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<SEC-DOCUMENT>0000912282-03-000011.txt : 20030114
<SEC-HEADER>0000912282-03-000011.hdr.sgml : 20030114
<ACCEPTANCE-DATETIME>20030110161029
ACCESSION NUMBER:		0000912282-03-000011
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20030110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP                                      /FI
		CENTRAL INDEX KEY:			0000918608
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31522
		FILM NUMBER:		03510871

	BUSINESS ADDRESS:	
		STREET 1:		MILNER HOUSE
		STREET 2:		18 PARLIAMENT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B
<SEQUENCE>1
<FILENAME>eldorado8a.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Eldorado Gold Corporation Form 8-A</TITLE>
</HEAD>
<BODY>



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<A NAME=A002></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR><BR>
Washington, D.C. 20549</B> </FONT> </P>

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<A NAME=A004></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>FORM 8-A<BR><BR>
FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES <BR>
PURSUANT TO SECTION 12(b) OR (g) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B> </FONT> </P>
<BR><BR>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR valign=top>
     <TD align=center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="5"><B><U>ELDORADO GOLD CORPORATION</U></B> </FONT> </TD></TR>
<TR>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact
Name of Registrant as specified in its charter)  </FONT> </TD>
</TR>
</TABLE>
<BR><BR>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR valign=top>
     <TD align=center width=40%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Canada
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT> <BR>

<FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State of jurisdiction of incorporation
<BR>
or organization </FONT> </TD>
     <TD align=center width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </TD>
     <TD align=center width=40%>

<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Not Applicable
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">I.R.S. Employer Identification No. </FONT> </TD>
</TR>
</TABLE>
<BR><BR>


<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR valign=top>
     <TD align=center width=40%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>Suite 920 - 1055 West Hasting Street<BR>
Vancouver, British Columbia<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B> </FONT>
<BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices </FONT> </TD>
     <TD align=center width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </TD>
     <TD align=center width=40%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><BR><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>V6E 2E9
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code) </FONT> </TD>
</TR>
</TABLE>
<BR><BR>


<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities to be registered pursuant
to Section 12(b) of the Act: </FONT></P>


<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR valign=top>
     <TD align=center width=40%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title of each class<BR>
to be so registered </FONT>
<BR>

<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Common Shares, no par value
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT> </TD>
     <TD align=center width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </TD>
     <TD align=center width=40%>

<FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name of each exchange on which<BR>
each class is to be registered </FONT>
<BR>


<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The American Stock Exchange
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT> </TD>
</TR>
</TABLE>
<BR><BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If this form relates to the
registration of a class of securities pursuant to Section 12(b) of the Exchange Act and is
effective pursuant to General Instruction A.(c), please check the following box.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[X] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If this form relates to the
registration of a class of securities pursuant to Section 12(g) of the Exchange Act and is
effective pursuant to General Instruction A.(d), please check the following box.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;]</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Securities Act registration
statement file number to which this form relates:&nbsp;&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>&nbsp;(if applicable) </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities to be registered pursuant
to Section 12(g) of the Act: </FONT></P>
<BR><BR>


<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<P align=center>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>None
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Title of Class) </FONT> </P>
<BR><BR>






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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1 </FONT></P>
<BR><BR><BR>


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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR><BR>



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<A NAME=A001></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Item 1.&nbsp;&nbsp;Description of Registrant&#146;s Securities to be Registered. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized capital of the Registrant consists of an unlimited number of common shares
without par value (the &#147;Common Shares&#148;) and an unlimited number of convertible
non-voting shares. As of December 31, 2002, the Registrant had 206,204,010 fully paid and
non-assessable Common Shares issued and outstanding. No convertible non-voting shares were
outstanding. This Registration Statement registers the Registrant&#146;s class of Common Shares.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the Common Shares rank equally as to (i) voting rights, (ii) participation in a
distribution of the assets of the Registrant on a liquidation, dissolution or winding-up
of the Registrant and (iii) the entitlement to dividends. In the event of the liquidation,  dissolution or winding-up of the Registrant or
other  distribution  of its  assets,  the  holders of the Common  Shares will be
entitled to receive,  on a pro rata basis, all of the assets remaining after the
Registrant has paid out its liabilities.  Distribution in the form of dividends,
if any, will be set by the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The holders of the Common Shares
are entitled to receive notice of all meetings of shareholders and to attend and vote the
shares at the meetings. Each Common Share carries with it the right to one vote. The
Common Shares do not have cumulative voting, pre-emptive, purchase or conversion rights.
There are no sinking fund provisions in relation to the Common Shares and holders of
Common Shares are not liable to further calls or to assessment by the Registrant. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no restrictions on the repurchase or redemption of the Common Shares by the Registrant
provided that such purchase or redemption is either made through a stock exchange, from a
bona fide employee of the Registrant or an affiliate or his personal representative, or is
under an offer to purchase pro rata made to every holder or is required to be made
pursuant to the<I> </I>Canada Business Corporations Act upon exercise by the holder of
certain dissent provisions or shareholders remedies set out therein, and provided further
that the Registrant is not insolvent at the time of such repurchase or redemption nor
would be made insolvent by such action. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant is limited in its ability to pay dividends on its Common Shares by limitations
under the<I> </I>Canada Business Corporations Act relating to the sufficiency of profits
from which dividends may be paid. The Registrant currently has no intention of paying
dividends on its Common Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions
as to the modification, amendment or variation of the rights attached to the Common Shares
are contained in the Registrant&#146;s articles of incorporation and the Canada Business
Corporations Act. Generally speaking, substantive changes to the share capital require the
approval of the shareholders by special resolution (at least 2/3 of the votes cast). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.&nbsp;&nbsp;Exhibits. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following exhibits are filed as a
part of this Registration Statement: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR valign=top>
     <TD width=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit<BR>
Number</B> </FONT> </TD>
     <TD width=70%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<BR><B>Description</B></FONT> </TD>
</TR>
<TR valign=top>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
&nbsp;&nbsp;&nbsp;&nbsp;1</FONT> </TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
Articles of Arrangement dated November 19, 1996. </FONT> </TD>
</TR>
<TR valign=top>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
&nbsp;&nbsp;&nbsp;&nbsp;2</FONT> </TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
Bylaws of Eldorado Gold Corporation</FONT> </TD>
</TR>

</TABLE>
<BR><BR><BR>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>
<BR><BR><BR>


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<BR><BR>













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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SIGNATURE</B> </FONT></H1>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pursuant to the
requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly
caused this Registration Statement to be signed on its behalf by the undersigned, thereto
duly authorized. </FONT> </P><BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 width=100%>
<TR valign=top>
     <TD width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;</FONT></TD>
     <TD width=50%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ELDORADO GOLD CORPORATION</B> </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 width=100%>
<TR valign=top>
     <TD width=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;</FONT></TD>
     <TD width=50%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>/s/ Earl Price
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:&nbsp;&nbsp;Earl Price<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President Finance </FONT></TD>
</TR>
</TABLE>
<BR><BR>


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<A NAME=A008></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Dated:&nbsp;&nbsp;January 9, 2003 </FONT></P>


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</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>ex1.htm
<DESCRIPTION>ARTICLES OF ARRANGEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 1 to Eldorado Gold Form 8-A</TITLE>
</HEAD>
<BODY>


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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT 1</B> </FONT> </P>



<PRE>
Consumer and                   Consommateur
Corporate Affairs Canada       Affaires commerciales Canada
Canada Business                Loi regissant les societes               FORM 14.1                             FORMULAE 14.1
Corporations Act               par actions de regime             ARTICLES OF ARRANGEMENT                  CLAUSES D'ARRANGEMENT
                               federal                                (SECTION 192)                           (ARTICLE 192)
- -----------------------------------------------------------------------------------------------------------------------------------
1 --  Name of applicant corporation(s) - Denomination de la(des) requerante(s)           2 --  Corporation No(s). -- 327235-4
      Eldorado Gold Corporation                                                                No(s) de la(des) societe(s)
      HRC Development Corporation                                                              and 327234-6

- -----------------------------------------------------------------------------------------------------------------------------------
3 --  Name of the corporation(s) the articles of which are amended, if applicable        4 --  Corporation No(s). --
      Denomination de la(des) societe(s) dont les statuts sont modifiees, le cas               No(s) de la(des) societe(s)
      echeant                                                                                  N/A
      N/A

- -----------------------------------------------------------------------------------------------------------------------------------
5 --  Name of the corporation(s) created by amalgamation, if applicable                  6 --  Corporation No(s). --
      Denomination de la(des) societe(s) issue(s) de la(des) fusion(s), le cas echeant         No(s) de la(des) societe(s)
      Eldorado Gold Corporation                                                                331582-7

- -----------------------------------------------------------------------------------------------------------------------------------
7 --  Name of the dissolved corporation(s), if applicable                                8 --  Corporation No(s). --
      Denomination de la(des) societe(s) dissoute(s), le cas echeant                           No(s) de la(des) societe(s)
      N/A                                                                                      N/A

- -----------------------------------------------------------------------------------------------------------------------------------
9 --  Name of other bodies corporate involved, if applicable                             10 -- Corporation No(s). or jurisdiction of
      Denomination de autres personnes morales en cause, le cas echeant                        incorporation -- No(s) de la(des)
      N/A                                                                                      societe(s)/ou loi sous le regime de
                                                                                               laquelle elle est constitute

- -----------------------------------------------------------------------------------------------------------------------------------
11 - In accordance with the order approving the arrangement,        Conformement aux terms de l'ordonnance approuvant l'arrangement

     (a) the articles of the above-named corporation(s) are         [ ] les statuts de la(des) societe(s) susmentionnee(s) sont
         amended in accordance with the attached plan of                modifiees en conformite avec le plan d'arrangement ci-joint:
         arrangement

     (b) the following bodies corporate are amalgamated in          [X] les personnes morales suivantes sont fusionnees conformement
         accordance with the attached plan of arrangement               au plan d'arrangement ci-joint:


Eldorado Gold Corporation ("Eldorado")

HRC Development Corporation ("HRC")



     (c) the above-named corporation(s) is(are) liquidated and      [ ] la(les) societe(s) susmentionnee(s) est(sont) liquidee(s) et
         dissolved in accordance with the attached plan of              dissoute(s) conformement au plan d'arrangement ci-joint:
         arrangement
                                                                    [X] le plan d'arrangement ci-joint portent sur la(les) personnes
     (d) the plan of arrangement attached hereto, involving the         morales susmentionnee(s) prend effet
         above-named body(ies), corporate is hereby effected


- -----------------------------------------------------------------------------------------------------------------------------------
Date                                       Signature              Title - Titre

Nov. 19, 1996                              /s/ Frank Whally       Vice President, Legal Affairs and Secretary
                                                                  of Eldorado and HRC
- -----------------------------------------------------------------------------------------------------------------------------------
7530-21-936-1780(01-93)46                                         FOR DEPARTMENTAL USE ONLY - A L'USAGE DU MINSTERE SEULEMENT
                                                                  Field - Deposee
                                                                  Nov. 19, 1996
                                                                  -----------------------------------------------------------------




<PAGE>


Industry Canada            Industrie Canada





Certificate                                                   Certificat
of Arrangement                                                d'arrangement

Canada Business                                               Loi canadienne sur
Corporations Act                                              les societes par actions

- --------------------------------------------------------------------------------------------------------------






HRC DEVELOPMENT CORPORATION                                   327234-6



ELDORADO GOLD CORPORATION                                     327235-4




- --------------------------------------                       ----------------------------------
Name of CBCA corporation(s) involved -                       Corporation number(s)  -
Denomination(s) de la (des) societe(s)                       Numero(s) de la (des) societe(s)
LCSA impliquee(s)




I hereby certify that the arrangement set out in             Je certifie par les presentes que
the attached articles of arrangement, involving the          l'arrangement specifie dans les clauses
above-named corporation(s), has been                         d'arrangement annexes, impliquant la
effected under Section 192 of the Canada                     (les) susdite(s) societe(s), a pris effet en
Business Corporations Act.                                   vertu de l'article 192 de la Loi
                                                             canadienne sur les societes par actions.
/s/  [Illegible]
                                                             November 19, 1996/le 19 novembre 1996
     Director - Directeur                                    Date of Arrangement - Date de l'arrangement
- --------------------------------------------------------------------------------------------------------------
</PRE>
<BR><BR><BR>






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<A NAME=A001></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PLAN OF ARRANGEMENT
UNDER SECTION 192 <BR>
OF THE <I>CANADA BUSINESS CORPORATIONS ACT</I></B> </FONT> </P>

