Document:

EXHIBIT B

                    FORM OF REGISTRATION RIGHTS AGREEMENT

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                        REGISTRATION RIGHTS AGREEMENT

      REGISTRATION  RIGHTS  AGREEMENT (this  "Agreement"),  dated as of May ___,
2005, between Galaxy Minerals, Inc., a Florida corporation (the "Company"),  and
GCA Strategic Investment Fund Limited (the "Fund").

      1. Introduction.

            1.1  Securities  Purchase  Agreement.  The Company and the Fund have
today  executed that certain  Securities  Purchase  Agreement  (the  "Securities
Purchase  Agreement"),  pursuant to which the  Company  has agreed,  among other
things,  to issue up to an  aggregate  of Six  Million  Dollars  ($6,000,000.00)
(U.S.) principal amount of Convertible Notes of the Company (the "Notes") to the
Fund or its successors,  assigns or transferees  (collectively,  the "Holders").
The Notes are  convertible  into an  indeterminable  number of shares (the "Note
Conversion  Shares") of the  Company's  common stock par value,  $0.01 per share
(the "Common Stock")  pursuant to the terms of the Notes. In addition,  pursuant
to  the  terms  of  the  Securities  Purchase  Agreement  and  the  transactions
contemplated  thereby,  the Company has agreed to issue to the Fund Common Stock
Purchase Warrants  exercisable for shares of the Company's Common Stock equal to
fifteen  percent  (15%) of the number of Common  Shares into which the Notes are
convertible on the trading day prior to the Closing Date (the "Warrant Shares").
The number of Note Conversion Shares and Warrant Shares is subject to adjustment
upon the  occurrence  of stock  splits,  recapitalizations  and  similar  events
occurring after the date hereof.

            1.2 Definition of  Securities.  The Note  Conversion  Shares and the
Warrant Shares are herein referred to as the "Securities."

            1.3  National  Market  Representation.  The Company  represents  and
warrants  that the Company's  Common Stock is currently  eligible for trading on
the NASD  Over-the-Counter  Bulletin  Board  under the  symbol  "GAXY."  Certain
capitalized  terms  used in this  Agreement  are  defined  in  Section 3 hereof;
references to sections shall be to sections of this Agreement.

      2.    Registration under Securities Act, etc.

            2.1   Mandatory Registration.

                  (a) Registration of Registrable Securities.  The Company shall
prepare  and file on or  before  the 45th day  following  the date  hereof  (the
"Filing Date") a registration statement (the "Registration  Statement") covering
the resale of the Registrable Securities. The Company shall use its best efforts
to cause the Registration  Statement to be declared  effective by the Commission
on the  earlier of (i) 90 days  following  the date  hereof,  (ii) ten (10) days
following the receipt of a "No Review" or similar  letter from the Commission or
(iii) the first  business day following the day the  Commission  determines  the
Registration   Statement  eligible  to  be  declared  effective  (the  "Required
Effectiveness  Date").  Nothing  contained  herein  shall be deemed to limit the

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number of Registrable Securities to be registered by the Company hereunder. As a
result,  should the  Registration  Statement not relate to the maximum number of
Registrable  Securities  acquired by (or potentially  acquirable by) the Holders
thereof upon  conversion of the Notes,  or exercise of the Common Stock Purchase
Warrants described in Section 1 above, the Company shall be required to promptly
file a separate registration statement (utilizing Rule 462 promulgated under the
Securities Act, where applicable) relating to such Registrable  Securities which
then remain  unregistered.  The provisions of this Agreement shall relate to any
such Registration  Statement and any such separate registration  statement as if
it were an amendment to the Registration Statement.

                  (b)  Registration  Statement  Form.  Registrations  under this
Section  2.1  shall be on Form  S-3,  SB2 or such  other  appropriate  successor
registration  form of the  Commission  as shall permit the  disposition  of such
Registrable  Securities  in  accordance  with the intended  method or methods of
disposition  specified by the Fund; provided,  however,  such intended method of
disposition  shall not  include  an  underwritten  offering  of the  Registrable
Securities.

                  (c) Expenses.  The Company will pay all Registration  Expenses
in connection with any registration required by this Section 2.1.

                  (d) Effective Registration  Statement. A registration pursuant
to this  Section  2.1 shall not be deemed  to have been  effected  (i)  unless a
registration statement with respect thereto has become effective within the time
period  specified  herein,  provided that a  registration  which does not become
effective after the Company filed a registration  statement with respect thereto
solely  by  reason of the  refusal  to  proceed  of any  holder  of  Registrable
Securities  (other than a refusal to proceed based upon the advice of counsel in
the form of a letter signed by such counsel and provided to the Company relating
to a disclosure  matter  unrelated to such holder)  shall be deemed to have been
effected by the Company unless the Holders of the Registrable  Securities  shall
have  elected  to  pay  all  Registration   Expenses  in  connection  with  such
registration,  (ii) if, after it has become effective, such registration becomes
subject  to  any  stop  order,   injunction  or  other  order  or  extraordinary
requirement  of the  Commission  or other  governmental  agency or court for any
reason or (iii) if, after it has become effective,  such registration  ceases to
be effective for more than an aggregate of twenty (20) days.

                  (e) Plan of  Distribution.  The Company hereby agrees that the
Registration  Statement shall include a plan of distribution  section reasonably
acceptable to the Fund;  provided,  however,  such plan of distribution  section
shall be modified by the Company so as to not provide for the disposition of the
Registrable Securities on the basis of an underwritten offering.

            2.2   Incidental Registration.

                  (a) Right to Include  Registrable  Securities.  If at any time
after the date hereof but before the third  anniversary of the date hereof,  the
Company  proposes to register any of its  securities  under the  Securities  Act
(other than by a  registration  in connection  with an  acquisition  in a manner
which would not permit  registration  of Registrable  Securities for sale to the
public,  on Form  S-8,  or any  successor  form  thereto,  on Form  S-4,  or any
successor  form  thereto  and  other  than  pursuant  to  Section  2.1),  on  an

