NORTH RAE PROPERTY PROPERTY OPTION AGREEMENT Dated, for reference, January 9, 2007 Between: AZIMUT EXPLORATION INC. and NORTHWESTERN MINERAL VENTURES INC. INDEX

Exhibit 3.M.

NORTH RAE PROPERTY

PROPERTY OPTION AGREEMENT

Dated, for reference, January 9, 2007

Between:

AZIMUT EXPLORATION INC.

and

NORTHWESTERN MINERAL VENTURES INC.

INDEX

1. DEFINITIONS 2
2. GRANT OF OPTION 4
3. TECHNICAL COMMITTEE 7
4. OPTION ONLY 8
5. EXERCISE OF OPTION – JOINT VENTURE 8
6. TRANSFER OF TITLE – CLAIM ABANDONMENT 9
7. RIGHT OF ENTRY 9
8. REPRESENTATIONS AND WARRANTIES OF AZIMUT 10
9. REPRESENTATIONS AND WARRANTIES OF NORTHWESTERN 12
10. COVENANTS OF AZIMUT 13
11. COVENANTS OF NORTHWESTERN 14
12. TERMINATION 15
13. INDEPENDENT ACTIVITIES 16
14. CONFIDENTIALITY OF INFORMATION 17
15. DELAYS 17
16. ASSIGNMENT 18
17. NOTICES 18
18. AREA OF COMMON XXXXXXXX 00
00. RULES OF INTERPRETATION 19
20. ARBITRATION 20
21. GENERAL TERMS AND CONDITIONS 22

SCHEDULE “A”:

 The Property

SCHEDULE “B”:

Work Expenditures

SCHEDULE “C”:

Bankable Feasibility Study

SCHEDULE “D”:

Joint Venture Agreement

NORTH RAE PROPERTY

PROPERTY OPTION AGREEMENT

THIS AGREEMENT is dated for reference as of the 9th day of January, 2007

BETWEEN:

AZIMUT EXPLORATION INC., a company duly incorporated under the laws of the province of Quebec and having a place of business at Suite 214, 000 xxx Xx Xx Xxxxx, Xxxxxxxxx, Xxxxxx, X0X 0X0;

(hereinafter called “AZIMUT”)

ON THE FIRST PART

   
AND:

NORTHWESTERN MINERAL VENTURES INC., a company duly constituted under the laws of Ontario and having its head office at 00 Xxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxx, X0X 0X0;

(hereinafter referred to as “NORTHWESTERN”)

OF THE SECOND PART

WHEREAS AZIMUT is the recorded and beneficial owner of a 100% interest in certain mineral claims comprising the North Rae property in Northern Québec, to wit:

        Block AB, Block CD and Block E

located on the eastern side of the Ungava Bay region, more particularly described in Schedule “A” attached hereto and made a part hereof (hereinafter called the “Property”);

AND WHEREAS AZIMUT and NORTHWESTERN entered into a letter agreement (the “Letter Agreement”) dated March 2, 2006 pursuant to which AZIMUT granted to NORTHWESTERN the option to acquire up to a 65% undivided interest in and to the Property;

AND WHEREAS this Property Option Agreement is intended to formalize the Letter Agreement referred to above;

NOW THEREFORE THIS AGREEMENT WITNESSSETH that in consideration of the mutual covenants and agreements herein contained and subject to the terms and conditions hereafter set out, the parties hereto agree as follows:

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

1.

DEFINITIONS

“Aboriginal Peoples” shall mean any peoples native to Canada that may claim or have a right or interest in or to the Property that is dependent upon treaty rights, constitutional, or other lawful non-contractual rights or powers.

“Agreement” means this Property Option Agreement, including all schedules, and all instruments supplementing, amending or confirming this Agreement and references to article, “paragraph” and “subparagraph” are to the specified article, paragraph or subparagraph of this Agreement.

“Applicable Law” means any applicable Canadian or foreign federal, provincial, state or local statute, regulation, rule, by-law, ordinance, order, policy or consent, including the common law, as well as any other enactment, treaty, official directive or guideline issued by a Governmental Authority and the terms and conditions of any permit, license or similar document or approval issued by a Governmental Authority, and shall also include any order, judgment, decree, injunction, ruling, award or declaration, or other decision of whatsoever nature of a court, administrative or quasi-judicial tribunal, an arbitrator or arbitration panel or a Governmental Authority of competent jurisdiction that is not subject to appeal or that has not been appealed within the requisite time therefore.

“Claim” means any claim, demand, action, cause of action, damage, loss, cost, liability or expense, including reasonable legal fees and all reasonable Costs incurred in investigating or pursuing any of the foregoing or any proceeding relating to any of the foregoing.

“Costs” means any and all damages, including exemplary and punitive damages, losses, including economic losses, costs, expenses, liabilities and obligations of whatsoever kind, direct or indirect, including fines, penalties, interest, lawyers’ fees and disbursements, and taxes thereon.

“Encumbrances” means any pledge, lien, restriction, charge, security agreement, lease, conditional sale, title retention agreement, mortgage, encumbrance, assignment by way of or in effect as security, or any other security interest, and any option or adverse Claim, of any kind or character whatsoever.

“Environmental Laws” means all Applicable Laws relating to the protection of the environment, including air, soil, surface water, ground water, biota, wildlife or personal or real property, or to employee and public health and safety, and includes those Environmental Laws that regulate, ascribe, provide for or pertain to liabilities or obligations in relation to the existence, use, production, manufacture, processing, distribution, transport, handling, storage, removal, treatment, disposal, emission, discharge, migration, seepage, leakage, spillage or release of Substances or the construction, alteration, use or operation, demolition or decommissioning of any facilities or other real or personal property.

“Governmental Authorities” means all applicable federal, provincial or state and municipal agencies, boards, tribunals, ministries and departments, both Canadian and foreign.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

“Joint Venture Agreement” means the agreement for the further exploitation and development of the Property that both parties have undertaken to negotiate in good faith and use their best efforts to execute on such terms as are mutually agreeable to the parties, on or before the exercise by the Optionee of the Second Option in accordance with the terms and conditions of this Agreement, on the basis of the material terms set forth in Schedule D hereof.

“Operator” means the party that is entitled to direct exploration work, including work plans and budgets to be implemented, in respect of the Property, all in accordance with paragraph 2.3 hereof.

“Permitted Encumbrances” means:

  (a)

easements, rights of way, servitude and similar rights in land including, but not limited to, rights of way and servitude for highways and other roads, railways, sewers, drains, gas and oil pipelines, gas and water mains, electric power, telephone, telegraph or cable television conduits, poles, wires and cables which are not material;
    
  (b)

the right reserved to or vested in any Governmental Authority by the terms of any lease, licence, grant or permit forming part of the Property, or by any statutory provision, to terminate any such lease, licence, grant or permit or to require annual or other periodic payments as a condition of the continuance of them, as well as all other reservations, limitations, provisos and conditions in any original grant from Governmental Authorities;
    
  (c)

the right of any Governmental Authority to levy taxes on minerals or the revenue there from and governmental restrictions on production rates on the operation of a mine on the Property, as well as all other rights vested in any Governmental Authority to control or regulate the Property pursuant to Applicable Laws; and
    
  (d)

any liens, charges or other Encumbrances:
    
  (i)

for taxes, assessments or governmental charges;
    
  (ii)

incurred, created and granted in the ordinary course of business to a public utility or Governmental Authority in connection with operations conducted with respect to the Property, but only to the extent those liens relate to Costs for which payment is not due.

“Work Expenditures” shall have the meaning ascribed thereto in Schedule B.

“Yellow Cake Royalty” shall have the meaning ascribed thereto in Appendix II of the Joint Venture Agreement, appended as Schedule D hereto.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
2.

GRANT OF OPTION
   
2.1

AZIMUT hereby grants to NORTHWESTERN the sole, exclusive and irrevocable right and option (the “First Option”) to acquire a 50% undivided recorded and beneficial interest in and to the Property and all of AZIMUT’s rights, licenses and permits appurtenant thereto or held for the specific use and enjoyment thereof, free and clear of all Encumbrances and Claims, save and except for the Yellow Cake Royalty and the Permitted Encumbrances, exercisable by paying to AZIMUT a total amount of $210,000, by issuing to AZIMUT 150,000 fully paid and non-assessable treasury common shares and by incurring a minimum of $2,900,000 in Work Expenditures (as defined in Schedule “B” attached hereto and made a part hereof) over the next five (5) years (the “First Option Period”), to be paid and incurred by NORTHWESTERN as follows:
   
a)

Issuance of 100,000 common shares, and the payment to Azimut of $50,000 on execution of the Letter Agreement; (receipt of which is hereby acknowledged by Azimut);
   
b)

Work Expenditures of $400,000 on or prior to March 2, 2007;
   
c)

The issuance of a further 50,000 common shares on or prior to April 28, 2007;
   
d)

The payment to Azimut of an additional $30,000 on or prior to March 2, 2007;
   
e)

The payment to Azimut of an additional $30,000 on or prior to March 2, 2008;
   
f)

Additional Work Expenditures of $400,000 on or prior to March 2, 2008;
   
g)

The payment to Azimut of an additional $40,000 on or prior to March 2, 2007;
   
h)

Additional Work Expenditures of $700,000 on or prior to March 2, 2009;
   
i)

The payment to Azimut of an additional $60,000 on or prior to March 2, 2010;
   
j)

Additional Work Expenditures of $700,000 on or prior to March 2, 2010; and
   
k)

Additional Work Expenditures of $700,000 on or prior to March 2, 2011.
   

NORTHWESTERN shall have the right to accelerate any of the above payments, Work Expenditures or common share issuances at its sole option, and any Work Expenditures exceeding the minimum in any given year shall be credited to the following year.
   
2.2

The issuance of the 100,000 common shares (which have been issued) and the first payment of $50,000 (which has been paid) contemplated by subparagraph 2.1(a) and the Work Expenditures of $400,000 contemplated in subparagraph 2.1 (b) constitute a firm commitment by NORTHWESTERN, after which NORTHWESTERN may terminate the First Option on the Property at any time. Notwithstanding the foregoing, each budget voted on a yearly basis by the Technical Committee (as established pursuant to article 3 herein) shall represent a firm commitment by NORTHWESTERN to maintain the First Option in good standing.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
2.3

During (i) the First Option Period until NORTHWESTERN exercises the First Option or the First Option expires unexercised, and (ii) in the event the First Option has been exercised by NORTHWESTERN, at all times during the Second Option Period, NORTHWESTERN shall, subject to the provisions of paragraph 12.3 hereof, have the right to be the Operator of all the exploration programs on the Property. As Operator, NORTHWESTERN shall be responsible in its reasonable discretion for carrying out and administering exploration, development and mining work on the Property. As Operator, NORTHWESTERN shall have the sole, exclusive and immediate right to enter upon and work the Property and have quiet and exclusive possession of the Property, subject to the rights of AZIMUT under this Agreement to enter in, upon or under the Property to inspect same. Furthermore, NORTHWESTERN shall be entitled to an administrative fee of 5% on contract work and 10% on internal work in lieu of overhead, management and other unallocatable costs which amount shall be credited against all Work Expenditures to be incurred by NORTHWESTERN hereunder.
  
2.4

If NORTHWESTERN issues the 150,000 common shares, makes the cash payments of $210,000 and incurs the minimum Work Expenditures of $2,900,000 in accordance with paragraph 2.1, then NORTHWESTERN will be deemed to have duly exercised the First Option, effective as at the date NORTHWESTERN provides notice of completion of the required Work Expenditures in accordance with paragraph 2.5 (the “Operative Date”). On the Operative Date, (i) NORTHWESTERN shall have earned a 50% undivided interest in and to the Property, free and clear of any Claims and Encumbrances, save and except for the Yellow Cake Royalty and the Permitted Encumbrances, and AZIMUT shall take all actions and do all things necessary and desirable to effect the transfer of 50% of its legal and beneficial right, title and interest in and to the Property to NORTHWESTERN, (ii) the parties shall enter into the Joint Venture Agreement; and (iii) AZIMUT will retain a two percent (2%) Yellow Cake Royalty.
  
2.5

NORTHWESTERN shall deliver to AZIMUT within thirty (30) days after the Operative Date a certificate of a senior officer stating the completion and amount of the required Work Expenditures incurred and an itemized statement of such Work Expenditures;
  
2.6

AZIMUT hereby also grants to NORTHWESTERN the sole, exclusive and irrevocable right and option (the “Second Option”), exercisable only following the exercise of the First Option, to increase NORTHWESTERN’s undivided interest in and to the Property from 50% to 65%, free and clear of all Encumbrances and Claims save and except for the Yellow Cake Royalty, by electing accordingly pursuant to paragraph 2.7 below and by paying an amount of $20,000 a year to AZIMUT for each of the next five (5) years immediately following the Operative Date (the “Second Option Period”), and issuing 100,000 NORTHWESTERN common shares within two (2) months following the Operative Date, subject to paragraph 2.10, and incurring minimum Work Expenditures of $200,000 per year for each year during the Second Option Period, and by delivering to AZIMUT a Bankable Feasibility Study (as defined in Schedule “C” attached hereto and made a part hereof) on or by the expiry of the Second Option Period, subject to paragraph 2.10.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
2.7

Within two (2) months following the Operative Date, NORTHWESTERN shall give AZIMUT notice that either:
   
(a)

NORTHWESTERN elects to exercise the Second Option; or
   
(b)

NORTHWESTERN elects not to exercise the Second Option.
   

Failure to so elect within the required time shall be deemed to be an election not to exercise the Second Option.
   
2.8

Should NORTHWESTERN elect not to exercise the Second Option contemplated by subparagraph 2.7(b), then the parties’ respective interest in and to the Property shall remain at 50%, but NORTHWESTERN shall nevertheless make a final cash payment to AZIMUT of $100,000 on or by the expiry of the two (2) month period set forth in paragraph 2.7.
   
2.9

Should NORTHWESTERN elect to exercise the Second Option contemplated by subparagraph 2.7(a) but decides nevertheless to terminate said option after the first year of the Second Option Period, then NORTHWESTERN shall pay to AZIMUT an amount of $20,000 per year for each year of the Second Option Period then remaining.
   
2.10

The Second Option Period contemplated by paragraph 2.6 for the delivery by NORTHWESTERN of a Bankable Feasibility Study may be extended by NORTHWESTERN for up to three (3) subsequent, annual and consecutive periods of one (1) year each, by paying to AZIMUT a sum of $50,000 per year on the anniversary date of the Operative Date immediately preceding the applicable extension period.
   
2.11

Should NORTHWESTERN exercise the Second Option contemplated by paragraph 2.6, (as same may be extended by paragraph 2.10), then NORTHWESTERN shall have acquired a 65% undivided interest in and to the Property, free and clear of all Encumbrances and Claims save and except for the Yellow Cake Royalty and the Permitted Encumbrances, and AZIMUT shall take all actions and do all things necessary and desirable to effect the transfer of an additional 15% of its legal and beneficial right, title and interest in and to the Property to NORTHWESTERN, such that NORTHWESTERN shall thereafter hold a 65% legal and beneficial undivided interest in the Property. Thereafter the total deemed contributions of each of the parties pursuant to the Joint Venture Agreement shall be adjusted such that the deemed contributions of NORTHWESTERN will be equal to its total incurred Work Expenditures, plus its expenses to produce the Bankable Feasibility Study, and the deemed contributions of AZIMUT will be equal to the figure required to equate to a 35% undivided interest.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
2.12

If NORTHWESTERN fails to incur all of the Work Expenditures stipulated in subparagraphs 2.1 (b), (f), (h) (i) (j) or (k) or paragraph 2.6, by the end of the last day by which the same was due to be incurred pursuant to paragraphs 2.1 and 2.6 or as deferred by reason of article 15, NORTHWESTERN may, at any time within 15 days of such day, make a cash payment to AZIMUT in an amount equal to the deficiency in the Work Expenditures. Any cash payment so made shall be deemed to have been Work Expenditures duly and properly incurred in an amount equal to the cash payment.
  
2.13

NORTHWESTERN shall have the right to record notice of this Agreement for the sole purpose of giving notice of its option rights hereunder. Such notice shall be cancelled and removed by NORTHWESTERN upon termination of this Agreement.
  
3.

TECHNICAL COMMITTEE
  
3.1

While this agreement is in force and until the First Option has been exercised by NORTHWESTERN, a technical committee (the “Technical Committee”) shall be established. Except as herein otherwise provided, the Technical Committee shall have the responsibility of approving the proposed Work Expenditures.
  
3.2

The Technical Committee shall consist of two (2) representatives, and each party shall forthwith appoint one (1) representative to the Technical Committee.
  
3.3

The Operator shall convene a meeting of the Technical Committee at least once every twelve (12) months and, in any event, within fourteen (14) days of being requested to do so by any representative.
  
3.4

The Operator shall give notice, specifying the time and place and the agenda for each meeting of the Technical Committee, to all representatives at least seven (7) days prior to the time appointed for the meeting. An exploration program proposal, which includes a budget, shall be submitted by the Operator at least 7 business days before the date of the Technical Committee meeting.
  
3.5

Notice of a meeting of the Technical Committee shall not be required if representatives of all the parties are present and unanimously agree upon the agenda.
  
3.6

A quorum for any Technical Committee meeting shall be present if each party’s representative is present. If a quorum is present at the meeting, the Technical Committee shall be competent to exercise all of the authorities, powers and discretions bestowed upon it hereunder. The Technical Committee shall not transact any business at a meeting unless a quorum is present at the commencement of the meeting.
  
3.7

The Technical Committee shall decide every question submitted to it by a vote with each representative being entitled to cast one (1) vote. In the case of an equality of votes on any matter which cannot be resolved by agreement of the parties, the Operator shall have a second and casting vote.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
3.8

The representative of the Operator shall be chairman and secretary of each Technical Committee meeting.
  
3.9

The secretary of the Technical Committee meeting shall take minutes of that each meeting and circulate copies thereof to each representative.
  
3.10

The Technical Committee may make decisions by obtaining the consent in writing of the representatives of each party. Any decision so made shall be as valid as a decision made at a duly called and held meeting of the Technical Committee.
  
3.11

Decisions of the Technical Committee made in accordance with this Agreement shall be binding upon all parties.
  
3.12

Each party shall bear the expenses incurred by its representatives in attending meetings of the Technical Committee.
  
3.13

The Technical Committee may, by agreement of the representatives of all the parties, establish such other rules of procedure, not inconsistent with this Agreement, as the Technical Committee deems fit.
  
4.

OPTION ONLY
  
4.1

This Agreement represents an option only, and after NORTHWESTERN has issued to AZIMUT the 100,000 common shares (which have been issued), has paid to AZIMUT $50,000 cash (which has been paid) and has incurred $400,000 in Work Expenditures in the manner provided for in paragraph 2.2 hereof, NORTHWESTERN shall be under no further obligation to AZIMUT except as otherwise set forth herein. No act done or payment made by NORTHWESTERN hereunder shall obligate NORTHWESTERN to do any further act or make any further payment and, except as provided herein to the contrary, in no event shall this Agreement or any act done or any payment made be construed as an obligation of NORTHWESTERN to do or perform any work or make any payments on or with respect to the Property.
  
5.

EXERCISE OF OPTION – JOINT VENTURE
  
5.1

NORTHWESTERN shall have exercised the First Option and shall have acquired a 50% undivided interest in and to the Property by issuing to AZIMUT 150,000 common shares, by paying to AZIMUT $210,000 in cash and by incurring a minimum of $2,900,000 in Work Expenditures in accordance with paragraph 2.1 hereof. However, NORTHWESTERN shall acquire no additional interest in and to the Property by electing to exercise, and subsequently failing to exercise, the Second Option, and in such event, shall receive no credit for incurring Work Expenditures in excess of $2,900,000.
  
5.2

NORTHWESTERN shall have exercised the Second Option and shall have acquired a 65% undivided interest in and to the Property by having exercised the First Option and by paying to AZIMUT an amount of $20,000 per year during each year of the Second Option Period, by issuing 100,000 NORTHWESTERN common shares within two (2) months following the Operative Date, by incurring minimum Work Expenditures of $200,000 per year during each year of the Second Option Period and by delivering the Bankable Feasibility Study contemplated by paragraph 2.6, and if required, by making the additional payments contemplated by paragraph 2.10.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

  
5.3

If the First Option is exercised and NORTHWESTERN elects not to exercise the Second Option, or if both the First and Second Options are exercised, all further work on and with respect to the Property, and the subsequent relationship between AZIMUT and NORTHWESTERN in relation to the Property, shall be governed by the Joint Venture Agreement.
  
6.

TRANSFER OF TITLE – CLAIM ABANDONMENT
  
6.1

Upon the exercise of the First Option, AZIMUT shall deliver to NORTHWESTERN recordable transfers or other applicable conveyancing documentation sufficient to effect the transfer of a 50% undivided interest in and to the Property to NORTHWESTERN and NORTHWESTERN may record notice of its interest on title.
  
6.2

Upon the exercise of the Second Option, AZIMUT shall deliver to NORTHWESTERN recordable transfers or other applicable conveyancing documentation sufficient to effect the transfer of an additional 15% undivided interest in and to the Property to NORTHWESTERN and NORTHWESTERN may record notice of its interest on title.
  
6.3

At any time during the currency of this Agreement, NORTHWESTERN may elect to abandon any portion or portions of the Property by giving notice of such election to AZIMUT not less than ninety (90) days prior to the proposed date of abandonment. The notice shall identify the specific claims proposed to be abandoned, and their respective expiry dates.
  
6.4

Upon the written request of AZIMUT, received by NORTHWESTERN not less than 30 days prior to the proposed date of abandonment, NORTHWESTERN shall deliver to AZIMUT recordable conveyances entitling AZIMUT to be the recorded owner of the claims set out in the notice. Upon the delivery of such conveyances, the subject claims shall cease to be subject to the terms and conditions of this Agreement.
  
7.

RIGHT OF ENTRY
  
7.1

During the currency of this Agreement prior to the exercise of the First Option and the Second Option, NORTHWESTERN, its servants, agents and workmen and any persons duly authorized by NORTHWESTERN, shall have the right of access to and from and, subject to subparagraph 11.1(f) hereof, the exclusive right to enter upon and take possession of and prospect, explore and develop the Property and incur Work Expenditures in accordance with approved work programs in such manner and at such times as NORTHWESTERN in its sole discretion may deem advisable and, subject to subparagraph 11.1 (f) hereof, to have quiet and exclusive possession of the Property during the currency of this Agreement with full power and authority to take and install thereon all such buildings, plant, machinery, equipment, tools, appliances or supplies as NORTHWESTERN shall deem necessary and proper and the right to remove quantities of rocks, ore and/or minerals and transport same for the purpose of sampling, testing and assaying.

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
8.

REPRESENTATIONS AND WARRANTIES OF AZIMUT
   
8.1

AZIMUT hereby represents and warrants to NORTHWESTERN that:
   
a)

it is the sole recorded and beneficial owner of a 100% interest in and to the Property free and clear of all Encumbrances, Claims and defects in title other than the Permitted Encumbrances;
   
b)

the mineral claims comprising the Property have been validly located and are now duly recorded and in good standing in accordance with the laws of the jurisdiction in which the mineral claims are situated and the Property is in good standing pursuant to all applicable laws;
   
c)

it has full corporate power and authority to enter into this Agreement;
   
d)

it is a company validly existing and in good standing under the laws of the province of Quebec and is up to date with respect to its filings with the applicable governmental corporate agency and has all necessary corporate capacity to own its property and assets and to conduct its business as presently conducted;
   
e)

the entering into this Agreement and compliance with the terms hereof does not conflict with any applicable laws or with its charter documents nor does it conflict with, or result in a breach of or accelerate the performance required by any contract or other commitment to which it is party or by which it is bound or result in the creation of any Encumbrance on the Property;
   
f)

it has the exclusive right and all necessary power, authority and capacity to enter into this Agreement and all necessary authority to assign to NORTHWESTERN up to a 65% right, title and interest in and to the Property, in accordance with the terms and conditions of this Agreement, free and clear of all Claims and Encumbrances, save and except for the Yellow Cake Royalty and the Permitted Encumbrances, and the consummation of the transactions contemplated hereby have been authorized by all necessary corporate action on its part;
   
g)

it has the exclusive right to receive 100% of the proceeds from the sale of minerals, metals, ores or concentrates removed from the Property and no other person, firm or corporation is entitled to any royalty, net profits interest or other payment in the nature of rent or royalty on such materials removed from the Property or is entitled to take such material in kind;

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

     
  h)

the Property is free and clear of all Claims and Encumbrances as is its interest inherent in the Property and Azimut has not made, committed or executed any act, deed, matter or thing whereby its interest in the Property may be encumbered in title or otherwise;
   
  i)

the Property is not subject to any actual, pending or to the best of its knowledge, threatened Claim or challenge, nor to the best of its information, knowledge and belief is there any basis therefore, and there is not presently outstanding against AZIMUT any judgment, decree, injunction, rule or order of any court, Governmental Authority or arbitrator which would have a material effect upon the Property; reclamation and rehabilitation of those parts of the Property which have been previously worked by AZIMUT have been properly completed in compliance with all applicable laws and AZIMUT hereby covenants and agrees to save NORTHWESTERN harmless from and against any loss, liability, Claim, demand, damage, expense, injury or death arising out of or in connection with the operations or activities which were carried out the Property by AZIMUT prior to the date of this Agreement;
   
  j)

to the best of its knowledge and belief after having made reasonable enquiry, reclamation and rehabilitation of those parts of the Property which have been previously worked by persons other than AZIMUT have been properly completed in compliance with all applicable laws by such other persons;
   
  k)

the description of the Property set forth herein is true and correct;
   
  l)

it has obtained all required approvals and authorizations to grant the First Option and Second Option to NORTHWESTERN, and to transfer up to a 65% undivided interest in the Property to NORTHWESTERN in accordance with the terms hereof; no consents, approvals or authorizations of any third party are required in connection therewith; and AZIMUT has sole and complete power and authority to deal with the Property in the manner contemplated in this Agreement;
   
  m)

all taxes, assessments, rentals, levies and other payments, as well as all reports, relating to the Property and required to be made, performed and filed to and with any Governmental Authority in order to maintain the Property in good standing have been so made, performed or filed, as the case may be;
   
  n)

to the best of AZIMUT’s knowledge there has been no claim made by any Aboriginal Peoples, nor is there any basis therefor, with respect to any right or interest in or to the Property;
   
  o)

to the best of AZIMUT’s knowledge, conditions on and relating to the Property respecting all past and current operations thereon are in compliance in all material respects with all Applicable Laws, including all Environmental Laws;

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Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

     
  p)

it has not received any notice of, or communication relating to, any actual or alleged breach of any Environmental Laws, and there are no outstanding work orders or actions required to be taken relating to environmental matters respecting the Property or any operations carried out thereon;
   
  q)

it is not a party to or bound by any guarantee, indemnification, surety or similar obligation pertaining to the Property and, except for this Agreement, no material contracts have been entered between AZIMUT and any other person with respect to the Property other than the Letter Agreement;
   
  r)

this Agreement constitutes a valid and binding obligation of it, enforceable against it in accordance with the terms of this Agreement, subject, however, to limitations with respect to enforcement imposed by law in connection with bankruptcy or similar proceedings and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the court from which they are sought; and
   
  s)

it has not incurred any liability, contingent or otherwise, for brokers’ or finders’ fees in respect of the transactions contemplated herein.

No investigations made by or on behalf of NORTHWESTERN at any time shall have the effect of waiving, diminishing the scope of or otherwise affecting any representation or warranty made by AZIMUT in or pursuant to this Agreement. No waiver by NORTHWESTERN of any condition or other provision, in whole or in part, shall constitute a waiver of any other condition or provision.

8.2

The representations and warranties hereinbefore set out are conditions upon which NORTHWESTERN has relied on entering into this Agreement, shall be true and correct at all times while the First Option or Second Option remains outstanding and shall survive the exercise of the First and Second Option, and AZIMUT hereby indemnifies and saves NORTHWESTERN harmless from all loss, damage, costs, actions and suits arising out of or in connection with any breach or any representation or warranty made by it and contained in this Agreement. For greater certainty and without limiting the generality of the foregoing, the parties agree that NORTHWESTERN shall not be responsible for any environmental or other liabilities attributed to the Property prior to the date of this Agreement.
   
9.

REPRESENTATIONS AND WARRANTIES OF NORTHWESTERN
   
9.1

NORTHWESTERN represents and warrants to AZIMUT that:
   
a)

it is a company validly existing and in good standing under the laws of Ontario and is up to date with respect to its filings with the applicable governmental corporate agency;
   
b)

it has full corporate power and authority to enter into this Agreement;

- 12 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

     
  c)

the entering into of this Agreement does not conflict with any applicable laws or with its charter documents nor does it conflict with, or result in a breach of, or accelerate the performance required by any contract or other commitment to which it is party or by which it is bound; and
   
  d)

it is eligible to acquire and hold mineral claims in the jurisdiction in which the property is situated;

9.2

The representations and warranties hereinbefore set out are conditions upon which AZIMUT has relied on entering into this Agreement and shall survive the exercise of the First Option and the Second Option, and NORTHWESTERN hereby indemnifies and saves AZIMUT harmless from all loss, damage, costs, actions and suits arising out of or in connection with any breach of any representation or warranty made by it and contained in this Agreement.
   
10.

COVENANTS OF AZIMUT
   
10.1

AZIMUT hereby covenants with and to NORTHWESTERN that:
   
(a)

subject to paragraph 10.2, it will, within ten (10) days of the execution and delivery of this Agreement, provide NORTHWESTERN with all of the data and information in its possession or under its control relating to the mineral potential of the Property and to AZIMUT’s exploration activities on the Property, including but not limited to all reports, maps and surveys, but excluding any data or results related to the proprietary targeting methodology used by Azimut;
   
(b)

until such time as the First Option and Second Option are exercised or otherwise terminate, it will not deal, or attempt to deal with its right, title and interest in and to the Property in any way that would or might affect the right of NORTHWESTERN to become absolutely vested in a 65% interest in and to the Property, free and clear of Claims and Encumbrances, except for the Yellow Cake Royalty and the Permitted Encumbrances;
   
(c)

during the term of this Agreement, AZIMUT shall take all actions and do all things necessary or desirable to ensure that (i) no liabilities are incurred on the Property other than with the express written consent of NORTHWESTERN; and (ii) the Property remains free and clear of all Encumbrances whatsoever save and except for the Yellow Cake Royalty and the Permitted Encumbrances.
   
10.2

Notwithstanding the covenants contemplated in subparagraph 10.1(a), AZIMUT shall be under no obligation to disclose to or provide NORTHWESTERN with any and all information regarding the proprietary targeting methodology used by AZIMUT.

- 13 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
11.

COVENANTS OF NORTHWESTERN
   
11.1

NORTHWESTERN covenants and agrees with AZIMUT that until the First Option and the Second Option are exercised or otherwise terminated it shall:
   
(a)

subject to the provisions of paragraph 6.3 hereof, carry out and record or cause to be carried out and recorded all such assessment work upon the Property as may be required in order to maintain the Property in good standing at all times (and, for greater certainty, the proceeds of the Work Expenditures incurred pursuant to paragraph 2.1 or 2.6 hereof may be applied towards such payments but in no circumstances shall this subparagraph be construed so as to require any expenditures to be incurred on the Property by NORTHWESTERN in excess of the applicable Work Expenditures set forth in paragraphs 2.1 and 2.6 hereof, as applicable). All Operator’s fees paid pursuant to paragraph 2.3, and all payments necessary to keep the Property in good standing during the First Option Period and Second Option Period will be credited towards the minimum Work Expenditures requirements of NORTHWESTERN as set forth in paragraphs 2.1 and 2.6 above, as applicable;
   
(b)

keep the Property clear of Claims and Encumbrances other than Permitted Encumbrances arising from its operations thereon;
   
(c)

carry on all operations on the Property in compliance with all applicable governmental regulations and restrictions;
   
(d)

pay or cause to be paid any rates, taxes, duties, royalties, assessments or fees levied with respect to the Property or NORTHWESTERN’s operations thereon (which payments will be credited towards minimum Work Expenditure requirements as set forth in paragraphs 2.1 and 2.6 above as applicable);
   
(e)

indemnify and hold AZIMUT harmless from any and all liabilities, costs, damages or charges arising from the failure of NORTHWESTERN to comply with the covenants contained in this paragraph or otherwise arising from its operations on the Property;
   
(f)

allow AZIMUT or any duly authorized agent or representative of AZIMUT to inspect the Property upon giving NORTHWESTERN forty-eight (48) hours written notice; PROVIDED HOWEVER that it is agreed and understood that AZIMUT or any such agent or representative shall not interfere with NORTHWESTERN’s activities on the Property and shall be at its own risk and that NORTHWESTERN shall not be liable for any loss, damage or injury incurred by AZIMUT or its agent or representative arising from its inspection of the Property, however caused;

- 14 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

     
  (g)

allow AZIMUT access at all reasonable times and intervals to all factual maps, reports, assay results and other factual technical data prepared or obtained by NORTHWESTERN in connection with its operations on the Property;
   
  (h)

provide AZIMUT with all technical reports, including all pertinent databases in digital form and, on a quarterly basis, summary written reports with respect to its operations on the Property and shall provide AZIMUT with copies of any and all documents filed by NORTHWESTERN to record assessment work on the Property.

