
      connection with due diligence and marketing meetings.

	 	 
	14. 	
      Actions by Agents

	 	 
		
      All steps which must or may be taken by the Agents in
      connection with the closing of the Offering, with the exception of the
      matters relating to termination of selling obligations, may be taken by
      Dundee on behalf of itself and the other Agents and the execution of this
      Agreement by the other Agents and by the Corporation shall constitute the
      Corporation’s authority and obligation for accepting notification of any
      such steps from, and for delivering the definitive certificates
      representing the Shares to or to the order of, Dundee. Dundee shall fully
      consult with the other Agents with respect to all notices, waivers,
      extensions or other communications to or with the Corporation.

	 	 
	15. 	
      Conditions

	 	 
		
      All of the terms and conditions contained in this
      Agreement to be satisfied by the Corporation prior to the Closing Time
      shall be construed as conditions and any breach or failure by the
      Corporation to comply with any of such terms and conditions shall entitle
      the Agents to terminate

28 

		
      the obligations thereof to complete the Closing by
      written notice to that effect given by the Agents to the Corporation prior
      to the Closing Time. It is understood and agreed that the Agents may waive
      in whole or in part, or extend the time for compliance with, any of such
      terms and conditions without prejudice to the rights thereof in respect of
      any other such term and condition or any other or subsequent breach or
      non-compliance; provided that to be binding on the Agents any such waiver
      or extension must be in writing and signed by the Agents. If the Agents
      shall elect to terminate the obligations thereof to complete the Closing
      as aforesaid, whether the reason for such termination is within or beyond
      the control of the Corporation, the liability of the Corporation hereunder
      shall be limited to the indemnity referred to in section 12 hereof, the
      right to contribution referred to in section 12 hereof and the payment of
      expenses referred to in section 13 hereof.

	 	 
	16. 	
      Notices

	 	 
		
      Any notice or other communication required or permitted
      to be given hereunder shall be in writing and shall be personally
      delivered or sent by fax on a Business Day to the following
    addresses:

	 	(a) 	
      in the case of the Corporation:

	 	 	 
	 		
      Detour Gold Corporation

	 		
      BCE Place, 161 Bay Street, 27th Floor
      
Toronto, ON M5J 2S1

	 		
      Attention: President and Chief Executive
      Officer

	 		
      Fax: 519-927-9978

	 	 	 
	 		
      with a copy (for information purposes only) to:

	 	 	 
	 		
      Lang Michener LLP 
BCE Place, P.O. Box 747 
Suite
      2500, 181 Bay St. 
Toronto, ON M5J 2T7

	 		
      Attention: Hellen Siwanowicz

	 		
      Fax: 416-304-3791

	 	 	 
	 	(b) 	
      in the case of the Agents:

	 	 	 
	 		
      Dundee Securities Corporation 
Suite 2700, 1 Adelaide
      Street East 
Toronto, ON M5C 2V9

	 		
      Attention: David G. Anderson, Executive Vice President
      and Director

	 		
      Fax: 416-350-3312

	 	 	 
	 		
      with a copy (for information purposes only) to:

	 	 	 
	 		
      Cassels Brock & Blackwell LLP
 Suite 2100, 40 King
      Street West 
Scotia Plaza 
Toronto, ON M5H 3C2

	 		
      Attention: Heather Zordel

	 		
      Fax: 416-640-3217

29 

		
      Either the Corporation or the Agents may change its
      address for notice by notice given in the manner aforesaid. Any such
      notice or other communication shall be in writing, and unless delivered to
      a responsible officer of the addressee, shall be given by fax, and shall
      be deemed to have been given on the day on which it was delivered or sent
      by fax.

	 	 	 
	17. 	
      Miscellaneous

	 	 	 
		(a) 	
      Governing Law: This Agreement shall be governed by
      and be interpreted in accordance with the laws of the Province of Ontario
      and the federal laws of Canada applicable therein and the parties hereto
      irrevocably attorn to the jurisdiction of the courts of such
    province.

	 	 	 
		(b) 	
      Time of Essence: Time shall be of the essence of
      this Agreement.

