---

In the middle left hand margin of all pages, a stamp that
reads: UNITED MEXICAN STATES.- Atty. Jesus Jose Francisco Arturo Lizarraga
Murguia.- ACTING NOTARY PUBLIC NUMBER 36.- Hermosillo, Sonora, Mexico.

MINING AGREEMENT(UNILATERAL PROMISE OF TRANSFER
OF OWNERSHIP OF MINING CONCESSIONS, GRANTING OF EXPLORATION RIGHTS, AND
ESTABLISHMENTOF SECURITY INTEREST ON OWNERSHIP OF MINING
CONCESSIONS)

entered into

on June 13 (thirteen), 2009 (two thousand and nine)

by and between

Minera de Suaqui Grande, S. de R.L. de C.V.(Suaqui
Grande), Represented by Jorge Luis Fimbres Castillo,

on one hand,

and

Minera Sandia, S.A. de C.V.Minera Sandia),
Represented by William Pierce Carson,

On the other hand, pursuant to the recitals and clauses
below.

RECITALSUNDER OATH OF TELLING THE TRUTH

|I. | By Suaqui Grande:
|-- | -----------------
|   |                  
|   | (A)              
|   |                  
|   | (B)              
|   |                  
|   |                  

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |    | Public Registry of Mining, on March 19 (nineteen), 1986
      (one thousand nine hundred eighty six).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | 2. | Mining concession on the La Sonora lot with an area of
      56 has. (fifty six hectares), located in the Municipality of Suaqui
      Grande, Sonora, according to title number 202,870 (two hundred two eight
      hundred seventy), valid to April 1 (one), 2046 (two thousand forty six),
      registered under number 250 (two hundred fifty), on page 125 (one hundred
      twenty five) of volume 289 (two hundred eighty nine) of the General Book
      of Mining Concessions of the Public Registry of Mining, on April 2 (two),
      1996 (one thousand nine hundred ninety six).

| |     | The mining concessions described in the subsections of
      this recital (B) shall be referred to hereinafter as the Concessions,
      which includes all the rights resulting thereof and the lots covered
      thereby, hereinafter shall be referred to as the Lots.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (C) | On June 13 (thirteen), 2009 (two thousand and nine), it
      entered into an agreement with Minera Lyell Sociedad Anonima de Capital
      Variable (Stock Corporation of Variable Capital) (Lyell) and both
      parties ratified it before attorney Jesus Jose Francisco Arturo Lizarraga
      Murguia, notary public number 35 (thirty five) in and for Hermosillo,
      Sonora, in order to formalize the non-exercise of the purchase option and
      advance termination of the mining agreement (the  Termination
      Agreement), agreement through which, among others, they formalized the
      termination of the Mining Agreement (Unilateral Promise for the transfer
      of ownership of the mining concessions, granting exploration rights, and
      establishment of a security interest on the ownership of the mining
      concessions), entered into by Suaqui Grande and Lyell on March 13
      (thirteen), 2008 (two thousand and eight) and ratified it on that same
      date before attorney Rafael Gastelum Salazar, notary public number 97
      (ninety seven) in and for Hermosillo, Sonora, Mexico, in relation to the
      aforementioned Concessions, registered under number 140 (one hundred
      forty=, on page 87 (eighty seven), front side, of volume 23 (twenty three)
      of the Book of Mining Acts, Agreements and Contracts of the Public
      Registry of Mining, dated April 30 (thirty), 2008 (two thousand and
      eight).
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     | The Termination Agreement of reference is in the process
      of registration at the Public Mining Registry.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (D) | Except for that which has been expressly set forth or
      stated in the foregoing subsection, the Concessions and Lots are free and
      clear of attachments, earmarked for attachments, judicial attachments;
      earmarked for judicial attachments, limitations of ownership, mortgages,
      pledges, depositories, provisional notations in the Public Registry of
      Property, notations of being subject to litigation, promises, options,
      trusts, contracts or agreements of any type (including, without
      limitation, agreements or contracts for the operation, administration,
      supervision, maintenance or other similar ones), royalties, lawsuits,
      complaints, judicial proceedings, arbitration proceedings, administrative
      cancellation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

2

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | proceedings, annulment, or inexistence, or any other
      type, expropriation proceedings, and in general, free and clear of any
      other liens or charges (all of these conditions, shall hereinafter, be
      referred to generically as Liens, in singular or in plural, depending on
      the context); nothing exists that could consequently bring about the
      establishment, imposition, registration, continuation, or subsistence of
      Liens on the Concessions or the Lots and neither are there potential or
      threatened Liens.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (E) | It is current in the compliance of the obligations
      imposed upon it by the Mining Law in relation to the Concessions,
      especially in regard to the submittal of reports proving mining works on
      the Lots and the payment of mining rights, with the exception of those of
      the first semester of this year, which shall be covered by
  Sandia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (F) | There is no legal, administrative, arbitration difference
      or controversy, or any difference or controversy of any other type between
      (i)Suaqui Grande and any or the owners or possessors of the
      surface land where the Lots are located (the Surface Land) or between
      Suaqui Grande and any of the owners or possessors of the surface land
      adjacent to that where the Lots are located; (ii)Suaqui Grande and
      any of the owners or possessors of surface land which must be traversed
      for entering into and exiting the Lots; (iii)Suaqui Grande and any
      of the holders of the mining concessions covered by the adjacent Lots or
      between Suaqui Grande and whoever has the contract rights resulting of
      said mining concessions; and (iv)Suaqui Grande and any person or
      entity that is a holder of the rights related to the extraction, use,
      exploitation of underground or surface water or, which in fact extracts,
      uses, exploits said water; and Suaqui Grande foresees that there shall be
      no such difference or controversy between Minera Sandia and any of the
      persons referred to in the different subsections of this section
    (E).
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (G) | Suaqui Grande does not owe any sum, nor shall execute any
      action it has promised to pay or execute and that it has not paid or
      executed, for the benefit of any of the persons referred to in the
      immediate previous subsection or for the benefit of other persons that
      could be consider they have been harmed due to any omission of this type
      and Suaqui Grande has not failed to comply any other obligation it has
      agreed to comply or satisfy for the benefit of any of the persons referred
      to in the immediate previous section.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (H) | It has access and the right to use, exploit, or occupy
      the Surface Land for mining purposes without obstacles, in a continuous
      and unrestricted manner and said access and rights are not subject to any
      lien or encumbrance whatsoever and that it has not committed or placed a
      lien in any way whatsoever on said accesses and rights other than the way
      in which it has been agreed hereunder and with a person or part other than
      Minera Sandia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (I) | There is no condition in the soil, subsoil, surface or
      underground water currents or reservoirs, the atmosphere, flora, fauna, or
      other natural elements located on the Surface Land that is or could be
      considered as an infringement of the Law of Ecological Balance and
      Environmental Protection, its applicable regulations, and the Mexican
      official norms on the subject (that Law, regulations, and official norms
      herein are referred                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

3

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | to as the Environmental Law), or official Mexican laws,
      regulations, or norms applicable in matters related to health, sanitation,
      industrial safety, explosives, or any analogous ones (hereinafter,
      referred to as Other Relevant Ordinances); particularly, without
      prejudice of the foregoing, in the soil, subsoil, surface or subsoil water
      currents and reservoirs, the air, flora, fauna, or other natural resources
      of the surface elements of the Lots, there are no toxic, radioactive, or
      contaminant wastes or substances in any other way, with respect to which
      no measures have been taken or the actions set forth in the Environmental
      Law have not been executed.                                                                                                                                         
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (J) | There is no, nor does Suaqui Grande expect there to be
      any administrative, judicial, or any other type of procedure tending to
      investigate the condition of the Surface Land or its natural elements
      (including, without limitation, its air, subsoil, water, flora, and fauna)
      due to infringements of the Environmental Law or Other Relevant Ordinances
      or tending to sanction its owners or whomever works or has worked therein,
      due to infringements of the Environmental Law or any of the Other Relevant
      Ordinances; and none of these violations or infringements has occurred,
      and Suaqui Grande has not received any notice or notification, nor has
      become aware of any investigation related to said conditions; therefore,
      Minera Sandia shall not be bothered by any of the aforementioned
      procedures.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (K) | Nothing prevents it from lawfully entering into and
      complying with the stipulations of this agreement and entering into said
      agreement and complying with said stipulations shall not violate any legal
      norm, nor any provision or contractual agreement, whatever their nature,
      notwithstanding the person or persons with which it has been entered
      into.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (L) | It has delivered to Minera Sandia all the maps, plans,
      reports, and other materials and information in possession or control of
      Suaqui Grande in relation to works performed in or with respect to the
      Lots.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (M) | It has agreed to enter into this agreement with Minera
      Sandia to grant to it, among others, a unilateral promise to sell the
      ownership of the Concessions and exclusive and irrevocable exploration
      rights of the minerals which, in a given case, are found in the
    Lots.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

|II. | By Minera Sandia:
|--- | -----------------
|    |                  
|    | (A)              
|    |                  
|    | (B)              

4

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | thereto, besides requesting and obtaining and through any
      other means, to acquire mining concessions or contractual rights to
      explore or exploit mineral substances, as well as to transfer, lien, and
      in any other way, to dispose of said concessions or rights, among other
      activities.                               
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                  
| | (C) | It has agreed to enter into this agreement with Suaqui
      Grande for the purpose to acquire from the latter, among others, a
      unilateral promise for the sale of the ownership of the Concessions and
      exclusive and irrevocable exploration rights for the mineral substances,
      which, in a given case, may exist in the Lots.