12.

TERMINATION
   
12.1

NORTHWESTERN may terminate this Agreement at any time upon giving notice thereof to AZIMUT provided that NORTHWESTERN has issued the common shares, has made the minimum payment and has incurred the minimum Work Expenditures referred to in subparagraphs 2.1(a) and 2.1(b) hereof,
   
12.2

In addition to termination of this Agreement pursuant to paragraph 12.1, if NORTHWESTERN fails to make any payment or fails to do any thing on or before the last day provided for such payment or performance under this Agreement, subject to the provisions of paragraph 2.12, AZIMUT may terminate this Agreement, but only if:
   
a)

it shall have first given to NORTHWESTERN written notice of the failure containing particulars of the payment which NORTHWESTERN has not made, the common shares which NORTHWESTERN has failed to issue or the act which NORTHWESTERN has not performed; and
   
b)

subject always to the provisions of paragraph 14.1 hereof, NORTHWESTERN has not, within thirty (30) business days following delivery of AZIMUT’s notice, if the default relates to a cash payment or share issuance, or sixty (60) days for all other defaults, given notice to AZIMUT that it has cured such failure.
   

Should NORTHWESTERN fail to deliver the notice provided for in subparagraph 12.2(b) within the time provided above, this Agreement shall be deemed to have terminated on the day following the last day provided for the payment or performance the failure of which by NORTHWESTERN caused AZIMUT to issue the notice referred to in subparagraph 12.2(a) hereof.
   

This Agreement will automatically terminate upon exercise of the Second Option by NORTHWESTERN.
   
12.3

Upon termination of this Agreement:

  (i)

in the event that NORTHWESTERN has not exercised its First Option at such time:

- 15 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

       
    (a)

NORTHWESTERN shall deliver to AZIMUT, within sixty (60) days of the effective date of termination, copies of all factual maps, reports, assay results and other factual data and documentation relating to its operation on the Property;
    
    (b)

NORTHWESTERN shall forfeit any and all interest in the Property and shall cease to be liable to AZIMUT in debt, damages or otherwise save and except for the performance of those of its obligations mandated pursuant to subparagraphs 2.1(a) and 2.1 (b), which were not satisfied on the effective date of termination; and
    
    (c)

NORTHWESTERN shall vacate the Property within a reasonable time after such termination, but shall have the right of access to the Property for a period of six (6) months thereafter for the purpose of removing its chattels, machinery, equipment and fixtures therefrom.

  (ii)

in the event that NORTHWESTERN has exercised its First Option at such time, has elected to proceed with the Second Option and, subsequently, provides to AZIMUT a notice of termination of its Second Option, delivered at least sixty (60) days prior to the effective date of such termination:

    (a)

NORTHWESTERN shall deliver to AZIMUT, within sixty (60) days of the effective date of termination, copies of all factual maps, reports, assay results and other factual data and documentation relating to its operation on the Property;
    
    (b)

NORTHWESTERN shall relinquish all right to act as Operator of the exploration programs on the Property immediately upon the effective date of termination, and AZIMUT shall, thereafter, be the Operator; and
    
    (c)

NORTHWESTERN shall vacate the Property within a reasonable time after such termination, but shall, at its own risk and expense, have the right of access to the Property during normal operating hours, upon reasonable written notice to AZIMUT, provided that such access does not interfere with AZIMUT’s exploration work.

13.

INDEPENDENT ACTIVITIES
  
13.1

Except as expressly provided herein, each party shall have the free and unrestricted right to independently engage in and receive the full benefit of any and all business endeavours of any sort whatsoever, whether or not competitive with the endeavours contemplated herein without consulting the other or inviting or allowing the other to participate therein. No party shall be under any fiduciary or other duty to the other which will prevent it from engaging in or enjoying the benefits of competing endeavours within the general scope of the endeavours contemplated herein. The legal doctrines of “corporate opportunity” sometimes applied to persons engaged in a joint venture or having fiduciary status shall not apply in the case of any party. In particular, without limiting the foregoing, no party shall have an obligation to any other party as to:

- 16 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

     
  (a)

any opportunity to acquire, explore and develop any mining property, interest or right presently owned by it or offered to it outside the Property at any time, other than as specifically provided herein; and
   
  (b)

the erection of any mining plant, mill, smelter or refinery, whether or not such mining plant, mill smelter or refinery treats ores or concentrates from the Property.

14.

CONFIDENTIALITY OF INFORMATION
  
14.1

Except as otherwise provided in this paragraph, both parties shall treat all data, reports, records and other information relating to this Agreement and the Property as confidential and shall seek the consent of the other party to any disclosure thereof to a third party which consent will not be unreasonably withheld. The text of any news release or any other public statements, other than those required by law or regulatory bodies or stock exchanges or other government authorities, which a party desires to make shall be sent to the other party for its comments prior to publication and shall not include references to the other party unless such party has given its prior consent. The text of any disclosure which a party is required to make by law, by regulatory bodies or stock exchanges shall be sent to the other party prior to filing in order that the other party may have the opportunity to comment thereon; if no comment is received after 24 hours, the disclosure shall be deemed approved. For all public disclosure, whether required to be made or not, any reasonable changes requested by the non-disclosing party shall be incorporated into the disclosure document. Notwithstanding the foregoing, nothing in this paragraph 14.1 shall prohibit any disclosure necessary to comply with any Applicable Laws or the rules of any applicable stock exchange;
  
14.2

Notwithstanding paragraph 14.1, all required Work Expenditures shall be submitted to the Ministère des Ressources naturelles et de la Faune du Québec unless the parties mutually agree otherwise.
  
15.

DELAYS
  
15.1

If any party should be delayed in or prevented from performing any of the terms, covenants or conditions of this Agreement by reason of a cause beyond the control of such party, whether or not foreseeable, excluding lack of funds, but including fires, floods, earthquakes, subsidence, ground collapse or landslides, interruptions or delays in transportation or power supplies, strikes, lockouts or other labour disruptions, wars, acts of God, government regulation or the inability to secure on reasonable terms any private or public permits or authorizations, including those from securities regulatory bodies, unusually harsh or adverse weather conditions, Claims by Aboriginal Peoples and legal proceedings, then any failure on the part of such party to so perform shall not be deemed to be a breach of this Agreement and the time within which such party is obliged to comply with any such term, covenant or condition of this Agreement shall be extended by the total period of all such delays. In order that the provisions of this article may become operative, such party shall give notice in writing to the other party, forthwith and for each new cause of delay or prevention and shall set out in such notice particulars of the cause thereof, and the day upon which the same arose, and shall take all reasonable steps to remove the cause of such delay or prevention, and shall give like notice forthwith following the date that such cause ceased to subsist.

- 17 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
16.

ASSIGNMENT
   
16.1

Any party may at any time dispose of all or any part of its interest in and to the Property and this Agreement (the “Assignor”) to any third party (the “Assignee”) provided that, as conditions precedent to any such assignment, the Assignor provides written notice to the non-assigning party, the non-assigning party agrees to such assignment in writing, and the Assignee shall have delivered to the non-assigning party its covenant with and to the non-assigning party that:
   
(a)

to the extent of the disposition, the Assignee agrees to be bound by the terms and conditions of this Agreement as if it had been an original party hereto; and
   
(b)

it will subject any further disposition of the interest acquired to the restrictions contained in this paragraph.
   

No such assignment shall have the effect of relieving a party of its obligations hereunder without the written consent of the other party which consent shall not be unreasonably withheld.
   
17.

NOTICES
   
17.1

Any notice, election, consent or other writing required or permitted to be given hereunder shall be deemed to be sufficiently given if delivered or if mailed by registered air mail or by fax, addressed as follows:
   

In the case of AZIMUT:
   

Azimut Exploration Inc.

000 xxx Xx Xx Xxxxx, Xxxxx 000
Xxxxxxxxx, Xxxxxx X0X 0X0
Attention: Xxxx-Xxxx Lulin
Fax No.: (000) 000-0000

- 18 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

In the case of NORTHWESTERN:

Northwestern Mineral Ventures Inc.
Xxxxx 0000
00 Xxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx X0X 0X0
Attention: Xxxxx Xxxxxxxx
Fax No.: (000) 000-0000

and any such notice given as aforesaid shall be deemed to have been given to the parties hereto if delivered, when delivered, or if mailed, on the third business day following the date of mailing, or if faxed, on the next succeeding business day following the faxing thereof PROVIDED HOWEVER that during the period of any postal interruption in either the country of mailing or the country of delivery, any notice given hereunder by mail shall be deemed to have been given only as of the date of actual delivery of the same. Any party may from time to time by notice in writing change its address for the purpose of this paragraph.

18.

AREA OF COMMON INTEREST
  
18.1

The area of common interest shall be deemed to comprise that area which is included within the outermost boundary of the mineral properties which constitute the Property as at the date of signature of the Letter Agreement, plus a buffer zone of 10 km around the Property (the “Area of Common Interest”);
  
18.2

If at any time during the currency of this Agreement any party (in this article 18, only, called the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent or other mineral property interest located wholly or partly within the Area of Common Interest (in this article 18, only, called the “Acquired Interest”), the Acquiring Party shall forthwith give notice to the other party of that staking or acquisition, the total cost thereof and all details in the possession of that party with respect to the details of the acquisition, the nature of the Acquired Interest and the known mineralization;
  
18.3

The other party may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the Acquired Interest be included in and thereafter form part of the Property for all purposes of this Agreement.
  
18.4

If the election aforesaid is made, NORTHWESTERN shall pay all of the reasonable costs of such acquisition, and such costs shall constitute Work Expenditures hereunder;
  
18.5

Any Acquired Interest so acquired either by NORTHWESTERN or by AZIMUT will be recorded in AZIMUT’s name until the execution of the Joint Venture Agreement by the parties. Where any Acquired Interest is so acquired by NORTHWESTERN and, within the stipulated period of 30 days, AZIMUT elects not to include such Acquired Interest in the Property, AZIMUT shall transfer to and record in NORTHWESTERN’s name the Acquired Interest, at AZIMUT’s sole expense;

- 19 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
18.6

If the other party fails to make the election aforesaid within the stipulated period of 30 days, the Acquired Interest so acquired shall not form part of the Property and the Acquiring Party shall be solely entitled thereto.
   
19.

RULES OF INTERPRETATION
   
19.1

In this Agreement and the Schedules hereto:
   
(a)

time is of the essence in the performance of the parties’ respective obligations;
   
(b)

the use of words in the singular or plural, or with a particular gender, shall not limit the scope or exclude the application of any provision of this Agreement to such person or persons or circumstances as the context otherwise permits;
   
(c)

unless otherwise specified, time periods within or following which any payment is to be made or act is to be done shall be calculated by excluding the day on which the period commences and including the day on which the period ends and by extending the period to the next business day following if the last day of the period is not a business day. Whenever any payment is to be made or any action under this Agreement is to be taken on a day other than a business day, such payment shall be made or action taken on the next business day following;
   
(d)

the use of the words, “include” or “including” shall be deemed to mean “include, without limitation”, or “including, without limitation”, if applicable;
   
(e)

Except as otherwise provided, all costs incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring them.
   
20.

ARBITRATION
   
20.1

In the event of a dispute in relation to this Agreement, including, without limitation, the existence, validity, performance, breach or termination thereof, or any matter arising therefrom, including whether any matter is subject to arbitration, the parties agree to negotiate diligently and in good faith in an attempt to resolve such dispute. Submission to arbitration under this article 20 shall be a condition precedent to bringing any action with respect to such dispute.
   
20.2

Failing resolution satisfactory to either party, either party may request that the dispute be resolved by binding arbitration, conducted in English, in Montreal, Quebec.
   
20.3

To demand arbitration any party (the “Demanding Party”) shall give written notice to the other party (the “Responding Party”). Such notice shall specify the nature of the allegation and issues in dispute, the amount or value involved (if applicable) and the remedy requested. Within 20 days of the receipt of the notice, the Responding Party shall answer the demand in writing, specifying the allegations and issues that are disputed.

- 20 -

Property Option Agreement
Azimut Exploration Inc & Northwestern Mineral Ventures Inc.

   
20.4

The Demanding Party and Responding Party shall each select one qualified arbitrator within 10 days of the Responding Party’s answer. Each of the arbitrators shall be a disinterested person qualified by experience to hear and determine the issues to be arbitrated. The arbitrators so chosen shall select a neutral arbitrator within 10 days of their selection.
  
20.5

No later than 20 business days after hearing the representations and evidence of the parties, the arbitrators shall make their majority determination in writing and deliver one copy to each of the parties. The written decision of the arbitrators shall be final and binding upon the parties in respect of all matters relating to the arbitration, the procedure, the conduct of the parties during the proceedings and the final determination of the issues in the arbitration. There shall be no appeal from the determination of the arbitrators to any court. The decision rendered by the arbitrators may be entered into any court for enforcement purposes.
  
20.6

The arbitrators may determine all questions in law and jurisdiction (including questions as to whether or not a dispute is arbitrable) and all matters of procedure relating to the arbitration.
  
20.7

A dispute of the parties shall not constitute a delay pursuant to paragraph 15.1.
  
20.8

The arbitrators shall have the right to grant legal and equitable relief and to award Costs (including legal fees and the Costs of arbitration) and interest. The Costs of any arbitration shall be born by the parties in the manner specified by the arbitrators in their majority determination. The arbitrators may make an interim order, including injunctive relief and other provisional, protective or conservatory measures, as well as orders seeking assistance from a court in taking or compelling evidence or preserving and producing documents regarding the subject matter of the dispute.
  
20.9

All papers, notices or process pertaining to an arbitration hereunder may be served on a party as provided in paragraph 17.1.
  
20.10

The parties agree to treat as confidential information, in accordance with the provisions of paragraph 14.1, the following: the existence of the arbitral proceedings; written notices, pleadings and correspondence in relation to the arbitration; reports, summaries, witness statements and other documents prepared .in respect of the arbitration; documents exchanged for purposes of the arbitration; the contents of any award or ruling made in respect of the arbitration. Notwithstanding the foregoing part of this paragraph 20.10, a party may disclose such confidential information in judicial proceedings to enforce, nullify, modify or correct an award or ruling and as permitted under paragraph 14.1.

- 21 -

Property Option Agreement
Azimut Exploration Inc Northwestern Ventures

   
21.

GENERAL TERMS AND CONDITIONS
  
21.1

The parties hereto hereby covenant and agree that they will execute such further agreements, conveyances and assurances as may be requisite, or which counsel for the parties may deem necessary to effectually carry out the intent of this Agreement;
  
21.2

This Agreement shall represent the entire understanding between the parties with respect to the subject matter hereof and replaces and supersedes all previous agreements between them with respect to the subject matter hereof including the Letter Agreement. No representations or inducements have been made save as herein set forth. No changes, alterations, or modifications of this Agreement shall be binding upon either party until and unless a memorandum in writing to such effect shall have been signed by both parties hereto;
  
21.3

The titles to the articles to this Agreement shall not be deemed to form part of this Agreement but shall be regarded as having been used for convenience of reference only;
  
21.4

The schedules to this Agreement shall be construed with and as an integral part of this Agreement to the same extent as if they were set forth verbatim herein;
  
21.5

All references to dollar amounts contained in this Agreement are references to Canadian funds;
  
21.6

This Agreement shall be governed by and interpreted in accordance with the laws in effect in Quebec, and is subject to the exclusive jurisdiction of the Courts of Quebec;
  
21.7

This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.
  
21.8

This Agreement may be executed in counterparts and by facsimile, and all such counterparts together shall constitute one and the same instrument.

WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the day and year first above written.

Azimut Exploration Inc.
 
/s/ Xxxx-Xxxx Lulin
Xxxx-Xxxx Lulin, President and CEO
 
Northwestern Mineral Ventures Inc.
 
/s/ Xxxxx Xxxxxxxx
Xxxxx Xxxxxxxx, President and CEO
 

SCHEDULE “A”

TO THAT CERTAIN AGREEMENT BETWEEN AZIMUT EXPLORATION INC. OF THE
FIRST PART AND NORTHWESTERN MINERAL VENURES INC. OF THE SECOND
PART MADE AS OF THE 9TH DAY OF DECEMBER, 2007

Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2004017     24I12     Actif     45.08     2     18     2006-03-27           2008-03-26  
North Rae   2004018     24I12     Actif     45.08     2     19     2006-03-27           2008-03-26  
North Rae   2004019     24I12     Actif     45.08     2     20     2006-03-27           2008-03-26  
North Rae   2004020     24I12     Actif     45.08     2     21     2006-03-27           2008-03-26  
North Rae   2004021     24I12     Actif     45.08     2     22     2006-03-27           2008-03-26  
North Rae   2004022     24I12     Actif     45.08     2     23     2006-03-27           2008-03-26  
North Rae   2004023     24I12     Actif     45.07     3     18     2006-03-27           2008-03-26  
North Rae   2004024     24I12     Actif     45.07     3     19     2006-03-27           2008-03-26  
North Rae   2004025     24I12     Actif     45.07     3     21     2006-03-27           2008-03-26  
North Rae   2004026     24I12     Actif     45.07     3     22     2006-03-27           2008-03-26  
North Rae   2004027     24I12     Actif     45.07     3     23     2006-03-27           2008-03-26  
North Rae   2004028     24I12     Actif     45.06     4     20     2006-03-27           2008-03-26  
North Rae   2004029     24I12     Actif     45.06     4     21     2006-03-27           2008-03-26  
North Rae   2004030     24I12     Actif     45.06     4     22     2006-03-27           2008-03-26  
North Rae   2004031     24I12     Actif     45.06     4     23     2006-03-27           2008-03-26  
North Rae   2004032     24I12     Actif     45.06     4     19     2006-03-27           2008-03-26  
North Rae   2004033     24I12     Actif     44.95     14     50     2006-03-27           2008-03-26  
North Rae   2004034     24I12     Actif     44.95     14     51     2006-03-27           2008-03-26  
North Rae   2004035     24I12     Actif     44.95     14     49     2006-03-27           2008-03-26  
North Rae   2004036     24I12     Actif     44.94     15     47     2006-03-27           2008-03-26  
North Rae   2004037     24I12     Actif     44.94     15     48     2006-03-27           2008-03-26  
North Rae   2004038     24I12     Actif     44.94     15     49     2006-03-27           2008-03-26  
North Rae   2004039     24I12     Actif     44.94     15     50     2006-03-27           2008-03-26  
North Rae   2004040     24I12     Actif     44.94     15     51     2006-03-27           2008-03-26  
North Rae   2004041     24I12     Actif     44.93     16     47     2006-03-27           2008-03-26  
North Rae   2004042     24I12     Actif     44.93     16     48     2006-03-27           2008-03-26  
North Rae   2004043     24I12     Actif     44.93     16     49     2006-03-27           2008-03-26  
North Rae   2004044     24I12     Actif     44.93     16     50     2006-03-27           2008-03-26  
North Rae   2004045     24I12     Actif     44.92     16     51     2006-03-27           2008-03-26  
North Rae   2004046     24I12     Actif     44.92     17     34     2006-03-27           2008-03-26  
North Rae   2004047     24I12     Actif     44.92     17     35     2006-03-27           2008-03-26  
North Rae   2004048     24I12     Actif     44.92     17     36     2006-03-27           2008-03-26  
North Rae   2004049     24I12     Actif     44.92     17     37     2006-03-27           2008-03-26  
North Rae   2004050     24I12     Actif     44.92     17     38     2006-03-27           2008-03-26  
North Rae   2004051     24I12     Actif     44.92     17     39     2006-03-27           2008-03-26  
North Rae   2004052     24I12     Actif     44.92     17     40     2006-03-27           2008-03-26  
North Rae   2004053     24I12     Actif     44.92     17     41     2006-03-27           2008-03-26  
North Rae   2004054     24I12     Actif     44.92     17     42     2006-03-27           2008-03-26  
North Rae   2004055     24I12     Actif     44.92     17     43     2006-03-27           2008-03-26  
North Rae   2004056     24I12     Actif     44.92     17     44     2006-03-27           2008-03-26  
North Rae   2004057     24I12     Actif     44.92     17     45     2006-03-27           2008-03-26  
North Rae   2004058     24I12     Actif     44.92     17     46     2006-03-27           2008-03-26  
North Rae   2004059     24I12     Actif     44.91     17     47     2006-03-27           2008-03-26  
North Rae   2004060     24I12     Actif     44.91     17     48     2006-03-27           2008-03-26  


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee      Colonne     Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2004061     24I12     Actif     44.91     17     49     2006-03-27           2008-03-26  
North Rae   2004062     24I12     Actif     44.91     17     50     2006-03-27           2008-03-26  
North Rae   2004063     24I12     Actif     44.91     17     51     2006-03-27           2008-03-26  
North Rae   2004064     24I12     Actif     44.91     18     35     2006-03-27           2008-03-26  
North Rae   2004065     24I12     Actif     44.91     18     36     2006-03-27           2008-03-26  
North Rae   2004066     24I12     Actif     44.91     18     37     2006-03-27           2008-03-26  
North Rae   2004067     24I12     Actif     44.91     18     38     2006-03-27           2008-03-26  
North Rae   2004068     24I12     Actif     44.91     18     39     2006-03-27           2008-03-26  
North Rae   2004069     24I12     Actif     44.91     18     40     2006-03-27           2008-03-26  
North Rae   2004070     24I12     Actif     44.91     18     41     2006-03-27           2008-03-26  
North Rae   2004071     24I12     Actif     44.91     18     42     2006-03-27           2008-03-26  
North Rae   2004072     24I12     Actif     44.91     18     34     2006-03-27           2008-03-26  
North Rae   2004073     24I12     Actif     44.9     18     43     2006-03-27           2008-03-26  
North Rae   2004074     24I12     Actif     44.9     18     44     2006-03-27           2008-03-26  
North Rae   2004075     24I12     Actif     44.9     18     45     2006-03-27           2008-03-26  
North Rae   2004076     24I12     Actif     44.9     18     46     2006-03-27           2008-03-26  
North Rae   2004077     24I12     Actif     44.9     18     47     2006-03-27           2008-03-26  
North Rae   2004078     24I12     Actif     44.9     18     48     2006-03-27           2008-03-26  
North Rae   2004079     24I12     Actif     44.9     18     49     2006-03-27           2008-03-26  
North Rae   2004080     24I12     Actif     44.9     18     50     2006-03-27           2008-03-26  
North Rae   2004081     24I12     Actif     44.9     18     51     2006-03-27           2008-03-26  
North Rae   2004082     24I12     Actif     44.9     19     34     2006-03-27           2008-03-26  
North Rae   2004083     24I12     Actif     44.9     19     35     2006-03-27           2008-03-26  
North Rae   2004084     24I12     Actif     44.9     19     36     2006-03-27           2008-03-26  
North Rae   2004085     24I12     Actif     44.9     19     37     2006-03-27           2008-03-26  
North Rae   2004086     24I12     Actif     44.89     19     38     2006-03-27           2008-03-26  
North Rae   2004087     24I12     Actif     44.89     19     39     2006-03-27           2008-03-26  
North Rae   2004088     24I12     Actif     44.89     19     40     2006-03-27           2008-03-26  
North Rae   2004089     24I12     Actif     44.89     19     41     2006-03-27           2008-03-26  
North Rae   2004090     24I12     Actif     44.89     19     42     2006-03-27           2008-03-26  
North Rae   2004091     24I12     Actif     44.89     19     43     2006-03-27           2008-03-26  
North Rae   2004092     24I12     Actif     44.89     19     44     2006-03-27           2008-03-26  
North Rae   2004093     24I12     Actif     44.89     19     45     2006-03-27           2008-03-26  
North Rae   2004094     24I12     Actif     44.89     19     46     2006-03-27           2008-03-26  
North Rae   2004095     24I12     Actif     44.89     19     47     2006-03-27           2008-03-26  
North Rae   2004096     24I12     Actif     44.89     19     48     2006-03-27           2008-03-26  
North Rae   2004097     24I12     Actif     44.89     19     49     2006-03-27           2008-03-26  
North Rae   2004098     24I12     Actif     44.89     19     50     2006-03-27           2008-03-26  
North Rae   2004099     24I12     Actif     44.89     19     51     2006-03-27           2008-03-26  
North Rae   2004100     24I12     Actif     44.88     20     34     2006-03-27           2008-03-26  
North Rae   2004101     24I12     Actif     44.88     20     35     2006-03-27           2008-03-26  
North Rae   2004102     24I12     Actif     44.88     20     36     2006-03-27           2008-03-26  
North Rae   2004103     24I12     Actif     44.88     20     37     2006-03-27           2008-03-26  
North Rae   2004104     24I12     Actif     44.88     20     38     2006-03-27           2008-03-26  

- 2 -


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2004105     24I12     Actif     44.88     20     39     2006-03-27           2008-03-26  
North Rae   2004106     24I12     Actif     44.88     20     40     2006-03-27           2008-03-26  
North Rae   2004107     24I12     Actif     44.88     20     41     2006-03-27           2008-03-26  
North Rae   2004108     24I12     Actif     44.88     20     42     2006-03-27           2008-03-26  
North Rae   2004109     24I12     Actif     44.88     20     43     2006-03-27           2008-03-26  
North Rae   2004110     24I12     Actif     44.88     20     44     2006-03-27           2008-03-26  
North Rae   2004111     24I12     Actif     44.88     20     45     2006-03-27           2008-03-26  
North Rae   2004112     24I12     Actif     44.88     20     46     2006-03-27           2008-03-26  
North Rae   2004113     24I12     Actif     44.88     20     48     2006-03-27           2008-03-26  
North Rae   2004114     24I12     Actif     44.88     20     49     2006-03-27           2008-03-26  
North Rae   2004115     24I12     Actif     44.88     20     50     2006-03-27           2008-03-26  
North Rae   2004116     24I12     Actif     44.88     20     51     2006-03-27           2008-03-26  
North Rae   2004117     24I12     Actif     44.88     20     47     2006-03-27           2008-03-26  
North Rae   2004118     24I12     Actif     44.87     21     34     2006-03-27           2008-03-26  
North Rae   2004119     24I12     Actif     44.87     21     35     2006-03-27           2008-03-26  
North Rae   2004120     24I12     Actif     44.87     21     37     2006-03-27           2008-03-26  
North Rae   2004121     24I12     Actif     44.87     21     38     2006-03-27           2008-03-26  
North Rae   2004122     24I12     Actif     44.87     21     39     2006-03-27           2008-03-26  
North Rae   2004123     24I12     Actif     44.87     21     40     2006-03-27           2008-03-26  
North Rae   2004124     24I12     Actif     44.87     21     41     2006-03-27           2008-03-26  
North Rae   2004125     24I12     Actif     44.87     21     42     2006-03-27           2008-03-26  
North Rae   2004126     24I12     Actif     44.87     21     43     2006-03-27           2008-03-26  
North Rae   2004127     24I12     Actif     44.87     21     44     2006-03-27           2008-03-26  
North Rae   2004128     24I12     Actif     44.87     21     50     2006-03-27           2008-03-26  
North Rae   2004129     24I12     Actif     44.87     21     51     2006-03-27           2008-03-26  
North Rae   2004130     24I12     Actif     44.87     21     45     2006-03-27           2008-03-26  
North Rae   2004131     24I12     Actif     44.87     21     36     2006-03-27           2008-03-26  
North Rae   2004132     24I12     Actif     44.86     22     34     2006-03-27           2008-03-26  
North Rae   2004133     24I12     Actif     44.86     22     35     2006-03-27           2008-03-26  
North Rae   2004134     24I12     Actif     44.86     22     36     2006-03-27           2008-03-26  
North Rae   2004135     24I12     Actif     44.86     22     37     2006-03-27           2008-03-26  
North Rae   2004136     24I12     Actif     44.86     22     38     2006-03-27           2008-03-26  
North Rae   2004137     24I12     Actif     44.86     22     39     2006-03-27           2008-03-26  
North Rae   2004138     24I12     Actif     44.86     22     40     2006-03-27           2008-03-26  
North Rae   2004139     24I12     Actif     44.86     22     41     2006-03-27           2008-03-26  
North Rae   2004140     24I12     Actif     44.86     22     42     2006-03-27           2008-03-26  
North Rae   2004141     24I12     Actif     44.86     22     43     2006-03-27           2008-03-26  
North Rae   2004142     24I12     Actif     44.85     23     34     2006-03-27           2008-03-26  
North Rae   2004143     24I12     Actif     44.85     23     35     2006-03-27           2008-03-26  
North Rae   2004144     24I12     Actif     44.85     23     36     2006-03-27           2008-03-26  
North Rae   2004145     24I12     Actif     44.85     23     37     2006-03-27           2008-03-26  
North Rae   2004146     24I12     Actif     44.85     23     38     2006-03-27           2008-03-26  
North Rae   2004147     24I12     Actif     44.85     23     39     2006-03-27           2008-03-26  
North Rae   2004148     24I12     Actif     44.85     23     40     2006-03-27           2008-03-26  

- 3 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2004149     24I12     Actif     44.85     23     41     2006-03-27           2008-03-26  
North Rae   2004150     24I12     Actif     44.84     24     34     2006-03-27           2008-03-26  
North Rae   2004151     24I12     Actif     44.84     24     35     2006-03-27           2008-03-26  
North Rae   2004152     24I12     Actif     44.84     24     36     2006-03-27           2008-03-26  
North Rae   2004153     24I12     Actif     44.84     24     38     2006-03-27           2008-03-26  
North Rae   2004154     24I12     Actif     44.84     24     37     2006-03-27           2008-03-26  
North Rae   2004196     24I11     Actif     45.08     1     31     2006-03-28           2008-03-27  
North Rae   2004197     24I11     Actif     45.08     1     32     2006-03-28           2008-03-27  
North Rae   2004198     24I11     Actif     45.08     1     33     2006-03-28           2008-03-27  
North Rae   2004199     24I11     Actif     45.08     1     34     2006-03-28           2008-03-27  
North Rae   2004200     24I11     Actif     45.08     1     35     2006-03-28           2008-03-27  
North Rae   2004201     24I11     Actif     45.08     1     36     2006-03-28           2008-03-27  
North Rae   2004202     24I11     Actif     45.08     1     17     2006-03-28           2008-03-27  
North Rae   2004203     24I11     Actif     45.08     1     18     2006-03-28           2008-03-27  
North Rae   2004204     24I11     Actif     45.08     1     19     2006-03-28           2008-03-27  
North Rae   2004205     24I11     Actif     45.08     1     20     2006-03-28           2008-03-27  
North Rae   2004206     24I11     Actif     45.08     1     21     2006-03-28           2008-03-27  
North Rae   2004207     24I11     Actif     45.08     1     22     2006-03-28           2008-03-27  
North Rae   2004208     24I11     Actif     45.08     1     23     2006-03-28           2008-03-27  
North Rae   2004209     24I11     Actif     45.08     1     24     2006-03-28           2008-03-27  
North Rae   2004210     24I11     Actif     45.08     1     25     2006-03-28           2008-03-27  
North Rae   2004211     24I11     Actif     45.08     1     26     2006-03-28           2008-03-27  
North Rae   2004212     24I11     Actif     45.08     1     27     2006-03-28           2008-03-27  
North Rae   2004213     24I11     Actif     45.08     1     28     2006-03-28           2008-03-27  
North Rae   2004214     24I11     Actif     45.08     1     29     2006-03-28           2008-03-27  
North Rae   2004215     24I11     Actif     45.08     1     30     2006-03-28           2008-03-27  
North Rae   2004216     24I11     Actif     45.07     2     31     2006-03-28           2008-03-27  
North Rae   2004217     24I11     Actif     45.07     2     32     2006-03-28           2008-03-27  
North Rae   2004218     24I11     Actif     45.07     2     33     2006-03-28           2008-03-27  
North Rae   2004219     24I11     Actif     45.07     2     34     2006-03-28           2008-03-27  
North Rae   2004220     24I11     Actif     45.07     2     35     2006-03-28           2008-03-27  
North Rae   2004221     24I11     Actif     45.07     2     36     2006-03-28           2008-03-27  
North Rae   2004222     24I11     Actif     45.07     2     17     2006-03-28           2008-03-27  
North Rae   2004223     24I11     Actif     45.07     2     18     2006-03-28           2008-03-27  
North Rae   2004224     24I11     Actif     45.07     2     19     2006-03-28           2008-03-27  
North Rae   2004225     24I11     Actif     45.07     2     20     2006-03-28           2008-03-27  
North Rae   2004226     24I11     Actif     45.07     2     21     2006-03-28           2008-03-27  
North Rae   2004227     24I11     Actif     45.07     2     22     2006-03-28           2008-03-27  
North Rae   2004228     24I11     Actif     45.07     2     23     2006-03-28           2008-03-27  
North Rae   2004229     24I11     Actif     45.07     2     24     2006-03-28           2008-03-27  
North Rae   2004230     24I11     Actif     45.07     2     25     2006-03-28           2008-03-27  
North Rae   2004231     24I11     Actif     45.07     2     26     2006-03-28           2008-03-27  
North Rae   2004232     24I11     Actif     45.07     2     27     2006-03-28           2008-03-27  
North Rae   2004233     24I11     Actif     45.07     2     28     2006-03-28           2008-03-27  

