Document:

Exhibit 4.10

AGENCY AGREEMENT

May 18, 2004

Crosshair Exploration & Mining Corp.

Suite 2000, 1066 West Hastings Street

Vancouver, British Columbia V6E 3X2

Attention:

President

Dear Sirs:

Re:

Private Placement of Flow-Through Shares

Dundee Securities Corporation (the "Agent") understands that:

(a)

Crosshair Exploration & Mining Corp. (the "Corporation") is authorized to issue, among other things, 100,000,000 Common Shares (as hereinafter defined);

(b)

as at May 14, 2004, 16,899,203 Common Shares were outstanding as fully paid and non-assessable shares and an aggregate of 8,668,684 Common Shares were reserved for issue pursuant to outstanding options, warrants, share incentive plans, convertible and exchangeable securities and other rights to acquire Common Shares; and

(c)

the Corporation is prepared to issue and sell up to 4,000,000 flow-through common shares (the "Flow-Through Shares") at a price of $0.25 per Flow-Through Share for maximum aggregate gross proceeds of $1,000,000 on the terms and subject to the conditions contained hereinafter.

Based upon the understanding of the Agent 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 Agent to act as the sole and exclusive agent of the Corporation to solicit, on a best efforts basis, offers to purchase the Offered Securities (as hereinafter defined), and the Agent hereby agrees to act as such agent.  It is understood and agreed that the Agent is under no obligation to purchase any of the Offered Securities, although it may subscribe for and purchase Offered Securities if it so desires.

The terms and conditions of this Agreement are as follows:

1.

Definitions, Interpretation and Schedules

(a)

Definitions:  Whenever used in this Agreement:

(i)

"Agent" means Dundee Securities Corporation;

(ii)

"Agreement" means the agreement resulting from the acceptance by the Corporation of the offer made by the Agent herein, including the schedules attached hereto, as amended or supplemented from time to time;

(iii)

"Ancillary Documents" means all agreements, indentures, certificates (including the Broker Warrant Certificates) and documents executed and delivered, or to be executed and delivered, by the Corporation in connection with the transactions contemplated by this Agreement or the Subscription Agreements and includes the Subscription Agreements;

(iv)

"Assistance" means assistance as that term is defined in subsection 66(15) of the Tax Act;

(v)

"Auditor" means Davidson & Company, Chartered Accountants, the auditor of the Corporation;

(vi)

"Broker Warrant Certificates" means the certificates representing the Broker Warrants;

(vii)

"Broker Warrant Shares" means the Common Shares which may be issued on the exercise of the Broker Warrants;

(viii)

"Broker Warrants" means the broker warrants which will entitle the Agent to acquire in the aggregate Common Shares equal in number to 8% of the number of Offered Securities sold at any time commencing on the Closing Date and prior to 4:00 p.m. (Vancouver time) on the date which is 12 months after the Closing Date at an exercise price of $0.25 per Common Share;

(ix)

“Business Day” means a day on which Canadian chartered banks are open for the transaction of regular business in the City of Vancouver, British Columbia;

(x)

“Canadian Exploration Expense” or “CEE” means an expense incurred in 2004 of the nature referred to in paragraphs (f) or (g) of the definition of Canadian exploration expense in subsection 66.1(6) of the Tax Act or incurred in 2005 of the nature referred to in paragraph (f) of the definition of Canadian exploration expense in subsection 66.1(6) of the Tax Act, other than amounts which are prescribed to be “Canadian exploration and development overhead expense” for the purposes of the Tax Act or the cost of acquiring or obtaining the use of seismic data described in paragraph 66(12.6)(b.1) of the Tax Act or any expenses for prepaid services or rent that do not qualify as outlays and expenses for the period as described in the definition “expense” in paragraph 66(15) of the Tax Act;

(xi)

"Closing" means the purchase and sale of the Offered Securities subscribed for by the Purchasers pursuant to the Subscription Agreements;

(xii)

"Closing Date" means May 17, 2004 or such other date or dates as the Corporation and the Agent may mutually agree upon in writing;

(xiii)

"Closing Time" means 10:00 a.m. (Vancouver time) on the Closing Date or such other time on the Closing Date as the Corporation and the Agent may mutually agree upon in writing;

(xiv)

"Commitment Amount" means the aggregate amount paid by the Purchasers of Flow-Through Shares;

(xv)

"Common Shares" means the common shares which the Corporation is authorized to issue as constituted on the date hereof;

(xvi)

"Corporation" means Crosshair Exploration & Mining Corp., a corporation incorporated under the Company Act (British Columbia) and includes any successor corporation thereto;

(xvii)

“Dollars” or “$” means lawful money of Canada;

(xviii)

"Expenditure Period" means the period commencing on the Closing Date and ending on December 31, 2005;

(xix)

“Flow-Through Mining Expenditure” means an expense which is a “flow-through mining expenditure” as defined in subsection 127(9) of the Tax Act;

(xx)

“Flow-Through Shares” means the Common Shares which constitute flow-through shares as defined in subsection 66(15) of the Tax Act;

(xxi)

"Information" means all information regarding the Corporation that is, or becomes, publicly available together with all information prepared by the Corporation and provided to the Agent or to potential purchasers of the Offered Securities, if any, and includes, but is not limited to, all material change reports, press releases and financial statements of the Corporation;

(xxii)

"Offered Securities" means up to 4,000,000 Flow-Through Shares to be issued and sold at the applicable Purchase Price under the Offering;

(xxiii)

"Offering" means the offering for sale by the Corporation on a private placement basis of the Offered Securities;

(xxiv)

"Offering Jurisdictions" means the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and Newfoundland and such other provinces and territories of Canada, and other jurisdictions as may be mutually agreed upon by the Agent and the Corporation where the Offered Securities are offered to prospective purchasers or those provinces, territories or other jurisdictions where Purchasers reside, as the context permits or requires provided that the term "Offering Jurisdictions" shall not include the United States or any state or territory thereof;

(xxv)

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

(xxvi)

"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 any nature or kind whatsoever;

(xxvii)

“Prescribed Forms” means the forms prescribed from time to time under subsection 66(12.7) of the Tax Act filed or to be filed by the Corporation within the prescribed times renouncing to the Purchasers of the Flow-Through Shares the Resource Expenses incurred pursuant to the Subscription Agreements in respect of the Flow-Through Shares and all parts or copies of such forms required by Revenue Canada to be delivered to the Purchasers;

(xxviii)

“Prescribed Relationship” means a relationship between the Corporation and a Person where such Person and the Corporation are related or otherwise do not deal at arm’s length for purposes of the Tax Act;

(xxix)

"Purchase Price" means the price to be paid by the Purchasers for each Offered Security under the Offering, being $0.25 per Flow-Through Share;

(xxx)

"Purchasers" means the purchasers of the Offered Securities collectively;

(xxxi)

“Resource Expense” means an expense which is CEE including a Flow-Through Mining Expenditure which is incurred on or after the Closing Date and on or before the Termination Date which may be renounced by the Corporation pursuant to subsection 66(12.6) of the Tax Act with an effective date not later than December 31, 2004 and in respect of which, but for the renunciation, the Corporation would be entitled to a deduction from income for income tax purposes;

(xxxii)

"Reporting Provinces" means the Provinces of British Columbia and Alberta collectively;

(xxxiii)

"Revenue Canada" means the Canada Revenue Agency;

(xxxiv)

"Securities Commissions" means the securities regulatory authorities of the Offering Jurisdictions collectively;

(xxxv)

"Securities Laws" means the securities legislation and regulations of, and the instruments, policies, rules, orders, codes, notices and interpretation notes of the securities regulatory authorities (including the Stock Exchange) of, the Offering Jurisdictions collectively, the applicable Offering Jurisdictions, the Reporting Provinces, or the Offering Jurisdictions and the Reporting Provinces collectively, as the context permits or requires;

(xxxvi)

"Stock Exchange" means the TSX Venture Exchange;

(xxxvii)

"Subject Shares" means the Flow-Through Shares and the Broker Warrant Shares collectively;

(xxxviii)

"Subscription Agreements" means the subscription and renunciation agreements to be entered into between the Corporation and each of the Purchasers with respect to the purchase of Flow-Through Shares, collectively;

(xxxix)

“Tax Act” means the Income Tax Act (Canada), as amended, re-enacted or replaced from time to time and all rules and regulations made pursuant thereto and any proposed amendments thereto;

(xl)

“Termination Date” means December 31, 2005; and

(xli)

“United States” means the United States of America, its territories and possessions, any state of the United States and the District of Columbia.

(b)

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

(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

	Legal Opinion

	B

	Officers' Certificate

2.

The Offered Securities

(a)

Offered Securities:  The Offered Securities are up to 4,000,000 Flow-Through Shares.

(b)

Incurring and Renouncing of CEE:  The Corporation hereby agrees to incur Resource Expenses in an amount equal to the Commitment Amount on or before the Termination Date in accordance with the Subscription Agreements in respect of the Flow-Through Shares and agrees to renounce to the Purchasers of Flow-Through Shares, with an effective date no later than December 31, 2004, pursuant to subsection 66(12.6) of the Tax Act, and, in respect of Resource Expenses incurred by the Corporation in 2005, pursuant to subsection 66(12.66) of the Tax Act, Resource Expenses in an amount equal to the Commitment Amount.  For greater certainty, the Corporation may renounce to the Purchasers of the Flow-Through Shares, with an effective date no later than December 31, 2004, either (i) Resource Expenses deemed to be incurred by it in 2005 pursuant to a renunciation to the Corporation by a corporation related to it for purposes of the Tax Act of Resource Expenses incurred by that corporation in 2005 if the renunciation by that corporation to the Corporation is pursuant to subsection 66(12.6) of the Tax Act and has an effective date in 2004, or (ii) Resource Expenses deemed to be incurred by it in 2004 pursuant to a renunciation to the Corporation by a corporation related to it for the purposes of the Tax Act of Resource Expenses incurred by that corporation in 2004 if the renunciation by that corporation to the Corporation is pursuant to subsection 66(12.6) of the Tax Act and has an effective date in 2004.

(c)

Investment Tax Credit:  The Corporation hereby agrees that it will use its best efforts to ensure that the Commitment Amount will be incurred on CEE that qualifies as a Flow-Through Mining Expenditure.

(d)

Renunciation:  The Corporation shall deliver to the Purchasers of the Flow-Through Shares, on or before March 1, 2005, the relevant Prescribed Forms, fully completed and executed, renouncing to each Purchaser of the Flow-Through Shares, Resource Expenses in an amount equal to the Commitment Amount applicable to such Purchaser with an effective date of no later than December 31, 2004, such delivery constituting the authorization of the Corporation to the Purchasers of the Flow-Through Shares to file such Prescribed Forms with applicable taxation authorities. 

(e)

The Broker Warrants:  The terms and conditions, and the material attributes and characteristics, of the Broker Warrants shall be satisfactory to the Corporation and the Agent and consistent with the provisions of this Agreement.  Such terms and conditions, and material attributes and characteristics, will be contained in the Broker Warrant Certificates which will contain, among other things, anti-dilution provisions and provisions for the appropriate adjustment in the class and number of Broker Warrant Shares or other securities to be received on the exercise of Broker Warrants upon the occurrence of certain events, including any subdivision, consolidation or reclassification of the Common Shares or any payment of dividends or the amalgamation of, or other reorganization involving, the Corporation.  Subject to adjustment in accordance with the provisions of the Broker Warrant Certificates, each Broker Warrant shall entitle the holder thereof to purchase one Broker Warrant Share at any time commencing on the Closing Date and prior to 4:00 p.m. (Vancouver time) on the date which is 12 months after the Closing Date at an exercise price of $0.25 per Broker Warrant Share.

3.

The Offering

(a)

Sale on Exempt Basis:  The Agent will use the best efforts thereof to arrange for Purchasers in the Offering Jurisdictions.  The Agent shall offer for sale on behalf of the Corporation the Offered Securities in the Offering Jurisdictions in compliance with the Securities Laws of the Offering Jurisdictions and only to such Persons and in such manner so that, pursuant to the provisions of the Securities Laws of the Offering Jurisdictions, no prospectus or offering memorandum or other similar document need be filed with, or delivered to, any Securities Commission in any Offering Jurisdiction in connection therewith.

(b)

Agency Group:  The Corporation agrees that, subject to the consent of the Corporation, such consent not to be unreasonably withheld, the Agent has the right to invite one or more investment dealers to form an agency group to participate in the soliciting of offers to purchase the Offered Securities.  The Agent shall have the exclusive right to control all compensation arrangements between the members of the agency group.  The Corporation grants all of the rights and benefits of this Agreement to any investment dealer who is a member of any agency group formed by the Agent and appoints the Agent as trustee of such rights and benefits for all such investment dealers, and the Agent hereby accepts such trust and agrees to hold such rights and benefits for and on behalf of all such investment dealers.  The Agent shall ensure that any investment dealer who is a member of any agency group formed by the Agent pursuant to the provisions of this subsection  or with whom the Agent has a contractual relationship with respect to the Offering, if any, agrees with the Agent to comply with the covenants and obligations given by the Agent herein.  

(c)

Covenants and Representations of the Agent:  The Agent covenants with the Corporation that (i) it will comply with the Securities Laws of the Offering Jurisdictions in which it solicits or procures subscriptions for Offered Securities in connection with the Offering, (ii) it will not solicit or procure subscriptions for Offered Securities so as to require the registration thereof or the filing of a prospectus with respect thereto under the laws of any jurisdiction, and (iii) it will obtain from each Purchaser an executed subscription agreement in a form acceptable to the Corporation and the Agent, acting reasonably.  The Agent represents and warrants that it is, and, to the best of its knowledge, each member of any agency group formed by the Agent is, qualified to so act in the Offering Jurisdictions in which such member solicits or procures subscriptions for the Offered Securities. The Agent hereby represents and warrants to the Corporation, and acknowledges that the Corporation is relying upon such representation and warranty in issuing the Broker's Warrants and Broker's Warrant Shares, that:

(i)

 the Agent is an "accredited investor" as defined in Rule 45-501 of the Ontario Securities Commission by virtue of being a company registered under the Securities Act (Ontario) as an adviser or dealer, other than a limited market dealer;

(ii)

the Agent holds all licenses and permits that are required for carrying on its business in the manner in which such business has been carried on;

(iii)

the Agent has good and sufficient right and authority to enter into this Agreement to complete the transactions on its part to be performed pursuant to this Agreement on the terms and conditions set forth herein;

(iv)

the Agent is appropriately and legally registered under the Securities Laws of the Offering Jurisdictions so as to permit it to lawfully fulfill its obligations hereunder and to distribute the Offered Securities; and

(v)

the Agent is a member in good standing on the Stock Exchange.

The representations and warranties of the Agent contained in this Agreement shall be true at the Closing Time as though they were made at the Closing Time.

(d)

Filings:  The Corporation undertakes to file or cause to be filed all forms and undertakings required to be filed by the Corporation in connection with the Offering so that the distribution of the Offered Securities may lawfully occur in the Offering Jurisdictions without the necessity of filing a prospectus or an offering memorandum in Canada and the Agent undertakes to use the commercially reasonable efforts thereof to cause the Purchasers of the Offered Securities to complete (and it shall be a condition of closing in favour of the Corporation that the Purchasers complete and deliver to the Corporation) any forms and undertakings required by the Securities Laws of the Offering Jurisdictions.  All fees payable in connection with such filings shall be at the expense of the Corporation.

(e)

No Offering Memorandum:  Neither the Corporation nor the Agent shall (i) provide to prospective purchasers of Offered Securities any document or other material that would constitute an offering memorandum within the meaning of the Securities Laws of the Offering Jurisdictions or (ii) engage in any form of general solicitation or general advertising in connection with the offer and sale of the Offered Securities, including but not limited to, causing the sale of the Offered Securities to be advertised in any newspaper, magazine, printed public media, printed media or similar medium of general and regular paid circulation, broadcast over radio, television or telecommunications, including electronic display or the Internet, or otherwise, or conduct any seminar or meeting relating to any offer and sale of the Offered Securities whose attendees have been invited by a general solicitation or advertising.

4.

Due Diligence

The Corporation shall allow the Agent to conduct all due diligence investigations, including meeting with senior management of the Corporation and the Auditor, as the Agent shall consider appropriate in connection with the Offering.

5.

