EXHIBIT 4.13

# FINANCING AND
ACQUISITION AGREEMENT

made among

# TECK COMINCO AMERICAN
INCORPORATED

and

# WHITE KNIGHT RESOURCES
LTD.

and

# WHITE KNIGHT GOLD
(U.S.) INC.

in respect of

the Fye Canyon
Property, Nevada

Effective as of October
20, 2004

---

# FINANCING AND PROPERTY
ACQUISITION AGREEMENT

This Financing and Property
Acquisition Agreement (hereafter Agreement) is entered into and effective this
20thday of October 2004 by and between Teck Cominco American Incorporated, a
Washington corporation, (hereafter TCAI) of 15918 East Euclid Avenue, Spokane,
Washington 99216-1815, White Knight Resources Ltd., a British Columbia corporation, of 922
 510 Hastings St. W., Vancouver B.C. Canada V6B 1L8, and White Knight Gold (U.S.)
Inc., a Delaware corporation of Suite 140, 121 Woodland Ave., Reno, Nevada, USA 89523
(hereafter collectively referred to as WKR).

# RECITALS

# WHEREAS:

(A)    
          WKR is engaged in the acquisition and exploration of mineral properties in the
          State of Nevada; and

(B)    
          WKR is desirous of securing funding to support its ongoing acquisition and
          exploration of mineral properties in the State of Nevada and is agreeable to
          providing to TCAI certain rights to earn a direct ownership interest in the Fye
          Canyon and Celt properties located in Nevada as provided for in this Agreement;
          and

(C)    
          TCAI is desirous of providing funding to WKR to support its acquisition and
          exploration of mineral properties in the State of Nevada and of securing certain
          rights to earn a direct ownership interest in the Fye Canyon property located in
          Eureka County in the State of Nevada, USA and more particularly described in
          Schedule A1 (the Fye Property) and the Celt
          property located in Eureka County in the State of Nevada, USA and more
          particularly described in Schedule A2 (the Celt
          Property), all as provided for in this Agreement; and

(D)    
          Upon and subject to the terms and conditions herein TCAI has agreed to invest
          CDN$2,370,000 in White Knight Resources Ltd. by way of a private placement; and

(E)    
          Upon and subject to the terms and conditions herein WKR has agreed to grant TCAI
          an option to earn an initial 51% interest in the Fye Property, portions of which
          are subject to a mining lease and option to purchase agreement dated November
          10, 2003 amongst Donald K. Jennings, White Knight Gold (U.S.) Inc. and White
          Knight Resources Ltd (the Underlying Agreement set out in
          Schedule D); and

(F)    
          Upon TCAI exercising the option with respect to the Fye Property a joint venture
          shall be formed amongst TCAI and WKR; and

(G)    
          WKR has agreed to grant TCAI an additional option to increase its interest in
          the Fye Property after the earlier of $8 million in expenditures by the joint
          venture or the delivery of a preliminary feasibility study by the joint venture;
          and

(H)    
          WKR has agreed to grant TCAI a right to enter into an option agreement on the
          Celt Property.

NOW THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:

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Page 2 of 27

|1. |  | Initial
Financing
|-- |  | -----------------

|1.1 |  | Subject
to TSX Venture Exchange approval under §25 and the execution of a private placement
subscription agreement satisfactory to TCAI that White Knight Resources Ltd. will prepare
and deliver to TCAI, TCAI, either directly or through an assignee, agrees to purchase
from White Knight Resources Ltd. in a private placement one million five hundred thousand
(1,500,000) Units, each Unit comprised of one fully paid and
non-assessable Common Share of White Knight Resources Ltd. (with a hold period of no more
than 4 months) and one share purchase warrant (the Warrants). Each
warrant shall entitle TCAI, or its assignee, to purchase one additional fully paid and
non-assessable common share of White Knight Resources Ltd. at a price of Canadian two
dollars and fifty cents (CDN$2.50) for a period of one (1) year from and after the
private placement closing date. The private placement closing date shall be as mutually
agreed between the parties, but in no event later than 30 days after WKR notifies TCAI
that it has received TSX Venture Exchange approval under §25.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.2 |  | The
price payable by TCAI, or its assignee, for each Unit will be Canadian one dollar and
fifty eight cents (CDN$1.58) for a total purchase price of Canadian two million three
hundred and seventy thousand dollars (CDN$2,370,000). The purchase price is payable in
full by TCAI, or its assignee, to White Knight Resources Ltd. on the private placement
closing date.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | Future
Financings
|-- |  | -----------------

|2.1 |  | White
Knight  Resources  Ltd.  agrees to grant TCAI the  preferential  right to participate in
each Future          Financing  undertaken by White Knight  Resources  Ltd.  where Future
 Financings  means sales or offers of          sale by White Knight  Resources Ltd. of
shares of its common stock whether by private  placement or public          offerings.
 Future  Financings  do not include  stock options or similar plans or the exercise of
existing          outstanding warrants.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | At
its election, if at the time of any Future Financing TCAI holds less than ten
          percent (10%) of the outstanding common shares of White Knight Resources Ltd.
on           a fully diluted basis, it shall have the right to participate up to a
maximum of           twenty-five percent (25%) of the value of the Future Financing;
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | At
its election, if at the time of any Future Financing TCAI holds ten percent
          (10%) or more of the outstanding common shares of White Knight Resources Ltd.
on           a fully diluted basis, it shall have the right to participate in any Future
          Financing in an amount sufficient to avoid any dilution of its interest in the
          capital stock of White Knight Resources Ltd.;
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | TCAI
may make such election subject to such conditions as are reasonable in the
          circumstances including that the Future Financing is subscribed to for at least
          80% of the offering. If the level of the offering is subscribed to at a level
of           less than 80% but exceeds the minimum offering then TCAI may reduce the
amount           of its subscription to a percentage amount equal to the percentage that
          TCAIs original election was of the original fully subscribed          offering;
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | With
respect to the private placement referenced in §1 and all Future
          Financings, it shall be the responsibility of White Knight Resources Ltd. to
          comply with all laws, rules, regulations and policies of any applicable
          jurisdictions and all policies and procedures of its listing stock exchange at
          its expense;
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (e) |  | White
Knight Resources Ltd. agrees to provide TCAI at least seven (7) business           days
advance written notice of any Future Financing. Said notice shall include           the
intended use of the funds from the Future Financing, the minimum amount
          required to be raised, if any, the intended sources for such funds and all
other           material terms of the Future Financing. The information about a Future
Financing           supplied to TCAI shall not be less than that supplied to other
potential           investors in the Future Financing; and
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) |  | White
Knight Resources Ltd. agrees that TCAI may in its discretion and without           the
prior approval of White Knight Resources Ltd. assign its right to           participate
in Future Financings to any parent, affiliate, subsidiary,           associated, or
related company.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.2 |  | Nothing
in this Agreement shall limit TCAIs rights to purchase or otherwise acquire shares
or other securities of White Knight Resources Ltd. in addition to the shares or other
securities purchased by TCAI pursuant to this Agreement. However TCAI shall not purchase
shares such that its aggregate interest exceeds 10% of the share capital of White Knight
Resources Ltd. on a fully diluted basis without first seeking prior written approval of
White Knight, such approval not to be unreasonably withheld.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.3 |  | TCAI's
right to participate in Future Financings shall terminate upon the later of the:
|--- |  | ---------------------------------------------------------------------------------------

| | (a) |  | termination
of the option, or any joint venture formed, with respect to the Fye           Property;
and
| | --- |  | -------------------------------------------------------------------------------------------------------

| | (b) |  | termination
of the option, or any joint venture formed, with respect to the Celt           Property.
| | --- |  | ----------------------------------------------------------------------------------------------------

|3. |  | Celt
Property
|-- |  | -------------

|3.1 |  | WKR
hereby grants TCAI a right to elect to enter into an option agreement with respect to the
Celt Property on exactly the same terms as those applying to the Fye Property Option
under this Agreement. TCAI may elect to exercise this right by providing notice to WKR on
or before November 1, 2004 and thereafter delivering an agreement to WKR for the Celt
Property encompassing the terms of the Fye Property Option. For clarity no additional
investment with respect to a private placement or otherwise is required for TCAI to
exercise this right.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3.2 |  | WKR
covenants, until TCAIs right under §3.1 expires, not to dispose of any part or
portion of the Celt Property except in accord with the terms of this Agreement or enter
into any agreement or do anything that would create a lien or encumbrance on the Celt
Property except as permitted herein; not to enter into any contract or agreement with
respect to the Celt Property which would in away negatively impact TCAIs rights to
exercise its Option as provided for herein; and that it will comply with all governmental
requirements and laws respecting WKRs use and operation of the Celt Property,
including the Environmental Laws.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3.3 |  | WKR
represents that it will make the same representations and warranties with respect to the
Celt Property as made with respect to the Fye Property under §19.2.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | Option
|-- |  | ------

|4.1 |  | Subject
as hereinafter provided, WKR hereby grants TCAI an option (the Option)
to earn an initial 51% undivided right, title and interest in and to the Fye Property.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|4.2 |  | As
 consideration  for the granting of the Option,  TCAI shall make the following  optional
cash payments,          for an aggregate of $750,000, to White Knight Gold (U.S.) Inc. as
follows:
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | on
the first anniversary of this Agreement, $50,000;
| | --- |  | ----------------------------------------------------

| | (b) |  | on
or before December 31, 2006, an additional $100,000;
| | --- |  | -------------------------------------------------------

| | (c) |  | on
or before December 31, 2007, an additional $250,000; and
| | --- |  | -----------------------------------------------------------

| | (d) |  | on
or before December 31, 2008, an additional $350,000.
| | --- |  | -------------------------------------------------------

|4.3 |  | TCAI
may exercise the Option by incurring  the  following  expenditures  (the  "Expenditures")
 on the Fye          Property:
|--- |  | -----------------------------------------------------------------------------------------------------------------------------

| | (a) |  | on
or before December 31, 2005, TCAI shall incur a minimum of $500,000 in
          Expenditures (note that, subject only to §25.1, this first amount is a
          guaranteed Expenditure under this Agreement and the balance of the Expenditures
          are optional);
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | on
or before December 31, 2006, TCAI shall incur a minimum of $1,250,000 in
          Expenditures in the aggregate;
| | --- |  | --------------------------------------------------------------------------------------------------------------------

| | (c) |  | on
or before December 31, 2007, TCAI shall incur a minimum of $2,500,000 in
          Expenditures in the aggregate; and
| | --- |  | ------------------------------------------------------------------------------------------------------------------------

| | (d) |  | on
or before December 31, 2008, TCAI shall incur a minimum of $4,000,000 in
          Expenditures in the aggregate.
| | --- |  | --------------------------------------------------------------------------------------------------------------------

| | The
amounts required to be spent within the periods referred to in §4.3(a) to §4.3(d)
hereof are cumulative, aggregate amounts and accordingly, all Expenditures incurred in a
particular period, including any excess in the amount of Expenditures required to be
incurred to maintain the Option to the end of such period, shall be carried over and
included in the aggregate amount of Expenditures for the subsequent period.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.4 |  | If
TCAI terminates the Option prior to December 31, 2005 then any shortfall between the
actual Expenditures incurred and the guaranteed Expenditure requirement of $500,000
contemplated in §4.3(a) shall be due and owing in cash within 30 days of the date of
such termination. If that shortfall is not paid by that date it shall accrue interest
from the original date due at a rate of prime, for the period of calculation, as quoted
by the Bank of America, as being charged by it on United States Dollar demand loans to
its most creditworthy domestic commercial customers (the Prime Rate) plus 2%,
calculated monthly, until paid.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.5 |  | Upon
TCAI making the cash payments under §4.2 and expending an aggregate of $4,000,000 in
Expenditures under §4.3, TCAI shall forthwith provide WKR written notice of such
Expenditures (the Earn-in Notice), which shall include a statement in
reasonable detail evidencing such Expenditures and a technical report on the results
obtained from such Expenditures.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. |  | Deficiencies
in Expenditures
|-- |  | ----------------------------

|5.1 |  | If
TCAI has not incurred the requisite Expenditures under §4.3 to maintain the Option
in good standing, TCAI may pay to WKR, within 30 days following the Expenditure due date,
the amount of the deficiency and the amount
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Page 5 of 27

| | of
such deficiency shall thereupon be deemed to have been Expenditures incurred by TCAI.
| | ----------------------------------------------------------------------------------------

|6. |  | Expenditures
Defined
|-- |  | --------------------

|6.1 |  | Expenditures include:
|--- |  | -----------------------

| | (a) |  | all
costs, expenses, charges and outlays, direct and indirect, funded or           incurred
by or on behalf of TCAI on or in respect of the Fye Property from the           date
hereof until the formation of the JV, and thereafter during the term of the           JV
by the Operator, including, without limiting generality, all costs, including
          but not limited to, costs for prospecting, claim staking, tenure obligations,
          maintaining the Underlying Agreement (including cash payments and any royalties
          payable thereunder), taxes, mapping, surveying, permitting, geochemical
surveys,           geophysical surveys, sampling, assaying, trenching, drilling,
geochemical           analyses, road building, drill site preparation, drafting, report
writing,           consultants, all costs related to the preparation of a Feasibility
Study and           production program, all costs spent or incurred directly or
indirectly in           connection with a production program in order to equip the Fye
Property or a           part thereof for commercial production, all costs, incurred or
chargeable,           directly or indirectly, by the Operator in connection with
operating the Fye           Property as a mine and all other project expenditures; and
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | a
fee for administrative services and head office services overhead provided by
          or on behalf of TCAI during the term of the Option and thereafter by the
          Operator and not recovered directly in §6.1(a) above, which charge shall
be           as follows:
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | 10%
of costs incurred prior to a production decision; and
| |  | --- |  | ---------------------------------------------------------