- 4 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2004234     24I11     Actif     45.07     2     29     2006-03-28           2008-03-27  
North Rae   2004235     24I11     Actif     45.07     2     30     2006-03-28           2008-03-27  
North Rae   2004236     24I11     Actif     45.06     3     31     2006-03-28           2008-03-27  
North Rae   2004237     24I11     Actif     45.06     3     32     2006-03-28           2008-03-27  
North Rae   2004238     24I11     Actif     45.06     3     33     2006-03-28           2008-03-27  
North Rae   2004239     24I11     Actif     45.06     3     34     2006-03-28           2008-03-27  
North Rae   2004240     24I11     Actif     45.06     3     35     2006-03-28           2008-03-27  
North Rae   2004241     24I11     Actif     45.06     3     36     2006-03-28           2008-03-27  
North Rae   2004242     24I11     Actif     45.06     3     17     2006-03-28           2008-03-27  
North Rae   2004243     24I11     Actif     45.06     3     18     2006-03-28           2008-03-27  
North Rae   2004244     24I11     Actif     45.06     3     19     2006-03-28           2008-03-27  
North Rae   2004245     24I11     Actif     45.06     3     20     2006-03-28           2008-03-27  
North Rae   2004246     24I11     Actif     45.06     3     21     2006-03-28           2008-03-27  
North Rae   2004247     24I11     Actif     45.06     3     22     2006-03-28           2008-03-27  
North Rae   2004248     24I11     Actif     45.06     3     23     2006-03-28           2008-03-27  
North Rae   2004249     24I11     Actif     45.06     3     24     2006-03-28           2008-03-27  
North Rae   2004250     24I11     Actif     45.06     3     25     2006-03-28           2008-03-27  
North Rae   2004251     24I11     Actif     45.06     3     26     2006-03-28           2008-03-27  
North Rae   2004252     24I11     Actif     45.06     3     27     2006-03-28           2008-03-27  
North Rae   2004253     24I11     Actif     45.06     3     28     2006-03-28           2008-03-27  
North Rae   2004254     24I11     Actif     45.06     3     29     2006-03-28           2008-03-27  
North Rae   2004255     24I11     Actif     45.06     3     30     2006-03-28           2008-03-27  
North Rae   2004256     24I11     Actif     45.05     4     26     2006-03-28           2008-03-27  
North Rae   2004257     24I11     Actif     45.05     4     27     2006-03-28           2008-03-27  
North Rae   2004258     24I11     Actif     45.05     4     28     2006-03-28           2008-03-27  
North Rae   2004259     24I11     Actif     45.05     4     29     2006-03-28           2008-03-27  
North Rae   2004260     24I11     Actif     45.05     4     31     2006-03-28           2008-03-27  
North Rae   2004261     24I11     Actif     45.05     4     32     2006-03-28           2008-03-27  
North Rae   2004262     24I11     Actif     45.05     4     33     2006-03-28           2008-03-27  
North Rae   2004263     24I11     Actif     45.05     4     34     2006-03-28           2008-03-27  
North Rae   2004264     24I11     Actif     45.05     4     35     2006-03-28           2008-03-27  
North Rae   2004265     24I11     Actif     45.05     4     36     2006-03-28           2008-03-27  
North Rae   2004266     24I11     Actif     45.05     4     37     2006-03-28           2008-03-27  
North Rae   2004267     24I11     Actif     45.05     4     38     2006-03-28           2008-03-27  
North Rae   2004268     24I11     Actif     45.05     4     39     2006-03-28           2008-03-27  
North Rae   2004269     24I11     Actif     45.05     4     17     2006-03-28           2008-03-27  
North Rae   2004270     24I11     Actif     45.05     4     19     2006-03-28           2008-03-27  
North Rae   2004271     24I11     Actif     45.05     4     20     2006-03-28           2008-03-27  
North Rae   2004272     24I11     Actif     45.05     4     21     2006-03-28           2008-03-27  
North Rae   2004273     24I11     Actif     45.05     4     22     2006-03-28           2008-03-27  
North Rae   2004274     24I11     Actif     45.05     4     23     2006-03-28           2008-03-27  
North Rae   2004275     24I11     Actif     45.05     4     25     2006-03-28           2008-03-27  
North Rae   2004276     24I11     Actif     45.05     4     18     2006-03-28           2008-03-27  
North Rae   2004277     24I11     Actif     45.05     4     24     2006-03-28           2008-03-27  

- 5 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2004278     24I11     Actif     45.05     4     30     2006-03-28           2008-03-27  
North Rae   2004279     24I11     Actif     45.04     5     17     2006-03-28           2008-03-27  
North Rae   2004280     24I11     Actif     45.04     5     18     2006-03-28           2008-03-27  
North Rae   2004281     24I11     Actif     45.04     5     19     2006-03-28           2008-03-27  
North Rae   2004282     24I11     Actif     45.04     5     20     2006-03-28           2008-03-27  
North Rae   2004283     24I11     Actif     45.04     5     21     2006-03-28           2008-03-27  
North Rae   2004284     24I11     Actif     45.04     5     22     2006-03-28           2008-03-27  
North Rae   2004285     24I11     Actif     45.04     5     23     2006-03-28           2008-03-27  
North Rae   2004286     24I11     Actif     45.04     5     24     2006-03-28           2008-03-27  
North Rae   2004287     24I11     Actif     45.04     5     25     2006-03-28           2008-03-27  
North Rae   2004288     24I11     Actif     45.04     5     26     2006-03-28           2008-03-27  
North Rae   2004289     24I11     Actif     45.04     5     27     2006-03-28           2008-03-27  
North Rae   2004290     24I11     Actif     45.04     5     28     2006-03-28           2008-03-27  
North Rae   2004291     24I11     Actif     45.04     5     29     2006-03-28           2008-03-27  
North Rae   2004292     24I11     Actif     45.04     5     30     2006-03-28           2008-03-27  
North Rae   2004293     24I11     Actif     45.04     5     31     2006-03-28           2008-03-27  
North Rae   2004294     24I11     Actif     45.04     5     32     2006-03-28           2008-03-27  
North Rae   2004295     24I11     Actif     45.04     5     33     2006-03-28           2008-03-27  
North Rae   2004296     24I11     Actif     45.04     5     34     2006-03-28           2008-03-27  
North Rae   2004297     24I11     Actif     45.04     5     35     2006-03-28           2008-03-27  
North Rae   2004298     24I11     Actif     45.04     5     37     2006-03-28           2008-03-27  
North Rae   2004299     24I11     Actif     45.04     5     38     2006-03-28           2008-03-27  
North Rae   2004300     24I11     Actif     45.04     5     36     2006-03-28           2008-03-27  
North Rae   2004301     24I11     Actif     45.03     6     21     2006-03-28           2008-03-27  
North Rae   2004302     24I11     Actif     45.03     6     22     2006-03-28           2008-03-27  
North Rae   2004303     24I11     Actif     45.03     6     23     2006-03-28           2008-03-27  
North Rae   2004304     24I11     Actif     45.03     6     24     2006-03-28           2008-03-27  
North Rae   2004305     24I11     Actif     45.03     6     25     2006-03-28           2008-03-27  
North Rae   2004306     24I11     Actif     45.03     6     26     2006-03-28           2008-03-27  
North Rae   2004307     24I11     Actif     45.03     6     27     2006-03-28           2008-03-27  
North Rae   2004308     24I11     Actif     45.03     6     28     2006-03-28           2008-03-27  
North Rae   2004309     24I11     Actif     45.03     6     29     2006-03-28           2008-03-27  
North Rae   2004310     24I11     Actif     45.03     6     30     2006-03-28           2008-03-27  
North Rae   2004311     24I11     Actif     45.03     6     31     2006-03-28           2008-03-27  
North Rae   2004312     24I11     Actif     45.03     6     32     2006-03-28           2008-03-27  
North Rae   2004313     24I11     Actif     45.03     6     33     2006-03-28           2008-03-27  
North Rae   2004314     24I11     Actif     45.03     5     39     2006-03-28           2008-03-27  
North Rae   2004315     24I11     Actif     45.02     7     17     2006-03-28           2008-03-27  
North Rae   2004316     24I11     Actif     45.02     7     18     2006-03-28           2008-03-27  
North Rae   2004317     24I11     Actif     45.02     7     19     2006-03-28           2008-03-27  
North Rae   2004318     24I11     Actif     45.02     7     20     2006-03-28           2008-03-27  
North Rae   2004319     24I11     Actif     45.02     7     21     2006-03-28           2008-03-27  
North Rae   2004320     24I11     Actif     45.02     7     22     2006-03-28           2008-03-27  
North Rae   2004321     24I11     Actif     45.02     7     23     2006-03-28           2008-03-27  

- 6 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2004322     24I11     Actif     45.02     7     24     2006-03-28           2008-03-27  
North Rae   2004323     24I11     Actif     45.02     7     25     2006-03-28           2008-03-27  
North Rae   2004324     24I11     Actif     45.02     7     26     2006-03-28           2008-03-27  
North Rae   2004325     24I11     Actif     45.02     6     34     2006-03-28           2008-03-27  
North Rae   2004350     24I12     Actif     45.09     1     15     2006-03-29           2008-03-28  
North Rae   2004351     24I12     Actif     45.09     1     16     2006-03-29           2008-03-28  
North Rae   2004352     24I12     Actif     45.09     1     17     2006-03-29           2008-03-28  
North Rae   2004353     24I12     Actif     45.09     1     18     2006-03-29           2008-03-28  
North Rae   2004354     24I12     Actif     45.09     1     19     2006-03-29           2008-03-28  
North Rae   2004355     24I12     Actif     45.09     1     20     2006-03-29           2008-03-28  
North Rae   2004356     24I12     Actif     45.09     1     21     2006-03-29           2008-03-28  
North Rae   2004357     24I12     Actif     45.09     1     22     2006-03-29           2008-03-28  
North Rae   2004358     24I12     Actif     45.09     1     23     2006-03-29           2008-03-28  
North Rae   2004359     24I12     Actif     45.09     1     24     2006-03-29           2008-03-28  
North Rae   2004360     24I12     Actif     45.09     1     25     2006-03-29           2008-03-28  
North Rae   2004361     24I12     Actif     45.09     1     26     2006-03-29           2008-03-28  
North Rae   2004362     24I12     Actif     45.09     1     27     2006-03-29           2008-03-28  
North Rae   2004363     24I12     Actif     45.09     1     28     2006-03-29           2008-03-28  
North Rae   2004364     24I12     Actif     45.09     1     29     2006-03-29           2008-03-28  
North Rae   2004365     24I12     Actif     45.09     1     30     2006-03-29           2008-03-28  
North Rae   2004366     24I12     Actif     45.09     1     31     2006-03-29           2008-03-28  
North Rae   2004367     24I12     Actif     45.09     1     32     2006-03-29           2008-03-28  
North Rae   2004368     24I12     Actif     45.09     1     33     2006-03-29           2008-03-28  
North Rae   2004369     24I12     Actif     45.09     1     34     2006-03-29           2008-03-28  
North Rae   2004370     24I12     Actif     45.09     1     35     2006-03-29           2008-03-28  
North Rae   2004371     24I12     Actif     45.08     2     16     2006-03-29           2008-03-28  
North Rae   2004372     24I12     Actif     45.08     2     17     2006-03-29           2008-03-28  
North Rae   2004373     24I12     Actif     45.08     2     24     2006-03-29           2008-03-28  
North Rae   2004374     24I12     Actif     45.08     2     25     2006-03-29           2008-03-28  
North Rae   2004375     24I12     Actif     45.08     2     26     2006-03-29           2008-03-28  
North Rae   2004376     24I12     Actif     45.08     2     27     2006-03-29           2008-03-28  
North Rae   2004377     24I12     Actif     45.08     2     28     2006-03-29           2008-03-28  
North Rae   2004378     24I12     Actif     45.08     2     29     2006-03-29           2008-03-28  
North Rae   2004379     24I12     Actif     45.08     2     30     2006-03-29           2008-03-28  
North Rae   2004380     24I12     Actif     45.08     2     15     2006-03-29           2008-03-28  
North Rae   2004381     24I12     Actif     45.08     2     31     2006-03-29           2008-03-28  
North Rae   2004382     24I12     Actif     45.08     2     32     2006-03-29           2008-03-28  
North Rae   2004383     24I12     Actif     45.08     2     33     2006-03-29           2008-03-28  
North Rae   2004384     24I12     Actif     45.08     2     34     2006-03-29           2008-03-28  
North Rae   2004385     24I12     Actif     45.08     2     35     2006-03-29           2008-03-28  
North Rae   2004386     24I12     Actif     45.07     3     24     2006-03-29           2008-03-28  
North Rae   2004387     24I12     Actif     45.07     3     25     2006-03-29           2008-03-28  
North Rae   2004388     24I12     Actif     45.07     3     26     2006-03-29           2008-03-28  
North Rae   2004389     24I12     Actif     45.07     3     27     2006-03-29           2008-03-28  

- 7 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2004390     24I12     Actif     45.07     3     28     2006-03-29           2008-03-28  
North Rae   2004391     24I12     Actif     45.07     3     29     2006-03-29           2008-03-28  
North Rae   2004392     24I12     Actif     45.07     3     30     2006-03-29           2008-03-28  
North Rae   2004393     24I12     Actif     45.07     3     17     2006-03-29           2008-03-28  
North Rae   2004394     24I12     Actif     45.07     3     31     2006-03-29           2008-03-28  
North Rae   2004395     24I12     Actif     45.07     3     32     2006-03-29           2008-03-28  
North Rae   2004396     24I12     Actif     45.07     3     33     2006-03-29           2008-03-28  
North Rae   2004397     24I12     Actif     45.07     3     34     2006-03-29           2008-03-28  
North Rae   2004398     24I12     Actif     45.07     3     35     2006-03-29           2008-03-28  
North Rae   2004399     24I12     Actif     45.06     4     24     2006-03-29           2008-03-28  
North Rae   2004400     24I12     Actif     45.06     4     25     2006-03-29           2008-03-28  
North Rae   2004401     24I12     Actif     45.06     4     26     2006-03-29           2008-03-28  
North Rae   2004402     24I12     Actif     45.06     4     27     2006-03-29           2008-03-28  
North Rae   2004403     24I12     Actif     45.06     4     28     2006-03-29           2008-03-28  
North Rae   2004404     24I12     Actif     45.06     4     29     2006-03-29           2008-03-28  
North Rae   2004405     24I12     Actif     45.06     4     31     2006-03-29           2008-03-28  
North Rae   2004406     24I12     Actif     45.06     4     32     2006-03-29           2008-03-28  
North Rae   2004407     24I12     Actif     45.06     4     33     2006-03-29           2008-03-28  
North Rae   2004408     24I12     Actif     45.06     4     34     2006-03-29           2008-03-28  
North Rae   2004409     24I12     Actif     45.06     4     35     2006-03-29           2008-03-28  
North Rae   2004410     24I12     Actif     45.06     4     30     2006-03-29           2008-03-28  
North Rae   2004411     24I12     Actif     45.05     5     22     2006-03-29           2008-03-28  
North Rae   2004412     24I12     Actif     45.05     5     23     2006-03-29           2008-03-28  
North Rae   2004413     24I12     Actif     45.05     5     24     2006-03-29           2008-03-28  
North Rae   2004414     24I12     Actif     45.05     5     25     2006-03-29           2008-03-28  
North Rae   2004415     24I12     Actif     45.05     5     26     2006-03-29           2008-03-28  
North Rae   2004416     24I12     Actif     45.05     5     27     2006-03-29           2008-03-28  
North Rae   2004417     24I12     Actif     45.05     5     28     2006-03-29           2008-03-28  
North Rae   2004418     24I12     Actif     45.05     5     29     2006-03-29           2008-03-28  
North Rae   2004419     24I12     Actif     45.05     5     30     2006-03-29           2008-03-28  
North Rae   2004420     24I12     Actif     45.05     5     21     2006-03-29           2008-03-28  
North Rae   2004421     24I12     Actif     45.05     5     31     2006-03-29           2008-03-28  
North Rae   2004422     24I12     Actif     45.05     5     32     2006-03-29           2008-03-28  
North Rae   2004423     24I12     Actif     45.04     6     24     2006-03-29           2008-03-28  
North Rae   2004424     24I12     Actif     45.04     6     25     2006-03-29           2008-03-28  
North Rae   2004425     24I12     Actif     45.04     6     26     2006-03-29           2008-03-28  
North Rae   2004426     24I12     Actif     45.04     6     27     2006-03-29           2008-03-28  
North Rae   2004427     24I12     Actif     45.04     6     28     2006-03-29           2008-03-28  
North Rae   2004428     24I12     Actif     45.04     6     23     2006-03-29           2008-03-28  
North Rae   2004429     24I12     Actif     45.04     5     33     2006-03-29           2008-03-28  
North Rae   2004430     24I12     Actif     45.04     5     34     2006-03-29           2008-03-28  
North Rae   2004431     24I12     Actif     45.04     5     35     2006-03-29           2008-03-28  
North Rae   2004432     24I12     Actif     45.03     6     29     2006-03-29           2008-03-28  
North Rae   2004433     24I12     Actif     45.03     6     30     2006-03-29           2008-03-28  

- 8 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2004434     24I12     Actif     45.03     6     31     2006-03-29           2008-03-28  
North Rae   2004435     24I12     Actif     45.03     6     32     2006-03-29           2008-03-28  
North Rae   2004436     24I12     Actif     45.03     6     33     2006-03-29           2008-03-28  
North Rae   2004437     24I12     Actif     44.97     12     44     2006-03-29           2008-03-28  
North Rae   2004438     24I12     Actif     44.97     12     46     2006-03-29           2008-03-28  
North Rae   2004439     24I12     Actif     44.97     12     47     2006-03-29           2008-03-28  
North Rae   2004440     24I12     Actif     44.97     12     48     2006-03-29           2008-03-28  
North Rae   2004441     24I12     Actif     44.97     12     49     2006-03-29           2008-03-28  
North Rae   2004442     24I12     Actif     44.97     12     50     2006-03-29           2008-03-28  
North Rae   2004443     24I12     Actif     44.97     12     51     2006-03-29           2008-03-28  
North Rae   2004444     24I12     Actif     44.97     12     52     2006-03-29           2008-03-28  
North Rae   2004445     24I12     Actif     44.97     12     53     2006-03-29           2008-03-28  
North Rae   2004446     24I12     Actif     44.97     12     54     2006-03-29           2008-03-28  
North Rae   2004447     24I12     Actif     44.97     12     55     2006-03-29           2008-03-28  
North Rae   2004448     24I12     Actif     44.97     12     56     2006-03-29           2008-03-28  
North Rae   2004449     24I12     Actif     44.97     12     45     2006-03-29           2008-03-28  
North Rae   2004450     24I12     Actif     44.96     13     43     2006-03-29           2008-03-28  
North Rae   2004451     24I12     Actif     44.96     13     44     2006-03-29           2008-03-28  
North Rae   2004452     24I12     Actif     44.96     13     45     2006-03-29           2008-03-28  
North Rae   2004453     24I12     Actif     44.96     13     46     2006-03-29           2008-03-28  
North Rae   2004454     24I12     Actif     44.96     13     47     2006-03-29           2008-03-28  
North Rae   2004455     24I12     Actif     44.96     13     48     2006-03-29           2008-03-28  
North Rae   2004456     24I12     Actif     44.96     13     49     2006-03-29           2008-03-28  
North Rae   2004457     24I12     Actif     44.96     13     50     2006-03-29           2008-03-28  
North Rae   2004458     24I12     Actif     44.96     13     51     2006-03-29           2008-03-28  
North Rae   2004459     24I12     Actif     44.96     13     52     2006-03-29           2008-03-28  
North Rae   2004460     24I12     Actif     44.96     13     53     2006-03-29           2008-03-28  
North Rae   2004461     24I12     Actif     44.96     13     54     2006-03-29           2008-03-28  
North Rae   2004462     24I12     Actif     44.96     13     55     2006-03-29           2008-03-28  
North Rae   2004463     24I12     Actif     44.96     13     56     2006-03-29           2008-03-28  
North Rae   2004464     24I12     Actif     44.95     14     43     2006-03-29           2008-03-28  
North Rae   2004465     24I12     Actif     44.95     14     44     2006-03-29           2008-03-28  
North Rae   2004466     24I12     Actif     44.95     14     45     2006-03-29           2008-03-28  
North Rae   2004467     24I12     Actif     44.95     14     46     2006-03-29           2008-03-28  
North Rae   2004468     24I12     Actif     44.95     14     47     2006-03-29           2008-03-28  
North Rae   2004469     24I12     Actif     44.95     14     48     2006-03-29           2008-03-28  
North Rae   2004470     24I12     Actif     44.95     14     52     2006-03-29           2008-03-28  
North Rae   2004471     24I12     Actif     44.95     14     53     2006-03-29           2008-03-28  
North Rae   2004472     24I12     Actif     44.95     14     54     2006-03-29           2008-03-28  
North Rae   2004473     24I12     Actif     44.95     14     56     2006-03-29           2008-03-28  
North Rae   2004474     24I12     Actif     44.95     14     55     2006-03-29           2008-03-28  
North Rae   2004475     24I12     Actif     44.94     15     43     2006-03-29           2008-03-28  
North Rae   2004476     24I12     Actif     44.94     15     44     2006-03-29           2008-03-28  
North Rae   2004477     24I12     Actif     44.94     15     45     2006-03-29           2008-03-28  

- 9 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2004478     24I12     Actif     44.94     15     46     2006-03-29           2008-03-28  
North Rae   2004479     24I12     Actif     44.94     15     52     2006-03-29           2008-03-28  
North Rae   2004480     24I12     Actif     44.94     15     53     2006-03-29           2008-03-28  
North Rae   2004481     24I12     Actif     44.94     15     54     2006-03-29           2008-03-28  
North Rae   2004482     24I12     Actif     44.93     16     43     2006-03-29           2008-03-28  
North Rae   2004483     24I12     Actif     44.93     16     44     2006-03-29           2008-03-28  
North Rae   2004484     24I12     Actif     44.93     16     45     2006-03-29           2008-03-28  
North Rae   2004485     24I12     Actif     44.93     16     46     2006-03-29           2008-03-28  
North Rae   2004486     24I12     Actif     44.92     16     52     2006-03-29           2008-03-28  
North Rae   2004487     24I12     Actif     44.91     17     52     2006-03-29           2008-03-28  
North Rae   2004488     24I12     Actif     44.91     17     53     2006-03-29           2008-03-28  
North Rae   2004489     24I12     Actif     44.91     17     54     2006-03-29           2008-03-28  
North Rae   2004490     24I12     Actif     44.91     17     55     2006-03-29           2008-03-28  
North Rae   2004491     24I12     Actif     44.91     17     56     2006-03-29           2008-03-28  
North Rae   2004499     24I05     Actif     45.1     30     18     2006-03-30           2008-03-29  
North Rae   2004500     24I05     Actif     45.1     30     19     2006-03-30           2008-03-29  
North Rae   2004501     24I05     Actif     45.1     30     20     2006-03-30           2008-03-29  
North Rae   2004502     24I05     Actif     45.1     30     21     2006-03-30           2008-03-29  
North Rae   2004503     24I05     Actif     45.1     30     24     2006-03-30           2008-03-29  
North Rae   2004504     24I05     Actif     45.1     30     25     2006-03-30           2008-03-29  
North Rae   2004505     24I05     Actif     45.1     30     26     2006-03-30           2008-03-29  
North Rae   2004506     24I05     Actif     45.1     30     27     2006-03-30           2008-03-29  
North Rae   2004507     24I05     Actif     45.1     30     28     2006-03-30           2008-03-29  
North Rae   2004508     24I05     Actif     45.1     30     30     2006-03-30           2008-03-29  
North Rae   2004509     24I05     Actif     45.1     30     31     2006-03-30           2008-03-29  
North Rae   2004510     24I05     Actif     45.1     30     32     2006-03-30           2008-03-29  
North Rae   2004511     24I05     Actif     45.1     30     33     2006-03-30           2008-03-29  
North Rae   2004512     24I05     Actif     45.1     30     29     2006-03-30           2008-03-29  
North Rae   2004513     24I12     Actif     45.09     1     14     2006-03-30           2008-03-29  
North Rae   2004514     24I12     Actif     45.09     1     36     2006-03-30           2008-03-29  
North Rae   2004515     24I12     Actif     45.09     1     37     2006-03-30           2008-03-29  
North Rae   2004516     24I12     Actif     45.08     2     36     2006-03-30           2008-03-29  
North Rae   2004517     24I12     Actif     45.08     2     37     2006-03-30           2008-03-29  
North Rae   2004518     24I12     Actif     45.07     3     36     2006-03-30           2008-03-29  
North Rae   2004519     24I12     Actif     45.07     3     37     2006-03-30           2008-03-29  
North Rae   2004520     24I12     Actif     45.06     4     36     2006-03-30           2008-03-29  
North Rae   2004521     24I12     Actif     45.05     4     37     2006-03-30           2008-03-29  
North Rae   2004522     24I12     Actif     45.04     5     37     2006-03-30           2008-03-29  
North Rae   2004523     24I12     Actif     45.03     7     25     2006-03-30           2008-03-29  
North Rae   2004524     24I12     Actif     45.03     6     37     2006-03-30           2008-03-29  
North Rae   2004525     24I12     Actif     45.02     7     26     2006-03-30           2008-03-29  
North Rae   2004526     24I12     Actif     45.02     7     27     2006-03-30           2008-03-29  
North Rae   2004527     24I12     Actif     45.02     7     28     2006-03-30           2008-03-29  
North Rae   2004528     24I12     Actif     45.02     7     29     2006-03-30           2008-03-29  

- 10 -


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2004529     24I12     Actif     45.02     7     30     2006-03-30           2008-03-29  
North Rae   2004530     24I12     Actif     44.97     12     38     2006-03-30           2008-03-29  
North Rae   2004531     24I12     Actif     44.97     12     40     2006-03-30           2008-03-29  
North Rae   2004532     24I12     Actif     44.97     12     41     2006-03-30           2008-03-29  
North Rae   2004533     24I12     Actif     44.97     12     42     2006-03-30           2008-03-29  
North Rae   2004534     24I12     Actif     44.97     12     43     2006-03-30           2008-03-29  
North Rae   2004535     24I12     Actif     44.97     12     39     2006-03-30           2008-03-29  
North Rae   2004536     24I12     Actif     44.96     13     34     2006-03-30           2008-03-29  
North Rae   2004537     24I12     Actif     44.96     13     35     2006-03-30           2008-03-29  
North Rae   2004538     24I12     Actif     44.96     13     36     2006-03-30           2008-03-29  
North Rae   2004539     24I12     Actif     44.96     13     37     2006-03-30           2008-03-29  
North Rae   2004540     24I12     Actif     44.96     13     38     2006-03-30           2008-03-29  
North Rae   2004541     24I12     Actif     44.96     13     39     2006-03-30           2008-03-29  
North Rae   2004542     24I12     Actif     44.96     13     40     2006-03-30           2008-03-29  
North Rae   2004543     24I12     Actif     44.96     13     41     2006-03-30           2008-03-29  
North Rae   2004544     24I12     Actif     44.96     13     42     2006-03-30           2008-03-29  
North Rae   2004545     24I12     Actif     44.95     14     34     2006-03-30           2008-03-29  
North Rae   2004546     24I12     Actif     44.95     14     35     2006-03-30           2008-03-29  
North Rae   2004547     24I12     Actif     44.95     14     36     2006-03-30           2008-03-29  
North Rae   2004548     24I12     Actif     44.95     14     37     2006-03-30           2008-03-29  
North Rae   2004549     24I12     Actif     44.95     14     38     2006-03-30           2008-03-29  
North Rae   2004550     24I12     Actif     44.95     14     39     2006-03-30           2008-03-29  
North Rae   2004551     24I12     Actif     44.95     14     40     2006-03-30           2008-03-29  
North Rae   2004552     24I12     Actif     44.95     14     41     2006-03-30           2008-03-29  
North Rae   2004553     24I12     Actif     44.95     14     42     2006-03-30           2008-03-29  
North Rae   2004554     24I12     Actif     44.94     15     34     2006-03-30           2008-03-29  
North Rae   2004555     24I12     Actif     44.94     15     35     2006-03-30           2008-03-29  
North Rae   2004556     24I12     Actif     44.94     15     36     2006-03-30           2008-03-29  
North Rae   2004557     24I12     Actif     44.94     15     40     2006-03-30           2008-03-29  
North Rae   2004558     24I12     Actif     44.94     15     41     2006-03-30           2008-03-29  
North Rae   2004559     24I12     Actif     44.94     15     42     2006-03-30           2008-03-29  
North Rae   2004560     24I12     Actif     44.93     16     34     2006-03-30           2008-03-29  
North Rae   2004561     24I12     Actif     44.93     16     35     2006-03-30           2008-03-29  
North Rae   2004562     24I12     Actif     44.93     16     36     2006-03-30           2008-03-29  
North Rae   2004563     24I12     Actif     44.93     16     37     2006-03-30           2008-03-29  
North Rae   2004564     24I12     Actif     44.93     16     40     2006-03-30           2008-03-29  
North Rae   2004565     24I12     Actif     44.93     16     41     2006-03-30           2008-03-29  
North Rae   2004566     24I12     Actif     44.93     16     42     2006-03-30           2008-03-29  
North Rae   2004567     24I12     Actif     44.91     18     31     2006-03-30           2008-03-29  
North Rae   2004568     24I12     Actif     44.91     18     32     2006-03-30           2008-03-29  
North Rae   2004569     24I12     Actif     44.91     18     33     2006-03-30           2008-03-29  
North Rae   2004570     24I12     Actif     44.9     18     52     2006-03-30           2008-03-29  
North Rae   2004571     24I12     Actif     44.9     18     53     2006-03-30           2008-03-29  
North Rae   2004572     24I12     Actif     44.9     18     54     2006-03-30           2008-03-29  

- 11 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2004573     24I12     Actif     44.9     18     55     2006-03-30           2008-03-29  
North Rae   2004574     24I12     Actif     44.9     18     56     2006-03-30           2008-03-29  
North Rae   2004575     24I12     Actif     44.9     19     31     2006-03-30           2008-03-29  
North Rae   2004576     24I12     Actif     44.9     19     32     2006-03-30           2008-03-29  
North Rae   2004577     24I12     Actif     44.9     19     33     2006-03-30           2008-03-29  
North Rae   2004578     24I12     Actif     44.89     19     52     2006-03-30           2008-03-29  
North Rae   2004579     24I12     Actif     44.89     19     53     2006-03-30           2008-03-29  
North Rae   2004580     24I12     Actif     44.89     20     32     2006-03-30           2008-03-29  
North Rae   2004581     24I12     Actif     44.89     20     33     2006-03-30           2008-03-29  
North Rae   2004582     24I12     Actif     44.89     20     31     2006-03-30           2008-03-29  
North Rae   2004583     24I12     Actif     44.88     20     52     2006-03-30           2008-03-29  
North Rae   2004584     24I12     Actif     44.88     20     53     2006-03-30           2008-03-29  
North Rae   2004585     24I12     Actif     44.87     21     52     2006-03-30           2008-03-29  
North Rae   2004586     24I12     Actif     44.87     21     53     2006-03-30           2008-03-29  
North Rae   2004587     24I12     Actif     44.86     22     33     2006-03-30           2008-03-29  
North Rae   2004588     24I12     Actif     44.85     23     32     2006-03-30           2008-03-29  
North Rae   2004589     24I12     Actif     44.85     23     33     2006-03-30           2008-03-29  
North Rae   2004590     24I12     Actif     44.85     23     31     2006-03-30           2008-03-29  
North Rae   2004591     24I12     Actif     44.84     24     33     2006-03-30           2008-03-29  
North Rae   2004592     24I12     Actif     44.84     24     31     2006-03-30           2008-03-29  
North Rae   2004593     24I12     Actif     44.84     24     32     2006-03-30           2008-03-29  
North Rae   2004645     24I11     Actif     45.08     1     37     2006-04-03           2008-04-02  
North Rae   2004646     24I11     Actif     45.08     1     15     2006-04-03           2008-04-02  
North Rae   2004647     24I11     Actif     45.08     1     16     2006-04-03           2008-04-02  
North Rae   2004648     24I11     Actif     45.07     2     37     2006-04-03           2008-04-02  
North Rae   2004649     24I11     Actif     45.07     2     15     2006-04-03           2008-04-02  
North Rae   2004650     24I11     Actif     45.07     2     16     2006-04-03           2008-04-02  
North Rae   2004651     24I11     Actif     45.06     3     37     2006-04-03           2008-04-02  
North Rae   2004652     24I11     Actif     45.06     3     15     2006-04-03           2008-04-02  
North Rae   2004653     24I11     Actif     45.06     3     16     2006-04-03           2008-04-02  
North Rae   2004654     24I11     Actif     45.05     4     40     2006-04-03           2008-04-02  
North Rae   2004655     24I11     Actif     45.05     4     15     2006-04-03           2008-04-02  
North Rae   2004656     24I11     Actif     45.05     4     16     2006-04-03           2008-04-02  
North Rae   2004657     24I11     Actif     45.04     5     16     2006-04-03           2008-04-02  
North Rae   2004658     24I11     Actif     45.03     5     40     2006-04-03           2008-04-02  
North Rae   2005179     24I11     Actif     45.04     5     1     2006-04-05           2008-04-04  
North Rae   2005180     24I11     Actif     45.04     5     2     2006-04-05           2008-04-04  
North Rae   2005181     24I11     Actif     45.04     5     3     2006-04-05           2008-04-04  
North Rae   2005182     24I11     Actif     45.04     5     4     2006-04-05           2008-04-04  
North Rae   2005183     24I11     Actif     45.04     5     5     2006-04-05           2008-04-04  
North Rae   2005184     24I11     Actif     45.03     6     1     2006-04-05           2008-04-04  
North Rae   2005185     24I11     Actif     45.03     6     2     2006-04-05           2008-04-04  
North Rae   2005186     24I11     Actif     45.03     6     3     2006-04-05           2008-04-04  
North Rae   2005187     24I11     Actif     45.03     6     4     2006-04-05           2008-04-04  

