Defiance Mining is Formed

On June 25, 2003, Geomaque Explorations Ltd. and Defiance Mining Corporation completed the last of a series of transactions, which included the acquisition of Midas Gold plc (effected through the issuance of Geomaque shares with approximate aggregate market value of $11 million), a $7.3 million subscription receipt financing, the amalgamation of Geomaque with a subsidiary of Defiance Mining and the listing of Defiance Mining on the TSX. The transactions were approved at a special meeting of Geomaque’s shareholders and the amalgamation was approved by the Quebec Superior Court. As a result of the transactions, Defiance Mining, a company engaged primarily in gold production, development and exploration, acquired Midas’ key Tasiast property in Mauritania, to add to the Honduran properties held by Geomaque.

Geomaque and Defiance Mining were represented in Canada by Stikeman Elliott LLP, with a team that included Jay Kellerman, Lisa McDowell, Raymond McDougall, Dean Moroz and Katrine Constantacos (corporate/securities), Dean Kraus and Jason Brock (tax) in Toronto, and Marc-André Coulombe (litigation) and J. Anthony Penhale and Thomas Lellouche (corporate/securities) in Montreal; and in the U.S. by Dorsey & Whitney LLP, with a team that included Gil Cornblum and Jonathan Van Horn in Toronto.

The agents for the financing, led by Haywood Securities Inc. and including Griffiths McBurney & Partners and Paradigm Capital Inc., were represented by Bradley Kruger and Danny Chan of Fraser Milner Casgrain LLP.