Exhibit 10(ee)

March 11, 1998

Omega Investment Corporation
Elizathethan Square, Box 1959G
Georgetown, Grand Cayman, BWI

Attention:  Mr. Roderick A. McLean, President
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Dear Sirs/Madams:

Re:  International Precious Metals Corporation purchase of Black 
     Rock Property Interest
     ------------------------------------------------------------

      Below please find the terms and conditions upon which International 
Precious Metals Corporation ("IPM") will acquire 100% ownership interest in 
the Black Rock Property, pursuant to an agreement made as of the 9th day of 
May, 1997, between IPM, International Precious Metals Corporation of Arizona 
("IPMA") and Omega Investment Corporation ("Omega"), as amended on July 29, 
1997.  The terms outlined below will be incorporated into an amended property 
purchase agreement.

1.    IPM will pay to Omega $1,000,000.00 (US) upon the exercise of the 
      1,000,000 warrants which are presently outstanding providing the 
      warrant holders with the right to purchase 1,000,000 common shares of 
      IPM at any time prior to December 3, 1998, at $1.25 (US) per common 
      share.  If IPM does not pay Omega the $1,000,000.00 on or prior to 
      December 15, 1998, then such amount will become a debt obligation for 
      IPM bearing interest at the prime rate charged by IPM's bankers in 
      Phoenix, Arizona, plus 2%.

2.    IPM will release from escrow the 3,000,000 common shares issued to 
      Omega on May 30, 1997.  If desired, IPM would arrange for the placement 
      of the 3,691,500 common shares (being the 3,000,000 common shares to be 
      issued and the 691,500 common shares already issued to Omega) or such 
      portion thereof as Omega wished to place so as to allow Omega to obtain 
      proceeds at current market prices at the time of sale.  Alternatively, 
      at Omega's request, IPM agrees to endeavour to obtain a registration for 
      such shares so as to allow Omega to sell the shares on the open market, 
      subject to Omega agreeing to a limited release of same to take into 
      consideration trading volumes etc.  Omega acknowledges that there are 
      presently restrictions on the transfer of the 3,691,500 common shares 
      issued to Omega in accordance with the securities laws of the United 
      States, which such restrictions prevent Omega from selling such shares 
      in the United States until after the second anniversary of their 
      issuance.

3.    IPM will grant to Omega a 1 1/2% Net Smelter Royalty interest in the 
      Black Rock property.

4.    IPM agrees that it will diligently pursue the development of the Black 
      Rock property, provided that there exists the economic merits of 
      pursuing same.  In the event that Omega has reasonable grounds to 
      believe that IPM (or any successor company who may own IPM's interest 
      in the Black Rock property) is not diligently pursuing the development 
      of the Black Rock property, despite the fact that there is economic 
      merit to pursuing same, then Omega shall have the right to seek a 
      determination of this fact before an arbitrator.  The arbitrator shall 
      determine firstly whether there is economic merit to developing the 
      Black Rock property, and in the event of an affirmative answer, the 
      secondly determine whether IPM is diligently pursuing the development 
      of the Black Rock property, then IPM will be deemed to have abandoned 
      the Black Rock property, and ownership of same will revert back to 
      Omega.



5.    IPM agrees to provide evidence to Omega on or prior to August 1 of each 
      year that IPM has paid, or will be paying, the maintenance fees owing 
      to the State of Arizona in order to maintain the claims which comprise 
      the Black Rock property in good standing.

If the foregoing is in accordance with your understanding and is acceptable to 
you, please indicate by signing the enclosed copy of this letter and returning 
one copy to us.

Yours very truly,
INTERNATIONAL PRECIOUS METALS CORPORATION



David N. Kornhauser
Corporate Secretary (Toronto)
DNK/sr

The foregoing is confirmed and accepted this  day of March, 1998


OMEGA INVESTMENT CORPORATION



Per: /s/ Roderick A. McLean
    ---------------------------
Name:
Title: President