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underwritten basis (either best-efforts or  firm-commitment),  then, the Company
will each such time give prompt  written  notice to all  Holders of  Registrable
Securities  of its  intention  to do so and of such  Holders'  rights under this
Section 2.2. Upon the written request of any such holder made within twenty (20)
days after the  receipt of any such  notice  (which  request  shall  specify the
Registrable  Securities  intended  to be  disposed  of by  such  holder  and the
intended method of disposition thereof),  the Company will, subject to the terms
of this Agreement,  use its  commercially  reasonable best efforts to effect the
registration  under the Securities  Act of the  Registrable  Securities,  to the
extent  requisite to permit the  disposition  (in  accordance  with the intended
methods  thereof  as  aforesaid)  of  such  Registrable   Securities  so  to  be
registered,  by inclusion of such  Registrable  Securities  in the  registration
statement  which covers the securities  which the Company  proposes to register,
provided that if, at any time after written  notice of its intention to register
any  securities and prior to the effective  date of the  registration  statement
filed in connection with such registration,  the Company shall determine for any
reason either not to register or to delay  registration of such securities,  the
Company may, at its election,  give written notice of such determination to each
holder and, thereupon, (i) in the case of a determination not to register, shall
be relieved  of this  obligation  to  register  any  Registrable  Securities  in
connection  with  such  registration  (but not from  its  obligation  to pay the
Registration  Expenses  in  connection  therewith),  and  (ii) in the  case of a
determination to delay registering,  shall be permitted to delay registering any
Registrable  Securities,  for the same period as the delay in  registering  such
other securities.  No registration effected under this Section 2.2 shall relieve
the Company of its  obligation  to effect any  registration  upon request  under
Section  2.1, nor shall any such  registration  hereunder be deemed to have been
effected pursuant to Section 2.1. The Company will pay all Registration Expenses
in  connection  with  each  registration  of  Registrable  Securities  requested
pursuant to this Section 2.2. The right provided the Holders of the  Registrable
Securities  pursuant  to  this  Section  shall  be  exercisable  at  their  sole
discretion and will in no way limit any of the Company's  obligations to pay the
Securities according to their terms.

                  (b)  Priority in  Incidental  Registrations.  If the  managing
underwriter of the underwritten  offering contemplated by this Section 2.2 shall
inform the Company and Holders of the  Registrable  Securities  requesting  such
registration by letter of its belief that the number of securities  requested to
be included in such  registration  exceeds the number  which can be sold in such
offering,  then the Company will include in such registration,  to the extent of
the number  which the  Company is so advised can be sold in such  offering,  (i)
first  securities  proposed by the Company to be sold for its own  account,  and
(ii) second  Registrable  Securities  and  securities of other selling  security
Holders  requested to be included in such  registration pro rata on the basis of
the number of shares of such  securities so proposed to be sold and so requested
to be included;  provided,  however, the Holders of Registrable Securities shall
have  priority to all shares  sought to be included by officers and directors of
the  Company as well as Holders of ten  percent  (10%) or more of the  Company's
Common Stock.

            2.3 Registration Procedures. If and whenever the Company is required
to effect the  registration of any Registrable  Securities  under the Securities
Act as provided in Section 2.1 and, as applicable,  2.2, the Company  shall,  as
expeditiously as possible:

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                  (a)  prepare  and file with the  Commission  the  Registration
Statement or amendments  thereto,  to effect such  registration  (including such
audited  financial  statements as may be required by the  Securities  Act or the
rules  and   regulations   promulgated   thereunder)   and  thereafter  use  its
commercially  reasonable best efforts to cause such registration statement to be
declared effective by the Commission,  as soon as practicable,  but in any event
no later than the Required  Effectiveness  Date (with respect to a  registration
pursuant  to  Section  2.1);   provided,   however,   that  before  filing  such
registration  statement or any amendments  thereto,  the Company will furnish to
the counsel  selected by the Holders of Registrable  Securities  which are to be
included  in such  registration,  copies of all such  documents  proposed  to be
filed;

                  (b) with  respect to any  registration  statement  pursuant to
Section  2.1,   prepare  and  file  with  the  Commission  such  amendments  and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration  statement effective and
to  comply  with  the  provisions  of the  Securities  Act with  respect  to the
disposition of all Registrable Securities covered by such registration statement
until the  earlier to occur of five (5) years  after the date of this  Agreement
(subject to the right of the Company to suspend  the  effectiveness  thereof for
not more than 10  consecutive  days or an  aggregate of 30 days in such five (5)
years  period) or such time as all of the  securities  which are the  subject of
such registration  statement cease to be Registrable Securities (such period, in
each case, the "Registration Maintenance Period");

                  (c) furnish to each seller of Registrable  Securities  covered
by  such  registration  statement  such  number  of  conformed  copies  of  such
registration  statement and of each such  amendment and  supplement  thereto (in
each case  including  all  exhibits),  such  number of copies of the  prospectus
contained in such registration  statement (including each preliminary prospectus
and any summary  prospectus) and any other prospectus filed under Rule 424 under
the Securities Act, in conformity  with the  requirements of the Securities Act,
and such other documents, as such seller and underwriter, if any, may reasonably
request in order to  facilitate  the  public  sale or other  disposition  of the
Registrable Securities owned by such seller;

                  (d) use its  commercially  reasonable best efforts to register
or qualify  all  Registrable  Securities  and other  securities  covered by such
registration  statement under such other securities laws or blue sky laws as any
seller  thereof  shall  reasonably   request,  to  keep  such  registrations  or
qualifications in effect for so long as such  registration  statement remains in
effect,  and take any other action which may be  reasonably  necessary to enable
such  seller  to  consummate  the  disposition  in  such  jurisdictions  of  the
securities owned by such seller,  except that the Company shall not for any such
purpose be required to qualify generally to do business as a foreign corporation
in any  jurisdiction  wherein  it  would  not but for the  requirements  of this
subdivision (d) be obligated to be so qualified or to consent to general service
of process in any such jurisdiction;

                  (e) use its commercially  reasonable best efforts to cause all
Registrable  Securities covered by such registration  statement to be registered
with or approved by such other  governmental  agencies or  authorities as may be
necessary to enable the seller or sellers  thereof to consummate the disposition
of such Registrable Securities;

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                  (f) furnish to each seller of Registrable  Securities a signed
counterpart, addressed to such seller, and the underwriters, if any, of:

                        (1) an opinion of counsel for the Company, dated
the effective  date of such  registration  statement  (or, if such  registration
includes  an  underwritten  public  offering,  an opinion  dated the date of the
closing under the underwriting  agreement),  reasonably satisfactory in form and
substance  to such  seller  including  that the  prospectus  and any  prospectus
supplement  forming a part of the  Registration  Statement  does not  contain an
untrue  statement  of a material  fact or omits a material  fact  required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading, and