| |  | (ii) |  | 3%
of mine construction costs; and
| |  | ---- |  | ----------------------------------

| |  | (iii) |  | 2%
of mine operating costs.
| |  | ----- |  | ---------------------------

| | The
charges set out in §6.1(b) are intended as a reimbursement of the direct costs for
the time incurred by TCAIs or the Operators, as the case may be, head office
management and support functions in respect of work carried out on or in respect of the
Fye Property. It is intended that TCAI or the Operator, as the case may be, shall not
profit nor suffer loss by virtue of providing the services. This charge shall not be
subject to audit but may be reviewed, in good faith, by the parties from time to time, at
the election of either party.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. |  | Holding
of the Fye Property
|-- |  | ---------------------------

|7.1 |  | Initially
WKR shall hold title to the Fye Property in trust for the parties, other than those lands
subject to the Underlying Agreement which shall be held in trust for the parties by
Donald K. Jennings. TCAI may register this Agreement against title to the Fye Property.
TCAI may request that WKR and, if so requested, WKR shall promptly execute and deliver to
TCAI a transfer of the portions of the Fye Property held by WKR in recordable form. TCAI
shall then hold such portions of the Fye Property in trust for the parties as their
interests may appear as provided for herein. On the formation of any JV under §11,
the Operator shall then hold such portions of the Fye Property in trust for the parties
as their interests may appear as provided for herein.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|8. |  | TCAIs
Obligations During the Currency of the Option
|-- |  | ----------------------------------------------------

|8.1 |  | During
the currency of the Option TCAI and its employees, agents and contractors shall have the
right and option, as between TCAI and WKR, to:
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | enter
upon the Fye Property;
| | --- |  | ----------------------------

| | (b) |  | have
exclusive and quiet possession thereof;
| | --- |  | --------------------------------------------

| | (c) |  | do
such prospecting, exploration, development or other mining work thereon and
          thereunder as TCAI in its sole discretion may consider advisable and including,
          without limitations, the removal of ores, minerals and metals from the Fye
          Property but only for the purpose of testing; and
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | bring
upon and erect upon the Fye Property such facilities and workings (whether
          fixed or moveable) as TCAI may consider advisable.
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------

|8.2 |  | During
the currency of the Option TCAI shall, prior to January 31st of each year
beginning in 2006, deliver to WKR a statement showing in reasonable detail the
Expenditures incurred by TCAI during the period, under §4.3, last expired and the
aggregate Expenditures incurred to the end of such period. WKR shall have 45 days from
the time of receipt of such statement to question the accuracy thereof in writing,
failing which such statement shall be deemed to be correct and unimpeachable thereafter.
If WKR questions any statement delivered pursuant to §8.2, WKR shall have 3 months
from the time of delivery of any statement to request that TCAIs independent
external auditors review the accounts and provide their audit opinion as to the
correctness of the statement, and:
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | the
audit opinion shall be final and determinative of the amount of Expenditures
          incurred for the audited period; provided that, if such audit opinion discloses
          a deficiency in the amount of Expenditures required to be incurred to maintain
          its Option in good standing, TCAI may pay to WKR the amount of such deficiency
          within 15 days following receipt of notice of such audited results, whereupon
          such amount shall be deemed to have been Expenditures incurred during the
          audited period; and
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | the
costs of the audit opinion shall be borne by WKR if TCAIs statement
          understated Expenditures or if it overstated Expenditures by not more than 3%
          and shall be borne by TCAI if such statement overstated Expenditures by greater
          than 3%.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.3 |  | During
the currency of the Option TCAI shall:
|--- |  | ---------------------------------------------

| | (a) |  | keep
the Fye Property free and clear of all liens, charges and encumbrances           arising
from its operations hereunder (except liens for taxes not yet due, other
          inchoate liens and liens contested in good faith by TCAI) and shall proceed
with           all diligence to contest and discharge any such lien that is filed and
shall           keep the Fye Property in good standing by the doing and filing of all
necessary           work and by the doing of all other acts and things and making all
other payments           including payments under the Underlying Agreement (said payments
being           considered Expenditures), which may be necessary in that regard, in
connection           with the above and while WKR holds title to the Fye Property WKR
shall provide           timely support to TCAI in the processing of filings and payments
on the Fye           Property;
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Page 7 of 27

| | (b) |  | permit
WKR, or its representatives duly authorized by it in writing, at their           own risk
and expense, access to the Fye Property at all reasonable times and           access to
all factual records in the possession of TCAI, its servants and agents           in
connection with work done on or with respect to the Fye Property;
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | furnish
WKR with annual reports by January 31st of each year during           the
conduct of the work carried out by TCAI on or with respect to the Fye           Property
and results obtained, together with regular progress updates, during           periods of
active work, on the status of exploration, and immediately or as soon           as
practicable furnish WKR with any results obtained which reasonably may be
          considered to be material to WKR for the purpose of its meeting applicable
          public disclosure requirements;
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | conduct
all work on or with respect to the Fye Property in a manner consistent           with
good exploration, engineering and mining practices and in compliance with           all
applicable laws, rules, orders and regulations, and indemnify and save WKR
          harmless from any and all claims, suits or actions made or brought against it
as           a result of work done by or on behalf of TCAI on or with respect to the Fye
          Property;
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) |  | provide
insurance in accordance with TCAIs ongoing business practices.           Such
insurance shall include, but shall not be limited to, comprehensive general
          liability, with coverage of at least $5 million and automobile liability
          insurance, having a limit of not less than $2 million inclusive for any one
          occurrence, and insuring against claims for bodily injury, including death, and
          for property damage arising out of the use of TCAI s owned, leased and
          non-owned vehicles for the performance of any activities under this Agreement.
          TCAI shall pay the full deductible amounts if there is a claim against any
          policy of insurance to be provided by TCAI under §8.3(e) of this
Agreement;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) |  | be
responsible for providing health, accident, and employment insurance and           workers
compensation coverage for its personnel; and
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------

| | (g) |  | indemnify
and save harmless WKR and its respective directors, officers,           employees and
agents from and against any liability whatsoever for any loss           (other than loss
of profits), damage, claim, demand, lien, action or suit,           charge or expense,
including legal fees, on account of injury to or the death of           any person,
damage to or loss of any property, or infringement or interference           of patent,
any of which arises directly or indirectly from TCAIs           negligence or
willful misconduct in relation to or connection with any work done           by or for
TCAI on or in respect of the Fye Property save and except that TCAI           shall not
be liable for special or consequential damages, or indirect damages or           for acts
or omissions of WKR. Any other liabilities will be shared by the           parties in
proportion to their interest in the Fye Property.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.4 |  | Prior
to the Participation Date TCAI may recommend the abandonment of up to 20% of the initial
lands comprising the Fye Property in a given year. If WKR, within 30 days of receiving a
notice of abandonment, notifies TCAI that they wish to acquire the claims in question,
then TCAI shall cause a transfer of the claims to be abandoned to WKR, with at least 90
days good standing from the date of TCAIs notice recommending the abandonment, as
soon as practicable thereafter and such claims shall cease to form part of the Fye
Property or be subject to this Agreement.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|9. |  | TCAIs
Obligations on Termination
|-- |  | ---------------------------------

|9.1 |  | TCAI
may terminate the Option at any time prior to the delivery of the Earn-in Notice by
giving notice in writing to that effect to WKR. Subject to §5.1, the Option shall
also terminate if TCAI fails to make the requisite cash payments under, and before the
dates set forth in, §4.2 or fails to make the requisite Expenditures under, and
before the dates set forth in §4.3. On termination, the Option shall be of no
further force or effect and TCAI shall have no interest in the Fye Property. However on
termination of the Option TCAI shall:
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | leave
the Fye Property in good standing with respect to the filing of assessment           work
for a period of 90 days from the date of termination, free and clear of all
          liens, charges and encumbrances arising from operations hereunder (except for
          taxes not yet due, other inchoate liens and liens contested in good faith by
          TCAI during the period of such contest, such liens to be removed by TCAI if
such           contest is unsuccessful) and in good standing with respect to all
applicable           environmental, safety and other statutory rules, regulations and
orders arising           from or applicable to work done on the Fye Property by TCAI;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | if
the Agreement is terminated after June 1st in any given year TCAI
          shall be responsible for making payment with respect to the BLM and county
          holding costs for the Property that are due in such calendar year;
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | upon
a written request made by WKR within 60 days of termination of the Option,
          remove from the Fye Property, within 180 days of said request, such equipment,
          facilities and workings (whether fixed or moveable) brought on to, or erected
on           the Fye Property by TCAI, or arising from work done on the Fye Property by
TCAI;           and
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | deliver
to WKR, within 60 days of a written request made by WKR, a comprehensive           report
on all work carried out by TCAI on the Fye Property (limited to factual           matters
only), together with all drill cores, assay samples, copies of all maps,           drill
logs, assay results and other factual technical data compiled by TCAI with
          respect to the Fye Property which were not previously delivered to WKR.
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) |  | if
TCAI holds title to the Fye Property, promptly execute and deliver to WKR a
          transfer of the Fye Property in recordable form.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------

|10. |  | Interest
to be Earned by TCAI
|--- |  | -----------------------------

|10.1 |  | Upon
TCAI exercising the Option, by making the cash payments referred to in §4.2 within
the time referred to therein, incurring the Expenditures referred to in §4.3 within
the time referred to therein or paying any deficiencies as provided for in §5.1, and
delivering to WKR the Earn-in Notice under §4.5, (the Participation Date)
TCAI shall have earned a 51% undivided right, title and interest in and to the Fye
Property and WKR shall retain a 49% interest in the Fye Property and the parties shall
form a joint venture under §11.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. |  | Formation,
Funding and Dilution of the JV
|--- |  | -----------------------------------------

|11.1 |  | On
the Participation Date, a joint venture (JV) shall be formed between
TCAI and WKR with the JV interests being 51% TCAI  49% WKR and the JV shall be
governed by the terms outlined under §11 through §16.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|11.2 |  | On
the Participation Date each parties initial deemed Expenditure for the purposes of the JV
shall be based on their pro rata share of total Expenditures (TE),
where TE shall be $4,000,00 in the case of TCAI and $3,840,000 for WKR. Subsequent to the
Participation Date, the respective interests of the parties shall be determined from time
to time as being equal to the product obtained by:
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | multiplying
100% by;
| | --- |  | --------------------

| | (b) |  | the
respective parties initial deemed Expenditures on the Participation Date           plus
the amount of the respective parties contributions to Expenditures
          subsequent to the Participation Date;
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | divided
by the TE plus the amount of all contributions to Expenditures made           subsequent
to the Participation Date by all parties.
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------

|11.3 |  | From
formation of the JV each party shall be liable for its pro rata share of costs in
accordance with its interest in the JV.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------

|11.4 |  | If
a party elects not to contribute its pro rata share of Expenditures of a work program or
Feasibility Study (and the other party contributes to the shortfall thereby created), the
interests of the parties shall be adjusted according to §11.2 so that each party
holds an interest proportionate to its deemed and actual contributions. If any party
dilutes its interest to less than 10% in the JV, its interest shall then be converted to
a 2% net smelter returns royalty (the NSR), as further defined in
Schedule C. However, if any program is completed with less than 80% of
the budgeted Expenditures having been incurred, the non-contributing party may
contribute, within 30 days, its proportionate share of the actual Expenditures incurred
and thereby maintain its interest.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11.5 |  | A
party shall be entitled to surrender its interest to the other party on notice to it. A
surrender of interest shall not release a party from liabilities accrued prior to the
effective surrender date. Should the other party not consent to receive the interest
offered for surrender under this §11.5 then the JV shall be terminated and the
assets shall be liquidated or sold and the assets or proceeds from the sale thereof
distributed to the parties, net of liabilities hereunder or related thereto, in
accordance with their interests in the JV. Each party shall be responsible for its share
of all costs and expenses related to such termination and liquidation.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11.6 |  | Upon
payment for Expenditures incurred by the Operator under the JV a party contributing to
those Expenditures shall be entitled to all tax benefits with respect thereto.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. |  | Management
Committee, Operator and Programs Under the JV
|--- |  | --------------------------------------------------------

|12.1 |  | Upon
the formation of a JV, a management committee (the Management Committee)
shall be formed to manage all exploration, development and operating programs on the Fye
Property. The Management Committee shall be comprised of two representatives from each
party having an interest in the Fye Property. Each partys representatives shall
have a collective vote equal to the interest held by the party they represent and the
Operator shall have the deciding vote in the case of a tie.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.2 |  | Except
as otherwise specifically provided for herein to the contrary, TCAI shall be the initial
operator (the Operator) of all programs on the Fye Property, and shall
remain as Operator so
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 10 of 27