Due to that which has been stated and its respective interests
and purposes, Suaqui Grande and Minera Sandia enter into this Mining
Agreement and bind themselves pursuant to the following:

CLAUSES

1

INCORPORATION OFSTATEMENTS TO THE CLAUSES OF THIS
AGREEMENT, BY REFERENCE

| | (A) | The parties ratify the statements which under oath of
        telling the truth, they made in the chapter of recitals hereof and which
        are incorporated to this clause by this reference, as if literally inserted,
        for all legal effects.                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (B) | The parties warrant and commit to the truthfulness,
        completeness and accurateness of the recitals made in the chapter of recitals
        hereof; these are no simple general statements on benefits and damages
        that can naturally result from these facts or entering or not entering
        into this agreement or simple statements of facts or backgrounds without
        any binding content.                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (C) | For having been granted, bound by their truthfulness,
        completeness and accurateness, said statements have motivated the will
        and the consent of the parties for entering into this agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (D) | The parties are not aware of any fact, event, or circumstance
        of a material nature that have not been disclosed to the other party and
        that should have been disclosed in order to make the statements object
        of this clause, truthful, accurate, and complete, or to avoid these from
        being misleading or malicious, and particularly, Suaqui Grande has not
        omitted to state or declare anything which, if having been stated, would
        have motivated Minera Sandia not to enter into this agreement or not to
        exercise the Option or all other rights acquired hereby.                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (E) | The statements of the parties shall survive the exercise
        of the Option, entering into the Final Agreement (as it is defined hereinafter),
        and the acquisition of any right or interest on any of the properties
        object of the Option by Minera Sandia, and, therefore, shall continue
        binding them and shall also survive and as such, shall continue binding
        the parties to any lawsuit, action or claim being filed, suit being filed
        or brought due to failure to comply or attributed to failure to comply
        herewith or due to the falseness, incompleteness, or inaccuracy of any
        of said declarations.

2

5

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

UNILATERAL SALES AND OPTION PROMISE

| | (A) | Suaqui Grande commits to transfer to Minera Sandia (or
      whomever the latter may designate), the titles of the Concessions,
      granting to Minera Sandia, a unilateral, irrevocable, and exclusive option
      to purchase said titles, subject to what has been agreed to herein (said
      right in this agreement shall be referred to as the Option).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     | The Option is unilateral because it commits Suaqui Grande
      to transfer the titles and ownership, but does not commit Minera Sandia to
      acquire or purchase them.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     | The Option is irrevocable because it shall not be
      revoked, withdrawn, or cancelled otherwise, or be terminated during its
      term without Minera Sandias prior, express, written and conclusive
      consent, granted in writing before a notary public by whoever is appointed
      and entitled to do so.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     | The Option is exclusive because it has been granted only
      to Minera Sandia and because during its term, options or rights for the
      same or similar purposes may not be lawfully granted to any other person
      or entity, for whatever concept and under any legal mechanism or form
      whatsoever and the option or rights granted in violation of this
      exclusiveness shall not be opposable, nor shall damage Minera
    Sandia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     | The Option includes the unilateral, irrevocable, and
      exclusive right or option, in the sense stated in this paragraph (A),
      (i),to acquire the mining concessions which, in a given case, may
      substitute those defined herein as the Concessions or the mining
      concessions, which, in a given case, may be awarded to Suaqui Grande or
      any other person or entity, directly or indirectly related to Suaqui
      Grande, to cover holes between or adjacent to any of the Lots or between
      or adjacent to any of the lots covered by said mining concessions; (ii)to acquire the title to permits, licenses, concessions,
      authorizations, consents, favorable environmental impact resolutions,
      environmental risk assessments, authorizations for change of land use,
      concessions for the extraction, exploitation, use and development of
      underground water, concessions for the exploitation, use, and development
      of surface water; concessions for the discharge of waste water, soil use
      expert opinions, and acts of similar authorities which, in a given case,
      substitute any of those defined here as Permits, or the title to any
      modification or extension thereof; all of what has been set forth in this
      paragraph shall be subject to all the terms and conditions set forth
      herein and without the need of paying any additional or other amount than
      that which has been agreed to herein.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (B) | For granting the Option, on June 13 (thirteen), 2009 (two
      thousand and nine), Minera Sandia shall pay to Suaqui Grande US$1,000.00
      (one thousand dollars, legal tender of the United States of America), plus
      the amount of US$150 (one hundred fifty dollars, legal tender of the
      United States of America) as Value Added Tax.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     | To maintain the Option effective, as well as all other
      rights that Suaqui Grande confers hereby to Minera Sandia, Minera Sandia
      shall pay to Suaqui Grande, the following sums, at the latest on the
      stated dates:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

6

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| | (1) | US$ 99,000 (ninety nine thousand dollars, legal tender of
      the United States of America) at the latest on March 13 (thirteen), 2010
      (two thousand and ten), plus value added tax. This payment shall extend
      the Term of the Option to March 13 (thirteen), 2011 (two thousand and
      eleven).                
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                  
| | (2) | US$ 125,000 (one hundred twenty five thousand dollars,
      legal tender of the United States of America) at the latest on March 13
      (thirteen), 2011 (two thousand and eleven), plus value added tax. This
      payment shall extend the Term of the Option to March 13 (thirteen), 2012
      (two thousand and twelve).

If Minera Sandia exercises the Option,
which shall occur at the latest on March 13 (thirteen) 2012 (two thousand and
twelve) (hereinafter referred to as the Term of the Option), Minera Sandia
shall pay Suaqui Grande US$1,307,000 (one million three hundred seven thousand
dollars, legal tender of the United States of America), plus value added tax, on
the date on which Suaqui Grande, before a notary public or notary public for
commercial and administrative matters) executes and ratifies it signature and
acknowledges the content of the final agreement (hereinafter, referred to the
Final Agreement through which the transfer of the titles to the Concessions to
Minera Sandia is formalized, without prejudice of what is agreed to in
subsection (F) in this clause.

Against the payment made by Minera
Sandia to Suaqui Grande of the sums agreed to in this subsection (B), Suaqui
Grande shall deliver to Minera Sandia, invoices that shall comply with all tax
requirements and which shall transfer and itemize the value added tax at the
applicable rate.

Suaqui Grande shall pay its
corresponding taxes resulting from this agreement, pursuant to the applicable
laws.

Whenever the last date of those agreed
to in the different numerals of subsection (B) of this clause falls on a
holiday, the payment may be made on the business day immediately after said
holiday and the payment thus made shall not be deemed to be extemporary, subject
to what has been set forth in clause 4 (four) hereof.

Suaqui Grande shall provide to Minera
Sandia the data of its banking account into which Minera Sandia shall deposit
the payments referred to in this subsection (B). If such data are not provided,
or if Minera Sandia decides to make said payments through a check directly
delivered to Suaqui Grande and has not done so before the last date of the
respective terms, Minera Sandia shall make such payments at 10:00 AM (ten hours
in the ante meridian) on the last day of said respective terms, precisely at
Suaqui Grandes domicile set forth in clause 11 (eleven) hereof, subject to what
has been set forth in clause 4 (four) hereof. If Minera Sandia elects to pay
Suaqui Grande through a check, it shall be a check to be credited to the
beneficiarys account.

Minera Sandia may make the payments
set forth in this clause in the stated currency, or its equivalent in Mexican
legal tender, at the rate of exchange

7

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | published in the Official Gazette of the Federation on
      the business day immediately prior to that on which the payment is
      made.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | None of the amounts payable to Suaqui Grande pursuant to
      subsection (B) of this clause and other clauses hereof, shall generate
      interests in favor of Suaqui Grande or any other person.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (C) | If during the term of the Mining Option, Minera Sandia
      decides to exercise the Option, it shall notify it to Suaqui Grande
      through a written notice (hereinafter, referred to as the Notice of
      Exercise), in the understanding that the Notice of Exercise, at least,
      shall set forth the place, date, and time on which the Final Agreement
      shall be formalized, which should occur at the latest within a 10 (ten)
      calendar day term following the date the Notice of Exercise has been
      received by Suaqui Grande. The delivery of the Notice of Exercise shall
      commit Suaqui Grande to execute, ratify, acknowledge, and deliver the
      Final Agreement to Minera Sandia and shall provide Minera Sandia with the
      right and action to demand and obtain said execution, ratification,
      acknowledgement, and delivery hereof by Suaqui Grande, according to the
      terms of the law and the Notice of Exercise itself, all of this without
      prejudice of what has been stipulated in subsection (F) of this clause 2
      (two).
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | The option shall be deemed automatically exercised and
      therefore, the transfer of the title of the Concessions, in favor of
      Minera Sandia (or whoever the latter may designate) shall be understood
      perfected, without the need of sending a Notice of Exercise to Suaqui
      Grande, on the same day on which Minera Sandia, in a given case, completes
      the payment to Suaqui Grande, of all the amounts set forth in subsection
      (B) of this clause.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | If Minera Sandia omits to make any of the payments set
      forth in subsection (B) of this clause 2 (two), it shall be understood it
      has decided not to exercise the Option and that this agreement has been
      terminated in advance, without any further liability, nor obligation for
      it (with the exception of those set forth in the Environmental Law), but
      without prejudice of and subject to what has been agreed to in clause 4
      (four).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (D) | The following shall be agreed to in the Final
      Agreement:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

