- Norrep 2001 Flow-Through Limited Partnership (the ""Partnership"") announced that it completed the transfer of all of its assets to Norrep II Fund Inc. (the ""Fund"") at 10:00 a.m. December 16, 2003 pursuant to the approval received at the Special Meeting of Limited Partners held on December 2, 2003.

The Partnership received an aggregate of 756,408 Mutual Fund Shares of the Fund with a net asset value of $17.4636 per share in exchange for assets with a market value of approximately $13,209,648.

As a result of the transaction each limited partner of the Partnership will receive 0.62645 Mutual Fund Shares of the Fund for each limited partnership unit, based on a net asset value of $10.94 per unit.

All net asset values were calculated as at close of business on December 15, 2003. Mutual Fund Shares plus any remaining property of the Partnership will be distributed to limited partners within the next 5 days.

Norrep Inc. is the manager of the Fund. The portfolio manager is Hesperian Capital Management Ltd. who was also the portfolio manager for the Partnership.

For further information: Randal L. Oliver CFA, (403) 531-2650. randy@hesperiancapital.com