Deliveries By Closing Time

(a)

Deliveries:  By the Closing Time:

(i)

all actions required to be taken by or on behalf of the Corporation including, without limitation, the passing of all required resolutions of the directors, including committees of the directors, and shareholders of the Corporation, shall have occurred in order to complete the transactions contemplated by this Agreement and the Subscription Agreements, including, without limitation, to issue the Flow-Through Shares, to create and issue the Broker Warrants and to reserve for issue and conditionally issue the Broker Warrant Shares, and a certified copy of all such resolutions shall have been delivered by the Corporation to the Agent; 

(ii)

the Corporation shall have delivered or caused to be delivered to the Agent:

A.

a favourable legal opinion of counsel to the Corporation, Anfield Sujir Kennedy & Durno, addressed to, among others, the Agent and the Purchasers substantially in the form of the opinion attached hereto as Schedule A, 

B.

favourable title reports from the Government of Newfoundland and Labrador Department of Mines and Energy with respect to title to the Victoria Lake, Glenwood Break, Wing's Point-Titan and North Paul's Pond properties ,

C.

a certificate dated the Closing Date signed by an appropriate officer of the Corporation and addressed to, among others, the Agent and the Purchasers with respect to the memorandum and articles of the Corporation, the resolutions of the directors and shareholders, if any, of the Corporation and any other corporate action taken relating to this Agreement and the Ancillary Documents and with respect to such other matters as the Agent may reasonably request and including specimen signatures of the signing officers of the Corporation,

D.

a certificate dated the Closing Date addressed to, among others, the Agent and the Purchasers signed by the chief executive officer of the Corporation or any two other senior officers of the Corporation acceptable to the Agent substantially in the form of the certificate attached hereto as Schedule B,

E.

a Subscription Agreement from each Purchaser accepted by the Corporation,

F.

definitive certificates representing the Offered Securities registered in the names of the Purchasers or in such other names as the Purchasers or the Agent may direct,

G.

definitive certificates representing the Broker Warrants registered in the names of the Agent or in such other name or names as the Agent may direct, and 

H.

such further documents as may be contemplated by this Agreement or as the Agent may reasonably require,

all in form and substance satisfactory to the Agent; and

(iii)

the Agent shall have delivered or cause to be delivered to the Corporation:

A.

payment of the aggregate Purchase Price for the Flow-Through Shares purchased by the Purchasers by certified cheque or bank draft payable to the Corporation against delivery from the Corporation to the Agent of a receipt for the gross Purchase Price for the Flow-Through Shares and a bank draft in full payment of the Agent's fee set out in section 7(a) and expenses, and

B.

such further documents as may be contemplated by this Agreement or as the Corporation may reasonably require,

all in form and substance satisfactory to the Corporation.

6.

Closing

(a)

Closing:  The Closing shall be completed at the offices of counsel for the Corporation at the Closing Time on the Closing Date.

(b)

Conditions of Closing:  The following are conditions precedent to the obligation of the Agent to complete the Closing and of the Purchasers to purchase the Offered Securities, which conditions the Corporation hereby covenants and agrees to use the best efforts thereof to fulfill within the time set out herein therefor, and which conditions may be waived in writing in whole or in part by the Agent:

(i)

the Corporation shall have received all necessary approvals and consents, including all necessary regulatory approvals and consents (including those of the Stock Exchange) required for the completion of the transactions contemplated by this Agreement, all in a form satisfactory to the Agent, and the Stock Exchange shall have conditionally approved the listing thereon of the Subject Shares, subject to the fulfillment of normal conditions;

(ii)

receipt by the Agent of the documents set forth in section  of this Agreement to be delivered to the Agent; 

(iii)

the representations and warranties of the Corporation contained herein being true and correct as of the Closing Time with the same force and effect as if made at and as of the Closing Time after giving effect to the transactions contemplated hereby;

(iv)

the Corporation having complied with all covenants, and satisfied all terms and conditions, contained herein to be complied with and satisfied by the Corporation at or prior to the Closing Time; and 

(v)

the Agent not having previously terminated the obligations thereof pursuant to this Agreement.

7.

Fee

(a)

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

(i)

acting as Agent of the Corporation to solicit, on a best efforts basis, offers to purchase the Offered Securities;

(ii)

participating in the preparation of the form of the Subscription Agreements and certain of the Ancillary Documents; and 

(iii)

advising the Corporation with respect to the private placement of the Offered Securities;

the Corporation shall pay to the Agent or as the Agent may otherwise direct at the Closing Time against receipt of payment of the purchase price for the Offered Securities, a fee of 8% of the aggregate Purchase Price for the Offered Securities.

(b)

Taxes:  The Corporation and the Agent acknowledge and agree that if a separate fee would have been charged to the Corporation for the services described in clause  above, such separate fee would represent more than 50% of the fee payable to the Agent, and the Corporation hereby further acknowledges and agrees that the Agent 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 Agent any such tax and any applicable interest and penalties to the extent determined to be exigible.

(c)

Broker Warrants:  In addition to the commission payable to the Agent pursuant to subsection  hereof, as additional consideration for the services performed and to be performed by the Agent hereunder, the Corporation shall issue to the Agent or as the Agent may otherwise direct at the Closing Time Broker Warrants which entitle the holders thereof to acquire in the aggregate Common Shares equal in number to 8% of the number of Offered Securities sold, in form and substance satisfactory to the Agent.  

8.

Representations and Warranties

The Corporation hereby represents and warrants to the Agent and the Purchasers, and acknowledges that the Agent and the Purchasers are relying upon each of such representations and warranties in completing the Closing, as follows:

(a)

Subsidiaries:  The Corporation does not have any subsidiaries within the meaning of the Securities Act (British Columbia).

(b)

Incorporation and Organization: The Corporation has been incorporated and organized and is a valid and subsisting corporation and in good standing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to carry on its business as now conducted or proposed to be conducted and to own or lease and operate the property and assets thereof, and the minute books of the Corporation are true and correct and contain the minutes of all meetings and resolutions of the directors and shareholders thereof.

(c)

Extra-provincial Registration:  The Corporation is licensed, registered or qualified as an extra-provincial or foreign corporation in all jurisdictions where the character of the property or assets thereof owned or leased or the nature of the activities conducted by it make licensing, registration or qualification necessary and to the best of its knowledge, is carrying on the business thereof in compliance with all applicable laws, rules and regulations of each such jurisdiction.

(d)

Authorized Capital:  The Corporation is authorized to issue, among other things, unlimited Common Shares, of which, as of May 14, 2004, 16,899,203 Common Shares were issued and outstanding as fully paid and non-assessable shares.

(e)

Reserved Shares:  The Corporation will reserve or set aside sufficient shares in its treasury to issue the Flow-Through Shares and the Broker Warrant Shares.

(f)

Listing:  The Common Shares are, and at the time of issue of the Purchased Securities will be, listed on the Stock Exchange and the Flow-Through Shares will, at the time of issue, be conditionally listed on the Stock Exchange.  

(g)

Certain Securities Law Matters:  The Common Shares are listed only on the Stock Exchange.  The Corporation is a reporting issuer or the equivalent only in the Reporting Provinces and is not in default of any requirement of the Securities Laws of any of such Reporting Provinces or the Stock Exchange and the Common Shares are not registered under the Securities Exchange Act of 1934 (United States), as amended.

(h)

Resale of Securities:  The Flow-Through Shares will not be subject to a restricted period or statutory hold period under the Securities Laws of the Offering Jurisdictions as such laws exist as of the date hereof or to any resale restriction under the policies of the Stock Exchange, as such policies exist as of the date hereof, which extends beyond four months and one day after the Closing Date.

(i)

Rights to Acquire Securities:  No person has any right, agreement or option, present or future, contingent or absolute, or any right capable of becoming such a right, agreement or option, for the issue or allotment of any unissued shares in the capital of the Corporation, or any other security convertible into or exchangeable for any such shares, or to require the Corporation to purchase, redeem or otherwise acquire any of the issued and outstanding shares in its capital, except for, as at May 14, 2004, an aggregate of 8,668,684 Common Shares were reserved for issue pursuant to outstanding options, warrants, share incentive plans, convertible, exercisable and exchangeable securities and other rights to acquire Common Shares.

(j)

Rights Plan:  The directors of the Corporation have not adopted a shareholder rights plan or a similar plan and the Corporation is not party to what is commonly referred to as a shareholder rights plan agreement.

(k)

No Pre-emptive Rights:  The issue of the Offered Securities will not be subject to any pre-emptive right or other contractual right to purchase securities granted by the Corporation or to which the Corporation is subject.

(l)

Offered Securities:  Excepting any actions to be taken by the Agent as may be required under the Agency Agreement or that the Agent is required to make in order to comply with the registration exemptions available under the Securities Laws of the Offering Jurisdictions, the Corporation will use its reasonable best efforts to ensure that the issue by the Corporation to the Subscriber of the Offered Securities will be exempt from the registration and prospectus requirements of Securities Laws.

(m)

Issue of Offered Securities:  All necessary corporate action has been taken to authorize the issue and sale of, and the delivery of certificates representing, the Offered Securities and, upon payment of the requisite consideration therefor, the Flow-Through Shares will be validly issued as fully paid and non-assessable shares.

(n)

Consents, Approvals and Conflicts:  None of the offering and sale of the Offered Securities, the execution and delivery of this Agreement or the Ancillary Documents, the compliance by the Corporation with the provisions of this Agreement and the Ancillary Documents or the consummation of the transactions contemplated herein and therein including, without limitation, the issue of the Offered Securities to the Subscribers for the consideration and upon the terms and conditions as set forth herein, do or will (i) require the consent, approval, or authorization, order or agreement of, or registration or qualification with, any governmental agency, body or authority, court, stock exchange, securities regulatory authority or other Person, except (A) such as have been obtained, or (B) such as may be required under Securities Laws and will be obtained by the Closing Date, or (C) such as may be required by the policies of the Stock Exchange and will be obtained by the Closing Date, or (ii) conflict with or result in any breach or violation of any of the provisions of, or constitute a default under, any indenture, mortgage, deed of trust, lease or other agreement or instrument to which the Corporation is a party or by which it or any of the properties or assets thereof is bound, or the memorandum or articles of the Corporation or any resolution passed by the directors (or any committee thereof) or shareholders of the Corporation, or any statute or any judgment, decree, order, rule, policy or regulation of any court, governmental authority, arbitrator, stock exchange or securities regulatory authority applicable to the Corporation or any of the properties or assets thereof which could have a material adverse effect on the condition (financial or otherwise), business, properties or results of operations of the Corporation.

(o)

Authority and Authorization:  The Corporation has full corporate power and authority to enter into this Agreement and the Ancillary Documents and to do all acts and things and execute and deliver all documents as are required hereunder and thereunder to be done, observed, performed or executed and delivered by it in accordance with the terms hereof and thereof and the Corporation has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the Ancillary Documents and to observe and perform the provisions of this Agreement and the Ancillary Documents in accordance with the provisions hereof and thereof including, without limitation, the issue of the Offered Securities to the Purchasers for the consideration and upon the terms and conditions set forth herein.

(p)

Validity and Enforceability:  Each of this Agreement and the Subscription Agreements has been authorized, executed and delivered by the Corporation and constitutes a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting the rights of creditors generally and except as limited by the application of equitable principles when equitable remedies are sought, and by the fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable terms, may be limited by applicable laws.

(q)

Broker Warrants:  

(i)

The Corporation has all requisite corporate power and authority to issue the Broker Warrants and to enter into, execute and deliver and to carry out the obligations thereof under the Broker Warrant Certificates.  All necessary corporate action has been taken by the Corporation to authorize the issue of the Broker Warrants in accordance with the terms and conditions hereof and, when issued, the Broker Warrants will be validly issued and to authorize the creation, execution, delivery and performance of the Broker Warrant Certificates and to observe and perform the provisions of the Broker Warrant Certificates in accordance with the provisions thereof including, without limitation, the issue of the Broker Warrant Shares for the consideration and upon the terms and conditions set forth in the Broker Warrant Certificates, and upon the issue thereof, the Broker Warrant Shares will be validly issued as fully paid and non-assessable shares.

(ii)

The Broker Warrant Certificates constitute valid and legally binding obligations of the Corporation enforceable against the Corporation in accordance with the terms thereof except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting the rights of creditors generally and except as limited by the application of equitable principles when equitable remedies are sought, and by the fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable terms, may be limited by applicable laws.  None of the issue of the Broker Warrants, the execution and delivery of the Broker Warrant Certificates, the compliance by the Corporation with the provisions of the Broker Warrant Certificates or the consummation of the transactions contemplated therein, including without limitation, the issue of the Broker Warrant Shares for the consideration and upon the terms and conditions set forth in the Broker Warrant Certificates, do or will (i) require the consent, approval, or authorization, order or agreement of, or registration or qualification with, any governmental agency, body or authority, court, stock exchange, securities regulatory authority or other Person, except (A) such as have been obtained, or (B) such as may be required under applicable Securities Laws and will be obtained by the Closing Date, or (C) such as may be required under the policies of the Stock Exchange and will be obtained by the Closing Date, or (ii) conflict with or result in any breach or violation of any of the provisions of, or constitute a default under, any indenture, mortgage, deed of trust, lease or other agreement or instrument to which the Corporation is a party or by which it or any of the properties or assets thereof is bound, or the memorandum or articles of the Corporation or any resolution passed by the directors (or any committee thereof) or shareholders of the Corporation, or any statute or any judgment, decree, order, rule, policy or regulation of any court, governmental authority, any arbitrator, stock exchange or securities regulatory authority applicable to the Corporation or any of the properties or assets thereof which could have a material adverse effect on the condition (financial or otherwise), business, properties or results of operations of the Corporation.

(iii)

None of the issue of the Broker Warrants or the Broker Warrant Shares will be subject to any pre-emptive right or other contractual right to purchase securities granted by the Corporation or to which the Corporation is subject.  

(iv)

The issue by the Corporation to the Agent of the Broker Warrants will be exempt from the registration and prospectus requirements of the Securities Laws of the Offering Jurisdictions.  The Broker Warrant Shares will not be subject to a restricted period or statutory hold period under the Securities Laws of the Offering Jurisdictions or to any resale restrictions under the policies of the Stock Exchange which extends beyond four months and one day after the Closing Date.

(r)

Public Disclosure:  Each of the documents which contains any of the Information is, as of the date thereof, in compliance in all material respects with the Securities Laws of the Reporting Provinces.  There is no fact known to the Corporation which the Corporation has not publicly disclosed which materially adversely affects, or so far as the Corporation can reasonably foresee, will materially adversely affect, the assets, liabilities (contingent or otherwise), capital, affairs, business, prospects, operations or condition (financial or otherwise) of the Corporation or the ability of the Corporation to perform its obligations under this Agreement or the Ancillary Documents or which would otherwise be material to any Person intending to make an equity investment in the Corporation.

(s)

Timely Disclosure:  The Corporation is in compliance with all timely disclosure obligations under the Securities Laws of the Reporting Provinces, and, without limiting the generality of the foregoing, there has not occurred any material adverse change, in the assets, liabilities (contingent or otherwise), capital, affairs, business, prospects, operations or condition (financial or otherwise) of the Corporation which, if required by the Securities Laws of the Reporting Provinces, has not been publicly disclosed and none of the documents filed by or on behalf of the Corporation pursuant to the Securities Laws of the Reporting Provinces contain a misrepresentation (as such term is defined in the Securities Act (British Columbia)) at the date of the filing thereof.

(t)

No Cease Trade Order:  No order preventing, ceasing or suspending trading in any securities of the Corporation or prohibiting the issue and sale of securities by the Corporation or any of its directors, officers or promoters or of any company that has common directors, officers or promoters is currently outstanding and no proceedings for any of such purposes have been instituted or, to the best of the knowledge of the Corporation, are pending, contemplated or threatened.

(u)

Accounting Controls:  The Corporation maintains a system of internal accounting controls sufficient to provide reasonable assurance that:  (i) transactions are completed in accordance with the general or a specific authorization of management of the Corporation; (ii) transactions are recorded as necessary to permit preparation of financial statements for the Corporation in conformity with Canadian generally accepted accounting principles and to maintain asset accountability; (iii) access to assets of the Corporation is permitted only in accordance with the general or a specific authorization of management of the Corporation; and (iv) the recorded accountability for assets of the Corporation is compared with the existing assets of the Corporation at reasonable intervals and appropriate action is taken with respect to any differences therein.

(v)

Financial Statements:  The audited financial statements of the Corporation for the year ended April 30, 2003, together with the auditors' report thereon and the notes thereto, and the unaudited interim financial statements of the Corporation for the period ended January 31, 2004 and the notes thereto, have been prepared in accordance with Canadian generally accepted accounting principles applied on a basis consistent with prior periods (except as disclosed in such financial statements), are substantially correct in every particular and present fairly the financial condition and position of the Corporation as at the dates thereof and such financial statements contain no statement of a material fact which is untrue on the date of such financial statements and do not omit to state any material fact which is required by Canadian generally accepted accounting principles  to be stated or reflected therein or which is necessary to make the statements contained therein not misleading and no adverse material changes in the financial position of the Corporation have taken place since the date thereof, and the auditors who audited such financial statements are independent of the Corporation.