8

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |    | payment, it shall be deemed said titles have been
      transferred to Minera Sandia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The amounts to be delivered by Minera Sandia to Suaqui
      Grande in accordance with subsection (B) of this clause shall be deemed
      delivered and received for the account of the Transfer Price if Minera
      Sandia exercises the Option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The balance of the Transfer Price, once the amounts, if
      any, referred to in the immediately foregoing paragraph have been
      deducted, shall be paid to Suaqui Grande at the formalization of the Final
      Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | If Minera Sandia decides not to exercise the Option,
      either by the omission of any of the payments set forth in subsection (B)
      of clause 2 (two), without prejudice of what has been agreed to in clause
      4 (four), or through express written notice in this sense, delivered or
      sent to Suaqui Grande, the sums already paid by Minera Sandia to Suaqui
      Grande shall remain in favor of Suaqui Grande.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 4. | It shall be deemed the titles of the Concessions have
      been transferred or assigned to Minera Sandia on the precise day on which
      Minera Sandia has completed paying to Suaqui Grande, the total amount of
      US$1,532,000 (one million five hundred thirty two dollars, legal tender of
      the United States of America), which is the sum of the amounts set forth
      in subsection (B) of this clause, if Minera Sandia opts to exercise the
      Option, the Final Agreement shall be deemed effective, only if said
      transfer or assignment has been formalized. The possession of said rights
      to Minera Sandia shall also be deemed delivered or confirmed, as the case
      may be, as of the precise day on which Minera Sandia has completed paying
      to Suaqui Grande the referred total amount of US$ 1,532,000 (one million
      five hundred thirty two thousand dollars, legal tender of the United
      States of America, without the need of any further agreement or act by
      Suaqui Grande.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 5. | Suaqui Grande shall be liable for claim for better title
      or for defects of any of the titles assigned, without any
    limitation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 6. | Each party shall pay its corresponding taxes resulting
      from the Final Agreement, pursuant to the applicable laws.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 7. | It shall be agreed that the expenses for the
      formalization of the Final Agreement before a notary public and those
      related to its registration in the Public Registry of Mining shall be paid
      by Minera Sandia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 8. | In the Final Agreement it shall also be agreed that
      Suaqui Grande, at any time, and at its expense, shall defend Minera
      Sandia, its successors, and assignees against any person alleging better
      rights on or in relation to the titles to the Concessions or the titles to
      any of the Related Agreements, or the title to any of the
  Permits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 9. | In the Final Agreement it shall also be agreed that
      Suaqui Grande (i)shall hold Minera Sandia harmless from demands,
      accusations, complaints, claims, proceedings, lawsuits, sanctions, fines,
      liabilities,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

9

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | orders to suspend activities or to close, resolutions and
      judgments directly or indirectly related to the actual or alleged failure
      to comply the Suaqui Grandes obligations (or those of any other person)
      for works executed in any of the Lots prior to the Date of Execution, set
      forth in the Environmental Law and in Other Relevant Ordinances directly
      or indirectly related to works performed in any of the Lots prior to the
      Date of Execution; (ii)shall indemnify Minera Sandia for damages
      and shall compensate it for damages suffered by it directly or indirectly
      in relation to the failure to comply any of said obligations; and (iii)shall reimburse Minera Sandia for the fees and costs and procedural
      expenses paid by Minera Sandia to defend itself from said demands,
      accusations, complaints, claims, proceedings, lawsuits, sanctions, fines,
      liabilities, resolutions, and judgments.                                                                                                                                                                                                                                                                                                                                      
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     | The same liability is assumed by Minera Sandia in regard
      to Suaqui Grande for acts or works it may perform on the Lots for the
      duration of the Option, if Minera Sandia does not exercise said
    Option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | 10. | Suaqui Grande (i)shall hold Minera Sandia
      harmless from demands, accusations, complaints, claims, proceedings,
      lawsuits, sanctions, liabilities, orders to close or suspend activities,
      fines, and judgments directly or indirectly related to works and personnel
      which Suaqui Grande or any other person has hired prior to the Date of
      Execution, for the execution of works in any of the Lots, which among
      others include, without limitation, obligations related to the respective
      labor benefits, the Mexican Social Security Institute, the Institute for
      the National Workers Housing Fund, retirement savings funds, and
      withholding and payment of any type of taxes generated by reason of said
      labor relations; (ii)shall indemnify Minera Sandia for damages and
      shall compensate it for losses sustained by Minera Sandia directly or
      indirectly in relation to the failure to comply any of said obligations;
      and (iii)shall reimburse Minera Sandia the fees and costs and
      procedural expenses paid by Minera Sandia to defend itself from said
      demands, accusations, complaints, claims, proceedings, lawsuits,
      sanctions, liabilities, orders to close or suspend activities, fines and
      judgments.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     | The same liability is assumed by Minera Sandia in regard
      to Suaqui Grande for acts or works it may perform on the Lots for the
      duration of the Option, if Minera Sandia does not exercise said
    Option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     | For no reason and under no circumstance shall it be
      deemed that Minera Sandia is substituting, nor shall it substitute Suaqui
      Grande or any other person that ahs executed works in the Lots prior to
      the Date of Execution, as employer in its labor relations with the
      personnel or workers referred to in the first paragraph of this numeral 10
      (ten) and neither shall it be deemed that Minera Sandia is assuming the
      compliance of any of said obligations in another concept or diverse means.
      If the employer substitution operates by law, Suaqui Grande agrees to
      reimburse and shall reimburse Minera Sandia within a 5 (five) calendar day
      term following the day on which Minera Sandia were to demand it, the
      amounts Minera Sandia had paid for labor obligations related to those that
      had not been complied by the employer that Minera Sandia has substituted
      by law, plus its accessories, and procedural fees, costs, and expenses
      paid by Minera Sandia in relation to said employer                                                                                                                                                                                                                                    

10

---

Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

substitution, plus conventional
interests on delayed payments at a 12% (twelve percent) annual rate.

| | 11. | In the Final Agreement, Suaqui Grande shall transfer to
      Minera Sandia any contracts, agreements, or rights of any other type which
      Suaqui Grande has in relation to the use, occupancy, exploitation,
      transit, an access to the Surface Land other that those referred herein as
      Related Agreements, as well as all permits, licenses, concessions,
      authorizations, consents, resolutions, assessments, and similar
      authorizations, concessions, and acts of authority that Suaqui Grande had
      obtained in relation directly or indirectly with the Lots, other than
      those referred to herein as Permits, to the degree in which these are
      transferable or assignable, all without the need or Minera Sandias
      obligation to pay to Suaqui Grande or any other person any different or
      additional amount than the Transfer Price; therefore, the latter shall
      also be understood in exchange for everything which Suaqui Grande
      transfers to Minera Sandia pursuant to this numeral.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | 12. | The Final Agreement shall contain the additional
      stipulations which normally are contained in final sales purchase
      agreements or agreements for the transfer of title of mining concessions,
      pursuant to Mexican law, but none thereof shall be incompatible or
      contrary to those which are the object of this preliminary agreement. If
      due to any reason, the parties do not agree on said additional
      stipulations, the Final Agreement shall be entered into with the minimum
      stipulations object of subsection (D) of this clause 2 (two) and with all
      others in this clause 2 (two) that are
relevant.                                                                                                                                                                                                                                                                                                                                                                                                          

| | (E) | Suaqui Grande and Minera Sandia shall ratify the
      signatures they set upon the Final Agreement and shall acknowledge its
      content or shall formalize or record it in an instrument of public record
      before a notary public whose name and professional address shall be
      provided in the Notice of Exercise.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (F) | Suaqui Grande subscribes a special irrevocable power of
      attorney for acts of administration and a special irrevocable power of
      attorney for acts of ownership to Eduardo Robles Elias, Juan Jose Duarte
      Bravo, Ivan Moreno Torrescano, and Jose Joaquin Cabrera Ochoa, for the
      exclusive purpose that, jointly or separately, at Suaqui Grande or Minera
      Sandias written request, on behalf and for the account of Suaqui Grande,
      they may (i)execute the Final Agreement, which shall simply
      formalize the transfer of the title of the Concessions; (ii)appear
      before a notary public in order to ratify their signatures and acknowledge
      the content of the Final Agreement, or in order to formalize or record it
      before the credence of said notary public; (iii)to file the Final
      Agreement (or the instrument of public record which has recorded or
      formalized it) at the Public Mining Registry for its registration; and
      (iv)to execute or perform all other acts which in their opinion
      may be convenient or appropriate for the purposes stated in this
      subsection (F). The power of attorney granted in this clause shall be
      irrevocable since it has been subscribed as a condition herein and,
      furthermore, as a means for Suaqui Grande to comply with the obligations
      it contracted hereunder and for the purposes of article 2,596 (two
      thousand five hundred ninety six) of