                        (2) a "comfort" letter (or, in the case of any
Person which does not satisfy the conditions  for receipt of a "comfort"  letter
specified in Statement on Auditing Standards No. 72, an "agreed upon procedures"
letter),  dated the effective date of such registration  statement (and, if such
registration  includes an underwritten  public  offering,  a letter of like kind
dated the date of the closing under the underwriting  agreement),  signed by the
independent  public  accountants  who have  certified  the  Company's  financial
statement included in such registration  statement,  covering  substantially the
same matters with respect to such  registration  statement  (and the  prospectus
included therein) and, in the case of the accountants'  letter,  with respect to
events subsequent to the date of such financial  statements,  as are customarily
covered in opinions of issuer's counsel and in accountants' letters delivered to
the underwriters in underwritten  public  offerings of securities  (with, in the
case of an "agreed upon procedures"  letter,  such modifications or deletions as
may be required under  Statement on Auditing  Standards No. 35) and, in the case
of the accountants'  letter,  such other financial matters,  and, in the case of
the  legal  opinion,   such  other  legal  matters,   as  such  seller  (or  the
underwriters, if any) may reasonably request;

                  (g)  notify  the  Sellers'   Representative  and  its  counsel
promptly  and  confirm  such  advice in writing  promptly  after the Company has
knowledge thereof:

                        (1) when the Registration Statement, the prospectus
or any prospectus supplement related thereto or post-effective  amendment to the
Registration  Statement has been filed,  and,  with respect to the  Registration
Statement  or any  post-effective  amendment  thereto,  when the same has become
effective;

                        (2) of any request by the Commission for amendments
or  supplements  to  the  Registration  Statement  or  the  prospectus  or for
additional information;

                        (3) of the issuance by the Commission of any stop
order  suspending  the  effectiveness  of the  Registration  Statement  or the
initiation of any proceedings by any Person for that purpose; and

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                        (4) of the  receipt by the  Company of any  notification
with  respect  to  the  suspension  of  the  qualification  of  any  Registrable
Securities for sale under the securities or blue sky laws of any jurisdiction or
the initiation or threat of any proceeding for such purpose;

                  (h) notify each seller of  Registrable  Securities  covered by
such registration  statement,  at any time when a prospectus relating thereto is
required to be delivered  under the Securities Act, upon discovery that, or upon
the happening of any event as a result of which, the prospectus included in such
registration  statement,  as then in effect,  includes an untrue  statement of a
material fact or omits to state any material facts required to be stated therein
or necessary to make the  statements  therein not misleading in the light of the
circumstances  then  existing,  and at the request of any such  seller  promptly
prepare and furnish to such seller a reasonable number of copies of a supplement
to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered  to the  purchasers  of such  securities,  such  prospectus  shall not
include an untrue  statement of a material fact or omit to state a material fact
required to be stated  therein or necessary to make the  statements  therein not
misleading in the light of the circumstances then existing;

                  (i) use its best efforts to obtain the withdrawal of any order
suspending  the  effectiveness  of the  Registration  Statement  at the earliest
possible moment;

                  (j) otherwise use its commercially  reasonable best efforts to
comply with all applicable  rules and  regulations of the  Commission,  and make
available  to its  security  Holders,  as soon  as  reasonably  practicable,  an
earnings  statement  covering the period of at least twelve months, but not more
than eighteen  months,  beginning  with the first full calendar  month after the
effective date of such registration  statement,  which earnings  statement shall
satisfy  the  provisions  of Section  11(a) of the  Securities  Act and Rule 158
thereunder;

                  (k) enter into such  agreements and take such other actions as
the Sellers'  Representative shall reasonably request in writing (at the expense
of the  requesting or benefiting  seller) in order to expedite or facilitate the
disposition of such Registrable Securities; and

                  (l) use its  commercially  reasonable best efforts to list all
Registrable  Securities covered by such registration statement on any securities
exchange on which any of the Registrable Securities are then listed.

      The Company may require each seller of Registrable  Securities as to which
any  registration  is being  effected to furnish the  Company  such  information
regarding such seller and the distribution of such securities as the Company may
from time to time reasonably request in writing.

      The Company will not file any registration  statement  pursuant to Section
2.1, or amendment thereto or any prospectus or any supplement thereto (including
such  documents  incorporated  by  reference  and proposed to be filed after the
initial   filing  of  the   Registration   Statement)   to  which  the  Sellers'
Representative shall reasonably object,  provided that the Company may file such
documents in a form required by law or upon the advice of its counsel.

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      The  Company  represents  and  warrants  to  each  holder  of  Registrable
Securities   that  it  has  obtained  all   necessary   waivers,   consents  and
authorizations   necessary  to  execute  this   Agreement  and   consummate  the
transactions  contemplated  hereby  other  than such  waivers,  consents  and/or
authorizations specifically contemplated by the Securities Purchase Agreement.

      The Fund agrees  that,  upon receipt of any notice from the Company of the
occurrence of any event of the kind described in subdivision (h) of this Section
2.3, the Fund will forthwith  discontinue the Fund's  disposition of Registrable
Securities  pursuant to the Registration  Statement relating to such Registrable
Securities  until  such  Fund's  receipt of the  copies of the  supplemented  or
amended  prospectus  contemplated by subdivision (h) of this Section 2.3 and, if
so  directed by the  Company,  will  deliver to the  Company  (at the  Company's
expense)  all  copies,  other than  permanent  file  copies,  then in the Fund's
possession of the prospectus relating to such Registrable  Securities current at
the time of receipt of such notice.

            2.4   Underwritten Offerings.

                  (a) Incidental  Underwritten  Offerings. If the Company at any
time  proposes to register any of its  securities  under the  Securities  Act as
contemplated  by Section 2.2 and such  securities  are to be  distributed  by or
through one or more  underwriters,  the Company will, if requested by any holder
of  Registrable  Securities  as  provided  in  Section  2.2 and  subject  to the
provisions of Section 2.2(a),  use its  commercially  reasonable best efforts to
arrange for such  underwriters to include all the  Registrable  Securities to be
offered and sold by such holder among the  securities to be  distributed by such
underwriters.

                  (b)  Holdback  Agreements.  Subject to such  other  reasonable
requirements as may be imposed by the underwriter as a condition of inclusion of
holder's  Registrable  Securities  in the  registration  statement,  each holder
agrees by acquisition of Registrable Securities,  if so required by the managing
underwriter, not to sell, make any short sale of, loan, grant any option for the
purchase of, effect any public sale or distribution of or otherwise  dispose of,
except as part of such underwritten  registration,  any equity securities of the
Company,  during such  reasonable  period of time requested by the  underwriter;
provided however,  such period shall not exceed the 150 day period commencing 30
days prior to the commencement of such underwritten offering and ending 120 days
following the completion of such underwritten offering.