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<A NAME=A003></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ARTICLE I<BR>
<BR>
INTERPRETATION</B> </FONT> </P>

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<A NAME=A005></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.1&nbsp;&nbsp;Definitions</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this plan of arrangement, unless there is something in the subject matter or context
inconsistent therewith, the following terms shall have the following meanings: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalco&#148; </B>means the corporation resulting from the Amalgamation and having the name &#147;Eldorado
Gold Corporation&#148;. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalco Common Shares&#148; </B>means the common shares of Amalco without par value to be issued as a
result of the Amalgamation, having the rights, privileges, conditions and restrictions set
forth in the Plan of Arrangement. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalco Debentures&#148; </B>means the obligations of Amalco under the Eldorado Debentures, which
debentures, upon the Amalgamation, become obligations of Amalco convertible into an
aggregate of 2,815,384 Amalco Common Shares at an exercise price of US$3.25 per share, and
the obligations of Amalco under the Eldorado Australian Debenture which debenture, upon
the Amalgamation, become an obligation of Amalco convertible into an aggregate of 4S4,S45
Amalco Common Shares at an exercise price of A$4.40 per share. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalco Non-Voting Shares&#148; </B>means the convertible non-voting shares without par value in the
capital of Amalco to be issued as a result of the Amalgamation, having the rights,
privileges, conditions and restrictions set forth in the Plan of Arrangement. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalco Shares&#148; </B>means, collectively, the Amalco Common Shares and the Amalco Non-Voting
Shares. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalco Stock Options&#148; </B>means the rights (whether or not vested) to purchase the same number
of Amalco Common Shares at the same exercise price as the holder was entitled to purchase
Eldorado Common Shares pursuant to an Eldorado Stock Option held by such holder
immediately prior to the Effective Date of the Arrangement, and the rights (whether vested
or not) to purchase one-half ( 1/2) the number of Amalco Common Shares at twice the
exercise price as the holder was entitled to purchase HRC Common Shares pursuant to an HRC
Stock Option held by such holder immediately prior to the Effective Date of the
Arrangement. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalco Warrants&#148; </B>means the warrants to purchase Amalco Common Shares received by holders of
HRC Warrants. Ten (l0) such Amalco Warrants along with the payment of the exercise price
of Cdn$8.00 entitles the holder to one Amalco Common Share. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalgamating Corporations&#148; </B>means Eldorado and HRC collectively. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Amalgamation&#148; </B>means the amalgamation of Eldorado and HRC under the laws of Canada pursuant to the terms
of the Plan of Arrangement. </FONT> </P>
<BR><BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Arrangement&#148; </B>means the arrangement under the provisions of Section 192 of the CBCA involving Eldorado
and HRC as described in this Plan of Arrangement and any amendments or variations hereto. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
CBCA&#148; </B>means the Canada Business Corporations Act, R.S.C. 1985, c.C-44 as amended. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
CBCA Director&#148; </B>means the Director appointed pursuant to section 260 of the CBCA.
&#147;Certificate of Arrangement&#148; means the Certificate of Arrangement to be issued
by the CBCA Director giving effect to the Arrangement. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Court&#148; </B>means the Supreme Court of British Columbia. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Effective Date&#148; </B>means the date shown on the Certificate of Arrangement. &#147;Effective
Time&#148; means 1 I:00 am (Vancouver time) on the Effective Date. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado&#148; </B>means Eldorado Gold Corporation, a company continued under the laws of Canada. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Arrangement Resolution&#148; </B>means the special resolution approving the Arrangement, the
full text of which is annexed as an exhibit to the notice of the Eldorado Meeting, to be
considered and, if thought fit, passed, with or without variation, by the shareholders of
Eldorado. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Australian Debenture&#148; </B>means the 8.5% convertible debenture issued by Eldorado to
Plantagenet Securities Pty. Ltd. on September 29, 1995, which matures on September 29,
1997 and is convertible into Eldorado Common Shares on the basis of one Eldorado Common
Share for each A$4.40 principal amount of indebtedness. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Common Shares&#148; </B>means the common shares without par value in the capital of Eldorado
as the same are constituted on the date hereof. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Debentures&#148; </B>means the 8.25% convertible subordinated debentures issued by Eldorado
pursuant to a trust indenture dated as of November 3, 1994 between Eldorado and Montreal
Trust Company of Canada, as trustee, which mature on November 1, 2004 and are convertible
into Eldorado Common Shares on the basis of one Eldorado Common Share for each U.S.$3.25
principle amount of debentures. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Meeting&#148; </B>means the special meeting of Eldorado Shareholders to be held for the
purpose of considering and, if thought fit, approving the Arrangement and any other
matters proposed by management at the meeting. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Non-Voting Shares&#148; </B>means the convertible non-voting shares without par value in the
capital of Eldorado as the same are constituted on the date hereof. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Sccurityholder&#148; </B>moans the holders or Eldorado Shares, Eldorado Debentures and [he
Eldorado Australian Debenture. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Shareholders&#148; </B>means the holders of Eldorado Shares as of the Record Date. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Shareholder Rights Plan&#148; </B>means the shareholder rights plan of Eldorado dated March 8, 1995, as
amended. </FONT> </P>
<BR><BR><BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Shares&#148; </B>means, collectively, the Eldorado Common Shares and Eldorado Non-Voting
Shares. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Eldorado Stock Options&#148; </B>means the rights (whether or not vested) to purchase Eldorado Common
Shares which are from time to time outstanding under the Eldorado stock option plan or
otherwise. &#147;Final Order&#148; means the final order made by the Court pursuant to
Section 192(4) of the CBCA, if issued, approving the Arrangement. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
HRC&#148; </B>means HRC Development Corporation, a company continued under the laws of Canada. &#147;HRC
Arrangement Resolution&#148; means the special resolution approving the Arrangement, the
full text of which is annexed as an exhibit to the Notice of the HRC Meeting, to be
considered, and if thought fit, passed, with or without variation, by the HRC
Shareholders. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
HRC-Common Shares&#148; </B>means the common shares without par value in the capital stock of HRC as the
same are constituted on the date hereof. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
HRC Meeting&#148; </B>means the special meeting of shareholders of HRC to be held for the purpose
of considering and, if thought fit, approving the Arrangement, and any other matters
proposed by management to be considered at the meeting. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
HRC Non-Voting Shares&#148; </B>means the convertible non-voting shares without par value in the
capital of HRC as the same are constituted on the date hereof. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
HRC Shareholders&#148; </B>means the holders of HRC Common Shares as of the Record Date. &#147;HRC
Shares&#148; means the HRC common shares and HRC Non-Voting Shares, collectively. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
HRC Stock Options&#148; </B>means the rights (whether or not vested) to purchase HRC Common Shares
which are from time to time outstanding under the HRC stock option plan or otherwise. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
HRC Warrants&#148; </B>means the warrants to purchase HRC Common Shares issued to holders of HRC
Shares as part of the Plan of Arrangement. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Interim Order&#148; </B>means the Order of the Court dated October 11, 1996, as amended, a copy of
which is annexed as Schedule &#147;N&#148; to the Proxy Circular, providing for, among
other things, the calling and holding of the Meetings. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;
Meetings&#148; </B>means, collectively, the Eldorado Meeting and HRC Meeting. &#147;Plan of Arrangement&#148;
means this plan of arrangement. </FONT> </P>
<BR>

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<A NAME=A006></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.2&nbsp;&nbsp;Number, Gender and
Persons</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this Plan of Arrangement, unless the context requires otherwise, words importing the
singular number include the plural and vice versa, words importing any gender include all
genders and words importing persons shall include individuate, corporations and other
bodies corporate, partnerships, associations, trusts, unincorporated organizations,
governmental bodies and other legal or business entities of any kind. </FONT></P>
<BR><BR><BR>


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<BR><BR>



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<A NAME=A007></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.3&nbsp;&nbsp;Headings</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
division of this Plan of Arrangement into Articles, Sections and other parts and the
insertion of headings are for convenience of reference only and shall not affect the
construction or interpretation of this Plan of Arrangement. </FONT></P>

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<A NAME=A008></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.4&nbsp;&nbsp;Currency</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise specified, all references to currency in this Plan of Arrangement are to
Canadian dollars, being the lawful currency of Canada. </FONT></P>

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<A NAME=A009></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.5&nbsp;&nbsp;Statutory References</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
reference in this Plan of Arrangement to a statute includes all regulations made
thereunder, all amendments to such statutes or regulations in force from time to time, and
any statute or regulation that supplements or supersedes such statute or regulations. </FONT></P>

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<A NAME=A010></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.6&nbsp;&nbsp;Date of Any Action</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any date on which any action is required or permitted to be taken hereunder
by any person is not a Business Day in the place where the action is required or permitted
to be taken, such action shall be required or permitted to be taken on or by the next
succeeding day which is a Business Day in such place. </FONT></P>

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<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ARTICLE 2 <BR><BR>
ARRANGEMENT AGREEMENT</B> </FONT> </P>

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<A NAME=A013></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2.1&nbsp;&nbsp;Arrangement Agreement</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan of Arrangement is made pursuant to, is subject to the provisions of, and forms part
of the Arrangement Agreement. </FONT></P>

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<A NAME=A014></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2.2&nbsp;&nbsp;Binding Effect</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
obtaining the Eldorado Shareholder approval and HRC Shareholder approval in accordance
with the Interim Order, the granting of the Final Order, the satisfaction or waiver of the
other conditions required to obligate Eldorado and HRC to fulfill their respective
obligations under the Arrangement Agreement and the issuance of a Certificate of
Arrangement by the CBCA Director in respect thereof, this Plan of Arrangement shall be
binding upon each of the Eldorado Securityholders, the HRC Shareholders and Amalco. </FONT></P>
<BR><BR><BR>


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<A NAME=A015></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ARTICLE 3<BR><BR>
THE ARRANGEMENT</B> </FONT> </P>

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<A NAME=A017></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3.1&nbsp;&nbsp;The Arrangement</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Effective Date, the following shall occur and be deemed to occur in the following
order, commencing at 10:00 a.m. (Vancouver time), without any further authorization, act
or formality: </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               HRC shall issue to each holder of HRC Shams one (1) HRC Warrant for every HRC
               Share held. The exercise of five (5) such HRC Warrants along with the payment of
               the exercise price of $4.00 will entitle the holder to acquire one HRC Common
               Share. These HRC Warrants are exercisable for two (2) years from the Effective
               Date. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Eldorado and HRC will amalgamate with effect as at and from the Effective Time
               to form Amalco and in connection with such amalgamation: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                                        The HRC Common Shares and the HRC Warrants held by Eldorado will be cancelled
                    without any repayment of capital in respect thereof; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                                 The issued and outstanding Eldorado Shares and HRC Shares shall be converted
                    into issued and fully paid Amalco Shares on the following basis: </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   1 Amalco Common Share for each Eldorado Common Share; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   1/2 of an Amalco Common Share for each HRC Common Share; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   1 Amalco Non-Voting Share for each Eldorado Non-Voting Share; and </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   1/2 of an Amalco Non-Voting Share for each HRC Non-Voting Share; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The name of Amalco shall be Eldorado Gold Corporation; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The address of the registered office of Amalco shall be Suite 1700, Park Place,
                    666 Burrard St., Vancouver, British Columbia, V6C 2X8; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   There shall be no restrictions on the business that Amalco may carry on or on
                    the powers it may exercise; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   Amalco shall be authorized to issue an unlimited number of common shares and an
                    unlimited number of convertible non-voting shares having the rights, privileges,
                    restrictions and conditions attaching to the common shares and convertible
                    non-voting shares of Eldorado and which shall be set forth in Schedule A to this
                    Plan of Arrangement attached hereto at the time of the filing of Articles of
                    Arrangement in respect of this Plan of Arrangement with the Director, </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   There shall be no restrictions on the transfer of the shares of Amalco; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The number of directors of Amalco shall be such number not less than 3 and not
                    more than 20 as the board of directors of Amalco may from time to time
                    determine; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The directors of Amalco may appoint one or more directors who shall hold office
                    for a term</FONT></TD></TR>
                    </TABLE>
                    <BR>
<BR><BR>




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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C-5 </FONT></P>
<BR><BR>