11

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | the Federal Civil Code which sets forth: The principal
      may revoke the mandate whenever and how it may deem fit, except in those
      cases in which its subscription has been stipulated as a condition in a
      bilateral agreement or as a means to comply with a contracted
      obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     | In order for the representatives designated in the
      immediate foregoing paragraph may be legitimated to execute, formalize,
      and deliver the Final Agreement on behalf and for the account of Suaqui
      Grande for the benefit of Minera Sandia, it shall suffice to have Minera
      Sandia deliver or send to them (i)a certification stating that
      Minera Sandia exercised the Option and (ii)a copy of the vouchers
      proving that Minera Sandia paid to Suaqui Grande the Transfer Price in
      full, or that it deposited it before a judicial authority, certified by a
      notary public.                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     | The exercise of the power of attorney referred to in this
      subsection (F) under the circumstances stated therein shall be under the
      absolute and exclusive liability of Minera Sandia and Suaqui Grande, which
      shall hold the representatives harmless from any actions, claims,
      complaints, lawsuits, or accusations originating from Minera Sandia or
      Suaqui Grande or any other person and shall pay al reasonable lawyers
      fees, expenses, costs, and procedural damages and all other related
      disbursements which said representatives may pay in order to defend the
      acts executed by them in the exercise of the power of reference and the
      exercise of the power of attorney itself.                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     | Minera Sandia shall pay the fees paid to the
      representatives for the exercise of the power of attorney referred to in
      this subsection (G), as well as the reimbursement of the proven expenses
      incurred by the representatives due to said reason.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (G) | Minera Sandia shall pay the mining rights levied on the
      Concessions as of the Date of Execution and during the Term of the Option,
      and those payments shall not be understood as being for the account of the
      Transfer Price; it shall make the minimum investments on the Lots,
      required in order to maintain the Concessions in force; it shall submit
      the respective reports proving the works performed, in a timely manner,
      and shall execute any other acts or actions for the same purpose, in order
      to maintain the Concessions in force.                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     | Minera Sandia shall provide to Suaqui Grande copies of
      the receipts of the payment of mining rights and the reports proving the
      works performed referred to in the foregoing paragraph, at Suaqui Grandes
      written request.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (H) | If Minera Sandia does not exercise the Option, or if this
      agreement is rescinded or terminated due to any other reason, Minera
      Sandia shall pay the mining rights levied on the Concessions for the
      semester immediately following that during which Minera Sandia gave notice
      to Suaqui Grande that it would not exercise the Option or during which
      this agreement was rescinded or terminated and at Suaqui Grandes written
      request, it shall provide to Suaqui Grande a copy of the receipts for the
      payment of said mining rights and Minera Sandia shall also prove the
      investments made for the calendar year immediately prior to the year
      during which the agreement was rescinded or terminated and shall also
      provide to Suaqui Grande, at its written request, copies of the vouchers
      for investments made in the Lots

12

---

Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | during the precise period of time during the calendar
      year in which said rescission or termination occurred.                                                                                                                                                                                                                                                                                      
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                         
| | (I) | Minera Sandia shall not have any obligation to explain or
      to justify to Suaqui Grande or any other person why it decided not to
      exercise the Option, in a given case, and Minera Sandias failure to
      exercise the Option shall not provide to Suaqui Grande or any other person
      the right to any action for damages and losses and of no other type
      against Minera Sandia.

3

EXCLUSIVE AND IRREVOCABLE EXPLORATION RIGHTS AND RELATED
MATTERS

| | (A) | Suaqui Grande grants to Minera Sandia the exclusive and
      irrevocable right to (i)exploit the mineral substances which, in a
      given case, may exist in the Lots; (ii)to exercise the rights and
      to comply with the obligations resulting from the Related Agreements; and
      (iii)to exercise the rights and comply with the obligations
      resulting from the Permits, all of which (the latter to the degree in
      which it lawfully possible) during the Term of the Option, without any
      further obligations for Minera Sandia than those agreed to
  herein.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | The rights granted by Suaqui Grande to Minera Sandia in
      this clause are exclusive, because these have been granted only to Minera
      Sandia and because these may not lawfully be granted to any other person
      or entity, by any concept or any legal mechanism or form and such rights
      granted by Suaqui Grande infringing this exclusiveness shall not be
      opposable, nor shall damage Minera Sandia.                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | The rights granted by Suaqui Grande to Minera Sandia in
      this clause are irrevocable, because these may not be revoked, withdrawn,
      or be cancelled or terminated otherwise, if not with Minera Sandias
      prior, express, written and conclusive consent, provided before a notary
      public by whoever has been appointed and has powers for such
    purpose.                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | Consequently OF WHAT HAS BEEN AGREED TO IN THIS CLAUSE,
      Minera Sandia may execute all works which purpose is to explore mineral
      substances that, in a given case may exist in the Lots, for which it
      may:                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

13

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| | c. | build fences around all those zones and areas of the
      Surface Land that due to safety or sanitation reasons, reasons of an
      environmental nature or any other type, in the exclusive opinion of Minera
      Sandia must remain isolated or having restricted access;            
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                            
| | d. | construct and extend or dismantle or disassemble camps,
      dormitories, warehouses, storerooms, workshops, offices, and facilities
      required for the works of Minera Sandia, without any
restriction;                                                                              
| |    |                                                                                                                                                                                                                                                                                            
| | e. | construct drill jigs and drill bore holes;                                                                                                                                                                                                                                                 
| |    |                                                                                                                                                                                                                                                                                            
| | f. | to perform all types of prospecting activities or search
      for ores and their deposits;                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                            
| | g. | make measurements and set up markers used for marking
      boundaries for areas or zones inside or in the periphery of the Surface
      Land;                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                            
| | h. | take, analyze, and execute other types of tests with soil
      and subsoil samples and samples of the mineral substances existing therein
      for metallurgical tests, assays and other types of tests and assays, and
      to dispose thereof at Minera Sandias sole criteria; and   
| |    |                                                                                                                                                                                                                                                                                            
| | i. | perform or conduct on the Surface Land any other actions,
      constructions, and activities necessary or convenient in Minera Sandias
      opinion, whose purpose is to identify ore deposits and to quantify and
      evaluate economically exploitable reserves contained
  therein.

| | 2. | To obtain the expropriation, temporary occupancy, or
      establishment of easements on the Surface Land, indispensable to execute
      the mining works.                   
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                               
| | 3. | To execute or perform any other actions, constructions,
      and activities necessary or convenient, in Minera Sandias exclusive
      opinion, to execute its mining works.

| | (B) | The amounts paid by Minera Sandia to Suaqui Grande
      pursuant to what has been set forth in subsection (B) of clause 2 (two)
      and other parts hereof, shall be deemed paid also in exchange for the
      rights granted to it by Suaqui Grande, pursuant to the foregoing paragraph
      of this clause and of others that Suaqui Grande grants to Minera Sandia
      hereunder.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                             
| | (C) | Hereby, Suaqui Grande irrevocably grants to Minera Sandia
      all the consents, agreements, permits, or authorizations that may be
      necessary so that:                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                             
| |     | 1.                                                                                                                                                                                                                                                                                                                                                                                          

14

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |    | confer to it, according to the Environmental Law, so that
      Minera Sandia may lawfully develop its activities on the Lots.                                                                                                                                                                                                                                                          
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                         
| | 2. | Minera Sandia may apply for and obtain all other permits,
      licenses, concessions, or authorizations of any other type, pursuant to
      Other Relevant Ordinances and in other matters that Minera Sandia may
      require to lawfully develop its activities on the Lots.                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                         
| | 3. | That which has been agreed to in this subsection (C)
      shall be deemed as Suaqui Grandes consent, agreement, approval, permit,
      or authorization for all ends or purposes specified above, so that the
      additional or other consent, agreement, permit, or authorization by Suaqui
      Grande or any other person related to Suaqui Grande shall not be
      required.

| | (D) | Minera Sandia shall plan, execute, develop, control, and
      supervise in an exclusive way, all the mining works which it is entitled
      to execute pursuant hereto and the Mining Law and its Regulation,
      exclusive of Suaqui Grande and any other person. All the decisions
      regarding the Lots, including those related to the methods, procedures,
      and equipment to be used and related to the exercise of all other rights
      acquired hereby by Minera Sandia, shall be of Minera Sandias exclusive
      concern and competence, excluding Suaqui Grande and any other person.
      Minera Sandia may execute its mining works in the Lots, directly by itself
      or through contractors or other service providers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (E) | During the Term of the Option, Suaqui Grande shall have
      the following additional obligations: (i)it shall refrain from
      hampering or preventing, by any means whatsoever, the exercise of the
      rights and the compliance of the obligations acquired and assumed by
      Minera Sandia hereby; (ii)it shall refrain from assigning or
      promising to assign, or to grant in any other way to a third party or
      third parties, titles or any right resulting from or related to any of the
      Concessions or any of the Lots, or any of the Related Agreements, or any
      of the Permits to Minera Sandias assignee or assignees, unless it does
      so, stringently abiding by this agreement; (iii)it shall refrain
      from establishing Liens or to allow to establish or impose Liens on any of
      the Concessions, or on any of the Lots, or any of the Related Agreements,
      or any of the Permits, and shall also refrain from providing any of the
      agreements, permits, or rights of reference, as security; (iv)it
      shall refrain from abandoning part or all of the land covered by any of
      the Concessions; to relinquish any of the Concessions, to request the
      decrease of the area of any of the Lots or in any other way or through any
      other means, to waive rights or privileges related to any of the
      Concessions or any of the Lots, unless sit does so with Minera Sandias
      express, prior, and written consent; (v)it shall notify Minera
      Sandia, diligently and within the lawful term to answer or appear, of any
      notices, summons, injunctions, complaints, liquidations, official letters
      and other types of communications, from authorities or respectively from
      private parties, that are somehow related to any of the Concessions or to
      any of the Lots, or any of the Related Agreements, or any of the Permits,
      or this agreement; (vi)it shall diligently collaborate with Minera
      Sandia with respect to any actions it must or wants to take or execute in
      relation to the acts referred to in the foregoing paragraph of this
      subsection (E) and to obtain the consent or authorization of the owner of
      possessor of the Surface Land in order to execute its
  mining

