Close of 2nd Tranche of 2,000,000 Unit Private Placement

March 14, 2003

The Company announces that it has closed its second (and final) tranche of its 2,000,000 unit private placement announced January 23, 2003. The Company issued 1,000,000 Units with each Unit consisting of one share and one share purchase warrant entitling the holder thereof to purchase an additional share of the Company at a price of $0.17 per share until February 28, 2005. The Company also issued 43,333 units to Canaccord Capital Corporation in connection with this private placement. The shares and any shares to be issued upon exercise of the share purchase warrants will be subject to a hold period and shall not trade until the expiry of June 28, 2003.

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