| | long
as TCAI holds at least a 51% interest in the JV. If TCAI holds less than a 51% interest
in the JV WKR shall be entitled to elect to become Operator.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|12.3 |  | Prior
to a production decision the Operator shall propose draft work programs, by February 28th of
each year, for Management Committee approval and carry out approved programs. Any
Feasibility Study or Preliminary Feasibility Study shall be prepared under a separate
program and budget.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.4 |  | Each
party may, within 30 days of Management Committee approval, elect to contribute its
proportionate share of the Expenditures required to conduct each program. If a party (for
the purposes hereof a Non-Contributor) elects or is deemed to have
elected not to contribute its cost share of a program, each other party (for the purposes
hereof a Contributor) that has elected to contribute its cost share of
the program may give notice in writing to the Operator and the Non-Contributor stating
that it will contribute, in addition to its own cost share, the cost share of the
Non-Contributor.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.5 |  | Except
as provided for in §12.7, the Operator will not proceed with any program which is
not fully subscribed. If the parties fully subscribe to a program, the Operator will
proceed with such program.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.6 |  | The
Operator may invoice for exploration Expenditures incurred or to cash call reasonably in
advance of requirements. If a party has approved a program and does not pay the amount
invoiced for said program within 30 days, the Operator may demand payment. If payment is
not made within 30 days of demand, and subject to §12.7, the other party may elect
to either:
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | advance
all of the unpaid cost share of the defaulting party. If the other party
          advances such unpaid share, then they or it will be entitled to recover the
          amount so paid, together with interest thereon from the date so paid at a per
          annum rate equal to Prime Rate plus 4%. The party making the advance shall have
          a lien against the defaulting partys interest, which it may enforce by
          selling the defaulting partys interest; or
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | pay
the amount of the defaulted payment and the defaulting party shall be deemed           to
have incurred dilution at a rate equal to twice the standard dilution rate,
          their interest shall be adjusted and the deemed total Expenditures of each
party           shall be adjusted to reflect the interest held; provided that if a partys
          interest is reduced to less than 10% it shall be deemed to have assigned and
          conveyed its interest to the other party and be entitled to a 2% NSR.
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.7 |  | If
in any year there is no approved program and circumstances are such that the Operator
must incur costs in order to maintain tenure to the Fye Property, to satisfy contractual
obligations or obligations imposed by law or to prevent waste or protect life and
property, the Operator shall be entitled to propose a program (the mandatory
program) of Expenditures to maintain tenure to the Fye Property, to satisfy
contractual obligations that have been entered into as the result of a previously
approved program and to satisfy obligations imposed by law or to prevent waste or protect
life and property. The mandatory program shall be deemed to be approved and each of the
parties shall be obligated to contribute its proportionate share of Expenditures. If
payment is not made within 30 days of written demand, the other party may elect to
advance the amount of the defaulted payment and the defaulting party shall be deemed to
have forfeited its rights to participate in future programs and its interest shall then
be converted to a 2% NSR. If a written demand is made as aforesaid, it shall contain a
reminder to the party upon which demand is being
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 11 of 27

| | made
that its  interests  under this  Agreement  will be converted to a NSR interest if
payment of its proportionate share is not made as demanded.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------

|12.8 |  | If
the Management Committee elects to abandon any claim comprising the Fye Property and one
party (the Contesting Party) has voted against such abandonment, then
each party shall be notified of such abandonment at least 60 days prior to the
anniversary of the recording date for the claim to be abandoned. If the Contesting Party,
within 30 days of receiving a notice of abandonment, notifies the Management Committee
that the Contesting Party wishes to acquire the abandoned claim, then the parties shall
cause a transfer of the claim to be abandoned to the Contesting Party as soon as
practicable thereafter without any payment to the other parties, however the Contesting
Party shall be responsible for the costs of the transfer.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. |  | Additional
TCAI Option
|--- |  | ----------------------

|13.1 |  | Upon
the earlier of the JV completing:
|---- |  | --------------------------------------

| | (a) |  | $8.0
million in Expenditures from the formation of the JV; or
| | --- |  | -------------------------------------------------------------

| | (b) |  | a
Preliminary Feasibility Study on the Fye Property,
| | --- |  | ----------------------------------------------------

| | the
Operator shall forthwith provide the parties written notice (the Additional
Rights Notice) which shall include a copy of the Expenditures incurred to date
and, if applicable, a copy of the Preliminary Feasibility Study.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Preliminary
Feasibility Study means a comprehensive study, prepared in good faith, of the
viability of exploiting a mineral deposit on the Fye Property that has advanced to a
stage where the mining method, in the case of underground mining, or the pit
configuration, in the case of an open pit, has been established, and includes an
effective method of mineral processing and a financial analysis based on reasonable
assumptions of technical, engineering, operating, economic factors and the evaluation of
other relevant factors which are sufficient for a Qualified Person, as defined in §14.2,
acting reasonably, to determine that all or part of the mineral resource may be
classified as a mineral reserve.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.2 |  | TCAI
will have a one-time option to elect to earn an additional 9% interest in the JV and Fye
Property (Additional Interest) by sole funding and completing a
Feasibility Study within 4 years of the Additional Rights Notice (the Additional
Earn-in Right).
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.3 |  | TCAI
may elect to invoke the Additional Earn-in Right with respect to the Fye Property by
delivering written notice to WKR, at any time up to 60 days after the delivery by the
Operator of the Additional Rights Notice. If TCAI fails to deliver such notice within
such applicable 60 day period the Additional Earn-in Right shall terminate.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.4 |  | After
electing to invoke the Additional Earn-in Right TCAI shall commence a Feasibility Study
and incur a minimum of $500,000 in Expenditures per calendar year until the completion of
such Feasibility Study or earlier termination of the Additional Earn-in Right under §13.5.
If TCAI fails to meet the minimum annual expenditure requirement then WKR may by
providing Notice to TCAI, revoke the Additional Earn-in Right, in which case, TCAI shall:
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | have
no further obligation to sole fund Expenditures to earn the Additional
          Interest;
| | --- |  | -----------------------------------------------------------------------------------------------

---

Page 12 of 27

| | (b) |  | pay
WKR any shortfall between the actual Expenditures incurred and the           requirement
of $500,000 per calendar year contemplated above, which shall be due           and owing
in cash within 30 days of the date of termination of the Additional           Earn-in
Right; and
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | retain
the interest it held prior to invoking the Additional Earn-in Right and           the
provisions of the JV shall apply to further funding.
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------

| | However,
if TCAI has been diligent in carrying out the Feasibility Study but has been prevented or
delayed from being able to expend funds effectively or efficiently to meet the minimum
annual expenditure requirement by events of force majeure or by technical, engineering,
permitting, local or social issues, or country/global financing issues that are outside
the control of TCAI, acting reasonably, then WKR may not revoke the Additional Interest
Earn-in Right.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.5 |  | After
electing to invoke the Additional Earn-in Right TCAI may at any time notify WKR that TCAI
does not wish to earn the Additional Interest, in which case, TCAI shall have no further
obligation to sole fund Expenditures to earn the Additional Interest, TCAI shall retain
the interest it held prior to invoking the Additional Earn-in Right and the provisions of
the JV shall apply to further funding.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.6 |  | If
TCAI invokes the Additional Earn-in Right and completes a Feasibility Study within the
time referred to in §13.2, subject to any extensions under §13.8, TCAI shall
have earned the Additional Interest.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.7 |  | If
TCAI earns the Additional Interest, if a positive production decision is made and if
requested by WKR under §15.1, TCAI shall arrange project financing on behalf of WKR
as provided for in §15.1.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.8 |  | If
TCAI has initiated but not completed a Feasibility Study within 4 years of the Additional
Rights Notice (subject to force majeure and permitting issues) it may elect to extend the
time limit to complete Feasibility Study (so long as it is in good faith diligently
working to complete such feasibility study) for additional annual periods of 12 months by
making cash payments to WKR of one million dollars ($1,000,000) for each 12 month
extension.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.9 |  | If
TCAI invokes the Additional Earn-in Right and does not complete a Feasibility Study
within the time referred to in §13.2, subject to any extensions under §13.8, it
shall lose the right to earn the Additional Interest, it shall retain the interest it
held prior to invoking the Additional Earn-in Right and the provisions of the JV shall
apply to further funding.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. |  | Feasibility
Study Defined
|--- |  | -------------------------

|14.1 |  | Feasibility
Study means a comprehensive report, prepared in good faith and signed by a
Qualified Person, that shows the feasibility of placing the Fye Property or part thereof
into commercial production. The Feasibility Study shall contain all geological,
engineering, operating, economic and other relevant factors which are to be considered in
sufficient detail that, in the opinion of a Qualified Person, the Feasibility Study could
reasonably serve as the basis for a decision by an independent commercial financial
institution to finance the development of the Fye Property for commercial production. The
Feasibility Study shall examine the following matters: ore reserves; mining methods;
metallurgy and processing (including metal recovery); environment, tailings and waste
disposal; capital and operating cost estimates; manpower, social and community affairs;
transportation methods and costs; marketing; project financing
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 13 of 27

| | alternatives;
a sensitivity analysis; such other matters as are appropriate. The Feasibility Study
shall include at least the following information:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | a
description of that part of the Fye Property to be covered by the proposed
          mine;
| | --- |  | --------------------------------------------------------------------------------------------

| | (b) |  | the
estimated recoverable reserves of minerals and the estimated composition and
          content thereof;
| | --- |  | -----------------------------------------------------------------------------------------------------------

| | (c) |  | the
proposed procedure for development, mining and production;
| | --- |  | --------------------------------------------------------------

| | (d) |  | results
of ore amenability tests;
| | --- |  | ---------------------------------

| | (e) |  | the
nature and extent of the facilities proposed to be acquired which may           include
mill facilities, if the size, extent and location of the ore body makes           such
mill facilities feasible, in which event the study shall also include a
          preliminary design for such mill;
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) |  | the
total costs, including capital budget, which are reasonably required to
          purchase, construct and install all structures, machinery and equipment
required           for the proposed mine, including a schedule of timing of such
requirements;
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g) |  | all
environmental impact studies prepared to date and the anticipated future           costs
of reclamation;
| | --- |  | ------------------------------------------------------------------------------------------------------------

| | (h) |  | the
period in which it is proposed the Fye Property shall be brought to           commercial
production;
| | --- |  | --------------------------------------------------------------------------------------------------------

| | (i) |  | such
other data and information as are reasonably necessary to substantiate the
          existence of an ore deposit of sufficient size and grade to justify development
          of a mine, taking into account all relevant business, tax and other economic
          considerations; and
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (j) |  | working
capital requirements for the initial four months of operation of the           Property
as a mine or such longer period as may be reasonably justified in the
          circumstances.
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.2 |  | Qualified
Person means an individual who:
|---- |  | -------------------------------------------

| | (a) |  | is
an engineer or geoscientist with at least five years relevant experience and
          expertise in mineral exploration, mine development or operation or mineral
          project assessment, or any combination of these;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | has
experience relevant to the subject matter of the mineral project and the
          technical report; and
| | --- |  | ------------------------------------------------------------------------------------------------------------

| | (c) |  | is
a member in good standing of a professional association.
| | --- |  | -----------------------------------------------------------

|15. |  | Project
Financing
|--- |  | -----------------

|15.1 |  | If
TCAI has earned the Additional Interest, upon the Management Committee approving a
production plan under §16.2, WKR will have the option to request that TCAI arrange
financing for WKRs share of the capital costs required to develop the Fye Property.
WKR may exercise this option by providing notice to TCAI within 45 days of the Management
Committee approving a production plan under §16.2. TCAI shall then commit to either:
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 14 of 27

| | (a) |  | use
its best efforts to arrange or provide project debt financing for not less           than
60% of the projected capital costs on a limited recourse basis after           technical
completion (the Debt Financing), and in connection           therewith
TCAI shall be entitled to arrange such Debt Financing on such terms as           it deems
fit and may commit, on behalf of WKR, the whole of the Fye Property as           security
for such financing. For greater clarity TCAI shall not be obliged to           agree to
project loan rates higher than those that would be payable if TCAI           remained
liable in respect of such financing after technical completion and, if           Debt
Financing is provided by a third party, the terms of any financing arranged           for
WKR shall be on terms no less favorable than those arranged for TCAI; and
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | if
TCAI elects to arrange the Debt Financing, and if project costs exceed the
               amount available for Debt Financing and the parties elect nonetheless to
put the                Fye Property into commercial production, then at WKRs
election, TCAI shall                also arrange or provide WKRs portion of equity
financing on a subordinate                loan basis at LIBOR (LIBOR means
the average London Inter                Bank Offered Rate, for three-month US dollar
borrowings, posted by the British                Bankers Association, currently at their
website www.bba.org.uk but at such other                locations as they may post if
this website changes, two business days prior to                the commencement of the
calendar quarter.) plus 4% per annum, calculated                monthly.
| |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | or
| | --

| |  | (ii) |  | even
if third party project debt financing is available at acceptable rates,
               TCAI may nevertheless, itself, elect to use its best efforts to arrange or
               provide project financing for 100% of the projected capital costs, through
other                means, and shall provide such financing to WKR on a subordinate loan
basis at                Prime Rate plus 2% per annum, calculated monthly and in
connection therewith                TCAI shall be entitled to arrange such financing on
such terms as it deems fit                and may commit, on behalf of the WKR, the whole
of the Fye Property as security                for such financing;
| |  | ---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.2 |  | For
greater clarity if TCAI is able to raise financing on commercially reasonable terms and
does not arrange the financing, then the Additional Interest earned shall be returned to
WKR.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.3 |  | TCAIs
obligation to arrange or provide project financing on WKRs behalf, is
non-assignable by WKR and WKRs option to elect to have TCAI provide such project
financing shall terminate if:
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | White
Knight Resources Ltd. is controlled by a third party (defined as a party
          holding a right to at least 30% of the voting shares of White Knight Resources
          Ltd.); or
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | White
Knight Gold (U.S.) Inc. ceases to be 100% owned by White Knight Resources           Ltd.
| | --- |  | ----------------------------------------------------------------------------------------------

| | For
clarity in such a case TCAI shall have no obligation to return any of the Additional
Interest earned.
| | ---------------------------------------------------------------------------------------------------------

|15.4 |  | If
TCAI provides financing for WKR under §15.1, the available free cash flows from the
project, after deduction of operating costs, shall be used, firstly, to retire Debt
Financing (including principal, interest and a charge (to cover TCAIs direct costs)
attributable to any guarantees provided by TCAI (the Project Debt))
and the balance shall be divided and paid as follows:
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 15 of 27