- 12 -


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2005188     24I11     Actif     45.03     6     5     2006-04-05           2008-04-04  
North Rae   2005189     24I11     Actif     45.02     7     1     2006-04-05           2008-04-04  
North Rae   2005190     24I11     Actif     45.02     7     2     2006-04-05           2008-04-04  
North Rae   2005191     24I11     Actif     45.02     7     3     2006-04-05           2008-04-04  
North Rae   2005192     24I11     Actif     45.02     7     4     2006-04-05           2008-04-04  
North Rae   2005193     24I11     Actif     45.01     8     1     2006-04-05           2008-04-04  
North Rae   2005194     24I11     Actif     45.01     8     2     2006-04-05           2008-04-04  
North Rae   2005195     24I11     Actif     45     9     1     2006-04-05           2008-04-04  
North Rae   2005196     24I12     Actif     45.04     5     60     2006-04-05           2008-04-04  
North Rae   2005197     24I12     Actif     45.03     6     56     2006-04-05           2008-04-04  
North Rae   2005198     24I12     Actif     45.03     6     57     2006-04-05           2008-04-04  
North Rae   2005199     24I12     Actif     45.03     6     58     2006-04-05           2008-04-04  
North Rae   2005200     24I12     Actif     45.03     6     59     2006-04-05           2008-04-04  
North Rae   2005201     24I12     Actif     45.03     6     60     2006-04-05           2008-04-04  
North Rae   2005202     24I12     Actif     45.02     7     53     2006-04-05           2008-04-04  
North Rae   2005203     24I12     Actif     45.02     7     54     2006-04-05           2008-04-04  
North Rae   2005204     24I12     Actif     45.02     7     55     2006-04-05           2008-04-04  
North Rae   2005205     24I12     Actif     45.02     7     56     2006-04-05           2008-04-04  
North Rae   2005206     24I12     Actif     45.02     7     57     2006-04-05           2008-04-04  
North Rae   2005207     24I12     Actif     45.02     7     58     2006-04-05           2008-04-04  
North Rae   2005208     24I12     Actif     45.02     7     59     2006-04-05           2008-04-04  
North Rae   2005209     24I12     Actif     45.02     7     60     2006-04-05           2008-04-04  
North Rae   2005210     24I12     Actif     45.01     8     53     2006-04-05           2008-04-04  
North Rae   2005211     24I12     Actif     45.01     8     54     2006-04-05           2008-04-04  
North Rae   2005212     24I12     Actif     45.01     8     55     2006-04-05           2008-04-04  
North Rae   2005213     24I12     Actif     45.01     8     56     2006-04-05           2008-04-04  
North Rae   2005214     24I12     Actif     45.01     8     57     2006-04-05           2008-04-04  
North Rae   2005215     24I12     Actif     45.01     8     58     2006-04-05           2008-04-04  
North Rae   2005216     24I12     Actif     45.01     8     59     2006-04-05           2008-04-04  
North Rae   2005217     24I12     Actif     45.01     8     60     2006-04-05           2008-04-04  
North Rae   2005218     24I12     Actif     45     9     51     2006-04-05           2008-04-04  
North Rae   2005219     24I12     Actif     45     9     52     2006-04-05           2008-04-04  
North Rae   2005220     24I12     Actif     45     9     53     2006-04-05           2008-04-04  
North Rae   2005221     24I12     Actif     45     9     54     2006-04-05           2008-04-04  
North Rae   2005222     24I12     Actif     45     9     56     2006-04-05           2008-04-04  
North Rae   2005223     24I12     Actif     45     9     57     2006-04-05           2008-04-04  
North Rae   2005224     24I12     Actif     45     9     58     2006-04-05           2008-04-04  
North Rae   2005225     24I12     Actif     45     9     59     2006-04-05           2008-04-04  
North Rae   2005226     24I12     Actif     45     9     60     2006-04-05           2008-04-04  
North Rae   2005227     24I12     Actif     45     9     55     2006-04-05           2008-04-04  
North Rae   2005228     24I12     Actif     44.99     10     49     2006-04-05           2008-04-04  
North Rae   2005229     24I12     Actif     44.99     10     50     2006-04-05           2008-04-04  
North Rae   2005230     24I12     Actif     44.99     10     51     2006-04-05           2008-04-04  
North Rae   2005231     24I12     Actif     44.99     10     52     2006-04-05           2008-04-04  

- 13 -


Propriété   No titre     SNRC      Statut     Sup. (Ha)     Rangee      Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2005232     24I12     Actif     44.99     10     53     2006-04-05           2008-04-04  
North Rae   2005233     24I12     Actif     44.99     10     54     2006-04-05           2008-04-04  
North Rae   2005234     24I12     Actif     44.99     10     55     2006-04-05           2008-04-04  
North Rae   2005235     24I12     Actif     44.99     10     56     2006-04-05           2008-04-04  
North Rae   2005236     24I12     Actif     44.99     10     57     2006-04-05           2008-04-04  
North Rae   2005237     24I12     Actif     44.99     10     58     2006-04-05           2008-04-04  
North Rae   2005238     24I12     Actif     44.99     10     59     2006-04-05           2008-04-04  
North Rae   2005239     24I12     Actif     44.99     10     60     2006-04-05           2008-04-04  
North Rae   2005240     24I12     Actif     44.98     11     47     2006-04-05           2008-04-04  
North Rae   2005241     24I12     Actif     44.98     11     48     2006-04-05           2008-04-04  
North Rae   2005242     24I12     Actif     44.98     11     49     2006-04-05           2008-04-04  
North Rae   2005243     24I12     Actif     44.98     11     50     2006-04-05           2008-04-04  
North Rae   2005244     24I12     Actif     44.98     11     51     2006-04-05           2008-04-04  
North Rae   2005245     24I12     Actif     44.98     11     52     2006-04-05           2008-04-04  
North Rae   2005246     24I12     Actif     44.98     11     53     2006-04-05           2008-04-04  
North Rae   2005247     24I12     Actif     44.98     11     54     2006-04-05           2008-04-04  
North Rae   2005248     24I12     Actif     44.98     11     55     2006-04-05           2008-04-04  
North Rae   2005249     24I12     Actif     44.98     11     56     2006-04-05           2008-04-04  
North Rae   2005250     24I12     Actif     44.98     11     57     2006-04-05           2008-04-04  
North Rae   2005251     24I12     Actif     44.98     11     58     2006-04-05           2008-04-04  
North Rae   2005252     24I12     Actif     44.98     11     59     2006-04-05           2008-04-04  
North Rae   2005253     24I12     Actif     44.97     12     57     2006-04-05           2008-04-04  
North Rae   2005254     24I12     Actif     44.97     12     58     2006-04-05           2008-04-04  
North Rae   2005255     24I12     Actif     44.96     13     57     2006-04-05           2008-04-04  
North Rae   2005256     24I12     Actif     44.89     19     54     2006-04-05           2008-04-04  
North Rae   2005257     24I12     Actif     44.89     19     55     2006-04-05           2008-04-04  
North Rae   2005258     24I12     Actif     44.88     20     54     2006-04-05           2008-04-04  
North Rae   2005259     24I12     Actif     44.86     22     50     2006-04-05           2008-04-04  
North Rae   2005260     24I12     Actif     44.86     22     51     2006-04-05           2008-04-04  
North Rae   2005261     24I12     Actif     44.85     23     50     2006-04-05           2008-04-04  
North Rae   2005262     24I12     Actif     44.85     23     51     2006-04-05           2008-04-04  
North Rae   2005263     24I12     Actif     44.85     23     49     2006-04-05           2008-04-04  
North Rae   2005264     24I12     Actif     44.84     24     49     2006-04-05           2008-04-04  
North Rae   2005265     24I12     Actif     44.84     24     51     2006-04-05           2008-04-04  
North Rae   2005266     24I12     Actif     44.84     24     50     2006-04-05           2008-04-04  
North Rae   2005334     24I06     Actif     45.09     30     24     2006-04-06           2008-04-05  
North Rae   2005335     24I06     Actif     45.09     30     25     2006-04-06           2008-04-05  
North Rae   2005336     24I06     Actif     45.09     30     26     2006-04-06           2008-04-05  
North Rae   2005337     24I06     Actif     45.09     30     27     2006-04-06           2008-04-05  
North Rae   2005338     24I06     Actif     45.09     30     28     2006-04-06           2008-04-05  
North Rae   2005339     24I06     Actif     45.09     30     30     2006-04-06           2008-04-05  
North Rae   2005340     24I06     Actif     45.09     30     29     2006-04-06           2008-04-05  
North Rae   2006911     24I05     Actif     45.1     30     34     2006-05-10           2008-05-09  
North Rae   2006912     24I05     Actif     45.1     30     35     2006-05-10           2008-05-09  

- 14 -


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date désignation     Date
expiration 		 
North Rae   2006913     24I05     Actif     45.1     30     36     2006-05-10           2008-05-09  
North Rae   2006914     24I05     Actif     45.1     30     37     2006-05-10           2008-05-09  
North Rae   2006915     24I05     Actif     45.1     30     38     2006-05-10           2008-05-09  
North Rae   2006916     24I12     Actif     45.09     1     38     2006-05-10           2008-05-09  
North Rae   2006917     24I12     Actif     45.08     2     38     2006-05-10           2008-05-09  
North Rae   2006918     24I12     Actif     45.07     3     38     2006-05-10           2008-05-09  
North Rae   2006919     24I12     Actif     45.05     4     38     2006-05-10           2008-05-09  
North Rae   2006920     24I12     Actif     45.04     5     38     2006-05-10           2008-05-09  
North Rae   2006921     24I12     Actif     45.04     5     56     2006-05-10           2008-05-09  
North Rae   2006922     24I12     Actif     45.04     5     57     2006-05-10           2008-05-09  
North Rae   2006923     24I12     Actif     45.04     5     58     2006-05-10           2008-05-09  
North Rae   2006924     24I12     Actif     45.04     5     59     2006-05-10           2008-05-09  
North Rae   2006925     24I12     Actif     45.03     6     38     2006-05-10           2008-05-09  
North Rae   2006926     24I06     Actif     45.11     28     31     2006-05-10           2008-05-09  
North Rae   2006927     24I06     Actif     45.11     28     32     2006-05-10           2008-05-09  
North Rae   2006928     24I06     Actif     45.11     28     24     2006-05-10           2008-05-09  
North Rae   2006929     24I06     Actif     45.11     28     25     2006-05-10           2008-05-09  
North Rae   2006930     24I06     Actif     45.11     28     26     2006-05-10           2008-05-09  
North Rae   2006931     24I06     Actif     45.11     28     27     2006-05-10           2008-05-09  
North Rae   2006932     24I06     Actif     45.11     28     28     2006-05-10           2008-05-09  
North Rae   2006933     24I06     Actif     45.11     28     29     2006-05-10           2008-05-09  
North Rae   2006934     24I06     Actif     45.11     28     30     2006-05-10           2008-05-09  
North Rae   2006935     24I06     Actif     45.1     29     31     2006-05-10           2008-05-09  
North Rae   2006936     24I06     Actif     45.1     29     32     2006-05-10           2008-05-09  
North Rae   2006937     24I06     Actif     45.1     29     24     2006-05-10           2008-05-09  
North Rae   2006938     24I06     Actif     45.1     29     26     2006-05-10           2008-05-09  
North Rae   2006939     24I06     Actif     45.1     29     27     2006-05-10           2008-05-09  
North Rae   2006940     24I06     Actif     45.1     29     28     2006-05-10           2008-05-09  
North Rae   2006941     24I06     Actif     45.1     29     29     2006-05-10           2008-05-09  
North Rae   2006942     24I06     Actif     45.1     29     30     2006-05-10           2008-05-09  
North Rae   2006943     24I06     Actif     45.1     29     25     2006-05-10           2008-05-09  
North Rae   2006944     24I06     Actif     45.09     30     31     2006-05-10           2008-05-09  
North Rae   2006945     24I06     Actif     45.09     30     32     2006-05-10           2008-05-09  
North Rae   2006946     24I06     Actif     45.09     30     33     2006-05-10           2008-05-09  
North Rae   2006947     24I06     Actif     45.09     30     34     2006-05-10           2008-05-09  
North Rae   2006948     24I06     Actif     45.09     30     14     2006-05-10           2008-05-09  
North Rae   2006949     24I06     Actif     45.09     30     15     2006-05-10           2008-05-09  
North Rae   2006950     24I06     Actif     45.09     30     16     2006-05-10           2008-05-09  
North Rae   2006951     24I06     Actif     45.09     30     18     2006-05-10           2008-05-09  
North Rae   2006952     24I06     Actif     45.09     30     19     2006-05-10           2008-05-09  
North Rae   2006953     24I06     Actif     45.09     30     20     2006-05-10           2008-05-09  
North Rae   2006954     24I06     Actif     45.09     30     21     2006-05-10           2008-05-09  
North Rae   2006955     24I06     Actif     45.09     30     22     2006-05-10           2008-05-09  
North Rae   2006956     24I06     Actif     45.09     30     17     2006-05-10           2008-05-09  

- 15 -


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2006957     24I06     Actif     45.09     30     23     2006-05-10           2008-05-09  
North Rae   2006958     24I11     Actif     45.08     1     14     2006-05-10           2008-05-09  
North Rae   2006959     24I11     Actif     45.07     2     14     2006-05-10           2008-05-09  
North Rae   2006960     24I11     Actif     45.06     3     14     2006-05-10           2008-05-09  
North Rae   2006961     24I11     Actif     45.05     4     14     2006-05-10           2008-05-09  
North Rae   2006962     24I11     Actif     45.02     7     14     2006-05-10           2008-05-09  
North Rae   2006963     24I11     Actif     45.02     7     15     2006-05-10           2008-05-09  
North Rae   2006964     24I11     Actif     45.02     7     16     2006-05-10           2008-05-09  
North Rae   2014270     24I05     Actif     45.1     30     14     2006-06-01           2008-05-31  
North Rae   2014271     24I05     Actif     45.1     30     15     2006-06-01           2008-05-31  
North Rae   2014272     24I05     Actif     45.1     30     16     2006-06-01           2008-05-31  
North Rae   2014273     24I05     Actif     45.1     30     22     2006-06-01           2008-05-31  
North Rae   2014274     24I05     Actif     45.1     30     17     2006-06-01           2008-05-31  
North Rae   2014275     24I05     Actif     45.1     30     23     2006-06-01           2008-05-31  
North Rae   2014276     24I12     Actif     45.04     5     36     2006-06-01           2008-05-31  
North Rae   2014277     24I12     Actif     45.03     6     36     2006-06-01           2008-05-31  
North Rae   2014278     24I12     Actif     45.02     7     31     2006-06-01           2008-05-31  
North Rae   2014279     24I12     Actif     44.99     10     47     2006-06-01           2008-05-31  
North Rae   2014280     24I12     Actif     44.99     10     48     2006-06-01           2008-05-31  
North Rae   2014281     24I12     Actif     44.98     11     44     2006-06-01           2008-05-31  
North Rae   2014282     24I12     Actif     44.98     11     45     2006-06-01           2008-05-31  
North Rae   2014283     24I12     Actif     44.98     11     46     2006-06-01           2008-05-31  
North Rae   2014284     24I12     Actif     44.94     15     37     2006-06-01           2008-05-31  
North Rae   2014285     24I12     Actif     44.94     15     38     2006-06-01           2008-05-31  
North Rae   2014286     24I12     Actif     44.94     15     39     2006-06-01           2008-05-31  
North Rae   2014287     24I12     Actif     44.93     16     38     2006-06-01           2008-05-31  
North Rae   2014288     24I12     Actif     44.93     16     39     2006-06-01           2008-05-31  
North Rae   2014289     24I12     Actif     44.87     21     32     2006-06-01           2008-05-31  
North Rae   2014290     24I12     Actif     44.87     21     33     2006-06-01           2008-05-31  
North Rae   2014291     24I12     Actif     44.87     21     31     2006-06-01           2008-05-31  
North Rae   2014292     24I12     Actif     44.86     22     32     2006-06-01           2008-05-31  
North Rae   2014293     24I12     Actif     44.86     22     31     2006-06-01           2008-05-31  
North Rae   2014421     24I11     Actif     45.03     6     13     2006-06-01           2008-05-31  
North Rae   2014422     24I11     Actif     45.03     6     14     2006-06-01           2008-05-31  
North Rae   2014423     24I11     Actif     45.03     6     15     2006-06-01           2008-05-31  
North Rae   2014424     24I11     Actif     45.03     6     16     2006-06-01           2008-05-31  
North Rae   2014425     24I11     Actif     45.03     6     17     2006-06-01           2008-05-31  
North Rae   2014426     24I11     Actif     45.03     6     18     2006-06-01           2008-05-31  
North Rae   2014427     24I11     Actif     45.03     6     19     2006-06-01           2008-05-31  
North Rae   2014428     24I11     Actif     45.03     6     20     2006-06-01           2008-05-31  
North Rae   2014429     24I11     Actif     45.02     7     13     2006-06-01           2008-05-31  
North Rae   2033308     24I05     Actif     45.14     26     31     2006-11-21           2008-11-20  
North Rae   2033309     24I05     Actif     45.14     26     32     2006-11-21           2008-11-20  
North Rae   2033310     24I05     Actif     45.14     26     33     2006-11-21           2008-11-20  

- 16 -


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2033311     24I05     Actif     45.14     26     34     2006-11-21           2008-11-20  
North Rae   2033312     24I05     Actif     45.14     26     35     2006-11-21           2008-11-20  
North Rae   2033313     24I05     Actif     45.14     26     36     2006-11-21           2008-11-20  
North Rae   2033314     24I05     Actif     45.14     26     37     2006-11-21           2008-11-20  
North Rae   2033315     24I05     Actif     45.14     26     30     2006-11-21           2008-11-20  
North Rae   2033316     24I05     Actif     45.13     27     31     2006-11-21           2008-11-20  
North Rae   2033317     24I05     Actif     45.13     27     32     2006-11-21           2008-11-20  
North Rae   2033318     24I05     Actif     45.13     27     33     2006-11-21           2008-11-20  
North Rae   2033319     24I05     Actif     45.13     27     34     2006-11-21           2008-11-20  
North Rae   2033320     24I05     Actif     45.13     27     35     2006-11-21           2008-11-20  
North Rae   2033321     24I05     Actif     45.13     27     36     2006-11-21           2008-11-20  
North Rae   2033322     24I05     Actif     45.13     27     37     2006-11-21           2008-11-20  
North Rae   2033323     24I05     Actif     45.13     27     30     2006-11-21           2008-11-20  
North Rae   2033324     24I05     Actif     45.12     28     15     2006-11-21           2008-11-20  
North Rae   2033325     24I05     Actif     45.12     28     16     2006-11-21           2008-11-20  
North Rae   2033326     24I05     Actif     45.12     28     18     2006-11-21           2008-11-20  
North Rae   2033327     24I05     Actif     45.12     28     19     2006-11-21           2008-11-20  
North Rae   2033328     24I05     Actif     45.12     28     20     2006-11-21           2008-11-20  
North Rae   2033329     24I05     Actif     45.12     28     21     2006-11-21           2008-11-20  
North Rae   2033330     24I05     Actif     45.12     28     22     2006-11-21           2008-11-20  
North Rae   2033331     24I05     Actif     45.12     28     24     2006-11-21           2008-11-20  
North Rae   2033332     24I05     Actif     45.12     28     25     2006-11-21           2008-11-20  
North Rae   2033333     24I05     Actif     45.12     28     26     2006-11-21           2008-11-20  
North Rae   2033334     24I05     Actif     45.12     28     27     2006-11-21           2008-11-20  
North Rae   2033335     24I05     Actif     45.12     28     28     2006-11-21           2008-11-20  
North Rae   2033336     24I05     Actif     45.12     28     30     2006-11-21           2008-11-20  
North Rae   2033337     24I05     Actif     45.12     28     31     2006-11-21           2008-11-20  
North Rae   2033338     24I05     Actif     45.12     28     32     2006-11-21           2008-11-20  
North Rae   2033339     24I05     Actif     45.12     28     33     2006-11-21           2008-11-20  
North Rae   2033340     24I05     Actif     45.12     28     34     2006-11-21           2008-11-20  
North Rae   2033341     24I05     Actif     45.12     28     36     2006-11-21           2008-11-20  
North Rae   2033342     24I05     Actif     45.12     28     37     2006-11-21           2008-11-20  
North Rae   2033343     24I05     Actif     45.12     28     38     2006-11-21           2008-11-20  
North Rae   2033344     24I05     Actif     45.12     28     39     2006-11-21           2008-11-20  
North Rae   2033345     24I05     Actif     45.12     28     40     2006-11-21           2008-11-20  
North Rae   2033346     24I05     Actif     45.12     28     17     2006-11-21           2008-11-20  
North Rae   2033347     24I05     Actif     45.12     28     23     2006-11-21           2008-11-20  
North Rae   2033348     24I05     Actif     45.12     28     29     2006-11-21           2008-11-20  
North Rae   2033349     24I05     Actif     45.12     28     35     2006-11-21           2008-11-20  
North Rae   2033350     24I05     Actif     45.1     30     12     2006-11-21           2008-11-20  
North Rae   2033351     24I05     Actif     45.1     30     13     2006-11-21           2008-11-20  
North Rae   2033362     24I06     Actif     45.11     28     12     2006-11-21           2008-11-20  
North Rae   2033363     24I06     Actif     45.11     28     13     2006-11-21           2008-11-20  
North Rae   2033364     24I06     Actif     45.11     28     14     2006-11-21           2008-11-20  

- 17 -


Propriété   No titre      SNRC      Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2033365     24I06     Actif     45.11     28     15     2006-11-21           2008-11-20  
North Rae   2033366     24I06     Actif     45.11     28     16     2006-11-21           2008-11-20  
North Rae   2033367     24I06     Actif     45.11     28     17     2006-11-21           2008-11-20  
North Rae   2033368     24I06     Actif     45.11     28     18     2006-11-21           2008-11-20  
North Rae   2033369     24I06     Actif     45.11     28     19     2006-11-21           2008-11-20  
North Rae   2033370     24I06     Actif     45.11     28     20     2006-11-21           2008-11-20  
North Rae   2033371     24I06     Actif     45.11     28     21     2006-11-21           2008-11-20  
North Rae   2033372     24I06     Actif     45.11     28     22     2006-11-21           2008-11-20  
North Rae   2033373     24I06     Actif     45.11     28     23     2006-11-21           2008-11-20  
North Rae   2033374     24I06     Actif     45.1     29     12     2006-11-21           2008-11-20  
North Rae   2033375     24I06     Actif     45.1     29     13     2006-11-21           2008-11-20  
North Rae   2033376     24I06     Actif     45.1     29     14     2006-11-21           2008-11-20  
North Rae   2033377     24I06     Actif     45.1     29     15     2006-11-21           2008-11-20  
North Rae   2033378     24I06     Actif     45.1     29     16     2006-11-21           2008-11-20  
North Rae   2033379     24I06     Actif     45.1     29     17     2006-11-21           2008-11-20  
North Rae   2033380     24I06     Actif     45.1     29     18     2006-11-21           2008-11-20  
North Rae   2033381     24I06     Actif     45.1     29     19     2006-11-21           2008-11-20  
North Rae   2033382     24I06     Actif     45.1     29     20     2006-11-21           2008-11-20  
North Rae   2033383     24I06     Actif     45.1     29     21     2006-11-21           2008-11-20  
North Rae   2033384     24I06     Actif     45.1     29     22     2006-11-21           2008-11-20  
North Rae   2033385     24I06     Actif     45.1     29     23     2006-11-21           2008-11-20  
North Rae   2033386     24I06     Actif     45.09     30     12     2006-11-21           2008-11-20  
North Rae   2033387     24I06     Actif     45.09     30     13     2006-11-21           2008-11-20  
North Rae   2033388     24I11     Actif     45.01     8     14     2006-11-21           2008-11-20  
North Rae   2033389     24I11     Actif     45.01     8     15     2006-11-21           2008-11-20  
North Rae   2033390     24I11     Actif     45.01     8     16     2006-11-21           2008-11-20  
North Rae   2033391     24I11     Actif     45.01     8     17     2006-11-21           2008-11-20  
North Rae   2033392     24I11     Actif     45.01     8     18     2006-11-21           2008-11-20  
North Rae   2033393     24I12     Actif     45.09     1     13     2006-11-21           2008-11-20  
North Rae   2033394     24I12     Actif     45.09     1     41     2006-11-21           2008-11-20  
North Rae   2033395     24I12     Actif     45.09     1     42     2006-11-21           2008-11-20  
North Rae   2033396     24I12     Actif     45.08     2     42     2006-11-21           2008-11-20  
North Rae   2033397     24I12     Actif     45.08     2     43     2006-11-21           2008-11-20  
North Rae   2033398     24I12     Actif     45.08     2     44     2006-11-21           2008-11-20  
North Rae   2033399     24I12     Actif     45.07     2     45     2006-11-21           2008-11-20  
North Rae   2033400     24I12     Actif     45.07     2     46     2006-11-21           2008-11-20  
North Rae   2033401     24I12     Actif     45.07     2     47     2006-11-21           2008-11-20  
North Rae   2033402     24I12     Actif     45.07     2     48     2006-11-21           2008-11-20  
North Rae   2033403     24I12     Actif     45.07     2     49     2006-11-21           2008-11-20  
North Rae   2033404     24I12     Actif     45.07     2     50     2006-11-21           2008-11-20  
North Rae   2033405     24I12     Actif     45.07     2     51     2006-11-21           2008-11-20  
North Rae   2033406     24I12     Actif     45.07     2     52     2006-11-21           2008-11-20  
North Rae   2033407     24I12     Actif     45.06     3     42     2006-11-21           2008-11-20  
North Rae   2033408     24I12     Actif     45.06     3     43     2006-11-21           2008-11-20  

- 18 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2033409     24I12     Actif     45.06     3     44     2006-11-21           2008-11-20  
North Rae   2033410     24I12     Actif     45.06     3     45     2006-11-21           2008-11-20  
North Rae   2033411     24I12     Actif     45.06     3     46     2006-11-21           2008-11-20  
North Rae   2033412     24I12     Actif     45.06     3     47     2006-11-21           2008-11-20  
North Rae   2033413     24I12     Actif     45.06     3     48     2006-11-21           2008-11-20  
North Rae   2033414     24I12     Actif     45.06     3     49     2006-11-21           2008-11-20  
North Rae   2033415     24I12     Actif     45.06     3     50     2006-11-21           2008-11-20  
North Rae   2033416     24I12     Actif     45.06     3     51     2006-11-21           2008-11-20  
North Rae   2033417     24I12     Actif     45.06     3     52     2006-11-21           2008-11-20  
North Rae   2033418     24I12     Actif     45.05     4     42     2006-11-21           2008-11-20  
North Rae   2033419     24I12     Actif     45.05     4     43     2006-11-21           2008-11-20  
North Rae   2033420     24I12     Actif     45.05     4     45     2006-11-21           2008-11-20  
North Rae   2033421     24I12     Actif     45.05     4     46     2006-11-21           2008-11-20  
North Rae   2033422     24I12     Actif     45.05     4     47     2006-11-21           2008-11-20  
North Rae   2033423     24I12     Actif     45.05     4     48     2006-11-21           2008-11-20  
North Rae   2033424     24I12     Actif     45.05     4     49     2006-11-21           2008-11-20  
North Rae   2033425     24I12     Actif     45.05     4     51     2006-11-21           2008-11-20  
North Rae   2033426     24I12     Actif     45.05     4     52     2006-11-21           2008-11-20  
North Rae   2033427     24I12     Actif     45.05     4     44     2006-11-21           2008-11-20  
North Rae   2033428     24I12     Actif     45.05     4     50     2006-11-21           2008-11-20  
North Rae   2033429     24I12     Actif     45.04     5     42     2006-11-21           2008-11-20  
North Rae   2033430     24I12     Actif     45.04     5     43     2006-11-21           2008-11-20  
North Rae   2033431     24I12     Actif     45.04     5     44     2006-11-21           2008-11-20  
North Rae   2033432     24I12     Actif     45.04     5     45     2006-11-21           2008-11-20  
North Rae   2033433     24I12     Actif     45.04     5     46     2006-11-21           2008-11-20  
North Rae   2033434     24I12     Actif     45.04     5     47     2006-11-21           2008-11-20  
North Rae   2033435     24I12     Actif     45.04     5     48     2006-11-21           2008-11-20  
North Rae   2033436     24I12     Actif     45.04     5     49     2006-11-21           2008-11-20  
North Rae   2033437     24I12     Actif     45.04     5     50     2006-11-21           2008-11-20  
North Rae   2033438     24I12     Actif     45.04     5     51     2006-11-21           2008-11-20  
North Rae   2033439     24I12     Actif     45.04     5     52     2006-11-21           2008-11-20  
North Rae   2033440     24I12     Actif     45.01     8     26     2006-11-21           2008-11-20  
North Rae   2033441     24I12     Actif     45.01     8     27     2006-11-21           2008-11-20  
North Rae   2033442     24I12     Actif     45.01     8     28     2006-11-21           2008-11-20  
North Rae   2033443     24I12     Actif     45.01     8     29     2006-11-21           2008-11-20  
North Rae   2033444     24I12     Actif     45     9     27     2006-11-21           2008-11-20  
North Rae   2033445     24I12     Actif     45     9     28     2006-11-21           2008-11-20  
North Rae   2033446     24I12     Actif     45     9     29     2006-11-21           2008-11-20  
North Rae   2033447     24I12     Actif     44.99     10     28     2006-11-21           2008-11-20  
North Rae   2033448     24I12     Actif     44.99     10     29     2006-11-21           2008-11-20  
North Rae   2033449     24I12     Actif     44.98     11     29     2006-11-21           2008-11-20  
North Rae   2033450     24I12     Actif     44.97     12     29     2006-11-21           2008-11-20  
North Rae   2033451     24I12     Actif     44.92     16     58     2006-11-21           2008-11-20  
North Rae   2033543     24I12     Actif     45.03     6     39     2006-11-22           2008-11-21  

- 19 -


Propriété   No titre      SNRC     Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2033544     24I12     Actif     45.03     6     40     2006-11-22           2008-11-21  
North Rae   2033545     24I12     Actif     45.03     6     41     2006-11-22           2008-11-21  
North Rae   2033546     24I12     Actif     45.03     6     42     2006-11-22           2008-11-21  
North Rae   2033547     24I12     Actif     45.03     6     49     2006-11-22           2008-11-21  
North Rae   2033548     24I12     Actif     45.02     7     39     2006-11-22           2008-11-21  
North Rae   2033549     24I12     Actif     45.02     7     40     2006-11-22           2008-11-21  
North Rae   2033550     24I12     Actif     45.02     7     41     2006-11-22           2008-11-21  
North Rae   2033551     24I12     Actif     45.02     7     43     2006-11-22           2008-11-21  
North Rae   2033552     24I12     Actif     45.02     7     42     2006-11-22           2008-11-21  
North Rae   2033553     24I12     Actif     45.01     8     30     2006-11-22           2008-11-21  
North Rae   2033554     24I12     Actif     45.01     8     31     2006-11-22           2008-11-21  
North Rae   2033555     24I12     Actif     45.01     8     35     2006-11-22           2008-11-21  
North Rae   2033556     24I12     Actif     45.01     8     36     2006-11-22           2008-11-21  
North Rae   2033557     24I12     Actif     45.01     8     37     2006-11-22           2008-11-21  
North Rae   2033558     24I12     Actif     45.01     8     38     2006-11-22           2008-11-21  
North Rae   2033559     24I12     Actif     45.01     8     39     2006-11-22           2008-11-21  
North Rae   2033560     24I12     Actif     45.01     8     40     2006-11-22           2008-11-21  
North Rae   2033561     24I12     Actif     45.01     8     41     2006-11-22           2008-11-21  
North Rae   2033562     24I12     Actif     45.01     8     42     2006-11-22           2008-11-21  
North Rae   2033563     24I12     Actif     45.01     8     46     2006-11-22           2008-11-21  
North Rae   2033564     24I12     Actif     45.01     8     47     2006-11-22           2008-11-21  
North Rae   2033565     24I12     Actif     45.01     8     48     2006-11-22           2008-11-21  
North Rae   2033566     24I12     Actif     45.01     8     49     2006-11-22           2008-11-21  
North Rae   2033567     24I12     Actif     45     9     34     2006-11-22           2008-11-21  
North Rae   2033568     24I12     Actif     45     9     35     2006-11-22           2008-11-21  
North Rae   2033569     24I12     Actif     45     9     36     2006-11-22           2008-11-21  
North Rae   2033570     24I12     Actif     45     9     37     2006-11-22           2008-11-21  
North Rae   2033571     24I12     Actif     45     9     38     2006-11-22           2008-11-21  
North Rae   2033572     24I12     Actif     45     9     39     2006-11-22           2008-11-21  
North Rae   2033573     24I12     Actif     45     9     40     2006-11-22           2008-11-21  
North Rae   2033574     24I12     Actif     45     9     41     2006-11-22           2008-11-21  
North Rae   2033575     24I12     Actif     45     9     45     2006-11-22           2008-11-21  
North Rae   2033748     24I05     Actif     45.14     26     23     2006-11-22           2008-11-21  
North Rae   2033749     24I05     Actif     45.14     26     24     2006-11-22           2008-11-21  
North Rae   2033750     24I05     Actif     45.14     26     25     2006-11-22           2008-11-21  
North Rae   2033751     24I05     Actif     45.14     26     26     2006-11-22           2008-11-21  
North Rae   2033752     24I05     Actif     45.14     26     27     2006-11-22           2008-11-21  
North Rae   2033753     24I05     Actif     45.14     26     28     2006-11-22           2008-11-21  
North Rae   2033754     24I05     Actif     45.14     26     29     2006-11-22           2008-11-21  
North Rae   2033755     24I05     Actif     45.14     26     38     2006-11-22           2008-11-21  
North Rae   2033756     24I05     Actif     45.13     27     23     2006-11-22           2008-11-21  
North Rae   2033757     24I05     Actif     45.13     27     25     2006-11-22           2008-11-21  
North Rae   2033758     24I05     Actif     45.13     27     26     2006-11-22           2008-11-21  
North Rae   2033759     24I05     Actif     45.13     27     27     2006-11-22           2008-11-21  