(w)

Changes in Financial Position:  Since April 30, 2003:

(i)

the Corporation has not paid or declared any dividend or incurred any material capital expenditure or made any commitment therefor or made any other distribution on any of its common shares or securities of any class;

(ii)

the Corporation has not incurred any obligation or liability, direct or indirect, contingent or otherwise, except in the ordinary course of business and which is not, and which in the aggregate are not, material;

(iii)

the Corporation has not entered into any material transaction;

(iv)

the Corporation has not, directly or indirectly, redeemed, purchased or otherwise acquired any of its common shares or securities or agreed to do any of the foregoing; and

(v)

there has not been any material change in the assets, liabilities or obligations (absolute, accrued, contingent or otherwise) of the Corporation as set forth in its financial statements and there has not been any material adverse change in the  business, operations or condition (financial or otherwise) or results of the operations of the Corporation, since April 30, 2003 and since that date there have been no material facts, transactions, events or occurrences which could materially adversely affect the business of the Corporation,

except in each case as disclosed in the Information.

(x)

Insolvency:  The Corporation has not has committed an act of bankruptcy or sought protection from the creditors thereof before any court or pursuant to any legislation, proposed a compromise or arrangement to the creditors thereof generally, taken any proceeding with respect to a compromise or arrangement, taken any proceeding to be declared bankrupt or wound up, taken any proceeding to have a receiver appointed of any of the assets thereof, had any Person holding any encumbrance, lien, charge, hypothec, pledge, mortgage, title retention agreement or other security interest or receiver take possession of any of the property thereof, had an execution or distress become enforceable or levied upon any portion of the property thereof or had any petition for a receiving order in bankruptcy filed against it.

(y)

No Contemplated Changes:  Except as disclosed in the Information, the Corporation has not approved, is not contemplating, has not entered into any agreement in respect of, and has no knowledge of:

(i)

the purchase of any property or assets or any interest therein or the sale, transfer or other disposition of any property or assets or any interest therein currently owned, directly or indirectly, by the Corporation whether by asset sale, transfer of shares or otherwise;

(ii)

the change of control (by sale or transfer of shares or sale of all or substantially all of the property and assets of the Corporation or otherwise) of the Corporation; or

(iii)

a proposed or planned disposition of shares by any shareholder who owns, directly or indirectly, 10% or more of the outstanding shares of the Corporation.

(z)

Insurance:  The assets of the Corporation and the business and operations thereof are not insured against loss or damage.

(aa)

Taxes and Tax Returns:  All taxes (including income tax, capital tax, payroll taxes, employer health tax, workers' compensation payments, property taxes, custom and land transfer taxes), duties, royalties, 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 have been paid.  The Corporation has filed in a timely manner all necessary tax returns and notices and has paid all applicable taxes of whatsoever nature for all tax years prior to the date hereof to the extent that such taxes have become due or have been alleged to be due and the Corporation is not aware of any tax deficiencies or interest or penalties accrued or accruing, or alleged to be accrued or accruing, thereon where, in any of the above cases, it might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), or in the earnings, business or affairs of the Corporation and there are no agreements, waivers or other arrangements providing for an extension of time with respect to the filing of any tax return by the Corporation or the payment of any material tax, governmental charge, penalty, interest or fine against the Corporation.  There are no material actions, suits, proceedings, investigations or claims now threatened or pending against the Corporation which could result in a material liability in respect of taxes, charges or levies of any governmental authority, penalties, interest, fines, assessments or reassessments or any matters under discussion with any governmental authority relating to taxes, governmental charges, penalties, interest, fines, assessments or reassessments asserted by any such authority and the Corporation has withheld (where applicable) from each payment to each of the present and former officers, directors, employees and consultants thereof the amount of all taxes and other amounts, including, but not limited to, income tax and other deductions, required to be withheld therefrom, and has paid the same or will pay the same when due to the proper tax or other receiving authority within the time required under applicable tax legislation.

(bb)

Compliance with Laws, Licenses and Permits:  To the best of its knowledge, the Corporation has conducted and is conducting the business thereof in compliance in all material respects with all applicable laws, rules, regulations, tariffs, orders and directives of each jurisdiction in which it carries on business and possesses all material approvals, consents, certificates, registrations, authorizations, permits and licenses issued by the appropriate provincial, state, municipal, federal or other regulatory agency or body necessary to carry on the business currently carried on, or contemplated to be carried on, by it, including without limitation, all laws, regulations and statutes relating to mining claims, concessions, licenses or leases and mining generally, is in compliance in all material respects with the terms and conditions of all such approvals, consents, certificates, authorizations, permits and licenses and with all laws, regulations, tariffs, rules, orders and directives material to the operations thereof, and the Corporation has not received any notice of the modification, revocation or cancellation of, or any intention to modify, revoke or cancel or any proceeding relating to the modification, revocation or cancellation of any such approval, consent, certificate, authorization, permit or license which, singly or in the aggregate, if the subject of an unfavourable decision, order, ruling or finding, would materially adversely affect the conduct of the business or operations of, or the assets, liabilities (contingent or otherwise), condition (financial or otherwise) or prospects of, the Corporation.

(cc)

Agreements and Actions:  The Corporation is not in violation of any term of its memorandum or articles.  The Corporation is not in violation of any term or provision of any agreement, indenture or other instrument applicable to it which would, or could, result in any material adverse effect on the business, condition (financial or otherwise), capital, affairs or operations of the Corporation, nor is the Corporation in default in the payment of any obligation owed which is now due and there is no action, suit, proceeding or investigation commenced, pending or, to the knowledge of the Corporation after due inquiry, threatened which, either in any case or in the aggregate, might result in any material adverse effect on the business, condition (financial or otherwise), capital, affairs, prospects or operations of the Corporation or on any of the material properties or assets thereof or in any material liability on the part of the Corporation or which places, or could place, in question the validity or enforceability of this Agreement or any document or instrument delivered, or to be delivered, by the Corporation pursuant hereto or thereto, and all agreements by which the Corporation holds an interest in a property, business or asset are in good standing according to their terms.

(dd)

Owner of Property:  The Corporation is the absolute legal and beneficial owner of, and has good and marketable title to, all of the material property or assets thereof as described in the Information, free of all mortgages, liens, charges, pledges, security interests, encumbrances, claims or demands whatsoever, other than those described in the Information, and no other property rights are necessary for the conduct of the business of the Corporation as currently conducted or contemplated to be conducted, there are no restrictions on the ability of the Corporation to use, transfer or otherwise exploit any such property rights, the Corporation does not know of any claim or the basis for any claim that might or could adversely affect the right thereof to use, transfer or otherwise exploit such property rights and, except as disclosed in the Information, the Corporation does not have any responsibility or obligation to pay any commission, royalty, licence fee or similar payment to any Person with respect to the property rights thereof.

(ee)

Mineral Rights:  The Corporation holds either freehold title, mining leases, mining claims or other conventional property, proprietary or contractual interests or rights, recognized in the jurisdiction in which a particular property is located, in respect of the ore bodies and minerals located in properties in which the Corporation has an interest as described in the Information under valid, subsisting and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit the Corporation to explore the minerals relating thereto, all such property, leases or claims and all property, leases or claims in which the Corporation has any interest or right have been validly located and recorded in accordance with all applicable laws and are valid and subsisting, the Corporation has all necessary surface rights, access rights and other necessary rights and interests relating to the properties in which the Corporation has an interest as described in the Information granting the Corporation the right and ability to explore for minerals, ore and metals for development purposes as are appropriate in view of the rights and interest therein of the Corporation, with only such exceptions as do not materially interfere with the use made by the Corporation of the rights or interests so held and each of the proprietary interests or rights and each of the documents, agreements and instruments and obligations relating thereto referred to above is currently in good standing in the name of the Corporation.

(ff)

Property Agreements:  Any and all of the agreements and other documents and instruments pursuant to which the Corporation holds the property and assets thereof (including an interest in, or right to earn an interest in, any property) are valid and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance with terms thereof, the Corporation is not in default of any of the material provisions of any such agreements, documents or instruments nor has any such default been alleged, and such properties and assets are in good standing under the applicable statutes and regulations of the jurisdictions in which they are situated, all leases, licences and claims pursuant to which the Corporation derives the interests thereof in such property and assets are in good standing and there has been no material default under any such lease, licence or claim and all taxes required to be paid with respect to such properties and assets to the date hereof have been paid.  None of the properties (or any interest in, or right to earn an interest in, any property) of the Corporation is subject to any right of first refusal or purchase or acquisition right which is not disclosed in the Information.

(gg)

No Defaults:  The Corporation is not in default of any material term, covenant or condition under or in respect of any judgment, order, agreement or instrument to which it is a party or to which it or any of the property or assets thereof are or may be subject, and no event has occurred and is continuing, and no circumstance exists which has not been waived, which constitutes a default in respect of any commitment, agreement, document or other instrument to which the Corporation is a party or by which it is otherwise bound entitling any other party thereto to accelerate the maturity of any amount owing thereunder or which could have a material adverse effect upon the condition (financial or otherwise), capital, property, assets, operations or business of the Corporation.

(hh)

Compliance with Employment Laws:  Except as disclosed in the Information, the Corporation is in compliance with all laws and regulations respecting employment and employment practices, terms and conditions of employment, pay equity and wages, except where such non-compliance would not constitute an adverse material fact concerning the Corporation or result in an adverse material change to the Corporation, and has not and is not engaged in any unfair labour practice, there is no labour strike, dispute, slowdown, stoppage, complaint or grievance pending or, to the best of the knowledge of the Corporation after due inquiry, threatened against the Corporation, no union representation question exists respecting the employees of the Corporation and no collective bargaining agreement is in place or currently being negotiated by the Corporation, the Corporation has not received any notice of any unresolved matter and there are no outstanding orders under the  employment, labour, workers' compensation and workplace safety legislation in any jurisdiction in which the Corporation carries on business or has employees, no employee has any agreement as to the length of notice required to terminate his or her employment with the Corporation in excess of twelve months or equivalent compensation and all benefit and pension plans of the Corporation are funded in accordance with applicable laws and no past service funding liability exist thereunder.

(ii)

Employee Plans:  The Corporation has no 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, pension, incentive or otherwise contributed to, or required to be contributed to, by the Corporation for the benefit of any current or former officer, director, employee or consultant of the Corporation. 

(jj)

Accruals:  All material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, federal or provincial pension plan premiums, accrued wages, salaries and commissions and payments for any plan for any officer, director, employee or consultant of the Corporation have been accurately reflected in the books and records of the Corporation.

(kk)

Work Stoppage:  There has not been, and there is not currently, any labour trouble which is adversely effecting or could adversely effect, in a material manner, the conduct of the business of the Corporation.

(ll)

Environmental Compliance:  Except as disclosed in the Information, the Corporation:

(i)

and the property, assets and operations thereof comply in all material respects with all applicable Environmental Laws (which term means and includes, without limitation, any and all applicable international, federal, provincial, state, municipal or local laws, statutes, regulations, treaties, orders, judgments, decrees, ordinances, official directives and all authorizations relating to the environment, occupational health and safety, or any Environmental Activity (which term means and includes, without limitation, any past, present or future activity, event or circumstance in respect of a Contaminant (which term means and includes, without limitation, any pollutants, dangerous substances, liquid wastes, hazardous wastes, hazardous materials, hazardous substances or contaminants or any other matter including any of the foregoing, as defined or described as such pursuant to any Environmental Law), including, without limitation, the storage, use, holding, collection, purchase, accumulation, assessment, generation, manufacture, construction, processing, treatment, stabilization, disposition, handling or transportation thereof, or the release, escape, leaching, dispersal or migration thereof into the natural environment, including the movement through or in the air, soil, surface water or groundwater));

(ii)

does not have any knowledge of, and has not received any notice of, any material claim, judicial or administrative proceeding, pending or threatened against, or which may affect, the Corporation or any of the property, assets or operations thereof, relating to, or alleging any violation of any Environmental Laws, the Corporation is not aware of any facts which could give rise to any such claim or judicial or administrative proceeding and neither the Corporation nor any of the property, assets or operations thereof is the subject of any investigation, evaluation, audit or review by any Governmental Authority (which term means and includes, without limitation, any national, federal government, province, state, municipality or other political subdivision of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing) to determine whether any violation of any Environmental Laws has occurred or is occurring or whether any remedial action is needed in connection with a release of any Contaminant into the environment, except for compliance investigations conducted in the normal course by any Governmental Authority;

(iii)

has not given or filed any notice under any federal, state, provincial or local law with respect to any Environmental Activity, the Corporation has no any liability (whether contingent or otherwise) in connection with any Environmental Activity and the Corporation is not aware of any notice being given under any federal, state, provincial or local law or of any liability (whether contingent or otherwise) with respect to any Environmental Activity relating to or affecting the Corporation or the property, assets, business or operations thereof; 

(iv)

does not store any hazardous or toxic waste or substance on the property thereof and has not disposed of any hazardous or toxic waste, in each case in a manner contrary to any Environmental Laws, and there are no Contaminants on any of the premises at which the Corporation carries on business, in each case other than in compliance with Environmental Laws; and

(v)

is not subject to any contingent or other liability relating to the restoration or rehabilitation of land, water or any other part of the environment or non-compliance with Environmental Law.

(mm)

No Litigation:  Except as disclosed in the Information, there are no actions, suits, proceedings, inquiries or investigations existing, pending or, to the knowledge of the Corporation after due inquiry, threatened against or which adversely affect the Corporation or to which any of the property or assets thereof is subject, at law or equity, or before or by any court, federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which may in any way materially adversely affect the condition (financial or otherwise), capital, property, assets, operations or business of the Corporation or its ability to perform the obligations thereof and the Corporation is not subject to any judgment, order, writ, injunction, decree, award, rule, policy or regulation of any Governmental Authority, which, either separately or in the aggregate, may result in a material adverse effect on the condition (financial or otherwise), capital, property, assets, operations or business of the Corporation or the ability of the Corporation to perform its obligations under this Agreement or the Ancillary Documents.

(nn)

Non-Arm's Length Transactions:  Except as disclosed in the Information, the Corporation does not owe any amount to, nor has the Corporation any present loans to, or borrowed any amount from or is otherwise indebted to, any officer, director, employee or securityholder thereof or any Person not dealing at "arm's length" (as such term is defined in the Income Tax Act (Canada)) with any of them except for usual employee reimbursements and compensation paid in the ordinary and normal course of the business of the Corporation.  Except usual employee or consulting arrangements made in the ordinary and normal course of business, the Corporation is not a party to any contract, agreement or understanding with any officer, director, employee or securityholder thereof or any other Person not dealing at arm's length with the Corporation.  Insofar as the Corporation is aware, no officer, director or employee of the Corporation and no Person which is an affiliate or associate of any of the foregoing Person, owns, directly or indirectly, any interest (except for shares representing less than 5% of the outstanding shares of any class or series of any publicly traded company) in, or is an officer, director, employee or consultant of, any Person which is, or is engaged in, a business competitive with the business of the Corporation which could materially adversely impact on the ability to properly perform the services to be performed by such Person for the Corporation.  Insofar as the Corporation is aware, no officer, director, employee or securityholder of the Corporation has any cause of action or other claim whatsoever against, or owes any amount to, the Corporation except for claims in the ordinary and normal course of the business of the Corporation such as for accrued vacation pay or other amounts or matters which would not be material to the Corporation.

(oo)

Flow-Through Shares:  Upon issue, the Flow-Through Shares will be "flow-through shares" as defined in subsection 66(15) of the Tax Act and are not and will not be prescribed shares within the meaning of section 6202.1 of the regulations to the Tax Act.  

(pp)

Principal-Business Corporation:  The Corporation is a "principal-business corporation" as defined in subsection 66(15) of the Tax Act and will continue to be a "principal-business corporation" until such time as all of the Resource Expenses required to be renounced under the Subscription Agreements have been incurred and validly renounced pursuant to the Tax Act.

(qq)

Commitment Amount:  The Corporation has no reason to believe that it will be unable to incur, on or after the Closing Date and on or before the Termination Date or that it will be unable to renounce to the Subscriber effective on or before December 31, 2004, Resource Expenses in an aggregate amount equal to the Commitment Amount and the Corporation has no reason to expect any reduction of such amount by virtue of subsection 66(12.73) of the Tax Act.

(rr)

Share Certificates:  The definitive form of certificate for the Common Shares complies with the requirements of the Stock Exchange.

(ss)

Broker Fees:  Other than the Agent, there is no person, firm or corporation acting or purporting to act at the request of the Corporation who is entitled to any brokerage or finder's fee in connection with the Offered Securities.

(tt)

Material Contracts:  The Corporation is not a party to any material contracts other than as disclosed in the Information and each of the material contracts referred to in the Information to which the Corporation is a party have been duly authorized, executed and delivered by the Corporation and is a legal, valid and binding obligation of the Corporation, enforceable in accordance with their respective terms.

(uu)

Subscription Agreements:  The representations made by the Corporation in the Subscription Agreements to be entered into between the Corporation and the Purchasers and any other written or oral representation made by the Corporation to a Purchaser or potential Purchaser in connection with the Offering will be accurate in all material respects and will omit no fact, the omission of which will make such representation misleading.

(vv)

Continued Accuracy:  All of the representations and warranties made by the Corporation in this Agreement will continue to be true and correct as of the Closing Time.

9.