| |  | (i) |  | 100%
of the free cash flow attributable to TCAIs interest shall be paid to
               TCAI; and
| |  | --- |  | ----------------------------------------------------------------------------------------------------

| |  | (ii) |  | until
any subordinated loan provided under under 15.1(a)(i) or 15.1(a)(ii) has
               been repaid, 85% of the free cash flow attributable to WKRs interest
shall                be paid to TCAI, to recover the principal and interest of such
subordinated                loan, and 15% shall be paid to WKR, and
| |  | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iii) |  | after
any subordinated loan provided under 15.1(a)(i) or 15.1(a)(ii) has been
               repaid, 100% of the free cash flow attributable to WKRs interest
shall be                paid to WKR,
| |  | ----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15.5 |  | In
connection with and as security for the financing, WKR shall also provide TCAI with the
right (but not the obligation) to market WKRs share of production until the payback
of the initial development cost (the Project Debt and the subordinated loan). TCAI may
have the right to charge a competitive marketing fee.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. |  | Developing
and Operating the Fye Property as a Mine
|--- |  | ---------------------------------------------------

|16.1 |  | Any
decision to place the Fye Property into production is to be based on a production plan
approved by the Management Committee and based on an approved Feasibility Study with such
modifications, if any, as the Management Committee considers necessary or desirable and
which do not have a material negative impact upon either party.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.2 |  | Upon
delivery of a production plan on the Fye Property the Management Committee may approve a
production plan (including a cost estimate, with reasonable allowance for contingencies,
which the Management Committee considers necessary to implement the production plan,
together with a schedule of advances which the parties shall be required to make in
respect of Expenditures required to construct and to operate the mine) and the giving of
a notice to each of the parties that a decision has been made to construct a mine on the
Fye Property.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.3 |  | Each
party may, by notice within 60 days of receipt of an approved production plan, elect to
participate in placing the Fye Property into production by committing to contribute its
proportionate share of the capital Expenditures required to construct and to operate the
mine in proportion to its interest, or some lesser share but at least 10%. If a party so
elects to contribute, it shall be deemed to hold an interest equivalent to that
percentage it elected to contribute. If either TCAI or WKR elects not to contribute, it
shall be deemed to have assigned its interest to the other party, in consideration for a
2% NSR, if that other party elects to increase its contribution thereby. If a party
elects to fund some lesser share than its entire interest percentage, but at least 10%,
the interest that was forgone in the election shall be deemed to have been assigned to
the other party, for no consideration, if that other party elects to increase its
contribution thereby. No party shall be required to provide any completion guarantees,
unless completion guarantees are required by lenders providing project financing, in
which case each party shall provide guarantees acceptable to those lenders. No party may
mortgage its interest in the Fye Property except to a lender that provides project
financing and which agrees that upon any realization of its security it shall observe all
of the terms of the JV and Agreement including right of first offer provisions in the
Agreement to the same extent as if its borrower proposed to sell its interest in the Fye
Property. If elections have not been made to fully fund the capital Expenditures then the
production plan shall be deemed withdrawn.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 16 of 27

|16.4 |  | A
mine shall be constructed substantially in conformity with the production plan approved
under §16.2, but subject to the right of the Management Committee to approve such
reasonable variations in construction as it may deem advisable.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.5 |  | A
mine shall be operated on the basis of annual operating plans approved by the Management
Committee; provided that the Management Committee may temporarily suspend or permanently
terminate operations pursuant to a suspension or closure plan approved by it.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.6 |  | The
Operator may invoice for mine capital Expenditures or operating Expenditures incurred or
to cash call reasonably in advance of requirements. If a party does not pay the amount
invoiced within 30 days, the Operator may demand payment. If payment is not made within
30 days of demand the other party may elect to pay all or a portion of the unpaid cost
share of the defaulting participant. If the other party advances such unpaid share, then
they or it shall be entitled to recover the amount so paid, together with interest
thereon from the date so paid at a per annum rate equal to Prime Rate plus 4%. The party
making the advance shall have a lien against the defaulting participants interest and
shall have:
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | the
right to take possession of all or a portion of the defaulting           participants
interest in the Fye Property and to sell, or purchase, such           interest to recover
the amount of such default; provided that
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | if
the Fye Property is in production the party making the advance may, in the
          interim of proceeding under §16.6(a) above, have a prior and a first
right,           after retirement of project debt, to receive the share of mineral
products of           the defaulting party until such party has received mineral products
in kind of a           value equal to (after the costs of sale and costs of enforcement
of the lien)           the amount advanced, together with interest thereon at the rate
specified.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.7 |  | The
definitive option joint venture agreement contemplated under §28.3 shall provide for
suspension of operations during sustained periods of negative operating cash flow and for
resumption of suspended operations.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.8 |  | Subject
to §15.5, a party contributing to mine costs shall take, in kind, its proportionate
share of any minerals produced and to separately dispose of the same.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

|17. |  | Restrictions
On Alienation and Right of First Offer
|--- |  | ---------------------------------------------------

|17.1 |  | Except
in accordance with this Agreement no party shall transfer, sell, dispose or encumber its
interest in the Fye Property. Subject to §17.4, this Agreement may not be assigned
by either party without the written consent of the other party, and any attempt to assign
this Agreement or delegate performance hereunder without such consent shall be void.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|17.2 |  | No
party shall institute any proceedings to partition the Fye Property.
|---- |  | -----------------------------------------------------------------------

|17.3 |  | A
party (including a party with respect to its NSR) wishing to dispose of any interest or
rights under this Agreement shall, by notice, first offer to sell it to the other party
for a price (payable in work commitments and/or cash and/or marketable securities or a
combination of the three) and on terms which the disposing party establishes. If TCAI
and/or WKR as the case may be does not accept the offer within 30 days the disposing
party shall then have 180 days, from the earlier of notice of rejection of the offer or
the end of the 30 day period, to dispose of its interest to a third party for the same or
greater price and on the same terms or terms no more favourable to the third
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 17 of 27

| | party,
provided that the incoming party delivers, in a form acceptable to the other parties, a
document whereby it agrees to be bound by, and comply with, the terms of this Agreement.
For the purposes of this §17.3 marketable securities means common stock of a company
with a market capitalization of at least $50,000,000.00 and at least 10 million common
shares issued and outstanding that is traded on a recognized stock exchange. The per
share value of the marketable security used in any transaction hereunder for purposes of
determining the price and market capitalization of the issuer shall be the average of the
closing price for such security on its principal stock exchange for the 60 trading days
that end 10 days before the closing of the transaction. In determining the price of a
transaction hereunder, work commitments shall be valued at the amount required to be
expended to meet the work commitment without discounting or other adjustments.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|17.4 |  | The
right of first offer shall not apply to transfers to affiliated corporations provided
that the incoming party delivers, in a form acceptable to the other parties, a document
whereby it agrees to be bound by, and comply with, the terms of this Agreement. However
if the transferee ceases to be an affiliate within 2 years of the transfer it shall offer
the interest to the remaining party at fair market value under §17.3.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18. |  | Area
of Interest and Use of Data
|--- |  | --------------------------------

|18.1 |  | Both
during the term of the Option and subsequently, there shall be an area of interest which
shall be comprised of those lands included within the outer boundaries of the Fye
Property, Schedule A1 (the Area of Interest). If either party stakes
or acquires any surface or water rights or mineral property within the Area of Interest,
it shall offer to have those rights or property included in this Agreement. The other
party shall have 30 days to elect whether to accept that offer and, where appropriate,
pay its share of the costs of acquisition (for clarity if acquired during the term of the
Option costs shall be to TCAIs account and be considered Expenditures and if
acquired during the JV each party shall be responsible for their cost share of such
Expenditures); failing which election and payment, the acquiring party may retain the
rights or property so acquired free of the terms of this Agreement.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18.2 |  | Neither
party will have any obligation to the other with respect to the acquisition of properties
or interests in minerals, surface or water rights, whether directly or indirectly, which
are outside the Area of Interest.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19. |  | Representations
and Warranties
|--- |  | ------------------------------

|19.1 |  | White
Knight Resources Ltd represents and warrants to TCAI the following (which representations
and warranties shall be remade on the private placement closing date and at the closing
of any future financing):
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | White
Knight Resources Ltd. is a corporation, duly incorporated, validly           existing,
and in good standing under the laws of British Columbia and has the           corporate
power and authority to enter this Agreement;
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | The
capital structure of White Knight Resources Ltd. is comprised of only one           class
of stock, common shares, the voting of these shares for directors of White
          Knight Resources Ltd. is on a noncumulative basis, no voting trusts or voting
          agreements exist with respect to the common shares, and White Knight Resources
          Ltd.s management and board of directors will not, during the term of this
          Agreement, modify the capital structure of White Knight Resources Ltd. to
          include additional classes of shares or approve or
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 18 of 27

| | participate
 in voting  trusts or voting                   agreements with respect to the common
shares.  As of September 15, 2004,  White Knight  Resources                   Ltd.  has
 52,469,386  Common  Shares  issued and  outstanding  as well as: a total of  3,515,000
                  outstanding incentive stock options; and a total of 9,574,899
outstanding warrants.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | No
agent, broker, investment banker, person or firm acting on behalf or under           the
authority of White Knight Resources Ltd. is or will be entitled to any           brokers
or finders fee or any other similar commission or fee in           connection with
the execution, delivery, or performance of this Agreement or the           private
placement provided for in §1.
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.2 |  | White
Knight Resources Ltd. and White Knight Gold (U.S.) Inc. each represent and warrant to
TCAI that:
|---- |  | ------------------------------------------------------------------------------------------------------

| | (a) |  | White
Knight Gold (U.S.) Inc. owns or has the right to earn a 100% interest in           the
Fye Property, as set out on Schedule A1";
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | the
Fye Property is recorded in the name of White Knight Gold (U.S.) Inc.;
| | --- |  | --------------------------------------------------------------------------

| | (c) |  | White
Knight Gold (U.S.) Inc. has the exclusive right and necessary lawful           authority
to explore for minerals on the Fye Property and that evidence of such           right is
or shall be recorded against title to the Fye Property;
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | White
Knight Gold (U.S.) Inc. has the right to enter into this Agreement, to           assign
all or a portion of the interest in the Fye Property free of any consent           or
preferential purchase right held by other parties, and to dispose of the Fye
          Property in accordance with the terms of this Agreement;
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) |  | there
are no adverse claims or challenges against or to the ownership of or           title to
any of the mineral claims and other interests comprising the Fye           Property, nor
to its knowledge is there any basis therefor, and there are no           outstanding
agreements or options to acquire or purchase the Fye Property or any           portion
thereof or any production therefrom granted by it and no person has any           royalty
or other interest whatsoever in the Fye Property or in production           therefrom
except as herein defined and as provided in the Underlying Agreement;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) |  | WKRs
transfer of the Fye Property to TCAI will be free of all liens,           mortgages,
pledges, encumbrances and charges of every kind and nature;
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g) |  | WKR
has not committed and will not commit any act or acts which would reasonably           be
expected to encumber or cause any lien to be placed against the Fye Property,
          including without limitation, by reason of any Environmental Law;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (h) |  | all
required permits, authorizations, approvals and consents to the transfer and
          conveyance of the Fye Property will be obtained by WKR;
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) |  | the
mineral claims and other rights (land, water etc.) that comprise the Fye
          Property are presently in good standing and are free and clear of all liens,
          charges and encumbrances and subject to the provisions of this Agreement it
          shall maintain them in that condition so long as TCAI has any right to earn an
          interest therein hereunder;
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 19 of 27

| | (j) |  | the
Fye Property and its existing and prior uses by WKR comply and have, to its
          knowledge, at all times complied with, and WKR is not in violation of, and have
          not violated, in connection with the ownership, use, maintenance or operation
of           the Fye Property, any applicable federal or local laws, regulations, rules,
          orders or approvals relating to its operations on the Fye Property;
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (k) |  | without
limiting the generality of §19.2(j), WKR has operated the Fye           Property and
has at all times received, handled, used, stored, treated, shipped           and disposed
of all Hazardous Materials or Hazardous Substances in strict           compliance with
all Environmental Laws and applicable health or safety laws,           regulations,
orders or approvals;
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (l) |  | no
Hazardous Materials or Hazardous Substances have been released into the
          environment, or deposited, discharged, placed or disposed of at, on or near the
          Fye Property as a result of its operations carried out on the Fye Property,
nor,           to the best of its knowledge, have any of the above occurred nor has the
Fye           Property been used at any time by any person as a landfill or waste
disposal           site;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (m) |  | no
notices of any violation or apparent violation of any of the matters referred
          to in §19.2(j) through §19.2(l) relating to the Fye Property or its
          use have been received by WKR;
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (n) |  | to
the best of its knowledge, there are no writs, injunctions, orders or
          judgements outstanding, no lawsuits, claims, proceedings or investigations
          pending or threatened, relating to the use, maintenance or operation of the Fye
          Property, whether related to environmental, archaeological or similar matters,
          or otherwise, nor, to the knowledge of WKR, is there any basis for such
          lawsuits, claims, proceedings or investigations being instituted or filed;
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (o) |  | to
the best of its knowledge, there are no active treaty negotiations in respect
          of native land claims affecting the Fye Property, nor is WKR aware of pending
          native land claims that may affect the Fye Property; and
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (p) |  | the
Fye Property does not comprise all or substantially all of the assets of           White
Knight Resources Ltd or White Knight Gold (U.S.) Inc.
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------

|19.3 |  | Each
party represents and warrants to the other party that:
|---- |  | -----------------------------------------------------------

