Document:

EXHIBIT 10.1

                                   GUARANTY

     FOR VALUE RECEIVED, and in order to induce Newmont USA Limited, a
Delaware corporation dba Newmont Mining Corporation ("Buyer"), to enter into
the Asset Purchase Agreement, dated as of the date of this Guaranty (the
"Purchase Agreement"), among Buyer, Echo Bay Exploration Inc., a Delaware
corporation and Echo Bay Minerals Company, a Delaware corporation (each
individually a "Seller," and collectively the "Sellers"), and to induce Buyer
to perform its obligations under and to consummate the transactions described
in the Purchase Agreement, Echo Bay Mines Ltd., a Canadian corporation
("Guarantor"), agrees as follows:

     1. Definitions. Capitalized terms used this Guaranty, unless otherwise
defined in this Guaranty, shall have the meanings ascribed to them in the
Purchase Agreement.

     2. Representations and Warranties of Guarantor. Guarantor represents and
warrants to Buyer as follows:

          (a) The execution and delivery by Guarantor of this Guaranty and the
performance by Guarantor of its obligations under this Guaranty do not and
will not contravene or conflict with any provision of any law, regulation or
rule, any license, agreement, or instrument to which Guarantor is a party or
by which Guarantor or any of Guarantor's property may be bound or affected, or
any judgment, order or decree of any court of any federal, state, or local
commission, board, or other administrative agency by which Guarantor or any of
Guarantor's property may be bound or affected.

          (b) This Guaranty is the legal, valid, and binding obligation of
Guarantor, enforceable against Guarantor in accordance with its terms.

     3. Guaranty. Guarantor hereby absolutely, irrevocably and unconditionally
guaranties (i) the performance by Sellers when due of all covenants,
agreements, and obligations of every nature under the Purchase Agreement and
(ii) the accuracy and completeness of all representations and warranties of
Sellers under the Purchase Agreement. Without limiting the generality of the
foregoing, Guarantor hereby absolutely, irrevocably and unconditionally
guaranties any and all of Sellers' indemnification obligations under Article
10 of the Purchase Agreement, including but not limited to the full and prompt
payment when due of any and all monies which may become due or payable at any
time under or pursuant to such indemnification provisions (the performance and
indemnification obligations of Sellers are herein, individually and
collectively, referred to as the "Obligations"). Guarantor further agrees that
the following terms and conditions shall apply to this Guaranty:

          (a) This Guaranty is in all respects continuing, absolute, and
unconditional.

          (b) This Guaranty is a guaranty of both performance and payment when
due, and not of collection.

                                      1

<PAGE>

          (c) Buyer may, from time to time, at Buyer's sole discretion and
without notice to Guarantor, take any or all of the following actions:

               (i) Accept a security interest in any property to secure
payment of any or all of the Obligations;

               (ii) Obtain the primary or secondary obligation of any third
party in addition to Guarantor with respect to any or all of the Obligations;

               (iii) Release, compromise, extend, alter, or modify any of the
Obligations or any obligation of any nature of any other obligor with respect
to any of the Obligations;

               (iv) Release, compromise, or extend any obligation of Guarantor
hereunder;

               (v) Release any security interest in, or surrender, release, or
permit any substitution or exchange for, all or any part of any property
security any of the Obligations or any obligation hereunder, or release,
compromise, extend, alter, or modify any obligation of any nature of any
obligor with respect to any such property; and

               (vi) Resort to or proceed against Guarantor for performance or
payment of any of the Obligations whether or not Buyer shall have proceeded
against Sellers or any other obligor primarily or secondarily obligated with
respect to any of the Obligations, shall have resorted to any property
securing any of the Obligations or any obligation hereunder, or shall have
pursued any other remedy.