- 20 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2033760     24I05     Actif     45.13     27     28     2006-11-22           2008-11-21  
North Rae   2033761     24I05     Actif     45.13     27     29     2006-11-22           2008-11-21  
North Rae   2033762     24I05     Actif     45.13     27     38     2006-11-22           2008-11-21  
North Rae   2033763     24I05     Actif     45.13     27     24     2006-11-22           2008-11-21  
North Rae   2033764     24I12     Actif     45.03     6     43     2006-11-22           2008-11-21  
North Rae   2033765     24I12     Actif     45.03     6     44     2006-11-22           2008-11-21  
North Rae   2033766     24I12     Actif     45.03     6     45     2006-11-22           2008-11-21  
North Rae   2033767     24I12     Actif     45.03     6     46     2006-11-22           2008-11-21  
North Rae   2033768     24I12     Actif     45.03     6     47     2006-11-22           2008-11-21  
North Rae   2033769     24I12     Actif     45.03     6     48     2006-11-22           2008-11-21  
North Rae   2033770     24I12     Actif     45.03     6     50     2006-11-22           2008-11-21  
North Rae   2033771     24I12     Actif     45.03     6     51     2006-11-22           2008-11-21  
North Rae   2033772     24I12     Actif     45.03     6     52     2006-11-22           2008-11-21  
North Rae   2033773     24I12     Actif     45.02     7     44     2006-11-22           2008-11-21  
North Rae   2033774     24I12     Actif     45.02     7     45     2006-11-22           2008-11-21  
North Rae   2033775     24I12     Actif     45.02     7     46     2006-11-22           2008-11-21  
North Rae   2033776     24I12     Actif     45.02     7     47     2006-11-22           2008-11-21  
North Rae   2033777     24I12     Actif     45.02     7     48     2006-11-22           2008-11-21  
North Rae   2033778     24I12     Actif     45.02     7     49     2006-11-22           2008-11-21  
North Rae   2033779     24I12     Actif     45.02     7     50     2006-11-22           2008-11-21  
North Rae   2033780     24I12     Actif     45.02     7     51     2006-11-22           2008-11-21  
North Rae   2033781     24I12     Actif     45.02     7     52     2006-11-22           2008-11-21  
North Rae   2033782     24I12     Actif     45.01     8     32     2006-11-22           2008-11-21  
North Rae   2033783     24I12     Actif     45.01     8     33     2006-11-22           2008-11-21  
North Rae   2033784     24I12     Actif     45.01     8     34     2006-11-22           2008-11-21  
North Rae   2033785     24I12     Actif     45.01     8     43     2006-11-22           2008-11-21  
North Rae   2033786     24I12     Actif     45.01     8     44     2006-11-22           2008-11-21  
North Rae   2033787     24I12     Actif     45.01     8     45     2006-11-22           2008-11-21  
North Rae   2033788     24I12     Actif     45.01     8     50     2006-11-22           2008-11-21  
North Rae   2033789     24I12     Actif     45.01     8     51     2006-11-22           2008-11-21  
North Rae   2033790     24I12     Actif     45     9     30     2006-11-22           2008-11-21  
North Rae   2033791     24I12     Actif     45     9     31     2006-11-22           2008-11-21  
North Rae   2033792     24I12     Actif     45     9     32     2006-11-22           2008-11-21  
North Rae   2033793     24I12     Actif     45     9     33     2006-11-22           2008-11-21  
North Rae   2033794     24I12     Actif     45     9     42     2006-11-22           2008-11-21  
North Rae   2033795     24I12     Actif     45     9     44     2006-11-22           2008-11-21  
North Rae   2033796     24I12     Actif     45     9     43     2006-11-22           2008-11-21  
North Rae   2033797     24I12     Actif     44.99     10     31     2006-11-22           2008-11-21  
North Rae   2033798     24I12     Actif     44.99     10     32     2006-11-22           2008-11-21  
North Rae   2033799     24I12     Actif     44.99     10     33     2006-11-22           2008-11-21  
North Rae   2033800     24I12     Actif     44.99     10     30     2006-11-22           2008-11-21  
North Rae   2033801     24I12     Actif     44.98     11     30     2006-11-22           2008-11-21  
North Rae   2033802     24I12     Actif     44.98     11     31     2006-11-22           2008-11-21  
North Rae   2033803     24I12     Actif     44.98     11     32     2006-11-22           2008-11-21  

- 21 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2033804     24I12     Actif     44.98     11     33     2006-11-22           2008-11-21  
North Rae   2033805     24I12     Actif     44.97     12     30     2006-11-22           2008-11-21  
North Rae   2033806     24I12     Actif     44.97     12     31     2006-11-22           2008-11-21  
North Rae   2033807     24I12     Actif     44.97     12     32     2006-11-22           2008-11-21  
North Rae   2033808     24I12     Actif     44.97     12     33     2006-11-22           2008-11-21  
North Rae   2033809     24I12     Actif     44.96     13     30     2006-11-22           2008-11-21  
North Rae   2033810     24I12     Actif     44.96     13     31     2006-11-22           2008-11-21  
North Rae   2033811     24I12     Actif     44.96     13     32     2006-11-22           2008-11-21  
North Rae   2033812     24I12     Actif     44.96     13     33     2006-11-22           2008-11-21  
North Rae   2033813     24I12     Actif     44.95     14     33     2006-11-22           2008-11-21  
North Rae   2033814     24I12     Actif     44.95     14     31     2006-11-22           2008-11-21  
North Rae   2033815     24I12     Actif     44.95     14     32     2006-11-22           2008-11-21  
North Rae   2033816     24I12     Actif     44.94     15     32     2006-11-22           2008-11-21  
North Rae   2033817     24I12     Actif     44.94     15     33     2006-11-22           2008-11-21  
North Rae   2033818     24I12     Actif     44.94     15     31     2006-11-22           2008-11-21  
North Rae   2033819     24I12     Actif     44.93     16     31     2006-11-22           2008-11-21  
North Rae   2033820     24I12     Actif     44.93     16     32     2006-11-22           2008-11-21  
North Rae   2033821     24I12     Actif     44.93     16     33     2006-11-22           2008-11-21  
North Rae   2033822     24I12     Actif     44.92     17     31     2006-11-22           2008-11-21  
North Rae   2033823     24I12     Actif     44.92     17     32     2006-11-22           2008-11-21  
North Rae   2033824     24I12     Actif     44.92     17     33     2006-11-22           2008-11-21  
North Rae   2035244     24I05     Actif     45.19     21     41     2006-11-27           2008-11-26  
North Rae   2035245     24I05     Actif     45.19     21     42     2006-11-27           2008-11-26  
North Rae   2035246     24I05     Actif     45.19     21     43     2006-11-27           2008-11-26  
North Rae   2035247     24I05     Actif     45.19     21     44     2006-11-27           2008-11-26  
North Rae   2035248     24I05     Actif     45.19     21     45     2006-11-27           2008-11-26  
North Rae   2035249     24I05     Actif     45.19     21     46     2006-11-27           2008-11-26  
North Rae   2035250     24I05     Actif     45.19     21     47     2006-11-27           2008-11-26  
North Rae   2035251     24I05     Actif     45.19     21     48     2006-11-27           2008-11-26  
North Rae   2035252     24I05     Actif     45.19     21     49     2006-11-27           2008-11-26  
North Rae   2035253     24I05     Actif     45.19     21     50     2006-11-27           2008-11-26  
North Rae   2035254     24I05     Actif     45.18     22     37     2006-11-27           2008-11-26  
North Rae   2035255     24I05     Actif     45.18     22     38     2006-11-27           2008-11-26  
North Rae   2035256     24I05     Actif     45.18     22     39     2006-11-27           2008-11-26  
North Rae   2035257     24I05     Actif     45.18     22     40     2006-11-27           2008-11-26  
North Rae   2035258     24I05     Actif     45.18     22     41     2006-11-27           2008-11-26  
North Rae   2035259     24I05     Actif     45.18     22     42     2006-11-27           2008-11-26  
North Rae   2035260     24I05     Actif     45.18     22     43     2006-11-27           2008-11-26  
North Rae   2035261     24I05     Actif     45.18     22     44     2006-11-27           2008-11-26  
North Rae   2035262     24I05     Actif     45.18     22     45     2006-11-27           2008-11-26  
North Rae   2035263     24I05     Actif     45.18     22     46     2006-11-27           2008-11-26  
North Rae   2035264     24I05     Actif     45.18     22     47     2006-11-27           2008-11-26  
North Rae   2035265     24I05     Actif     45.18     22     48     2006-11-27           2008-11-26  
North Rae   2035266     24I05     Actif     45.18     22     49     2006-11-27           2008-11-26  

- 22 -


Propriété   No titre      SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2035267     24I05     Actif     45.18     22     50     2006-11-27           2008-11-26  
North Rae   2035268     24I05     Actif     45.17     23     32     2006-11-27           2008-11-26  
North Rae   2035269     24I05     Actif     45.17     23     33     2006-11-27           2008-11-26  
North Rae   2035270     24I05     Actif     45.17     23     34     2006-11-27           2008-11-26  
North Rae   2035271     24I05     Actif     45.17     23     35     2006-11-27           2008-11-26  
North Rae   2035272     24I05     Actif     45.17     23     37     2006-11-27           2008-11-26  
North Rae   2035273     24I05     Actif     45.17     23     38     2006-11-27           2008-11-26  
North Rae   2035274     24I05     Actif     45.17     23     39     2006-11-27           2008-11-26  
North Rae   2035275     24I05     Actif     45.17     23     40     2006-11-27           2008-11-26  
North Rae   2035276     24I05     Actif     45.17     23     41     2006-11-27           2008-11-26  
North Rae   2035277     24I05     Actif     45.17     23     43     2006-11-27           2008-11-26  
North Rae   2035278     24I05     Actif     45.17     23     44     2006-11-27           2008-11-26  
North Rae   2035279     24I05     Actif     45.17     23     45     2006-11-27           2008-11-26  
North Rae   2035280     24I05     Actif     45.17     23     46     2006-11-27           2008-11-26  
North Rae   2035281     24I05     Actif     45.17     23     47     2006-11-27           2008-11-26  
North Rae   2035282     24I05     Actif     45.17     23     49     2006-11-27           2008-11-26  
North Rae   2035283     24I05     Actif     45.17     23     36     2006-11-27           2008-11-26  
North Rae   2035284     24I05     Actif     45.17     23     42     2006-11-27           2008-11-26  
North Rae   2035285     24I05     Actif     45.17     23     48     2006-11-27           2008-11-26  
North Rae   2035286     24I05     Actif     45.16     24     32     2006-11-27           2008-11-26  
North Rae   2035287     24I05     Actif     45.16     24     33     2006-11-27           2008-11-26  
North Rae   2035288     24I05     Actif     45.16     24     34     2006-11-27           2008-11-26  
North Rae   2035289     24I05     Actif     45.16     24     35     2006-11-27           2008-11-26  
North Rae   2035290     24I05     Actif     45.16     24     36     2006-11-27           2008-11-26  
North Rae   2035291     24I05     Actif     45.16     24     37     2006-11-27           2008-11-26  
North Rae   2035292     24I05     Actif     45.16     24     38     2006-11-27           2008-11-26  
North Rae   2035293     24I05     Actif     45.16     24     39     2006-11-27           2008-11-26  
North Rae   2035294     24I05     Actif     45.16     24     40     2006-11-27           2008-11-26  
North Rae   2035295     24I05     Actif     45.16     24     41     2006-11-27           2008-11-26  
North Rae   2035296     24I05     Actif     45.16     24     42     2006-11-27           2008-11-26  
North Rae   2035297     24I05     Actif     45.16     24     43     2006-11-27           2008-11-26  
North Rae   2035298     24I05     Actif     45.16     24     44     2006-11-27           2008-11-26  
North Rae   2035299     24I05     Actif     45.16     24     45     2006-11-27           2008-11-26  
North Rae   2035300     24I05     Actif     45.16     24     46     2006-11-27           2008-11-26  
North Rae   2035301     24I05     Actif     45.16     24     47     2006-11-27           2008-11-26  
North Rae   2035302     24I05     Actif     45.16     24     48     2006-11-27           2008-11-26  
North Rae   2035303     24I05     Actif     45.16     24     49     2006-11-27           2008-11-26  
North Rae   2035304     24I05     Actif     45.15     25     32     2006-11-27           2008-11-26  
North Rae   2035305     24I05     Actif     45.15     25     33     2006-11-27           2008-11-26  
North Rae   2035306     24I05     Actif     45.15     25     34     2006-11-27           2008-11-26  
North Rae   2035307     24I05     Actif     45.15     25     35     2006-11-27           2008-11-26  
North Rae   2035308     24I05     Actif     45.15     25     36     2006-11-27           2008-11-26  
North Rae   2035309     24I05     Actif     45.15     25     37     2006-11-27           2008-11-26  
North Rae   2035310     24I05     Actif     45.15     25     38     2006-11-27           2008-11-26  

- 23 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2035311     24I05     Actif     45.15     25     39     2006-11-27           2008-11-26  
North Rae   2035312     24I05     Actif     45.15     25     40     2006-11-27           2008-11-26  
North Rae   2035313     24I05     Actif     45.15     25     41     2006-11-27           2008-11-26  
North Rae   2035314     24I05     Actif     45.15     25     42     2006-11-27           2008-11-26  
North Rae   2035315     24I05     Actif     45.15     25     43     2006-11-27           2008-11-26  
North Rae   2035316     24I05     Actif     45.15     25     44     2006-11-27           2008-11-26  
North Rae   2035317     24I05     Actif     45.15     25     45     2006-11-27           2008-11-26  
North Rae   2035318     24I05     Actif     45.15     25     46     2006-11-27           2008-11-26  
North Rae   2035319     24I05     Actif     45.15     25     47     2006-11-27           2008-11-26  
North Rae   2035320     24I05     Actif     45.15     25     48     2006-11-27           2008-11-26  
North Rae   2035321     24I05     Actif     45.15     25     49     2006-11-27           2008-11-26  
North Rae   2035322     24I05     Actif     45.14     26     39     2006-11-27           2008-11-26  
North Rae   2035323     24I05     Actif     45.14     26     40     2006-11-27           2008-11-26  
North Rae   2035324     24I05     Actif     45.14     26     41     2006-11-27           2008-11-26  
North Rae   2035325     24I05     Actif     45.14     26     42     2006-11-27           2008-11-26  
North Rae   2035326     24I05     Actif     45.14     26     43     2006-11-27           2008-11-26  
North Rae   2035327     24I05     Actif     45.14     26     44     2006-11-27           2008-11-26  
North Rae   2035328     24I05     Actif     45.14     26     45     2006-11-27           2008-11-26  
North Rae   2035329     24I05     Actif     45.14     26     46     2006-11-27           2008-11-26  
North Rae   2035330     24I05     Actif     45.14     26     47     2006-11-27           2008-11-26  
North Rae   2035331     24I05     Actif     45.14     26     48     2006-11-27           2008-11-26  
North Rae   2035332     24I05     Actif     45.14     26     49     2006-11-27           2008-11-26  
North Rae   2035333     24I05     Actif     45.13     27     39     2006-11-27           2008-11-26  
North Rae   2035334     24I05     Actif     45.13     27     40     2006-11-27           2008-11-26  
North Rae   2035335     24I05     Actif     45.13     27     41     2006-11-27           2008-11-26  
North Rae   2035336     24I05     Actif     45.13     27     42     2006-11-27           2008-11-26  
North Rae   2035337     24I05     Actif     45.13     27     43     2006-11-27           2008-11-26  
North Rae   2035338     24I05     Actif     45.13     27     44     2006-11-27           2008-11-26  
North Rae   2035339     24I05     Actif     45.13     27     45     2006-11-27           2008-11-26  
North Rae   2035340     24I05     Actif     45.13     27     46     2006-11-27           2008-11-26  
North Rae   2035341     24I05     Actif     45.13     27     47     2006-11-27           2008-11-26  
North Rae   2036947     24I05     Actif     45.11     29     15     2006-12-04           2008-12-03  
North Rae   2036948     24I05     Actif     45.11     29     16     2006-12-04           2008-12-03  
North Rae   2036949     24I05     Actif     45.11     29     18     2006-12-04           2008-12-03  
North Rae   2036950     24I05     Actif     45.11     29     19     2006-12-04           2008-12-03  
North Rae   2036951     24I05     Actif     45.11     29     20     2006-12-04           2008-12-03  
North Rae   2036952     24I05     Actif     45.11     29     21     2006-12-04           2008-12-03  
North Rae   2036953     24I05     Actif     45.11     29     22     2006-12-04           2008-12-03  
North Rae   2036954     24I05     Actif     45.11     29     24     2006-12-04           2008-12-03  
North Rae   2036955     24I05     Actif     45.11     29     25     2006-12-04           2008-12-03  
North Rae   2036956     24I05     Actif     45.11     29     26     2006-12-04           2008-12-03  
North Rae   2036957     24I05     Actif     45.11     29     27     2006-12-04           2008-12-03  
North Rae   2036958     24I05     Actif     45.11     29     28     2006-12-04           2008-12-03  
North Rae   2036959     24I05     Actif     45.11     29     30     2006-12-04           2008-12-03  

- 24 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee     Colonne     Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2036960     24I05     Actif     45.11     29     31     2006-12-04           2008-12-03  
North Rae   2036961     24I05     Actif     45.11     29     32     2006-12-04           2008-12-03  
North Rae   2036962     24I05     Actif     45.11     29     33     2006-12-04           2008-12-03  
North Rae   2036963     24I05     Actif     45.11     29     34     2006-12-04           2008-12-03  
North Rae   2036964     24I05     Actif     45.11     29     36     2006-12-04           2008-12-03  
North Rae   2036965     24I05     Actif     45.11     29     37     2006-12-04           2008-12-03  
North Rae   2036966     24I05     Actif     45.11     29     38     2006-12-04           2008-12-03  
North Rae   2036967     24I05     Actif     45.11     29     39     2006-12-04           2008-12-03  
North Rae   2036968     24I05     Actif     45.11     29     40     2006-12-04           2008-12-03  
North Rae   2036969     24I05     Actif     45.11     29     17     2006-12-04           2008-12-03  
North Rae   2036970     24I05     Actif     45.11     29     23     2006-12-04           2008-12-03  
North Rae   2036971     24I05     Actif     45.11     29     29     2006-12-04           2008-12-03  
North Rae   2036972     24I05     Actif     45.11     29     35     2006-12-04           2008-12-03  
North Rae   2036973     24I05     Actif     45.1     30     39     2006-12-04           2008-12-03  
North Rae   2036974     24I05     Actif     45.1     30     40     2006-12-04           2008-12-03  
North Rae   2036975     24I12     Actif     45.09     1     39     2006-12-04           2008-12-03  
North Rae   2036976     24I12     Actif     45.09     1     40     2006-12-04           2008-12-03  
North Rae   2036977     24I12     Actif     45.08     2     39     2006-12-04           2008-12-03  
North Rae   2036978     24I12     Actif     45.08     2     40     2006-12-04           2008-12-03  
North Rae   2036979     24I12     Actif     45.08     2     41     2006-12-04           2008-12-03  
North Rae   2036980     24I12     Actif     45.07     3     39     2006-12-04           2008-12-03  
North Rae   2036981     24I12     Actif     45.07     3     40     2006-12-04           2008-12-03  
North Rae   2036982     24I12     Actif     45.06     3     41     2006-12-04           2008-12-03  
North Rae   2036983     24I12     Actif     45.05     4     39     2006-12-04           2008-12-03  
North Rae   2036984     24I12     Actif     45.05     4     40     2006-12-04           2008-12-03  
North Rae   2036985     24I12     Actif     45.05     4     41     2006-12-04           2008-12-03  
North Rae   2036986     24I12     Actif     45.04     5     39     2006-12-04           2008-12-03  
North Rae   2036987     24I12     Actif     45.04     5     40     2006-12-04           2008-12-03  
North Rae   2036988     24I12     Actif     45.04     5     41     2006-12-04           2008-12-03  
North Rae   2036989     24I12     Actif     45.03     6     34     2006-12-04           2008-12-03  
North Rae   2036990     24I12     Actif     45.03     6     35     2006-12-04           2008-12-03  
North Rae   2036991     24I12     Actif     45.02     7     32     2006-12-04           2008-12-03  
North Rae   2036992     24I12     Actif     45.02     7     33     2006-12-04           2008-12-03  
North Rae   2036993     24I12     Actif     45.02     7     34     2006-12-04           2008-12-03  
North Rae   2036994     24I12     Actif     45.02     7     35     2006-12-04           2008-12-03  
North Rae   2036995     24I12     Actif     45.02     7     37     2006-12-04           2008-12-03  
North Rae   2036996     24I12     Actif     45.02     7     38     2006-12-04           2008-12-03  
North Rae   2036997     24I12     Actif     45.02     7     36     2006-12-04           2008-12-03  
North Rae   2036998     24I12     Actif     45.01     8     52     2006-12-04           2008-12-03  
North Rae   2036999     24I12     Actif     45     9     46     2006-12-04           2008-12-03  
North Rae   2037000     24I12     Actif     45     9     47     2006-12-04           2008-12-03  
North Rae   2037001     24I12     Actif     45     9     48     2006-12-04           2008-12-03  
North Rae   2037002     24I12     Actif     45     9     50     2006-12-04           2008-12-03  
North Rae   2037003     24I12     Actif     45     9     49     2006-12-04           2008-12-03  

- 25 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2037004     24I12     Actif     44.99     10     34     2006-12-04           2008-12-03  
North Rae   2037005     24I12     Actif     44.99     10     35     2006-12-04           2008-12-03  
North Rae   2037006     24I12     Actif     44.99     10     36     2006-12-04           2008-12-03  
North Rae   2037007     24I12     Actif     44.99     10     37     2006-12-04           2008-12-03  
North Rae   2037008     24I12     Actif     44.99     10     38     2006-12-04           2008-12-03  
North Rae   2037009     24I12     Actif     44.99     10     39     2006-12-04           2008-12-03  
North Rae   2037010     24I12     Actif     44.99     10     40     2006-12-04           2008-12-03  
North Rae   2037011     24I12     Actif     44.99     10     41     2006-12-04           2008-12-03  
North Rae   2037012     24I12     Actif     44.99     10     42     2006-12-04           2008-12-03  
North Rae   2037013     24I12     Actif     44.99     10     43     2006-12-04           2008-12-03  
North Rae   2037014     24I12     Actif     44.99     10     44     2006-12-04           2008-12-03  
North Rae   2037015     24I12     Actif     44.99     10     45     2006-12-04           2008-12-03  
North Rae   2037016     24I12     Actif     44.99     10     46     2006-12-04           2008-12-03  
North Rae   2037017     24I12     Actif     44.98     11     34     2006-12-04           2008-12-03  
North Rae   2037018     24I12     Actif     44.98     11     35     2006-12-04           2008-12-03  
North Rae   2037019     24I12     Actif     44.98     11     36     2006-12-04           2008-12-03  
North Rae   2037020     24I12     Actif     44.98     11     37     2006-12-04           2008-12-03  
North Rae   2037021     24I12     Actif     44.98     11     38     2006-12-04           2008-12-03  
North Rae   2037022     24I12     Actif     44.98     11     39     2006-12-04           2008-12-03  
North Rae   2037023     24I12     Actif     44.98     11     40     2006-12-04           2008-12-03  
North Rae   2037024     24I12     Actif     44.98     11     41     2006-12-04           2008-12-03  
North Rae   2037025     24I12     Actif     44.98     11     42     2006-12-04           2008-12-03  
North Rae   2037026     24I12     Actif     44.98     11     43     2006-12-04           2008-12-03  
North Rae   2037027     24I12     Actif     44.97     12     34     2006-12-04           2008-12-03  
North Rae   2037028     24I12     Actif     44.97     12     35     2006-12-04           2008-12-03  
North Rae   2037029     24I12     Actif     44.97     12     36     2006-12-04           2008-12-03  
North Rae   2037030     24I12     Actif     44.97     12     37     2006-12-04           2008-12-03  
North Rae   2037031     24I12     Actif     44.92     16     53     2006-12-04           2008-12-03  
North Rae   2037032     24I12     Actif     44.92     16     54     2006-12-04           2008-12-03  
North Rae   2042822     24I06     Actif     45.22     18     20     2006-12-15           2008-12-14  
North Rae   2042823     24I06     Actif     45.22     18     21     2006-12-15           2008-12-14  
North Rae   2042824     24I06     Actif     45.22     18     22     2006-12-15           2008-12-14  
North Rae   2042825     24I06     Actif     45.22     18     23     2006-12-15           2008-12-14  
North Rae   2042826     24I06     Actif     45.22     18     24     2006-12-15           2008-12-14  
North Rae   2042827     24I06     Actif     45.22     18     25     2006-12-15           2008-12-14  
North Rae   2042828     24I06     Actif     45.22     18     26     2006-12-15           2008-12-14  
North Rae   2042829     24I06     Actif     45.22     18     27     2006-12-15           2008-12-14  
North Rae   2042830     24I06     Actif     45.22     18     28     2006-12-15           2008-12-14  
North Rae   2042831     24I06     Actif     45.21     19     20     2006-12-15           2008-12-14  
North Rae   2042832     24I06     Actif     45.21     19     21     2006-12-15           2008-12-14  
North Rae   2042833     24I06     Actif     45.21     19     22     2006-12-15           2008-12-14  
North Rae   2042834     24I06     Actif     45.21     19     23     2006-12-15           2008-12-14  
North Rae   2042835     24I06     Actif     45.21     19     24     2006-12-15           2008-12-14  
North Rae   2042836     24I06     Actif     45.21     19     25     2006-12-15           2008-12-14  

- 26 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2042837     24I06     Actif     45.21     19     26     2006-12-15           2008-12-14  
North Rae   2042838     24I06     Actif     45.21     19     27     2006-12-15           2008-12-14  
North Rae   2042839     24I06     Actif     45.21     19     28     2006-12-15           2008-12-14  
North Rae   2042840     24I06     Actif     45.2     20     20     2006-12-15           2008-12-14  
North Rae   2042841     24I06     Actif     45.2     20     21     2006-12-15           2008-12-14  
North Rae   2042842     24I06     Actif     45.2     20     22     2006-12-15           2008-12-14  
North Rae   2042843     24I06     Actif     45.2     20     23     2006-12-15           2008-12-14  
North Rae   2042844     24I06     Actif     45.2     20     24     2006-12-15           2008-12-14  
North Rae   2042845     24I06     Actif     45.2     20     25     2006-12-15           2008-12-14  
North Rae   2042846     24I06     Actif     45.2     20     26     2006-12-15           2008-12-14  
North Rae   2042847     24I06     Actif     45.2     20     27     2006-12-15           2008-12-14  
North Rae   2042848     24I06     Actif     45.2     20     28     2006-12-15           2008-12-14  
North Rae   2042849     24I06     Actif     45.19     21     20     2006-12-15           2008-12-14  
North Rae   2042850     24I06     Actif     45.19     21     21     2006-12-15           2008-12-14  
North Rae   2042851     24I06     Actif     45.19     21     22     2006-12-15           2008-12-14  
North Rae   2042852     24I06     Actif     45.19     21     23     2006-12-15           2008-12-14  
North Rae   2042853     24I06     Actif     45.19     21     24     2006-12-15           2008-12-14  
North Rae   2042854     24I06     Actif     45.19     21     25     2006-12-15           2008-12-14  
North Rae   2042855     24I06     Actif     45.19     21     26     2006-12-15           2008-12-14  
North Rae   2042856     24I06     Actif     45.19     21     27     2006-12-15           2008-12-14  
North Rae   2042857     24I06     Actif     45.19     21     28     2006-12-15           2008-12-14  
North Rae   2042858     24I06     Actif     45.18     22     20     2006-12-15           2008-12-14  
North Rae   2042859     24I06     Actif     45.18     22     21     2006-12-15           2008-12-14  
North Rae   2042860     24I06     Actif     45.18     22     22     2006-12-15           2008-12-14  
North Rae   2042861     24I06     Actif     45.18     22     23     2006-12-15           2008-12-14  
North Rae   2042862     24I06     Actif     45.18     22     24     2006-12-15           2008-12-14  
North Rae   2042863     24I06     Actif     45.17     22     25     2006-12-15           2008-12-14  
North Rae   2042864     24I06     Actif     45.17     22     26     2006-12-15           2008-12-14  
North Rae   2042865     24I06     Actif     45.17     22     27     2006-12-15           2008-12-14  
North Rae   2042866     24I06     Actif     45.17     22     28     2006-12-15           2008-12-14  
North Rae   2042867     24I06     Actif     45.17     23     20     2006-12-15           2008-12-14  
North Rae   2042868     24I06     Actif     45.16     23     21     2006-12-15           2008-12-14  
North Rae   2042869     24I06     Actif     45.16     23     22     2006-12-15           2008-12-14  
North Rae   2042870     24I06     Actif     45.16     23     23     2006-12-15           2008-12-14  
North Rae   2042871     24I06     Actif     45.16     23     24     2006-12-15           2008-12-14  
North Rae   2042872     24I06     Actif     45.16     23     25     2006-12-15           2008-12-14  
North Rae   2042873     24I06     Actif     45.16     23     26     2006-12-15           2008-12-14  
North Rae   2042874     24I06     Actif     45.16     23     27     2006-12-15           2008-12-14  
North Rae   2042875     24I06     Actif     45.16     23     28     2006-12-15           2008-12-14  
North Rae   2042876     24I06     Actif     45.15     24     20     2006-12-15           2008-12-14  
North Rae   2042877     24I06     Actif     45.15     24     21     2006-12-15           2008-12-14  
North Rae   2042878     24I06     Actif     45.15     24     22     2006-12-15           2008-12-14  
North Rae   2042879     24I06     Actif     45.15     24     23     2006-12-15           2008-12-14  
North Rae   2042880     24I06     Actif     45.15     24     24     2006-12-15           2008-12-14  