| | (a) |  | it
is a corporation, duly incorporated, organized, validly existing, and in good
          standing under the laws of its incorporating jurisdiction and has the full
          corporate power and authority to carry on its business and to enter this
          Agreement and any agreement or instrument referred to or contemplated by this
          Agreement;
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | the
execution, delivery and performance of this Agreement and the other           instruments
to be executed and delivered by it have been authorized by all           necessary
corporate action of it, including approval by its board of directors           and
shareholders if required, and do not and will not: (a) contravene its
          charter or bylaws or other constating documents; (b) violate any material
          provision of law, rule, regulation, order, writ, judgment, injunction, decree,
          determination or award presently in effect having applicability to it, or (c)
          result in a material breach of or constitute a material default under any
          agreement to which it is a party which would have a material adverse effect
upon           the right, power and authority of it to perform its obligations hereunder;
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 20 of 27

| | (c) |  | no
civil or criminal actions, proceedings or investigations exist or have been           or
are threatened by or before any court, governmental agency, regulatory
          authority, or arbitrator with respect to or affecting it which would restrain
or           prohibit the execution, delivery or performance of this Agreement.
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | no
agent, broker, investment banker, person or firm acting on behalf or under           the
authority of it is or will be entitled to any brokers or finders
          fee or any other similar commission or fee in connection with the execution,
          delivery, or performance of this Agreement; and
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) |  | neither
the execution and delivery of this Agreement nor any of the agreements           referred
to herein or contemplated hereby, nor the consummation of the           transactions
hereby contemplated conflict with, result in the breach of or           accelerate the
performance required by any agreement to which it is a party.
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19.4 |  | The
warranties herein shall survive the execution of this Agreement and shall be unaffected
by any examinations undertaken by TCAI or its counsel.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------

|20. |  | Covenants
|--- |  | ---------

|20.1 |  | Until
the expiry of the Option, WKR covenants, subject toss.8.3(a):
|---- |  | -------------------------------------------------------------------

| | (a) |  | to
pay any costs incurred in defending its existing title to the Fye Property;           and
| | --- |  | --------------------------------------------------------------------------------------------

| | (b) |  | not
to dispose of any part or portion of the Fye Property except in accord with           the
terms of this Agreement or enter into any agreement or do anything that           would
create a lien or encumbrance on the Fye Property except as permitted           herein;
not to enter into any contract or agreement with respect to the Fye           Property
which would in away negatively impact TCAIs rights to exercise           its Option
as provided for herein; not to amend, modify or terminate the           Underlying
Agreement without the approval and agreement of TCAI and that it will           comply
with all governmental requirements and laws respecting WKRs use and
          operation of the Fye Property, including the Environmental Laws.
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|20.2 |  | TCAI
shall perform its work on the Fye Property in conformity with all environmental and other
applicable requirements.
|---- |  | -----------------------------------------------------------------------------------------------------------------------

|21. |  | Indemnification
|--- |  | ---------------

|21.1 |  | White
Knight Resources Ltd and White Knight Gold (U.S.) Inc. agree to jointly and severally
indemnify, hold harmless and release TCAI and its officers, directors, employees,
shareholders, authorized agents, representatives, parent and affiliated companies from
and against any and all claims, causes of action, liabilities, obligations, losses,
damages, penalties, fines, settlements, costs or expenses of any nature whatsoever,
including without limitation reasonable attorneys fees and disbursements arising
from:
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | Any
of the WKRs representations or warranties set forth in §19 of           this
Agreement being incorrect or untrue or any state of facts contrary to any           such
representation or warranty; and
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | Any
of WKRs covenants, duties, obligations or agreements contained in this
          Agreement being breached, including its obligations under §2.1(d) hereof.
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 21 of 27

|21.2 |  | TCAI
agrees to indemnify and hold harmless and release WKR and its officers, directors,
employees, shareholders, authorized agents and representatives from and against any and
all claims, causes of action, liabilities, obligations, losses, damages, penalties,
fines, settlements, costs or expenses of any nature whatsoever, including without
limitation reasonable attorneys fees and disbursements, arising from:
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | Any
of TCAIs representations or warranties set forth in §19 of this
          Agreement being incorrect or untrue or any state of facts contrary to any such
          representation or warranty;
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | Any
of TCAIs covenants, duties, obligations or agreements contained in           this
Agreement being breached.
| | --- |  | ----------------------------------------------------------------------------------------------------------------

|22. |  | Environmental
Law(s) Defined
|--- |  | ----------------------------

|22.1 |  | Environmental
Law(s) means any federal, state, or municipal law, code, ordinance, rule,
regulation, policy, guidelines, permit, consent, approval, license, judgment, order,
writ, decree, injunction or other authorization, relating to:
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | emissions,
discharges, releases or threatened releases of Hazardous Materials or           Hazardous
Substances into the natural or human environment, including, without
          limitation, air, soil, sediments, land surface or subsurface, surface water,
          ground water, buildings or facilities, treatment works, drainage systems or
          septic systems; or
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | the
generation, treatment, storage, disposal, recycling, use, handling,
          manufacturing, processing, reprocessing, transportation or shipment or
          arrangement for transportation or shipment of any Hazardous Materials or
          Hazardous Substances; or
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | otherwise
concerning pollution or protection of the environment, public health           and safety
or exposure to Hazardous Materials, Hazardous Substances or other           hazardous or
toxic substances alleged to be harmful including without           limitation, the laws
described in the definition of Hazardous           Materials below, the Clean
Water Act, and all amendments to the foregoing           and all state and local
variations of the same.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|22.2 |  | Hazardous
Materials and Hazardous Substances means:
|---- |  | -------------------------------------------------------

| | (a) |  | any
and all contaminants, pollutants, constituents, wastes and substances that           are
listed or defined as hazardous in the following statutes and their           implementing
federal and state regulations:
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) |  | the
Hazardous Materials Transportation Act, 49 U.S.C. §1801 et seq.;
| |  | --- |  | --------------------------------------------------------------------

| |  | (ii) |  | the
Resource Conservation and Recovery Act, 42 U.S.C. §6901 et seq.                (RCRA);
| |  | ---- |  | --------------------------------------------------------------------------------------------

| |  | (iii) |  | the
Comprehensive Environmental Response, Compensation and Liability Act, as
               amended by the Superfund Amendments and Reauthorization Act, 42 U.S.C.
               §9601 et seq. (CERCLA);
| |  | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (iv) |  | the
Federal Water Pollution Control Act, 33 U.S.C. §1251 et seq.;
| |  | ---- |  | -----------------------------------------------------------------

---

Page 22 of 27

| |  | (v) |  | the
Clean Air Act, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C.
          §7401 et seq.;
| |  | --- |  | ---------------------------------------------------------------------------------------------------------

| |  | (vi) |  | the
Emergency Planning and Community Right-to-Know Act of 1986, as amended, 42
          U.S.C. §11001 et seq.; and
| |  | ---- |  | -------------------------------------------------------------------------------------------------------------------

| |  | (vii) |  | any
amendments to any of the foregoing and any state or local variation thereto.
| |  | ----- |  | --------------------------------------------------------------------------------

| | (b) |  | petroleum,
including crude oil and any fractions thereof;
| | --- |  | ---------------------------------------------------------

| | (c) |  | natural
gas, synthetic gas and any mixtures thereof;
| | --- |  | ----------------------------------------------------

| | (d) |  | asbestos
and/or asbestos-containing materials
| | --- |  | ---------------------------------------------

| | (e) |  | PCBs
or PCB-containing materials or fluids;
| | --- |  | -------------------------------------------

| | (f) |  | any
other substance with respect to which any federal, state or local agency or
          other governmental authority may require either an environmental investigation
          or environmental remediation; and
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g) |  | any
other hazardous or noxious material, contaminant, pollutant, constituent,
          substance, or solid or liquid waste that is or may be regulated by, or forms a
          basis of liability under, any Environmental Laws.
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23. |  | Confidentiality
and Press Releases
|--- |  | ----------------------------------

|23.1 |  | Each
party agrees that until the termination of this Agreement all information obtained
hereunder shall be the exclusive property of the parties and shall not be publicly
disclosed or used other than for the activities contemplated hereunder, except as
required by law or by the rules and regulations of any regulatory authority or stock
exchange having jurisdiction or in connection with the filing of an annual information
form, prospectus or similar document, or with the written consent of the other parties,
such consent not to be unreasonably withheld, provided that the provisions of this
section do not apply to information which is or becomes part of the public domain other
than through a breach of the terms hereof or which would not otherwise be considered as
material to the parties, acting reasonably.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23.2 |  | Consent
to disclosure of information hereunder shall not be unreasonably withheld where a party
wishes to disclose any such information to a third party for the purpose of arranging
financing for its contributions hereunder or, where permitted by this Agreement, for the
purpose of selling its interest in the Fye Property or its interest in this Agreement,
provided that such third party gives its undertaking to the parties that any such
information not theretofore publicly disclosed shall be kept confidential and not
disclosed to others for a period agreed upon by the parties, which shall not be less than
one year in duration.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23.3 |  | A
party proposing a press release relating to the Fye Property, or the terms of this
Agreement, work thereon or the activities of the parties or their affiliates with respect
thereto, shall provide a copy to the other party for its information and comments using
its best efforts, in light of its timely disclosure obligations under applicable law, to
ensure it is provided at least 2 business days prior to release. Any comments that the
receiving party may make shall not be considered certification by the other party of the
accuracy of the information in such press release, or a confirmation by it that the
content of such press release complies with the disclosure standards of
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 23 of 27

| | the
applicable regulatory authorities.                      If the receiving party fails to
provide comments within said time period the                     providing party may,
subject to §23.4 make the proposed press release.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23.4 |  | Each
partyshall obtain prior approval of the other party before issuing any press
release or public statement using the other partys name, the name of any of the
officers, directors or employees of the other party, or the name of any of its
subsidiaries. The foregoing prohibition shall not apply if disclosure of the other partys
name is required, in the written opinion of counsel to a party, by applicable public
disclosure requirements however in such a case the party wishing to make the disclosure
must provide a copy to the other party for its information and comments using its best
efforts to ensure it is provided at least 2 Business Days prior to release. However, such
approval shall not be considered certification by the other party of the accuracy of the
information in such press release, or a confirmation by it that the content of such press
release complies with the rules, policies, by-laws and disclosure standards of the
applicable regulatory authorities or stock exchanges.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|24. |  | Notice
|--- |  | ------

|24.1 |  | Any
notices, requests, demands or other communication required or permitted to be given under
this Agreement shall be in writing and may be given by personal delivery or by mail
(first class postage prepaid) or by sending it by facsimile or other similar form of
telecommunication addressed to the party to whom such communication is to be directed, in
each case addressed as follows:
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | If
to TCAI at:
| | --- |  | --------------

| | Teck Cominco American Incorporated
Post Office Box 3087
Spokane, Washington 99220
Attention:    Legal Department
Fax: 509-459-4400
| | ----------------------------------------------------------------------------------------------------------------------------------

| | with
a copy to
| | --------------

| | Teck Cominco American Incorporated
c/o Teck Cominco Limited
500 - 200 Burrard St.
Vancouver, British Columbia,
Canada  V6C 3L7
Attention:   Corporate Secretary
Fax:   604-687-6100
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | If
to WKR at:
| | --- |  | -------------

| | White Knight Resources Ltd.
922 - 510 Hastings St. W.,
Vancouver B.C. Canada V6B 1L8
Attention:   President
Fax:   604-681-0180
| | -------------------------------------------------------------------------------------------------------------------------------

| | All
notices shall be given (i) by personal delivery, (ii) by commercial courier, or (iii) by
certified mail, return receipt requested. All notices shall be effective and shall be
deemed delivered on the date of delivery if delivered during normal business hours. If
not delivered during normal
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 24 of 27

| | business
hours, delivery shall be deemed effective on the next business day following delivery. A
party may change its address by notice to the other parties. -
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|25. |  | Exchange
Approval
|--- |  | -----------------

|25.1 |  | This
Agreement is subject to the acceptance of the TSX Venture Exchange. White Knight
Resources Ltd. shall submit this Agreement to the TSX Venture Exchange for acceptance
forthwith, and shall copy TCAI with a copy of its submission and a copy of the acceptance
when obtained. If such acceptance is not obtained within 30 days of the date hereof, this
Agreement, at TCAIs sole discretion, shall terminate and have no force or effect.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26. |  | Termination
|--- |  | -----------

|26.1 |  | This
Agreement shall terminate upon the occurrence of the following:
|---- |  | --------------------------------------------------------------------

| | (a) |  | a
termination of the Option or subsequent JV formed with respect to the Fye
          Property.
| | --- |  | -----------------------------------------------------------------------------------------------

|26.2 |  | The
JV with respect to the Fye Property shall terminate upon the occurrence of the earliest
of:
|---- |  | -----------------------------------------------------------------------------------------------

| | (a) |  | sale
or other disposition of the Fye Property following the written agreement by           the
parties to terminate the JV;
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------

| | (b) |  | a
termination pursuant to §11.5 or §16.6(a);
| | --- |  | --------------------------------------------

| | (c) |  | except
with respect to its NSR, the conversion of a partys entire interest           to a
NSR pursuant to §11.4, §12.6(b), §12.7 or §16.3; or
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | abandonment
of the entire Fye Property under §12.8.
| | --- |  | ---------------------------------------------------

