In terms of mining industry development activities, IBK Capital provided financial advisory services to the Government of Newfoundland and Labrador in regards to its negotiations with Inco Ltd. on the Voisey’s Bay nickel deposit in Labrador starting in June 2001. Significant progress was made during formal negotiations resulting in a statement of principles regarding the development of the Voisey’s Bay Nickel Project by July 2002. IBK Capital provided financial advisory service to Tribute Minerals Inc. (now AurCrest Gold Inc.), an exploration company which uses cutting edge technology to search for ore bodies it believes exist beyond the view of traditional geophysical equipment. The deep earth imaging technology is called Titan 24 and is owned by Quantec Geoscience Ltd., a private company partly owned by Barrick Gold Corporation and Noranda Inc. (now Xstrata plc). The Titan 24 technology can image down to over 2,000 metres. IBK Capital raised $2 million for Tribute Minerals Inc. based on the results of this new technology. IBK Capital is pleased to have been be involved in the development of this new technology that could reduce the cost of finding deep-seated ore bodies that do not crest at surface. IBK Capital provided financial advisory services to Marine Mining Corp. (formerly Ghana Mining Inc.), a company set up to explore and develop mining properties in Ghana. Ghana, the West African nation formerly known as the Gold Coast, was one of the few countries in Africa which has been able to register significant economic growth in the early 2000s. Because of Ghana’s tremendous mineral wealth, the mining sector was identified as a priority area for revitalizing Ghana’s economy. Marine Mining Inc. has licenses to prospect for gold and diamonds on a 10,000 square kilometre coastal and marine concession. This concession covers most of the drainage basin of the three rivers in Ghana that traverse the country’s most prolific gold and diamond mining areas. Marine Mining believes that the areas covered by its concessions may contain deposits of alluvial gold and diamonds. The company is also exploring the aggregate potential of its concession and is working with J.C. Duff and the Aggregate Producers Association of Ontario on a business arrangement that will realize the value of Ghana’s coastal aggregate by supplying the growing country with much needed sand and gravel. IBK Capital was invited by the Greenland Home Rule Government to advise on financing alternatives for the development of the Greenland Mineral Resources Sector. Greenland is one of the few places on the globe whose mineral wealth has yet to be exploited. IBK Capital was honoured to have the opportunity to present its views to the Greenland/Denmark Joint Committee on Mineral Resources on various capital raising possibilities.