	 	 	 
		(c) 	
      Survival: All representations, warranties,
      covenants and agreements of the Corporation herein contained or contained
      in any documents contemplated by, or delivered pursuant to, this Agreement
      or in connection with the purchase and sale of the Shares shall survive
      the purchase and sale of the Shares and the termination of this Agreement
      and shall continue in full force and effect for a period of two (2) years
      from the Closing Date for the benefit of the Agents and the Purchasers,
      regardless of any subsequent disposition of Shares, or any investigation
      by or on behalf of the Agents with respect thereto.

	 	 	 
		(d) 	
      Counterparts: This Agreement may be executed by
      any one or more of the parties to this Agreement by fax other means of
      electronic communication capable of producing a printed copy or in any
      number of counterparts, each of which when so executed shall be deemed to
      be an original and all of which when taken together shall constitute one
      and the same agreement.

	 	 	 
		(e) 	
      Entire Agreement: This Agreement constitutes the
      entire agreement between the Corporation and the Agents in connection with
      the issue and sale of the Shares by the Corporation and supersedes all
      prior agreements, understandings, negotiations and discussions, whether
      oral or written, including, but not limited to, any engagement agreement
      or term sheet relating to the Offering between the Corporation and the
      Agents.

	 	 	 
		(f) 	
      Severability: If any provision of this Agreement
      is determined to be void or unenforceable in whole or in part, it shall be
      deemed not to affect or impair the validity of any other provision of this
      Agreement and such void or unenforceable provision shall be severed from
      this Agreement.

	 	 	 
		(g) 	
      Language: The parties hereto acknowledge and
      confirm that they have requested that this Agreement as well as all
      notices and other documents contemplated hereby be drawn up in the English
      language. Les parties aux présentes reconnaissent et confirment qu’elles
      ont convenu que la présente convention ainsi que tous les avis et
      documents qui s’y rattachent soient rédigés dans la langue
  anglaise.

Signatures on Next Page. 

30 

Would you kindly confirm the agreement of the Corporation to
the foregoing offer by executing five (5) duplicate copies of this Agreement and
thereafter returning five (5) such executed copies to Dundee, on behalf of the
Agents. 

Yours truly,

DUNDEE SECURITIES CORPORATION 

	By:	(signed) David G. Anderson 	 
	 	David G. Anderson 	 
	 	Executive Vice-President &
      Director, 	 
	 	Investment Banking 	 

HAYWOOD SECURITIES INC. 

	By:	(signed) John Willett 	 
	 	John Willett 	 
	 	Managing Director, Investment
      Banking 	 

TD SECURITIES INC. 

	By:	(signed) Ewan Mason 	 
	 	Ewan Mason 	 
	 	Managing Director 	 

BLACKMONT CAPITAL INC. 

	By:	(signed) Rick Vernon 	 
	 	Rick Vernon 	 
	 	Director, Investment Banking 	 

          The
undersigned hereby accepts and agrees to the foregoing as of the 22th
day of January, 2007. 

	 	DETOUR GOLD CORPORATION 
	 	 	  
	 	 	
	 	By:	(signed) Gerald Panneton 
	 	 	Gerald Panneton 
	 	 	President & CEO 

31 

SCHEDULE “A” 

OPINION OF THE CORPORATION'S COUNSEL 

This is Schedule “A” to the Agency Agreement dated as of
January 22, 2007 between Detour Gold Corporation, Dundee Securities Corporation,
Haywood Securities Inc., TD Securities Inc. and Blackmont Capital Inc.

The opinion of the Corporation’s counsel shall be in respect of
the following matters:

	 	(i) 	
      the Corporation is a “reporting issuer”, or its
      equivalent, in each of the Qualifying Provinces and it is not listed as in
      default of any requirement of the securities laws in any of the Qualifying
      Provinces;

	 	 	 
	 	(ii) 	
      the Corporation is a corporation existing under the
      Canada Business Corporations Act and has all requisite corporate
      power and authority to carry on its business as now conducted and to own,
      lease and operate its property and assets and to execute, deliver and
      perform its obligations under this Agreement;

	 	 	 
	 	(iii) 	
      the authorized capital of the Corporation consists of an
      unlimited number of common shares;

	 	 	 
	 	(iv) 	
      as to the issued and outstanding common shares of the
      Corporation;

	 	 	 
	 	(v) 	
      the Corporation has all necessary corporate power,
      authority and capacity: (i) to execute and deliver this Agreement and
      perform its obligations under this Agreement; (ii) to create, issue and
      sell the Shares; (iii) to issue the Compensation Options; and (iv) to
      issue the Agents’ Shares upon the exercise of the Compensation
    Options;