|27. |  | Force
Majeure
|--- |  | -------------

|27.1 |  | A
party may claim force majeure if such party is prevented from or delayed in
performing any obligation under this Agreement by any cause beyond its reasonable
control, whether foreseeable or unforeseeable, excluding only lack of finances, but
including, without limitation, acts of God, strikes, lockouts, or other industrial
disputes, laws, rules and regulations or orders of any duly constituted court or
governmental authority, acts of terrorism, acts of the public enemy, war, insurrection,
riots, fire, storm, flood, unusually harsh weather causing delay, explosion, government
restriction, failure to obtain any approvals required from regulatory authorities or
unavailability of equipment, materials or transportation (provided the approvals were
properly applied for and pursued in good faith and on a timely basis or the equipment,
materials or transportation were sought in a timely way), interference by third party
interests groups (including environmental lobbyists and First Nations or indigenous
peoples groups) or other causes whether of the kind enumerated above or otherwise,
then the time for the performance of that obligation shall be extended for a period
equivalent to the total period the cause of the prevention or delay persists regardless
of the length of such total period. A party may also claim force majeure, if such
party, acting reasonably, believes that social or political unrest in the region of the
Fye Property or the threat of that unrest will endanger the safety of its employees or
the employees of its contractors if the party were to continue with the work program
unless such social or political unrest is caused by action or inaction by that party. The
party that claims force majeure shall promptly notify the other party and shall
take all reasonable steps to remove or remedy the cause of the prevention or delay
insofar as it is reasonably able to do so and as soon as
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 25 of 27

| | possible.
The party claiming force majeure will provide the other party with a regular a
written report summarizing events that have occurred and prospects for resolution.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28. |  | Miscellaneous
Provisions
|--- |  | ------------------------

|28.1 |  | The
 obligations  of TCAI  under this  Agreement  will be subject  to the  satisfaction  of
the  following          conditions:
|---- |  | -------------------------------------------------------------------------------------------------------------------------------

| | (a) |  | WKR
will have delivered to TCAI, within 10 days of execution of this Agreement,           an
agreement, executed by Donald K. Jennings, in the form attached as Schedule           E;
and
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | White
Knight Resources Ltd. will have received, within 10 days of execution or           this
Agreement, all required approvals from the TSX Venture Exchange for White
          Knight Resources Ltd. entering into this Agreement and completing the
          transactions contemplated hereby.
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.2 |  | This
Agreement shall be a binding agreement between the parties, until such time, if any, as a
definitive agreement contemplated under §28.3 is executed, that shall govern joint
operations on the Fye Property.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.3 |  | After
the execution of this Agreement, and prior to TCAI exercising the Option, TCAIs
solicitors shall prepare, and the parties shall endeavor to settle, a definitive joint
venture agreement, which incorporates the terms of this Agreement and which contains such
other provisions for the joint operation of the Fye Property as the parties may otherwise
agree.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.4 |  | This
Agreement, and the Schedules and instruments to be delivered in connection herewith,
contains the entire understanding of the parties and supersedes all prior agreements and
understandings between the parties relating to the subject matter hereof. In the event of
any conflict between this Agreement and any Schedule attached hereto, the terms of this
Agreement shall be controlling. No modification of this Agreement shall be valid unless
made in writing and duly executed by the parties.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.5 |  | The
rights and obligations of the parties shall be several, the parties shall hold their
interests as tenants in common, and nothing contained in the Agreement shall be construed
as creating a partnership or in imposing any fiduciary duty on any party.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.6 |  | Nothing
expressed or implied in this Agreement is intended by the parties or shall be construed
to confer upon or to give to any person or entity other than the parties to this
Agreement or their successors or assigns any rights or remedies under or by reason of
this Agreement.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.7 |  | Each
of the parties agrees that it shall take such actions and execute such additional
instruments as counsel to any party deems reasonably necessary or convenient to implement
and carry out the intent and purpose of this Agreement.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.8 |  | Each
of the parties shall have the right from time to time to register or record notice of
this Agreement against title to the Fye Property, and the other parties shall co-operate
with all such registrations and recordings and provide its written consent or signature
to any documents and do such other things from time to time as are necessary or desirable
to effect all such registrations or recordings or otherwise to protect the interests of
the parties hereunder.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

Page 26 of 27

|28.9 |  | Each
 party  shall  have all  remedies  provided  at law or in  equity  with  respect  to the
 obligations          hereunder.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------

|28.10 |  | Except
as otherwise specifically provided in this Agreement, all fees, costs and expenses
incurred by WKR or TCAI in negotiating this Agreement or in consummating this transaction
shall be paid by the party incurring the same, including without limitation, legal,
brokerage and accounting fees, costs and expenses.
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.11 |  | If
any legal action or any arbitration or other proceeding is brought for the enforcement of
this Agreement, or because of an alleged dispute, breach, default or misrepresentation in
connection with any of the provisions, representations or warranties in this Agreement,
the successful or prevailing party shall be entitled to recover reasonable attorneys
fees and other costs incurred in that action or proceeding, in addition to any other
relief to which it may be entitled.
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.12 |  | The
failure of a party to insist on the strict performance of any provision of this Agreement
or to exercise any right, power or remedy upon a breach hereof shall not constitute a
waiver of any provision of this Agreement or limit the partys right thereafter to
enforce any provision or exercise any right.
|----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.13 |  | Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall
be ineffective in such jurisdiction only to the extent of such prohibition or
unenforceability without affecting the remaining provisions of this Agreement.
|----- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.14 |  | Unless
otherwise specified, all dollar amounts referred to herein shall be in the currency of
the United States of America.
|----- |  | ---------------------------------------------------------------------------------------------------------------------------

|28.15 |  | This
Agreement shall be governed by and interpreted in accordance with the laws of the State
of Nevada.
|----- |  | -------------------------------------------------------------------------------------------------------

|28.16 |  | This
Agreement may be executed in counterparts, each of which when so executed shall be deemed
an original, and such counterparts shall together constitute but one and the same
instrument.
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.17 |  | This
Agreement shall be read with such changes in gender or number as the context shall
require.
|----- |  | ------------------------------------------------------------------------------------------------

|28.18 |  | The
headings to the articles, paragraphs, parts or clauses of this Agreement and the table of
contents are inserted for convenience only and shall not affect the construction hereof.
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.19 |  | The
Schedules to this Agreement are an integral part of this Agreement and are incorporated
into this Agreement.
|----- |  | ----------------------------------------------------------------------------------------------------------------

|28.20 |  | Unless
otherwise stated, a reference to an Article means an Article of this Agreement and the
symbol §" followed by a number or some combination of numbers and letters
refers to the provision of this Agreement so designated and the symbol § followed
by a letter within a provision refers to a clause within such provision. A reference to
this Agreement, hereof, hereunder, herein or
words of similar meaning, means this agreement including the schedules hereto, together
with any amendments thereof.
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28.21 |  | Time
is of the essence in this Agreement and the performance by the parties of their
respective duties and obligations hereunder.
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------

---

Page 27 of 27

If the foregoing terms are
acceptable, please confirm your acceptance of the terms set out above by kindly executing
in the space provided below and returning it to TCAI, whereupon it shall form a binding
agreement between us in consideration for the mutual covenants herein.

TECK COMINCO AMERICAN INCORPORATED

C. Bruce DiLuzio
C. Bruce DiLuzio
Its: V.P. Law & Administration

WHITE KNIGHT RESOURCES LTD.


John M. Leask
Its: President

WHITE KNIGHT GOLD (U.S.) INC.


John M. Leask
Its: President

---

This is SCHEDULE A1 to the Letter Agreement between TECK COMINCO AMERICAN INCORPORATED, WHITE KNIGHT RESOURCES LTD.andWHITE KNIGHT GOLD (U.S.) INC. 
dated for reference October 20, 2004

---

# DESCRIPTION OF THE
PROPERTY

The Fye Canyon Property consists of
the following mining claims owned or leased by White Knight Gold (US) Inc. (in this
Schedule A1 referred to as WKG), all are located in
portions of Township 25 North, Ranges 48 and 48.5 East, Mount Diablo Base and Meridian,
all in Eureka County, Nevada, as depicted on the accompanying map.

A 100% interest in FIL 1 to 65:
consisting of 65 claims, FILL 50 to 55: consisting of 6 claims, FYEW 1 to 27, FYEW 30 to
FYEW 162: consisting of 160 claims; and

Subject to the Underlying Agreement,
a 100% interest in Fye 1-51, 53, 55, 57, 59-93, 95-110, 112, 114, 116, 118-123 consisting
of 114 claims.

Total of 345 claims.

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|FIL 1      |                | 860233 |      | 374             
|FIL 2      |                | 860234 |      | 374             
|FIL 3      |                | 860235 |      | 374             
|FIL 4      |                | 860236 |      | 374             
|FIL 5      |                | 860237 |      | 374             
|FIL 6      |                | 860238 |      | 374             
|FIL 7      |                | 860239 |      | 374             
|FIL 8      |                | 860240 |      | 374             
|FIL 9      |                | 860241 |      | 374             
|FIL 10     |                | 860242 |      | 374             
|FIL 11     |                | 860243 |      | 374             
|FIL 12     |                | 860244 |      | 374             
|FIL 13     |                | 860245 |      | 374             
|FIL 14     |                | 860246 |      | 374             
|FIL 15     |                | 860247 |      | 374             
|FIL 16     |                | 860248 |      | 374             
|FIL 17     |                | 860249 |      | 374             
|FIL 18     |                | 860250 |      | 374             
|FIL 19     |                | 860251 |      | 374             
|FIL 20     |                | 860252 |      | 374             
|FIL 21     |                | 860253 |      | 374             
|FIL 22     |                | 860254 |      | 374             
|FIL 23     |                | 860255 |      | 374             
|FIL 24     |                | 860256 |      | 374             
|FIL 25     |                | 860257 |      | 374             
|FIL 26     |                | 860258 |      | 374             
|FIL 27     |                | 860259 |      | 374             

---

A1-2

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|           |                |        |      |                 
|FIL 28     |                | 860260 |      | 374             
|FIL 29     |                | 860261 |      | 374             
|FIL 30     |                | 860262 |      | 374             
|FIL 31     |                | 860263 |      | 374             
|FIL 32     |                | 860264 |      | 374             
|FIL 33     |                | 860265 |      | 374             
|FIL 34     |                | 860266 |      | 374             
|FIL 35     |                | 860267 |      | 374             
|FIL 36     |                | 860268 |      | 374             
|FIL 37     |                | 860269 |      | 374             
|FIL 38     |                | 860270 |      | 374             
|FIL 39     |                | 860271 |      | 374             
|FIL 40     |                | 860272 |      | 374             
|FIL 41     |                | 860273 |      | 374             
|FIL 42     |                | 860274 |      | 374             
|FIL 43     |                | 860275 |      | 374             
|FIL 44     |                | 860276 |      | 374             
|FIL 45     |                | 860277 |      | 374             
|FIL 46     |                | 860278 |      | 374             
|FIL 47     |                | 860279 |      | 374             
|FIL 48     |                | 860280 |      | 374             
|FIL 49     |                | 860281 |      | 374             
|FIL 50     |                | 863446 |      | 376             
|FIL 51     |                | 863447 |      | 376             
|FIL 52     |                | 863448 |      | 376             
|FIL 53     |                | 863449 |      | 376             
|FIL 54     |                | 863450 |      | 376             
|FIL 55     |                | 863451 |      | 376             
|FIL 56     |                | 863452 |      | 376             
|FIL 57     |                | 863453 |      | 376             
|FIL 58     |                | 863454 |      | 376             
|FIL 59     |                | 863455 |      | 376             
|FIL 60     |                | 863456 |      | 376             
|FIL 61     |                | 863457 |      | 376             
|FIL 62     |                | 863458 |      | 376             
|FIL 63     |                | 863459 |      | 376             
|FIL 64     |                | 863460 |      | 376             
|FIL 65     |                | 863461 |      | 376             
|FILL 50    |                | 860736 |      | 374             
|FILL 51    |                | 860737 |      | 374             
|FILL 52    |                | 860738 |      | 374             
|FILL 53    |                | 860739 |      | 374             
|FILL 54    |                | 860740 |      | 374             
|FILL 55    |                | 860741 |      | 374             
|FYEW 1     |                | 860282 |      | 374             
|FYEW 2     |                | 860283 |      | 374             

---

A1-3

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|           |                |        |      |                 
|FYEW 3     |                | 860284 |      | 374             
|FYEW 4     |                | 860285 |      | 374             
|FYEW 5     |                | 860286 |      | 374             
|FYEW 6     |                | 860287 |      | 374             
|FYEW 7     |                | 860288 |      | 374             
|FYEW 8     |                | 860289 |      | 374             
|FYEW 9     |                | 860290 |      | 374             
|FYEW 10    |                | 860291 |      | 374             
|FYEW 11    |                | 860292 |      | 374             
|FYEW 12    |                | 860293 |      | 374             
|FYEW 13    |                | 860294 |      | 374             
|FYEW 14    |                | 860295 |      | 374             
|FYEW 15    |                | 860296 |      | 374             
|FYEW 16    |                | 860297 |      | 374             
|FYEW 17    |                | 860298 |      | 374             
|FYEW 18    |                | 860299 |      | 374             
|FYEW 19    |                | 860300 |      | 374             
|FYEW 20    |                | 860301 |      | 374             
|FYEW 21    |                | 860302 |      | 374             
|FYEW 22    |                | 860303 |      | 374             
|FYEW 23    |                | 860304 |      | 374             
|FYEW 24    |                | 860305 |      | 374             
|FYEW 25    |                | 860306 |      | 374             
|FYEW 26    |                | 860307 |      | 374             
|FYEW 27    |                | 860308 |      | 374             
|FYEW 30    |                | 860742 |      | 374             
|FYEW 31    |                | 860743 |      | 374             
|FYEW 32    |                | 860744 |      | 374             
|FYEW 33    |                | 860745 |      | 374             
|FYEW 34    |                | 860746 |      | 374             
|FYEW 35    |                | 860747 |      | 374             
|FYEW 36    |                | 860748 |      | 374             
|FYEW 37    |                | 860749 |      | 374             
|FYEW 38    |                | 860750 |      | 374             
|FYEW 39    |                | 860751 |      | 374             
|FYEW 40    |                | 860752 |      | 374             
|FYEW 41    |                | 860753 |      | 374             
|FYEW 42    |                | 860754 |      | 374             
|FYEW 43    |                | 860755 |      | 374             
|FYEW 44    |                | 860756 |      | 374             
|FYEW 45    |                | 860757 |      | 374             
|FYEW 46    |                | 860758 |      | 374             
|FYEW 47    |                | 860759 |      | 374             
|FYEW 48    |                | 860760 |      | 374             
|FYEW 49    |                | 860761 |      | 374             
|FYEW 50    |                | 860762 |      | 374             
|FYEW 51    |                | 860763 |      | 374             