Covenants of the Corporation

(a)

Consents and Approvals:  Immediately following the acceptance by the Corporation hereof, the Corporation covenants and agrees with the Agent and the Purchasers that the Corporation will:

(i)

obtain, to the extent not already obtained, the necessary regulatory consents from the Stock Exchange and, to the extent necessary, from the Securities Commissions of the Offering Jurisdictions for the Offering on such terms as are mutually acceptable to the Agent and the Corporation, acting reasonably;

(ii)

arrange for the listing of the Subject Shares on the Stock Exchange as soon as possible; and

(iii)

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 Agent and the Purchasers that the Corporation will:

(i)

for a period of a least 12 months from the Closing Date, the Corporation shall use its best efforts to remain a validly subsisting corporation licensed, registered or qualified as an extra-provincial or foreign corporation in all jurisdictions where the character of the properties owned or leased by the Corporation or the nature of the activities conducted by the Corporation make such licensing, registration or qualification necessary and shall carry on the business thereof in the ordinary course and in compliance in all material respects with all applicable laws, rules and regulations of each such jurisdiction;

(ii)

fulfill all legal requirements, other than those required to be fulfilled by the Agent, to permit the creation, issue, offering and sale of the Offered Securities, the creation and issue of the Brokers Warrants and the issue of the Broker Warrant Shares as contemplated in this Agreement including, without limitation, compliance with the Securities Laws of the Offering Jurisdictions to enable the Offered Securities to be offered for sale and sold to the Purchasers and the Broker Warrants to be issued to the Agent without the necessity of filing a prospectus in the Offering Jurisdictions; 

(iii)

during the period commencing on the date hereof and ending on the conclusion of the distribution of the Flow-Through Shares, give the Agent prompt written notice of any material change (actual, proposed, anticipated, or threatened) in or affecting the business, affairs, operations, assets, liabilities (contingent or otherwise), capital or control of the Corporation;

(iv)

deliver to the Agent 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;

(v)

during the period commencing with the date hereof and ending on the conclusion of the distribution of the Flow-Through Shares promptly inform the Agent of:

(i)

any request of any securities commission, stock exchange, or similar regulatory authority for any information relating to the Corporation or its directors, officers or insiders;

(ii)

the issuance by a securities commission, stock exchange or similar regulatory authority or by any other competent authority of any order to cease or suspend trading of any securities of the Corporation or of the institution or threat or institution of any proceedings for that purpose; and

(iii)

the receipt by the Corporation of any communication from any securities commission, stock exchange, or similar regulatory authority relating to the Information or the distribution of the Flow-Through Shares;

(vi)

use its commercial best efforts to maintain the listing on the Stock Exchange of the class of shares of which the Subject Shares form a part for a period of at least 12 months after the Closing Date.  The Corporation shall obtain from the Stock Exchange not later than the Closing Date, conditional approval to issue the Offered Securities;  

(vii)

use its best efforts to maintain its status thereof as a reporting issuer not in default under the securities legislation of each of the Reporting Provinces for a period of 12 months after the Closing Date; and

(viii)

forthwith after the Closing Date file such documents as may be required under the Securities Laws of the Offering Jurisdictions relating to the offering of the Offered Securities which, without limiting the generality of the foregoing, shall include a Form 45-501F1 as prescribed under the Ontario Act, Form 45-103F4 in the provinces of British Columbia and Alberta and the equivalent thereof in all other Offering Jurisdictions.

(c)

Flow-Through Shares:  The Corporation hereby covenants with the Agent and the Purchasers of the Flow-Through Shares that:

(i)

the Corporation shall incur as soon as possible and in any event, during the Expenditure Period, Resource Expenses in an amount not less than the Commitment Amount;

(ii)

the Corporation shall renounce in favour of the Purchasers of the Flow-Through Shares and take all other actions necessary under the Tax Act and within the time periods required under the Tax Act in order for such renunciation to be valid and effective on or before December 31, 2004, Resource Expenses in an amount not less than the Commitment Amount;

(iii)

the Corporation shall file, pursuant to the Tax Act and any applicable provincial tax statute on a timely basis, the prescribed forms, including, without limitation, the form T100 and any applicable provincial equivalent required to be filed by the end of the month after the month in which the Closing Date occurs, together with a copy of the Subscription Agreements in respect of the Flow-Through Shares and all required supporting documents;

(iv)

the Corporation shall provide to the Purchasers of the Flow-Through Shares, as soon as possible after the Corporation has renounced Resource Expenses, all information and documents that the Purchasers of the Flow-Through Shares may reasonably require for income tax purposes;

(v)

the Corporation shall keep proper and complete books, records and accounts of all expenses incurred by the Corporation and all transactions affecting the Purchasers of the Flow-Through Shares and the use of the Commitment Amount and, upon reasonable notice, if required by the Purchasers of the Flow-Through Shares in order to satisfy any demand or request by Revenue Canada, if applicable, to make such books, records and accounts available for inspection and audit by or on behalf of the Purchasers of the Flow-Through Shares or Revenue Canada, if applicable; 

(vi)

if the Corporation fails to renounce in favour of the Purchasers of the Flow-Through Shares, effective on or before December 31, 2004, Resource Expenses in an amount, after any adjustment pursuant to subsection 66(12.73) of the Tax Act, at least equal to the Commitment Amount, the Corporation shall pay forthwith after such failure becomes known an amount equal to the amount of any tax (within the meaning of subparagraph 6202.1(5)(b) of the regulation to the Tax Act) payable by the Purchasers of the Flow-Through Shares under the Tax Act, if applicable, or the laws of any other province of Canada, as a consequence of such failure to renounce by the Corporation;

(vii)

the Corporation shall file with Revenue Canada within the time prescribed under subsection 66(12.68) of the Act the forms prescribed for the purposes of such legislation together with a copy of the Subscription Agreements in respect of the Flow-Through Shares and any "selling instrument" contemplated by such legislation and by the Subscription Agreements in respect of the Flow-Through Shares;

(viii)

the Corporation shall maintain its status as a "principal business corporation" as defined in subsection 66(15) of the Tax Act until January 1, 2006;

(ix)

the Corporation shall incur and renounce Resource Expenses pursuant to the Subscription Agreements in respect of the Flow-Through Shares before incurring and renouncing Resource Expenses pursuant to any other agreement which it has entered into or shall enter into with any Person with respect to the issue of Common Shares which are Flow-Through Shares or securities which are exchangeable or exercisable for, or convertible into, Common Shares which are Flow-Through Shares, the Corporation shall not, without the prior written consent of the Agent (which consent may be withheld in the sole discretion of the Agent) (i) enter into any other agreement which would prevent or restrict its ability to renounce to the Purchasers of the Flow-Through Shares, Resource Expenses in the amount of the Commitment Amount, or (ii) enter into any agreement in 2004 which provides for the issue of Common Shares which are Flow-Through Shares or securities exchangeable or exercisable for, or convertible into, Common Shares which are Flow-Through Shares, at an effective price per Common Share which is less than $0.25 and, if the Corporation is required under the Tax Act to reduce Resource Expenses previously renounced to the Purchasers of the Flow-Through Shares, the reduction shall be made pro rata by number of Flow-Through Shares purchased and provided that the Corporation shall not reduce Resource Expenses renounced to the Purchasers of the Flow-Through Shares under the Subscription Agreements in respect thereof until it has first reduced to the extent possible all CEE renounced to Persons other than the Purchasers of the Flow-Through Shares;

(x)

the Resource Expenses to be renounced by the Corporation to the Purchasers of the Flow-Through Shares:

A.

will constitute Resource Expense, with the Corporation using its best efforts to ensure that such Resource Expense qualifies as a Flow-Through Mining Expenditure, on the effective date of the renunciation,

B.

will not include expenses that are "Canadian exploration and development overhead expenses" (as defined in the Regulations to the Tax Act for purposes of paragraph 66(12.6)(b) of the Tax Act) of the Corporation or amounts which constitute specified expenses for seismic data described in paragraph 66(12.6)(b.1) of the Tax Act or any expenses for prepaid services or rent that do not qualify as outlays and expenses for the applicable period as described in the definition of "expenses" in subsection 66(15) of the Tax Act,

C.

will not include any amount that has previously been renounced by the Corporation to the Purchasers of the Flow-Through Shares or to any other Person,

D.

would be deductible by the Corporation in computing its income for the purposes of Part I of the Tax Act but for the renunciation to the Purchasers of the Flow-Through Shares, and

E.

will not be subject to any reduction under subsection 66(12.73) of the Tax Act;

(vi)

the Corporation shall not reduce the amount renounced to the Purchasers of the Flow-Through Shares pursuant to subsection 66(12.6) of the Tax Act;

(vii)

the Corporation shall not be subject to the provisions of subsection 66(12.67) of the Tax Act in a manner which impairs its ability to renounce Resource Expense to the Purchasers of the Flow-Through Shares in an amount equal to the Commitment Amount; 

(viii)

if the Corporation receives, or becomes entitled to receive, any government assistance which is described in paragraph (a) of the definition of "excluded obligation" in subsection 6202.1(5) of the regulations made under the Tax Act and the receipt or entitlement to receive such government assistance has or will have the effect of reducing the amount of CEE validly renounced to the Purchasers of the Flow-Through Shares to less than the Commitment Amount, the Corporation shall to the extent it is commercially reasonable to do so, incur on or before the Termination Date sufficient additional Resource Expenses so that it is able to renounce an amount equal to the Commitment Amount to the Purchasers, after accounting for government assistance received, and to the extent it is not able to do so, the Corporation shall remit to the Purchasers of the Flow-Through Shares the benefit of all amounts received or receivable in respect of such government assistance to the extent of such reduction; and

(xiv)

the Corporation shall deliver to the Purchasers of the Flow-Through Shares on or before March 1, 2005, a list of the provinces, territories or other jurisdictions in Canada where the Corporation has incurred, or intends to incur, Resource Expenses together with the amount incurred in each such province, territory or jurisdiction.

(d)

Use of Proceeds:  The Corporation will use the gross proceeds of the Flow-Through Shares sold under the Offering for the exploration of the properties of the Corporation located in Canada.

(e)

Issues of Further Securities:  The Corporation will not, without the prior written consent of the Agent, such consent not to be unreasonably withheld, agree to create, issue or sell, or create, issue or sell, any Common Shares or any securities exchangeable or exercisable for, or convertible into, any Common Shares, at an effective price per Common Share which is less than $0.25 other than:

(i)

as contemplated hereby; or

(ii)

Common Shares issuable under existing options or incentive plans, convertible, exchangeable or exercisable securities or other rights to acquire Common Shares which are disclosed as of the date hereof in the Information;

(iii)

as consideration for an arm's length acquisition effected by the Corporation in the ordinary course of business, 

at any time prior to 90 days after the Closing Date nor shall the Corporation publicly announce prior to 90 days after the Closing Date any intention to do so thereafter.

10.

Termination

(a)

Right of Termination:  The Agent shall be entitled, at the sole option thereof, to terminate and cancel, without any liability on the part of the Agent, all of the obligations thereof 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)

the Agent is not satisfied in the sole discretion thereof with the results of the due diligence review and investigation of the Corporation conducted by the Agent;

(ii)

there is in the sole opinion of the Agent 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 Common Shares or any other securities of the Corporation or on the marketability of the Offered Securities;

(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 Agent, 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 Common Shares or any other securities of the Corporation or the marketability of the Offered Securities;

(iv)

the state of the financial markets is such that in the sole opinion of the Agent it would be unprofitable to offer or continue to offer for sale the Offered Securities;

(v)

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

(vi)

any order to cease or suspend trading in any securities of the Corporation is made, threatened or announced by the Stock Exchange or any other securities regulatory authority; 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 Agent pursuant to subsection  hereof shall be effected by notice in writing delivered by the Agent to the Corporation at the address thereof as set out in section  hereof.  The right of the Agent to so terminate the obligations thereof under this Agreement is in addition to such other remedies as the Agent 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 Agent pursuant to subsection  hereof there shall be no further liability on the part of the Agent to the Corporation or of the Corporation to the Agent except any liability which may have arisen or may thereafter arise under either section  or  hereof.

11.

Indemnity and Contribution

(a)

Indemnity:  The Corporation hereby covenants and agrees to protect, indemnify and save harmless the Agent and each investment dealer which is a member of any agency group formed by the Agent 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 agent of each of the Agent and each investment dealer which is a member of any agency group formed by the Agent in connection with the Offering and of each of the associates and affiliates of each of them (in this section  each an "Indemnified Person" and collectively the "Indemnified Persons") from and against all losses (other than a loss of profits and commissions), 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 any Subscription Agreement, or:

(i)

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

(ii)

any statement or information contained in the Information 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 failure or contravention by the Corporation to comply with the continuous disclosure obligations and requirements under the Securities Laws of the Reporting Jurisdictions at any time before the Closing Time unless such failure or contravention is related to the acts or omissions of the Agent;

(iv)

any order made or inquiry, investigation or proceeding commenced or threatened by any officer or official of the Stock Exchange, any securities commission or authority or any other competent authority, not based upon the activities or the alleged activities of either the Agent or any member of any agency group formed by the Agent in connection with the Offering;

(v)

the non-compliance or alleged non-compliance by the Corporation with any of the Securities Laws of the Offering Jurisdictions or any other applicable law in connection with the transactions contemplated herein unless such non-compliance or alleged non-compliance is related to the acts or omissions of the Agent;

(vi)

any negligence or willful misconduct by the Corporation relating to or connected with the sale by the Corporation of the Offered Securities; 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 Offered Securities 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 Offered Securities being or being alleged to be untrue, false or misleading.

If any matter or thing contemplated by this section  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  hereof, the Indemnified Person shall have the right to retain one(1) legal counsel to act on behalf of all Indemnified Persons (unless such counsel has a conflict of interest in representing one or more of the Indemnified Persons in which case the Indemnified Person may appoint one additional counsel to represent the other Indemnified Persons) 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 written notice of such claim;

(ii)

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

(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 , 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 Agent 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 ; provided, however, that such waiver shall not apply in respect of an Agent for any liability directly caused or incurred by reason or arising out of any information or statements relating solely to, and provided by, such Agent or any failure by such Agent 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 Agent 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  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 the following proportions:

A.

the Agent shall be responsible for 8% thereof in the aggregate; and

B.

the Corporation shall be responsible for the balance;

provided, however, that no Person guilty of fraudulent misrepresentation shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation and provided that in no case shall any Agent be responsible for any amount in excess of the cash fee actually received from the Corporation under this Agreement and retained by such Agent.

(ii)

In the event that the Corporation is held to be entitled to contribution from the Agent 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 particular Agent is responsible as determined in accordance with paragraph  above; and 

B.

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

(iii)

For purposes of this subsection , each party hereto shall give prompt notice to the other parties 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 .

(c)

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

12.

Expenses

Whether or not the purchase and sale of the Offered Securities shall be completed as contemplated by this Agreement, all expenses of or incidental to the offering, issue, sale and delivery of the Offered Securities and of or incidental to all matters in connection with the transaction herein set out shall be borne by the Corporation including, without limitation, the reasonable fees (up to a maximum of $15,000 plus applicable taxes) and disbursements (including applicable taxes) of legal counsel for the Agent and the reasonable out-of-pocket expenses (including applicable taxes) of the Agent.  

13.

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 Agent to terminate the obligations thereof to complete the Closing by written notice to that effect given by the Agent to the Corporation prior to the Closing Time.  It is understood and agreed that the Agent 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 Agent any such waiver or extension must be in writing and signed by the Agent.  If the Agent 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  hereof, the right to contribution referred to in section  hereof and the payment of expenses referred to in section  hereof.

14.

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 telecopier on a Business Day to the following addresses:

(a)

in the case of the Corporation:

Crosshair Exploration & Mining Corp.

Suite 2000, 1066 West Hastings Street

Vancouver, BC  V6E 3X2

Attention: 

Mark Morabito

Telecopier: 

604-601-8250

with a copy to:

Anfield Sujir Kennedy & Durno

Suite 1600, PO Box 10068

609 Granville Street

Vancouver, BC  V7Y 1C3

Attention: 

Thea Koshman

Telecopier:

604-669-3877

(b)

in the case of the Agent:

Dundee Securities Corporation

Suite 400

20 Queen Street West

Toronto, Ontario

M5H 3R3

Attention:

Vilma Jones

Telecopier:

416-350-3312

with a copy to:

Catalyst Corporate Finance Lawyers

Suite 1400, 1055 West Hastings Street

Vancouver, BC

V6E 2E9

Attention:

Charlotte Bell

Telecopier:

604-443-7000

Either the Corporation or the Agent 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 telecopier, and shall be deemed to have been given on the day on which it was delivered or sent by telecopier.

15.

