in Peru is planning to move into the pharmaceutical business.

NIGL will dispose of its mineral interests if a merger with Planisphere Corp, a pharmaceutical company based in Barbados takes place.

Sphere was formed to develop new medical uses for existing pharmaceutical compounds. Its first compound, currently under development, is targeted at treating viral infections, particularly infections caused by viruses of the Herpes family.

It is estimated that the company will require US$140,000 to complete pre-clinical studies and Investigational New Drug application submissions.

The business combination contemplates that NIGL -- which has its operating headquarters in Canada -- will consolidate its shares on a 6:1 basis and then issue 15 million shares to acquire Sphere.

If the proposed business combination becomes effective, NIGL anticipates that current shareholders of NIGL will hold approximately 10 percent of the outstanding shares of the resulting company, the shareholders of Sphere will hold approximately 88 percent of the resulting company and the parties providing the necessary financing will hold two percent of the resulting company.

XL CHIEF LEAD NASD APP XL chief leads NASD One of Bermuda insurance giant XL Capital's directors, Robert R. Glauber has been appointed chief executive officer and president of the National Association of Securities Dealers, Inc..

This appointment was effective last Wednesday, November 1. He will continue to be on the NASD Board of Governors.

Mr. Glauber succeeds Frank G. Zarb as NASD CEO and Richard G. Ketchum as NASD president.

Mr. Zarb continues as NASD non-executive chairman and also serves as chairman and CEO of The Nasdaq Stock Market. Mr. Ketchum is now president of Nasdaq.

SAFE E-MAIL UNVEILED BUC Safe e-mail unveiled GEORGE TOWN, Cayman Islands (AP) -- The local arm of an international consulting firm has developed a secure e-mail system for use by businesses, company officials said yesterday.

KPMG Peat Marwick's Certeca system provides verification that e-mails sent between colleagues or business partners are authentic, the company said in a statement The system issues each e-mail a "digital certificate,'' that provides details on the identity and credentials of the sender, the statement said.