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<BR><BR>







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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
expiring not later than the close of the next annual meeting of                     Amalco, but
the total number of directors so appointed may not exceed 1/3 of the
                    number of directors elected at the previous annual meeting of Amalco;  </FONT></TD>
</TR>
</TABLE>
<BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
Until changed in accordance with the CBCA, the directors of Amalco shall be as
                    follows: Richard J. Barclay, Michael J. G. Betey, Geoffrey Harden, Wayne Lenton,
                    Ronald B. Manners, Gary Maude, John May, Hugh C. Morris, Gary D. Nordin, Marco
                    Antonio Romero, and Derek White; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The by-laws of Amalco shall be the same as the by-laws of Eldorado, as amended
                    and annexed hereto, until repealed, amended, altered or added to; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   For the purposes of the CBCA, the aggregate stated capital of the issued and
                    outstanding common and convertible non-voting shares in the capital of Amalco
                    immediately after the Amalgamation shall be equal to the aggregate of the
                    following: </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   the stated capital of Eldorado immediately prior to the Amalgamation </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   the stated capital of HRC immediately prior to the Amalgamation </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   the excess of the fair value of the consideration deemed to be given by
                    Eldorado to the shareholders of HRC to effect the Arrangement, over the stated
                    capital of HRC; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The outstanding Eldorado Stock Options will be obligations of Amalco
                    exercisable for Amalco Common Shares for the same number and for the same
                    exercise price as applied to the Eldorado Stock Options immediately prior to the
                    Effective Date and holders of each such option will be entitled to acquire one
                    (i) Amalco Common Share pursuant to the terms thereof </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The outstanding HRC Stock Options will become obligations of Amalco exercisable
                    for Amalco Common Shares in one-half (1/2) the number and for twice the exercise
                    price as applied to the HRC Stock Options immediately prior to the Effective
                    Date and holders of two such options wilt be entitled to acquire one Amalco
                    Common Share pursuant to the terms thereof. [n addition, the holders of such
                    options will also be entitled to one Amalco Warrant for each Amalco Share upon
                    exercise of such options; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The outstanding Eldorado Debentures will become obligations of Amalco,
                    convertible into one Amalco Common Share for each U.S.$3.25 principal amount of
                    indebtedness. The Eldorado Australian Debenture will become an obligation of
                    Amalco, convertible into one Amalco share for each $A4.40 principal amount of
                    indebtedness; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The HRC Warrants will become obligations of Amalco exercisable for Amalco
                    Common Shares and holders of ten (l0) such Amalco Warrants, upon the payment of
                    an exercise price of 58.00, will be entitled to acquire one Amalco Common Share
                    pursuant to the terms thereof. The Amalco Warrants will continue to be
                    exercisable until the second anniversary date of the Effective Date of the
                    Arrangement; and </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   The Eldorado stock option plan, as amended from lima to time shall be adopted
                    by Amalco and continue in effect as the Amalco stock option plan. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>
<BR><BR>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C-6 </FONT></P>
<BR><BR>









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<A NAME=A018></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3.2&nbsp;&nbsp;Fractional Shares</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional Amalco Shares will be issued and no cash will be paid in lieu of fractional
shares, with any fractions being rounded down to the next whole number. </FONT></P>

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<A NAME=A019></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ARTICLE 4<BR><BR>
EFFECT OF ARRANGEMENT</B> </FONT> </P>

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<A NAME=A021></A>
<P ALIGN=LEFT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4.1&nbsp;&nbsp;Upon Effect of Certificate</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Effective Time on the Effective Date, the Amalgamating Corporations will amalgamate to
form Amalco with the same effect as if Section 186 of the CBCA was applicable to such
Amalgamation and in connection with such Amalgamation, in addition to the provisions of
Section 3.l(2), their continuance as one corporation becomes effective and; </FONT></P>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                     the property of each Amalgamating Corporation becomes the property of Amalco; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   Amalco will be liable for the obligations of each Amalgamating Corporation; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   an existing cause of action, claim or liability to prosecution is unaffected; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   a civil, criminal or administrative action or proceeding pending by or against
                    an Amalgamating Corporation may be continued to be prosecuted by or against
                    Amalco; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   a conviction against, or ruling, order or judgment in favour of or against, an
                    Amalgamating Corporation may be enforced by or against Amalco; and </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
                   the Articles of Arrangement are deemed to be the Articles of Incorporation of
                    Amalco and the Certificate of Arrangement is deemed to be the Certificate of
                    Incorporation of Amalco. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<A NAME=A022></A>
<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ARTICLE 5<BR><BR>
RIGHTS OF DISSENT</B> </FONT> </P>

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<A NAME=A024></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5.1&nbsp;&nbsp;Rights of Dissent</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Eldorado Shares and HRC Shares may exercise rights of dissent in connection with the
Eldorado Arrangement Resolution and the HRC Arrangement Resolution, as the case may be, in
the manner set forth in Section 190 of the CBCA, as the same may be modified by the
Interim Order or the Final Order (the &#147;Dissent Procedures&#148;). Eldorado
Shareholders or HRC Shareholders who duly exercise the Dissent Procedures (which shall
only be exercised as to alt of the Eldorado Shares or HRC Shares held by such holder) and
who: </FONT></P>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;

                     are ultimately not entitled, for any reason, to be paid fair value for their
                    Eldorado Shares or HRC Shares shall be deemed to have participated in the
                    Arrangement on the same basis as any nondissenting Eldorado Shareholder or HRC
                    Shareholder and shall receive Amalco Shares and, if applicable, Amalco Warrants,
                    on the basis determined in accordance with Subsection 3.l(2); or </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;

                     are ultimately entitled to be paid fair value for their Eldorado Shares or HRC
                    Shares, shall be deemed to have had their Eldorado Shares or HRC Shares
                    cancelled as of the Effective Date; and </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<BR><BR>






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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C-7 </FONT></P>
<BR><BR>

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<BR><BR>






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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;
in no
case shall any of Eldorado or HRC                     or Amalco be required to recognize
any such holders as shareholders of Amalco on                     or after the Effective
Date.  </FONT></TD>
</TR>
</TABLE>
<BR>




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<A NAME=A025></A>
<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ARTICLE 6 <BR><BR>
AMENDMENT OF THE PLAN OF ARRANGEMENT</B> </FONT> </P>

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<A NAME=A027></A>
<P ALIGN=LEFT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>6.1&nbsp;&nbsp;Amendment of the Plan of Arrangement</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado
and HRC reserve the right to amend, modify and/or supplement this Plan of Arrangement at
any time and from time co time provided that any such amendment, modification or
supplement must be contained in a written document which is filed with the Court and, if
made following the Meetings, approved by the Court and communicated to Eldorado
Shareholders and HRC Shareholders in the manner, if any, required by the Court. Any
amendment, modification or supplement to this Plan of Arrangement may be proposed by
Eldorado or HRC at any time prior to or at the Meetings with or without any other prior
notice or communication and, if so proposed and accepted by the persons voting at the
Meetings shall become part of this Plan of Arrangement for all purposes. Any amendment.
modification or supplement to this Plan of Arrangement which is approved or directed by
the Court following the Meetings shall be effective only if consented to by each of
Eldorado and HRC. Any amendment, modification or supplement to this Plan of Arrangement
may be made following the Effective Date unilaterally by Amalco, provided that it concerns
a matter which, in the reasonable opinion of Amalco, is of an administrative nature
required to better give effect to the implementation of this Plan of Arrangement and is
not adverse to the financial or economic interest of any holder of securities of Amalco. </FONT></P>

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<A NAME=A028></A>
<P ALIGN=CENTER>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ARTICLE 7 <BR><BR>
FURTHER ASSURANCES</B> </FONT> </P>

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<A NAME=A030></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>7.1&nbsp;&nbsp;Further Assurances</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
that the transaction and events set out herein shall occur and be deemed to occur in the
order set out in this Plan of Arrangement without any further act or formality, each of
Eldorado, HRC, and Amalco, shall make, do and execute, or cause to be made, done and
executed all such further acts, deeds, agreements, transfers, assurances, instruments or
documents as may reasonably be required by any of them in order further to document or
evidence any of the transactions or events set out herein. </FONT></P>


<BR><BR><BR><BR>

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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C-8 </FONT></P>
<BR><BR>






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<A NAME=A031></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SCHEDULE A TO THE PLAN
OF ARRANGEMENT <BR><BR>
CANADA BUSINESS CORPORATIONS ACT <BR><BR>
ANNEX TO ARTICLES OF ARRANGEMENT <BR>
(SECTION 192)</B> </FONT> </P>
<BR>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.
&nbsp;&nbsp;&nbsp;&nbsp;          </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Name of amalgamated corporation:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
ELDORADO GOLD CORPORATION</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;          </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
place in Canada where the registered office is to be situated:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A036></A>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
City of Vancouver, Province of British Columbia</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The
classes and any maximum number of shares that the Corporation is authorized           to
issue:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
An
unlimited number of common shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
An
unlimited number of convertible non-voting shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Restrictions,
if any, on share transfers:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
None. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Number
(or minimum and maximum number) of directors:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A
minimum of 3 and a maximum of 20.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Restrictions,
if any, on business the corporation may carry on:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
None. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Other provisions, if any:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
rights, privileges, restrictions and conditions attaching to the common           shares
and the convertible non-voting shares are as follows:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Payment
of Dividends: The holders of the common shares and the holders of the
          convertible non-voting shares shall participate equally as to dividends and
          shall be entitled to receive dividends if, as and when declared by the board of
          directors of the Corporation out of the assets of the Corporation properly
          applicable to the payment of dividends and all dividends shall be declared and
          paid . in equal amounts per share and at the same time on all common shares and
          convertible non-voting shares at the time issued and outstanding without
          preference or distinction.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Participation
upon Liquidation, Dissolution or Winding-up: In the event of the           liquidation,
dissolution or winding-up of the Corporation or other distribution           of assets of
the Corporation among its shareholders for the purpose of winding           up its
affairs, the holders of the common shares and the convertible non-voting           shoes
shall, subject to the rights of the holders of any other class of shares           of the
Corporation entitled to receive the assets of the Corporation upon such a
          distribution in </FONT></P>
<BR><BR>

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<BR><BR>









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<BR><BR>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;priority
to or rateably with the holders of such shares, be           entitled to receive the
remaining property and assets of the Corporation and all           of the property and
assets of the Corporation available for distribution to the           holders of the
common shares and the convertible non-voting shares shall be paid           and
distributed equally, share for share.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Voting
Rights: The holders of the common shares shall be entitled to receive           notice
of. and to attend all meetings of the shareholders of the Corporation and           shall
have one vote in respect of each common share held at all such meetings.           The
holders of the convertible non-voting shares shall be entitled to receive
          notice of and to attend any meeting of the shareholders of the Corporation but,
          except as required by law, shall not be entitled to vote at any such meeting.
In           addition, the holders of the convertible non-voting shares shall not be
entitled           to volt separately as a class but shall have one vote in respect of
each such           convertible non-voting share on a proposal to amend the articles to:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          increase
or decrease any maximum number of authorized shares of such class, or           increase
any maximum number of authorized shares of a class having rights or           privileges
equal or superior to the shares of such class;  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          effect
an exchange, reclassification or cancellation of all or part of the           shares of
such class; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          create
a new class of shares equal or superior to the shares of such class.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Conversion
Privilege: Each issued convertible non-voting share may at any time           be
converted, at the option of the holder, into one common share, provided that           no
such conversion may occur if, on the date of the conversion and after giving
          effect to the conversion, the holder and its affiliates would beneficially own
          in the aggregate 40% or more of the issued and outstanding common shares. For
          such purpose, the term &#147;affiliate&#148; shall have the meaning ascribed
          thereto in the Canada Business Corporations Act, as amended from time to time,
          and beneficial ownership shall be determined in accordance with section 90 of
          the Securities Act (Ontario) as amended from time to time. The conversion
          privilege herein provided for may be exercised by notice in writing given to
the           Corporation and the transfer agent accompanied by a certificate or
certificates           representing the convertible non-voting shares in respect of which
the holder           thereof desires to exercise such right of conversion and such notice
shall be           signed by the holder of the convertible non-voting shares in respect
of which           such right is being exercised and shall specify the number of
convertible           non-voting shares which the holder desires W have converted and the
number of           common shares beneficially owned by the holder and its affiliates,
after giving           effect to the proposed conversion. The holder shall pay any
governmental or           other tax imposed in respect of such transaction. Upon receipt
of such notice           the Corporation shall issue certificates representing fully-paid
common shares           upon the basis above prescribed and in accordance with the
provisions hereof to           the holder of the convertible non-voting shares
represented by the certificate           or certificates accompanying such notice. If
less than all of the convertible           non-voting shares represented by any
certificate are to be converted the holder           shall be entitled to receive a new
certificate for the convertible non-voting           shares representing the shares
comprised in the original certificate which are           not to be converted. All shares
resulting from any conversion of issued and           fully-paid convertible nonvoting
shares into common shares pursuant hereto shall           be deemed to be fully-paid and
non-assessable.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Dilution:
Neither the common shares nor the convertible non-voting shares shall           be
subdivided, consolidated, reclassified or otherwise changed unless
          contemporaneously therewith the other class of shares is subdivided,
          consolidated, reclassified or otherwise changed in the same proportion and in
          the same manner. No stock dividends shall be declared or paid in respect of
          either the common shares or the convertible non-voting </FONT></P>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
unless the stock           dividend is declared equally on both classes of shares. No
rights offering shall           be made to the holders of common shares or convertible
non-voting shares unless           such rights offering is made equally to alt holders of
both classes of shares.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          In
addition to filling vacancies among the directors as provided for in the           Canada
Business Corporations Act, as amended from time to time, the           directors-may
appoint one or more directors, who shall hold office for a term           expiring not
later than the close of the next annual meeting of shareholders,           but the total
number of directors so appointed may not exceed one third of the           number of
directors elected at the previous annual meeting of shareholders.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DATED this 19th day of November,
1996. </FONT></P>