Right of First Refusal

(a)

The Corporation shall notify the Agent of the terms of any further flow-through financings that it requires or proposes to obtain during the six months following the Closing Date and the Agent shall have the right of first refusal to lead any such financing on the terms set out in the notice delivered to the Agent.  The Agent may exercise the right of first refusal within 15 days following the receipt of the notice by notifying the Corporation that it will provide such financing on the terms set out in the notice.  If the Agent fails to give notice within the 15 days that it will provide such financing upon the terms set out in the notice, the Corporation may then make other arrangements to obtain such financing from another source on the same terms or on terms no less favourable to the Corporation for a period of 60 days thereafter.  The Agent's waiver of its right in respect of any one or more transactions will not constitute a waiver of its right of first refusal in respect of any other transaction.  If another source is not engaged in connection with a transaction where the Agent waives or is deemed to have waived its right of first refusal within 60 days following the date on which the 15 day period set forth above expires, the transaction shall be deemed to be a new transaction requiring the Corporation to give written notice to the Agent as set forth above. The right of first refusal does not terminate if, after receipt of any notice from the Corporation under this section, the Agent fails to exercise or waive the right with respect to any specific financing.

16.

Garnishing Orders

(a)

If at any time, up to and including the Closing Time, the Agent receives a garnishing order or other form of attachment purporting to attach or garnish a part or all of the subscription price of the Flow-Through Shares, the Agent may pay the amount purportedly attached or garnished into court.

(b)

Any payment by the Agent into court contemplated in the Agreement is deemed to have been received by the Corporation as payment by the Agent against the subscription price of the Flow-Through Shares to the extent of the amount paid, and the Corporation is bound to issue and deliver the Flow-Through Shares proportionately to the amount paid by the Agent.

(c)

The Agent is not bound to ascertain the validity of any garnishing order or attachment, or whether in fact it attaches any monies held by the Agent, and the Agent may act with impunity in replying to any garnishing order or attachment.

(d)

The Corporation will release, indemnify and save harmless the Agent in respect of all damages, costs, expenses or liability arising from any acts of the Agent under this section.

17.

Miscellaneous

(a)

Governing Law:  This Agreement shall be governed by and be interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

(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 Offered Securities shall survive the purchase and sale of the Offered Securities and the termination of this Agreement and shall continue in full force and effect for the benefit of the Agent and the Purchasers, regardless of any subsequent disposition of Offered Securities or the Broker Warrant Shares or any investigation by or on behalf of the Agent with respect thereto.

(d)

Counterparts:  This Agreement may be executed by any one or more of the parties to this Agreement by facsimile 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 Agent in connection with the issue and sale of the Offered Securities 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 Agent.

(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.

Would you kindly confirm the agreement of the Corporation to the foregoing by executing five duplicate copies of this Agreement and thereafter returning three such executed copies to Dundee Securities Corporation.

Yours truly, 

	DUNDEE SECURITIES CORPORATION

	 
	By:

	 	 
	 	 	 

The undersigned hereby accepts and agrees to the foregoing as of the ______ day of                            , 2004.

	CROSSHAIR EXPLORATION & MINING CORP.

	By:

	 

SCHEDULE A

[Note: Add in final form of opinion]

Officers' Certificate

[Note: Add in final form of certificate]Exhibit 4.11

AGENCY AGREEMENT

March 15, 2005

CROSSHAIR EXPLORATION & MINING CORP.

Suite 2300, 1066 West Hastings Street

Vancouver, BC  V6E 3X2

Attention:

Mark Morabito, President and CEO

Dear Sirs:

Re:

Private Placement of Units

We, Pacific International Securities Inc, understand that Crosshair Exploration & Mining Corp. (the “Corporation”) proposes to undertake a private placement of up to 5,444,444 units (the “Units”) having the attributes specified in this agreement (the “Agreement”), at a price of $0.45 per Unit to raise gross proceeds of up to $2,449,999.80.  Subject to the terms and conditions set forth in this Agreement, the Corporation hereby appoints the Agent to act as the Corporation’s exclusive agent and the Agent accepts the appointment and agrees to act as an agent of the Corporation and to use its commercially reasonable best efforts to find and introduce to the Corporation potential Purchasers (as defined herein) to purchase, by way of private placement, the Units. The Agent is under no obligation to purchase any of the Units, although the Agent may subscribe for Units if it so desires.

1.

Definitions

1.1

In this Agreement, including any Schedules forming a part of this Agreement:

(a)

“$” refers to Canadian dollars;

(b)

“1933 Act” means the United States Securities Act of 1933, as amended;

(c)

“1934 Act” means the United States Securities Exchange Act of 1934, as amended;

(d)

“Accredited Investor” means:

(i)

for Purchasers resident in British Columbia or Alberta, a Purchaser who qualifies as an “accredited investor” pursuant to Multilateral Instrument 45-103-Capital Raising Exemptions; or

(ii)

for Purchasers resident in Ontario, a Purchaser who qualifies as an “accredited investor” as defined in section 1.1 of Rule 45-501-Exempt Distributions of the Ontario Securities Commission; 

(e)

“Agent” means Pacific International Securities Inc.;

(f)

“Agent’s Expenses” has the meaning given to that term in section ;

(g)

“Agent’s Fee” has the meaning given to that term in section ;

(h)

“Agent’s Option” has the meaning given to that term in section , and “Agent’s Options” means more than one Agent’s Option;

(i)

“Agent’s Option Share” has a meaning given to that term in section , and “Agent’s Option Shares” means more than one Agent’s Option Share;

(j)

“Agent’s Option Warrant” has the meaning given to that term in section  and “Agent’s Option Warrants” means more than one Agent’s Option Warrant;

(k)

“Agent’s Option Warrant Share” has the meaning given to that term in section  and “Agent’s Option Warrant Shares” means more than one Agent’s Option Warrant Shares;

(l)

“Agent’s Unit” has the meaning given to that term in section , and “Agent’s Units” means more than one Agent’s Unit;

(m)

“Agreement” means this agreement and includes all Schedules and exhibits attached hereto, in each case as they may be amended or supplemented from time to time;

(n)

“Applicable Securities Laws” means, in respect of each and every offer or sale of Units, the applicable securities legislation, rules, policies, notices and orders of each of the Qualifying Jurisdictions;

(o)

“Canadian Applicable Securities Laws” means the applicable securities legislation, rules, policies, notices and orders of each of the Provinces of British Columbia, Alberta and Ontario;

(p)

“Closing” has the meaning given to that term in section ;

(q)

“Closing Date” has the meaning given to that term in section ;

(r)

“Corporate Finance Fee” has the meaning given to that term in section ;

(s)

“Directed Selling Efforts” means “directed selling efforts” as defined in Rule 902(b) of Regulation S;

(t)

“Distribution” has the meaning given to that term under Canadian Applicable Securities Laws;

(u)

“Exchange” means the TSX Venture Exchange;

(v)

“Exchange Conditions” has the meaning given to that term in section ;

(w)

“Fee Share” has the meaning given to that term in section , and “Fee Shares” means more than one Fee Share;

(x)

“Fee Unit” has the meaning given to that term in section  and “Fee Units” means more than one Fee Unit;

(y)

“Fee Warrant” has the meaning given to that term in section  and “Fee Warrants” means more than one Fee Warrant;

(z)

“Fee Warrant Share” has the meaning given to that term in section  and “Fee Warrant Shares” means more than one Fee Warrant Share;

(aa)

“Financial Statements” means the financial statements of the Corporation described in paragraph ;

(bb)

“Foreign Private Issuer” means a “foreign private issuer” as such term is used in Regulation S;

(cc)

“Indemnified Persons” has the meaning given to that term in section ;

(dd)

“Material Change” has the meaning given to that term under Canadian Applicable Securities Laws;

(ee)

“Material Fact” has the meaning given to that term under Canadian Applicable Securities Laws;

(ff)

“Misrepresentation” has the meaning given to that term under Canadian Applicable Securities Laws;

(gg)

“Net Proceeds” has the meaning given to that term in section ;

(hh)

“Private Placement” means the offering and sale of the Units pursuant to the terms and conditions of this Agreement;

(ii)

“Purchaser” means a person that subscribes for and purchases Units under the Private Placement and “Purchasers” means more than one Purchaser;

(jj)

“Qualifying Jurisdictions” means the Provinces of British Columbia, Alberta and Ontario, the United States and such other jurisdictions in Canada and outside Canada which are agreed to by the Corporation and the Agents;

(kk)

“Regulation D” means Regulation D promulgated under the 1933 Act;

(ll)

“Regulation S” means Regulation S promulgated under the 1933 Act;

(mm)

“Regulatory Authorities” means the securities regulatory authorities in each of the Qualifying Jurisdictions;

(nn)

“Rule 904” means Rule 904 of Regulation S;

(oo)

“Securities” means the Shares, the Warrants and the Warrant Shares;

(pp)

“Share” means a common share of the Corporation forming part of a Unit, and “Shares” means more than one Share;

(qq)

“Subscription Agreement” means the agreement between the Corporation and a Purchaser pursuant to which the Purchaser subscribes for Units and includes all Schedules thereto, in each case as they may be amended or supplemented from time to time;

(rr)

“Subscription Proceeds” means the aggregate gross subscription proceeds paid by the Purchasers for the Units;

(ss)

“Substantial US Market Interest” means “substantial US market interest” as defined in Regulation S;

(tt)

“Time of Closing” has the meaning given to that term in section ;

(uu)

“Unit” means an equity unit of the Corporation to be offered for sale by the Agents under the terms and conditions of this Agreement, each Unit consisting of one Share and one-half of one Warrant, and “Units” means more than one Unit;

(vv)

“United States” and “US” mean “United States” as defined in Regulation S;

(ww)

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

(xx)

“US Accredited Investor Certificate” means the U.S. Accredited Investor Certificate for US Purchasers attached as Appendix II to the Subscription Agreement;

(yy)

“US Affiliate” means the US registered broker-dealer affiliate(s) of the Agent;

(zz)

“US Offeree” means any person in the United States to whom the Units are offered, irrespective of whether that person subscribes for and purchases the Securities;

(aaa)

“US Person” means “U.S. person” as defined in Regulation S.

(bbb)

“US Purchaser” means (a) any US Person purchasing the Units, (b) any person purchasing the Units in the United States, (c) any person purchasing Units on behalf of any person in the United States or US Person, (d) any person that receives or received an offer of the Units while in the United States, and (e) any person that is in the United States at the time the subscriber’s buy order was or the Subscription Agreement is executed or delivered;

(ccc)

“Warrant” means a transferable common share purchase warrant, one-half of which forms part of a Unit, having the attributes described in section , and “Warrants” means more than one Warrant; and

(ddd)

“Warrant Share” means a common share of the Corporation to be issued upon the exercise of one or more Warrants, and “Warrant Shares” means more than one Warrant Share.

2.

Appointment of Agent

2.1

The Corporation appoints the Agent as its exclusive agent and the Agent accepts the appointment and agrees to act as an agent of the Corporation to use its best efforts to find and introduce to the Corporation potential Purchasers to purchase, by way of private placement, up to 5,444,444 Units at a price of $0.45 per Unit.

3.

Offering Terms

3.1

The Units will be offered for sale by the Agent to Purchasers resident in the Qualifying Jurisdictions.

3.2

The sale of the Units to Purchasers is to be effected by the Agent in a manner exempt from any prospectus or offering memorandum filing or delivery requirements of the Applicable Securities Laws and without the necessity of obtaining any order or ruling of the Regulatory Authorities and, for offers and sales in the United States, in accordance with the requirements of the exemption from registration from US federal and state securities laws available under Rule 506 of Regulation D.  The Agent will notify the Corporation with respect to the identity and jurisdiction of residence of each Purchaser (and for offers in the United States, with respect to the jurisdiction of each US Offeree and US Purchaser) as soon as practicable and with a view to affording sufficient time to allow the Corporation to secure compliance with all Applicable Securities Laws in connection with the sale of the Units to the Purchasers and offers of the Units to US Purchasers.

3.3

The Agent will obtain from each Purchaser a properly completed and duly executed Subscription Agreement and a properly completed and duly executed form of Accredited Investor Certificate or US Subscription Agreement and Accredited Investor Certificate, as applicable, each in the form attached as a Schedule to the Subscription Agreement.

3.4

If, in the opinion of the Agent, it is necessary, the Agent will form, manage and participate in a group of sub-agents to offer and sell the Units as provided for hereunder. Each sub-agent shall be appropriately registered under the Applicable Securities Laws so as to permit it to lawfully offer and sell the Units in such jurisdictions in which it offers and sells the Units.  In the event that a selling group is formed, the Agent will:

(a)

manage the selling group as and to the extent customary in the securities industry in Canada; and

(b)

require each member of the selling group to offer and sell the Units on the terms set forth in this Agreement.

3.5

Each Unit will consist of one Share and one-half of one Warrant. Each whole Warrant will entitle the holder to purchase one common share of the Corporation (a “Warrant Share”) for a period of two years from the date of issue of the Warrant at a price of $0.75 per Warrant Share.

3.6

The Corporation covenants to satisfy as expeditiously as possible each of the conditions of the Exchange (the “Exchange Conditions”) required to be satisfied prior to the Exchange’s acceptance of the Corporation’s notice of the Private Placement.

3.7

The terms and conditions of the Warrants, the Fee Warrants, the Agent’s Options and the Agent’s Option Warrants and the attributes and characteristics of the Warrants, the Fee Warrants, the Agent’s Options and the Agent’s Option Warrants will be substantially as described in this Agreement subject to the changes, if any, that the Corporation and the Agent (on its behalf and, with respect to the Warrants, on behalf of the Purchasers) may agree to.

3.8

The Private Placement has not been and will not be advertised in any way.

3.9

No selling or promotional expenses will be paid or incurred in connection with the Private Placement, except for professional services or for services performed by a registered dealer.

3.10

The Agent acknowledges that the Securities have not been, and will not be, registered under the 1933 Act or applicable state securities laws and may not be offered or sold except outside the United States in accordance with Regulation S or, for offers in the United States, by the Agent through the US Affiliate, and sale by the Corporation, pursuant to Rule 506 of Regulation D in the manner described in paragraph (b) below (the “US Private Placement”).  Accordingly, the Agent represents, warrants and covenants to the Corporation, without limiting the generality of section  of this Agreement, that, with respect to each offer or sale of Securities, either (a) or (b) immediately following is true as of the date of this Agreement and as of the Time of Closing and the Closing Date, which such representations, warranties and covenants shall survive the completion of the transactions contemplated under this Agreement:

(a)

it has offered and sold, and will offer and sell, Securities outside the United States only in accordance with Rule 903 of Regulation S and accordingly, neither the Agent, its affiliates nor any persons acting on their behalf, has made or will make:

(i)

except as permitted under (b) in respect of the US Private Placement, any offer to sell, or any solicitation of an offer to buy, any Securities to any person in the United States or to, or for the account or benefit of, a US Person;

(ii)

any sale of Securities to any Purchaser unless, at the time the buy order was or will have been originated, the Purchaser was outside the United States and not a US Person, or the Agent, or such affiliate or person acting on behalf of the Agent, reasonably believed that such Purchaser was outside the United States and not a US Person; or

(iii)

any Directed Selling Efforts in the United States with respect to the Securities;

(b)

it has offered and sold, and will offer and sell, Securities to persons in the United States or to, or for the account or benefit of, US Persons, only in the following manner:

(i)

the Agent has and will offer and sell the Units in the United States only through its US Affiliate (if applicable), which was and is on the dates of such offers and sales a duly registered broker or dealer pursuant to Section 15(b) of the 1934 Act and under the securities laws of each state in which such offers and sales were or are made (unless exempted from the respective state’s broker-dealer registration requirements) and was and is a member in good standing with the National Association of Securities Dealers, Inc.;

(ii)

immediately prior to soliciting offerees, the Agent has or will have reasonable grounds to believe and did or will believe that each US Offeree and each US Purchaser was and is an US Accredited Investor;

(iii)

no form of general solicitation or general advertising (as those terms are used in Regulation D) has been or will be used by the Agent or its affiliates, 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 Units in the United States;

(iv)

any offer, sale or solicitation of an offer to buy Securities that has been made or will be made in the United States or to US Persons was or will be made only to US accredited investors by the Agent through its US Affiliate (if applicable), and in transactions that are exempt from registration under the 1933 Act and any applicable state securities laws and in accordance with any applicable US federal or state laws or regulations governing the registration and conduct of securities brokers and dealers;

(v)

all US Offerees and US Purchasers shall be informed that the Securities have not been and will not be registered under the 1933 Act and the Securities are being offered and sold to such purchasers in reliance on an exemption from the registration requirements of the 1933 Act for non-public offerings. Each US Offeree and each US Purchaser shall be provided with disclosure substantially as follows: “The Securities have not been and will not be registered under the US Securities Act of 1933, as amended (the “1933 Act”) and are being offered and sold within the United States only to accredited investors (as defined in Rule 501(a) of Regulation D under the 1933 Act).  Prospective purchasers of the Securities are hereby notified that the seller of the Securities is relying upon the exemption from the provisions of Section 5 of the 1933 Act provided in Section 4(2) of the 1933 Act for non-public offerings. The Securities offered hereby are not transferable except in accordance with the restrictions described herein.”;

(vi)

as a condition of the purchase of the Units, each US Purchaser will be required to execute and deliver to the Agent the US Accredited Investor Certificate to the foregoing effect, among other terms and conditions;

(vii)

neither the Agent, its affiliates or any person acting on its behalf (other than the Corporation, its affiliates and any person acting on their behalf, as to which no representation is made) has taken or will take, directly or indirectly, any action in violation of Regulation M under the 1934 Act in connection with the offer and sale of the Securities; and

(c)

the Agent and its US Affiliate make the representations and warranties set out in Exhibit “1” – Agent’s Certificate.