- 27 -


Propriété   No titre      SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2042881     24I06     Actif     45.15     24     25     2006-12-15           2008-12-14  
North Rae   2042882     24I06     Actif     45.15     24     26     2006-12-15           2008-12-14  
North Rae   2042883     24I06     Actif     45.15     24     27     2006-12-15           2008-12-14  
North Rae   2042884     24I06     Actif     45.15     24     28     2006-12-15           2008-12-14  
North Rae   2042885     24I06     Actif     45.15     25     12     2006-12-15           2008-12-14  
North Rae   2042886     24I06     Actif     45.14     25     13     2006-12-15           2008-12-14  
North Rae   2042887     24I06     Actif     45.14     25     14     2006-12-15           2008-12-14  
North Rae   2042888     24I06     Actif     45.14     25     15     2006-12-15           2008-12-14  
North Rae   2042889     24I06     Actif     45.14     25     16     2006-12-15           2008-12-14  
North Rae   2042890     24I06     Actif     45.14     25     17     2006-12-15           2008-12-14  
North Rae   2042891     24I06     Actif     45.14     25     18     2006-12-15           2008-12-14  
North Rae   2042892     24I06     Actif     45.14     25     19     2006-12-15           2008-12-14  
North Rae   2042893     24I06     Actif     45.14     25     20     2006-12-15           2008-12-14  
North Rae   2042894     24I06     Actif     45.14     25     21     2006-12-15           2008-12-14  
North Rae   2042895     24I06     Actif     45.14     25     22     2006-12-15           2008-12-14  
North Rae   2042896     24I06     Actif     45.14     25     23     2006-12-15           2008-12-14  
North Rae   2042897     24I06     Actif     45.14     25     24     2006-12-15           2008-12-14  
North Rae   2042898     24I06     Actif     45.14     25     25     2006-12-15           2008-12-14  
North Rae   2042899     24I06     Actif     45.14     25     26     2006-12-15           2008-12-14  
North Rae   2042900     24I06     Actif     45.14     25     27     2006-12-15           2008-12-14  
North Rae   2042901     24I06     Actif     45.14     25     28     2006-12-15           2008-12-14  
North Rae   2042902     24I06     Actif     45.13     26     12     2006-12-15           2008-12-14  
North Rae   2042903     24I06     Actif     45.13     26     13     2006-12-15           2008-12-14  
North Rae   2042904     24I06     Actif     45.13     26     14     2006-12-15           2008-12-14  
North Rae   2042905     24I06     Actif     45.13     26     15     2006-12-15           2008-12-14  
North Rae   2042906     24I06     Actif     45.13     26     16     2006-12-15           2008-12-14  
North Rae   2042907     24I06     Actif     45.13     26     17     2006-12-15           2008-12-14  
North Rae   2042908     24I06     Actif     45.13     26     18     2006-12-15           2008-12-14  
North Rae   2042909     24I06     Actif     45.13     26     19     2006-12-15           2008-12-14  
North Rae   2042910     24I06     Actif     45.13     26     20     2006-12-15           2008-12-14  
North Rae   2042911     24I06     Actif     45.13     26     21     2006-12-15           2008-12-14  
North Rae   2042912     24I06     Actif     45.13     26     22     2006-12-15           2008-12-14  
North Rae   2042913     24I06     Actif     45.13     26     23     2006-12-15           2008-12-14  
North Rae   2042914     24I06     Actif     45.13     26     24     2006-12-15           2008-12-14  
North Rae   2042915     24I06     Actif     45.13     26     25     2006-12-15           2008-12-14  
North Rae   2042916     24I06     Actif     45.13     26     26     2006-12-15           2008-12-14  
North Rae   2042917     24I06     Actif     45.13     26     27     2006-12-15           2008-12-14  
North Rae   2042918     24I06     Actif     45.13     26     28     2006-12-15           2008-12-14  
North Rae   2042919     24I06     Actif     45.12     27     12     2006-12-15           2008-12-14  
North Rae   2042920     24I06     Actif     45.12     27     13     2006-12-15           2008-12-14  
North Rae   2042921     24I06     Actif     45.12     27     14     2006-12-15           2008-12-14  
North Rae   2042922     24I06     Actif     45.12     27     15     2006-12-15           2008-12-14  
North Rae   2042923     24I06     Actif     45.12     27     16     2006-12-15           2008-12-14  
North Rae   2042924     24I06     Actif     45.12     27     17     2006-12-15           2008-12-14  

- 28 -


Propriété   No titre     SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2042925     24I06     Actif     45.12     27     18     2006-12-15           2008-12-14  
North Rae   2042926     24I06     Actif     45.12     27     19     2006-12-15           2008-12-14  
North Rae   2042927     24I06     Actif     45.12     27     20     2006-12-15           2008-12-14  
North Rae   2042928     24I06     Actif     45.12     27     21     2006-12-15           2008-12-14  
North Rae   2042929     24I06     Actif     45.12     27     22     2006-12-15           2008-12-14  
North Rae   2042930     24I06     Actif     45.12     27     23     2006-12-15           2008-12-14  
North Rae   2042931     24I06     Actif     45.12     27     24     2006-12-15           2008-12-14  
North Rae   2042932     24I06     Actif     45.12     27     25     2006-12-15           2008-12-14  
North Rae   2042933     24I06     Actif     45.12     27     26     2006-12-15           2008-12-14  
North Rae   2042934     24I06     Actif     45.12     27     27     2006-12-15           2008-12-14  
North Rae   2042935     24I06     Actif     45.12     27     28     2006-12-15           2008-12-14  
North Rae   2042936     24I06     Actif     45.12     27     29     2006-12-15           2008-12-14  
North Rae   2042937     24I06     Actif     45.12     27     30     2006-12-15           2008-12-14  
North Rae   2042938     24I06     Actif     45.12     27     31     2006-12-15           2008-12-14  
North Rae   2042939     24I06     Actif     45.12     27     32     2006-12-15           2008-12-14  
North Rae   2042940     24I06     Actif     45.12     27     33     2006-12-15           2008-12-14  
North Rae   2042941     24I06     Actif     45.11     28     9     2006-12-15           2008-12-14  
North Rae   2042942     24I06     Actif     45.11     28     10     2006-12-15           2008-12-14  
North Rae   2042943     24I06     Actif     45.11     28     11     2006-12-15           2008-12-14  
North Rae   2042944     24I06     Actif     45.11     28     33     2006-12-15           2008-12-14  
North Rae   2042945     24I06     Actif     45.1     29     9     2006-12-15           2008-12-14  
North Rae   2042946     24I06     Actif     45.1     29     10     2006-12-15           2008-12-14  
North Rae   2042947     24I06     Actif     45.1     29     11     2006-12-15           2008-12-14  
North Rae   2042948     24I06     Actif     45.1     29     33     2006-12-15           2008-12-14  
North Rae   2042949     24I06     Actif     45.1     29     34     2006-12-15           2008-12-14  
North Rae   2042950     24I06     Actif     45.1     29     35     2006-12-15           2008-12-14  
North Rae   2042951     24I06     Actif     45.1     29     36     2006-12-15           2008-12-14  
North Rae   2042952     24I06     Actif     45.1     29     37     2006-12-15           2008-12-14  
North Rae   2042953     24I06     Actif     45.09     30     9     2006-12-15           2008-12-14  
North Rae   2042954     24I06     Actif     45.09     30     10     2006-12-15           2008-12-14  
North Rae   2042955     24I06     Actif     45.09     30     11     2006-12-15           2008-12-14  
North Rae   2042956     24I06     Actif     45.09     30     35     2006-12-15           2008-12-14  
North Rae   2042957     24I06     Actif     45.09     30     36     2006-12-15           2008-12-14  
North Rae   2042958     24I06     Actif     45.09     30     37     2006-12-15           2008-12-14  
North Rae   2043040     24I05     Actif     45.2     20     43     2006-12-15           2008-12-14  
North Rae   2043041     24I05     Actif     45.2     20     44     2006-12-15           2008-12-14  
North Rae   2043042     24I05     Actif     45.2     20     45     2006-12-15           2008-12-14  
North Rae   2043043     24I05     Actif     45.2     20     46     2006-12-15           2008-12-14  
North Rae   2043044     24I05     Actif     45.2     20     47     2006-12-15           2008-12-14  
North Rae   2043045     24I05     Actif     45.2     20     48     2006-12-15           2008-12-14  
North Rae   2043046     24I05     Actif     45.2     20     49     2006-12-15           2008-12-14  
North Rae   2043047     24I05     Actif     45.2     20     50     2006-12-15           2008-12-14  
North Rae   2043048     24I05     Actif     45.2     20     51     2006-12-15           2008-12-14  
North Rae   2043049     24I05     Actif     45.19     21     51     2006-12-15           2008-12-14  

- 29 -


Propriété   No titre      SNRC     Statut     Sup. (Ha)     Rangee      Colonne      Date
inscription 		    Date
désignation 		    Date
expiration 		 
North Rae   2043050     24I05     Actif     45.18     22     51     2006-12-15           2008-12-14  
North Rae   2043051     24I05     Actif     45.17     23     31     2006-12-15           2008-12-14  
North Rae   2043052     24I05     Actif     45.16     24     31     2006-12-15           2008-12-14  
North Rae   2043053     24I05     Actif     45.15     25     30     2006-12-15           2008-12-14  
North Rae   2043054     24I05     Actif     45.15     25     31     2006-12-15           2008-12-14  
North Rae   2043055     24I05     Actif     45.14     26     22     2006-12-15           2008-12-14  
North Rae   2043056     24I05     Actif     45.13     27     14     2006-12-15           2008-12-14  
North Rae   2043057     24I05     Actif     45.13     27     15     2006-12-15           2008-12-14  
North Rae   2043058     24I05     Actif     45.13     27     16     2006-12-15           2008-12-14  
North Rae   2043059     24I05     Actif     45.13     27     17     2006-12-15           2008-12-14  
North Rae   2043060     24I05     Actif     45.13     27     18     2006-12-15           2008-12-14  
North Rae   2043061     24I05     Actif     45.13     27     19     2006-12-15           2008-12-14  
North Rae   2043062     24I05     Actif     45.13     27     20     2006-12-15           2008-12-14  
North Rae   2043063     24I05     Actif     45.13     27     21     2006-12-15           2008-12-14  
North Rae   2043064     24I05     Actif     45.13     27     22     2006-12-15           2008-12-14  
North Rae   2043065     24I05     Actif     45.12     28     14     2006-12-15           2008-12-14  
North Rae   2043066     24I05     Actif     45.12     28     41     2006-12-15           2008-12-14  
North Rae   2043067     24I05     Actif     45.12     28     42     2006-12-15           2008-12-14  
North Rae   2043068     24I05     Actif     45.12     28     43     2006-12-15           2008-12-14  
North Rae   2043069     24I05     Actif     45.12     28     44     2006-12-15           2008-12-14  
North Rae   2043070     24I05     Actif     45.12     28     45     2006-12-15           2008-12-14  
North Rae   2043071     24I05     Actif     45.12     28     46     2006-12-15           2008-12-14  
North Rae   2043072     24I05     Actif     45.12     28     47     2006-12-15           2008-12-14  
North Rae   2043073     24I05     Actif     45.11     29     14     2006-12-15           2008-12-14  
North Rae   2043074     24I05     Actif     45.11     29     41     2006-12-15           2008-12-14  
North Rae   2043075     24I05     Actif     45.11     29     42     2006-12-15           2008-12-14  
North Rae   2043076     24I05     Actif     45.11     29     43     2006-12-15           2008-12-14  
North Rae   2043077     24I05     Actif     45.11     29     44     2006-12-15           2008-12-14  
North Rae   2043078     24I05     Actif     45.11     29     45     2006-12-15           2008-12-14  
North Rae   2043079     24I05     Actif     45.11     29     46     2006-12-15           2008-12-14  
North Rae   2043080     24I05     Actif     45.11     29     47     2006-12-15           2008-12-14  
North Rae   2043081     24I05     Actif     45.1     30     41     2006-12-15           2008-12-14  
North Rae   2043082     24I05     Actif     45.1     30     42     2006-12-15           2008-12-14  
North Rae   2043083     24I05     Actif     45.1     30     43     2006-12-15           2008-12-14  
North Rae   2043084     24I05     Actif     45.1     30     44     2006-12-15           2008-12-14  
North Rae   2043085     24I05     Actif     45.1     30     45     2006-12-15           2008-12-14  
North Rae   2043086     24I05     Actif     45.1     30     46     2006-12-15           2008-12-14  
North Rae   2043087     24I05     Actif     45.1     30     47     2006-12-15           2008-12-14  
North Rae   2043088     24I12     Actif     45.09     1     43     2006-12-15           2008-12-14  
North Rae   2043089     24I12     Actif     45.09     1     44     2006-12-15           2008-12-14  
North Rae   2043090     24I12     Actif     45.09     1     45     2006-12-15           2008-12-14  
North Rae   2043091     24I12     Actif     45.09     1     46     2006-12-15           2008-12-14  
North Rae   2043092     24I12     Actif     45.09     1     47     2006-12-15           2008-12-14  
North Rae   2043093     24I12     Actif     45.08     1     48     2006-12-15           2008-12-14  

- 30 -


- 31 -

SCHEDULE “B”

TO THAT CERTAIN AGREEMENT BETWEEN AZIMUT EXPLORATION INC. OF THE
FIRST PART AND NORTHWESTERN MINERAL VENTURES INC. OF THE SECOND
PART MADE AS OF THE 9TH DAY OF JANUARY, 2007

WORK EXPENDITURES

“Work Expenditures” means all expenses, obligations, Costs and liabilities of whatever kind or nature spent or incurred directly or indirectly by the Operator up to the implementation of the production program, in connection with the exploration and development of the Property, including, without limiting the generality of the foregoing, moneys expended in maintaining the Property in good standing and in applying for and securing one or more mining leases in respect of the Property, moneys expended in doing and filing assessment work, expenses paid for or incurred in connection with any program of surface or underground prospecting, exploring, geophysical, geochemical and geological surveying, diamond drilling and trenching, drifting, raising and other underground work, assaying and metallurgical testing and engineering, environmental studies, data preparation and analysis, data processing services, submissions to government agencies with respect to production permits, in acquiring facilities, in making contributions to a contingency fund required by the Operator in paying the fees, wages, salaries, travelling expenses, and fringe benefits (whether or not required by law) of all persons engaged in work with respect to and for the benefit of the Property, in paying for the food, lodging and other reasonable needs of such persons and including a charge in lieu of overhead, management and other unallocatable costs, equal to the amounts determined (including administration fees payable to the Operator).

Work Expenditures shall be deemed to be incurred upon the earlier of (a) the date of payment of same; or (b) the date upon which such Work Expenditures become due and payable pursuant to the applicable contractual obligation.

SCHEDULE “C”

TO THAT CERTAIN AGREEMENT BETWEEN AZIMUT EXPLORATION INC. OF THE
FIRST PART AND NORTHWESTERN MINERAL VENTURES INC. OF THE SECOND
PART MADE AS OF THE 9TH DAY OF JANUARY, 2007

BANKABLE FEASIBILITY STUDY

“Bankable Feasibility Report” means a detailed report approved by an independent consultant, showing the feasibility of placing the Property or any part thereof into commercial production at an acceptable rate of return on capital, in such form and detail and using such assumptions as to metal prices as are customarily required by institutional lenders of major stand alone non-recourse financing for mining projects, including a price sensitivity analysis of costs and metal prices, and will include a reasonable assessment of the mineable ore reserves and their amenability to metallurgical treatment, a complete description of the work, equipment and supplies required to bring such part of the Property into commercial production and the estimated cost thereof, a description of the mining methods to be employed and a financial appraisal of the proposed operations supported by all reasonably necessary information and data including at least the following:

(i)

a description of that part of the Property to be covered by the proposed mine;
  
(ii)

the estimated recoverable reserves of minerals and the estimated composition and content thereof;
  
(iii)

the proposed procedure for development, mining and production;
  
(iv)

results of ore amenability tests (if any);
  
(v)

the nature and extent of the facilities proposed to be acquired and constructed which may include mill facilities, if the size, extent and location of the ore body makes such mill facilities feasible, in which event the study will also include a preliminary design for such mill;
  
(vi)

the total costs, including capital budget, which are reasonably required to purchase, construct and install all structures, machinery and equipment required for the proposed mine, including a schedule of timing of such requirements;
  
(vii)

all environmental impact studies and costs and an analysis of the permitting and environmental liability implications of the projects;
  
(viii)

the period in which it is proposed the Property will be brought to commercial production;
  
(ix)

such other data and information as are reasonably necessary to substantiate the existence of an ore deposit of sufficient size and grade to justify development of a mine, taking into account all relevant business, tax and other economic considerations; and
  
(x)

working capital requirements for the initial four month operations of the Property as a mine or such longer period as may be reasonably justified in the circumstances.

SCHEDULE “D”

TO THAT CERTAIN AGREEMENT BETWEEN AZIMUT EXPLORATION INC. OF THE FIRST
PART AND NORTHWESTERN MINERAL VENTURES INC. OF THE SECOND PART MADE AS
OF THE 9th DAY OF JANUARY, 2009

NORTH RAE PROPERTY JOINT VENTURE AGREEMENT

INDEX

  Page
     
1. INTERPRETATION 1
2. FORMATION OF THE JOINT VENTURE 5
3. INTERESTS 6
4. MANAGEMENT COMMITTEE 6
5. OPERATOR 7
6. RIGHTS, DUTIES AND STATUS OF OPERATOR 8
7. EXPLORATION PROGRAMS 9
8. FEASIBILITY REPORT 14
9. PRODUCTION NOTICE 15
10. ELECTION TO CONTRIBUTE 16
11. OPERATOR’S FEE 16
12. MINE FINANCING 17
13. CONSTRUCTION 17
14. OPERATION OF THE MINE 17
15. PAYMENT OF MINE COSTS 18
16. DISTRIBUTION IN KIND 19
17. SURRENDER OF INTEREST 19
18. TERMINATION OF MINING OPERATIONS 20
19. THE PROPERTY 21
20. AREA OF COMMON INTEREST 21
21. INFORMATION DATA 22
22. LIABILITY OF THE OPERATOR 23
23. INSURANCE 24
24. RELATIONSHIP OF PARTIES 24
25. PARTITION 24
26. TAXATION 24
27. FORCE MAJEURE 25
28. NOTICE 26
29. WAIVER 26
30. AMENDMENTS 26
31. TERM 26
32. TIME OF ESSENCE 26
33. SUCCESSORS AND ASSIGNS 26
34. GOVERNING LAW 27
35. ARBITRATION 27
36. ASSIGNMENT – RIGHT OF FIRST REFUSAL 27
37.

REPRESENTATIONS AND WARRANTIES OF THE PARTIES 

28
38. MUTUAL IDEMNIFICATIONS 29
APPENDIX I Accounting Procedure
APPENDIX II Net Smelter Returns Royalty and Yellow Cake Royalty


JOINT VENTURE AGREEMENT  
 

THIS AGREEMENT made the ____ day of __________, 20___;


BETWEEN: AZIMUT EXPLORATION INC., a company duly incorporated under the laws of the province of Quebec and having a place of business at Suite 214, 110 xxx Xx Xx Xxxxx, Xxxxxxxxx, Xxxxxx, X0X 0X0; (hereinafter called “AZIMUT”) ON THE FIRST PART
   
AND: NORTHWESTERN MINERAL VENTURES INC., a company duly existing under the laws of Ontario and having its head office at Suxxx 0000, 00 Xxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxx, X0X 0X0; (hereinafter referred to as “NORTHWESTERN”) OF THE SECOND PART

WHEREAS the parties hereto entered into the Head Agreement (as hereinafter defined) whereby NORTHWESTERN was granted an option to acquire up to a 65% undivided interest in and on to the Property;

WHEREAS NORTHWESTERN has exercised the First Option, or both the First Option and the Second Option, (as defined in the Head Agreement) in compliance with terms of the Head Agreement;

WHEREAS the purpose of this Agreement is to establish a joint-venture between AZIMUT and NORTHWESTERN to jointly undertake further mineral exploration and, if warranted, development and mining operations on and in respect of the Property on the terms and conditions set out in this Agreement;

NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties agree as follows:

1.

INTERPRETATION

     
1.1

In this Agreement the following word, phrases and expressions shall have the following meanings:

     
(a)

“Accounting Procedure” means the procedure attached to this Agreement as Appendix I.


Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

     
  (b)

“Affiliate” shall have the meaning attributed to it in the Canada Business Corporation Act, as amended.
    
  (c)

“Assets” means all tangible and intangible goods, chattels, improvements or other items including, without limiting generality, land, buildings, and equipment but excluding the Property, acquired for or made to the Property under the Head Agreement or this Agreement in connection with the Mining Operations.
    
  (d)

“Business day” means a day which is not Saturday or Sunday or a legal holiday in the Provinces of either Québec or Ontario.
    
  (e)

“Commercial Production” means the first day following the first fifteen (15) consecutive days during which (i) in the case of Minerals which are required to be processed or refined, Minerals have been processed (excluding bulk sampling) from the Property at an average rate not less than 70% of the initial rated mine production as specified in the Feasibility Report pursuant to which the Property was developed as a mine and (ii) in the case of Minerals which do not require processing or refining following extraction, Minerals are extracted on a commercial basis.
    
  (f)

“Completion Date” means the date on which it is demonstrated to the satisfaction of the Management Committee that the preparing and equipping of the Mine for Commercial Production is complete.
    
  (g)

“Construction” means every kind of work carried out during the Construction Period by the Operator in accordance with any Feasibility Report approved by the Management Committee.
    
  (h)

“Construction Period” means, unless the Production Notice is subsequently withdrawn, the period beginning on the date a Production Notice is given and ending on the Completion Date.
    
  (i)

“Costs” means, except as to Prior Exploration Costs, all items of outlay and expense whatsoever, direct or indirect, with respect to Mining Operations, recorded by the Operator in accordance with this Agreement. Without limiting generality, the following categories of Costs shall have the following meanings:
    
  (i)

“Construction Costs” means those Costs recorded by the Operator during the Construction Period, including, without limiting generality, the Operator’s fee contemplated in article 11;
    
  (ii)

“Exploration Costs” means those Costs recorded by the Operator during the Exploration Period, including, without limiting generality, the Operator’s fee contemplated in article 11;
    
  (iii)

“Mine Costs” means Construction Costs and Operating Costs;

- 2 -

(iv)

"Operating Costs" means those Costs recorded by the Operator subsequent to the Completion Date, including, without limiting generality, the Operator’s fee contemplated in article 11; and

(v)

"Prior Exploration Costs" means the deemed expenditures of the parties under paragraph 7.12.

(j)

"Exploration Period" means the period beginning on the Operative Date and ending the date an effective Production Notice is given.

(k)

"Feasibility Report" means a Bankable Feasibility Report as defined in Schedule "C" of the Head Agreement.

(l)

"Head Agreement" means the Property Option Agreement made between AZIMUT and NORTHWESTERN dated for reference January 9, 2007.

(m)

"Interest" means an undivided beneficial percentage interest in the Property, the Assets and any Mine calculated, during the Exploration Period, according to article 3 and to article 7 and, subsequent to the Exploration Period, according to article 10.

(n)

"Joint Operation" shall have the meaning attributed to it in paragraph 2.1.

(o)

"Management Committee" means the committee established pursuant to article 4.

(p)

"Mine" means the workings established and Assets acquired, including, without limiting generality, development headings, plant and concentrator installations, infrastructure, housing, airport and other facilities in or in order to bring the Property into commercial production in accordance with the Production Notice.

(q)

"Minerals" means any and all ores (and concentrates derived therefrom) and minerals, precious and base, metallic and non-metallic, in, on or under the Property which may lawfully be explored for, mined or sold.

(r)

"Mining Operations" means every kind of work done by the Operator:

(i)

on or in respect of the Property in accordance with a Program or Production Notice; or

(ii)

if not provided for in a Program or Production Notice, unilaterally and in good faith to maintain the Property in good standing, to prevent waste or to otherwise discharge any obligation which is imposed upon it pursuant to this Agreement and in respect of which the Management Committee has not given it directions;


Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

including, without limiting generality, investigating, prospecting, exploring, mapping, assessing, drilling, bulk sampling, property maintenance, preparing reports, estimates and studies, designing, equipping, improving, surveying, Construction and mining, milling, concentrating, rehabilitation, reclamation, and environmental protection and all other work usually considered to be prospecting, exploration, development and mining work including paying wages and salaries of persons engaged in such work and in supplying food, lodging, transportation and other reasonable needs of such persons, and paying rentals, renewal fees, taxes, insurance, and other governmental charges required to keep the Property in good standing.

  (s)

“Net Smelter Returns Royalty” will have the meaning attributed to that term in Appendix II.
   
  (t)

“Operating Plan” means the annual plan of Mining Operations submitted pursuant to paragraph 14.2.
   
  (u)

“Operative Date” means the date upon which this Agreement becomes effective.
   
  (v)

“Operator” means the party appointed as the operator of the Mining Operations in accordance with article 5.
   
  (w)

“Participant” means a party that is contributing to Exploration Costs or Mine Costs, as the case may be.
   
  (x)

“party” or “parties” means the parties to this Agreement and their respective successors and permitted assigns which become parties pursuant to this Agreement.
   
  (y)

“Prime Rate” means the rate of interest stated by the National Bank of Canada Main Office, Montreal, Québec, as being charged by it on Canadian Dollar demand loans to its most creditworthy domestic commercial customers.
   
  (z)

“Production Notice” means a notice which is given to each of the parties pursuant to paragraph 9.2.
   
  (aa)

“Program” means the work plan and budget of Mining Operations conducted during the Exploration Period and adopted pursuant to paragraph 7.2.
   
  (bb)

“Property” means the mineral properties that become subject to this Agreement on the Operative Date pursuant to the terms of the Head Agreement, any additional mineral properties that become part of the Property pursuant to this Agreement, the Minerals thereon, all information obtained from Mining Operations and those rights and benefits appurtenant to the Property that are acquired for the purpose of conducting Mining Operations.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

     
  (cc)

“Proportionate Share” means that share which is equal to a party’s percentage Interest, as adjusted from time to time hereunder.
   
  (dd)

“Simple Majority” means a decision made by the Management Committee by more than 50 percent of the votes represented and entitled to be cast at a meeting thereof.
   
  (ee)

“Yellow Cake Royalty” will have the meaning attributed to that term in Appendix II.
   
  (ff)

“$” means Canadian Dollars.
   
  (gg)

The words “article”, “paragraph”, “subparagraph”, “herein” and “hereunder” refer to this Agreement. The words “this Agreement” include every schedule or appendix attached hereto but exclude the Head Agreement.

All other capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Head Agreement.

1.2

The captions and the emphases of the defined terms have been inserted for convenience and do not define the scope of any provision.
  
2.

FORMATION OF THE JOINT VENTURE
  
2.1

The parties hereby agree to associate and participate in a joint operation (herein called the “Joint Operation”) effective on the Operative Date for the purpose of exploring the Property and, if deemed warranted, bringing the Property or a portion thereof into Commercial Production by establishing and operating a Mine;
  
2.2

Except as expressly provided in this Agreement or the Head Agreement, each party shall have the right independently to engage in and receive full benefits from business activities, whether or not competitive with the Joint Operation, without consulting any other party. The doctrines of “corporate opportunity” or “business opportunity” shall not be applied to any other activity, venture or operation of any party and no party shall have any obligation to another party with respect to any opportunity to acquire any assets outside of the Property at any time, or within the Property after the termination of this Agreement, other than as expressly provided herein or in the Head Agreement. Unless otherwise agreed in writing, no party shall have any obligation to mill, beneficiate or otherwise treat any Minerals or any other party’s share of Minerals in any facility owned or controlled by such party.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
3.

INTERESTS
  
3.1

Except as otherwise provided herein, the parties shall bear all Costs and all liabilities arising under this Agreement and shall own the Property, the Assets and any Mine all in proportion to their respective Interest.
  
3.2

On the Operative Date the respective Interests of the parties shall be equal to the respective Interests which the parties held under the Head Agreement as of the Operative Date. Following the exercise of the Second Option by Northwestern, the respective Interests of the parties shall be adjusted, as appropriate.
  
4.

MANAGEMENT COMMITTEE
  
4.1

A Management Committee shall be established on or forthwith after the Operative Date. Except as herein otherwise provided, the Management Committee shall make all decisions in respect of Mining Operations;
  
4.2

Each party shall forthwith appoint one (1) representative to the Management Committee;
  
4.3

The Operator shall call a Management Committee meeting at least once every twelve (12) months, and, in any event within fourteen (14) days of being requested to do so by any representative;
  
4.4

The Operator shall give notice, specifying the time and place of, and the agenda for, each meeting of the Management Committee, to all representatives at least 20 days before the time appointed for the meeting;
  
4.5

Notice of a meeting of the Management Committee shall not be required if representatives of all the parties are present and unanimously agree upon the agenda;
  
4.6

A quorum for any Management Committee meeting shall be present if representatives of all the parties hereto are present. If a quorum is present at the meeting, the Management Committee shall be competent to exercise all of the authorities, powers and discretions herein bestowed upon it hereunder. The Management Committee shall not transact any business at a meeting unless a quorum is present at the commencement of the meeting. If no quorum is present at any meeting of the Management Committee, the meeting can be adjourned for a minimum of seven (7) days to a maximum of twenty-one (21) days, at which reconvened meeting, the presence of the representative of either party, will constitute quorum; A Program proposal shall be submitted by the Operator at least 7 business days before the date of the Management Committee meeting;
  
4.7

The Management Committee shall decide every question submitted to it by a vote with each representative being entitled to cast such number of votes as is equal to the Interest held by the party such representative represents. Other than as is expressly set out herein to the contrary, the Management Committee shall make decisions by Simple Majority. In the event of an equality of votes on any matter which cannot be resolved by agreement of the parties within a reasonable time not to exceed seven (7) days, a representative of an independent professional engineering firm acceptable to both parties, or failing an agreement, an individual appointed by the Canadian Commercial Arbitration Centre (or a successor or equivalent thereof) shall have a second and casting vote, provided the Management Committee shall have first placed before the person so appointed, all relevant submissions, documentation and data, which had been placed before the Management Committee in regard to the decision to be made. All proceedings shall be conducted in the English language;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
4.8

The representative of the Operator shall be chairman and secretary of each Management Committee meeting;
  
4.9

The secretary of the Management Committee meeting shall take minutes of that meeting and circulate copies thereof to each representative;
  
4.10

The Management Committee may make decisions by obtaining the consent in writing of the representatives of each party. Any decision so made shall be as valid as a decision made at a duly called and held meeting of the Management Committee;
  
4.11

Management Committee decisions made in accordance with this Agreement shall be binding upon all parties;
  
4.12

Each party shall bear the expenses incurred by its representatives in attending meetings of the Management Committee;
  
4.13

The Management Committee may, by agreement of the representatives of all the parties, establish such other rules of procedure, not inconsistent with this Agreement, as the Management Committee deems fit;
  
5.

OPERATOR
  
5.1

NORTHWESTERN shall act as Operator for as long as its Interest is 50% or more, subject to the provisions of subparagraph 12.3(ii) of the Head Agreement. If NORTHWESTERN’s Interest is less than 50%, the party with the highest Interest shall be the Operator;
  
5.2

The party acting as Operator may resign as Operator on at least 90 days’ notice to all the parties, in which case the other party may, in its sole discretion, elect to become Operator. If the other party does not make such election, then the Management Committee shall thereupon select another party to be Operator no later than the 90th day after receipt of the Operator’s notice of resignation;
  
5.3

The new Operator shall assume all of the rights, duties, liabilities and status of the previous Operator as provided in this Agreement. The new Operator shall have no obligation to hire any other employees of the former Operator resulting from this change of Operator;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
5.4

Upon ceasing to be Operator, the former Operator shall forthwith deliver to the person nominated for that purpose by the Management Committee, the custody of all Assets, Property, books, records, and other property both real and personal relating to this Agreement.
   
6.

RIGHTS, DUTIES AND STATUS OF OPERATOR
   
6.1

The Operator in its operations hereunder shall be deemed to be an independent contractor. The Operator shall not act or hold itself out as agent for any of the parties nor make any commitments on their individual behalf unless specifically permitted by this Agreement or the Management Committee or directed in writing by a party;
   
6.2

Subject to any specific provision of this Agreement and subject to it having the right to reject any direction on reasonable ground by virtue of its status as an independent contractor, the Operator shall perform its duties hereunder in accordance with the directions of the Management Committee and in accordance with this Agreement;
   
6.3

The Operator shall manage and carry out such Mining Operations as the Management Committee may direct and in connection therewith shall, in advance if reasonably possible, notify the Management Committee of any change in Mining Operations which the Operator considers material;
   
6.4

The Operator shall have the sole and exclusive right and authority to manage and carry out all Mining Operations and to incur the Costs required for that purpose, including but not limited to the cost of retaining such subcontractors as its deems fit. In so doing the Operator shall (or shall through sub-contractors), unless it obtains the approval of the Management Committee to do otherwise:
   
(a)

comply with the provision of all agreements or instruments of title under which the Property and/or Assets are held;
   
(b)

pay all Costs properly incurred promptly as and when due;
   
(c)

subject to article 36, keep the Property and Assets free of all liens and encumbrances (other than those, if any, in effect on the Operative Date, those the creation of which are permitted pursuant to this Agreement, or builder’s or mechanic’s liens) arising out of the Mining Operations and, in the event of any lien being filed as aforesaid, proceed with diligence to contest or discharge the same;
   
(d)

prosecute claims or, where a defence is available, defend litigation arising out of the Mining Operations, provided that any Participant may join in the prosecution or defence at its own expense;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

     
  (e)

subject to paragraph 20.6, perform such assessment work or make payments in lieu thereof and pay such rentals, taxes or other payments and to all such other things as may be necessary to maintain the Property in good standing, including, without limiting generality, staking and restaking mineral claims, and applying for licenses, leases, grants, concessions, permits, patents and other rights to and interest in the Minerals;
   
  (f)

maintain accounts in accordance with the Accounting Procedure, provided that the judgement of the Operator as to matters related to the accounting, for which provision is not made in the Accounting Procedure, shall govern if the Operator’s accounting practices are in accordance with accounting principles generally accepted in the mining industry in Canada;
   
  (g)

perform its duties and obligations hereunder in a sound and workmanlike manner, in accordance with sound mining and engineering practices and in substantial compliance with all applicable federal, provincial, territorial and municipal laws, by-laws, ordinances, rules and regulations and this Agreement;
   
  (h)

submit draft Programs for each calendar year during the Exploration Period for consideration by the Management Committee by the November 30th of the year preceding such calendar year;
   
  (i)

report to the other party verbally on an as needed basis or if requested submit and deliver to the other party summary quarterly reports; and
   
  (j)

make such expenditures as it deems necessary for the protection of life, limb or property.