	 	 	 
	 	(vi) 	
      all necessary corporate action has been taken by the
      Corporation to authorize the execution and delivery of each of the
      Preliminary Prospectus and the Final Prospectus and the filing thereof
      with the Securities Commissions;

	 	 	 
	 	(vii) 	
      upon the payment therefor and the issue thereof, the
      Shares, including the Agents’ Shares issuable upon the exercise of the
      Compensation Options, will have been validly issued as fully paid and
      non-assessable;

	 	 	 
	 	(viii) 	
      all necessary corporate action has been taken by the
      Corporation to authorize the execution and delivery of each of this
      Agreement and the Purchase Agreement, and the performance of its
      obligations thereunder and each of this Agreement and the Purchase
      Agreement, has been executed and delivered by the Corporation and
      constitutes legal, valid and binding obligations of the Corporation
      enforceable against it in accordance with its terms, subject to
      bankruptcy, insolvency and other laws affecting the rights of creditors
      generally and subject to such other standard assumptions and
      qualifications including the qualifications that equitable remedies may be
      granted in the discretion of a court of competent jurisdiction and that
      enforcement of rights to indemnity, contribution and waiver of
      contribution set out in this Agreement and the Purchase Agreement may
      be

	 		
      limited by applicable law and that enforceability is
      subject to the provisions of the Limitation Act 2002
    (Ontario);

	 	 	 
	 	(ix) 	
      the rights, privileges, restrictions and conditions
      attaching to the Shares are accurately summarized in all material respects
      in the Final Prospectus;

	 	 	 
	 	(x) 	
      all necessary documents have been filed, all requisite
      proceedings have been taken and all approvals, permits and consents of the
      appropriate regulatory authority under the securities laws in each of the
      Qualifying Provinces have been obtained by the Corporation to qualify the
      distribution or distribution to the public of the Shares in each of the
      Qualifying Provinces through persons who are registered under applicable
      legislation and who have complied with the relevant provisions of such
      applicable legislation;

	 	 	 
	 	(xi) 	
      the issue by the Corporation of the Agents’ Shares to be
      issued, in accordance with the terms and conditions of, and upon the
      exercise of, the Compensation Options is exempt from, or is not subject
      to, the prospectus and registration requirements of the laws of each of
      the Provinces of Ontario and British Columbia and no prospectus or other
      documents are required to be filed, proceedings taken, or approvals,
      permits, consents or authorizations obtained by the Corporation under
      securities laws in any of the Provinces of Ontario and British
      Columbia;

	 	 	 
	 	(xii) 	
      the first trade in, or resale of the Agents’ Shares upon
      the exercise of the Compensation Options are exempt from, or are not
      subject to, the prospectus requirements of the securities laws of each of
      the Provinces of British Columbia and Ontario and no filing, proceeding or
      approval will need to be made, taken or obtained by the Corporation under
      such laws in connection with any such trade, subject to the exceptions
      generally provided for in such opinions;

	 	 	 
	 	(xiii) 	
      subject only to the standard listing conditions, the
      Shares (and for certainty, the Agents’ Shares) have been conditionally
      listed on the Exchange;

	 	 	 
	 	(xiv) 	
      the form and terms of the definitive certificate
      representing the common shares of the Corporation have been approved by
      the directors of the Corporation and comply in all material respects with
      the CBCA and the rules and by-laws of the Exchange;

	 	 	 
	 	(xv) 	
      the execution and delivery of this Agreement, the
      fulfilment of the terms hereof by the Corporation and the issuance, sale
      and delivery of the Shares to be issued, delivered and sold by the
      Corporation at the Closing Time and the issuance of the Agents’ Shares
      upon the exercise of the Compensation Options do not and will not result
      in a breach of or default under, and do not and will not create a state of
      facts which, after notice or lapse of time or both, will result in a
      breach of or default under, and do not and will not conflict with any of
      the terms, conditions or provisions of the articles or by-laws of the
      Corporation or the CBCA;

	 	 	 
	 	(xvi) 	
      Computershare Investor Services Inc. has been duly
      appointed the transfer agent and registrar for the
  Shares;

A-2 

	 	(xvii) 	
      the statements set forth in the Final Prospectus under
      the heading (for certainty, including all subheadings under such headings)
      “Eligibility for Investment” insofar as they purport to constitute a
      summary of the laws of the Province of Ontario and the federal laws of
      Canada applicable therein, provide a fair and accurate summary in all
      material respects;

	 	 	 
	 	(xviii) 	
      all consents, approvals, authorizations and corporate
      actions required to be obtained or taken pursuant to Schedules 10.10 and
      11.9 of the Purchase Agreement have been obtained or taken in order to
      complete the Acquisition; and

	 	 	 
	 	(xix) 	
      such other matters as the Agents may reasonably
      request.

