Figure 1 General Project Location

Figure 2 Geology and Claim Location

Figure 3 Map scan

Figure 4 Overall site infrastructure layout map

Figure 5 Infrastructure Layout Roberts Bay

Figure 6 Infrastructure layout Mill/Camp

Figure 7 Mill/Camp Layout Detail

Figure 9 Proposed Process Flowsheet

Figure 10 Cross section tailings dam wall

Figure 8 AMEC Map Env Baseline Conditions

Figure 11 Aerial photo

Environment – Policies Miramar Hope Bay Ltd. is committed to minimize the environmental impacts from its operations: Maintain a high level of environmental protection to minimize impacts and enhance environmental quality. Continue dialogue with the communities and other stakeholders within the project area of influence Comply with environmental legislation and regulations Undertake monitoring programs to meet compliance Train employees & contractors to understand their environmental responsibility

Environment - Studies 2000 2001 2002 / 2003 Wildlife Fisheries Hydrology & meteorology Archaeology 2001 Wildlife studies Meteorology 2002 / 2003 Wildlife Fisheries Meteorology Archaeology Air Quality

Figure 12 Photos 1-4

Figure 13 Photos 5-8

Figure 14 Caribou photo

Figure 15 Mainland ranges of caribou herds in Hope Bay area

Figure 16 Movements of satellite collared Bathurst caribou cows

Figure 17 Dist Caribou Calves in Calving Season

Figure 18 Raptor Nest Sites 95-02

Figure 19

Exploration to Date Hope Bay has seen considerable expenditures BHP (1993 – 1999) ~$85 million (928 holes /179,300m) HBJV (2000) ~$18 million (309 holes / 43,704 m) HBJV (2001) ~$16 million (312 holes /39,829 m) MHBL (2002) ~$ 8 million (304 holes / 30,109 m) MHBL (2003) ~$14 million ( ~47,500 meters) Total 1993-2003: ~$141 million Total Meters: ~ 340,000 m (340 km)

Northern Benefits Employment in 2001 Inuit workers: 61 (52%) of 118 employees hired were Inuit 37% of total project man days worked by Inuit 30% of total project payroll ($775,000) to Inuit Local hiring from the communities of: Cambridge Bay Bathurst Inlet Gjoa Haven Taloyoak

Northern Benefits Employment in 2003 2002 employees offered first priority 4 weeks in/2 weeks out basis ~ Feb -Sept Positions for qualified people: Core cutting, geologic technicians Camp maintenance (plumber, carpenters, construction) Contractors Drillers helpers (Major Midwest) Logistics (Kitnuna)

Project Construction Workforce (man months/ Positions) Project Operations Workforce (man months / Positions) 720 /67 152 / 19 184 /26 2040 /83 Nunavut Non Nunavut

Overall Project Expenditures ($$ million) 40.3 52.3 Nunavut Non Nunavut

Figure 2 Geology and Claim Location

Expansion Opportunities at Doris Start mining in North, look to expand to the South Connector North Central

Potential for Further Discoveries Diverse opportunities: Extensions to known deposits Along known trends Overburden covered areas (~70% of belt) Geologic model driven based on other belts Successful, experienced exploration team

Project Schedule – 2003 to 2007 2003 February submit draft EIS April submit Final EIS Fall/Winter Project approvals and Permits 2004 Early Initial Project procurement Mobilize equipment to site Commence site development Summer Underground development Fall Mobilization by barge 2005 Early Initial ore processing and production 2007 Early Final production Doris North Summer Mine/mill clean-up and closure

WE THANK YOU FOR FOR ATTENTION AND PARTICIPATION.