                  (c)  Participation  in  Underwritten  Offerings.  No holder of
Registrable  Securities  may  participate  in any  underwritten  offering  under
Section 2.2 unless such holder of Registrable Securities (i) agrees to sell such
Person's  securities  on the basis  provided  in any  underwriting  arrangements
approved,  subject  to the terms and  conditions  hereof,  by the  Holders  of a
majority of Registrable  Securities to be included in such underwritten offering
and (ii) completes and executes all  questionnaires,  indemnities,  underwriting
agreements and other  documents  (other than powers of attorney)  required under

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the terms of such underwriting  arrangements.  Notwithstanding the foregoing, no
underwriting  agreement (or other  agreement in connection  with such  offering)
shall require any holder of Registrable  Securities to make any  representations
or warranties to or agreements with the Company or the  underwriters  other than
representations  and warranties  contained in a writing furnished by such holder
expressly  for use in the related  registration  statement  or  representations,
warranties  or  agreements  regarding  such holder,  such  holder's  Registrable
Securities  and such  holder's  intended  method of  distribution  and any other
representation required by law.

            2.5 Preparation;  Reasonable  Investigation.  In connection with the
preparation and filing of each  registration  statement under the Securities Act
pursuant to this  Agreement,  the Company  will give the Holders of  Registrable
Securities  registered under such registration  statement,  and their respective
counsel  and  accountants  for  Sellers'  Representative,   the  opportunity  to
participate in the preparation of such registration  statement,  each prospectus
included  therein or filed with the  Commission,  and each amendment  thereof or
supplement  thereto,  and will give  each of them  such  access to its books and
records and such  opportunities  to discuss the business of the Company with its
officers and the independent public accountants who have certified its financial
statements as shall be necessary, in the reasonable opinion of such Holders' and
such underwriters'  respective  counsel,  to conduct a reasonable  investigation
within the meaning of the Securities Act.

            2.6  Registration   Default  Fee.  If  the  Registration   Statement
contemplated  in  Section  2.1 is (x) not  declared  effective  by the  Required
Effectiveness  Date  or  (y)  such  effectiveness  is  not  maintained  for  the
Registration  Maintenance  Period,  then the  Company  shall pay to the Fund the
Default Fee specified in Section 10.4 of the Securities Purchase Agreement.

            2.7   Indemnification.

            (a) Indemnification by the Company. In the event of any registration
of any securities of the Company under the Securities Act, the Company will, and
hereby does agree to indemnify and hold  harmless the holder of any  Registrable
Securities covered by such registration  statement,  its directors and officers,
each other Person who  participates as an underwriter in the offering or sale of
such  securities and each other Person,  if any, who controls such holder or any
such  underwriter  within the meaning of the  Securities Act against any losses,
claims,  damages or liabilities,  joint or several,  to which such holder or any
such director or officer or underwriter or controlling person may become subject
under the Securities Act or otherwise,  insofar as such losses,  claims, damages
or liabilities (or actions or proceedings,  whether commenced or threatened,  in
respect  thereof) arise out of or are based upon any untrue statement or alleged
untrue  statement of any material fact contained in any  registration  statement
under which such  securities  were  registered  under the  Securities  Act,  any
preliminary  prospectus,   final  prospectus  or  summary  prospectus  contained
therein,  or any  amendment or  supplement  thereto,  or any omission or alleged
omission  to state  therein a material  fact  required  to be stated  therein or
necessary to make the statements  therein not  misleading,  and the Company will
reimburse  such  holder  and  each  such  director,  officer,   underwriter  and
controlling  person for any legal or any other expenses  reasonably  incurred by

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them in  connection  with  investigating  or  defending  any such  loss,  claim,
liability,  action or proceeding,  provided that the Company shall not be liable
in any such case to the extent that any such loss, claim, damage, liability, (or
action or  proceeding in respect  thereof) or expense  arises out of or is based
upon an untrue  statement  or alleged  untrue  statement  or omission or alleged
omission made in such registration  statement,  any such preliminary prospectus,
final prospectus,  summary prospectus,  amendment or supplement in reliance upon
and in  conformity  with  written  information  furnished to the Company by such
holder or underwriter stating that it is for use in the preparation thereof and,
provided  further  that the  Company  shall  not be  liable  to any  Person  who
participates as an underwriter in the offering or sale of Registrable Securities
or to any other Person, if any, who controls such underwriter within the meaning
of the Securities Act, in any such case to the extent that any such loss, claim,
damage, liability (or action or proceeding in respect thereof) or expense arises
out of such Person's failure to send or give a copy of the final prospectus,  as
the same may be then  supplemented  or amended,  within the time required by the
Securities Act to the Person  asserting the existence of an untrue  statement or
alleged  untrue  statement  or omission  or alleged  omission at or prior to the
written  confirmation  of the sale of  Registrable  Securities to such Person if
such  statement  or  omission  was  corrected  in such  final  prospectus  or an
amendment or supplement  thereto.  Such indemnity shall remain in full force and
effect  regardless of any  investigation  made by or on behalf of such holder or
any such director, officer,  underwriter or controlling person and shall survive
the transfer of such securities by such holder.

                  (b)  Indemnification by the Sellers.  The Company may require,
as a condition to  including  any  Registrable  Securities  in any  registration
statement filed pursuant to this Agreement, that the Company shall have received
an  undertaking   satisfactory  to  it  from  the  prospective  seller  of  such
Registrable  Securities,  to indemnify and hold harmless (in the same manner and
to the same  extent as set forth in  subdivision  (a) of this  Section  2.7) the
Company,  each  director of the  Company,  each  officer of the Company and each
other  Person,  if any,  who  controls  the  Company  within the  meaning of the
Securities  Act,  with  respect  to any  statement  or alleged  statement  in or
omission or alleged omission from such registration  statement,  any preliminary
prospectus,  final prospectus or summary prospectus  contained  therein,  or any
amendment or  supplement  thereto,  if such  statement  or alleged  statement or
omission or alleged  omission was made in reliance upon and in  conformity  with
written information furnished to the Company through an instrument duly executed
by such seller  specifically  stating that it is for use in the  preparation  of
such registration statement,  preliminary prospectus, final prospectus,  summary
prospectus,  amendment or supplement.  Any such  indemnity  shall remain in full
force and effect,  regardless of any  investigation  made by or on behalf of the
Company or any such director,  officer or  controlling  person and shall survive
the transfer of such securities by such seller.