15

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

| |     | works and/or to obtain the resolution of temporary
      occupancy thereof, pursuant to the Mining Law and its Regulation; (vii)it shall diligently collaborate with Minera Sandia with respect to any
      of the actions its must or wishes to take to exercise and comply, in a
      timely manner, the rights and obligations it acquires hereby; (viii)when the acts referred to in numeral (v) (five) of this subsection (E)
      have been initiated or have been executed by acts or omissions of Suaqui
      Grande or a person who acts or acted on behalf, by instructions, or to the
      benefit of Suaqui Grande, the latter shall hold Minera Sandia harmless
      from any liability or obligations directly or indirectly related thereto;
      it shall indemnify Minera Sandia for damages and shall compensate it for
      the damages sustained by Minera Sandia directly or indirectly in relation
      to said acts or omissions and its consequences; and shall reimburse Minera
      Sandia for procedural fees, cost, and expenses paid by the latter to
      defend itself from any of these.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (F) | Minera Sandia shall satisfy the obligations resulting
      from the Environmental Law and Other Relevant Ordinances, for the works
      performed during the term hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (G) | Minera Sandia shall not be held liable for any
      infringement of the Environmental Law or Other Relevant Ordinances that
      has occurred prior to the Date of Execution and after the termination or
      rescission hereof or for the violations that are not attributable to it
      for any reason. If despite that which has been set forth in this
      subsection, Minera Sandia, by law, is held liable for any of such
      infringements, Suaqui Grande agrees to reimburse and shall reimburse
      Minera Sandia, within a 5 (five) calendar term following the day on which
      Minera Sandia has thus requested, for the sums paid by Minera Sandia to
      respond for the infringement of reference or to release itself from
      penalties, sanctions, or any other type of adverse legal consequences,
      plus their accessories and procedural fees, costs, and expenses incurred
      by Minera Sandia to respond or achieve said release, plus conventional
      interests on delayed payments at a 12% (twelve per cent) annual
    rate.                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (H) | Minera Sandia shall be liable and have the exclusive
      obligation resulting from the labor relations with its workers or the
      relation it has with any person providing services to it as a contractor
      or in any other capacity, releasing Suaqui Grande from any liability with
      respect to such relations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (I) | At the execution of the Final Agreement, Suaqui Grande
      shall put at the disposal of Minera Sandia, all the records, files, data,
      and information it has related to the Concessions, the Lots, the Related
      Agreements, the Permits, it has not provided to Minera Sandia,
      notwithstanding Suaqui Grandes statements under oath of telling the
      truth, and Suaqui Grande shall enable Minera Sandia, at its expense, to
      prepare summaries thereof and photocopy these or copy them on magnetic or
      electronic media.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

16

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

4

CLAIMS FROM MINERA SANDIA

|(A) | If Minera Sandia does not make some of the payments set
      forth in subsection (B) of clause 2 (two) hereof on the respective dates
      stated therein, Suaqui Grande shall provide to Minera Sandia a written
      notice indicating that it has 30 (thirty) additional calendar days to make
      such payments or to prove to Suaqui Grande that it already has made such
      payments, after which term, in case such payment has not been made or if
      Minera Sandia does not prove to Suaqui Grande that it actually has made
      such payment, the Option and this agreement shall be deemed terminated
      automatically and without legal effects whatsoever, without any further
      liabilities for Minera Sandia than those agreed to herein.                                                                                                                                                                                                                                                                                           
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(B) | If Suaqui Grande considers that Minera Sandia has not
      complied some of its obligations which it acquires hereunder, other than
      those set forth in subsection (A) of this clause, Suaqui Grande shall
      notify Minera Sandia in writing that it has thirty (30) calendar days to
      begin to remedy the non-compliance or to prove to Suaqui Grande that it
      has not failed to comply, at the end of which period, if it has not begun
      to remedy the non-compliance or begun to remedy it, or if Minera Sandia
      has not proven to Suaqui Grande that it did not fail to comply, then, the
      Option and this agreement shall be deemed terminated automatically and
      without legal effects whatsoever, without any further liabilities for
      Minera Sandia than those agreed to herein. The notice of non-compliance
      shall include sufficient circumstances, so that Minera Sandia may take the
      pertinent corrective measures or remedies, according to the nature of the
      attributed failure to comply.

| | (D) | Suaqui Grande shall not be entitled to file a complaint
      against, or take, or petition any other legal measure against Minera
      Sandia, without previously proceeding as established in the two foregoing
      paragraphs of this clause, as may be applicable. As of now, the parties
      agree that the fact that Suaqui Grande exhausts the mechanism established
      in the two foregoing shall be deemed, for all legal purposes, a necessary
      assumption as regards the lawfulness of any action or any other type of
      measure or legal petition which Suaqui Grande intends to inchoate or file
      against Minera Sandia.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

ACT OF GOD OR EVENT OF FORCE MAJEURE

The term for the compliance of the obligations which the
parties acquire pursuant hereto, the Term of the Option, and the duration of
this agreement shall be suspended and shall be kept so, during the entire
duration of the act of God or event of force majeure, without it therefore being
deemed that the parties have failed to comply said obligations or that they have
decided not to exercise the Option, or that this agreement has been breached.
For the purposes of this subsection, the following, by way of illustration,
respectively constitute acts of God or events of force majeure: strikes,
blockades, closing of or obstacles on roads; lockouts, taking possession of
facilities, offices, or other property of Minera Sandia o its contractors or
subcontractors thereof; protests, demonstrations, or other types of actions by
environmentalist groups or

17

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

persons or Indian or ethnic groups or persons or non
governmental organizations, or neighbors or ejidos or ejido members;
expropriations, seizures or taking possession of property ordered and executed
or tolerated by any level or jurisdiction of government authorities; laws,
regulations; decrees, orders for the suspension of activities or closures, or
other types of governmental acts, including, but without being limited to acts
of environmental authorities, judgments; not having obtained a license, permit,
agreement, authorization, consent, right of access or right of way or delay in
obtaining such; prohibition for exporting ores decreed by the Mexican
government; decree of ruinous taxes or contributions or non-tariff measures that
make producing and exporting ores unprofitable, at the sole opinion of Minera
Sandia; unavailability of materials or means of transportation; impossibility or
insurmountable difficulty, in Minera Sandías sole opinion, to enter and exit
the Surface Land, and other events of a similar or analogous nature. The term
for the compliance of the obligations that Minera Sandia acquires pursuant
hereto, the Term of the Option and the duration hereof shall be deemed
automatically extended for a period of time equal to that of the duration of the
cause of suspension stipulated in this clause, without prejudice of Minera
Sandias right to terminate it in advance. No act of God or event of force
majeure shall release Minera Sandia from its obligation to pay the mining rights
for the Concessions, all during the Term of the Option, unless, any or some of
these obligations can not be complied since said rights can not or have not been
received by the banks, authorities, institutions, or agencies that should
receive them, or for not being able to pay due to any cause, reason or
circumstance not attributable to Minera Sandia.

The party which takes this clause as its basis shall take all
steps and shall execute all actions reasonably possible to eliminate the act of
God or event of force majeure or its effects and, if possible, shall comply with
the obligations it acquires hereunder, to the degree in which it is practical.
None of the parties shall have the obligation to negotiate or compromise with
the persons, groups, organizations, or authorities that give rise to the events
set forth in this clause, or the obligation to challenge state, governmental or
administrative acts which also constitute events of force majeure pursuant to
this clause, or the obligation of complying with what has been agreed to herein,
if an event of force majeure or act of God renders such compliance impossible.

The lack of possibility to comply due to an event of force
majeure or act of God shall release the parties, while the cause or event of
force majeure or act of God persists, except when the act of God is caused by
the lack of funds of the party of reference.

The establishment, imposition, registration, continuation, or
subsistence of a Lien on any of the Concessions or any of the Lots or part of
any of the Lots or any of the Related Agreements or on any of the properties or
rights of Suaqui Grande subject to this agreement shall not be deemed an event
of force majeure or an act of God and therefore, shall not excuse Suaqui
Grandes failure to comply.

6

ASSIGNMENT OF RIGHTS AND OBLIGATIONS AND ESTABLISHMENT OF
SECURITY

|(A) | As of now, Suaqui Grande irrevocably authorizes Minera
      Sandia to assign some or all of the rights and obligations resulting in
      its favor from this agreement or the Concessions, without the need of any
      further or additional agreement or consent, without further obligation for
      Minera Sandia than that of informing Suaqui Grande, within a 30 (thirty)
      calendar day term following the date on which the assignment has taken
      place, (i)the name or corporate name of the assignee; (ii)the date of the
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

18

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

|    | assignment; (iii)the business address of the
      assignee; and (iv)the name of the assignees representative with
      whom Suaqui Grande shall deal with in regard to everything related to said
      assignment, the latter provided the assignee has informed Minera Sandia
      thereof. The assignment referred to in this subsection shall fully (in
      case of the total assignment) or partially (in case of the partial
      assignment) release Minera Sandia from the obligations it assumes
      hereunder.                                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(B) | Suaqui Grande shall only be entitled to assign, promise
      to assign, lien, option, or enter into contracts and agreements in
      relation to some or all of the rights and obligations resulting hereunder
      or in relation to any of the mining concessions, agreements, permits,
      properties, or rights object hereof (prior to these being acquired by
      Minera Sandia) or to provide as security or to create or impose a Lien on
      any of said rights or obligations, or mining concessions, agreements,
      permits, properties or rights object hereof (prior to these being acquired
      by Minera Sandia), if it has Minera Sandias previous, express and written
      agreement and none of these acts shall be opposable to Minera Sandia if
      the latter did not consent to them as agreed to in this section.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(C) | Minera Sandia may provide this agreement and the rights
      resulting hereunder as security and any further or additional consent or
      agreement from Suaqui Grande shall not be required for such purpose and
      hereby, Suaqui Grande irrevocably grants its agreement and consent
      thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