A-3 

SCHEDULE “B” 

TERMS FOR OFFERING TO U.S. PURCHASERS 

This is Schedule “B” to the Agency Agreement dated as of
January 22, 2007 between Detour Gold Corporation, Dundee Securities Corporation,
Haywood Securities Inc., TD Securities Inc. and Blackmont Capital Inc.

As used in this Schedule “B”, capitalized terms used herein and
not defined herein shall have the meanings ascribed thereto in the Agency
Agreement to which this Schedule is annexed and the following terms shall have
the meanings indicated: 

	 	(a) 	
      “Accredited Investor” means an “accredited investor” as
      defined in Rule 501(a) of Regulation D;

	 	 	 
	 	(b) 	
      “Directed Selling Efforts” means directed selling efforts
      as that term is defined in Regulation S. Without limiting the foregoing,
      but for greater clarity in this Schedule, it means, subject to the
      exclusions from the definition of directed selling efforts contained in
      Regulation S, any activity undertaken for the purpose of, or that could
      reasonably be expected to have the effect of, conditioning the market in
      the United States for any of the Shares and includes the placement of any
      advertisement in a publication with a general circulation in the United
      States that refers to the offering of the Shares;

	 	 	 
	 	(c) 	
      “Foreign Issuer” shall have the meaning ascribed thereto
      in Regulation S. Without limiting the foregoing, but for greater clarity,
      it means any issuer which is (a) the government of any country other than
      the United States, of any political subdivision thereof or a national of
      any country other than the United States; or (b) a corporation or other
      organization incorporated under the laws of any country other than the
      United States, except an issuer meeting the following conditions: (1) more
      than 50 percent of the outstanding voting securities of such issuer are
      held of record either directly or indirectly by residents of the United
      States; and (2) any of the following: (i) the majority of the executive
      officers or directors are United States citizens or residents, (ii) more
      than 50 percent of the assets of the issuer are located in the United
      States, or (iii) the business of the issuer is administered principally in
      the United States;

	 	 	 
	 	(d) 	
      “General Solicitation” and “General Advertising” means
      “general solicitation” and “general advertising”, respectively, as used in
      Rule 502(c) of Regulation D under the U.S. Securities Act, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio or
      television, or any seminar or meeting whose attendees had been invited by
      general solicitation or general advertising;

	 	 	 
	 	(e) 	
      “NASD” means the National Association of Securities
      Dealers, Inc.;

	 	 	 
	 	(f) 	
      “Preliminary U.S. Wrap” means a preliminary private
      placement memorandum including the Preliminary Prospectus in form and
      substance satisfactory to the Corporation and the Agents;

	 	 	 
	 	(g) 	
      “Qualified Institutional Buyer” means a “qualified
      institutional buyer” as defined in rule 144A;

	 	 	 
	 	(h) 	
      “Regulation D” means Regulation D adopted by the SEC
      under the U.S. Securities Act;

	 	 	 
	 	(i) 	
      “Regulation S” means Regulation S adopted by the SEC
      under the U.S. Securities Act;

	 	 	 
	 	(j) 	
      “Rule 144A” means Rule 144A adopted by the SEC under the
      U.S. Securities Act;

	 	 	 
	 	(k) 	
      “SEC” means the United States Securities and Exchange
      Commission;

	 	(l) 	
      “Substantial U.S. Market Interest” means substantial U.S.
      market interest as that term is defined in Regulation S;

	 	 	 
	 	(m) 	
      “United States” means the United States of America, its
      territories and possessions, any state of the United States, and the
      District of Columbia;

	 	 	 
	 	(n) 	
      “U.S. Affiliate” means the Agents’ U.S. registered
      broker-dealer affiliate;

	 	 	 
	 	(o) 	
      “U.S. Exchange Act” means the United States Securities
      Exchange Act of 1934, as amended;

	 	 	 
	 	(p) 	
      “U.S. Person” means “U.S. person” as that term is defined
      in Regulation S;

	 	 	 
	 	(q) 	
      “U.S. Securities Act” means the United States Securities
      Act of 1933, as amended; and

	 	 	 
	 	(r) 	
      “U.S. Wrap” means a final private placement memorandum
      including the Final Prospectus in form and substance satisfactory to the
      Corporation and the Agents.

