News Release

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On May 22, 2003 Strategem Capital Corporation (“Strategem”) of #1550-1100 Melville Street, Vancouver, B.C. acquired beneficial ownership of 1,125,000 units (the “Units”) of Hydromet Technologies Limited (“Hydromet”), each Unit consists of one common share and one share purchase warrant allowing Strategem to purchase one additional common share at $0.20 per share until May 22, 2005. Strategem owns directly and indirectly 1,125,000 common shares representing approximately 16.7% of the issued and outstanding shares of Hydromet.

The shares were purchased for investment purposes and Strategem has no immediate plans to purchase additional securities of Hydromet.

A copy of the report filed by Strategem in respect of the acquisition, as required under applicable securities legislation, may be obtained by contacting Mr. Kenneth W. Morgan at the offices of Strategem at 604.692.0073.

STRATEGEM CAPITAL CORPORATION

Per:
“Kenneth W. Morgan”
KENNETH W. MORGAN

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