          (d) As between Buyer and Guarantor, any amounts received by Buyer
from whatsoever source on account of any Obligation (arising by whatever
means) may be applied by Buyer toward the payment of any Obligation then due
and payable, in such order of application as Buyer may from time to time
elect, and, notwithstanding any performance or payments made by or for the
account of Guarantor pursuant to this Guaranty, Guarantor will not be
subrogated to any rights of Buyer until such time as Buyer shall have received
performance and payment in full of all of the Obligations and performance of
all obligations of Guarantor hereunder. Without limiting the generality of the
foregoing, Guarantor agrees and acknowledges that if Buyer is required at any
time to return all or part of any payment applied by Buyer to the payment of
the Obligations or any costs or expenses covered by this Guaranty, whether by
virtue of the insolvency, bankruptcy, or reorganization of any Seller or
otherwise, the Obligations to which the returned payment was applied shall be
deemed to have continued in existence and this Guaranty shall continue to be
effective or to be reinstated, as the case may be, as to such Obligations, as
though such payment had not been received and such application by Buyer had
not been made.

          (e) Guarantor hereby expressly waives:

               (i) Notice of the acceptance by Buyer of this Guaranty;

               (ii) Notice of the existence, creation, release, compromise,
extension, alteration, modification, non-performance, or non-payment of any or
all of the Obligations;

                                      2

<PAGE>

               (iii) Presentment, demand, notice of dishonor, protest, and all
other notices whatsoever; and

               (iv) All diligence in collection of or realization upon any
payments on, or assurance of performance of, any of the Obligations or any
obligation hereunder, or in collection on, realization upon, or protection of
any security for, or guaranty of, any of the Obligations or any obligation
hereunder.

          (f) As between Guarantor and Buyer, Buyer may assign or otherwise
transfer the right to receive performance of or payment upon any of the
Obligations of Sellers and/or from Guarantor to any third party.

     4. Notices. All notices and communications under this Guaranty shall be
in writing and shall be deemed to have been duly given when delivered by
messenger, by overnight delivery service, or by facsimile (receipt confirmed),
or mailed by first class certified mail, return receipt requested; if to
Guarantor, addressed to Sellers' address set forth in the Purchase Agreement;
and if to Buyer, addressed to Buyer's address set forth in the Purchase
Agreement; or in each case to such other address respectively as the party
shall have specified by notice to the other.

     5. Integration, Assignment, Modification, Payment of Expenses and
Construction. This Guaranty constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes any prior
written or oral agreements between Guarantor and Buyer. This Guaranty may not
be assigned by Guarantor without the prior written consent of Buyer. Subject
to the foregoing, this Guaranty will inure to the benefit of Buyer, and be
binding upon guarantor, and their respective successors and assigns. This
Guaranty may be amended or modified only by a writing signed by Guarantor and
Buyer. Guarantor shall pay all of Buyer's expenses (including, without
limitations, costs and expenses of litigation and reasonable attorneys' fees)
in enforcing or endeavoring to realize upon this Guaranty which is not paid
when due. The unenforceability or invalidity of any provision of this Guaranty
or the Purchase Agreement shall not affect the validity of the remainder of
this Guaranty.

     6. Waiver. The failure of Buyer to insist upon strict performance of any
of the terms, conditions, agreements, or covenants in this Guaranty in any one
or more instances shall not be deemed to be a waiver by Buyer of its rights to
enforce thereafter any of such terms, conditions, agreements, or covenants.
Any waiver by Buyer of any of the terms, conditions, agreements, or covenants
in this Guaranty must be in writing signed by Buyer.

     7. Applicable Law. This Guaranty will be governed by, and construed and
interpreted in accordance with, the internal laws of the State of Colorado,
without regard to the conflicts of laws rules of such state.

     8. Section Headings. The section headings used in this Guaranty are for
the convenience of Buyer and Guarantor only and shall not affect the
construction or interpretation of the provisions of this Guaranty.

                                       3

<PAGE>

     Guarantor has executed this Guaranty as of June 9, 2002.

                                    Echo Bay Mines Ltd.

                                    By: /s/ Robert L. Leclerc
                                        -------------------------------------
                                        Name:  Robert L. Leclerc
                                        Title: Chairman and Chief Executive
                                               Officer

                                      2Executed in 6 Parts
                                             Counterpart No. (   )

                              NATIONAL EQUITY TRUST
                           TOP TEN PORTFOLIO SERIES 37
                            REFERENCE TRUST AGREEMENT

     This  Reference  Trust  Agreement  dated  ________,  2002 among  Prudential
Investment   Management  Services  LLC,  as  Depositor,   Prudential  Securities
Incorporated,  as Portfolio Supervisor and The Bank of New York, as Trustee sets
forth certain  provisions in full and incorporates other provisions by reference
to the document entitled  "National Equity Trust, Trust Indenture and Agreement"
(the "Basic Agreement") dated February 2, 2000. Such provisions as are set forth
in full herein and such provisions as are incorporated by reference constitute a
single instrument (the "Indenture").