7.

EXPLORATION PROGRAMS
  
7.1

The Operator shall prepare draft Programs for consideration by the Management Committee during the Exploration Period in accordance with subparagraph 6.4 (h) above. Each draft Program shall contain a statement in reasonable detail of the proposed Mining Operations and estimates of all Exploration Costs to be incurred during the calendar year in question. If the Operator has not submitted a Program within sixty (60) days of any calendar year end, the non-Operator will be entitled to prepare, at its own expense (unless such Program is subsequently adopted by the Management Committee, with or without modifications), and the non-Operator will submit such a Program to the Management Committee for its consideration;
  
7.2

The Management Committee shall review the Program prepared and, if it deems fit, adopt the Program with such modifications, if any, as the Management Committee deems necessary. The Operator shall be entitled to an allowance for a Cost overrun of 10 percent in addition to any budgeted Exploration Costs and any Costs so incurred shall be deemed to be included in the Program, as adopted;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
7.3

The Operator shall forthwith submit the adopted Program to the parties. Each party may, within 30 days of receipt of the Program, give notice to the Operator committing to contribute all or less than all of its Proportionate Share of the Exploration Costs on that Program. A party which fails to give that notice within the 30 day period shall be deemed to have elected not to contribute;
   
7.4

If any party has elected not to contribute to a Program or has elected to contribute less than its Proportionate Share to a Program, the amount to be contributed by the party who elected to contribute its respective full Proportionate Share shall be increased pro rata, subject to the right of such party to elect not to contribute more than the amount initially committed pursuant to paragraph 7.3 hereof, and the provisions of paragraph 7.9 shall apply;
   
7.5

The Operator shall be entitled to invoice each Participant:
   
(a)

no more frequently than monthly, for its Proportionate Share of Exploration Costs incurred and paid by the Operator. The Operator may also submit other invoices relating to reconciliations, bills, accounts or other requests for payment in respect of any Exploration Costs made by the Operator under the Program or otherwise in accordance with this Agreement. Such invoices must set out the total amount incurred and/or paid, multiplied by the non-Operator’s Proportionate Share. Within 30 days of receipt of such invoice, the non-Operator shall pay the Operator the invoice amount;
   
(b)

If the non-Operator elects to participate in a Program, the Operator may submit an invoice to the non-Operator 60 days preceding a calendar quarter in which Exploration Costs are to be incurred under a Program. The invoice must set out the estimated Exploration Costs under the Program for the immediately following calendar quarter, multiplied by the non-Operator’s Proportionate Share. Within 30 days of receipt of such invoice, the non-Operator shall pay the Operator the invoice amount;
   
(c)

If the non-Operator fails to make any payment to the Operator under this paragraph 7.5 within any applicable 30 day payment period, the non-Operator shall make such payment together with an interest payment, calculated at the rate equal to the prime lending rate of the Royal Bank of Canada, Montreal Main Branch, on Canadian dollar commercial loans in effect at the date of default in payment, plus 5% per annum, for the period commencing on the expiry of 30 day payment period and terminating on the date that full payment is made. If the non- Operator fails to make full payment within 60 days of the payment period, paragraph 7.6 applies.
   

If a Participant protests the correctness of an invoice it shall nevertheless be required to make the payment.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
7.6

Default in Making Contributions
   
(a)

If a Participant elects to contribute to an approved Program’s budget and then defaults in making a contribution or cash call under an approved Program, the non-defaulting Participant may, but is not obligated to, advance the defaulted contribution on behalf of the defaulting Participant and treat the same, together with any accrued interest, as a demand loan bearing interest from the date of the advance at the rate provided in subparagraph 7.5(c). The failure to repay said loan upon demand shall be a default.
   
(b)

The Participants acknowledge that if a Participant defaults in making a contribution to an approved Program or an invoice under paragraph 7.5, or in repaying a demand loan under subparagraph 7.6(a), as required hereunder, it will be difficult to measure the damages resulting from such default. The Participants acknowledge that the damage to the non-defaulting Participant could be significant. In the event of such default, and provided that the non-defaulting Participant has contributed, but was not obligated to do so, at least 80% of the defaulting Participant’s share of the costs of the Program’s budget which amount has not been treated as a demand loan pursuant to Section 7.6(a) above, as reasonable liquidated damages, the non-defaulting Participant may, with respect to any such default not cured within thirty (30) days after notice to the defaulting Participant of such default, declare that the respective Interests of the Participants will be adjusted, in which event the Interest of the defaulting Participant will be recalculated first by reducing it by One Hundred and Fifty Percent (150%) of the amount that it would have been reduced pursuant to paragraph 7.12, if such Participant had elected not to contribute the amount by which it is in default. The Interest of the non-defaulting Participant shall thereupon become the difference between 100% and the recalculated Interest of the defaulting Participant.
   
7.7

Grant of Lien or Security Interest
   
(a)

Each Participant grants to the other Participant a lien upon and a security interest in its Interest, including all of its right, title and interest in the Assets and the Participant’s share of products produced from the Property, whenever acquired or arising, and the proceeds from and accessions to the foregoing.
   
(b)

The liens and security interests granted by subparagraph 7.7(a) above shall secure every obligation or liability of the Participant granting such lien or security interest created under this Agreement, including the obligation to repay a loan granted under subparagraph 7.6(a) above if applicable. Each Participant hereby agrees to take all action necessary to perfect such lien and security interests and hereby appoints the other Participant, its attorney in-fact, to execute, file and record all financing statements and other documents necessary to perfect or maintain such lien and security interests.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

7.8

Subordination of Interests

Each Participant shall, from time to time, take all necessary actions, including execution of appropriate agreements, to pledge and subordinate its Interest, any liens it may hold which are created under this Agreement, other than those created pursuant to paragraph 7.7 hereof, and any other right or interest it holds with respect to the Assets (other than any statutory lien of the Operator) to any secured borrowings for operations approved by the Management Committee.

7.9

The Operator shall expend all monies advanced by a Participant rateably with the advances of the other Participants. If the Operator suspends or prematurely terminates a Program, any funds advanced by a Participant in excess of that Participant’s Proportionate Share of Exploration Costs incurred prior to the suspension or premature termination shall be refunded forthwith;
  
7.10

If any Program is altered, suspended or terminated prematurely so that the Exploration Costs incurred on that Program as altered, suspended or terminated are less than 80 percent of the Exploration Costs originally proposed, any party which elected not to contribute to that Program shall be given notice of the alteration, suspension or termination by the Operator and shall be entitled to contribute its Proportionate Share of the Exploration Costs incurred on that Program by the payment thereof to the Operator within 30 days after receipt of the notice. If payment is not made by that party within the 30 days aforesaid it shall forfeit its right to contribute to that Program without a demand for payment being required to be made thereafter by the Operator or Management Committee;
  
7.11

Exploration Costs made by the Operator exceeding the Exploration Costs contemplated by the Program by less than 10% will be funded by the Participants in proportion to their Proportionate Shares. Exploration Costs made by the Operator exceeding the Exploration Costs contemplated by the Program by more than 10% will be funded solely by the Operator to the extent of any such excess over and above 10% of the Exploration Costs contemplated by the Program, unless otherwise agreed by the Participants in writing, or if deemed necessary by the Operator, acting reasonably, for protection of life, limb or property. Unless otherwise agreed by the Participants in writing or if deemed necessary by the Operator, acting reasonably, for protection of life, limb or property, any such payments exceeding the Exploration Costs contemplated by the Program by more than 10% which are made by either the Operator or non-Operator will not form part of the calculations used to determine the Proportionate Shares of the Participants in accordance with paragraph 7.12;
  
7.12

If a party elected not to contribute to the Exploration Costs of any Program, or elected to contribute less than its full Proportionate Share of such Program, or fails to contribute its full Proportionate Share of such Program, the Interest of that party shall be decreased and the Interest of each Participant contributing in excess of its Proportionate Share of the Exploration Costs shall be increased so that, subject to paragraph 7.13, at all times during the Exploration Period the Interest of each party will be that percentage which is equivalent to its Exploration Costs and Prior Exploration Costs expressed as a percentage of the Exploration Costs and Prior Explorations Costs of all parties. Notwithstanding the foregoing but subject to paragraph 7.13 hereof, the party whose Interest has been reduced shall be entitled to receive details of and to contribute to future Programs to the extent of its then Interest. On the Operative Date, the parties’ respective Interest and Prior Exploration Costs shall be deemed to be as follows:

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

     
  (a)

if NORTHWESTERN has exercised the First Option as set forth in paragraph 1.1 of the Head Agreement:


    Prior Exploration and     Interest  
      Exploration Costs        
NORTHWESTERN $ 2,900,000     50%  
AZIMUT $ 2,900,000     50%  

  (b)

if NORTHWESTERN has exercised the Second Option as set forth in paragraph 2.6 of the Head Agreement:


  Prior Exploration Costs Interest
NORTHWESTERN $5,385,715 65%
AZIMUT $2,900,000 35%

7.13

(a) If the effect of the application of paragraph 7.11 is to reduce the Interest of any party to less than 10%, the Joint Venture will terminate, such party shall then be deemed to have assigned and conveyed its Interest to the other Participant and shall be entitled to receive as its sole remuneration and benefit in consideration of that assignment and conveyance, either a two percent (2%) Net Smelter Returns Royalty (in the case of precious or base metals) or a one percent (1%) Yellow Cake Royalty (in the case of uranium oxide) calculated and paid in accordance with Appendix II. The Joint Operation shall be automatically terminated upon such assignment and conveyance, and the party whose Interest has thereby been assigned and conveyed shall then have no further opportunity or obligation to contribute to any Program.

     
(b)  The party that owns the royalty interests contemplated herein, hereby agrees to grant to the other party the exclusive option to purchase, either or both,
     
(i) one-half (1/2) of the Net Smelter Returns Royalty (being a 1% Net Smelter Returns Royalty), and
     
(ii)  the one percent (1%) Yellow Cake Royalty referred to this paragraph 7.13 in consideration of the payment of $1,000,000 for each such one percent (1%) royalty interest.

The royalties contemplated herein are separate and in addition to the 2% Yellow Cake Royalty retained by AZIMUT pursuant to paragraph 2.4 of the Head Agreement..

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
8.

FEASIBILITY REPORT
  
8.1

Upon the completion of a Feasibility Report which recommends commencement of Commercial Production, the Operator shall present the Feasibility Report to the Participants. A meeting of the Management Committee shall be convened to approve the Program and budget based on the Feasibility Report (the “FR Program and Budget”). At least sixty (60) days prior to such meeting of the Management Committee, the proposed FR Program and Budget shall be prepared by the Operator and submitted to the Participants. Within thirty (30) days of receipt of the FR Program and Budget, the Participants may submit written comments to the Operator detailing revisions or modifications that they would like to have made to the FR Program and Budget. If such written comments are received, the Operator, working with the other Participant and the authors of the Feasibility Report, shall seek for a period of time not to exceed twenty (20) days, to develop a revised FR Program and Budget acceptable to both Participants. The Operator shall submit any revised FR Program and Budget to the Participants at least ten (10) days prior to the meeting of the Management Committee to consider the proposed FR Program and Budget. The adoption of the FR Program and Budget shall require a vote of at least sixty percent (60%) approval.
  
8.2

Feasibility Report Alternate Program and Budget

If the Participants do not approve the FR Program and Budget as set out in paragraph 8.1, a Participant may propose further revisions or modifications to the FR Program and Budget (the “Alternate FR Program and Budget”) and repeat the procedure set out in paragraph 8.1 and if no approval is then obtained, the Participant who proposed the Alternate FR Program and Budget may then proceed at its own cost and expense to place the Property into Commercial Production based on the Alternate FR Program and Budget. If the Property is placed into Commercial Production based on the Alternate FR Program and Budget, the Participant who pays all the costs and expenses of placing the Property into Commercial Production shall be entitled to recover two hundred percent (200%) of its costs, and after recovery of such costs the Participating Interests of the Participants shall revert to the amounts held by each Participant prior to the commencement of the Alternate FR Program and Budget.

8.3

Operator Given Authority to Arrange Project Financing

Upon approval of a FR Program and Budget, the Management Committee will authorize the Operator to use its commercially reasonable efforts to arrange the financing relating to placing the Property, or a portion thereof, into Commercial Production (the “Project Financing”) on behalf of all the Participants, but subject to their separate approval as to the terms of such Project Financing, such approval not to be unreasonably withheld.

8.4

Encumbrances

Neither of the Participants shall pledge, mortgage, nor otherwise create an encumbrance on its Interest in this Agreement or the Assets except for the purpose of securing the Project Financing as set forth in article 12, including its share of funds for development or Mining Operations. The right of a Participant to grant such encumbrance shall be subject to the condition that the holder of the encumbrance (“Chargee”) first enters into a written agreement with the other Participant, in a form acceptable to that Participant, acting reasonably, which provides:

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

     
  1.1.1.

the Chargee shall not enter into possession or institute any proceedings for foreclosure or partition of the encumbering Interest and that such encumbrance shall be subject to the provisions of this Agreement;
   
  1.1.2.

the Chargee’s remedies under the encumbrance shall be limited to the sale of the whole (but only of the whole) of the encumbering Participant’s Interest to the other Participant, or, failing such a sale, at a public auction to be held at least 45 days after prior notice to the other Participant, such sale to be subject to the purchaser entering into a written agreement with the other Participant whereby such purchaser assumes all obligations of the encumbering Participant under the terms of this Agreement. The price of any pre-emptive sale to the other Participant shall be the remaining principal amount of the loan plus accrued interest and related expenses, and such pre-emptive sale shall occur within sixty (60) days of the Chargee’s notice to the other Participant of its intent to sell the encumbering Participant’s Interest. Failure of a sale to the other Participant to close by the end of such period, unless failure is caused by the encumbering Participant or by the Chargee, shall permit the Chargee to sell the encumbering Participant’s Interest at a public sale; and
   
  1.1.3.

the charge shall be subordinate to any then-existing debt, including Project Financing previously approved by the Management Committee, encumbering the transferring Participant’s Interest.

8.5

Financing

The Participants agree to cooperate fully with each other and the Operator to assist in securing all financings necessary to carry out any FR Program and Budget that has been approved by the Management Committee.

9.

PRODUCTION NOTICE
  
9.1

The Operator shall call a Management Committee meeting to consider the Feasibility Report for a date no later than six months after the Feasibility Report was provided to each of the parties;
  
9.2

The Management Committee shall consider the Feasibility Report prepared and may approve the FR Program and Budget, with such modifications, if any, as it considers necessary or desirable. If a FR Program and Budget is approved as aforesaid and the Operator has been successful in arranging the Project Financing, the Management Committee shall forthwith cause a Production Notice to be given to each of the parties by the Operator stating that the Management Committee intends to establish and bring a Mine into production in conformity with the FR Program and Budget as so approved.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
10.

ELECTION TO CONTRIBUTE
    
10.1

Each party with an Interest may, within 120 days of the receipt of the Production Notice, give the Operator notice committing to contribute its Proportionate Share of Mine Costs;
    
10.2

If any party fails to give notice pursuant to paragraph 10.1, that party shall forfeit the right to contribute to Mine Costs and shall suffer dilution and conversion of its Interest as provided in this paragraph. Those parties which elected to contribute as aforesaid may thereupon elect to increase their contribution to the Mine Costs, if more than one party then in proportion to their respective Interest, by the amount which any party has declined to contribute. If elections are made so that Mine Costs are fully committed:
    
(a)

the Interest of each Participant shall be increased and that of each non-Participant shall be decreased so that the Interest of each party at all times is that percentage which is equivalent to
    
(i)

the sum of its Exploration Costs, its Prior Exploration Costs and its contribution to Mine Costs;
    

divided by
    
(ii)

the sum of the total Exploration Costs, total Prior Exploration Costs and the total Mine Costs of all the parties;
    

multiplied by
    
(iii)

100;
    

each non-Participant shall have its Interest adjusted accordingly. A Party whose Interest has been reduced but is still 10% or more will be entitled to receive details and will be offered the right to contribute to future Programs to the extent of its Proportionate Share.
    
10.3

If, after the operation of paragraph 10.2, Mine Costs are not fully committed the Production Notice shall be deemed to be withdrawn.
    
11.

OPERATOR’S FEE
    
11.1

The Operator may charge the following sums in return for its head office overhead functions which are not charges directly:
    
(a)

with respect to Programs during the Exploration Period, an administrative fee of five percent (5%) on contract work and ten percent (10%) on internal work;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

     
  (b)

with respect to Mine development during the Construction Period: two percent (2%) of all Construction Costs;
   
  (c)

Subsequent to the Completion Date: two percent (2%) of all Costs incurred after the Completion Date.

12.

MINE FINANCING
  
12.1

The contributions of the Participants toward the Mine Costs shall be individually and separately provided by them.
  
12.2

Any party may pledge, mortgage, charge or otherwise encumber its Interest in order to secure moneys borrowed and used by that party for the sole purpose of enabling it to finance its participation under this Agreement or in order to secure by way of floating charge as a part of the general corporate assets of that party moneys borrowed for its general corporate purposes, provided that the pledgee, mortgagee, holder of the charge or encumbrance (in this paragraph called the “Chargee”) shall hold the same subject to the provisions of this Agreement and that if the Chargee realises upon any of its security it will comply with this Agreement. Upon delivery to the Operator of evidence reasonably satisfactory to the Operator that the Chargee requires to record its charge against the Interest of the borrower, the Operator shall cause title to the Property to be recorded in the names of the individual parties. All costs of such a reconveyance, and the subsequent additional costs if the respective Interests should vary, shall be borne by the borrower alone. The agreement between the party hereto, as borrower, and the Chargee shall contain specific provisions to the same effect as the provisions of this paragraph.
  
13.

CONSTRUCTION
  
13.1

Subject to paragraphs 10.2 and 10.3 the Management Committee shall cause the Operator to, and the Operator shall, proceed with Construction with all reasonable dispatch after a Production Notice has been given. Construction shall be substantially in accordance with the Feasibility Study subject to any variations proposed in the Production Notice, and subject also to the right of the Management Committee to cause such other reasonable variations in Constructions to be made as the Management Committee deems advisable.
  
14.

OPERATION OF THE MINE
  
14.1

Commencing on the Completion Date, all Mining Operations shall be planned and conducted and all estimates, reports and statements shall be prepared and made on the basis of a calendar year;
  
14.2

With the exception of the year in which the Completion Date occurs, an Operating Plan for each calendar year shall be submitted by the Operator to the Participants not later than September 30 in the year immediately preceding the calendar year to which the Operating Plan relates. Each Operating Plan shall contain the following:

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

     
  (a)

a plan for the proposed Mining Operations;
   
  (b)

a detailed estimate of all Mine Costs plus a reasonable allowance for contingencies;
   
  (c)

an estimate of the quantity and quality of the ore to be mined and the concentrates or metals or other products and by-products to be produced; and
   
  (d)

such other facts as may be necessary to reasonably illustrate the results intended to be achieved by the Operating Plan during the year. Upon request of any Participant the Operator shall meet with that Participant to discuss the Operating Plan and shall provided such additional or supplemental information as that Participant may reasonably require with respect thereto.

14.3

The Management Committee shall adopt each Operating Plan, with such changes as it deems necessary, by October 31 in the year immediately preceding the calendar year to which the Operating Plan relates; provided, however, that the Management Committee may from time to time and at any time amend any Operating Plan;
  
14.4

The Operator shall be entitled to include in the estimate of Mine Costs referred to in subparagraph 14.2(b) hereof the reasonably estimated costs of satisfying continuing obligations that may remain after this Agreement terminates, in excess of amounts actually expended. Such continuing obligations are or will be incurred as a result of the Joint Operation and shall include such things as monitoring, stabilisation, reclamation or restoration obligations, severance and other employee benefit costs, costs relating to environmental protection, rehabilitation and de-commissioning and all other obligation incurred or imposed as a result of the Joint Operation which continue or arise after termination of this Agreement and settlement of all accounts. The amount accrued from time to time for the satisfaction of such continuing obligations shall be classified as Costs hereunder but shall be segregated into a separate account.
  
15.

PAYMENT OF MINE COSTS
  
15.1

The Operator may invoice each Participant, from time to time, for that Participant’s Proportionate Share of Mine Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to the Participant’s Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of Mine Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus two percent until paid. The Operator shall have a lien on each Participant’s Interest in order to secure that payment or advance together with interest which has accrued thereon, until such payment or advance together with accrued interest has been repaid in full;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
15.2

If any Participant fails to pay an invoice contemplated in paragraph 15.1 within the 30- day period aforesaid, the Operator may, by notice, demand payment. If no payment is made within 60 days of the Operator’s demand notice, the Operator may enforce its lien and realize on the security without any further notice to or demand on the defaulting Participant.
   
16.

DISTRIBUTION IN KIND
   
16.1

It is expressly intended that, upon implementation of any Production Notice hereunder, the association of the parties hereto shall be limited to the efficient production of Minerals from the Property and that each of the parties shall be entitled to use, dispose of or otherwise deal with its Proportionate Share of Minerals as it sees fit. Each Participant shall take in kind, f.o.b. truck or railcar on the Property, and separately dispose of its Proportionate Share of the Minerals produced from the Mine. Extra costs and expenses incurred by reason of the Participants taking in kind and making separate dispositions shall be paid by each Participant directly and not through the Operator or Management Committee;
   
16.2

Each Participant shall construct, operate and maintain, all at its own cost and expense, any and all facilities which may be necessary to receive and store and dispose of its Proportionate Share of the Minerals at the rate the same are produced;
   
16.3

If a Participant has not made the necessary arrangement to take in kind and store its share of production as aforesaid the Operator shall, at the sole cost and risk of that Participant store, in any location where it will not interfere with Mining Operations, the production owned by the Participant. The Operator and the other parties shall be under no responsibility with respect thereto. All of the costs involved in arranging and providing storage shall be billed directly to, and be the sole responsibility of the Participant whose share of production is so stored. The Operator’s charges for such assistance and any other related matters shall be billed directly to and be the sole responsibility of the Participant. All such xxxxxxxx shall be subject to the provisions of paragraphs 15.1 and 15.2 hereof.
   
17.

SURRENDER OF INTEREST
   
17.1

Any party may, at any time upon notice, surrender its entire Interest to the other parties by giving those parties notice of surrender;
   

The notice of surrender shall:
   
(a)

indicate a date for surrender not less than three months after the date on which the notice is given; and
   
(b)

contain an undertaking that the surrendering party will:

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

       
    (i)

satisfy its Proportionate Share, based on its then Interest, of all obligations and liabilities which arose at any time prior to the date of surrender;
    
    (ii)

if the Operator has not included in Mine Costs the costs of continuing obligations as set out in paragraph 14.4 hereof, pay on the date of surrender its reasonably estimated Proportionate Share, based on the surrendering party’s then Interest, of the Costs of rehabilitating the Mine site and of reclamation as at the date of surrender; and
    
    (iii)

hold in confidence, for a period of two years from the date of surrender, all information and data which it acquired pursuant to this Agreement.

17.2

Upon the surrender of its entire Interest as contemplated in paragraph 17.1 and upon delivery of a release in writing, in form acceptable to counsel for the Operator, releasing the other parties from all claims and demands hereunder, the surrendering party shall be relieved of all obligations or liabilities hereunder except for those which arose or accrued or were accruing due on or before the date of the surrender.
  
17.3

A party to whom a notice of surrender has been given as contemplated in paragraph 17.1 may elect, by notice within 90 days to the party which first gave the notice to accept the surrender, in which case paragraphs 17.1 and 17.2 shall apply, or to join in the surrender. If all of the parties join in the surrender the Joint Operation shall be terminated in accordance with article 18.
  
18.

TERMINATION OF MINING OPERATIONS
  
18.1

The Operator may, at any time subsequent to the Completion Date, on at least 30 days notice to all Participants, recommend that the Management Committee approve that the Mining Operations be suspended. The Operator’s recommendation shall include a plan and budget (in this article 18 called the “Mine Maintenance Plan”), in reasonable detail, of the activities to be performed to maintain the Assets and Property during the period of suspension and the Costs to be incurred. The Management Committee may, at any time subsequent to the Completion Date, cause the Operator to suspend Mining Operations in accordance with the Operator’s recommendation with such changes to the Mine Maintenance Plan as the Management Committee deems necessary. The Participants shall be committed to contribute their Proportionate Share of the Costs incurred in connection with the Mine Maintenance Plan. The Management Committee may cause Mining Operations to be resumed at any time;
  
18.2

The Operator may, at any time following a period of at least 90 days during which Mining Operations have been suspended, upon at least 30 days notice to all Participants, recommend that the Management Committee approve the permanent termination of Mining Operations. The Operator’s recommendation shall include a plan and budget (in this article 18 called the “Mine Closure Plan”), in reasonable detail, of the activities to be performed to close the Mine and reclaim the Property. The Management Committee may, by unanimous approval of the representatives of all Participants, approve the Operator’s recommendation with such changes to the Mine Closure Plan as the Management Committee deems necessary;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
18.3

If the Management Committee approves the Operator’s recommendation as aforesaid in section 18.2, it shall cause the Operator to:
   
(a)

implement the Mine Closure Plan, whereupon the Participants shall be committed to pay, in proportion to their respective Interests, such Costs as may be required to implement that Mine Closure Plan;
   
(b)

remove, sell and dispose of such Assets as may reasonably be removed and disposed of profitably and such other Assets as the Operator may be required to remove pursuant to applicable environmental and mining laws; and
   
(c)

sell, abandon or otherwise dispose of the Property.
   

The disposal price for the Assets and the Property shall be the best price obtainable and the net revenues, if any, from the removal and sale shall be credited to the Participants in proportion to their respective Interests at such time;
   
18.4

If the Management Committee does not approve the Operator’s recommendation contemplated in paragraph 18.2, the Operator shall suspend Mining Operations in accordance with the Mine Maintenance Plan as pursuant to paragraph 18.1.
   
19.

THE PROPERTY
   
19.1

Title to the Property shall be held in the name of the Operator in trust for the parties in proportion to their Interests as adjusted from time to time during the currency of this Agreement. Each of the parties shall have the right to receive, forthwith upon making demand therefor from the Operator, such documents as it may reasonably require to confirm its Interest. A non-Operator shall be entitled to record a memorandum of this Agreement in the office of the applicable governmental agency in order to provide public notice of its Interest and of its interest in this Agreement.
   
20.

AREA OF COMMON INTEREST
   
20.1

The area of common interest shall be the Area of Common Interest as defined in paragraph 18.1 of the Head Agreement;
   
20.2

Except as to renewals or improvements entitled to mineral claims or mineral rights held by a party prior to the Operative Date which have not been added to the Property, at any time during the currency of this Agreement, any party (in this paragraph only called the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any claim, license, lease, grant, concession, permit, patent, or other mineral property interest located wholly or partly within the Area of Common Interest referred to in subparagraph 20.1, the Acquiring Party shall forthwith give notice to the other party of that staking or acquisition, the total cost thereof and all details in the possession of that party with respect to the details of the acquisition, the nature of the property and the known mineralization;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
20.3

The other party may, within thirty (30) days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement;
  
20.4

If the election aforesaid is made, the other party shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests;
  
20.5

If the other party does not make the election aforesaid within that period of thirty (30) days, the right or interest acquired shall not form part of the Property and the Acquiring Party shall be solely entitled thereto;
  
20.6

Notwithstanding subparagraph 6.4(e), the Operator shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving sixty (60) days notice of its intention to do so to the other party. In this later event, the other party shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, essay maps, drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired shall cease to be subject to this Agreement and shall not be subject to paragraph 20.2. Any part of the Property which has not be so acquired by the other party shall remain subject to paragraph 20.2.
  
21.

INFORMATION DATA
  
21.1

At all times during the currency of this Agreement the duly authorised representatives of each Participant shall, at its and their sole risk and expense and at reasonable intervals and times, have access to the Property and to all technical records and other factual engineering data and information relating to the Property which is in the possession of the Operator;
  
21.2

During the Exploration Period while Programs are being carried out, the Operator shall furnish the Participants with quarterly summary reports and with a final report at the conclusion of each Program. At the end of the Mining Operations period, a final report shall be submitted showing the Mining Operations performed and the results obtained and shall be accompanied by a statement of Costs and copies of pertinent plans, assay maps, diamond drill records and other factual engineering data. During the Construction Period the Operator shall provide quarterly summary reports to the Participants, which reports shall include information on any changes or developments affecting the Mine that the Operator considers are material;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
21.3

All information and data concerning or derived from the Property shall be kept confidential and, except to the extent required by law or by regulation of any stock exchange, securities regulatory authority or commission, or other government authority shall not disclosed to any person other than an Affiliate or a legal, financial, mining or accounting advisor without the prior consent of all the Participants, which consent shall not unreasonably be withheld;
   
21.4

The text of any news release or other public statements which a party desires to make with respect to the Property shall be made available to the other parties prior to publication and the other parties shall have the right to make suggestions for changes therein. If no comment is received within 24 hours, the news release shall be deemed approved. Notwithstanding any other provision hereof, nothing here shall operate so as to restrict a party from taking any action required by applicable law or the rules of any applicable Stock Exchange.
   
22.

LIABILITY OF THE OPERATOR
   
22.1

Subject to paragraph 22.2, each party shall indemnify and save the Operator harmless from and against any loss, liability, claim, demand, damage, expense, injury, or death (including, without limiting the generality of the foregoing, legal fees) resulting from any acts or omissions of the Operator or its officers, employees or agents;
   
22.2

Notwithstanding paragraph 22.1, the Operator shall not be indemnified nor held harmless by any of the parties for any loss, liability, claim, damage, expense, injury or death, (including, without limiting the generality of the foregoing, legal fees) resulting from the gross negligence or wilful misconduct of the Operator or its officers, employee or agents;
   
22.3

An act or omission of the Operator or its officers, employees or agents done or omitted to be done:
   
(a)

at the direction, or within the scope of the direction, of the Management Committee; or
   
(b)

with the concurrence of the Management Committee; or
   
(c)

unilaterally and in good faith by the Operator to protect life or property;
   

shall be deemed not to be gross negligence or wilful misconduct.
   
22.4

The obligation of the other parties to indemnify and save the Operator harmless pursuant to paragraph 22.1 shall be in proportion to its Interest as at the date that the loss, liability, claim, demand, damage, expense, injury or death occurred or arose;
   
22.5

The Operator shall not be liable to any other party nor shall any party be liable to the Operator in contract, tort or otherwise for special or consequential damages, including without limiting the generality of the foregoing, loss of profits or revenues.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
23.

INSURANCE
  
23.1

Commencing on the Operative Date, the Management Committee shall cause the Operator to place and maintain with a reputable insurer or insurers such insurance, as the Management Committee in its discretion deems advisable in order to protect the parties together with such other insurance as any Participant may by notice reasonably request. The certificate of insurance shall show the non-Operator as a named insured and the Operator shall provide each Participant with a copy of such certificate;
  
23.2

Paragraph 23.1 shall not preclude any party from placing, for its own account insurance for greater or other coverage than that placed by the Operator.
  
24.

RELATIONSHIP OF PARTIES
  
24.1

The rights, duties, obligations and liabilities of the parties shall be several and not joint nor joint and several, it being the express purpose and intention of the parties that their respective Interests shall be held as tenants in common;
  
24.2

Nothing herein contained shall be construed as creating a partnership of any kind or as imposing upon any party any partnership duty, obligation or liability to any other party hereto;
  
24.3

No party shall, except when required by this Agreement or by any law, by-law, ordinance, rule, order or regulation, use, suffer or permit to be used, directly or indirectly, the name of any other party for any purpose related to the Property, nor shall any party have the authority to act for or to assume any obligation or responsibility on behalf of the other party other than as expressly set forth herein.
  
25.

PARTITION
  
25.1

Each of the parties hereto waives, during the term of this Agreement, any right to partition of the Property or Assets or any part thereof and no party shall seek to be entitled to partition of the Property or the Assets whether by way of physical partition, judicial sale or otherwise during the term of this Agreement.
  
26.

TAXATION
  
26.1

All Costs incurred hereunder shall be for the account of the party or parties making or incurring the same, if more than one then in proportion to their respective Interests, and each party on whose behalf any Costs have been incurred shall be entitled to claim all tax benefits, write-offs, and deductions with respect thereto.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
27.

