Humboldt Capital Corporation has received approval from the Canadian Venture Exchange to make Normal Course Issuer Bids to purchase for cancellation, from time to time, as it considers advisable, up to 336,800 of its issued and outstanding Multiple Voting Shares, being 5% of the class, and up to 303,200 of its issued and outstanding Subordinate
Voting Shares, being approximately 5% of the class.

Purchases will be made on the open market through the facilities of the Canadian Venture Exchange. The price which Humboldt will pay for any shares purchased by it will be the prevailing market price of such shares
on the Canadian Venture Exchange at the time of such purchase.

Pursuant to Normal Course Issuer Bids, during the previous 12 months, Humboldt purchased and cancelled 281,400 Subordinate Voting Shares at an average price of $0.86 per share and 131,200 Multiple Voting Shares at an average price of $0.84 per share.

The Bids will commence on January 17, 2002 and will terminate on January 16, 2003, or such earlier time as the applicable Bid is completed or at the option of Humboldt.