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<A NAME=A039></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELDORADO GOLD CORPORATION <BR><BR>
Per:<BR>
Frank D. Wheatley <BR>
Vice-President, Legal Affairs <BR>
and Secretary </FONT></P>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>4
<FILENAME>ex_2.htm
<DESCRIPTION>BYLAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 2 to Eldorado Gold 6K</TITLE>
</HEAD>
<BODY>


<P align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 2</FONT></P>
<BR>


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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE&nbsp;A<BR><BR>
BY-LAW NO. 1</FONT></H1>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A by-law relating generally to the
transaction of the business and affairs of ELDORADO GOLD CORPORATION </FONT></P>


<P ><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CONTENTS</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=400 ALIGN=CENTER>
<TR>
     <TD WIDTH=25%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section One</FONT></TD>
     <TD WIDTH=10%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD WIDTH=65%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Interpretation</FONT></TD>
</TR>
<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Two</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Business of the Corporation</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Three</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Borrowing and Securities</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Four</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Directors</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Five</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Committees</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Six</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Officers</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Seven</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Protection of Directors, Officers and Others</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Eight</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Shares</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Nine</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Dividends and Rights</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Ten</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Meetings of Shareholders</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Eleven</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Divisions and Departments</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Twelve</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Notices</FONT></TD>
</TR>

<TR>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section Thirteen</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
     <TD> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Effective Date</FONT></TD>
</TR>
</TABLE>
<BR>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BE IT ENACTED as a by-law of the
Corporation as follows:</FONT></P>

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<A NAME=A003></A>
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SECTION ONE<BR>
INTERPRETATION</B> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.01&nbsp;&nbsp;&nbsp;&nbsp;
DEFINITIONS</B>&nbsp;--&nbsp;In the
by-laws of the Corporation, unless the context otherwise requires: </FONT> </P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;Act&#148;
means the <I>Canada Business Corporations Act</I> together with the regulations thereto,
and any statute or regulation that may be substituted therefor, in each case as from time
to time amended; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;appoint&#148;includes
&#147;elect&#148; and vice versa;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
"articles"
 means the articles  attached to the  certificate of arrangement of the Corporation as
from time to time amended or          restated; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;board&#148;means
the board of directors of the Corporation;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;by-laws&#148;means
this by-law and all other by-laws of the Corporation from time to time in force and
effect;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A004></A>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;cheque&#148;includes
a draft;</FONT></TD>
</TR>
</TABLE>
<BR><BR>






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<BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;2&nbsp;-</FONT></P>
<BR><BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;Corporation&#148;
means the corporation incorporated by certificate of arrangement under the Act and named
&#147;ELDORADO GOLD CORPORATION&#148;; </FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A005></A>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;documents&#148;includes</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;                    deeds,
mortgages, hypothecs, charges, conveyances, transfers and assignments of
                    property, real or personal, movable or immovable;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;                    agreements,
instruments, certificates, releases, and receipts and discharges for
                    the payment of money or other obligations;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;                    certificates
evidencing, and conveyances, transfers and assignments of, shares,
                    share warrants, options, bonds, debentures or other securities; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;                    all
other paper writings of the Corporation;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;electronic
document&#148; means, except in the case of a statutory declaration or affidavit required
under the Act, any form of representation of information or of concepts fixed in any
medium or by electronic, optical or other similar means and that can be read or perceived
by a person or by any means; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;information
system&#148; means the system used to generate, send, receive, store or otherwise process
an electronic document;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;meeting
of shareholders&#148; includes an annual meeting of shareholders and a special meeting of
shareholders;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;non-business
day&#148; means Saturday, Sunday and any other day that is a holiday as defined in the <I>Interpretation
Act </I>(Canada);  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;ordinary
resolution&#148; means a resolution passed by a majority of the votes cast by the
shareholders who voted in respect of that resolution or signed by all of the shareholders
entitled to vote on that resolution; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;recorded
address&#148; means in the case of a shareholder his or her address as recorded in the
securities register, and in the case of joint shareholders the address appearing in the
securities register in respect of such joint holding or the first address so appearing if
there are more than one; and in the case of a director, officer, auditor or member of a
committee of the board, his or her latest address as recorded in the records of the
Corporation; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;signing
officer&#148; means, in relation to any instrument, any person authorized to sign the same
on behalf of the Corporation by section 2.04 or by a resolution passed pursuant thereto; </FONT></TD>
</TR>
</TABLE>
<BR><BR>







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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;3&nbsp;-</FONT></P>
<BR><BR>











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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;special
meeting of shareholders&#148; includes a meeting of any class or classes of shareholders
and a special meeting of all shareholders entitled to vote at an annual meeting of
shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;special
resolution&#148; means a resolution passed by a majority of not less than two-thirds of
the votes cast by the shareholders who voted in respect of that resolution or signed by
all the shareholders entitled to vote on that resolution; </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Save as aforesaid, words and
expressions defined in the Act have the same meanings when used herein. Words importing
the singular number include the plural and vice versa; and words importing gender include
the masculine, feminine and neuter genders; and words importing a person include an
individual, partnership, association, body corporate, trustee, executor, administrator or
legal representative. </FONT></P>
<BR>


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<A NAME=A006></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION TWO<BR>
BUSINESS OF THE CORPORATION</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.01&nbsp;&nbsp;&nbsp;&nbsp;
REGISTERED OFFICE</B>&nbsp;&#151;&nbsp;The registered office of the Corporation
shall be at the place within Canada from
time to time specified in the articles and at such location therein as the board may from
time to time determine.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.02&nbsp;&nbsp;&nbsp;&nbsp;
CORPORATE SEAL</B>&nbsp;&#151;&nbsp;Until changed by the
board, the corporate seal of the Corporation shall be in the form impressed hereon. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.03&nbsp;&nbsp;&nbsp;&nbsp;
FINANCIAL YEAR</B>&nbsp;&#151;&nbsp;Until changed by the board, the financial year of
the Corporation shall end on the last day of December in each year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.04&nbsp;&nbsp;&nbsp;&nbsp;
EXECUTION OF DOCUMENTS</B>&nbsp;&#150;&nbsp;Any document or class of documents that requires the signature of the
Corporation shall be signed:  </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;in
the manner and by such individual as shall have been authorized by resolution of the
board to sign such document or such class of document; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;               in
the absence of any such resolution, by one of the following: chairman of the
               board, director, president, chief operating officer, vice-president,
secretary                or treasurer or the holder of any other office created by by-law
or by                resolution of the board;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and when so signed shall be binding
upon the Corporation without further act of formality. Except as otherwise provided
herein, the signature of any individual authorized to sign on behalf of the Corporation
may, if specifically authorized by resolution of the board, be written, printed, or
otherwise mechanically or electronically reproduced as contemplated by the Act. Anything
so signed shall be as valid as if it had been signed manually, even if that individual has
ceased to hold office when anything so signed is issued or delivered, until revoked by
resolution of the board. Any signing officer may, but need not, affix the corporate seal,
if there is one, to any instrument. </FONT></P>
<BR><BR>







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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.05&nbsp;&nbsp;&nbsp;&nbsp;
BANKING ARRANGEMENTS</B>&nbsp;&#151;&nbsp;The banking business of the Corporation including, without limitation, the borrowing of
money and the giving of security therefor, shall be transacted with such banks, trust
companies or other bodies corporate or organizations as may from time to time be
designated by or under the authority of the board. Such banking business or any part
thereof shall be transacted under such agreements, instructions and delegations of powers
as the board may from time to time prescribe or authorize.   </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.06&nbsp;&nbsp;&nbsp;
VOTING RIGHTS IN OTHER
BODIES CORPORATE</B>&nbsp;&#151;&nbsp;The signing officers of the Corporation may execute and
deliver proxies and arrange for the issuance of voting certificates or other evidence of
the right to exercise the voting rights attaching to any securities held by the
Corporation. Such instruments, certificates or other evidence shall be in favour of such
person or persons as may be determined by the officers executing such proxies or
arranging for the issuance of voting certificates or such other evidence of the right to
exercise such voting rights. In addition, the board may from time to time direct the
manner in which and the person or persons by whom any particular voting rights or class
of voting rights may or shall be exercised.  </FONT></P>

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<A NAME=A010></A>
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SECTION THREE<BR>
BORROWING AND SECURITIES</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3.01&nbsp;&nbsp;&nbsp;&nbsp;
BORROWING POWER</B>&nbsp;&#151;&nbsp;Without limiting the borrowing powers of the Corporation as set forth in the Act,
the board may from time to time on behalf of the Corporation, without authorization of the
shareholders: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>borrow
money upon the credit of the Corporation;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>issue,
reissue, sell or pledge bonds, debentures, notes or other evidences of indebtedness or
guarantee of the Corporation,whether secured or unsecured;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
the extent permitted by the Act, give a guarantee on behalf of the
               Corporation to secure performance of any present or future indebtedness,
               liability or obligation of any person; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>mortgage,
hypothecate, pledge or otherwise create a security interest in all or
               currently owned or subsequently acquired real or personal, movable or
immovable,                property of the Corporation including book debts, rights,
powers, franchises and                undertakings, to secure any such bonds, debentures,
notes or other evidences of                indebtedness or guarantee or any other present
or future indebtedness, liability                or obligation of the Corporation.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nothing in this section limits or
restricts the borrowing of money by the Corporation on bills of exchange or promissory
notes made, drawn, accepted or endorsed by or on behalf of the Corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3.02&nbsp;&nbsp;&nbsp;&nbsp;
DELEGATION</B>&nbsp;&#151;&nbsp;The board may from time to time delegate to a committee of the
board, one or more directors or officers of the Corporation or any other person as may be
designated by the board all or any of the powers conferred on the board by section 3.01 or
by the Act to such extent and in such manner as the board shall determine at the time of
each such delegation. </FONT></P>
<BR><BR>