7

TERMINATION

|(A) | It shall be deemed the Option and this agreement have
      been automatically terminated at the up-date of any of these hypotheses:
      (i)10 (ten) calendar days after a notice of non-exercise of the
      Option and termination of this agreement delivered or sent by Minera
      Sandia to Suaqui Grande has produced its effects; (ii)the up-date
      of any of the termination hypotheses set forth in clause 4 (four),
      subsections (A) and (B) hereof; and (iii)the formalization of the
      Final Agreement (in which case, only the provisions of this agreement that
      cause Suaqui Grande to indemnify or compensate Minera Sandia or to respond
      to Minera Sandia for claim for better title or defects in the assigned
      titles and others that impose obligations in charge of the parties whose
      compliance were pending after said formalization).                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(B) | Within a 180 (one hundred eighty) calendar day term
      following the effective date of termination of the Option and this
      agreement by the up-date of any of the hypotheses set forth in paragraph
      (A), subsections (i) one and (ii) (two) of this clause, Minera Sandia may
      and shall remove all the facilities, machinery, equipment, and other
      properties owned by Minera Sandia and by whoever has worked for the
      latter, which are still on any of the Lots, except for those facilities
      that should remain thereon pursuant to the Mining Law and its Regulation.
      The properties which Minera Sandia does not remove from the Lots within
      the term set forth in this paragraph shall become Suaqui Grandes property
      and the latter shall not have to pay Minera Sandia for them, unless Minera
      Sandia has been unable to remove them due to acts of God or events of
      force majeure or acts, omissions, liabilities, or obligations attributable
      to Suaqui Grande or which are Suaqui Grandes or attributable to persons
      acting on behalf or by instructions, or to the benefit of Suaqui
      Grande.

19

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

|(C) | If this agreement is terminated due to any of the
      hypotheses set forth in paragraph (A), subsections (i) (one) and (ii)
      (two) of this clause, Minera Sandia shall deliver to Suaqui Grande within
      a 90 (ninety) calendar day term following the date in which Suaqui Grande
      may request it in writing, a report describing all the works performed on
      the Lots, limited to matters of fact, exclusively together with copies of
      maps showing the location of samples, a copy of the drill assay logbook, a
      copy of the assay results, and other technical data compiled by Minera
      Sandia in relation to the Lots, but without any guaranty that the reports,
      maps, assays and technical data shall be appropriate for any end or
      purpose whatsoever and without any guaranty as regards their accurateness
      and completeness.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

ESTABLISHMENT OF COLLATERAL

|(A) | If Minera Sandia decides to exercise the Option and on
      the date on which the Final Agreement shall be formalized and delivered,
      any of the Concessions, any of the Related Agreements, or any of the
      Permits are subject to any Lien or any debt resulting from Suaqui Grandes
      acts, omissions, liabilities, or obligations, Minera Sandia may pay the
      amounts or comply with the obligations or satisfy the liabilities that
      have given place to the Liens or the debts of reference, which shall be
      charged to the amounts set forth in paragraph (B) of clause 2 (two) which
      still have not been paid to Suaqui Grande and, in a given case, pay the
      amounts owed or comply with the obligations or satisfy the liabilities
      that must be paid, complied or satisfied in excess of said amounts set
      forth in paragraph (B) of clause 2 (two) that still have not been paid to
      Suaqui Grande, and in a given case, to pay the amounts owned or to comply
      with the obligations or to satisfy the liabilities that should be paid,
      complied or satisfied in excess of said amounts set forth in paragraph (B)
      of clause 2 (two), in which case, the Option shall be deemed exercised and
      Suaqui Grande shall pay or reimburse Minera Sandia what it had paid or
      complied or satisfied in excess of said amounts set forth in paragraph (B)
      of clause 2 (two), plus lawful interests. The expenses or disbursements
      that Minera Sandia would cause to pay, comply, or satisfy Suaqui Grandes
      amounts, obligations, or liabilities under the circumstances set forth in
      this subsection, plus lawful interests shall also be borne by Suaqui
      Grande, and charged to the amounts set forth in paragraph (B) of clause 2
      (two).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(B) | Suaqui Grande commits to reimburse Minera Sandia for the
      amounts it already had paid Suaqui Grande from among those set forth in
      paragraph (B) of clause 2 (two) hereof, plus lawful interests, if, on the
      date on which the Final Agreement should be formalized and delivered, any
      of the Concessions or any of the Related Agreements or any of the Permits
      are subject to any Lien or debt resulting from Suaqui Grandes acts,
      omissions, liabilities, or obligations and therefore, Minera Sandia
      decides not to formalize and deliver the Final Agreement, in which case,
      the Option shall be deemed not exercised. Suaqui Grande shall also pay to
      Minera Sandia the expenses or disbursements, plus lawful interests, made
      by Minera Sandia to document, notarize, and notify its decision of not
      formalizing and delivering the Final Agreement under the circumstances set
      forth in this paragraph.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(C) | To assure the compliance of the obligations it acquires
      under paragraphs (A) and (B) of this clause, irrevocably Suaqui Grande
      establishes in favor of Minera Sandia, first collateral on the titles of
      the Concessions and the Related Agreements that qualify as personal
      property pursuant to the law. This collateral                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

20

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

|    | shall be effective and shall bind Suaqui Grande and third
      parties while the secured obligations and their accessories remain unpaid
      or unsatisfied and shall be registered in the Public registry of Mining. A
      special notation thereof shall be made as set forth respectively in the
      Mining Law and its Regulation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(D) | Suaqui Grande shall respond with its entire estate, for
      the compliance of the obligations it secures with the pledge object of
      this clause incase the pledge or the pledged properties were insufficient
      or were unenforceable due to any reason or circumstance, or in case the
      pledge could not be made effective to Minera Sandias benefit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(E) | Minera Sandia shall enforce the security interest rights
      and privileges this clause grants to it, if previously it does not grant
      to Suaqui Grande a 15 (fifteen) calendar day term so that Suaqui Grande,
      at its sole expense, may take the steps and measures it may deem necessary
      in order for the Liens to be cancelled, annulled, superseded, terminated,
      or in some other way, divested of legal effects, unless the respite harms
      or could harm Minera Sandias position or rights, in its exclusive
      opinion. To exercise the rights that Suaqui Grande grants to it through
      this clause, Minera Sandia shall not be bound to wait for the result of
      legal actions of any type filed by Suaqui Grande before the courts or the
      result of negotiations, procedures or discussions whose purpose is to
      obtain the cancellation, release, annulment, or divestment of effects of
      the Liens through any other legal means.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(F) | If Minera Sandia decides not to exercise the Option,
      Minera Sandia shall deliver to Suaqui Grande, the cancellation or release
      of the security established by the effects of this clause, within a 15
      (fifteen) calendar day term following the date on which the notice of
      non-exercise of the Option produces its legal
effects.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

9

CONFIDENTIALITY

|(A) | The parties shall maintain the content and entering into
      this agreement under absolute confidentiality and shall not use the name
      of the other party for any purpose related hereto and the properties and
      rights object of the Option and shall cause its shareholders, directors,
      officers, representatives, employees, and other related persons maintain
      it in absolute confidentiality and refrain from using the name of the
      other party, unless they have to disclose it or use the name of the other
      party (i)to stock exchange, tax, administrative, judicial or
      arbitration authorities or officials pursuant to the law; (ii)to
      banks or other financial entities or parties interested in financing the
      works which Minera Sandia is entitled to perform hereunder; (iii)to good faith third parties interested in acquiring the rights and
      obligations resulting hereunder in favor of Minera Sandia; (iv)to
      the general public pursuant to the laws and rules that govern the
      placement or sale of shares or securities in Mexican or foreign stock
      exchanges; and (v)to the accountants and consultants of the
      parties, subject to what has been agreed to in this clause.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(B) | Notwithstanding what has been set forth in the foregoing
      paragraph, the parties agree that none of them shall be liable to the
      other for any negligent or fraudulent disclosure of information by any of
      its shareholders, directors, officials, representatives, employees, and
      other persons related thereto, if said party took reasonable measures so
      that said information would be treated as confidential and kept as
      such.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

21

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

|(C) | The registration of this agreement in the Public Registry
      of Mining or in other public registries shall not be deemed to be an
      infringement of the duty of confidentiality.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