All other capitalized terms used but not otherwise defined in
this Schedule “B” shall have the meanings assigned to them in the Agency
Agreement to which this Schedule “B” is attached. 

Representations, Warranties and Covenants of the Agents

Each Agent acknowledges that the Shares have not been and will
not be registered under the U.S. Securities Act or any U.S. state securities
laws and may be offered and sold only in transactions exempt from or not subject
to the registration requirements of the U.S. Securities Act and U.S. state
securities laws. Accordingly, each Agent, severally and not jointly, represents,
warrants and covenants to the Corporation that: 

	1. 	
      It has not offered and sold, and will not offer and sell,
      any Shares forming part of its allotment or otherwise as a part of the
      distribution except (a) in accordance with Regulation S or (b) in the
      United States and to U.S. Persons as provided in paragraphs 2 through 10
      below. Accordingly, except as permitted in paragraphs 2 through 11,
      neither it nor any of its affiliates nor any person acting on its or their
      behalf, has engaged or will engage in: (i) any offer to sell or any
      solicitation of an offer to buy, any Shares to any person in the United
      States, or (ii) any sale of Shares to any purchaser unless, at the time
      the buy order was or will have been originated, the purchaser was outside
      the United States, or such Agent, affiliate or person acting on behalf of
      either reasonably believed that such purchaser was outside the United
      States, or any Directed Selling Efforts with respect to the
  Shares.

	 	 
	2. 	
      It has not entered and will not enter into any
      contractual arrangement with respect to the distribution of the Shares,
      except with its affiliates, any selling group members or with the prior
      written consent of the Corporation. It shall require each selling group
      member to agree, in writing, for the benefit of the Corporation, to comply
      with, and shall use its best efforts to ensure that each selling group
      member complies with, the same provisions of this Schedule as apply to
      such Agent as if such provisions applied to such selling group
    member.

	 	 
	3. 	
      All offers and sales of Shares in the United States have
      been and will be made through the Agents’ U.S. Affiliate in compliance
      with all applicable U.S. broker-dealer requirements.

	 	 
	4. 	
      Neither the Agent nor any of its affiliates nor any
      person acting on its or their behalf will engage in any form of General
      Solicitation or General Advertising or any conduct involving a public
      offering within the meaning of Section 4(2) of the U.S. Securities Act in
      connection with offers or sales of Shares in the United States.

	 	 
	5. 	
      Offers and sales of Shares in the United States may be
      made by the Agent, through its U.S. Affiliate, either (i) acting as
      principal, pursuant to the provisions of Rule 144A to persons who are or
      are reasonably believed by them to be Qualified Institutional Buyers
      acquiring the Shares for their own accounts or for the accounts of
      Qualified Institutional Buyers with respect to which they exercise sole
      investment discretion, in transactions meeting the requirements of Rule
      144A

B-2 

		
      or (ii) acting as agent on behalf of the Corporation,
      pursuant to the provisions of Rule 506 of Regulation D to persons who are
      or are reasonably believed by them to be Accredited Investors acquiring
      the Shares for their own accounts or for the accounts of Accredited
      Investors with respect to which they exercise sole investment
      discretion.

	 	 
	6. 	
      All purchasers of the Shares that are in the United
      States or U.S. Persons shall be informed that the Shares have not been and
      will not be registered under the U.S. Securities Act and are being offered
      and sold to such purchasers in reliance on the exemption from the
      registration requirements of the U.S. Securities Act provided by Rule 144A
      or Regulation D, as applicable, thereunder.

	 	 
	7. 	
      Each person in the United States to whom the Agent,
      through its U.S. Affiliate, offers to sell or from whom it solicits any
      offer to buy Shares has been or shall be provided with one or both of the
      Preliminary U.S. Wrap including the Preliminary Prospectus and the Final
      U.S. Wrap including the Final Prospectus. Each purchaser of Shares that is
      in the United States or a U.S. Person will have received prior to the time
      of purchase of any Shares the Final U.S. Wrap including the Final
      Prospectus.