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<BR><BR>
















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<A NAME=A012></A>
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SECTION FOUR<BR>
DIRECTORS</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.01&nbsp;&nbsp;&nbsp;&nbsp;
NUMBER OF DIRECTORS AND QUORUM</B>&nbsp;&#151;&nbsp;Until changed in accordance with the Act, the board shall consist of
not fewer than the minimum number and not more than the maximum number of directors
provided in the articles. Subject to sections 4.07 and 4.08, and notwithstanding any
vacancy among the directors, the quorum for the transaction of business at any meeting of
the board shall consist of a majority of the number of directors elected at the last
shareholders meeting at which directors were elected or such greater number of directors
as the board may from time to time determine. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.02&nbsp;&nbsp;&nbsp;&nbsp;
QUALIFICATION</B>&nbsp;&#151;&nbsp;No person shall be qualified for election as a director if he or she is less than
18 years of age; if he or she is of unsound mind and has been so found by a court in
Canada or elsewhere; if he or she is not an individual; or if he or she has the status of
a bankrupt. A director need not be a shareholder. Except as otherwise specifically
required and so long as required by the Act, at least twenty-five percent of the directors
shall be resident Canadians and at least two directors shall not be officers or employees
of the Corporation or its affiliates. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.03&nbsp;&nbsp;&nbsp;&nbsp;
ELECTION AND TERM</B>&nbsp;&#151;&nbsp;The election of directors shall take place at each annual meeting of shareholders
and all the directors then in office shall retire but, if qualified, shall be eligible for
re-election. The number of directors to be elected at any such meeting shall, if a minimum
and maximum number of directors is authorized, be the number of directors then in office
unless the directors or the shareholders otherwise determine or shall, if a fixed number
of directors is authorized, be such fixed number. Where the shareholders adopt an
amendment to the articles to increase or, subject to the Act, decrease the number or
minimum or maximum number of directors, the shareholders may, at the meeting at which they
adopt the amendment, elect the number of directors authorized by the amendment. The
election shall be by resolution. If an election of directors is not held at the proper
time, the incumbent directors shall continue in office until their successors are elected.
If the articles so provide, the directors may appoint one or more additional directors,
who shall hold office for a term expiring not later than the close of the next annual
meeting of shareholders, but the total number of directors so appointed may not exceed one
third of the number of directors elected at the previous annual meeting of shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.04&nbsp;&nbsp;&nbsp;&nbsp;
REMOVAL OF DIRECTORS</B>&nbsp;&#151;&nbsp;Subject to the Act, the shareholders may by resolution passed at a
meeting specially called for such purpose remove any director from office and the vacancy
created by such removal may be filled at the same meeting, failing which it may be filled
by the board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.05&nbsp;&nbsp;&nbsp;&nbsp;
VACATION OF OFFICE</B>&nbsp;&#151;&nbsp;A director ceases to hold office when he or she dies; he or she is removed from
office by the shareholders; he or she ceases to be qualified for election as a director,
or his or her written resignation is sent or delivered to the Corporation, or, if a time
is specified in such resignation, at the time so specified, whichever is later.
<B>4.06</B> <B>VACANCIES</B> &#151; Subject to the Act, a quorum of the board may fill a
vacancy in the board, except a vacancy resulting from an increase in the number or minimum
number of </FONT></P>
<BR><BR>










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<BR><BR>








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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>directors specified in the articles
or from a failure of the shareholders to elect the number or minimum number of directors
required by the articles. In the absence of a quorum of the board, or if the vacancy has
arisen from a failure of the shareholders to elect the number or minimum number of
directors, the directors then in office shall forthwith call a special meeting of
shareholders to fill the vacancy. If such directors fail to call such meeting or if there
are no such directors then in office, any shareholder may call the meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.07&nbsp;&nbsp;&nbsp;&nbsp;
ACTION BY THE BOARD</B>&nbsp;&#151;&nbsp;The board shall manage, or supervise the management of, the business and
affairs of the Corporation. Subject to section 4.08, the powers of the board may be
exercised by resolution passed at a meeting at which a quorum is present or by resolution
in writing signed by all the directors entitled to vote on that resolution at a meeting of
the board. Resolutions signed in lieu of a meeting may be signed in two or more
counterparts which together shall be deemed to constitute one resolution in writing. Where
there is a vacancy in the board, the remaining directors may exercise all the powers of
the board so long as a quorum remains in office. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.08&nbsp;&nbsp;&nbsp;&nbsp;
MEETING BY COMMUNICATION FACILITY</B>&nbsp;&#151;&nbsp;If all the directors of the Corporation consent, a
director may participate in a meeting of the board or of a committee of the board by means
of such telephonic, electronic or other communications facilities as permit all persons
participating in the meeting to communicate adequately with each other during the meeting,
and a director participating in such a meeting by such means is deemed to be present at
the meeting. Any such consent shall be effective whether given before or after the meeting
to which it relates and may be given with respect to all meetings of the board and of
committees of the board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4.09&nbsp;&nbsp;&nbsp;&nbsp;
PLACE OF MEETINGS </B>&nbsp;&#151;&nbsp;Meetings of the board may be held at any
place in or outside Canada. </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.10&nbsp;&nbsp;&nbsp;&nbsp;
CALLING OF MEETINGS</B>&nbsp;&#151;&nbsp;Meetings of the board shall be held from time to time at such time and
at such place as the board, the chairman of the board, the president, the secretary or any
two directors may determine.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.11&nbsp;&nbsp;&nbsp;&nbsp;
NOTICE OF MEETING</B>&nbsp;&#151;&nbsp;Notice
of the time and place of each meeting of the board shall be given in the manner provided
in section 12.01 to each director not less than 48 hours (excluding any part of a
non-business day) before the time of the meeting, except that notices sent by mail shall
be sent not less than five days before the day of the meeting, save that no notice of a
meeting shall be necessary if all the directors are present or if those absent waive
notice of or otherwise signify in writing their consent to the holding of such meeting,
either before or after such meeting. A notice of a meeting of directors need not specify
the purpose of or the business to be transacted at the meeting, except where the Act
requires such purpose or business to be specified, including, if required by the Act, any
proposal to:  </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;submit
to the shareholders any question or matter requiring approval of the
          shareholders;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;fill
a vacancy among the directors or in the office of auditor           or appoint additional
directors;  </FONT></P></TD>
</TR>
</TABLE>
<BR>










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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;7&nbsp;-</FONT></P>
<BR><BR>














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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>issue
securities or shares of a series except in the manner and on the terms authorized by the
board;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>declare
dividends;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>purchase,
redeem or otherwise acquire shares issued by the Corporation;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>pay
a commission for the sale of shares;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approve
a management proxy circular or a takeover bid circular or a directors&#146; circular;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approve
a take-over bid circular or directors&#146; circular;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approve
any annual financial statements; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>adopt,
amend or repeal by-laws.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.12&nbsp;&nbsp;&nbsp;&nbsp;
FIRST MEETING OF NEW BOARD</B>&nbsp;&#151;&nbsp;Provided a quorum of directors is present, each newly elected board may
without notice hold its first meeting immediately following the meeting of shareholders
at which such board is elected.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.13&nbsp;&nbsp;&nbsp;&nbsp;
ADJOURNED MEETING</B> &nbsp;&#151;&nbsp;Notice of an adjourned meeting of the board is not required if the time and place of the
adjourned meeting are announced at the original meeting.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.14&nbsp;&nbsp;&nbsp;&nbsp;
REGULAR MEETINGS</B> &nbsp;&#151;&nbsp;The board may appoint a day or days in any month or months for regular meetings of the board
at a place and hour to be named. A copy of any resolution of the board fixing the place
and time of such regular meetings shall be sent to each director forthwith after being
passed, but no other notice shall be required for any such regular meeting except where
the Act requires the purpose thereof or the business to be transacted thereat to be
specified.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.15&nbsp;&nbsp;&nbsp;&nbsp;
CHAIRMAN</B> &nbsp;&#151;&nbsp;The Chairman of any meeting of the board shall be the first mentioned of such of the
following officers as have been appointed and who is a director and is present at the
meeting: chairman of the board, president or a vice-president. If no such officer is
present, the directors present shall choose one of their number to be chairman. If the
secretary is absent, the chairman shall appoint some person, who need not be a director,
to act as secretary of the meeting.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.16&nbsp;&nbsp;&nbsp;&nbsp;
VOTES TO GOVERN</B>&nbsp;&#151;&nbsp;At all meetings of the board every question shall be decided by a majority of the votes cast
on the question. In case of an equality of votes the chairman of the meeting shall not be
entitled to a second or casting vote.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.17&nbsp;&nbsp;&nbsp;&nbsp;
CONFLICT OF INTEREST</B> &nbsp;&#151;&nbsp;Adirector or officer who is a party to, or who is a director or officer or individual
acting in a similar capacity of, or has a material interest in any person who is a party
to, a material contract or transaction or proposed material contract or transaction with
the Corporation shall disclose the nature and extent of his or her interest at the  </FONT></P>
<BR><BR>






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<BR><BR>










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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>time and in the manner provided by
the Act. Any such contract or proposed contract shall be referred to the board or
shareholders for approval even if such contract is one that in the ordinary course of the
Corporation&#146;s business would not require approval by the board or shareholders. Such
a director shall not vote on any resolution to approve the same except as provided by the
Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.18&nbsp;&nbsp;&nbsp;&nbsp;
REMUNERATION AND EXPENSES</B> &nbsp;&#151;&nbsp;The directors shall be paid such remuneration for their services as
the board may from time to time determine. The directors shall also be entitled to be
reimbursed for traveling and other expenses properly incurred by them in attending
meetings of the board or any committee thereof. Nothing herein contained shall preclude
any director from serving the Corporation in any other capacity and receiving
remuneration therefor.  </FONT></P>

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<A NAME=A013></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION FIVE <BR>
COMMITTEES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.01&nbsp;&nbsp;&nbsp;&nbsp;
COMMITTEE OF DIRECTORS</B> &nbsp;&#151;&nbsp;The board may appoint one or more committees of the board, however
designated, and delegate to any such committee any of the powers of the board except those
which pertain to items which, under the Act, a committee of directors has no authority to
exercise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.02&nbsp;&nbsp;&nbsp;&nbsp;
TRANSACTION OF BUSINESS</B> &nbsp;&#151;&nbsp;Subject to the provisions of section 4.08, the powers of a committee
of the board may be exercised by a meeting at which a quorum is present or by resolution
in writing signed by all members of such committee who would have been entitled to vote on
that resolution at a meeting of the committee. Resolutions signed in lieu of a meeting may
be signed in two or more counterparts which together shall be deemed to constitute one
resolution in writing. Meetings of such committee may be held at any place in or outside
of Canada. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.03&nbsp;&nbsp;&nbsp;&nbsp;
AUDIT COMMITFEE</B> &nbsp;&#151;&nbsp;The board shall elect annually from among its number an audit committee to be
composed of not fewer than three directors of whom a majority shall not be officers or
employees of the Corporation or its affiliates. The audit committee shall have the powers
and duties provided in the Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.04&nbsp;&nbsp;&nbsp;&nbsp;
ADVISORY BODIES</B> &nbsp;&#151;&nbsp;The board may from time to time appoint such advisory bodies as it may deem
advisable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.05&nbsp;&nbsp;&nbsp;&nbsp;
PROCEDURE</B> &nbsp;&#151;&nbsp;Unless otherwise determined by the board, each committee and advisory body shall have
power to fix its quorum at not less than a majority of its members, to elect its chairman
and to regulate its procedure. </FONT></P>

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<A NAME=A015></A>
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SECTION SIX<BR>
OFFICERS</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.01&nbsp;&nbsp;&nbsp;&nbsp;
APPOINTMENT</B> &nbsp;&#151;&nbsp;
The board may from time to time appoint a president, one or more vice-presidents (to which
title may be added words indicating seniority or function), a chief executive officer, a
secretary, a treasurer and such other officers as the board may determine, </FONT></P>
<BR><BR>







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<BR><BR>








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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>including one or more assistants to
any of the officers so appointed. The board may specify the duties of and, in accordance
with this bylaw and subject to the provisions of the Act, delegate to such officers powers
to manage the business and affairs of the Corporation. Subject to sections 6.02 and 6.03,
an officer may but need not be a director and one person may hold more than one office. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.02&nbsp;&nbsp;&nbsp;&nbsp;
CHAIRMAN OF THE BOARD</B> &nbsp;&#151;&nbsp;The board may from time to time also appoint a chairman of the board who
shall be a director. If appointed, the board may assign to him or her any of the powers
and duties that are by any provisions of this by-law assigned to the president, and he or
she shall, subject to the provisions of the Act, have such other powers and duties as the
board may specify. During the absence or disability of the chairman of the board, his or
her duties shall be performed and his or her powers exercised by the president. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.03&nbsp;&nbsp;&nbsp;&nbsp;
PRESIDENT</B> &nbsp;&#151;&nbsp;
If appointed, the president shall, subject to the authority of the board, have general
supervision of the business of the Corporation; and he or she shall have such other powers
and duties as the board may specify. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.04&nbsp;&nbsp;&nbsp;&nbsp;
VICE-PRESIDENT</B> &nbsp;&#151;&nbsp;A
vice-president shall have such powers and duties as the board may specify.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.05&nbsp;&nbsp;&nbsp;&nbsp;
SECRETARY</B> &nbsp;&#151;&nbsp;The
secretary shall attend and be the secretary of all meetings of the board, shareholders
and committees of the board and shall enter or cause to be entered in records kept for
that purpose minutes of all proceedings thereat; he or she shall give or cause to be
given, as and when instructed, all notices to shareholders, directors, officers, auditors
and members of committees of the board; he or she shall be the custodian of the stamp or
mechanical device generally used for affixing the corporate seal of the Corporation and
of all books, papers, records, documents and instruments belonging to the Corporation,
except when some other officer or agent has been appointed for that purpose; and he or
she shall have such other powers and duties as the board may specify.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.06&nbsp;&nbsp;&nbsp;&nbsp;
TREASURER</B> &nbsp;&#151;&nbsp;
The treasurer shall keep or cause to be kept proper accounting records in compliance with
the Act and shall be responsible for the deposit of money, the safekeeping of securities
and the disbursement of the funds of the Corporation; he or she shall render to the board
whenever required an account of all his or her transactions as treasurer and of the
financial position of the Corporation; and he or she shall have such other powers and
duties as the board or the chief executive officer may specify. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.07&nbsp;&nbsp;&nbsp;&nbsp;
POWERS AND DUTIES OF OTHER OFFICERS</B> &nbsp;&#151;&nbsp;The powers and duties of all other officers shall be such as
the terms of their engagement call for or as the board or the chief executive officer may
specify. Any of the powers and duties of an officer to whom an assistant has been
appointed may be exercised and performed by such assistant, unless the board otherwise
directs.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.08&nbsp;&nbsp;&nbsp;&nbsp;
VARIATION OF POWERS AND DUTIES</B> &nbsp;&#151;&nbsp;The board may from time to time and subject to the provisions of
the Act, vary, add to or limit the powers and duties of any officer.  </FONT></P>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;10&nbsp;-</FONT></P>
<BR><BR>