OTHER STIPULATIONS

|(A) | This agreement substitutes, cancels, supersedes,
      terminates and leaves without effects any agreements, letters of
      agreement, contracts, letters of intent, and agreements of any other type
      entered into in relation to the object hereof, on a date prior to the one
      hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(B) | All the obligations and commitments assumed by the
      parties are contained and exclusively comprised herein. There are no
      verbal agreements or understandings, prior or contemporary to the
      execution hereof, which binds the parties in any sense
  whatsoever.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(C) | The parties agree that they shall execute and deliver to
      the other party, any other additional documents and shall take any
      additional actions that may be necessary to attain the objectives hereof
      and that in all these cases, they shall proceed in a diligent and timely
      fashion, but this paragraph shall not be construed as binding the parties
      to grant securities or to constitute Liens other than those agreed to
      herein.                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(D) | No modification, amendment or addition hereto shall be
      binding or enforceable coactively if not provided in writing and if not
      executed by all the contracting parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(E) | The sole purpose of the titles or headings used herein is
      to facilitate reading the agreement, but do not determine, affect,
      restrict, or expand the scope of the rights and obligations resulting from
      this meeting of the wills.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(F) | For the purposes hereof, business days shall be those
      that are not deemed to mandatory holidays pursuant to the Mexican Federal
      Labor Law. Whenever the last day of any term set forth herein to make a
      payment or execute an action is a mandatory holiday pursuant to the
      Mexican Labor Law, the payment shall be made or the action shall be
      performed on the immediately following business day. For the purposes
      hereof, calendar days shall be all the days of the regular calendar. In
      this agreement, months shall refer to periods comprising thirty calendar
      days, whenever these do not start being calculated as of the first day of
      the calendar month of reference. Whenever a calendar month begins to be
      calculated as of its first day, a month shall be deemed to be the number
      of calendar days comprised in said period.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(G) | In the negotiation and execution hereof, there has been
      no fraud, bad faith, violence, illegality, error, reverential fear,
      disability, nor any other defect that affects the contracting parties
      will or consent.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

22

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

|(H) | The parties categorically state that they have no action
      for the non-existence, invalidity, nullity, or inefficiency hereof or
      other similar ones tending to deprive it of effects or to release them of
      its binding nature and that they irrevocably waive those which, in a given
      case, they could have to obtain any of said declarations.                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(I) | In particular, there is no injury. The considerations
      agreed to herein are fair, equitable, and commercial. Notwithstanding the
      foregoing, the parties irrevocably waive any action or right which, in a
      given case, they would have to claim the non-existence, nullity,
      rescission, inefficiency, or deprivation of legal effects of this
      agreement due to objective or subjective injury or any other
  type.             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(J) | If any stipulation herein were invalid, illegal,
      inefficient or unenforceable coactively in any respect in any
      jurisdiction, the validity, legality, efficiency or coactive nature
      thereof or a different stipulation shall not be affected or suffer demerit
      in any way whatsoever due to said circumstance in any
  jurisdiction.                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(K) | All consents, authorizations, permits, waivers,
      agreements, acknowledgements, confirmations, and covenants given and
      agreed on in this contract shall be deemed irrevocable, despite this is
      not stated expressly in some cases.                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(L) | The disbursements made by any of the parties pursuant
      hereto shall be deemed exclusively for their expense, that is, the party
      that makes such disbursements shall not be entitled to compensation,
      prorating, reimbursement or refund for any other concept.                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(M) | During the discussion and acceptance of the terms,
      conditions, and clauses hereof, and at the time of its execution,
      ratification and acknowledgement, the parties consulted with their legal
      counsels who explained to them the scope and legal consequences of the
      content hereof duly and sufficiently.                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(N) | The parties acknowledge the legal existence and
      subsistence of the other party, as well as the appointments and powers,
      and authority of who enter into this agreement in their respective
      representation, since their legal counsels have had before them and
      analyzed the documents that prove it.                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(O) | Whenever in this agreement reference is made to
      signatures and acknowledgement of content or formalization by instrument
      of public record, this shall be deemed to be the ratification of
      signatures, acknowledgement, and formalization before a notary public
      selected by Minera Sandia, whose expenses and fees shall be borne by
      Minera Sandia.                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(P) | Nouns in singular shall be deemed to include the plural
      and nouns in plural shall be deemed to include the singular, and male,
      female and neuter genders shall be deemed to be mutually excluding, all of
      this pursuant to the context and the parties intent, as stated in all of
      the clauses hereof. The term including shall refer to including, but
      without being limited to that which has been stated
  expressly.

23

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

|(Q) | If any of the parties omits to demand or request the
      stringent compliance of any provision hereof or grants its consent with
      respect to an action or omission of the other party, or waives some right
      provided to it hereunder, said circumstance shall not be interpreted as a
      waiver of the party adversely affected, to demand o request the compliance
      of said provision at a diverse time or as having provided its consent with
      respect to another similar action or omission, or as a waiver to enforce
      the right at a latter time.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

DOMICILES

All notices, notifications, or communications which are given
or must be given in relation hereto shall be delivered, made or sent in writing
to the following domiciles:

|(A) | If for Suaqui Grande:                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Avenida 10 (ten) number 71 (seventy one), between 2 (two)
      and 3 (three), Colonia Bugambilias, Hermosillo, Sonora.                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(B) | If to Minera Sandia:                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Dr. Aguilar number 162 (one hundred sixty two), Colonia
      Prados Centenario, Hermosillo, Sonora.                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | With copy for Eduardo Robles Elias, on Boulevard Hidalgo
      64, Colonia Centenario, Hermosillo, Sonora 83260.                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(C) | Unless otherwise is set forth herein, notices and
      communication shall be deemed effective on the business day following that
      on which they have been conclusively received at the respective domiciles
      set forth hereinabove. If the postal system is used, notices and
      communications shall always be sent by certified mail, return receipt
      requested.                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(D) | Notices, notifications, or communications may be
      delivered or made to whoever they addressed anywhere, wherever the
      addressee or its attorney in fact or legal representative with sufficient
      powers may be located, although it might not be the domicile set forth in
      this clause and notices, notifications, or communications thus delivered,
      shall have the same value and effect as if delivered at the domicile
      established in this clause.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(E) | Judicial summons shall be served and shall be deemed
      effective, where, when and under the conditions set forth in the
    law.                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(F) | While the parties do not establish a domicile other than
      the one set forth in this clause, notices, notifications, and
      communications they respectively may give each other, make or send to the
      domicile set forth in this clause, shall be fully effective, although
      effectively and actually the parties no longer have the domicile
      established in this clause. Notices of change of domicile shall become
      effective                          

24

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

on the fifteenth calendar day following
the date on which such notices become effective pursuant to this clause. Any new
domicile of Suaqui Grande or of Minera Sandia set forth for the ends and
purposes of this clause shall be located in Mexico and shall be precise as
regards the street, street number, suite or apartment number or letter (in a
given case), the city area or name of urban development, the city and its zip
code.

12

CONTROVERSIES OR DIFFERENCES AND APPLICABLE LAW

|(A) | The parties shall subject to the exclusive jurisdiction
      and competence of the courts of Hermosillo, Sonora, so these may know
      about and resolve on any legal action, measure, or petition whose direct
      or indirect cause is this agreement, including, but not limited thereto,
      those related to its existence, validity, interpretation, and compliance
      and, clearly, expressly and precisely waive the jurisdiction and
      competence of other judges or courts that could correspond to them by
      reason of their domicile, location of the administration, or the main
      business establishment if the parties, contacts with other jurisdictions
      or doctrines or similar principles, subject of this agreement, territory
      or any other current or future reasons, causes or circumstances.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(B) | The Mexican law shall govern all controversies that may
      arise in relation to the existence, validity, interpretation, and
      compliance hereof and the obligations and liabilities of the parties,
      including its compulsory enforcement, excluding the norms of said law that
      establish a jurisdiction or competence other than the one agreed to in the
      immediately foregoing paragraph and excluding the norms of said law that
      establish this agreement is subject to a juridical order other than that
      of Mexico.                                                                                                                                                                                                                                                                                        

Having been well-informed of the legal scope and content hereof, the parties
execute this agreement fully in agreement therewith and make it binding in all
legal respect, in four counterparts, each of which shall be deemed an original
which shall have the same value and effect, in Hermosillo, Sonora, on the
13th (thirteenth) day of the month of June, 2009 (two thousand and
nine).

An illegible signature Minera Suaqui Grande, S. de
R.L. de C.V.Represented by Jorge Luis Fimbres Castillo

An illegible signature An illegible signature
Minera Sandia, S.A. de C.V.Represented by William Pierce Carson

Witnesses

|An illegible signature | An illegible signature 
|---------------------- | -----------------------
|Noelia Alvarado Sau    | Concepcion Alvarado Sau

25

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009



26

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---

(Translation of the foregoing notarial certification and
Apostille into Spanish)



Hermosillo, Sonora, Mexico, August 10, 2009

To whom it may concern:

Hereby,
the undersigned, IVETTE MARIAN ARNOLD, certifies that the attached translations
are an accurate translation into the SPANISH language, of a page of signatures
and apostille No. 51441, executed by Mary Herrera, Secretary of State of New
Mexico, which appears in the ENGLISH language, with the modifications necessary
for its better understanding.

|Ivette Marian A. (signature)     | A stamp that reads:       
|-------------------------------- | --------------------------
|Federal Taxpayers Registry:     | IVETTE MARIAN
      ARNOLD
|MAAI-700927-D36                  | Interpreter-Translator    
|                                 |                           
|English-Spanish of the Honorable | Federal Taxpayers Reg.   
|Supreme Court of Justice of the  | MAAI-700927d36            
|State as evidenced in document   | Isidro Olvera No. 21      
|                                 |                           
|16/2002, dated July 9, 2002      | Hermosillo, Sonora        
|Issued by said Honorable Court   |                           



---

Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009



Attachment A

Related Agreements

[WITHOUT ATTACHMENT]

27

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Mining Agreement Minera Suaqui Grande S. de R.L. de C.V.
and Minera Sandia, S.A. de C.V. June 13, 2009

Attachment B

PERMITS

[WITHOUT ATTACHMENT]







28

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In Hermosillo, Sonora, on the 13th (thirteenth) day
if June, 2009 (two thousand and nine), before the undersigned attorney Jesus
Jose Francisco Arturo Lizarraga Murguia, acting notary public number 35
(thirty five), in and for Hermosillo, Sonora, and in exercise in this notarial
district, APPEARED:-----------------------------------------------