4.

Representations and Warranties of the Corporation

4.1

The Corporation represents and warrants to the Agent (each on its own behalf and on behalf of the Purchasers), and acknowledges that the Agent is relying upon such representations and warranties in entering into this Agreement, that:

(a)

the Corporation has no subsidiaries;

(b)

the Corporation is a valid and subsisting corporation duly existing and in good standing under the Business Corporations Act (British Columbia); 

(c)

the Corporation is a reporting issuer in the Provinces of British Columbia and Alberta, has been a reporting issuer in such Provinces for the four months immediately preceding the date hereof and, to the best of its knowledge, is not in default of any of the requirements of the Canadian Applicable Securities Laws;

(d)

the authorized capital of the Corporation consists of an unlimited number common shares without par value, of which 36,906,990 common shares are issued and outstanding as of the date hereof as fully paid and non-assessable shares (the “Issued Shares”);

(e)

the common shares of the Corporation are listed and posted for trading on the Exchange and the Corporation has not been advised by the Exchange that it is in default of any of the listing requirements of the Exchange;

(f)

except for the Issued Shares, the Shares and the Warrants comprising the Units, the Fee Shares, the Fee Warrants, the Agent’s Options and any options, warrants, agreements and convertible notes disclosed in Schedule “A” to this Agreement, there are no, nor will there be immediately prior to the Time of Closing, documents, instruments or other writings of any kind whatsoever which constitute a “security” (as that term is defined under Canadian Applicable Securities Laws) of the Corporation;

(g)

subject to due exercise of the instruments pursuant to which they are issued, if any, upon their issuance, the Shares, the Warrant Shares, the Fee Shares, the Fee Warrant Shares, the Agent’s Option Shares and the Agent’s Option Warrant Shares will be validly issued and outstanding as fully paid and non-assessable common shares of the Corporation;

(h)

upon their issuance, the Warrants, the Fee Warrants, the Agent’s Options and the Agent’s Option Warrants will be validly created, issued and outstanding, registered in the names of the holders thereof;

(i)

all of the material transactions of the Corporation have been promptly and properly recorded or filed in or with the books or records of the Corporation and the minute books of the Corporation contain all records of the meetings and proceedings of the Corporation’s directors, shareholders and other committees, if any, since January 1, 2003;

(j)

the Corporation holds all material licences and permits that are required for carrying on its business in the manner in which such business has been carried on and each of the foregoing is in full force and effect;

(k)

the Corporation has the corporate power and capacity to own the assets owned by it and to carry on the business carried on by it and the Corporation is duly qualified to carry on business in all jurisdictions in which it carries on business;

(l)

the Corporation has good and marketable title to its assets free and clear of all liens, charges and encumbrances of any kind whatsoever except as set out in Schedule “D”;

(m)

the Corporation holds either freehold title, mining leases, mining claims or other conventional property, proprietary or contractual interests or rights, recognized in the jurisdiction in which a particular property is located, in respect of the ore bodies and minerals located in properties in which the Corporation has an interest under valid, subsisting and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit the Corporation to explore the minerals relating thereto, all such property, leases or claims and all property, leases or claims in which the Corporation has any interest or right have been validly located and recorded in accordance with all applicable laws and are valid and subsisting, the Corporation has all necessary surface rights, access rights and other necessary rights and interests relating to the properties in which the Corporation has an interest granting the Corporation the right and ability to explore for minerals, ore and metals for development purposes as are appropriate in view of the rights and interest therein of the Corporation, with only such exceptions as do not materially interfere with the use made by the Corporation of the rights or interests so held, and each of the proprietary interests or rights and each of the documents, agreements and instruments and obligations relating thereto referred to above is currently in good standing in the name of the Corporation;

(n)

the Corporation is current with all material filings required to be made in all jurisdictions in which it exists or carries on any material business and the Corporation is not in default of any filings required to be made under Applicable Securities Laws;

(o)

since January 1, 2003, all prospectuses, annual information forms, material change reports, shareholder communications, press releases and other disclosure documents of the Corporation, including all publicly filed financial statements, contain no untrue statement of a Material Fact as at the date thereof nor do they omit to state a Material Fact which, at the date thereof, was required to have been stated or was necessary to prevent a statement that was made from being false or misleading in the circumstances in which it was made and were prepared in accordance with and complied with Applicable Securities Laws;

(p)

the audited consolidated financial statements of the Corporation for its fiscal year ended April 30, 2004 and the unaudited financial statements of the Corporation for the period ended October 31, 2004 (the “Financial Statements”) are true and correct in every material respect and present fairly and accurately the financial position and results of the operations of the Corporation for the periods then ended and the Financial Statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis;

(q)

there are no material liabilities of the Corporation, whether direct, indirect, absolute, contingent or otherwise which are not disclosed or reflected in the Corporation’s Financial Statements except those incurred in the ordinary course of business of the Corporation since October 31, 2004 which are recorded in the books and records of the Corporation;

(r)

since October 31, 2004 there has not been any adverse Material Change of any kind whatsoever in the financial position or condition of the Corporation, or any damage, loss or other change of any kind whatsoever in circumstances materially affecting the business or assets of the Corporation, or the right or capacity of the Corporation to carry on its business;

(s)

the contracts and agreements set out in Schedule “B” hereto constitute all of the material contracts and agreements of the Corporation, and all such contracts and agreements are in good standing in all material respects and not in default in any respect;

(t)

all tax returns and reports of the Corporation required by law to have been filed have been filed and are substantially true, complete and correct and all taxes and other government charges of any kind whatsoever of the Corporation have been paid or accrued in the Financial Statements;

(u)

the Corporation has established on its books and records reserves which are adequate for the payment of all taxes not yet due and payable and there are no liens for taxes on the assets of the Corporation except for taxes not yet due, and there are no audits of any of the tax returns of the Corporation which are known by the Corporation’s management to be pending, and there are no claims which have been or may be asserted relating to any such tax returns which, if determined adversely, would result in the assertion by any governmental agency of any deficiency which would have a material adverse effect on the properties, business or assets of the Corporation;

(v)

except as disclosed on Schedule “C” hereto, there are no actions, suits, judgments, investigations or proceedings of any kind whatsoever outstanding, pending or, to the best of its knowledge, threatened against or affecting the Corporation or its directors, officers or promoters at law or in equity or before or by any federal, provincial, state, municipal or other governmental department, commission, board, bureau or agency of any kind whatsoever which would result in an adverse Material Change in the financial position, business or prospects of the Corporation and there is no basis therefor;

(w)

neither the Corporation nor any of its directors, officers and promoters are in breach of any law, ordinance, statute, regulation, by-law, order or decree of any kind whatsoever which breach would have a material adverse effect on the financial position, business or prospects of the Corporation;

(x)

the Corporation has all requisite power and capacity and good and sufficient right and authority to enter into, deliver and carry out its obligations under this Agreement and the Subscription Agreements and to complete the transactions contemplated under this Agreement on the terms and conditions set forth herein; 

(y)

this Agreement has been authorized, executed and delivered by the Corporation and constitutes a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with the terms thereof and, upon being executed and delivered, each of the Subscription Agreements and the certificates representing the Warrants, the Fee Warrants and the Agent’s Options will constitute a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with the terms thereof;

(z)

the execution and delivery of this Agreement and the Subscription Agreements, the performance of its obligations under this Agreement and the completion of the transactions contemplated under this Agreement will not conflict with, or result in the breach of or the acceleration of any indebtedness under, or constitute default under, the Memorandum or Articles of the Corporation or any indenture, mortgage, agreement, lease, licence or other instrument of any kind whatsoever to which the Corporation is a party or by which it or any of its properties or assets is bound, or any statute or any judgment, decree, order, rule, policy or regulation of any court, governmental authority or administrative body of any kind whatsoever applicable to the Corporation or any of its properties or assets, which could have a material adverse effect on the condition, business, properties or results of operations of the Corporation; and

(aa)

no action has been taken by any persons which would in any way limit, restrict or cause interference with any mineral exploration and development work which the Corporation currently proposes to carry out on the Corporation’s mineral properties.

4.2

The Corporation further represents, warrants, covenants and agrees that:

(a)

the Corporation is a Foreign Private Issuer and reasonably believes that, both at the commencement of the Private Placement and the Closing Date, there is no Substantial US Market Interest in the Securities;

(b)

it is not, and agrees to use its best efforts not to become, at any time prior to the expiration of three years after the Closing Date, an “investment company” as defined in the United States Investment Company Act of 1940;

(c)

the Corporation is not required to file reports under Section 13(a) or Section 15(d) of the 1934 Act;

(d)

except with respect to the offer and sale of the Securities offered hereby, the Corporation has not, for a period of six months prior to the commencement of the offering of the Securities, sold, offered for sale or solicited any offer to buy any of its securities in the United States, or to, or for the account or benefit of, a US Person in a manner that would be integrated with the offer and sale of the Securities and would cause the exemption from registration set forth in Rule 506 of Regulation D to become unavailable with respect to the offer and sale of the Securities; 

(e)

neither the Corporation nor any of the predecessors or affiliates thereof 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 concerning the filing of a notice of sales on Form D; 

(f)

except with respect to offers and sales in the US Private Placement in the manner described in section  of this Agreement, neither the Corporation nor any of its affiliates, nor any person acting on its or their behalf (other than the Agent, its respective affiliates or any person acting on their behalf, in respect of which no representation is made), has made or will make: (i) any offer to sell, or any solicitation of an offer to buy, any Securities to, or for the account or benefit of, a US Person or to a person in the United States; or (ii) any sale of the Securities unless, at the time the buy order was or will have been originated, the purchaser is (A) outside the United States and not a US Person or (B) the Corporation, its affiliates, and any person acting on their behalf reasonably believe that the purchaser is outside the United States and not a US Person;

(g)

during the period in which the Units are offered for sale, neither it nor any of its affiliates, nor any person acting on their behalf has taken or will take any action that would cause the exclusion from registration available under Regulation S or the exemption from registration available under Rule 506 of Regulation D to be unavailable for offers and sales of the Securities pursuant to this Agreement;

(h)

none of the Corporation, its affiliates or any person acting on its or their behalf have engaged or will engage in any form of Directed Selling Efforts with respect to offers or sales of the Securities, or has taken or will take any action in violation of Regulation M under the 1934 Act, or have engaged in or will engage in any general solicitation or advertising with respect to offers or sales of the Securities in the United States, or to, or for the account or benefit of, US Persons, 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 have been invited by general solicitation or general advertising or in a manner involving a public offering within the meaning of section 4(2) of the 1933 Act;

(i)

the Corporation agrees to use its best efforts to remain a Foreign Private Issuer for a period of two years from the date hereof;

(j)

the Corporation will timely execute or procure the execution of all documents and take or cause to be taken all such steps as may be reasonably necessary or desirable to establish, to the reasonable satisfaction of counsel for the Agent, any and all legal requirements to enable the Agent to offer the Securities for sale in the United States under Rule 506 of Regulation D in accordance with this Agreement; and

(k)

the Corporation will, within fifteen (15) days after the first sale of Units in the United States, prepare and file with the United States Securities and Exchange Commission a notice on Form D with respect to the Securities and will file all amendments required to be filed as a result of subsequent sales of Securities in the United States or to, or for the account or benefit of, US Persons.  The Corporation shall also prepare and file within prescribed time periods any notices required to be filed with state securities authorities under applicable blue sky laws in connection with any securities sold pursuant to Rule 506 of Regulation D.

4.3

The representations and warranties of the Corporation contained in this Section  of the Agreement shall be true at the Time of Closing and the Closing Date as though they were made at the Time of Closing and the Closing Date and they shall survive the completion of the transactions contemplated under this Agreement.

5.

Representations and Warranties of the Agent

5.1

The Agent represents and warrants to the Corporation, and acknowledges that the Corporation is relying upon such representations and warranties in entering into this Agreement, that:

(a)

the Agent is an Accredited Investor;

(b)

the Agent is a valid and subsisting corporation duly incorporated and in good standing under the laws of the jurisdiction in which it is incorporated;

(c)

the Agent has not entered, and will not enter, into any contractual arrangement with respect to the Private Placement without the prior written consent of the Corporation, except for this Agreement and any agreement with its affiliates;

(d)

the Agent holds all licences and permits that are required for carrying on its business in the manner in which such business has been carried on;

(e)

the Agent has good and sufficient right and authority to enter into this Agreement and complete its transactions contemplated under this Agreement on the terms and conditions set forth herein; 

(f)

the Agent is appropriately registered under the Applicable Securities Laws so as to permit it to lawfully fulfil its obligations hereunder and to distribute the Securities; and

(g)

the Agent is a member in good standing of the Exchange. 

5.2

The representations and warranties of the Agent contained in this Agreement shall be true at the Time of Closing as though they were made at the Time of Closing and they shall survive the completion of the transactions contemplated under this Agreement.

6.

Covenants of the Corporation

6.1

The Corporation covenants with the Agent (on its own behalf and on behalf of the Purchasers) that it will:

(a)

file with the Exchange as soon as possible all required documents and filing fees, and to do all things required by the rules and policies of the Exchange in order to obtain the approval of the Exchange for the Private Placement, subject only to the filing of required documents, prior to the Closing Date;

(b)

take all steps as may be necessary to enable the Securities to be sold on a private placement basis in the Qualifying Jurisdictions by way of exemptions from the prospectus filing and registration requirements of Applicable Securities Laws and otherwise fulfill all legal requirements required to be fulfilled by the Corporation (including, without limitation, compliance with all Applicable Securities Laws) in connection with the Private Placement;

(c)

maintain its status as a “reporting issuer” not in default in British Columbia and Alberta for a period of two year from the date hereof;

(d)

maintain its listing of its common shares on the Exchange for a period of two years from the date hereof;

(e)

deliver to the Agent and to its legal counsel:

(i)

a copy of all letters, submissions and other materials with respect to the Private Placement filed with the Regulatory Authorities, or any one of them, at the same time that the materials are filed with the Regulatory Authorities;

(ii)

at the Time of the Closing, evidence of the Corporation’s title with respect to the Corporation’s material mineral properties, in form and content acceptable to the Agent, acting reasonably;

(iii)

at the Time of Closing, such favourable legal opinions of the Corporation’s various legal counsel, addressed to the Agent, its legal counsel and the Purchasers and dated as of the Closing Date, in form and content acceptable to the Agent, acting reasonably, with respect to all matters which the Agent may reasonably request including, without limitation:

(1)

the due incorporation and valid subsistence of the Corporation;

(2)

the qualification of the Corporation to carry on business under the laws of each jurisdiction in which it carries on business;

(3)

the authorized and issued capital of the Corporation;

(4)

the due creation, authorization and issuance of the Shares, the Warrants, the Warrant Shares, the Fee Shares, the Fee Warrants, the Fee Warrant Shares, the Agent’s Options, the Agent’s Option Shares, the Agent’s Option Warrants and the Agent’s Option Warrant Shares;

(5)

the due authorization, execution, binding effect and enforceability of this Agreement and the Subscription Agreements, subject to bankruptcy laws, the availability of all equitable remedies and other customary exceptions;

(6)

that no prospectus is required and, except as have been obtained or completed, no approval or consent of or filing with any Regulatory Authority or the Exchange is required in order to permit the issuance and sale by the Corporation of the Units, except for filings required under the Applicable Securities Laws or as may be required by the Exchange;

(7)

that no prospectus is required and, except as have been obtained or completed, no approval or consent of or filing with any Regulatory Authority or the Exchange is required in order to permit the issuance of the Warrant Shares, the Fee Warrant Shares, the Agent’s Option Shares and the Agent’s Option Warrant Shares, provided the conditions set out in the opinion are satisfied; and

(8)

the hold periods and resale restrictions applicable to the Shares, the Warrants, the Warrant Shares, the Agent’s Options, the Agent’s Option Shares and the Agent’s Option Warrant Shares under the Applicable Securities Laws;

(iv)

at the time of Closing, the Agent shall have received a favourable legal opinion from the Corporation’s United States counsel, dated the Closing Date and addressed to the Agent and its legal counsel, in form and substance satisfactory to the Agent and its counsel, acting reasonably, with respect to the availability of an exemption from the registration requirements under the securities laws of the United States in connection with sale in the United States of the Units by the Corporation in connection with the Private Placement;

(v)

at the Time of Closing, such certificates of officers of the Corporation, addressed to the Agent and to its legal counsel and dated as of the Closing Date, in form and content acceptable to the Agent, acting reasonably, relating to the offer and sale of the Units and such other matters as the Agent may reasonably require; and

(vi)

at the Time of Closing, such other materials as the Agent may reasonably require, addressed to the Agent and to such parties as the Agent may direct and as of the Closing Date or such other date as the Agent may reasonably require;

(f)

within the required time, file with the applicable Regulatory Authorities any reports, in the required form, required to be filed under Applicable Securities Laws and the policies of the Exchange in connection with the Private Placement, together with any applicable filing fees and other materials;

(g)

take all steps reasonably necessary to ensure that it has a sufficient number of common shares of the Corporation available for issuance to satisfy its obligations under the Warrants, the Fee Warrants, the Agent’s Options and the Agent’s Option Warrants and prior to Closing shall have reserved and allotted for issuance the Warrant Shares, the Fee Shares, the Agent’s Option Shares and the Agent’s Option Warrant Shares;

(h)

from and including the date of this Agreement through to and including the Time of Closing, do all such acts and things necessary to ensure that all of the representations and warranties of the Corporation contained in this Agreement or any certificates or documents delivered by it pursuant to this Agreement remain true and correct; and

(i)

from and including the date of this Agreement through to and including the Time of Closing, not do any such act or thing that would render any representation or warranty of the Corporation contained in this Agreement or any certificates or documents delivered by it pursuant to this Agreement untrue or incorrect.

