September 10, 1998

NWB file No:. NWB1BOS9801

BHP Finance International Inc.

550 California Street

San Francisco, CA

USA	94104

Dear Sir,

RE: SECURITY DEPOSIT

This will confirm that we have received the required security deposit in a form of an Irrevocable Standby Letter of Credit, from the Citibank Canada.

The letter of credit number 38366, in the amount of $20,000.00 CAD is acceptable and meets the requirements of the water licence.

Enclose for your records is receipt number C 101072.

Yours Truly,

David Porter

Licence Administrator

cc	Water Resources Division.

DIAND, N.W.T. Region

Yellowknife, N.W.T.