For Immediate Release

NORREP Performance 2002 FLOW-THROUGH LIMITED PARTNERSHIP COMPLETES ASSET TRANSFER

Calgary, Alberta, January 12, 2005 - Norrep Performance 2002 Flow-Through Limited Partnership (the "Partnership") announced that it has completed the transfer of all of its assets (the "Rollover") to Norrep II Class of Norrep Opportunities Corp. (the "Fund") effective at the close of business on January 12, 2005 pursuant to approval received at the Special Meeting of Limited Partners held on December 20, 2004. The Partnership received an aggregate of 998,381 mutual fund shares of the Fund ("Mutual Fund Shares") with a net asset value of $18.729212 per share in exchange for assets with a market value of approximately $18,698,898. As a result of the Rollover, each limited partner of the Partnership will receive 0.52522 of a Mutual Fund Share for each limited partnership unit, based on a net asset value of $9.83692 per unit. All net asset values were calculated as at close of business on January 11, 2005. Mutual Fund Shares plus any remaining property of the Partnership will be distributed to limited partners within 5 days following the closing date.

Immediately following completion of the Rollover, the Partnership shall be dissolved in accordance with the Partnership Act (British Columbia).

For the 2003 tax year, the Norrep Performance 2002 Flow-Through Limited Partnershipd had a Capital Gain Distribution of $1.08, for 2004 the Capital Gain Distribution was $1.69.


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

For further information: Randal L. Oliver, (403) 531-2650.