7.

Covenants of the Agent

7.1

The Agent covenants with the Corporation that:

(a)

all solicitation, offering and other selling efforts carried out by the Agent in connection with the Distribution of the Units will be made, and all purchases of the Units will be made, in compliance with Applicable Securities Laws and in a manner such that no prospectus or offering memorandum need be prepared and filed or delivered by the Corporation in connection with the Distribution of the Units and such that the Corporation is not made subject to a new continuous disclosure reporting requirement; 

(b)

no delivery has been or will be made by it to any prospective purchaser or Purchaser of any document which, individually or together with any other document, would constitute an offering memorandum under Canadian Applicable Securities Laws; and

(c)

it will obtain from each Purchaser a properly completed and executed Subscription Agreement in a form acceptable to the Corporation and the Agent, acting reasonably.

8.

Conditions Precedent

8.1

The obligations of the Agent to complete the transactions contemplated in this Agreement and to deliver executed Subscription Agreements and the Subscription Proceeds is subject to the following conditions for the benefit of the Agent which must be fulfilled at or prior to the Time of Closing, unless waived in writing by the Agent:

(a)

all actions required to be taken by or on behalf of the Corporation, including, without limitation, the passing of all requisite resolutions of directors of the Corporation, will have been taken so as to validly create, issue, offer, sell, and deliver the Shares and the Warrants to the Purchasers and to validly create, issue and deliver the Fee Shares, the Fee Warrants and the Agent’s Options to the Agent;

(b)

the Corporation will have made all necessary filings with and obtained all necessary approvals, consents and acceptances of the applicable Regulatory Authorities, subject, in the case of the Exchange, to the satisfaction of the Exchange Conditions within the time required (subject to any extensions permitted by the Exchange and agreed to by the Agent, in writing), in order to permit the Corporation to create, sell, issue and deliver the Shares and the Warrants to the Purchasers and to create, issue and deliver the Fee Shares, the Fee Warrants and the Agent’s Options to the Agent pursuant to prospectus exemptions under Applicable Securities Laws;

(c)

the Corporation will be, and will have been for at least the four months immediately preceding the Time of Closing, a reporting issuer in one of the jurisdictions of Canada;

(d)

the Private Placement has been approved by the Exchange subject to the satisfaction of the Exchange Conditions within the time required;

(e)

the Corporation will have delivered the required legal opinions, officers’ certificates and other closing materials provided for in this Agreement;

(f)

no order ceasing or suspending trading in any securities of the Corporation, or ceasing or suspending trading by the directors, officers or promoters of the Corporation, or any one of them, or prohibiting the offer, sale, issuance or delivery of the Units, will have been issued and no proceedings for such purpose, to the knowledge of the Corporation, will be pending or threatened;

(g)

the Corporation will have complied in all material respects with all of its covenants and agreements contained in this Agreement; and

(h)

the representations and warranties of the Corporation contained in this Agreement will be true and correct as of the Time of Closing as if such representations and warranties had been made as of the Time of Closing.

9.

Closing

9.1

The closing of the transactions contemplated under this Agreement (the “Closing”) will be completed at the offices of Anfield Sujir Kennedy & Durno, counsel to the Corporation, at Suite 1600 – 609 Granville Street, Vancouver, British Columbia, V7Y 1C3, at 10:00 a.m. (Vancouver time) on [March 15], 2005 or at such other time and date on or prior to or after [March 15], 2005 as the Corporation and the Agent may agree (being the “Time of Closing” and the “Closing Date”, respectively).

9.2

Not less than 36 hours prior to Closing, the Agent will deliver, or cause to be delivered, to the Corporation Subscription Agreements executed by the Purchasers including the registration particulars of the certificates representing the Shares and the Warrants purchased by such Purchasers.

9.3

At the Closing, the Agent (on its own behalf and on behalf of the Purchasers) will deliver, or cause to be delivered to the Corporation, one or more cheques or bank drafts made payable on the Closing Date to the Corporation in an amount (the “Net Proceeds”) equal to the Subscription Proceeds, less an amount equal to the amount of the portion of the Agent’s Fee payable in cash, the Agent’s Expenses (less the amount paid as a retainer, if any) and the Corporate Finance Fee.

9.4

At the Closing, upon payment of the Net Proceeds of the Private Placement to the Corporation, the Corporation will deliver or cause to be delivered to the Agent, the following:

(a)

a direction authorizing the Agent to retain from the Subscription Proceeds an amount equal to the portion of the Agent’s Fee payable in cash, the Agent’s Expenses (less the amount paid as a retainer, if any) and the Corporate Finance Fee;

(b)

definitive certificates representing the Shares and the Warrants sold, as directed by the Agent;

(c)

definitive certificates representing the Fee Shares, the Fee Warrants (each if applicable) and the Agent’s Options; and

(d)

the requisite legal opinions, officer’s certificates and other closing materials provided for in this Agreement.

9.5

The Corporation will, if required by Applicable Securities Laws, endorse each of the certificates for the Shares, the Warrants, the Warrant Shares, the Fee Shares, the Fee Warrants, the Fee Warrant Shares, the Agent’s Options, the Agent’s Option Shares, the Agent’s Option Warrants and the Agent’s Option Warrant Shares with legends describing the applicable hold period and resale restrictions.

10.

Agent’s Fee, Corporate Finance Fee and Expenses

10.1

In consideration of the services to be rendered by the Agent to the Corporation hereunder, the Corporation agrees to pay to the Agent, at the time and in the manner specified herein, a fee (the “Agent’s Fee”) equal to 7.0% of the Subscription Proceeds realized from the sale of the Units by the Agent, payable in cash or in Units (each a “Fee Unit”, with an ascribed value of $0.45 per Fee Unit) or in a combination of cash and Fee Units, at the election of the Agent.  Each Fee Unit will consist of one common share of the Corporation (a “Fee Share”) and one-half of one common share purchase warrant (each whole warrant a “Fee Warrant”).  Each whole Fee Warrant will entitle the holder to purchase one common share of the Corporation (a “Fee Warrant Share”) for a period of two years from the date of issue of the Fee Warrant at a price of $0.75 per Fee Warrant Share.

10.2

In further consideration of the services to be rendered by the Agent to the Corporation, the Corporation agrees to issue to the Agent, at the time and in the manner specified herein, that number of agent’s options which is equal to 10.0% of the number of Units sold under the Private Placement (the “Agent’s Options”). Each Agent’s Option will entitle the holder on exercise thereof to purchase, for a period of two years from the date of issue of the Agent’s Option, an agent’s unit (each an “Agent’s Unit”) at a price of $0.50 per Agent’s Unit.  Each Agent’s Unit will consist of one common share of the Corporation (an “Agent’s Option Share”) and one-half of one non-transferable common share purchase warrant (each whole warrant an “Agent’s Option Warrant”).  Each Agent’s Option Warrant will entitle the holder to purchase one common share of the Corporation (an “Agent’s Option Warrant Share”) for a period of two years from the Closing Date at a price of $0.75 per Agent’s Option Warrant Share. The Agent acknowledges that the Agent’s Options, the Agent’s Option Shares, the Agent’s Option Warrants and the Agent’s Option Warrant Shares have not been, and will not be, registered under the 1933 Act or applicable state securities laws and that the Agent’s Options and the Agent’s Option Warrants may not be exercised in the United States or by or on behalf of a person in the United States, nor may the Agent’s Options, the Agent’s Option Shares, the Agent’s Option Warrants or the Agent’s Option Warrant Shares be offered or sold in the United States, unless an exemption from registration under the 1933 Act and any applicable state securities laws is available.

10.3

In connection with the acquisition of the Fee Units and Agent’s Option, the Agent represents and warrants to the Corporation as follows:  (i) that the Agent (A) was not offered the Fee Units or Agent’s Option in the United States and (B) did not execute or deliver this Agreement and will not exercise the Fee Warrants, Agent’s Option or Agent’s Option Warrants in the United States; (ii) that the Agent is aware that the Fee Shares, the Fee Warrants, the Fee Warrant Shares, the Agent’s Option, the Agent’s Option Shares, the Agent’s Option Warrants and the Agent’s Option Warrant Shares have not been, and will not be, registered under the 1933 Act or applicable state securities laws and that the Fee Warrants, Agent’s Option and the Agent’s Option Warrants may not be exercised in the United States or by or on behalf of a person in the United States or a US Person, nor may the Fee Shares, the Fee Warrants, the Fee Warrant Shares, the Agent’s Option, the Agent’s Option Shares, the Agent’s Option Warrants or the Agent’s Option Warrant Shares be offered or sold in the United States, unless an exemption from registration under the 1933 Act and any applicable state securities laws is available.  Until such time as it is no longer required by the 1933 Act, the certificates representing the Fee Warrants, the Agent’s Option and the Agent’s Option Warrants shall bear a legend is substantially the following form:

“[In the case of the Fee Warrants and the Agent’s Option Warrants:  THIS WARRANT] [In the case of the Agent’s Option:  THIS OPTION] AND THE SECURITIES DELIVERABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.  [In the case of the Fee Warrants and Agent’s Option Warrants:  THIS WARRANT][In the case of the Agent’s Option:  THIS OPTION] MAY NOT BE EXERCISED IN THE UNITED STATES, OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON UNLESS THIS WARRANT AND SHARES ISSUABLE UPON EXERCISE OF [In the case of the Fee Warrants and Agent’s Option Warrants: THIS WARRANT][In the case of the Agent’s Option:  THIS OPTION] HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.  “UNITED STATES” AND “U.S. PERSON” ARE DEFINED BY REGULATIONS UNDER THE SECURITIES ACT.”

10.4

On the Closing Date, the Corporation shall pay to the Agent the amount of $8,025, representing a corporate finance fee of $7,500 plus GST of $525 (the “Corporate Finance Fee”), payable in cash or in Fee Units or in a combination of cash and Fee Units, at the election of the Agent. 

10.5

The Corporation will pay all of the reasonable expenses of the Private Placement and all the reasonable expenses (the “Agent’s Expenses”) reasonably incurred by the Agent in connection with the Private Placement including, without limitation, the fees, expenses and disbursements of legal counsel for the Agent (to a maximum of $25,000, exclusive of taxes and disbursements), Agent’s out-of-pocket expenses, plus applicable taxes payable thereon.  The Corporation shall provide the Agent with a retainer in the amount of $10,000, representing the Agent’s anticipated expenses, and such retainer shall be applied against the Agent’s Expenses.  The Agent’s Expenses will be paid by the Corporation even if the requisite approval of the Private Placement is not granted by the Exchange or the transactions contemplated by this Agreement are not completed or this Agreement is terminated, unless the failure of acceptance, or completion, or the termination is the result of the breach of this Agreement by the Agent. 

11.

Indemnity

11.1

The Corporation will indemnify and save harmless the Agent, their directors, officers, employees, agents and advisors, and each sub-agent (collectively the “Indemnified Persons”) from and against all losses, claims, damages, expenses or liabilities caused by or arising directly or indirectly from:

(a)

any Misrepresentation or alleged Misrepresentation (except of a statement included in reliance upon information furnished to the Corporation by or on behalf of an Agent) contained in any certificate of the Corporation or any officer thereof delivered to the Agents pursuant to this Agreement;

(b)

the failure by the Corporation to obtain the requisite regulatory approvals to the Private Placement from the Regulatory Authorities and the Exchange; 

(c)

the breach by the Corporation of any of the terms of this Agreement;

(d)

any representation or warranty made by the Corporation herein not being true or ceasing to be true prior to Time of Closing;

(e)

any order made by any regulatory authority, that trading in or Distribution of any of the Securities is to cease or be suspended, or that trading by the directors, officers or promoters of the Corporation, or any one of them, shall cease or be suspended if such order is based on any Misrepresentation of the Corporation (except of a statement included in reliance upon information furnished to the Corporation by or on behalf of an Agent);

(f)

the failure or inability of the Corporation to allot, issue and deliver at the Closing any or all of the certificates representing the Shares and the Warrants in a form and denomination satisfactory to the Agent; and

(g)

a determination made by any of the Regulatory Authorities or a court of competent jurisdiction setting aside the offer, sale, issuance or delivery of any of the Units by the Corporation unless the determination is based on the negligence, willful misconduct or bad faith of the Agent.

11.2

If any action or claim is brought against an Indemnified Person in respect of which indemnity may be sought from the Corporation pursuant to this Agreement the Indemnified Person will promptly notify the Corporation in writing, and the Corporation will assume the defence of the action or claim, including the employment of counsel acceptable to the Indemnified Person (acting reasonably) and the payment of all expenses.  The Indemnified Person will have the right to employ separate counsel in any proceeding relating to a claim contemplated by this section if:

(a)

the Indemnified Person has been advised by counsel that there may be legal defences available to the Indemnified Person which are different from or additional to defences available to the Corporation (in which case the Corporation shall not have the right to assume the defence of such proceedings on the Indemnified Person’s behalf);

(b)

the Corporation has not taken the defence of such proceedings and employed counsel within a reasonable time after notice of commencement of proceedings against the Indemnified Person; or

(c)

the employment of such counsel has been authorized by the Corporation in connection with the defence of any proceedings, 

and, in any such event, the Corporation shall pay the fees and expenses of the Indemnified Person’s counsel during the course of the investigation or defence, promptly as such expense, loss, damage or liability is incurred, it being understood and agreed that the Corporation shall not, in connection with a suit in the same jurisdiction, be liable for the legal expenses of more than one separate legal firm to represent the Indemnified Parties.

11.3

No settlement may be made by either the Corporation or any Indemnified Person without prior written consent of the other, such consent not to be unreasonably withheld.

11.4

The Corporation will not make any claim for, and hereby irrevocably waives any right by statute or common law to, contribution against the Indemnified Persons in the event of any action or claim brought against the Corporation as a result of any Misrepresentation or alleged Misrepresentation referred to in Section  other than a Misrepresentation or alleged Misrepresentation included in reliance upon information furnished to the Corporation by or on behalf of an Agent.

11.5

The right to indemnity herein provided will be in addition to and not in derogation of any other right to indemnity or contribution which any Indemnified Person may have by statute or otherwise at law.

11.6

The indemnity provided by this Agreement will remain in full force and effect until all possible liability of the Agent arising out of the transactions contemplated by this Agreement is extinguished by the operation of law and will not be limited to or affected by any other indemnity obtained by the Agent from any other person.

11.7

If indemnification under this Agreement is found in a final judgment (not subject to further appeal) by a court of competent jurisdiction not to be available for reason of public policy, the Corporation and the Indemnified Persons will contribute to the losses, claims, damages, expenses or liabilities (or actions in respect thereof) for which such indemnification is held unavailable in such proportion as is appropriate to reflect the relative benefits to and fault of the Corporation, on the one hand, and the Indemnified Persons on the other hand, in connection with the matter giving rise to such losses, claims, damages, expenses or liabilities (or actions in respect thereof). No person found liable for a fraudulent Misrepresentation will be entitled to contribution from any person who is not found liable for such fraudulent Misrepresentation.

11.8

To the extent that any Indemnified Person is not a party this Agreement, the Agent will obtain and hold the right and benefit of this section in trust for and on behalf of such Indemnified Person. 

12.