	 	 
	8. 	
      Immediately prior to soliciting offerees, the Agents had
      reasonable grounds to believe and did believe that each offeree was a
      Qualified Institutional Buyer or an Accredited Investor, as the case may
      be.

	 	 
	9. 	
      Prior to any sale of Shares, each purchaser that is
      purchasing pursuant to Rule 506 of Regulation D will be required to
      execute a U.S. Subscription Agreement in a form acceptable to the Agents
      and the Corporation (each a “U.S. Subscription Agreement”) and each
      purchaser that is purchasing pursuant to Rule 144A will be required to
      execute a U.S. Purchase Agreement in a form acceptable to the Agents (each
      a “U.S. Purchase Agreement”).

	 	 
	10. 	
      Prior to the Closing Date, it will provide the
      Corporation with a list of all purchasers of the Shares that are in the
      United States or U.S. Persons, and in each case indicate whether such
      purchaser is an Accredited Investor purchasing pursuant to Rule 506 of
      Regulation D or is a Qualified Institutional Buyer purchasing pursuant to
      Rule 144A and the state or other jurisdiction in which the Shares were
      offered or sold to such purchaser. Prior to the Closing Time, it will
      provide the Corporation with copies of all U.S. Subscription Agreements
      and U.S. Purchase Agreements.

	 	 
	11. 	
      At the Closing Time, each Agent making sales to
      Accredited Investors or Qualified Institutional Buyers will together with
      its U.S. Affiliate provide to the Corporation a certificate in the form of
      Exhibit A to this Schedule relating to the manner of the offer and sale of
      the Shares in the United States.

	 	 
	12. 	
      Each Agent acknowledges that, until 40 days after the
      commencement of the offering of the Shares, an offer or sale of the Shares
      within the United States by any dealer (whether or not participating in
      the offering) may violate the registration requirements of the U.S.
      Securities Act if such offer or sale is made otherwise than in accordance
      with Rule 144A.

	 	 
	13. 	
      Neither the Agent nor any of its affiliates nor any
      person acting on its or their behalf has engaged or will engage in any
      violation of Regulation M under the U.S. Exchange Act in connection with
      its offers or sales of the Shares in the United States.

	 	 
	14. 	
      Each Agent represents, warrants, covenants and agrees
      that:

	 	(a) 	
      it did not receive the offer to purchase the Compensation
      Options from the Corporation in the United States;

	 	 	 
	 	(b) 	
      it has not executed the Agency Agreement in the United
      States;

	 	 	 
	 	(c) 	
      it is not a U.S. Person; and

	 	 	 
	 	(d) 	
      it is not purchasing any of the Compensation Options
      pursuant to Directed Selling Efforts in the United
  States.

B-3 

	15. 	
      None of the Agent, its affiliates or any person acting on
      their behalf has taken any action that would cause the exemption afforded
      by Rule 903 of Regulation S, Rule 506 of Regulation D or Rule 144A to be
      unavailable for offers and sales of the Shares.

Representations, Warranties and Covenants of the
Corporation

The Corporation represents, warrants, covenants and agrees
that: 

	1. 	
      (a) the Corporation is and on the Closing Date will be a
      Foreign Issuer with no Substantial U.S. Market Interest in the Shares and
      is not now and as a result of the sale of Shares contemplated hereby will
      not be, an open-end investment company, a unit investment trust or a
      face-amount certificate company registered or required to be registered or
      a closed-end investment company required to be registered, but not
      registered, under the United States Investment Company Act of 1940, as
      amended; (b) the Shares are not, and each the Closing Time will not be,
      and no securities of the same class as the Shares are or will be, (i)
      listed on a national securities exchange registered under Section 6 of the
      U.S. Exchange Act, (ii) quoted in a “U.S. automated inter-dealer quotation
      system”, as such term is used in Rule 144A, or (iii) convertible or
      exchangeable at an effective conversion premium (calculated as specified
      in paragraph (a)(6) of Rule 144A) of less than ten percent for securities
      so listed or quoted; and (c) neither the Corporation nor any of its
      predecessors or affiliates has been subject to any order, judgment or
      decree of any court of competent jurisdiction temporarily, preliminarily
      or permanently enjoining such person for failure to comply with Rule 503
      of Regulation D.