                  (c)  Notices  of Claims,  etc.  Promptly  after  receipt by an
indemnified  party of notice of the  commencement  of any  action or  proceeding
involving a claim referred to in the preceding subdivisions of this Section 2.7,
such indemnified party will, if a claim in respect thereof is to be made against
an indemnifying  party, give written notice to the latter of the commencement of
such action,  provided that the failure of any indemnified  party to give notice
as provided herein shall not relieve the  indemnifying  party of its obligations
under the preceding  subdivisions of this Section 2.7, except to the extent that

                                       9
<PAGE>

the indemnifying party is actually prejudiced by such failure to give notice. In
case any such  action is brought  against an  indemnified  party,  unless in the
opinion of the indemnified  party's counsel a conflict of interest  between such
indemnified  and  indemnifying  parties may exist in respect of such claim,  the
indemnifying party shall be entitled to participate in and to assume the defense
thereof,  jointly with any other indemnifying party similarly  notified,  to the
extent  that  the   indemnifying   party  may  wish,  with  counsel   reasonably
satisfactory to such  indemnified  party, and after notice from the indemnifying
party to such  indemnified  party  of its  election  so to  assume  the  defense
thereof,  the indemnifying  party shall not be liable to such indemnified  party
for  any  legal  or  other  expenses  subsequently  incurred  by the  latter  in
connection   with  the  defense   thereof   other  than   reasonable   costs  of
investigation.   No  indemnifying  party  shall,  without  the  consent  of  the
indemnified party, consent to entry of any judgment or enter into any settlement
of any such action which does not include as an  unconditional  term thereof the
giving by the claimant or plaintiff to such indemnified  party of a release from
all liability, or a covenant not to sue, in respect to such claim or litigation.
No  indemnified  party shall  consent to entry of any judgment or enter into any
settlement  of any such  action  the  defense  of which has been  assumed  by an
indemnifying party without the consent of such indemnifying party.

                  (d) Other  Indemnification.  Indemnification  similar  to that
specified in the preceding  subdivisions  of this Section 2.7 (with  appropriate
modifications)  shall be given by the  Company  and each  seller of  Registrable
Securities  (but only if and to the  extent  required  pursuant  to the terms of
Section 2.7(b)) with respect to any required registration or other qualification
of securities  under any Federal or state law or regulation of any  governmental
authority, other than the Securities Act.

                  (e) Indemnification  Payments. The indemnification required by
this Section 2.7 shall be made by periodic payments of the amount thereof during
the course of the  investigation  or defense,  as and when bills are received or
expense, loss, damage or liability is incurred.

                  (f) Contribution.  If the indemnification  provided for in the
preceding subdivision of this Section 2.7 is unavailable to an indemnified party
in respect of any expense, loss, claim, damage or liability referred to therein,
then each indemnifying  party, in lieu of indemnifying  such indemnified  party,
shall  contribute to the amount paid or payable by such  indemnified  party as a
result of such expense,  loss, claim, damage or liability (i) in such proportion
as is  appropriate to reflect the relative  benefits  received by the Company on
the one hand and the  holder  or  underwriter,  as the case may be, on the other
from the  distribution of the  Registrable  Securities or (ii) if the allocation
provided  by clause  (i)  above is not  permitted  by  applicable  law,  in such
proportion as is appropriate to reflect not only the relative  benefits referred
to in clause  (i) above but also the  relative  fault of the  Company on the one
hand and of the  holder  or  underwriter,  as the case may be,  on the  other in
connection  with the  statements  or omissions  which  resulted in such expense,
loss,   damage  or  liability,   as  well  as  any  other   relevant   equitable
considerations.  The relative  benefits  received by the Company on the one hand
and the holder or  underwriter,  as the case may be, on the other in  connection
with the distribution of the Registrable Securities shall be deemed to be in the
same  proportion  as the total net  proceeds  received by the  Company  from the

                                       10
<PAGE>

initial sale of the Registrable Securities by the Company to the purchasers bear
to the gain,  if any,  realized by all  selling  Holders  participating  in such
offering  or  the  underwriting   discounts  and  commissions  received  by  the
underwriter,  as the case may be. The  relative  fault of the Company on the one
hand and of the holder or underwriter, as the case may be, on the other shall be
determined by reference  to, among other  things,  whether the untrue or alleged
untrue statement of a material fact or omission to state a material fact relates
to information  supplied by the Company, by the holder or by the underwriter and
the parties' relative intent,  knowledge,  access to information supplied by the
Company,  by the holder or by the underwriter and the parties'  relative intent,
knowledge,  access to  information  and  opportunity  to correct or prevent such
statement or omission,  provided that the foregoing contribution agreement shall
not inure to the benefit of any indemnified  party if  indemnification  would be
unavailable to such indemnified  party by reason of the provisions  contained in
the first sentence of subdivision (a) of this Section 2.7, and in no event shall
the obligation of any  indemnifying  party to contribute  under this subdivision
(f) exceed the amount that such indemnifying  party would have been obligated to
pay  by  way  of  indemnification  if the  indemnification  provided  for  under
subdivision (b) of this Section 2.7 had been available under the circumstances.

      The Company and the Holders of Registrable  Securities agree that it would
not be just and equitable if contribution  pursuant to this subdivision (f) were
determined by pro rata allocation (even if the Holders and any underwriters were
treated as one entity for such  purpose)  or by any other  method of  allocation
that does not take account of the  equitable  considerations  referred to in the
immediately  preceding  paragraph.  The amount paid or payable by an indemnified
party as a result of the losses,  claims, damages and liabilities referred to in
the immediately  preceding paragraph shall be deemed to include,  subject to the
limitations  set forth in the  preceding  sentence and  subdivision  (c) of this
Section 2.7, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim.

      Notwithstanding  the  provisions  of this  subdivision  (f),  no holder of
Registrable Securities or underwriter shall be required to contribute any amount
in excess of the  amount  by which (i) in the case of any such  holder,  the net
proceeds received by such holder from the sale of Registrable Securities or (ii)
in the  case of an  underwriter,  the  total  price  at  which  the  Registrable
Securities  purchased  by it and  distributed  to the public were offered to the
public exceeds,  in any such case, the amount of any damages that such holder or
underwriter  has  otherwise  been  required  to pay by reason of such  untrue or
alleged   untrue   statement  or  omission.   No  Person  guilty  of  fraudulent
misrepresentation  (within the meaning of Section 11(f) of the  Securities  Act)
shall be  entitled  to  contribution  from any person who was not guilty of such
fraudulent misrepresentation.