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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.09&nbsp;&nbsp;&nbsp;&nbsp;
TERM OF OFFICE</B> &nbsp;&#151;&nbsp;The
board, in its discretion, may remove any officer of the Corporation, without prejudice to
such officer&#146;s rights under any employment contract or in law. Otherwise each officer
appointed by the board shall hold office until his or her successor is appointed, or until
his or her earlier resignation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.10&nbsp;&nbsp;&nbsp;&nbsp;
TERMS OF EMPLOYMENT AND REMUNERATION</B> &nbsp;&#151;&nbsp;The terms of employment and the remuneration of an officer
appointed by the board shall be settled by it from time to time.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.11&nbsp;&nbsp;&nbsp;&nbsp;
CONFLICT OF INTEREST</B>&nbsp;&#151;&nbsp;An
officer shall disclose his or her interest in any material contract or transaction or
proposed material contract or transaction with the Corporation in accordance with section
4.17.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.12&nbsp;&nbsp;&nbsp;&nbsp;
AGENTS AND ATTORNEYS</B> &nbsp;&#151;&nbsp;The Corporation, by or under the authority of the board, shall have
power from time to time to appoint agents or attorneys for the Corporation in or outside
Canada with such powers of management, administration or otherwise (including the power to
sub-delegate) as may be thought fit. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.13&nbsp;&nbsp;&nbsp;&nbsp;
FIDELITY BONDS</B> &nbsp;&#151;&nbsp;The board may require such officers, employees and agents of the Corporation as the
board deems advisable to furnish bonds for the faithful discharge of their powers and
duties, in such form and with such surety as the board may from time to time determine. </FONT></P>

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<A NAME=A017></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION SEVEN<BR>
PROTECTION OF DIRECTORS, OFFICERS AND OTHERS</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.01&nbsp;&nbsp;&nbsp;&nbsp;
TRANSACTIONS WITH THE CORPORATION</B> &nbsp;&#151;&nbsp;No director or officer shall be disqualified by reason of being a
director or officer of the Corporation from, or be required to vacate his position as a
director or officer by reason of, holding any other office, employment or other position
with or having any pecuniary interest with respect to the Corporation or any other body
corporate or contracting with or being otherwise in any way directly or indirectly
interested in or concerned with any contract, transaction or arrangement made or proposed
to be made with the Corporation or being a director or officer or acting in a similar
capacity of, or having any interest in, another party to such contract, transaction or
arrangement. No such contract, transaction or arrangement shall be void or voidable or
invalid for any such reason and no director or officer shall be liable to account to the
Corporation or others for any profit arising from any such office, employment or other
position or pecuniary interest or realized in respect of any such contract, transaction or
arrangement, except in all cases as otherwise provided in the Act.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.02&nbsp;&nbsp;&nbsp;&nbsp;
CONTRACTS ON BEHALF OF THE CORPORATION</B> &nbsp;&#151;&nbsp;Subject to the Act, any contract entered into, or
action taken or omitted, by or on behalf of the Corporation shall, if duly approved by a
resolution of the shareholders, be deemed for all purposes to have had the prior
authorization of the shareholders.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.03&nbsp;&nbsp;&nbsp;&nbsp;
LIMITATION OF LIABILITY</B>&nbsp;&#151;&nbsp;Every director and officer of the Corporation in exercising his or
her powers and discharging his or her duties shall act honestly and in good faith </FONT></P>
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<BR><BR>










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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>with a view to the best interests of
the Corporation and exercise the care, diligence and skill that a reasonably prudent
person would exercise in comparable circumstances. Subject to the limitations in the Act,
no director or officer shall be liable for the acts, receipts, neglects or defaults of any
other director, officer, employee or agent of the Corporation, or for joining in any
receipt or other act for conformity, or for any loss, damage or expense happening to the
Corporation through the insufficiency or deficiency of title to any property acquired for
or on behalf of the Corporation, or for the insufficiency or deficiency of any security in
or upon which any of the monies of the Corporation shall be invested, or for any loss or
damage arising from the bankruptcy, insolvency or tortious acts of any person with whom
any of the monies, securities or effects of the Corporation shall be deposited, or for any
loss occasioned by any error of judgment or oversight on his or her part, or for any other
loss, damage or misfortune whatever which shall happen in the execution of the duties of
his or her office or in relation thereto. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.04&nbsp;&nbsp;&nbsp;&nbsp;
INDEMNITY</B>&nbsp;&#151;&nbsp;Subject to the limitations contained in the Act, but without limiting the right of the
Corporation to indemnify any individual, under the Act or otherwise, to the full extent
permitted by law, the Corporation:  </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>shall
indemnify each director or officer or former director or officer of the Corporation and
each other individual who acts or has acted at the Corporation&#146;s request as a
director or officer, or in a similar capacity, of another entity, (and each such
individual&#146;s respective heirs and personal representatives) against all costs,
charges and expenses, including an amount paid to settle an action or satisfy a judgment,
reasonably incurred by the individual in respect of any civil, criminal, administrative,
investigative or other proceeding in which the individual is involved because of that
association with the Corporation or other entity, provided:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
individual acted honestly and in good faith with a view to the best
               interests of the Corporation, or, as the case may be, to the best
interests of                the other entity for which the individual acted as a director
or officer or in a                similar capacity at the Corporation&#146;s request; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>in
the case of a criminal or administrative action or proceeding that is
               enforced by a monetary penalty, the individual had reasonable grounds for
               believing that the conduct was lawful; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>may
advance moneys to a director, officer or other individual for the costs,
               charges and expenses of a proceeding referred to in subsection 7.04(a)
hereof.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding the foregoing, any
such indemnity of an individual referred to in subsection 7.04(a) hereof, or advance
moneys as contemplated in subsection 7.04(b) hereof, in respect of an action by or on
behalf of the Corporation or other entity to procure a judgment in its favour, to which
the individual is made a party because of the individual&#146;s association with the
Corporation or other entity as described in subsection 7.04(a) hereof against all costs,
charges and expenses reasonably incurred by the individual in connection with such action,
shall be subject to approval of the Court. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.05&nbsp;&nbsp;&nbsp;&nbsp;
INDEMNITIES NOT LIMITING</B>&nbsp;&#151;&nbsp;The provisions of Section&nbsp;7 shall be in addition to and not in substitution
for or limitation of, any rights, immunities and protections to which a person is
otherwise entitled. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.06&nbsp;&nbsp;&nbsp;&nbsp;
INSURANCE</B>&nbsp;&#151;&nbsp;Subject
to the provisions of the Act, the Corporation may purchase and maintain insurance for the
benefit of any individual referred to in subsection 7.04(a) hereof against any liability
incurred by the individual (a) in that individual&#146;s capacity as a director or
officer of the Corporation; or (b) in that individual&#146;s capacity as a director or
officer, or similar capacity, of another entity, if the individual acts or has acted in
that capacity at the Corporation&#146;s request. </FONT></P>