                                WITNESSETH THAT:

     In  consideration  of the  premises  and of the  mutual  agreements  herein
contained, the Depositor and the Trustee agree as follows: Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof,  all the provisions  contained
in the Basic  Agreement are herein  incorporated  by reference in their entirety
and  shall be deemed  to be a part of this  instrument  as fully and to the same
extent as though said provisions had been set forth in full in this instrument.

A.   Article I, entitled "Definitions," shall be amended as follows:

(i)  Section  1.01-Definitions  shall be amended to add the following definition
     at the end thereof:

<PAGE>

                                      -2-

     "Portfolio  Supervisor" of the Trust shall have the meaning  assigned to it
in Part II of the Reference Trust Agreement.

B.   Article  III,  entitled  "Administration  of  Trust,"  shall be  amended as
     follows:

     (i) The third  paragraph of Section  3.05-Distribution  shall be amended by
deleting any reference to Depositor and replacing it with Portfolio Supervisor.

     (ii)  Section  3.14-Deferred  Sales  Charge  shall  be  amended  to add the
following sentences at the end thereof:

"References to Deferred Sales Charge in this Trust Indenture and Agreement shall
include any Creation and  Development  Fee  indicated  in the  prospectus  for a
Trust.  The  Creation  and  Development  Fee  shall be  payable  on each date so
designated  and in an amount  determined  as specified in the  prospectus  for a
Trust."

C.   Article VIII, entitled "Depositor," shall be amended as follows:

     (i) Section 8.07-Compensation shall be amended by deleting any reference to
Depositor and replacing it with Portfolio Supervisor.

D.   Article IX,  entitled  "Additional  Covenants;  Miscellaneous  Provisions,"
     shall be amended as follows:

     (i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities  Incorporated at One Seaport Plaza,
New  York,  New  York  10292"  and  replacing  it  with  "Prudential  Investment
Management LLC at 100 Mulberry Street,  Gateway Center Three, Newark, New Jersey
07102".

                                    Part II.

                     SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

<PAGE>

                                      -3-

A.   The Trust is denominated  National Equity Trust,  Top Ten Portfolio  Series
     37.

B.   The Units of the Trust shall be subject to a deferred sales charge.

C.   The publicly traded stocks listed in Schedule A hereto are those which,
     subject to the terms of this Indenture, have been or are to be deposited in
     Trust under this Indenture as of the date hereof.

D.   The term "Depositor" shall mean Prudential  Investment  Management Services
     LLC.

E.   The  term  "Portfolio   Supervisor"   shall  mean   Prudential   Securities
     Incorporated.

F.   The aggregate number of Units referred to in Sections 2.03 and 9.01 of the
      Basic Agreement is          as of the date hereof.

G.   A Unit of the Trust is hereby declared initially equal to 1/     th of the
     Trust.

H.   The term "First Settlement Date" shall mean                        , 2002.

I.   The terms  "Computation  Day" and "Record Date" shall mean on the tenth day
     of            2002,          2002,        2003 and                2003.

J.   The term "Distribution Date" shall mean on the twenty-fifth  day
     of            2002,          2002,        2003 and                2003.

K.   The term "Termination Date" shall mean          , 2003.

L.   The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999 and
     below  units  outstanding  $.84 (per  1,000  Units) on the next  50,000,000
     Units,  $.78 (per 1,000 Units) on the next 100,000,000  Units and $.66 (per
     1,000 Units) on Units in excess of 200,000,000  Units.  In calculating  the
     Trustee's annual fee, the fee applicable to the number of units outstanding
     shall apply to all units outstanding.

M.   The Depositor's  Portfolio  supervisory service fee shall be $.25 per 1,000
     Units.

               [Signatures and acknowledgments on separate pages]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]