      3. Definitions. As used herein, unless the context otherwise requires, the
following terms have the following respective meanings:

            "Agreement":  As defined in Section 1.

                                       11
<PAGE>

            "Commission":  The  Securities  and  Exchange  Commission  or  any
other Federal agency at the time administering the Securities Act.

            "Common Stock":  As defined in Section 1.

            "Company":  As  defined  in the  introductory  paragraph  of  this
Agreement.

            "Exchange  Act": The Securities  Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder.

            "Note Conversion Shares":  As defined in Section 1.

            "Notes":  As  defined  in  Section  1,  such term to  include  any
securities issued in substitution of or in addition to such Notes.

            "Person": A corporation, association, partnership, limited liability
company, trust, organization,  business,  individual,  governmental or political
subdivision thereof or a governmental agency.

            "Registrable  Securities":  The Securities and any securities issued
or issuable with respect to such  Securities  by way of stock  dividend or stock
split or in connection with a combination of shares,  recapitalization,  merger,
consolidation or other reorganization or otherwise.  Once issued such securities
shall cease to be Registrable  Securities when (a) a registration statement with
respect to the sale of such  securities  shall have become  effective  under the
Securities  Act and such  securities  shall have been  disposed of in accordance
with such  registration  statement,  (b) they shall have been distributed to the
public  pursuant to Rule 144 (or any successor  provision)  under the Securities
Act, (c) they shall have been otherwise  transferred,  new certificates for them
not bearing a legend  restricting  further transfer shall have been delivered by
the Company and subsequent disposition of them shall not require registration or
qualification  of them under the Securities Act or any similar state law then in
force,  (d) they shall have ceased to be  outstanding,  (e) on the expiration of
the  applicable  Registration  Maintenance  Period  or (f) any  and all  legends
restricting transfer thereof have been removed in accordance with the provisions
of Rule 144(k) (or any successor provision) under the Securities Act.

            "Registration  Expenses":  All  expenses  incident to the  Company's
performance of or compliance with this Agreement, including, without limitation,
all  registration,  filing and NASD fees,  all stock  exchange  and OTC Bulletin
Board or other NASD or stock  exchange  listing  fees,  all fees and expenses of
complying with securities or blue sky laws, all word processing, duplicating and
printing expenses,  messenger and delivery expenses,  the fees and disbursements
of counsel for the Company and of its independent public accountants,  including
the  expenses of any special  audits or "cold  comfort"  letters  required by or
incident  to such  performance  and  compliance,  premiums  and  other  costs of
policies of  insurance  of the Company  against  liabilities  arising out of the
public offering of the Registrable  Securities being registered and any fees and
disbursements  of  underwriters  customarily  paid  by  issuers  or  sellers  of

                                       12
<PAGE>

securities,  but excluding  underwriting  discounts and commissions and transfer
taxes, if any, provided that, in any case where Registration Expenses are not to
be borne by the Company,  such  expenses  shall not include  salaries of Company
personnel or general overhead expenses of the Company,  auditing fees,  premiums
or other expenses  relating to liability  insurance  required by underwriters of
the Company or other  expenses for the  preparation  of financial  statements or
other  data  normally  prepared  by the  Company in the  ordinary  course of its
business or which the Company would have incurred in any event.

            "Registration Maintenance Period":  As defined in Section 2.3.

            "Required Effectiveness Date":  As defined in Section 2.1.

            "Securities": As defined in Section 1.2.

            "Securities  Act":  The  Securities  Act of 1933, as amended,  and
the rules and regulations of the Commission promulgated thereunder.

            "Securities Purchase Agreement":  As defined in Section 1.

            "Sellers'  Representative":  Global  Capital  Advisors  LLC or  such
Person  designated by Global Capital  Advisors LLC as of the time of disposition
of  the  last  of  the  Notes   held  by  the  Fund  (or   subsequent   Sellers'
Representative).

            "Warrant Shares": As defined in Section 1.

      4. Rule 144.  The Company  shall  timely  file the reports  required to be
filed by it under the  Securities  Act and the Exchange Act  (including  but not
limited to the reports under  Sections 13 and 15(d) of the Exchange Act referred
to in  subparagraph  (c) of  Rule  144  adopted  by  the  Commission  under  the
Securities  Act)  and  the  rules  and  regulations  adopted  by the  Commission
thereunder (or, if the Company is not required to file such reports,  will, upon
the request of any holder of  Registrable  Securities,  make publicly  available
other  information)  and  will  take  such  further  action  as  any  holder  of
Registrable  Securities may  reasonably  request,  all to the extent  reasonably
required from time to time to enable such holder to sell Registrable  Securities
without  registration  under the  Securities  Act within the  limitation  of the
exemptions  provided by (a) Rule 144 under the Securities  Act, as such Rule may
be amended from time to time,  or (b) any similar rule or  regulation  hereafter
adopted  by the  Commission.  Upon the  request  of any  holder  of  Registrable
Securities,  the Company will  deliver to such holder a written  statement as to
whether it has complied with the requirements of this Section 4.

      5.  Amendments and Waivers.  This Agreement may be amended and the Company
may take  any  action  herein  prohibited,  or omit to  perform  any act  herein
required to be  performed  by it, only if the Company  shall have  obtained  the
written consent to such  amendment,  action or omission to act, of the holder or
Holders  of the sum of 51% or more of the shares of (i)  Registrable  Securities

                                       13
<PAGE>

issued at such time, plus (ii) Registrable  Securities issuable upon exercise or
conversion of the Securities then  constituting  derivative  securities (if such
Securities  were not fully  exchanged  or  converted in full as of the date such
consent if sought).  Each holder of any  Registrable  Securities  at the time or
thereafter  outstanding shall be bound by any consent authorized by this Section
5, whether or not such Registrable Securities shall have been marked to indicate
such consent.

      6.  Nominees  for  Beneficial  Owners.  In the event that any  Registrable
Securities  are  held  by a  nominee  for  the  beneficial  owner  thereof,  the
beneficial owner thereof may, at its election,  be treated as the holder of such
Registrable Securities for purposes of any request or other action by any holder
or  Holders  of  Registrable  Securities  pursuant  to  this  Agreement  or  any
determination  of any number of percentage of shares of  Registrable  Securities
held by a holder or  Holders  of  Registrable  Securities  contemplated  by this
Agreement.  If the beneficial owner of any Registrable Securities so elects, the
Company may require  assurances  reasonably  satisfactory  to it of such owner's
beneficial ownership of such Registrable Securities.