Termination of Agent’s Obligations

12.1

The Agent may terminate their obligations under this Agreement and the obligations of the Purchasers under the Subscription Agreements by notice in writing to the Corporation at any time prior to the Time of Closing if:

(a)

an adverse Material Change in the affairs of the Corporation occurs or is announced by the Corporation;

(b)

there should develop, occur, or come into effect any catastrophe of national or international consequence or accident, governmental law, or regulation or other occurrence of any nature which, in the opinion of the Agent, seriously affects or will seriously affect the financial markets or the business of the Corporation or the ability of the Agent to perform its obligations under this Agreement, or a Purchaser’s decision to purchase the Units, even if the Purchaser has already executed a Subscription Agreement for all or a portion of the Private Placement;

(c)

following a consideration of the history, business, products, property or affairs of the Corporation or their respective principals and promoters, or the state of the financial markets in general, or the state of the market for the Corporation’s securities in particular, the Agent determines in its sole discretion, that it is not in the interest of the Purchasers to complete the purchase and sale of the Units;

(d)

the Units cannot, in the opinion of the Agent, be profitably placed due to the state of financial markets, whether national or international;

(e)

any order to cease or suspend trading in the securities of the Corporation, or an order to cease or suspend trading by a director, officer or promoter of the Corporation, or any one of them, is issued by any competent regulatory authority;

(f)

the Corporation is in breach of any material term of this Agreement;

(g)

the Agent determines that any of the material representations or warranties made by the Corporation in this Agreement are false or have become false;

(h)

an inquiry or investigation in relation to the Corporation, or the Corporation’s directors, officers or promoters, is commenced or threatened by an officer or official of any competent securities authority which in the reasonable opinion of the Agent will adversely affect the value or marketability of the Securities; or

(i)

the Agent is not satisfied, in its discretion, with the results of its due diligence investigation of the Corporation.

12.2

The Agent’s obligations hereunder will terminate if the Closing Date does not occur on or before April 15, 2005, unless otherwise agreed to in writing by the Agent.

13.

Restriction on Issuances of Common Shares

13.1

The Corporation agrees not to, directly or indirectly, issue, sell, offer, grant an option or right in respect of, or otherwise dispose of, or agree to, or announce any intention to, issue, sell, offer, grant an option or right in respect of, or otherwise dispose of any additional common shares of the Corporation or any securities convertible or exchangeable into common shares in the capital of the Corporation, other than pursuant to (a) the exercise of previously issued convertible or exchangeable securities disclosed in Schedule “A” hereto; (b) the issuance of securities in accordance with any mineral property option agreement or joint venture agreement disclosed in Schedule “B” hereto; or (c) the grant or exercise of stock options and other similar issuances pursuant to any stock option plan or similar share compensation arrangements in place prior to the Closing Date and which have been disclosed to the Agent, for a period of 90 days from the Closing Date, without the prior written consent of the Agent, such consent not to be unreasonably withheld.

14.

Press Releases

14.1

Subject to compliance with applicable law, any press release of the Corporation relating to the Private Placement will be provided in advance to the Agent, and the Corporation will use its commercially reasonable best efforts to agree to the form and content thereof with the Agent prior to the release thereof.  More particularly, in order to comply with United States Applicable Securities Laws, no press release will be issued by the Corporation concerning the Private Placement during the Private Placement, and any press release issued by the Corporation concerning the Private Placement shall include the following legend:

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any state securities laws and may not be offered or sold within the United States or to persons in the United States unless registered under the US Securities Act and applicable state securities laws or an exemption from registration is available.

15.

Authorization

15.1

The Agent is authorized to act on its own behalf, and the Corporation shall be entitled to and shall act on any notice given in accordance with this paragraph or agreement entered into by the Agent. 

16.

General

16.1

Time shall be of the essence of this Agreement and any waiver by the parties of this section or any failure by them to exercise any of their rights under this Agreement shall be limited to the particular instance and shall not extend to any other instance or matter in this Agreement or otherwise affect any of their rights or remedies under this Agreement.

16.2

The Exhibit and Schedules to this Agreement are incorporated by reference and the recitals to this Agreement constitute a part of this Agreement.

16.3

This Agreement constitutes the entire Agreement between the parties hereto in respect of the matters referred to herein and there are no representations, warranties, covenants or agreements, expressed or implied, collateral hereto other than as expressly set forth or referred to herein.

16.4

The headings in this Agreement are for reference only and do not constitute terms of the Agreement.

16.5

The provisions contained in this Agreement which, by their terms, require performance by a party to this Agreement subsequent to the Closing Date of this Agreement, shall survive the Closing Date of this Agreement.

16.6

No alteration, amendment, modification or interpretation of this Agreement or any provision of this Agreement shall be valid and binding upon the parties hereto unless such alteration, amendment, modification or interpretation is in written form executed by the parties directly affected by such alteration, amendment, modification or interpretation.

16.7

Whenever the singular or masculine is used in this Agreement the same shall be deemed to include the plural or the feminine or the body corporate as the context may require.

16.8

The parties hereto shall execute and deliver all such further documents and instruments and do all such acts and things as any party may, either before or after the Closing Date, reasonably require in order to carry out the full intent and meaning of this Agreement.

16.9

This Agreement may not be assigned by any party hereto without the prior written consent of all of the parties hereto.

16.10

This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.

16.11

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 severable from this Agreement.

16.12

This Agreement shall be subject to, governed by, and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

16.13

This Agreement may be signed by the parties in as many counterparts as may be deemed necessary, each of which so signed shall be deemed to be an original, and all such counterparts together shall constitute one and the same instrument.  For the purposes of this section, a facsimile copy of a counterpart shall be deemed to be an original.

16.14

Any notice to be given hereunder will be in writing and may be given by telecopier or by hand delivery and will be, in the case of the Corporation, addressed and telecopied or delivered to:

Crosshair Exploration & Mining Corp.

Suite 2300, 1066 West Hastings Street

Vancouver, BC   V6E 3X2

Fax:

(604) 601-8250

Attention:  Mark Morabito

with a copy to:

Anfield Sujir Kennedy & Durno

Suite 1600, 609 Granville Street

Vancouver, BC  V7Y 1C3

Fax:

(604) 669-3877

Attention:  Thea L. Koshman

and in the case of the Agent, be addressed and telecopied or delivered to:

Pacific International Securities Inc.

666 Burrard Street, Park Place

19th Floor 

Vancouver BC  V6C 3N1 

Fax:

(604) 664-3660

Attention:  Craig Roberts

with a copy to:

Blake Cassels & Graydon, LLP

Suite 2600, Three Bentall Centre

595 Burrard Street

Vancouver, B.C.  V7X 1L3

Fax:

(604) 631-3309

Attention:  Bob Wooder

The Corporation and the Agents may change their respective addresses for notice by notice given in the manner referred to above.

If the foregoing is in accordance with your understanding and agreed to by you, please signify your acceptance on the accompanying counterparts of this letter and return same to the Agents whereupon this letter as so accepted will constitute an agreement between the Corporation and the Agent enforceable in accordance with its terms.

Yours truly,

	PACIFIC INTERNATIONAL SECURITIES INC.

By:

Authorized Signatory

	 

The foregoing is accepted and agreed to on the _____ day of March, 2005, effective as of the date appearing on the first page of this Agreement.

	CROSSHAIR EXPLORATION & MINING CORP.

By:

Authorized Signatory

	 

SCHEDULE “A”

OPTIONS, WARRANTS AND AGREEMENTS

TO ISSUE SECURITIES

Options, Warrants and Agreements to Issue Securities

1.

Warrants:

    654,000

$0.35

expiring March 22, 2005

   554,000

$0.35

expiring March 24, 2005

     59,200

$0.25

expiring May 27, 2005

   198,000

$0.25

expiring September 17, 2005

(*)

1,525,000

$0.30

expiring November 27, 2005

1,375,000

$0.50

expiring December 14, 2005

   192,500

$0.50

expiring December 14, 2005

(**)

1,000,000

$0.40

expiring January 11, 2006

5,557,700

(*)

Broker Options in connection with a Private Placement

(**)

Finders Warrants in connection with a Private Placement on December 14, 2004

2.

Stock Options:

3,948,750

3.

Agreements:

(a)

Up to 1,600,000 common shares - Amended and Restated Property Agreement dated March 1, 2005 [replacing Property Agreement dated October 14, 2004] between Lewis Murphy and Crosshair Exploration & Mining Corp. in respect of an option for the acquisition by Crosshair Exploration & Mining Corp. of a 90% interest in the property known as the “Moran Lake IOCG” project in central Labrador.

(b)

Up to 1,000,000 common shares - Finder’s Fee Agreement dated August 25, 2004, between Crosshair Exploration & Mining Corp. and Northern Resource Investment Inc. in respect of introducing Crosshair Exploration & Mining Corp. to Liaoning Non-Ferrous Geological Institute and its president, Yanchang Deng.

(c)

Stock Options (up to 175,000), Discovery Bonus (100,000 common shares per Significant Discovery), and Finder’s Fees (common shares) - Contract for Consulting and Geological Services dated March 1, 2004, between Crosshair Exploration & Mining Corp. and Tim Froude for the provision of consulting services by Tim Froude to Crosshair Exploration & Mining Corp. relating to the mining industry.

(d)

Up to 130,000 common shares, plus Bonus Shares (150,000 common shares) if a Discovery is made - Option Agreement dated July 1, 2003, between Lai Lai Chan and International Lima Resources Corp. in respect of an option for International Lima Resources Corp. to acquire a 100% interest in property located in Newfoundland known as the “North Paul’s Pond Gold Property”.

(e)

Up to 400,000 common shares - Wings Point Property Agreement dated February 14, 2003, as amended on April 29, 2004, and as further amended on November 16, 2004, between Rubicon Minerals Corporation and International Lima Resources Corp. in respect of an option for the acquisition by International Lima Resources Corp. [Crosshair Exploration & Mining Corp.] of a 60% interest in the property known as the “Wings Point Property” in Newfoundland.

(f)

Up to 400,000 common shares - Victoria Lake Property Agreement dated February 14, 2003, as amended on April 29, 2004, and as further amended on November 16, 2004, between Rubicon Minerals Corporation and International Lima Resources Corp. in respect of an option for the acquisition by International Lima Resources Corp. [Crosshair Exploration & Mining Corp.] of a 60% interest in the property known as the “Victoria Lake Property” or the “Southern Golden Promise” property in Newfoundland.

(g)

Up to 400,000 common shares - Glenwood Break Property Agreement dated February 14, 2003, as amended on April 29, 2004, and as further amended on November 16, 2004, between Rubicon Minerals Corporation and International Lima Resources Corp. in respect of an option for the acquisition by International Lima Resources Corp. [Crosshair Exploration & Mining Corp.] of a 60% interest in the property known as the “Glenwood Break Property” in Newfoundland.

SCHEDULE “B”

LIST OF ALL MATERIAL CONTRACTS AND AGREEMENTS

Material Contracts and Agreements

1.

Amended and Restated Property Agreement dated March 1, 2005 [replacing Property Agreement dated October 14, 2004], between Lewis Murphy and Crosshair Exploration & Mining Corp. in respect of an option for the acquisition by Crosshair Exploration & Mining Corp. of a 90% interest in the property known as the “Moran Lake IOCG” project in central Labrador.

2.

Letter Agreement dated February 9, 2005 between Rubicon Minerals Corporation and Crosshair Exploration & Mining Corp. regarding a reduction in the Glenwood Break claims by 50%.

3.

Cooperative Joint Venture Contract for Mining Exploration dated November 12, 2004, between Liaoning Non-Ferrous Geological Bureau Exploration Institute and Crosshair Exploration & Mining Corp. in respect of a Joint Venture project known as the “Baigou Gold Project” in the Liaoning Province of China.

4.

Finder’s Fee Agreement dated August 25, 2004, between Crosshair Exploration & Mining Corp. and Northern Resource Investment Inc. in respect of introducing Crosshair Exploration & Mining Corp. to Liaoning Non-Ferrous Geological Exploration Institute and its president, Yanchang Deng.

5.

Contract for Consulting and Geological Services dated March 1, 2004, between Crosshair Exploration & Mining Corp. and Tim Froude for the provision of consulting services by Tim Froude to Crosshair Exploration & Mining Corp. relating to the mining industry.

6.

Option Agreement dated July 1, 2003, between Lai Lai Chan and International Lima Resources Corp. in respect of an option for International Lima Resources Corp. to acquire a 100% interest in property located in Newfoundland known as the “North Paul’s Pond Gold Property”.

7.

Wings Point Property Agreement dated February 14, 2003, as amended on April 29, 2004, and as further amended on November 16, 2004, between Rubicon Minerals Corporation and International Lima Resources Corp. in respect of an option for the acquisition by International Lima Resources Corp. [Crosshair Exploration & Mining Corp.] of a 60% interest in the property known as the “Wings Point Property” in Newfoundland.

8.

Victoria Lake Property Agreement dated February 14, 2003, as amended on April 29, 2004, and as further amended on November 16, 2004, between Rubicon Minerals Corporation and International Lima Resources Corp. in respect of an option for the acquisition by International Lima Resources Corp. [Crosshair Exploration & Mining Corp.] of a 60% interest in the property known as the “Victoria Lake Property” or the “Southern Golden Promise” property in Newfoundland.

9.

Glenwood Break Property Agreement dated February 14, 2003, as amended on April 29, 2004, and as further amended on November 16, 2004, between Rubicon Minerals Corporation and International Lima Resources Corp. in respect of an option for the acquisition by International Lima Resources Corp. [Crosshair Exploration & Mining Corp.] of a 60% interest in the property known as the “Glenwood Break Property” in Newfoundland.

SCHEDULE “C”

LIST OF ACTIONS, SUITS, JUDGEMENTS, INVESTIGATIONS AND PROCEEDINGS

List of Actions, Suits, Judgements, Investigations and Proceedings

No actions, suits, judgments, investigations, or other proceedings.

SCHEDULE “D”

PERMITTED ENCUMBRANCES

Permitted Encumbrances

None

EXHIBIT “1”

AGENT’S CERTIFICATE

AGENT’S CERTIFICATE

In connection with the private placement of securities (the “Securities”) of Crosshair Exploration & Mining Corp. (the “Corporation”) to, or for the account or benefit of, US Persons, or persons in the United States (each a “US Private Placee”) pursuant to US subscription agreements (each a “US Subscription Agreement”) and accredited investor certificates (each an “Accredited Investor Certificate”) of the undersigned Pacific International Securities Inc. (the “Agent”), referred to in the agency agreement dated as of March 15, 2005 between the Corporation and the Agent (the “Agency Agreement”), and Pacific International Securities (U.S.) Inc., in its capacity as placement agent in the United States for the Agent (the “Placement Agent”), do hereby certify that:

1.

the Placement Agent or its US Affiliate (if applicable) is a duly licensed and registered broker or dealer with the United States Securities and Exchange Commission and is registered as a broker-dealer in all states where the activities conducted by the Agent requires a license, including Texas, and is a member of, and in good standing with, the National Association of Securities Dealers, Inc. on the date hereof;

2.

all offers and sales of the Securities in the United States or to, or for the account or benefit of, US Persons have been effected in accordance with all applicable US and state broker-dealer registration requirements;

3.

all sales of the Securities in the United States or to, or for the account or benefit of, US Persons were made to a maximum of 50 US Accredited Investors by the Placement Agent;

4.

other than the US Subscription Agreement and Accredited Investor Certificate, no written material was used in connection with the offer or sale of the Securities in the United States, or to, or for the account or benefit of, US Persons;

5.

immediately prior to our transmitting the US Subscription Agreement and Accredited Investor Certificate to such US Private Placees, we had reasonable grounds to believe and did believe that each US Private Placee was a US Accredited Investor and on the date hereof, we continue to believe that each US Private Placee is a US Accredited Investor;

6.

no form of general solicitation or general advertising (as those terms are used in Regulation D) 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 Securities in the United States or to, or for the account as benefit of, US Persons; 

7.

prior to any sale of the Units in the United States or to, or for the account or benefit of, US Persons, we caused each US Private Placement Placee to sign a US Subscription Agreement and Accredited Investor Certificate containing representations, warranties and agreements to the Corporation that are customary for private placements in the US to US Accredited Investors;

8.

all US Private Placees have been informed that the Units and Securities have not been and will not be registered under the 1933 Act and the Units and Securities are being offered and sold to such purchasers in reliance on an exemption from the registration requirements of the 1933 Act for non-public offerings. Each US Private Placee was provided with disclosure substantially as follows: “The Units and Securities have not been and will not be registered under the US Securities Act and are being offered and sold within the United States only to accredited investors (as defined in Rule 501(a) of Regulation D under the US Securities Act).  Prospective purchasers of the Units and Securities are hereby notified that the seller of the Units and Securities is relying upon the exemption from the provisions of Section 5 of the US Securities Act provided in Section 4(2) of the US Securities Act for non-public offerings. The Securities offered hereby are not transferable except in accordance with the restrictions described herein.”; and

9.

the officers signing the certificate are the duly elected, qualified and acting officers of their respective corporation and that they have performed all investigations, examined all records and documents and made all inquiries reasonably necessary or appropriate to obtain sufficient actual knowledge to support the statements made in the certificate.

Terms used in this certificate have the meanings given to them in the Agency Agreement unless otherwise defined herein.

DATED this ____ day of March, 2005.

	PACIFIC INTERNATIONAL 

SECURITIES INC.

By:

Authorized Signatory

	PACIFIC INTERNATIONAL 

SECURITIES (U.S.) INC.

By:

Authorized Signatory

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