Jorge Luis Fimbres Castillo,representing Minera de
Suaqui Grande Sociedad de Responsabilidad Limitada de Capital Variable (Limited
Liability Corporation of Variable Capital), who stated being a Mexican
national, of legal age, married, born in Suaqui Grande, Sonora, on October 30
(thirty), 1954 (one thousand nine hundred fifty four), a professional, with
domicile on Avenida 10 (ten), number 71 (seventy one), between 2 (two) and 3
(three), Colonia Bugambilias in Hermosillo, Sonora, and identified himself with
voters registration card with folio number 45391288 (four five three nine one
two eight eight), besides the witnesses, whose personal data shall be inserted
in a latter chapter, who STATED:
-----------------------------------------------------------

(1) That they appear before the undersigned notary
public to acknowledge each and every portion of the content of the MINING
AGREEMENT (UNILATERAL PROMISE FOR THE TRANSFER OF MINING CONCESSION TITLES,
GRANTING EXPLORATION RIGHTS AND ESTABLISHMENT OFSECURITY INTEREST ON
OWNERSHIP OF MINING CONCESSIONS), entered into by Minera de Suaqui Grande
Sociedad de Responsabilidad Limitada de Capital Variable (Limited Liability
Corporation of Variable Capital),represented by Jorge Luis Fimbres
Castillo, on one hand, and Minera Sandia Sociedad Anonima de Capital Variable
(Stock Corporation of Variable Capital), represented by William Pierce
Carson,on June 13 (thirteen), 2009 (two thousand and nine), which comprises
29 (twenty nine) letter-size pages , with text only on the front side and to
ratify the signature of those who undersign it, which acknowledge as their
own.------------------------------------------------

(2)Through its representative, Minera de Suaqui
Grande Sociedad de Responsabilidad Limitada de Capital Variable (Limited
Liability Corporation of Variable Capital)grants before the attestation of
the undersigned notary public, the powers and authority referred to in paragraph
F of clause 2 (two) of the agreement object hereof, which is deemed integrally
reproduced herein for all pertinent legal purposes; therefore it shall abide by
and go through all the acts, formalities, and representations of the legal
representatives designated in this clause, in the exercise of the powers and
authority conferred upon them.
-----------------------------------------------------

LAWFUL EXISTENCE AND REPRESENTATION OF MINERA SUAQUI GRANDE
SOCIEDAD DE RESPONSABILIDAD LIMITADA DE CAPITAL VARIABLE --------------

Mr. Jorge Luis Fimbres Castillo proved to me being the
Sole Manager of Minera de Suaqui Grande Sociedad de Responsabilidad
Limitada de Capital Variablewith the

[1]

---

original copy of instrument of public record number 1,909 (one
thousand nine hundred nine), volume 83 (eighty three), executed before and
certified by attorney Rene Ramirez Buentello, notary public number 80 (eighty)
in and for Hermosillo, Sonora, on January 17 (seventeen), 1996 (one thousand
nine hundred ninety six), registered in the Public Registry of Property and
Commerce under number 11,802 (eleven thousand eight hundred two), volume 54
(fifty four), Book One, Commerce Section, dated January 23 (twenty three), 1996
(one thousand nine hundred ninety six) of which I transcribe the portions
pertaining this document of ratification, pursuant to the Mining Law and its
Regulation: CLAUSES:- ARTICLE ONE.- CORPORATE NAME.- The corporations
corporate name shall be MINERA DE SUAQUI GRANDE. This corporate name shall be
followed by the words Sociedad de Responsabilidad Limitada de Capital Variable
(Limited Liability Corporation of Variable Capital) or its abbreviation in the
Spanish language, S.R.L. de C.V..- ARTICLE THIRTEEN. CORPORATIONS
ADMINISTRATION. 1.- Form.- A sole Manager shall be in charge of the
corporations direction and administration.- ARTICLE FOURTEEN. POWERS OF THE
SOLE MANAGER.- The sole manager shall be in charge of the administration and
direction of the corporations business; therefore, he shall be entitled to
perform as many acts and operations as may be required to attain the corporate
purpose, except those which by the law or by provision of these articles of
incorporation are reserved exclusively to the members meeting.- He may
represent the corporation before all types of private persons and any judicial,
civil, and criminal, labor or administrative authorities, whether federal, state
or municipal. In order to perform the foregoing, he shall be invested with the
broadest powers, such as those which b y way of illustration, but not by way of
limitation are stated herein below:- 1.- Lawsuits and Collections: - General
power of attorney for lawsuits and collections, without any limitations
whatsoever, including all the general and special powers that pursuant to the
law require a special clause in accordance with the terms of the first paragraph
of article 2554 of the Civil Code for the Federal District and its correlative
article in the civil codes of the States of the Republic, among which are those
referred to article 2587 of said Code and that of voluntarily dismiss amparo
proceedings (to protect constitutional rights); to file accusations for criminal
deeds and to file complaints and to voluntarily dismiss them; to aid the
District Attorney and to grant legal pardon.- 2.- Acts of Administration: -
General power of attorney for acts of administration pursuant to the terms of
the second paragraph of article 2554 two thousand five hundred fifty four of the
Civil Code for the Federal District and its correlative article for the civil
codes of the States of the Republic.- 3.- Acts of Ownership:- General power of
attorney for acts of ownership pursuant to the terms of the third paragraph of
article 2554 two thousand

[2]

---

five hundred fifty four of the Civil Code for the Federal
District and its correlative article for the civil codes of the States of the
Republic.- 4.- Negotiable Instruments.- Power of attorney to subscribe, grant,
and endorse negotiable instruments and credit transactions pursuant to the terms
of article 9 of the General Law on Negotiable Instruments and Credit
Transactions.- 5.- Substitution.- Power to subscribe and substitute general and
special powers of attorney and to revoke the former and the latter ...
TRANSITORY CLAUSES.- TENTH.- The members resolve that the corporation shall
initiate its operations being administrated by a Sole Manager, designating Mr.
JORGE LUIS FIMBRES CASTILLO for such purpose, who in order to perform his office
shall have all powers referred to in article Fourteen of the corporate bylaws.
--------------------------------------------------------------------------------------------------------Due
to the documents described in the foregoing paragraphs, which I had before me, I
attest that the appearing parties actually have the necessary powers to enter
into this agreement, whose content they acknowledge and ratify.
-----------------------------------------

Under oath of telling the truth and being warned of the
penalties incurred by those who provide false statements before a notary public,
the appearing party stated that the powers with which he appears representing
his principal, have neither been revoked nor limited in any way whatsoever.
---------------------------------------------------------------------

For purposes of ratification and the subscription of the powers
stated herein, appeared as witnesses: Noelia Alvarado Sau, who stated
being a Mexican national single, file clerk, having been born in Hermosillo,
Sonora, on January 19 (nineteen), 1974 (one thousand nine hundred seventy four
and having her elected domicile at Boulevard Hidalgo 64 (sixty four), Colonia
Centenario in this city; and Concepcion Alvarado Sau, who stated being a
Mexican national single, having been born in Hermosillo, Sonora, on March 30
(thirty), 1978 (one thousand nine hundred seventy eight), occupation lawyer, and
having her elected domicile at Boulevard Hidalgo 64 (sixty four), Colonia
Centenario in this city.

-------------------------------------------------------------------------------------------------------------DOCUMENTS
ATTACHED ------------------------------------

The following documents are attached to this document for the
ratification of signatures: (a)Agreement object of this document; (b)Copy of the voters identification cards with photograph of the appearing
party and the witnesses. ------------------------------

I, the undersigned notary public spread upon the record under
my certification, for all legal purposes that may be lawful: 1.That I
made sure of the identity of the appearing parties who identified themselves
with voters identification card with photograph and with immigration document,
respectively. 2.That the appearing parties have legal capacity to enter
into agreements and to bind themselves, which I spread upon the record, since I
do not observe in them any evident manifestations of natural disability

[3]

---

and not being aware that they are subject to civil lack of
capacity. 3.That I had before me the documents which were submitted to
me for preparing this ratification document, originals which I returned to the
appearing parties. 4.That the appearing parties read by themselves, the
document whose content they acknowledged and ratified. 5.That I
explained to the appearing parties the legal value and consequences of the
content of this document, in order to comply with what is ordered by the
Notarial Law for the State of Sonora. 6.That the appearing party,
Jorge Fimbres Castilloactually has the representation on behalf of which
he proceeds and that said representation is legitimate pursuant to the authentic
documents which he exhibited to me for such purpose and which have been referred
to and transcribed in the pertinent portions of this instrument. I Attest.
------------------------------------------------------------------------------------

Hermosillo, Sonora, June 13 (thirteen), 2009 (two thousand and
nine)

An illegible signature Minera Suaqui Grande, S. de
R.L. de C.V.Represented by Jorge Luis Fimbres Castillo

|An illegible signature | An illegible signature 
|---------------------- | -----------------------
|Noelia Alvarado Sau    | Concepcion Alvarado Sau

Anillegible signature Attorney Jesus Jose
Francisco Arturo Lizarraga Murguia Acting Notary public number 35 (thirty
five) Hermosillo, Sonora, Mexico

A stamp that reads: UNITED MEXICAN
STATES.-Atty. Jesus Jose Francisco Arturo Lizarraga Murguia.- ACTING
NOTARY PUBLIC NUMBER 36.-Hermosillo, Sonora, Mexico.

[4]

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