      7. Notices.  Except as otherwise provided in this Agreement,  all notices,
requests and other  communications to any Person provided for hereunder shall be
in writing and shall be given to such  Person (a) in the case of a party  hereto
other than the  Company,  addressed to such party in the manner set forth in the
Securities  Purchase Agreement or at such other address as such party shall have
furnished  to the Company in writing,  or (b) in the case of any other holder of
Registrable Securities,  at the address that such holder shall have furnished to
the Company in writing,  or,  until any such other  holder so  furnishes  to the
Company  an  address,  then to and at the  address  of the last  holder  of such
Registrable  Securities  who has furnished an address to the Company,  or (c) in
the case of the Company,  at the address set forth on the signature page hereto,
to the attention of its President, or at such other address, or to the attention
of such other  officer,  as the Company  shall have  furnished to each holder of
Registrable  Securities at the time  outstanding.  Each such notice,  request or
other communication shall be effective (i) if given by mail, four (4) days after
such  communication  is  deposited  in the United  States mails with first class
postage  prepaid,  addressed  as  aforesaid  or (ii) if given by any other means
(including,  without limitation,  by fax or air courier),  when delivered at the
address specified above, provided that any such notice, request or communication
shall not be effective until received.

      8.  Assignment.  This  Agreement  shall be  binding  upon and inure to the
benefit of and be enforceable by the parties hereto. In addition, and whether or
not any  express  assignment  shall  have  been  made,  the  provisions  of this
Agreement which are for the benefit of the parties hereto other than the Company
shall also be for the benefit of and enforceable by any subsequent holder of any
Registrable  Securities.  Each  of the  Holders  of the  Registrable  Securities
agrees,  by accepting any portion of the Registrable  Securities  after the date
hereof,  to the  provisions of this  Agreement  including,  without  limitation,
appointment  of the  Sellers'  Representative  to act on behalf  of such  holder
pursuant to the terms hereof which such actions  shall be made in the good faith
discretion of the Sellers'  Representative and be binding on all persons for all
purposes.

                                       14
<PAGE>

      9. Descriptive Headings.  The descriptive headings of the several sections
and  paragraphs of this  Agreement are inserted for reference only and shall not
limit or otherwise affect the meaning hereof.

      10.  Governing  Law.  THIS  AGREEMENT  SHALL BE CONSTRUED  AND ENFORCED IN
ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF
THE STATE OF FLORIDA WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAWS.

      11.  Counterparts.  This Agreement may be executed by facsimile and may be
signed  simultaneously  in any number of  counterparts,  each of which  shall be
deemed an original,  but all such counterparts shall together constitute one and
the same instrument.

      12. Entire  Agreement.  This Agreement  embodies the entire  agreement and
understanding  between the Company and each other party  hereto  relating to the
subject  matter hereof and supercedes  all prior  agreements and  understandings
relating to such subject matter.

      13. Severability.  If any provision of this Agreement,  or the application
of such  provisions to any Person or  circumstance,  shall be held invalid,  the
remainder of this Agreement,  or the application of such provision to Persons or
circumstances  other  than  those  to  which it is held  invalid,  shall  not be
affected thereby.

                           [Signature Page Follows]

                                       15
<PAGE>

      IN WITNESS WHEREOF,  the parties have caused this Agreement to be executed
and delivered by their respective  officers  thereunto duly authorized as of the
date first above written.

                                 GALAXY MINERALS, INC.

                                    By:
                                             -----------------------------------
                                    Name:    Matthew Symonds
                                    Title:   President
                                    Address: 500 Park Avenue
                                             Suite 203
                                             Lake Villa,  IL  60046

                                             Fax:  847-265-1603
                                             Tel.: 847-265-7600

                                 GCA STRATEGIC INVESTMENT FUND LIMITED

                                    By:
                                             -----------------------------------
                                    Name:    Lewis N. Lester
                                    Title:   Director
                                    Address: c/o Prime Management Limited
                                             Mechanics Building
                                             12 Church Street
                                             Hamilton HM II, Bermuda
                                             Fax:  441-295-3926
                                             Tel.: 441-295-0329

<PAGE>

                        Registration Rights Agreement

                                 dated as of

                                May ___, 2005

                                by and between

                            Galaxy Minerals, Inc.,

                                     and

                    GCA Strategic Investment Fund LimitedEXHIBIT E

                           FORM OF ESCROW AGREEMENT

<PAGE>

                               ESCROW AGREEMENT

      THIS AGREEMENT is made as of May ___, 2005 by and among Galaxy Minerals,
Inc., with its principal office at 500 Park Avenue, Suite 203, Lake Villa,
Illinois 60046 (hereinafter the "Company"), GCA Strategic Investment Fund
Limited, with its principal office at Mechanics Building, 12 Church St.,
Hamilton, Bermuda (hereinafter the "Purchaser"), and The Law Offices of Kim T.
Stephens, P.O. Box 1601, Athens, Georgia 30603 (hereinafter the "Escrow Agent").

                             W I T N E S S E T H:

            WHEREAS, the Purchaser will be purchasing Warrants and Convertible
Notes (the "Securities") from the Company at a purchase price as set forth in
the Securities Purchase Agreement (the "Securities Purchase Agreement") signed
by the Company and the Purchaser; and

            WHEREAS, it is intended that the purchase of Securities be
consummated in accordance with the requirements set forth by Regulation D,
promulgated under the Securities Act of 1933, as amended; and

            WHEREAS, the Company has requested that the Escrow Agent hold the
funds of the Purchaser ($1,870,000) in escrow until the Escrow Agent has
received the Securities or had the opportunity to speak with the Company to
confirm their issuance. The Escrow Agent will then immediately wire transfer or
otherwise deliver at the Company's direction immediately available funds to the
Company or the Company's account or the Company's payees and arrange for
delivery of the Securities to the Purchaser per the Purchaser's written
instructions.

            NOW, THEREFORE, in consideration of the covenants and mutual
promises contained herein and other good and valuable consideration, the receipt
and legal sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties agree as follows:

                                  ARTICLE 1.

                             TERMS OF THE ESCROW

            1.1. The parties hereby agree to establish an escrow account with
the Escrow Agent whereby the Escrow Agent shall hold the funds for the purchase
of the Securities.

            1.2. Upon the Escrow Agent's receipt of funds from the Purchaser
into his attorney trustee account, he shall notify the Company, or the Company's
designated attorney or agent, of the amount of funds he has received into his
account.

