31.2.8 Securities Receipt Against Payment Confirmation

GS-12684, 22-FEB-1998,

Goldman Sachs, Toronto, CANADA

# 602, South End Towers,

JFK Avenue,

New York,

U.S.A.

ZIP-897-643-260

Sub: Confirmation of Receipt of Securities Against Payment.

Kind Attention: Ms. Andy Ryan,

Treasury Officer,

Securities Department.

Dear Sir/Madam,

We hereby confirm that as per your instructions to us, we have received the following securities against payment as per the details shown below:

Table 31-11 Header

Header	Details
Your Reference	16832
Our Reference	000SE01980380054
Securities Identification	ISIN CADBONDNWC01
-	North Woods Canadian Minerals Ltd. Bonds
Trade Date	07-FEB-1998
Place of Trade	Toronto Stock Exchange
Delivery Date	22-FEB-1998
Next Coupon Due Date	30-JUN-1998
Securities Book Value	**5,000,000.00 CAD
Quantity of Securities	**5,000,000 Face Amount
Safekeeping Account (Deposited)	CAGS-BZ6782
Securities Certificate Numbers	NWB 52011 to NWB 52060 50 x 100,000 CAD worth Bond Certificates
Deliverer of Securities	Rosedale Brokers Group, Toronto
Securities Deliverer’s Reference	56243
Beneficiary of Securities	Zerus Dynamic Fund Corporation
Securities Registration Details	Securities that have been received, are registered in the name of the Zerus Dynamic Fund Corporation.
Securities Receipt Declaration Details	Certificate Numbers of Bonds delivered match with the numbers as indicated in your Instruction and the Certificates are in a good condition.
Account for Payment	643-982
Securities Deal Price	104 PCT – 104 Percent of Face Value
Securities Deal Amount	**5,200,000.00 CAD
Accrued Interest Amount	250,000.00 CAD
Accrued Interest Days	51 Days
Taxes Added	*85,000.00 CAD
Taxes Description	Stock Exchange Tax on Bonds Purchased.
Broker’s Commission	*12,500.00 CAD
Other Charges/Fees	**2,500.00 CAD
Securities Deal Settlement Amount	**5,550,000.00 CAD
Own Charges	500 CAD
Net Proceeds	**5,550,500.00 CAD
Value Date of Payment	22-FEB-1998

Other Information:

Our Charges for the above transaction carried out as per your earlier instruction is 500 CAD and has been debited to your payment account with us, value 22-FEB-98. Please always quote Our Reference in all further correspondence regarding the above instruction.

Thanking you,

For Citibank N.A.,

Toronto, Canada.