	 	 
	2. 	
      Neither the Corporation, its subsidiaries nor any of its
      affiliates, nor any person acting on its or their behalf (except the
      Agents, their affiliates and any persons acting on any of their behalf, in
      respect of which no representation is made) (i) has made or will make any
      Directed Selling Efforts with respect to any of the Shares, (ii) has
      engaged in or will engage in any form of Directed Selling Efforts, General
      Solicitation or General Advertising with respect to offers or sales of the
      any of the Shares in the United States (iii) has made or will make any
      offer or sale of the Shares in the United States except through the Agents
      as set forth in this Schedule “B” or (iv) has taken or will take any other
      action that would cause the exemptions or exclusions from registration
      provided by Regulation S, Regulation D or Rule 144A to be unavailable with
      respect to offers and sales of the Shares pursuant to this Schedule
      “B”.

	 	 
	3. 	
      The Corporation has not and will not, during the period
      beginning six months prior to the start of the offering of Shares and
      ending six months after the completion of the offering of Shares sell,
      offer for sale or solicit any offer to buy any of its securities in the
      United States in a manner that would be integrated with and would cause
      the exemption from registration provided by Regulation D to be unavailable
      with respect to offers and sales of the Shares pursuant to this Schedule
      “B”.

	 	 
	4. 	
      So long as any of the Shares resold pursuant to Rule 144A
      are outstanding and are “restricted securities” within the meaning of Rule
      144(a)(3) under the U.S. Securities Act and cannot be sold pursuant to
      Rule 144(k) under the U.S. Securities Act, the Corporation will, if it no
      longer is subject to the reporting requirements of Section 13 or
      Subsection 15(d) of the U.S. Exchange Act or the information furnishing
      requirements of Rule 12g3-2(b) thereunder or if it is subject to any such
      reporting requirements and fails to comply therewith, provide to any
      holder of those restricted securities, or to any prospective purchaser of
      those restricted securities designated by a holder, upon the request of
      that holder or prospective purchaser, at or prior to the time of sale, the
      information required to be provided by Rule 144A(d)(4) under the U.S.
      Securities Act (so long as that requirement is necessary in order to
      permit holders of the restricted securities to effect resales under Rule
      144A).

	 	 
	5. 	
      The Corporation will, within prescribed time periods,
      prepare and file any forms or notices required under the U.S. Securities
      Act or applicable blue sky laws in connection with the offer and sale of
      the Shares.

B-4 

	6. 	
      Except with respect to offers and sales to Accredited
      Investors and Qualified Institutional Buyers, as contemplated by and on
      the terms set forth in this Agreement, the Corporation, its Subsidiaries,
      their respective affiliates or any person acting on its or their behalf
      (except the Agents, their affiliates and any persons acting on any of
      their behalf, in respect of which no representation is made) have complied
      and will comply with the requirements for an “offshore transaction”, as
      such term is defined in Regulation S.

	 	 
	7. 	
      The Corporation will notify its transfer agent as soon as
      practicable upon it becoming a “domestic issuer”, as defined in Regulation
      S.

	 	 
	8. 	
      For each taxable year, if any, that the Corporation
      qualifies as a “passive foreign investment company” as defined in section
      1297 of the Internal Revenue Code of 1986, as amended, (the “Code”) in the
      case of a Purchaser that is a “United States person” (as defined in
      section 7701(a)(30) of the Code) and that has made an effective “qualified
      electing fund” election (as defined in section 1295 of the Code) with
      respect to the Corporation (a “QEF Election”), the Corporation will
      provide to such Purchaser (a) a “PFIC Annual Information Statement” as
      described in Treasury Regulation section 1.1295-1(g) (or any successor
      Treasury Regulation), including all representations and statements
      required by such PFIC Annual Information Statement, and (b) all additional
      information that such Purchaser is required to obtain in connection with
      maintaining such QEF Election. With regard to the PFIC Annual Information
      Statement, as permitted by Treasury Regulation section 1.1293-1, the
      Corporation will calculate and report the amount of each category of
      long-term capital gain, the net capital gain and ordinary earnings that
      were recognized by the Corporation.