                                     1 of 5
<PAGE>

            1.3. The Company, upon receipt of said notice and acceptance of the
Purchaser's Securities Purchase Agreement, as evidenced by the Company's
execution thereof, shall deliver to the Escrow Agent the Securities being
purchased.

            1.4. Upon receipt of the Securities, the Escrow Agent shall
immediately wire to the Company and or the Company's payees that amount of funds
necessary to purchase the Securities, per the written instructions of the
Company. Contemporaneously therewith, the Escrow Agent shall arrange to have the
Securities delivered as per instructions from the Purchaser.

            1.5. If, for any reason, the Escrow Agent does not receive the
Securities within five (5) days of the date hereof, the Escrow Agent will
promptly return any funds received by it from the Purchaser to the Purchaser,
without any further instructions from either the Company or Purchaser.

            1.6. This Agreement may be altered or amended only with the consent
of all of the parties hereto. The Escrow Agent may resign by following the
procedures hereafter set forth. In the case of the Escrow Agent's resignation,
his only duty, until receipt of notice from the Company and the Purchaser or
their agents that a successor escrow agent shall have been appointed, shall be
to hold and preserve the Securities and/or funds. Upon receipt by the Escrow
Agent of said notice from the Company and the Purchaser of the appointment of a
successor escrow agent, the name of a successor escrow account and a direction
to transfer the Securities and/or funds, the Escrow Agent shall promptly
thereafter transfer all of the Securities and/or funds held in escrow to said
successor escrow agent. Immediately after said transfer of Securities, the
Escrow Agent shall furnish the Company and the Purchaser with proof of such
transfer. The Escrow Agent is authorized to disregard any notices, request,
instructions or demands received by it from the Company or the Purchaser after
notice of resignation or removal shall have been given, unless the same shall be
the aforementioned notice from the Company and the Purchaser to transfer the
Securities and funds to a successor escrow agent or to return same to the
respective parties.

            1.7. The Company shall pay the Escrow Agent a fee of $1,000.00 and
shall reimburse the Escrow Agent for its reasonable expenses in the event there
is a conflict between the parties and the Escrow Agent shall deem it necessary
to retain counsel.

            1.8. The Escrow Agent has no liability hereunder to either party
other than to hold the Securities and funds, and to deliver them in accordance
with the terms hereof. The Escrow Agent shall not be liable for any action taken
or omitted by him in good faith; and in no event shall the Escrow Agent be
liable or responsible except for the Escrow Agent's own gross negligence or
willful misconduct.

                                     2 of 5
<PAGE>

            1.9. Each party hereto agrees, jointly, to indemnify and hold
harmless the Escrow Agent from and with respect to any and all suits, claims,
damages, demands, actions, liabilities or losses arising in any way out of this
transaction including the obligation to defend any legal action brought which in
any way arises out of or is related to this Agreement, except any such suit,
claim, damage, demand, action, liability or loss arising out of the Escrow
Agent's gross negligence or willful misconduct.

            1.10. Escrow Agent shall not be responsible for: (i) the sufficiency
or correctness as to the form, execution or the validity of this Agreement; or
(ii) the identity, authority or right of any person executing any notice or
document given to Escrow Agent.

                                  ARTICLE 2.

                                MISCELLANEOUS

            2.1.  No waiver or any breach of any covenant or provision herein
                  contained shall be deemed a waiver of any preceding or
                  succeeding breach thereof, or of any other covenant or
                  provision herein contained. No extension of time for
                  performance of any obligation or act shall be deemed any
                  extension of the time for performance of any other obligation
                  or act.

            2.2.  The Securities shall be delivered to the Purchaser at the
                  address set forth below. All notices or other communications
                  required or permitted hereunder shall be in writing, and shall
                  be sent by fax, overnight courier, registered or certified
                  mail, postage prepaid, return receipt requested, and shall be
                  deemed received upon receipt thereof, as follows:

            (i)   To the Company: Galaxy Minerals, Inc. 500 Park Ave.
                  Suite 203
                  Lake Villa,  IL. 60046
                  Attn:  Matthew Symonds
                  Telephone:  (847) 265-7600
                  Facsimile :  (847) 265-1603

            (ii) To the Purchaser:

                  GCA Strategic Investment Fund Limited
                  c/o Prime Management Limited
                  Mechanics Building
                  12 Church Street
                  Hamilton, Bermuda, HM11
                  Attn: John Kelly
                  Telephone: (441) 295-0329
                  Facsimile : (441) 295-3296

                                     3 of 5
<PAGE>

            (iii) To the Escrow Agent:

                  The Law Offices of Kim T. Stephens
                  P.O. Box 1601
                  Athens, Georgia  30603
                  Attention:  Kim T. Stephens, Esq.
                  Telephone: (706) 548-3933
                  Facsimile:  (706) 548-6229

            2.3. This Agreement shall be binding upon and shall inure to the
benefit of the permitted successors and assigns of the parties hereto.

            2.4. This Agreement is the final expression of, and contains the
entire Agreement between, the parties with respect to the subject matter hereof
and supercedes all prior understandings with respect thereto. This Agreement may
not be modified, changed, supplemented or terminated, nor may any obligations
hereunder be waived, except by written instrument signed by the parties to be
charged or by its agent duly authorized in writing or as otherwise expressly
permitted herein.

            2.5. Whenever required by the context of this Agreement, the
singular shall include the plural and masculine shall include the feminine. This
Agreement shall not be construed as if it had been prepared by one of the
parties, but rather as if both parties had prepared the same. Unless otherwise
indicated, all references to Articles are to this Agreement.

            2.6. The parties hereto expressly agree that this Agreement shall be
governed by, interpreted under and construed and enforced in accordance with the
laws of the State of Delaware. Any action to enforce, existing out of, or
relating in any way to, any provisions of this Agreement shall be brought
through the American Arbitration Association at the designated locale of
Delaware.

                           [Signature page follows]

                                     4 of 5
<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of May
___, 2005.

                                    Galaxy Minerals, Inc.

                                    By:
                                          -------------------------------
                                    Name:  Matthew Symonds
                                    Title:  President

                                    GCA Strategic Investment Fund Limited.

                                    By:
                                         -------------------------------
                                    Name:  Lewis N. Lester
                                    Title:  Director

                                    The Law Offices of Kim T. Stephens

                                    By:
                                         -------------------------------
                                    Name:  Kim T. Stephens, Esq.

                                     5 of 5

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