FORCE MAJEURE
   
27.1

(a)

Notwithstanding anything herein contained to the contrary, if any Participant is prevented from or delayed in performing any obligation under this Agreement, and such failure is occasioned by an act of Force Majeure, as hereinafter defined, then, subject to paragraph 27.2, the time for the observance of the condition or performance of the obligation in question shall be extended for a period equivalent to the total period the cause of the prevention or delay persists or remains in effect regardless of the length of such total period;
   
(b)

An act of Force Majeure shall mean a circumstance where the performance of an obligation by a party is prevented by any cause, whether foreseeable or unforeseeable, beyond the reasonable control of the party (except for the inability of the party to raise financing or the financial circumstances of the party), including without limitation, labour disputes, strikes, lockouts or other labour unrest (howsoever arising and whether or not employee demands are reasonable or within the power of the party concerned to grant), acts of God, laws, regulations, orders, proclamations, instructions or requests of any government entity that significantly affect the capacity of the party to conduct its exploration or development activities on the Property, failure or inability to obtain on reasonably acceptable terms any mining licence or other necessary authorisations or approvals from public authorities, curtailment or suspension of activities to remedy or avoid an actual or alleged, present or prospective violation of any environmental requirements, acts of a public enemy, acts of public violence, civil disorder, acts of war or conditions arising out of or attributable to war whether declared or undeclared, riot, civil war, insurrection or rebellion, fire, explosion, natural disaster or other adverse conditions, or acts of state or any act of a political nature that affects or may affect the successful exploration or development of the Property or the financing thereof;
   
27.2

Any party hereto claiming suspension of its obligations as aforesaid shall promptly notify the other parties to that effect and shall take all reasonable steps to remove or remedy the cause and effect of the Force Majeure described in the said notice insofar as it is reasonably able to do and as soon as possible; provided that the terms of settlement of any labour disturbance or dispute, strike or lockout shall be wholly in the discretion of the party claiming suspension of its obligations by reason thereof; and that party shall not be required to accede to the demands of its opponents in any such labour disturbance or dispute, strike, or lockout solely to remedy or remove the Force Majeure thereby constituted;
   
27.3

The extension of time for the observance of conditions or performance of obligations as a result of Force Majeure shall not relieve the Operator from its obligations to keep the Property in good standing.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
28.

NOTICE
  
28.1

All invoices, notices, consents and demands under this Agreement shall be in writing and may be delivered personally, sent by telegram, fax or telex or may be forwarded by first class prepaid registered mail to the address for each party set out herein or to such addresses as each party set out herein, any notice delivered or sent by telegraph, fax or telex shall be deemed to have been given and received on the business day next following the date of delivery. Any notice mailed as aforesaid shall be deemed to have been given and received on the fifth business day following the date it is posted, provided that if between the time of mailing and the actual receipt of the notice there shall be a mail strike, slowdown or other labour dispute which affects delivery of the notice by mails, then the notice shall be effective only if actually delivered.
  
29.

WAIVER
  
29.1

No waiver of any breach of this Agreement shall be binding unless evidenced in writing executed by the party against whom charged. Any waiver shall extend only to the particular breach so waived and shall not limit any rights with respect to any future breach.
  
30.

AMENDMENTS
  
30.1

Except for the Head Agreement, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and any amendment or variation of this Agreement shall only be binding upon a party if evidenced in writing executed by that party. In the event of a conflict between the provision of this agreement and the Head Agreement, the provisions of the Head Agreement shall prevail.
  
31.

TERM
  
31.1

Unless earlier terminated by: (i) agreement of all parties having an Interest, (ii) as a result of one party acquiring a 100 percent Interest and a 100 percent interest in the net proceeds of production or (iii) pursuant to section 7.13 hereof, the Joint Operation and this Agreement shall remain in full force and effect for so long as any party has any right, title or interest in the Property. Termination of this Agreement shall not, however, relieve any party from any obligations theretofore accrued but unsatisfied, nor from its obligations with respect to rehabilitation of the Mine site and reclamation costs, if any.
  
32.

TIME OF ESSENCE
  
32.1

Time is of the essence in the performance of this Agreement.
  
33.

SUCCESSORS AND ASSIGNS
  
33.1

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

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
34.

GOVERNING LAW
   
34.1

This Agreement shall be governed by and interpreted in accordance with the laws of the Province of Québec.
   
35.

ARBITRATION
   
35.1

If there is any disagreement, dispute or controversy (hereinafter collectively called a “dispute”) between the parties with respect to any matter arising under this Agreement or the construction hereof, then the dispute shall be determined by arbitration in accordance with the following procedures:
   
(a)

the parties to the dispute shall appoint a single mutually acceptable arbitrator. If the parties cannot agree upon a single arbitrator, then the party on one side of the dispute shall name an arbitrator, and give notice thereof to the party on the other side of the dispute;
   
(b)

the party on the other side of the dispute shall within 14 days of the receipt of notice, name an arbitrator; and
   
(c)

the two arbitrators so named shall, within seven days of the naming of the later of them, name a third arbitrator.
   

If the party on either side of the dispute fails to name its arbitrator within the allotted time, then the arbitrator named may make a determination of the dispute except as expressly provided in this paragraph, the arbitration shall be conducted in Montreal, Québec and in accordance with the Code of Civil Procedure (Québec). The decision shall be made within 30 days following the naming of the latest of them, and shall be conclusive and binding upon the parties. The costs of arbitration shall be borne by the parties to the dispute unless otherwise determined by the arbitrator(s) in the award.
   
36.

ASSIGNMENT – RIGHT OF FIRST REFUSAL
   
36.1

No party shall sell, assign, mortgage, pledge, encumber or transfer all or part of its Interest under this Agreement, except: (a) to secure a loan to fund Project Financing as set out in paragraph 8.4, expenditures hereunder; or, (b) as otherwise expressly permitted under this Agreement, without first having offered same to the other party in writing on terms (“Offering Notice”) which shall include a cash consideration or a consideration which has a cash alternative. If the other party does not elect to acquire the offering party's interest hereunder within sixty (60) days thereafter, the offering party shall then have the right to transfer its Interest to a third party without further restriction on the same terms as offered to the other party hereunder within sixty (60) days following such declination, failing which the terms of this subparagraph 36.1 shall again come into effect with respect to the offering party's Interest hereunder;

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
36.2

Any permitted transfer under this article 36, if to a transferee who is not a party, shall not be effective until execution by that transferee of a Deed of Assumption assuming all rights, obligations, duties and liabilities of the transferor under this Agreement from the date of transfer. Such assumption shall not affect the transferor's antecedent liability hereunder unless otherwise agreed in writing by all of the other parties;
  
36.3

Subparagraph 36.1 hereof shall not apply to a transfer where such transfer is (a) made by any party to an Affiliate of such party of all or part of such party’s Interest; (b) made by any party of all or part of such party’s Interest as a result of a merger, consolidation, amalgamation or reorganization of such party; or (c) the acquisition by a third party of greater than 50% of the total outstanding voting securities of either party hereto;
  
36.4

Neither party shall create any encumbrance on the Property or Assets without consent of other, which shall not be unreasonably withheld.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
37.

REPRESENTATIONS AND WARRANTIES OF THE PARTIES
    
37.1

Each party represents and warrants to the other as follows:
    
(a)

it is a corporation duly incorporated and validly existing under the laws of its jurisdiction of incorporation, amalgamation or continuance, as the case may be, and has all necessary corporate power, authority and capacity to own its property and assets and to carry on its business as presently conducted;
    
(b)

the execution, delivery and performance of this Agreement do not, and the fulfillment and compliance with the terms and conditions hereof by it (to the extent required herein) and the consummation of the transactions contemplated hereby will not, conflict with any of, or require the consent or waiver of rights of any person under, its constating documents or by-laws, nor to the best of its knowledge do or will any of the foregoing:
    
(i)

violate any provision of or require any consent, authorization or approval under any applicable law;
    
(ii)

conflict with, result in a breach of, constitute a default under (whether with notice or the lapse of time or both), accelerate or permit the acceleration of the performance required by, or require any consent, authorization or approval which has not been obtained under any agreement or instrument to which it is a party or by which it is bound or to which any of its property is subject; or
    
(iii)

result in the creation of any encumbrance upon its Interest in the Property;
    
(c)

it has all necessary power, authority and capacity to enter into this Agreement and to carry out its obligations under this Agreement and the execution and delivery of this Agreement and the consummation of the transactions contemplated in this Agreement have been duly authorized by all necessary corporate action on its part; and
    
(d)

this Agreement constitutes a valid and binding obligation of it, enforceable against it in accordance with the terms of this Agreement, subject, however, to limitations with respect to enforcement imposed by law in connection with bankruptcy or similar proceedings and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the court from which they are sought.
    
37.2

No investigations made by or on behalf of a party at any time shall have the effect of waiving, diminishing the scope of or otherwise affecting any representation or warranty made by the other party in or pursuant to this Agreement. No waiver by a party of any condition or other provision, in whole or in part, shall constitute a waiver of any other condition or provision.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

   
37.3

The representations and warranties contained in this Article 37 shall survive the execution and delivery of this Agreement and shall continue in full force and effect for a period of two years following the conclusion of the Mining Operations.
   
38.

MUTUAL IDEMNIFICATIONS
   
38.1

Each of the parties covenants and agrees to indemnify the other party (the party so covenanting being referred to in this Section as the “Indemnifying Party”, and the other party being referred to in this Section as the “Indemnified Party”) such that the Indemnifying Party shall:
   
(a)

be solely liable and responsible for any and all claims which the Indemnified Party or any of its respective directors, officers, servants, agents and employees, together with the successors, assigns, administrators, executors, heirs and all other legal representatives of the foregoing, may suffer, sustain, pay or incur; and
   
(b)

indemnify and save the Indemnified Party and its respective directors, officers, servants, agents and employees, together with the successors, assigns, administrators, executors, heirs and all other legal representatives of the foregoing, harmless from any and all claims which may be brought against or suffered by such persons or which they may sustain, pay or incur,

as a result of, arising out of, attributable to or connected with any breach or non-fulfillment of any representation, warranty, covenant or agreement on the part of the Indemnifying Party under this Agreement (other than a breach or non-fulfillment of any optional matter hereunder) or any misstatement or inaccuracy of or any other incorrectness in or breach of any representation or warranty of the Indemnifying Party contained in this Agreement or in any certificate or other document furnished by the Indemnifying Party pursuant to this Agreement.

38.2

For greater certainty and without limiting the generality of the foregoing, the parties acknowledge and agree that the NORTHWESTERN shall not be responsible for any environmental or other liabilities accrued on the Property prior to the effective date of the Head Agreement, and AZIMUT hereby agrees to indemnify and hold harmless NORTHWESTERN and all of its directors, officers, servants, agents and employees, together with the successors, assigns, administrators, executors, heirs and all other legal representatives of NORTHWESTERN, in connection with such matters.

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Joint-Venture Agreement
Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.

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

Azimut Exploration Inc.
 
 
Authorized Signing Officer
 
Northwestern Mineral Ventures Inc.
 
 
Authorized Signing Officer

This is page 28 to an agreement made as of the ___ day of ___________, 200__ between Azimut Exploration Inc. of the first part, and Northwestern Mineral Ventures Inc. of the second part.

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THIS IS APPENDIX I TO THAT CERTAIN AGREEMENT
AZIMUT EXPLORATION INC. OFTHE FIRST
PART AND NORTHWESTERN MINERAL VENTURES INC. OF THE
SECOND PART AS OF THE _______ DAY
OF ____________________, 200

ACCOUNTING PROCEDURE

1.

INTERPRETATION
   
1.1

In this Appendix I the following words, phrases and expressions shall have the following meanings:
   
(a)

“Agreement” means the Agreement to which this Accounting Procedure is attached as Appendix I.
   
(b)

“Count” means a physical inventory count.
   
(c)

“Employee” means those employees of the Operator who are assigned to and directly engaged in the conduct of Mining Operations, whether on a full-time or part-time basis.
   
(d)

“Employee Benefits” means the Operator’s cost of holiday, vacation, sickness, disability benefits, field bonuses, amounts paid to and the Operator’s cost of established plans for employee’s group life insurance, hospitalisation, pension, retirement and other customary plans maintained for the benefit of Employees and Personnel, as the case may be which costs may be charges as a percentage assessment on the salaries and wages of Employees or Personnel, as the case may be , on a basis consistent with Operator’s cost experience.
   
(e)

“Field Offices” means the necessary sub-office or sub-offices in each place where a Program or Construction is being conducted or a Mine is being operated.
   
(f)

“Joint Account” means the books of account maintained by the Operator to record all costs, expenses, credits and other transactions arising out of or in connection with the Mining Operations.
   
(g)

“Material” means the personal property, equipment and supplies acquired or held, at the direction or with the approval of the Management Committee, for use in the Mining Operations and, without limiting the generality, more particularly “Controllable Material” means such Material which is ordinarily classified as Controllable Material, as that classification is determined or approved by the Management Committee, and controlled in mining operations.


(h)

“Personnel” means those management, supervisory, administrative, clerical or other personnel of the Operator normally associated with the Supervision Offices whose salaries and wages are charged directly to the Supervision Office in question.
   
(i)

“Reasonable Expenses” means the reasonable expenses of Employees or Personnel, as the case may be, for which those Employees or Personnel may be reimbursed under the Operator’s usual expense account practice; including without limiting generality, any relocation expenses necessarily incurred in order to properly staff the Mining Operations if the relocation is approved by the Management Committee.
   
(j)

“Supervision Offices” means the Operator’s offices or department within the Operator’s offices from which the Mining Operations are generally supervised.
   
2.

STATEMENTS AND XXXXXXXX
   
2.1

The Operator shall, by invoice, charge each Participant with its Proportionate Share of Exploration Costs and Mines Costs in the manner provided in paragraphs 7 and 15 of the Agreement respectively;
   
2.2

The Operator shall deliver, with each invoice rendered for Costs incurred a statement indicating:
   
(a)

all charges or credits to the Joint Account relating to Controllable Material in detail;
   
(b)

all other charges and credits to the Joint Account summarised by appropriate classification indicative of the nature of the charges and credits; and
   
(c)

such additional information as may be reasonably necessary in order for the Participant to understand the nature of the charges and credits.
   
2.3

The Operator shall deliver with each invoice for an advance of Costs a statement indicating:
   
(a)

the estimated Exploration Costs or, in the case of Mine Costs, the estimated cash disbursements, to be made during the next succeeding month;
   
(b)

the addition thereto or subtraction therefrom, as the case may be, made in respect of Exploration Costs or Mine Costs actually having been incurred in an amount greater or lesser than the advance which was made by each Participant for the penultimate month preceding the month of the invoice; and

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(c)

the advances made by each Participant to date and the Exploration Costs or Mine Costs incurred to the end of the penultimate month preceding the month of the invoice.
      
3.

DIRECT CHARGES
      
3.1

The Operator shall charge the Joint Account with the following items:
      
(a)

Contractor’s Charges:
      

All proper costs relative to the Mining Operations incurred under contracts entered into by the Operator with third parties.
      
(b)

Labour Charges:
      
(i)

The salaries and wages of Employees in an amount calculated by taking the full salary or wage of each Employee multiplied by that fraction which has as it numerator the total time for the month that the Employees were directly engaged in the conduct of Mining Operations and as its denominator the total normal working time for the month of the Employee;
      
(ii)

the Reasonable Expenses of the Employees; and
      
(iii)

Employee Benefits and Government Contributions in respect of the Employees in an amount proportionate to the charge made to the Joint Account in respect to their salaries and wages.
      
(c)

Office Maintenance:
      
(i)

The cost or a pro rata portion of the costs, as the case may be, of maintaining and operating the Offices. The basis for charging the Joint Account for Office maintenance costs shall be as follows:
      
1.

the expense of maintaining and operating Field Offices, less any revenue therefrom; and
      
2.

that position of maintaining and operating the Supervision Offices which is equal to
      
a.

the anticipated total operating expenses of the Supervision Offices;
      
b.

the anticipated total staff man days for the Employees whether in connection with the Mining Operations or not;

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multiplied by
      
        c.

the actual total time spent on the Mining Operations by the Employee expressed in man days.

    (ii)

Without limiting generality, the anticipated total operating expenses of the Supervision Offices shall include:
     
    (A)

the salaries and wages of the Operator’s Personnel which have been directly charged to those Offices;
     
    (B)

the Reasonable Expense of the Personnel; and
     
    (C)

Employee Benefits.
       
    (iii)

The Operator shall make an adjustment in respect of the Office Maintenance costs forthwith after the end of each Operating Year upon having determined the actual operating expenses and actual total staff man days referred to in clause 3.1(c) (i) (B) of this Appendix I.

  (d)

Material:
   
 

Material purchased or furnished by the Operator for use on a Property as provided under paragraph 6 of this Appendix I.
   
  (e)

Transportation Charges:
   
 

The cost of transporting Employees and Material necessary for the Mining Operations.
   
  (f)

Service Charges:

          i.

The cost of services and utilities procured from outside sources other than services covered by paragraph 3.1(h). The cost of consulting services shall not be charged to the Joint Account unless the retaining of the consultant is approved in advance by the Management Committee; and
       
          ii.

Use and service of equipment and facilities furnished by the Operator as provided in subparagraph 4.5 of this Appendix I.

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  (g)

Damage and Losses to Joint Property:
    
 

All costs necessary for the repair or replacement of Assets made necessary because of damages or losses by fire, flood, storms, theft, accident or other cause. The Operator shall furnish each Participant with written particulars of the damages or losses incurred as soon as practicable after the damage or loss has been discovered. The proceeds, if any, received on mineral claims against any policies of insurance in respect of those damages or losses shall be credited to the Joint Account.
    
  (h)

Legal Expense:
    
 

All costs of handling, investigating and settling litigation or recovering the Assets, including, without limiting generality, attorney’s fees, court costs, costs of investigation or procuring evidence and amounts paid in settlement or satisfaction of any litigation or claims; provided, however, that, unless otherwise approved in advance by the Management Committee, no charge shall be made for the services of the Operator’s legal staff or the fees and expenses of outside solicitors.
    
  (i)

Taxes:
    
 

All taxes, duties or assessments of every kind and nature (except income taxes) assessed or levied upon or in connection with the Property, the Mining Operations thereon, or the production therefrom, which have been paid by the Operator for the benefit of the parties.
    
  (j)

Insurance:
    
 

Net premiums paid for
    
  (i)

such policies of insurance on or in connection with Mining Operations as may be required to be carried by law; and
    
  (ii)

such other policies of insurance as the Operator may carry for the protection of the parties in accordance with this Agreement; and
    
 

the applicable deductibles in event of an insured loss.
    
  (k)

Rentals:
    
 

Fees, rentals and other similar charges required to be paid for acquiring, recording and maintaining permits, mineral claims and mining leases and rentals and royalties which are paid as a consequence of the Mining Operations.

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(l)

Permits:
   

Permit costs, fees and other similar charges which are assessed by various governmental agencies.
   
(m)

Other Expenditures:
   

Such other costs and expenses which are not covered or dealt with in the foregoing provisions of this subparagrapgh 3.01 of this Appendix I as are incurred with the approval of the Management Committee for Mining Operations or as may be contemplated in this Agreement.
   
4.

PURCHASE OF MATERIAL
   
4.1

Subject to subparagraph 4.04 of this Appendix I the Operator shall purchase all Material and procure all services required in the Mining Operations;
   
4.2

Materials purchased and services procured by the Operator directly for the Mining Operations shall be charges to the Joint Account at the price paid by the Operator less all discounts actually received;
   
4.3

So far as it is reasonably practical and consistent with efficient and economical operations, the Operator shall purchase, furnish or otherwise acquire only such Material and Assets as may be required for immediate use. The Operator shall attempt to minimise the accumulation of surplus stocks of Material;
   
4.4

Any Participant may sell Material or services required in the Mining Operations to the Operator for such price and upon such terms and conditions as the Management Committee may approve;
   
4.5

Notwithstanding the foregoing provisions of this paragraph 4, the Operator shall be entitled to supply for use in connection with the Mining Operations equipment and facilities which are owned by the Operator and to charge the Joint Account with such reasonable costs as are commensurate with the ownership and use thereof.
   
5.

DISPOSAL OF MATERIAL
   
5.1

The Operator, with the approval of the Management Committee may, from time to time, sell any Material which has become surplus to the foreseeable needs of the Mining Operations for the best price and upon the most favourable terms and conditions available;
   
5.2

Any Participant may purchase from the Operator any Material which may from time to time become surplus to the foreseeable need of the Mining Operations for such price and upon such terms and conditions as the Management Committee may approve;

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5.3

Upon termination of this Agreement, the Management Committee, acting reasonably, may approve the division of any Material held by the Operator at that date may be taken by the Participant in lieu of a portion of its Proportionate Share of the net revenues received from the disposal of the Assets and Property. If the division to a Participant be in lieu, it shall be for such price and on such terms and conditions as the Management Committee, acting reasonably, may approve;
  
5.4

The net revenues received from the sale of any Material to third parties or to a Participant shall be credited to the Joint Account.
  
6.

INVENTORIES
  
6.1

The Operator shall maintain records of Material in reasonable detail and records of Controllable Material in detail;
  
6.2

The Operator shall perform Counts from time to time at reasonable intervals and in connection therewith shall give notice of its intention to perform a Count to each Participant at least 30 days in advance of the date set for performing of the Count. Each Participant shall be entitled to be represented at the performing of a Count upon giving notice thereof to the Operator within 20 days of the Operator’s notice. A Participant who is not represented at the performing of the Count shall be deemed to have approved the Count as taken;
  
6.3

Forthwith after performing a Count, the Operator shall reconcile the inventory with the Joint Account and provide each Participant with a statement listing the overages and shortages. The Operator shall not be held accountable for any shortages of inventory except such shortages as may have arisen due to a lack of diligence on the part of the Operator.
  
7.

ADJUSTMENTS
  
7.1

Payment of any invoice by a Participant shall not prejudice the right of that Participant to protest the correctness of the statement supporting the payment; provided, however, that all invoices and statements presented to each Participant by the Operator during any Operating Year shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the Operating Year to which the invoice or statements relates, unless within that 12 month period that Participant gives notice to the Operator making claim on the Operator for an adjustment to the invoice or statement.
  
7.2

The Operator shall not adjust any invoice or statement in favour of itself after the expiration of 12 months following the end of the Operating Year to which the invoice or statement relates.

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7.3

Notwithstanding subparagraphs 7.1 and 7.2 of this Appendix I, the Operator may make adjustments to an invoice or statement which arises out of a physical inventory of Material or Assets.
  
7.4

A Participant shall be entitled upon notice to the Operator to request that the independent external auditor of the Operator provide that Participant with its opinion that any invoice or statement delivered pursuant to this Agreement in respect of the period referred to in subparagraph 7.1 of this Appendix I has been prepared in accordance with this Agreement;
  
7.4

The time for giving the audit opinion contemplated in subparagraph 7.4 of this Appendix I shall not extend the time for the taking of exception to and making claims on the Operator for adjustment as provided in subparagraph 7.1 of this Appendix I;
  
7.5

The cost of the auditor’s opinion referred to in subparagraph 7.4 of this Appendix shall be solely for the account of the Participant requesting the auditor’s opinion, unless the audit disclosed a material error adverse to that Participant, in which case the cost shall be solely for the account of the Operator.

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THIS IS APPENDIX II TO THAT CERTAIN AGREEMENT
AZIMUT EXPLORATION INC. OFTHE FIRST
PART AND NORTHWESTERN MINERAL VENTURES INC. OF THE
SECOND PART AS OF THE ____ DAY
OF __________________, 200

NET SMELTER RETURNS ROYALTY

1.

For the purpose of this Appendix II, “Agreement” shall mean the Agreement to which this Appendix II is attached, “Owner” shall mean the party paying a percentage of Net Smelter Returns pursuant to the Agreement, “Holder” shall mean the party or parties receiving a percentage of Net Smelter Returns pursuant to the Agreement and other capitalized terms shall have the meanings assigned to them in the Agreement;
   
2.

For the purposes hereof, the term “Net Smelter Returns” shall, subject to paragraph 3, 4, 5, and 6 below, mean gross revenues received from the sale by the Owner of all ore mined from the Property and from the sale by the Owner of concentrate, doré, metal and products derived from ore mined from the Property, after deduction of the following:
   
(a)

all smelting and refining costs, sampling, assaying and treatment charges and penalties including but not limited to metal losses, penalties for impurities and charges for refining, selling and handling by the smelter, refinery or other purchaser (including price participation charges by smelters and/or refiners); and
   
(b)

costs of handling, transporting, securing and insuring such material from the Property or from a concentrator, whether situated on or off the Property, to a smelter, refinery or other place of treatment, and in the case of gold or silver concentrates or doré, security costs; and
   
(c)

sales and other taxes based upon sales or production, but not income taxes pursuant to federal, provincial or territorial tax legislation; and
   
(d)

marketing costs, including sales commissions, incurred in selling ore mined from the Property and from concentrate, doré, metal and products derived from ore mined from the Property.
   
3.

(a) Where revenue otherwise to be included under this Schedule is received by the Owner in a transaction with a party with whom it is not dealing at arm’s length, the revenue to be included shall be based on the fair market value under the circumstances and at the time of the transaction.
   
(b)

Where a cost otherwise deductible under this Schedule is incurred by the Owner in a transaction with a party with whom it is not dealing at arm’s length, the cost to be deducted shall be the fair market cost under the circumstance and at the time of the transaction.


4.

For the purpose of determining Net Smelter Returns, all receipts and major disbursements in a currency other than Canadian shall be converted into Canadian currency on the day of receipt or disbursement, as the case may be, and all other disbursements in a currency other than Canadian shall be converted into Canadian currency at the average rate for the month of disbursement determined using the Bank of Canada noon rates.
  
5.

The Owner may, but shall not be under any duty to, engage in price protection (hedging) or speculative transactions such as futures contracts and commodity options in its sole discretion covering all or part of production from the Property. None of the revenues, costs, profits or losses from such transactions shall be taken into account in calculating Net Smelter Returns or any interest therein.
  
6.

If the Property is brought into production, it may be operated as a single operation with other mining properties owned by third parties or in which the Owner has an interest, in which event, the parties agree that (notwithstanding separate ownership thereof) ores mined from the mining properties (including the Property) may be blended at the time of mining or at any time thereafter, provided, however, that the respective mining properties shall bear and have allocated to them their proportionate part of costs described in paragraph 2(a) to 2(d) above incurred relating to the single operation, and shall have allocated to each of them the proportionate part of the revenues earned relating to such single operation. In making any such allocation, effect shall be given to the tonnages and location of ore and other material mined and beneficiated and the characteristics of such material including the metal content of ore removed from, and to any special charges relating particularly to ore, concentrates or other products or the treatment thereof derived from, any of such mining properties.
  

The Owner shall ensure that practices and procedures in accordance with industry practice are adopted and employed for weighing, determining moisture content, sampling and assaying and determining recovery factors.
  
7.

Payments of a percentage of Net Smelter Returns shall be made to the Holder within 30 days after the end of each calendar quarter in which Net Smelter Returns, as determined on the basis of final adjusted invoices, are received by the Owner. All such payments shall be made in Canadian dollars.
  
8.

After the year in which production is commenced on the Property, the Holder receiving a percentage of Net Smelter Returns from the Owner shall be provided annually on or before March 31st with a copy of the calculation of Net Smelter Returns, determined in accordance with this Schedule, for the preceding calendar year, certified correct by a senior officer of the Owner.

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9.

The Holder may, on or before April 30th of any year, give written notice to the Owner requiring an audit. The Owner shall then arrange for the external auditors of the Owner to carry out an audit at the sole expense of the Holder subject to reimbursement as described below and a copy of the auditor’s report shall be provided to the Owner and Holder promptly upon completion of the audit. The auditor’s report shall be subject to such qualifications the auditor wishes to make, if any, and shall cover the calendar year ending on December 31 of the year immediately preceding the year of the notice.
   

If it is determined that the amount of Net Smelter Returns which should have been paid by the Owner to the Holder is different from the amount of Net Smelter Returns determined and paid to the Holder in accordance with this paragraph, the calculation of Net Smelter Returns for the audited period shall be amended to agree with the auditor’s determination; and:
   
(a)

if the result is a net increase in payment due to the Holder in respect of the interest in Net Smelter Returns, the Owner shall pay promptly the amount of such net increase to the Holder; and
   
(b)

if the result is a net decrease in payment due to the Holder the Holder shall refund promptly such overpayment to the Owner.
   

The Owner shall retain the books and records relating to the Property for the current year and for the three calendar years prior to the current year. In the event of the termination of the interest in Net Smelter Returns, the Owner shall, for a period of thirty-six months following the date of such termination, retain the books and records relating to the Property for the year in which termination occurs and the three immediately prior calendar years. The Owner’s books and records no longer required to meet the obligations of this paragraph may be destroyed.
   
10.

Nothing contained in the Agreement or any Schedule attached thereto shall be construed as conferring upon the Holder any right to or beneficial interest in the Property. The right to receive a percentage of Net Smelter Returns from the Owner as and when due is and shall be deemed to be a contractual right only. Furthermore, the right to receive a percentage of Net Smelter Returns by the Holder from the Owner as and when due shall not be deemed to constitute the Owner the partner, agent or legal representative of the Holder or to create any fiduciary relationship between them for any purpose whatsoever.
   
11.

The Owner shall be entitled to (i) make all operational decisions with respect to the methods and extend of mining and processing of ore, concentrate, doré, metal and products produced from the Property (for example, without limitation, the decision to process by heap leaching rather than conventional milling), (ii) make all decisions relating to sales of such ore, concentrate, doré, metal and products produced and (iii) make all decisions concerning temporary or long-term cessation of operations.

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YELLOW CAKE ROYALTY

For the purpose of this Appendix II, “Owner” shall mean the party paying a percentage of the proceeds from the sale or other disposition of uranium oxide (“Yellow Cake”); “Holder” shall mean the party or parties receiving a percentage of Yellow Cake and other capitalized terms shall have the meaning assigned to them in the Agreement to which this Appendix II is attached.

The Holder shall be entitled to a royalty (the “Royalty”) from the proceeds from the sale or other disposition of all uranium oxide (commonly called "Yellow Cake"), received from any purchaser of any Yellow Cake derived from the ore mined from the Property after deducting therefrom all charges and penalties (imposed by the purchaser) and the cost of transportation to any processing facility after creation of Yellow Cake, insurance premiums, sampling and assaying charges incurred after the Yellow Cake concentrates have left the concentrator and all appropriate sales taxes. In no case shall the cost of mining, transportation or concentrating costs prior to the creation of the first marketable produced be deducted from the selling price in the calculation of Royalty. If any portion of the Yellow Cake or other minerals extracted and derived from the ore mined from the Property are sold to a purchaser owned or controlled by the Owner or treated by a facility owned or controlled by the Owner, the actual proceeds received shall be deemed to be an amount equal to what could be obtained from a purchaser or facility not so owned or controlled by the Owner after deducting therefrom a charge equal to the transportation cost which would have been incurred had the material been transported to such third party.

The Royalty reserved herein shall be subject to the following:

1.     Payment of Royalty

a.     Frequency of Payment of Royalty. Payment of Royalty hereunder shall be due and payable within thirty (30) business days after the sale proceeds are received from any purchaser of Yellow Cake or other minerals mined from the Property.

b.     Method of Making Payments. All payments required hereunder may be mailed or delivered to any single depository as the Holder may instruct. If the Owner makes a payment or payments on account of the Royalty in accordance with the provisions of this instrument, it will have no further responsibility for distribution of the Royalty. All charges of the agent, trustee or depository will be borne solely by the parties receiving payments of Royalty. The delivery or the deposit in the mail of any payment hereunder on or before the due date thereof shall be deemed timely payment hereunder.

2.     Records and Reports

a.     Records, Inspection and Audit. Within ninety (90) days following the end of each calendar, commencing with the year in which the mineral claims are brought into commercial production (not inclusive of any bulk sampling programs), the Owner shall deliver to the Holder a statement of the Royalty paid for said calendar year. The Holder shall have the right within a period of three (3) months from receipt of such statements to inspect the Owner’s books and records relating thereto and to conduct an independent audit of such books and records at its own cost and expense.

b.     Objections. If the Holder does not request an inspection of Owner’s books and records during the three-month period referred to in the preceding paragraph, all payments of Royalty for the annual period will be considered final and in full satisfaction of all obligations of the Owner with respect thereto. If the Holder disputes any calculation of Royalty, the Holder shall deliver to the Owner a written notice (the "Objection Notice") describing and setting forth a specific objection within sixty (60) days after receipt by the Holder of the final statement. If such audit determines that there has been a deficiency or an excess in the payment made to the Holder, such deficiency or excess will be resolved by adjusting the next payment due hereunder. The Holder will pay all the costs and expenses of such audit unless a deficiency of five (5%) percent or more of the amount due is determined to exist.

The Owner will pay the costs and expenses of such audit if a deficiency of five (5%) percent or more of the amount due is determined to exist. All books and records used and kept by the Owner to calculate the Royalty due hereunder will be kept in accordance with generally accepted accounting principles.

c.     Evidence of Maintenance of the Mineral Claims comprising the Property. Owner shall deliver to the Holder, not later than the date two weeks prior to the date for the payment of annual claim maintenance fees, evidence that the fee has been timely paid.

3.     Inurement

The Royalty reserved herein shall run with the land and be binding on all subsequent owners of the Property, including any amendments, relocations, patents of the same or additional or alternative rights to mine as may be conferred by any changes in the mineral laws of the United States.

5.     Assignments by Holder

Holder may transfer, pledge, mortgage, charge or otherwise encumber all or any part of its right, title and interest in and to its Royalty reserved hereunder; provided, however, that Owner shall be under no obligation to make its payments hereunder to such assignee, transferee, pledgee or other third party until Owner’s receipt of Notice concerning the assignment or transfer.

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Filed: July 17th, 2009
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