FINANCING (December 27, 1993)

Azco Mining — 3.2 million shs issuable upon the exercise of 3.2 million special wts @ $2.25 per special wt.

Cambior — US $5.5 million units, each unit consisting of one common sh and one-half common sh purchase wt @ $20.65 per unit.

Onex — 600,000 subordinate voting shs @ $17.37 per subordinate voting sh. Skycreek Minerals — 1.1 million units, each unit consisting of one common sh and one non-voting common sh @ $11 per unit.