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<A NAME=A020></A>
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SECTION EIGHT<BR>
SHARES</B> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.01&nbsp;&nbsp;&nbsp;&nbsp;
ALLOTMENT</B> &nbsp;&#151;&nbsp;
Subject to the Act and the articles, the board may from time to time allot or grant
options to purchase the whole or any part of the authorized and unissued shares of the
Corporation at such times and to such persons and for such consideration as the board
shall determine, provided that no share shall be issued until it is fully paid as provided
by the Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.02&nbsp;&nbsp;&nbsp;&nbsp;
COMMISSIONS</B> &nbsp;&#151;&nbsp;The
board may from time to time authorize the Corporation to pay a reasonable commission to
any person in consideration of such person purchasing or agreeing to purchase shares of
the Corporation, whether from the Corporation or from any other person, or procuring or
agreeing to procure purchasers for any such shares.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.03&nbsp;&nbsp;&nbsp;&nbsp;
REGISTRATION OF TRANSFERS</B> &nbsp;&#151;&nbsp;Subject to the provisions of the Act, no transfer of shares shall be
registered in a securities register except upon presentation of the certificate
representing such shares with an endorsement which complies with the Act made thereon or
delivered therewith, duly executed by an appropriate person as provided by the Act,
together with such reasonable assurance that the endorsement is genuine and effective as
the board may from time to time prescribe, and upon payment of all applicable taxes and
any reasonable fee, not to exceed $3.00, prescribed by the board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.04&nbsp;&nbsp;&nbsp;&nbsp;
TRANSFER AGENTS AND REGISTRARS</B> &nbsp;&#151;&nbsp;The board may from time to time appoint one or more agents to
maintain, in respect of each class of securities of the Corporation issued by it in
registered form, a central securities register and one or more branch securities
registers. Such a person may be designated as transfer agent or registrar according to his
or her functions and one person may be designated both registrar and transfer agent. The
board may at any time terminate such appointment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.05&nbsp;&nbsp;&nbsp;&nbsp;
NON-RECOGNITION OF TRUSTS</B> &nbsp;&#151;&nbsp;Subject to the provisions of the Act, the Corporation may treat the
registered holder of any share as the person exclusively entitled to vote, to receive
notices, to receive any dividend or other payments in respect of the share, and otherwise
to exercise all the rights and powers of an owner of the share.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.06&nbsp;&nbsp;&nbsp;&nbsp;
SECURITY CERTIFICATES</B> &nbsp;&#151;&nbsp;Every security holder of the Corporation shall be entitled, at his
or her option, to a security certificate, or to a non-transferable written certificate of </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>acknowledgement of his or her right
to obtain a security certificate. Every share certificate shall state the number and class
or series of shares held by him or her as shown on the securities register. Security
certificates shall be in such form as the board may from time to time approve. Any
security certificate shall be signed by an officer or director authorized by resolution of
the Board in accordance with section 2.04 and need not be under the corporate seal;
provided that, unless the board otherwise determines, certificates representing securities
in respect of which a transfer agent and/or registrar has been appointed shall not be
valid unless countersigned by or on behalf of such transfer agent and/or registrar or an
individual on their behalf. The signature of one of the signing officers or, in the case
of a certificate which is not valid unless countersigned by or on behalf of a transfer
agent and/or registrar or an individual on their behalf, and in the case of a certificate
which does not require a manual signature under the Act, the signatures of signing
officers may be printed or otherwise mechanically reproduced thereon. Every such signature
shall for all purposes be deemed to be the signature of the officer whose signature it
reproduces and shall be binding upon the Corporation. A certificate executed as aforesaid
shall be valid notwithstanding that one or both of the officers whose reproduced signature
appears thereon no longer holds office at the date of issue of the certificate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.07&nbsp;&nbsp;&nbsp;&nbsp;
EPLACEMENT OF SHARE CERTIFICATES</B> &nbsp;&#151;&nbsp;The board or any officer or agent designated by the board may in
its, his or her discretion direct the issue of a new share or other such certificate in
lieu of and upon cancellation of a certificate that has been mutilated, or in substitution
for a certificate claimed to have been lost, destroyed or wrongfully taken on payment of
such reasonable fee, not to exceed $3.00, and on such terms as to indemnity, reimbursement
of expenses and evidence of loss and of title as the board may from time to time
prescribe, whether generally or in any particular case. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.08&nbsp;&nbsp;&nbsp;&nbsp;
JOINT SHAREHOLDERS</B> &nbsp;&#151;&nbsp;If two or more persons are registered as joint holders of any security, the
Corporation shall not be bound to issue more than one certificate in respect thereof, and
delivery of such certificate to one of such persons shall be sufficient delivery to all of
them. Any one of such persons may give effectual receipts for the certificate issued in
respect thereof or for any dividend, bonus, return of capital or other money payable or
warrant issuable in respect of such security. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.09&nbsp;&nbsp;&nbsp;&nbsp;
DECEASED SHAREHOLDERS</B>&nbsp;&#151;&nbsp;In
the event of the death of a holder or of one of the joint holders of any share, the
Corporation shall not be required to make any entry in the securities register in respect
thereof or to make any dividend or other payments in respect thereof except upon
production of all such documents as may be required by law and upon compliance with the
reasonable requirements of the Corporation and its transfer agents.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8.10&nbsp;&nbsp;&nbsp;&nbsp;
RESTRICTION ON INFORMATION DISCLOSED</B> &nbsp;&#151;&nbsp;Except as required by law or authorized by the board, no
shareholder is entitled by virtue of being a shareholder to disclosure of any information,
document or records respecting the Corporation or its business. </FONT></P>
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<A NAME=A021></A>
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SECTION NINE<BR>
DIVIDENDS AND RIGHTS</B> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.01&nbsp;&nbsp;&nbsp;&nbsp;
DIVIDENDS</B> &nbsp;&#151;&nbsp;Subject to the provisions of the Act, the board may from time to time declare dividends
payable to the shareholders according to their respective rights and interest in the
Corporation. Dividend may be paid in money or property or by issuing fully paid shares of
the Corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.02&nbsp;&nbsp;&nbsp;&nbsp;
DIVIDEND CHEQUES</B>&nbsp;&#151;&nbsp;A dividend payable in cash shall be paid by cheque drawn on the Corporation&#146;s
bankers or one of them to the order of each registered holder of shares of the class or
series in respect of which it has been declared and mailed by prepaid ordinary mail to
such registered holder at his or her recorded address, unless such holder otherwise
directs. In the case of joint holders the cheque shall, unless such joint holders
otherwise direct, be made payable to the order of all of such joint holders and mailed to
them at their recorded address. The mailing of such cheque as aforesaid, unless the same
is not paid on due presentation, shall satisfy and discharge the liability for the
dividend to the extent of the sum represented thereby plus the amount of any tax which the
Corporation is required to and does withhold. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.03&nbsp;&nbsp;&nbsp;&nbsp;
NON-RECEIPT OF CHEQUES</B> &nbsp;&#151;&nbsp;In the event of non-receipt of any dividend cheque by the person to
whom it is sent as aforesaid, the Corporation shall issue to such person a replacement
cheque for a like amount on such terms as to indemnity, reimbursement of expenses and
evidence of non-receipt and of title as the board may from time to time prescribe, whether
generally or in any particular case. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.04&nbsp;&nbsp;&nbsp;&nbsp;
RECORD DATE FOR DIVIDENDS AND RIGHTS</B> &nbsp;&#151;&nbsp;The board may fix in advance a date, preceding by not more
than sixty days the date for the payment of any dividend or the date for the issue of any
warrant or other evidence of the right to subscribe for securities of the Corporation, as
a record date for the determination of the persons entitled to receive payment of such
dividend or to exercise the right to subscribe for such securities, and notice of any such
record date shall be given not less than seven days before such record date in the manner
provided by the Act. If no record date is so fixed, the record date for the determination
of the persons entitled to receive payment of any dividend or to exercise the right to
subscribe for securities of the Corporation shall be at the close of business on the day
on which the resolution relating to such dividend or right to subscribe is passed by the
board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.05&nbsp;&nbsp;&nbsp;&nbsp;
UNCLAIMED DIVIDENDS</B> &nbsp;&#151;&nbsp;Subject
to applicable law, any dividend unclaimed after a period of six years from the date on
which the same has been declared to be payable shall be forfeited and shall revert to the
Corporation.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.06&nbsp;&nbsp;&nbsp;&nbsp;
INTEREST; FRACTIONS</B> &nbsp;&#151;&nbsp;No dividend or other distribution shall bear interest against the Corporation. Where the
dividend or other distribution to which a shareholder is entitled includes a fraction of
a cent, such fraction shall be disregarded and such payment shall be deemed payment in
full.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.07&nbsp;&nbsp;&nbsp;&nbsp;
FRACTIONAL SECURITY OR
PROPERTY</B> &nbsp;&#151;&nbsp;If any dividend or other distribution results in any shareholder being
entitled to a fractional part of a security or property, the </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporation may pay such shareholder
in place of that fractional part the cash equivalent thereof as determined by the board
or may carry out the distribution and adjust the rights of the shareholders on any basis
the board considers appropriate.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.08&nbsp;&nbsp;&nbsp;&nbsp;
LIEN FOR INDEBTEDNESS</B>&nbsp;&#151;&nbsp;If
the articles provide that the Corporation shall have a lien on shares registered in the
name of a shareholder indebted to the Corporation, such lien may be enforced, subject to
any other provisions of the articles, by the sale of the shares thereby affected or by
any other action, suit, remedy or proceeding authorized or permitted by law or by equity
and, pending such enforcement, the transfer of all or any part of such shares may be
refused.  </FONT></P>

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<A NAME=A022></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION TEN<BR>
MEETINGS OF SHAREHOLDERS</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.01&nbsp;&nbsp;&nbsp;
ANNUAL MEETINGS</B> &nbsp;&#151;&nbsp;The annual meeting of shareholders shall be held at such time in each year,
provided it is held not later than fifteen months since the last preceding annual meeting
but no later than six months after the end of the Corporation&#146;s preceding financial
year, and, subject to section 10.03, at such place as the board, the chairman of the board
or the president may from time to time determine, for the purpose of considering the
financial statements and reports required by the Act to be placed before the annual
meeting, electing directors, appointing an auditor and for the transaction of such other
business as may properly be brought before the meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.02&nbsp;&nbsp;&nbsp;
SPECIAL MEETINGS</B> &nbsp;&#151;&nbsp;The board, the chairman of the board or the president shall have power to call a
special meeting of shareholders at any time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.03&nbsp;&nbsp;&nbsp;
PLACE OF MEETINGS</B> &nbsp;&#151;&nbsp;Meetings
of shareholders shall be held at the registered office of the Corporation or elsewhere in
the municipality in which the registered office is situate or, if the board shall so
determine, at some other place in Canada or, if all the shareholders entitled to vote at
the meeting so agree or are deemed to agree as provided in the Act, at some place outside
Canada.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.04&nbsp;&nbsp;&nbsp;
NOTICE OF MEETINGS</B> &nbsp;&#151;&nbsp;Notice
of the time and place of each meeting of shareholders shall be given in the manner
provided in section 12.01 not less than twenty-one nor more than sixty days before the
date of the meeting to each director, to the auditor and to each shareholder who at the
close of business on the record date for notice is entered in the securities register as
the holder of one or more shares carrying the right to vote at the meeting. Notice of a
meeting of shareholders called for any purpose other than consideration of the financial
statements and auditor&#146;s report, election of directors and reappointment of the
incumbent auditor shall state the nature of such business in sufficient detail to permit
the shareholder to form a reasoned judgment thereon and shall state the text of any
special resolution to be submitted to the meeting.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.05&nbsp;&nbsp;&nbsp;
LIST OF SHAREHOLDERS
ENTITLED TO NOTICE</B> &nbsp;&#151;&nbsp;Subject to the Act, for every meeting of shareholders, the
Corporation shall prepare a list of shareholders entitled to receive notice of the
meeting, arranged in alphabetical order and showing the number of shares </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>held by each shareholder entitled to
vote at the meeting. If a record date for the meeting is fixed pursuant to section 10.06,
the shareholders listed shall be those registered at the close of business on such record
date. If no record date is fixed, the shareholders listed shall be those registered at the
close of business on the day immediately preceding the day on which notice of the meeting
is given or, where no such notice is given, the day on which the meeting is held. The list
shall be available for examination by any shareholder during usual business hours at the
registered office of the Corporation or at the place where the central securities register
is maintained and at the meeting for which the list was prepared. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.06&nbsp;&nbsp;&nbsp;
RECORD DATE FOR
NOTICE</B> &nbsp;&#151;&nbsp;The board may fix in advance a date, preceding the date of any meeting
of shareholders by not more than sixty days and not less than twenty-one days, as a record
date for the determination of the shareholders entitled to receive notice of the meeting
or entitled to vote at the meeting, and notice of any such record date shall be given not
less than seven days before such record date, by newspaper advertisement in the manner
provided in the Act and by written notice to each stock exchange in Canada on which the
shares of the Corporation are listed. If no record date is fixed for the determination of
shareholders entitled to receive notice of the meeting, the record date for the
determination of the shareholders entitled to notice of the meeting shall be at the close
of business on the day immediately preceding the day on which the notice is given or, if
no notice is given, the day on which the meeting is held. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.07&nbsp;&nbsp;&nbsp;
MEETINGS WITHOUT
NOTICE</B> &nbsp;&#151;&nbsp;A meeting of shareholders may be held without notice at any time and
place permitted by the Act (a) if all the shareholders entitled to vote thereat are
present in person or represented by proxy or if those not present or represented by proxy
waive notice of or otherwise consent to such meeting being held, and (b) if the auditors
and the directors are present or waive notice of or otherwise consent to such meeting
being held; so long as such shareholders, auditors or directors present are not attending
for the express purpose of objecting to the transaction of any business on the grounds
that the meeting is not lawfully called. At such a meeting any business may be transacted
which the Corporation may transact at a meeting of shareholders. If the meeting is held at
a place outside Canada, shareholders not present or represented by proxy, but who have
waived notice of or otherwise consented to such meeting, shall also be deemed to have
consented to the meeting being held at such place. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.08&nbsp;&nbsp;&nbsp;
CHAIRMAN, SECRETARY AND SCRUTINEERS</B> &nbsp;&#151;&nbsp;The chairman of any meeting of shareholders shall be the first
mentioned of such of the following officers as have been appointed and who is present at
the meeting: president, chairman of the board, or a vice-president who is a shareholder.
If no such officer is present within 15 minutes from the time fixed for holding the
meeting or none are willing to act, the persons present and entitled to vote shall choose
one of their number to be chairman. If the secretary of the Corporation is absent, the
chairman shall appoint some person, who need not be a shareholder, to act as secretary of
the meeting. If desired, one or more scrutineers, who need not be shareholders, may be
appointed by a resolution or by the chairman with the consent of the meeting.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.09&nbsp;&nbsp;&nbsp;
PERSONS ENTITLED TO
BE PRESENT</B> &nbsp;&#151;&nbsp;The only persons entitled to be present at a meeting of shareholders
shall be those entitled to vote thereat, the directors and auditor of the </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporation and others who, although
not entitled to vote, are entitled or required under any provision of the Act or the
articles or by-laws to be present at the meeting. Any other person may be admitted only on
the invitation of the chairman of the meeting or with the consent of the meeting. Subject
to compliance with any applicable provisions of the Act, any person entitled to attend a
meeting of shareholders may participate in the meeting by means of a telephonic,
electronic or other communication facility made available by the Corporation that permits
all participants to communicate adequately with each other during the meeting. The persons
participating in a meeting by such means shall be deemed for the purposes of this by-law
to be present at the meeting. If the board or the shareholders of the Corporation call a
meeting of shareholders pursuant to the Act, the board or shareholders, as the case may
be, may determine that the meeting shall be held, in accordance with the Act, entirely by
means of a telephonic, electronic or other communication facility that permits all
participants to communicate adequately with each other during the meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.10&nbsp;&nbsp;&nbsp;
QUORUM</B> &nbsp;&#151;&nbsp;Subject
to the Act, a quorum for the transaction of business at any meeting of shareholders shall
be two persons present or deemed to be present in person, each being a shareholder
entitled to vote thereat or a duly appointed proxyholder for an absent shareholder so
entitled, and together holding or representing by proxy not less than 5% of the
outstanding shares of the Corporation carrying voting rights at the meeting. If a quorum
is present at the opening of any meeting of shareholders, the shareholders present or
deemed to be present or represented by proxy may proceed with the business of the meeting
notwithstanding that a quorum is not present throughout the meeting. If a quorum is not
present or deemed to be present at the opening of any meeting of shareholders, the
shareholders present or deemed to be present or represented by proxy may adjourn the
meeting to a fixed time and place but may not transact any other business.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.11&nbsp;&nbsp;&nbsp;
RIGHT TO VOTE</B> &nbsp;&#151;&nbsp;Subject to the provisions of the Act as to authorized representatives of any other
body corporate or association, if a record date for voting is fixed, the Corporation shall
prepare an alphabetical list of shareholders entitled to vote as of the record date of the
meeting of shareholders that shows the number of shares held by each shareholder and if a
record date is not fixed, the Corporation shall prepare an alphabetical list of
shareholders who are entitled to vote as of the record date that shows the number of
shares held by each shareholder. Every person who is named in such list shall be entitled
to vote the shares shown opposite his or her name except as otherwise provided in the Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.12&nbsp;&nbsp;&nbsp;
PROXYROLDERS AND REPRESENTATIVES</B> &nbsp;&#151;&nbsp;Every shareholder entitled to vote at a meeting of shareholders
may appoint a proxyholder, or one or more alternate proxyholders, who need not be
shareholders, to attend and act as his or her representative at the meeting in the manner
and to the extent authorized and with the authority conferred by the proxy. A proxy shall
be in writing executed by the shareholder or his or her attorney and shall conform with
the requirements of the Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alternatively, every such shareholder
which is a body corporate or association may authorize by resolution of its directors or
governing body an individual to represent it at a meeting of shareholders and that
individual may exercise on the shareholder&#146;s behalf all the powers it could exercise
if it were an individual shareholder. The authority of such an individual shall be
established by the deposit with the Corporation of a certified copy of the resolution, or
in such </FONT></P>
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<BR><BR>














