Cairngorm Mines Ltd

WHEREAS the securities of Cairngorm Mines Limited (the "Filer") are subject to a Temporary Order of the Director dated July 19, 1976 and extended by the Order of the Director dated August 3, 1976 made under the predecessor to section 127 of the Act (collectively, the "Cease Trade Order") directing that trading in the securities of the Corporation cease;

AND WHEREAS the Filer has made an application to the Director (the "Director") of the Ontario Securities Commission (the "Commission") pursuant to section 144 of the Act for a revocation of the Cease Trade Order;

AND UPON the Filer having represented to the Director that:

1. The Filer was incorporated on November 15, 1955 under the laws of the Province of Ontario;

2. The authorized capital of the Filer consists of 30,000,000 common shares of which 1,644,006 were issued and outstanding as at February 5, 2001.

3. The Corporation has been a reporting issuer under the Act since 1957, and its common shares will be listed for trading on the Canadian Venture Exchange.

4. The Cease Trade Order was issued due to the Filer's failure to file its annual audited financial statements for the year ended December 31, 1975, and unaudited interim financial statements for the period March 31, 1976 as a result of financial difficulties.

5. Except for the Cease Trade Order, the Filer has not been subject to any other previous cease trade orders issued by the Commission or the Director.

6. The Filer's annual audited financial statements for the years ended December 31,1997 to December 31, 1999, along with its interim unaudited financial statements for the periods ended March 31, June 30, and September 30 for each of 1997, 1998, 1999 and 2000 (collectively "the Financial Statements") were filed with the Commission on February 15, 2001 and will be mailed to shareholders of the Filer forthwith.

7. The Filer is not considering, nor is it involved in any discussions relating to a reverse take-over or similar transaction.

8. The Filer is not a "shell issuer" as that term is defined in the Staff Notice on Revocation of Cease Trade Orders, (1995) 18 OSCB 5.

9. Except for the Cease Trade Order, the Filer is not in default of any requirement of the Act or rules or regulations made thereunder.

AND UPON considering the application and the recommendation of the staff of the Commission;

AND UPON the Director being satisfied that the Filer has now complied with the continuous disclosure requirements under Part XVIII of the Act and has remedied its default in respect of such requirements;

AND UPON the Director being satisfied that to do so would not be prejudicial to the public interest;

IT IS ORDERED, pursuant to section 144 of the Act, that the Cease Trade Order be as is hereby revoked.

February 15, 2001.

John Hughes

Manager, Continuous Disclosure