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MATERIAL CHANGE REPORTSection 75 of the Securities Act (Ontario)Section 85 of the Securities Act (British Columbia)Section 118 of the Securities Act (Alberta)Item 1. Reporting Issuer HY LAKE GOLD INC.Suite 520, 65 Queen Street WestToronto, Ontario M5H 2M5Telephone: (416) 203-9181Facsimile: (416) 368-1539 Item 2. Date of Material Change
13 December 2007 Item 3. Press Release
13 December 2007 Item 4. Summary of Material Change
The Company finalised its agreement with Goldcorp, in accordance withthe terms of the Letter of Intent released on the 3rd of October 2007.The Company has optioned the 117–claim, 2,187 hectare Rowan Lake propertyfrom Goldcorp. Under the terms of the option agreement, Hy Lake Gold can earna 60% interest in the property, as operator, through exploration expenditures ofCAD $2,500,000 over 3 years with a minimum CAD $500,000 commitment inthe first year. The option is subject to Goldcorp back-in rights detailed in Item 5and may result in the issuance of 1,000,000 shares of the Company. Item 5. Full Description of Material Change
The Company has optioned the 117–claim, 2,187 hectare Rowan Lake propertywhich is contiguous with Hy Lake Gold’s Mount Jamie and Golden Treeproperties to the west. Under the terms of the option agreement, Hy Lake Goldcan earn a 60% interest in the property, as operator, through explorationexpenditures of CAD $2,500,000 over 3 years with a minimum CAD $500,000commitment in the first year. Red Lake Gold Mines shall have an option back-inright to purchase a 20% interest in the property from Hy Lake Gold for CAD$5,000,000 within 90 days of the exercise of the option by Hy Lake Gold. If RedLake Gold Mines exercises the option back-in right, it will thereafter have a 60%joint venture interest and Hy Lake Gold will have a 40% joint venture interest inthe Rowan Property. If Red Lake Gold Mines does not exercise the option backinright, Hy Lake Gold will issue and deliver to Goldcorp 1,000,000 commonPage 2shares of Hy Lake Gold. Furthermore, subsequent to the formation of the jointventure, Goldcorp shall have a joint venture back-in right to purchase an 11%interest in the property from Hy Lake Gold, within 90 days of the ventureexpending CAD $5,000,000 on operations, for CAD $7,000,000. If Red LakeGold Mines exercises the joint venture back-in right, it will thereafter have a 51%joint venture interest and Hy Lake Gold will have a 49% joint venture interest inthe Rowan Property.See also attached press release for further details. Item 6. Reasons for Confidentiality
N/A Item 7. Omitted Information
N/A Item 8. Senior Officer
Inquiries in respect of the material change referred to herein may be made to:David McDonaldCFOHy Lake Gold Inc.Suite 520, 65 Queen Street WestToronto, Ontario M5H 2M5Telephone: (416) 203-9181Facsimile: (416) 368-1539 Item 9. Statement of Senior Officer
The foregoing accurately discloses the material change referred to herein.DATED at Toronto, Ontario as of the 21st day of December, 2007.“Robert Seitz”
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