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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other manner as may be  satisfactory
 to the  secretary of the  Corporation  or the chairman of the meeting.  Any such
 proxyholder  or representative need not be a shareholder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The board may determine from time to
time rules governing the form of proxies and procedures to be used in connection
therewith. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.13&nbsp;&nbsp;&nbsp;
TIME FOR DEPOSIT OF
PROXIES</B> &nbsp;&#151;&nbsp;The board may specify in the notice calling a meeting of shareholders
a time, preceding the time of such meeting by not more than forty-eight hours exclusive
of non-business days, before which time proxies to be used at such meeting must be
deposited. A proxy shall be acted upon only if, prior to the time so specified, it shall
have been deposited with the Corporation or an agent thereof specified in such notice or
if, no such time having been specified in the notice, it has been received by the
secretary of the Corporation or by the chairman of the meeting or any adjournment thereof
prior to the time of voting.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.14&nbsp;&nbsp;&nbsp;
JOINT SHAREHOLDERS</B> &nbsp;&#151;&nbsp;If
two or more persons hold shares jointly, any one of them present or deemed to be present
in person or represented by proxy at a meeting of shareholders may, in the absence of the
other or others, vote the shares; but if two or more of those persons are present or
deemed to be present in person or represented by proxy and vote, they shall vote as one
the shares jointly held by them.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.15&nbsp;&nbsp;&nbsp;
VOTES TO GOVERN</B>
&nbsp;&#151;&nbsp;At any meeting of shareholders every question shall, unless otherwise required by
the articles or by-laws or by law, be determined by a majority of the votes cast on the
question. In case of an equality of votes either upon a show of hands or upon a poll, the
chairman of the meeting shall not be entitled to a second or casting vote. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.16&nbsp;&nbsp;&nbsp;
SHOW OF HANDS</B>
&nbsp;&#151;&nbsp;Subject to the provisions of the Act, any question at a meeting of shareholders
shall be decided by a show of hands unless a ballot thereon is required or demanded as
hereinafter provided. Upon a show of hands every person who is present or deemed to be
present and entitled to vote shall have one vote. Notwithstanding the foregoing, the vote
on any motion may be held, subject to compliance with any applicable provisions of the
Act, by means of a telephonic, electronic or other communication facility made available
by the Corporation for such purpose. Whenever a vote by show of hands shall have been
taken upon a question, unless a ballot thereon is so required or demanded, a declaration
by the chairman of the meeting that the vote upon the question has been carried or carried
by a particular majority or not carried, and an entry to that effect in the minutes of the
meeting shall, in the absence of evidence to the contrary, be proof of the fact without
proof of the number or proportion of the votes recorded in favour of or against any
resolution or other proceeding in respect of the said question, and the result of the vote
so taken shall be the decision of the shareholders upon the said question. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.17&nbsp;&nbsp;&nbsp;
BALLOTS</B> &nbsp;&#151;&nbsp;On
any question proposed for consideration at a meeting of shareholders, and whether or not a
show of hands has been taken thereon, the chairman or any person who is present or deemed
to be present and entitled to vote, whether as shareholder or proxyholder, on such
question at the meeting may require or demand a ballot. A ballot so required or demanded
shall be taken in such manner as the chairman shall direct. A requirement or demand for a
ballot may be withdrawn at any time prior to the taking of the ballot. If a ballot is
taken, each person present or deemed to be present or represented by proxy shall be
entitled, in respect of the shares </FONT></P>
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<BR><BR>













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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>which he or she is entitled to vote
at the meeting upon the question, to that number of votes provided by the Act or the
articles, and the result of the ballot so taken shall be the decision of the shareholders
upon the said question.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.18&nbsp;&nbsp;&nbsp;
ADJOURNMENT</B> &nbsp;&#151;&nbsp;The
chairman at a meeting of shareholders may, with the consent of the meeting and subject to
such conditions as the meeting may decide, adjourn the meeting from time to time and from
place to place. If a meeting of shareholders is adjourned for less than thirty days, it
shall not be necessary to give notice of the adjourned meeting, other than by
announcement at the earlier meeting that is adjourned. Subject to the Act, if a meeting
of shareholders is adjourned by one or more adjournments for an aggregate of thirty days
or more, notice of the adjourned meeting shall be given as for an original meeting.  </FONT></P>

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<A NAME=A024></A>
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SECTION ELEVEN<BR>
DIVISIONS AND DEPARTMENTS</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>11.01&nbsp;&nbsp;&nbsp;
CREATION AND
CONSOLIDATION OF DIVISIONS</B> &nbsp;&#151;&nbsp;The board may cause the business and operations of
the Corporation or any part thereof to be divided or to be segregated into one or more
divisions upon such basis, including without limitation, types of businesses or
operations, geographical territories, product lines or goods or services, as the board may
consider appropriate in each case. From time to time the board or, if authorized by the
board, the chief executive officer may authorize, upon such basis as may be considered
appropriate in each case: </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <B>SUBDIVISION AND CONSOLIDATION</B> &#151; The further division of the business
               and operations of any such division into sub-units and the consolidation of the
               business and operations of any such divisions and sub-units; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <B>NAME</B> &#151; The designation of any such division or sub-unit by, and the
               carrying on of the business and operations of any such division or sub-unit
               under, a name other than the name of the Corporation; provided that the
               Corporation shall set out its name in legible characters in all contracts,
               invoices, negotiable instruments and orders for goods or services issued or made
               by or on behalf of the Corporation; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <B>OFFICERS</B> &#151; The appointment of officers for any such division or
               subunit, the determination of their powers and duties, and the removal of any
               such officer so appointed without prejudice to such officer&#146;s right under
               any employment contract or in law, provided that any such officers shall not, as
               such, be officers of the Corporation, unless expressly designated as such. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<A NAME=A025></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION TWELVE<BR>
NOTICES</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.01&nbsp;&nbsp;&nbsp;
METHOD OF GIVING
NOTICES</B> &nbsp;&#151;&nbsp;Any notice (which term includes any communication or document) to be
given, sent, delivered or served pursuant to the Act, the articles, the by-laws or
otherwise to a shareholder, director, officer or auditor shall be sufficiently given if
delivered personally to the person to whom it is to be given or if delivered to his </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>recorded address or mailed to him at
his recorded address by ordinary mail, postage prepaid, or sent to him at his recorded
address by facsimile transmission or, subject to compliance with any applicable
provisions of the Act, by the creation or provision of an electronic document. Any notice
so delivered shall be deemed to have been received when it is delivered personally or at
the address aforesaid. A notice so mailed shall be deemed to have been received at the
time it would be delivered in the ordinary course of mail unless there are reasonable
grounds for believing such notice was not received at that time or at all, and a notice
sent by facsimile transmission or electronic document shall be deemed to have been
received when sent or provided to a designated information system.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.02&nbsp;&nbsp;&nbsp;
NOTICE TO SUCCESSORS
IN TITLE</B> &nbsp;&#151;&nbsp;Notice to a shareholder or other securityholder as aforesaid is
sufficient notice to each successor in title to that shareholder or other securityholder
until the name and address of that successor have been entered on the records of the
Corporation.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.03&nbsp;&nbsp;&nbsp;
NOTICE TO JOINT
SHAREHOLDERS</B> &nbsp;&#151;&nbsp;If two or more persons are registered as joint holders of any
share, any notice may be addressed to all of such joint holders but notice addressed to
one of such persons shall be sufficient notice to all of them. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.04&nbsp;&nbsp;&nbsp;
COMPUTATION OF TIME</B> &nbsp;&#151;&nbsp;In
computing the date when notice must be given under any provision requiring a specified
number of days&#146; notice of any meeting or other event, the date of giving the notice
shall be excluded and the date of the meeting or other event shall be included.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.05&nbsp;&nbsp;&nbsp;
UNDELIVERED
NOTICES</B> &nbsp;&#151;&nbsp;If any notice given to a shareholder pursuant to section 12.01 is
returned on three consecutive occasions because such shareholder cannot be found, the
Corporation shall not be required to give any further notices to such shareholder until
such shareholder informs the Corporation in writing of such shareholder&#146;s new
address. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.06&nbsp;&nbsp;&nbsp;
OMISSIONS AND ERRORS</B> &nbsp;&#151;&nbsp;The
accidental omission to give any notice to any shareholder, director, officer, auditor or
member of a committee of the board or the non-receipt of any notice by any such person or
any error in any notice not affecting the substance thereof shall not invalidate any
action taken at any meeting held pursuant to such notice or otherwise founded thereon.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.07&nbsp;&nbsp;&nbsp;
PERSONS ENTITLED BY
DEATH OR OPERATION OF LAW</B> &nbsp;&#151;&nbsp;Every person who, by operation of law, transfer,
death of a shareholder or any other means whatsoever, shall become entitled to any share,
shall be bound by every notice in respect of such share which shall have been duly given
to the shareholder from whom such person derives his or her title to such share, prior to
such person&#146;s name and address being entered on the securities register (whether
such notice was given before or after the happening of the event upon which such person
became so entitled) and prior to such person furnishing to the Corporation the proof of
authority or evidence of such person&#146;s entitlement prescribed by the Act.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.08</B> <B>WAIVER OF NOTICE</B>
&#151; Any shareholder, proxyholder, other person entitled to attend a meeting of
shareholders, director, officer, auditor or member of a committee of the board may at any
time waive or abridge the time for any notice, required to be given to him or her under
any </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>provision of the Act, the regulations
thereunder, the articles, the by-laws or otherwise and such waiver or abridgement, whether
given before or after the meeting or other event of which notice is required to be given,
shall cure any default in the giving or in the time of such notice, as the case may be.
Any such waiver or abridgement shall be in writing except a waiver of notice of a meeting
of shareholders or of the board or of a committee of the board which may be given in any
manner. </FONT></P>

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<A NAME=A027></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION THIRTEEN<BR>
EFFECTIVE DATE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>13.01&nbsp;&nbsp;&nbsp;
EFFECTIVE DATE</B>
&nbsp;&#151;&nbsp;This amended by-law shall come into force on approval of the board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>13.02&nbsp;&nbsp;&nbsp;
EFFECT OF AMENDMENT
OR REPEAL OF BY-LAWS</B> &nbsp;&#151;&nbsp;The amendment or repeal of any by-law in whole or part
shall not in any way affect the validity of any act done or right, privilege, obligation
or liability acquired or incurred thereunder prior to such amendment or repeal. All
directors, officers and other persons acting under any by-law amended or repealed in whole
or part shall continue to act as if elected or appointed under the provisions of this
by-law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amended by the Board of Directors on
the 19<SUP>th</SUP> day of April, 2002. </FONT></P>
<BR><BR>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 width=100%>
<TR>
     <TD WIDTH=50%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;Paul N. Wright&#148;<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <BR>
President</FONT></TD>
     <TD WIDTH=50%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;Dawn L. Moss&#148;<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Secretary </FONT></TD>
</TR>
</TABLE>





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