	 	 
	9. 	
      None of the Corporation, its affiliates or any person
      acting on their behalf, (other than the Agents, their affiliates, and any
      persons acting on any of their behalf, as to whom the Corporation makes no
      representation) has engaged or will engage in any violation of Regulation
      M under the U.S. Exchange Act in connection with any offer or sale of the
      Shares.

B-5 

EXHIBIT A 

AGENTS' CERTIFICATE 

In connection with the private placement in the United States
of Shares of Detour Gold Corporation (the “Corporation”) pursuant to the
Agency Agreement dated January 22, 2007 among the Corporation and the Agents
named therein (the “Agency Agreement”), each of the undersigned does
hereby certify as follows: 

	 	(i) 	
      [Name of U.S. broker-dealer affiliate] (the
      “U.S. Affiliate”) on the date hereof and on the date of each offer
      or sale of Shares is and was a duly registered broker-dealer under the
      U.S. Exchange Act and under the laws of each state where it made offers or
      sales of the Shares (unless exempted from the respective state’s
      broker-dealer registration requirements) and a member of and in good
      standing with the National Association of Securities Dealers, Inc. (the
      “NASD”);

	 	 	 
	 	(ii) 	
      all offers and sales of Shares in the United States have
      been and will be effected in accordance with all applicable U.S.
      broker-dealer requirements;

	 	 	 
	 	(iii) 	
      we provided each offeree of Shares that was in the United
      States or a U.S. Person a copy of one or both of the Preliminary U.S. Wrap
      including the Preliminary Prospectus and the Final U.S. Wrap including the
      Final Prospectus, and we provided each purchaser of Shares that was in the
      United States or a U.S. Person, prior to the sale of Shares to such
      purchaser, with a copy of the Final U.S. Wrap including the Final
      Prospectus and no other written material was used in connection with the
      offer and sale of the Shares in the United States;

	 	 	 
		
      (iv) 
	
      immediately prior to our transmitting any such materials
      to an offeree that was in the United States or a U.S. Person, we had
      reasonable grounds to believe and did believe that each offeree was either
      an “Accredited Investor” as defined in Rule 501(a) under the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”)
      or a “qualified institutional buyer”, as defined in Rule 144A under
      the U.S. Securities Act, as amended, and, on the date hereof, we continue
      to believe, that each offeree in the United States or U.S. Person
      purchasing the Shares (i) from the Corporation pursuant to a U.S.
      Subscription Agreement is an Accredited Investor or (ii) from us pursuant
      to a U.S Purchase Agreement is a Qualified Institutional Buyer.

	 	 	 
	 	(v) 	
      no form of general solicitation or general advertising
      (as those terms are used in Regulation D under the U.S. Securities Act)
      was used by us, including advertisements, articles, notices or other
      communications published in any newspaper, magazine or similar media or
      broadcast over radio or television, or any seminar or meeting whose
      attendees had been invited by general solicitation or general advertising,
      in connection with the offer or sale of the Shares in the United
      States;

	 	 	 
	 	(vi) 	
      prior to any sale of Shares to an Accredited Investor in
      reliance on Regulation D, we caused each U.S. Person thereof to execute a
      U.S. Subscription Agreement in a form acceptable to the Agents and the
      Corporation;

	 	 	 
	 	(vii) 	
      prior to any sale of Shares to an Qualified Institutional
      Buyer in reliance on Rule 144A, we caused each U.S. Person thereof to
      execute a U.S. Purchase Agreement in a form satisfactory to the Agents and
      the Corporation;

	 	 	 
	 	(viii) 	
      neither we nor any member of the selling group, nor any
      of our or their affiliates, have taken or will take any action which would
      constitute a violation of Regulation M under the U.S. Exchange
  Act;

	 	 	 
	 	(ix) 	
      the offering of the Shares has been conducted by us in
      accordance with the terms of the Agency Agreement, including Schedule “B”
      thereto.

2 

Terms used in this certificate have the meanings given to them
in the Agency Agreement including Schedule “B” thereto, unless otherwise defined
herein. 

DATED this day of , 2007. 

	            
      [NAME OF AGENT] 	            
      [U.S. BROKER-DEALER AFFILIATE] 
	 	 
	By:    ________________________________________________	By:    
      ________________________________________________
	            
      Name: 	            
      Name: 
	  	  
	            
      Title: 	            
      Title:

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