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Limited Parnership Offerings
Northern Limited Partnership 2003

Northern Precious Metals Limited Partnership 2003 completed its second and final closing on December 17, 2003, selling in total 7,020 units for aggregate gross proceeds of $7,020,000. The partnership which was made available in November 2003 to residents of the Province of Quebec was well received by investors.

The Northern Limited Partnership was created to offer investors an opportunity to invest in the mining sector through a well diversified portfolio, covering most strategic exploration sectors in Canada, managed by an experienced team of mining professionals and investment managers. The investment objective was to take advantage of a solid improvement in precious and base metal prices to fully benefit from a major and long expected turn around in Canadian exploration activity in the years ahead, while benefiting from tax deductions.

On December 31, 2003, all the funds available for investment, totaling roughly $6.1 million, were invested in eighteen mining companies. Moreover, all pre-set criteria were exceeded including:

Criterion   Actual   Pre-Set  
Market cap > $100 million    35%   30%  
Listed on TSX   67%   30%  
Eligible for Quebec CEE   40%   30%  
Federal Income tax Credit   87%   50%  
Average Premium   8%   10-15%  

As a result, Northern Precious Metals Funds anticipates higher tax savings and a lower net after tax cost, somewhat closer to $1,970 compared to $2,170 which was previously anticipated for each $5,000 invested, or $394 per $1,000 unit. This was accomplished while improving the forecast quality of the portfolio.

The Partnership holds warrants issued by five resource companies which should also add value to the portfolio in the months ahead.

Northern Limited Partnership 2004

Northern Precious Metals 2004 Limited Partnership completed its final closing on December 23, 2004, selling in total 6,202 units for aggregate gross proceeds of $6,202,000.

This second limited partnership continues to offer investors an opportunity to invest in the mining sector through a well diversified portfolio, covering most strategic exploration sectors in Canada, managed by an experienced team of mining professionals and investment managers. The investment objective is to take advantage of a solid improvement in precious and base metal prices to benefit from a major turn around in Canadian mining exploration activity and mining stocks prices in the years ahead, while benefiting from tax deductions. On December 31, 2004, all the funds available for investment, totaling roughly $5.6 million, were invested in 21 mining companies and all pre-set criteria were exceeded to the advantage of the unit holder. As a result, 94% of the funds invested will be eligible to the Investment Tax Credit (ITC) and close to $4,550 per each $5,000 of investment by a unit holder will be considered Canadian Exploration Expenses. This compares with estimates of 75% and $4,500$ as mentioned in the prospectus. (cont.)

Furthermore, the average premium of 10.5% paid for shares of mining companies which form the portfolio is relatively small.
The Limited Partnership also holds warrants issued by 9 resource companies which should add value to the portfolio in the months ahead.

All the tax information required as well as a step-by-step proceeding to help fill properly the Income Tax Return forms appear also on the web site under the item "Tax information".