---

A1-4

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|           |                |        |      |                 
|FYEW 52    |                | 860764 |      | 374             
|FYEW 53    |                | 860765 |      | 374             
|FYEW 54    |                | 860766 |      | 374             
|FYEW 55    |                | 860767 |      | 374             
|FYEW 56    |                | 860768 |      | 374             
|FYEW 57    |                | 860769 |      | 374             
|FYEW 58    |                | 860770 |      | 374             
|FYEW 59    |                | 860771 |      | 374             
|FYEW 60    |                | 860772 |      | 374             
|FYEW 61    |                | 860773 |      | 374             
|FYEW 62    |                | 860774 |      | 374             
|FYEW 63    |                | 860775 |      | 374             
|FYEW 64    |                | 860776 |      | 374             
|FYEW 65    |                | 860777 |      | 374             
|FYEW 66    |                | 860778 |      | 374             
|FYEW 67    |                | 860779 |      | 374             
|FYEW 68    |                | 860780 |      | 374             
|FYEW 69    |                | 860781 |      | 374             
|FYEW 70    |                | 860782 |      | 374             
|FYEW 71    |                | 860783 |      | 374             
|FYEW 72    |                | 860784 |      | 374             
|FYEW 73    |                | 860785 |      | 374             
|FYEW 74    |                | 860786 |      | 374             
|FYEW 75    |                | 860787 |      | 374             
|FYEW 76    |                | 860788 |      | 374             
|FYEW 77    |                | 860789 |      | 374             
|FYEW 78    |                | 860790 |      | 374             
|FYEW 79    |                | 860791 |      | 374             
|FYEW 80    |                | 860792 |      | 374             
|FYEW 81    |                | 860793 |      | 374             
|FYEW 82    |                | 860794 |      | 374             
|FYEW 83    |                | 860795 |      | 374             
|FYEW 84    |                | 860796 |      | 374             
|FYEW 85    |                | 860797 |      | 374             
|FYEW 86    |                | 860798 |      | 374             
|FYEW 87    |                | 860799 |      | 374             
|FYEW 88    |                | 860800 |      | 374             
|FYEW 89    |                | 860801 |      | 374             
|FYEW 90    |                | 860802 |      | 374             
|FYEW 91    |                | 860803 |      | 374             
|FYEW 92    |                | 860804 |      | 374             
|FYEW 93    |                | 860805 |      | 374             
|FYEW 94    |                | 860806 |      | 374             
|FYEW 95    |                | 860807 |      | 374             
|FYEW 96    |                | 860808 |      | 374             
|FYEW 97    |                | 860809 |      | 374             
|FYEW 98    |                | 860810 |      | 374             
|FYEW 99    |                | 860811 |      | 374             

---

A1-5

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|           |                |        |      |                 
|FYEW 100   |                | 860812 |      | 374             
|FYEW 101   |                | 860813 |      | 374             
|FYEW 102   |                | 860814 |      | 374             
|FYEW 103   |                | 860815 |      | 374             
|FYEW 104   |                | 860816 |      | 374             
|FYEW 105   |                | 860817 |      | 374             
|FYEW 106   |                | 860818 |      | 374             
|FYEW 107   |                | 860819 |      | 374             
|FYEW 108   |                | 860820 |      | 374             
|FYEW 109   |                | 860821 |      | 374             
|FYEW 110   |                | 860822 |      | 374             
|FYEW 111   |                | 860823 |      | 374             
|FYEW 112   |                | 860824 |      | 374             
|FYEW 113   |                | 860825 |      | 374             
|FYEW 114   |                | 860826 |      | 374             
|FYEW 115   |                | 860827 |      | 374             
|FYEW 116   |                | 860828 |      | 374             
|FYEW 117   |                | 860829 |      | 374             
|FYEW 118   |                | 860830 |      | 374             
|FYEW 119   |                | 860831 |      | 374             
|FYEW 120   |                | 860832 |      | 374             
|FYEW 121   |                | 860833 |      | 374             
|FYEW 122   |                | 860834 |      | 374             
|FYEW 123   |                | 860835 |      | 374             
|FYEW 124   |                | 860836 |      | 374             
|FYEW 125   |                | 860837 |      | 374             
|FYEW 126   |                | 860838 |      | 374             
|FYEW 127   |                | 869584 |      | 382             
|FYEW 128   |                | 869585 |      | 382             
|FYEW 129   |                | 869586 |      | 382             
|FYEW 130   |                | 869587 |      | 382             
|FYEW 131   |                | 869588 |      | 382             
|FYEW 132   |                | 869589 |      | 382             
|FYEW 133   |                | 869590 |      | 382             
|FYEW 134   |                | 869591 |      | 382             
|FYEW 135   |                | 869592 |      | 382             
|FYEW 136   |                | 869593 |      | 382             
|FYEW 137   |                | 869594 |      | 382             
|FYEW 138   |                | 869595 |      | 382             
|FYEW 139   |                | 869596 |      | 382             
|FYEW 140   |                | 869597 |      | 382             
|FYEW 141   |                | 869598 |      | 382             
|FYEW 142   |                | 869599 |      | 382             
|FYEW 143   |                | 869600 |      | 382             
|FYEW 144   |                | 869601 |      | 382             
|FYEW 145   |                | 869602 |      | 382             
|FYEW 146   |                | 869603 |      | 382             

---

A1-6

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|           |                |        |      |                 
|FYEW 147   |                | 869604 |      | 382             
|FYEW 148   |                | 869605 |      | 382             
|FYEW 149   |                | 869606 |      | 382             
|FYEW 150   |                | 869607 |      | 382             
|FYEW 151   |                | 869608 |      | 382             
|FYEW 152   |                | 869609 |      | 382             
|FYEW 153   |                | 869610 |      | 382             
|FYEW 154   |                | 869611 |      | 382             
|FYEW 155   |                | 869612 |      | 382             
|FYEW 156   |                | 869613 |      | 382             
|FYEW 157   |                | 869614 |      | 382             
|FYEW 158   |                | 869615 |      | 382             
|FYEW 159   |                | 869616 |      | 382             
|FYEW 160   |                | 869617 |      | 382             
|FYEW 161   |                | 869618 |      | 382             
|FYEW 162   |                | 869619 |      | 382             
|Fye 1      |                | 854372 |      | 371             
|Fye 2      |                | 854373 |      | 371             
|Fye 3      |                | 854374 |      | 371             
|Fye 4      |                | 854375 |      | 371             
|Fye 5      |                | 854376 |      | 371             
|Fye 6      |                | 854377 |      | 371             
|Fye 7      |                | 854378 |      | 371             
|Fye 8      |                | 854379 |      | 371             
|Fye 9      |                | 854380 |      | 371             
|Fye 10     |                | 854381 |      | 371             
|Fye 11     |                | 854382 |      | 371             
|Fye 12     |                | 854383 |      | 371             
|Fye 13     |                | 854384 |      | 371             
|Fye 14     |                | 854385 |      | 371             
|Fye 15     |                | 854386 |      | 371             
|Fye 16     |                | 854387 |      | 371             
|Fye 17     |                | 854388 |      | 371             
|Fye 18     |                | 854389 |      | 371             
|Fye 19     |                | 854390 |      | 371             
|Fye 20     |                | 854391 |      | 371             
|Fye 21     |                | 854392 |      | 371             
|Fye 22     |                | 854393 |      | 371             
|Fye 23     |                | 854394 |      | 371             
|Fye 24     |                | 854395 |      | 371             
|Fye 25     |                | 854396 |      | 371             
|Fye 26     |                | 854397 |      | 371             
|Fye 27     |                | 854398 |      | 371             
|Fye 28     |                | 854399 |      | 371             
|Fye 29     |                | 854400 |      | 371             
|Fye 30     |                | 854401 |      | 371             
|Fye 31     |                | 854402 |      | 371             
|Fye 32     |                | 854403 |      | 371             
|Fye 33     |                | 854404 |      | 371             

---

A1-7

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|           |                |        |      |                 
|Fye 34     |                | 854405 |      | 371             
|Fye 35     |                | 854406 |      | 371             
|Fye 36     |                | 854407 |      | 371             
|Fye 37     |                | 854408 |      | 371             
|Fye 38     |                | 854409 |      | 371             
|Fye 39     |                | 854410 |      | 371             
|Fye 40     |                | 854411 |      | 371             
|Fye 41     |                | 854412 |      | 371             
|Fye 42     |                | 854413 |      | 371             
|Fye 43     |                | 854414 |      | 371             
|Fye 44     |                | 854415 |      | 371             
|Fye 45     |                | 854416 |      | 371             
|Fye 46     |                | 854417 |      | 371             
|Fye 47     |                | 854418 |      | 371             
|Fye 48     |                | 854419 |      | 371             
|Fye 49     |                | 854420 |      | 371             
|Fye 50     |                | 854421 |      | 371             
|Fye 51     |                | 854422 |      | 371             
|Fye 53     |                | 854423 |      | 371             
|Fye 55     |                | 854424 |      | 371             
|Fye 57     |                | 854425 |      | 371             
|Fye 59     |                | 854426 |      | 371             
|Fye 60     |                | 854427 |      | 371             
|Fye 61     |                | 854428 |      | 371             
|Fye 62     |                | 854429 |      | 371             
|Fye 63     |                | 854430 |      | 371             
|Fye 64     |                | 854431 |      | 371             
|Fye 65     |                | 854432 |      | 371             
|Fye 66     |                | 854433 |      | 371             
|Fye 67     |                | 854434 |      | 371             
|Fye 68     |                | 854435 |      | 371             
|Fye 69     |                | 854436 |      | 371             
|Fye 70     |                | 854437 |      | 371             
|Fye 71     |                | 854438 |      | 371             
|Fye 72     |                | 854439 |      | 371             
|Fye 73     |                | 854440 |      | 371             
|Fye 74     |                | 854441 |      | 371             
|Fye 75     |                | 854442 |      | 371             
|Fye 76     |                | 854443 |      | 371             
|Fye 77     |                | 854444 |      | 371             
|Fye 78     |                | 854445 |      | 371             
|Fye 79     |                | 854446 |      | 371             
|Fye 80     |                | 854447 |      | 371             
|Fye 81     |                | 854448 |      | 371             
|Fye 82     |                | 854449 |      | 371             

---

A1-8

|Claim Name | BLM Serial No. | Book   | Page | Registered Owner
|---------- | -------------- | ------ | ---- | ----------------
|           |                |        |      |                 
|Fye 83     |                | 854450 |      | 371             
|Fye 84     |                | 854451 |      | 371             
|Fye 85     |                | 854452 |      | 371             
|Fye 86     |                | 854453 |      | 371             
|Fye 87     |                | 854454 |      | 371             
|Fye 88     |                | 854455 |      | 371             
|Fye 89     |                | 854456 |      | 371             
|Fye 90     |                | 854457 |      | 371             
|Fye 91     |                | 854458 |      | 371             
|Fye 92     |                | 854459 |      | 371             
|Fye 93     |                | 854460 |      | 371             
|Fye 95     |                | 854461 |      | 371             
|Fye 96     |                | 854462 |      | 371             
|Fye 97     |                | 854463 |      | 371             
|Fye 98     |                | 854464 |      | 371             
|Fye 99     |                | 854465 |      | 371             
|Fye 100    |                | 854466 |      | 371             
|Fye 101    |                | 854467 |      | 371             
|Fye 102    |                | 854468 |      | 371             
|Fye 103    |                | 854469 |      | 371             
|Fye 104    |                | 854470 |      | 371             
|Fye 105    |                | 854471 |      | 371             
|Fye 106    |                | 854472 |      | 371             
|Fye 107    |                | 854473 |      | 371             
|Fye 108    |                | 854474 |      | 371             
|Fye 109    |                | 854475 |      | 371             
|Fye 110    |                | 854476 |      | 371             
|Fye 112    |                | 854477 |      | 371             
|Fye 114    |                | 854478 |      | 371             
|Fye 116    |                | 854479 |      | 371             
|Fye 118    |                | 854480 |      | 371             
|Fye 119    |                | 854481 |      | 371             
|Fye 120    |                | 854482 |      | 371             
|Fye 121    |                | 854483 |      | 371             
|Fye 122    |                | 854484 |      | 371             
|Fye 123    |                | 854485 |      | 371             

---

This is SCHEDULE A2 to the Letter Agreement between TECK COMINCO AMERICAN INCORPORATED, WHITE KNIGHT RESOURCES LTD.andWHITE KNIGHT GOLD (U.S.) INC. 
dated for reference October 20, 2004

---

# Celt Property

---

# SCHEDULE B

# THERE IS NO SCHEDULE B
TO THIS AGREEMENT

---

This is SCHEDULE C to the Letter Agreement between TECK COMINCO AMERICAN INCORPORATED,WHITE KNIGHT RESOURCES LTD.andWHITE KNIGHT GOLD (U.S.) INC. 
dated for reference October 20, 2004

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# NET SMELTER RETURNS
ROYALTY

|1 |  | DEFINITION
|- |  | ----------

1.01    
Net Smelter Returns for
purposes of the Agreement are defined as follows:

| | (a)   
           where all or a portion of the ores or concentrates derived from the
Property are           sold as ores or concentrates, the Net Smelter Returns shall be the
gross amount           received from the purchaser following sale thereof after deduction
of:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)   
           if applicable under the sale contract, of all smelter charges, penalties
and           other deductions;
| | --------------------------------------------------------------------------------------------------------------------------

| | (ii)   
           all costs of transporting and insuring the ores or concentrates from the
mine to           the smelter or other place of final delivery; and
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)   
           sales, use, severance, excise, net proceeds of mine, and ad valorem taxes
and           any tax on or measured by mineral production, but excluding income taxes of
the           Royaltypayor; and
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)   
           where all or a portion of the said ores or concentrates derived from the
          Property are treated in a smelter and a portion of the metals recovered
          therefrom are delivered to, and sold by Royaltypayor, the Net Smelter Returns
          shall be the gross amount received from the purchaser following sale of the
          metals so delivered, after deduction of:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)   
           all smelter charges, penalties and other deductions;
| | ----------------------------------------------------------------------

| | (ii)   
           all costs of transporting and insuring the ores or concentrates from the
mine to           the smelter; and
| | ------------------------------------------------------------------------------------------------------------------------------

| | (iii)   
           if applicable under the smelter contract, all costs of transporting and
insuring           the metals from the smelter to the place of final delivery by the
purchaser; and
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)   
           sales, use, severance, excise, net proceeds of mine, and ad valorem taxes
and           any tax on or measured by mineral production, but excluding income taxes of
the           Royaltypayor.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Where
any ores or concentrates are sold to, or treated in, a smelter owned or controlled by
Royaltypayor, the pricing for that sale or treatment will be established by Royaltypayor
on an arms-length basis so as to be fairly competitive with pricing, net of
transportation, insurance, treatment charges and other related costs, then available on
world markets for product of like quantity and quality.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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C-2

|2 |  | PAYMENT
OF NET SMELTER RETURNS
|- |  | ------------------------------

2.01     If a party becomes entitled to a
Net Smelter Returns royalty pursuant to the Agreement, the party paying the Net Smelter
Returns (the Royaltypayor) shall calculate the Net Smelter Returns and
the sums to be disbursed to the party receiving the Net Smelter Returns (the
Royaltyholder) as at the end of each calendar quarter.

2.02     The Royaltypayor shall, within
60 days of the end of each calendar quarter, as and when any Net Smelter Returns are
available for distribution:

| | (a)   
           pay or cause to be paid to the Royaltyholder that percentage of the Net
Smelter           Returns to which the Royaltyholder are entitled under the Agreement
less any net           smelter returns royalty or other royalties payable under the
Underlying           Agreement;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)   
           deliver to the Royaltyholder a statement indicating:
| | ----------------------------------------------------------------------

| | (i)   
           the gross amounts received from the purchaser contemplated in §1.01of
this           Schedule C;
| | --------------------------------------------------------------------------------------------------------------------

| | (ii)   
           the deductions therefrom in accordance with §1.01 of this Schedule
C;
| | ------------------------------------------------------------------------------------------

| | (iii)   
           the amount of Net Smelter Returns remaining;
| | ----------------------------------------------------------------

| | (iv)   
           the amount of any net smelter returns royalty or other royalties payable
under           the Underlying Agreement; and
| | -----------------------------------------------------------------------------------------------------------------------------------------

| | (v)   
           the amount of the Net Smelter Returns to which the Royaltyholder are
entitled;
| | ------------------------------------------------------------------------------------------------

| | supported
by such reasonable information as to the tonnage and grade of ores or concentrates
shipped as will enable the Royaltyholder to verify the gross amount payable by the
smelter or other purchaser.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3 |  | ADJUSTMENTS
AND VERIFICATION
|- |  | ----------------------------

3.01     Payment of any Net Smelter
Returns by Royaltypayor shall not prejudice the right of Royaltypayor to adjust any
statement supporting the payment; provided, however, that all statements presented to the
Royaltyholder by Royaltypayor for any quarter shall conclusively be presumed to be true
and correct upon the expiration of 12 months following the end of the quarter to which the
statement relates, unless within that 12-month period Royaltypayor gives notice to the
Royaltyholder claiming an adjustment to the statement which will be reflected in
subsequent payment of Net Smelter Returns.

3.02     Royaltypayor shall not adjust
any statement in favour of itself more than 12 months following the end of the quarter to
which the statement relates.

3.03     The Royaltyholder shall, upon 30
days notice in advance to Royaltypayor, have the right to request that Royaltypayor
have its independent external auditors provide their audit certificate for the statement
or adjusted statement, as it may relate to the Agreement and the calculation of Net
Smelter Returns.

3.04     The
cost of the audit certificate shall be solely for the Royaltyholder account unless
the audit certificate discloses material error in the calculation of Net Smelter Returns,
in which case Royaltypayor

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C-3

shall reimburse the Royaltyholder
the cost of the audit certificate. Without limiting the generality of the foregoing, a
discrepancy of one percent in the calculation of Net Smelter Returns shall be deemed to
be material.

|4 |  | ROYALTYPAYOR
TO DETERMINE OPERATIONS
|- |  | ------------------------------------

4.01     The Royaltypayor will have
complete discretion concerning the nature, timing and extent of all exploration,
development, mining and other operations conducted on or for the benefit of the Property
and may suspend operations and production on the Property at any time it considers prudent
or appropriate to do so. The Royaltypayor will owe the Royaltyholder no duty to explore,
develop or mine the Property, or to do so at any rate or in any manner other than that
which the Royaltypayor may determine in its sole and unfettered discretion. The
Royaltypayor may, but will not be obligated to treat, mill, heap leach, sort, concentrate,
refine, smelt, or otherwise process, beneficiate or upgrade the ores, concentrates, and
other products at sites located on or off the Property, prior to sale, transfer, or
conveyance to a purchaser, user, or consumer. The Royaltypayor will not be liable for
mineral values lost in processing under sound practices and procedures, and no royalty
will be due on any such lost mineral values.

|5 |  | COMMINGLING
|- |  | -----------

5.01       Ores,
concentrates and derivatives mined or retrieved from the Property may be commingled with
ores, concentrates or derivatives mined or retrieved from other properties. All
determinations required for calculation of Net Smelter Returns, including without
limitation the amount of the metals contained in or recovered from ores, solutions,
concentrates or derivatives mined or retrieved from the Property, the amount of the
metals contained in or recovered from commingled ores, solutions, concentrates or
derivatives shall be made in accordance with prudent engineering, metallurgical and cost
accounting practices.

|6 |  | TRADING
ACTIVITIES
|- |  | ------------------

6.01     The Royaltypayor may, but need
not, engage in forward sales, futures trading or commodity options trading, and other
price hedging, price protection, and speculative arrangements (Trading
Activities) which may involve the possible delivery of base or precious metals
produced from the Property. The parties acknowledge and agree that the Royaltyholder shall
not be entitled to participate in the proceeds or be obligated to share in any losses
generated by the Trading Activities.

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This is SCHEDULE D to
the Letter Agreement between TECK COMINCO AMERICAN INCORPORATED, WHITE KNIGHT RESOURCES LTD.andWHITE KNIGHT GOLD (U.S.) INC. 
dated for reference October 20, 2004

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# UNDERLYING AGREEMENT

The following Underlying Agreement is
attached hereto:

|1. |  | Mining
Lease And Option To Purchase  Fye Claims dated November 10, 2003
               amongst Donald K. Jennings, White Knight Gold (U.S.) Inc. and White Knight
               Resources Ltd
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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This is SCHEDULE E to
the Letter Agreement between TECK COMINCO AMERICAN INCORPORATED, WHITE KNIGHT RESOURCES LTD.andWHITE KNIGHT GOLD (U.S.) INC. 
dated for reference October 20, 2004

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# CONFIRMATION OF LEASE

# RECITALS:

|A. |  | The
undersigned, Donald K. Jennings (hereafter Lessor), whose
               mailing address is P.O. Box 2663, Elko, Nevada 89803-2663, entered an
agreement                with White Knight Gold (U.S.) Inc. (hereafter Lessee)
of 4790                Caughlin Parkway #137, Reno, Nevada 89509-0907 and White Knight
Resources Ltd.                (hereafter WKR) of Suite 922, 510 West Hastings
Street, Vancouver,                British Columbia, Canada, V6B 1L8 dated November 10,
2003 and identified as                Mining Lease and Option to Purchase  Fye
Claims (hereafter                Lease).
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|B. |  | Lessee
and WKR will enter an agreement (hereafter Agreement) with
               Teck Cominco American Incorporated (hereafter TCAI) of 15918
East                Euclid Avenue, Spokane, Washington 99216-1815 whereby TCAI in
consideration of                expenditures on exploration and/or development on the
property covered by the                Lease (hereafter Property), and other
property adjacent to or in the                vicinity of the Property, and for other
consideration may earn a 51% or greater                interest in the Lessees
interest in the Lease and Property.
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|C. |  | Lessor
understands that for the duration of the Agreement TCAI will assume
               responsibility for the payments of the Annual Minimum Advance Royalties,
               Production Royalties, Minimum Exploration Obligations and other payments
               required by the Lease and for keeping the Property in good standing and
will                conduct exploration and/or development work on the Property, and on
property                adjacent to or in the vicinity of the Property, and that such
actions by TCAI                may benefit Lessor by enhancing the value of the Property
and providing further                assurance to Lessor with respect to the payments
required by the Lease.
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In consideration of the foregoing and
all other benefits that may accrue to Lessor from the Agreement, and for other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Lessor agrees
as follows:

|1 |  | Lessor
confirms that there is no current default under the Lease, or that any default will arise
from the passage of time due to conditions now existing under the Lease, and that the
Lease is in full force and effect.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2 |  | Lessor
recognizes that the Agreement provides TCAI with the right to earn a 51% or greater
interest in Lessees interest in the Lease and Property and agrees to cooperate in
the transfer or assignment of such interest to TCAI as directed by TCAI and Lessee.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3 |  | During
the term of the Agreement and any other agreements between Lessee, WKR and TCAI with
respect to the exploration and/or development of the Property, Lessor agrees to provide
to TCAI all notices, including any notices of default, required to be given or otherwise
given under the Lease at the following addresses:
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Teck Cominco American Incorporated
Post Office Box 3087
Spokane, Washington 99220
| | ---------------------------------------------------------------------------------

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E-2

| | Attention:   Legal Department
Fax:    509-45904400
| | --------------------------------------------------

| | with
a copy to
| | --------------

| | Teck Cominco American Incorporated
c/o Teck Cominco Ltd.
500-200 Burrard St.
Vancouver, British Columbia,
Canada V6C 3L7
Fax:  604-687-6100
| | -------------------------------------------------------------------------------------------------------------------------------------------

| | All
notice shall given pursuant to Section 16 of the Lease.
| | -----------------------------------------------------------

|4 |  | During
the term of the Agreement and any other agreements between Lessee, WKR and TCAI with
respect to the exploration and/or development of the Property, Lessor agrees that any
defaults under the Lease may be cured by Lessee or TCAI and Lessor will accept any
actions to cure any defaults from either Lessee or TCAI so long as such actions comply
with the terms and provisions of the Lease.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5 |  | During
the term of the Agreement and any other agreements between Lessee, WKR and TCAI with
respect to the exploration and/or development of the Property, Lessor agrees that it will
provide notice to TCAI in the event that Lessee proposes any modifications or amendments
to the Lease or notices a termination of the Lease or a change (including abandonment) to
the Property.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6 |  | During
the term of the Agreement and any other agreements between Lessee, WKR and TCAI with
respect to the exploration and/or development of the Property, Lessor agrees that if
Lessee should terminate the Lease or abandon any of the Property, it will offer a lease
or the abandoned Property to TCAI on substantially the same terms and conditions as those
in the Lease.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7 |  | During
the term of the Agreement and any other agreements between Lessee, WKR and TCAI with
respect to the exploration and/or development of the Property, Lessor acknowledges the
right of TCAI, its employees, consultants and contractors to be on the Property for the
purposes of exploration and development work and all activities related to such work and
agrees that TCAI has all rights to use the Property granted to Lessee by the Lease so
long as such use and the conduct of any operations on the Property complies with the
terms of the Lease.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8 |  | Lessor
agrees that exploration and/or development work done on property adjacent to or in the
vicinity of the Property and covered by the Agreement and expenditures incurred on such
property are for the benefit of the Property for purposes of Section 6 of the Lease.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9 |  | Lessor
agrees that it will require any assignee of its interest, or any part thereof, under the
Lease to accept and be bound by the terms hereof and that it is his intent that this
Confirmation of Lease bind his estate, administrators, executors, heirs, and legatees.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10 |  | Lessor
represents and covenants that the Property is owned solely by him and if married, that it
is his separate property and not the property of a marital community.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11 |  | Nothing
herein is intended to or modifies the terms and provisions of the Lease or Agreement.
|-- |  | ---------------------------------------------------------------------------------------------

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E-3

In Witness Whereof, Lessor has
executed this Confirmation of Lease this ____ day of _______ 2004.

LESSOR:

Donald K. Jennings

_____________________________

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