----

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| ARTICLE 1 INTERPRETATION                                     | 1                                                          |
|--------------------------------------------------------------|------------------------------------------------------------|
|     1.1                                  | Definitions                                                | 1 |
|     1.2                                  | Interpretation                                             | 3 |
|     1.3                                  | Choice of Law                                              | 4 |
|     1.4                                  | Currency                                                   | 4 |
|     1.5                                  | Attornment                                                 | 4 |
|     1.6                                  | Ambiguities                                                | 4 |
| ARTICLE 2 APPOINTMENT AND DELEGATION                         | 4                                                          |
|     2.1                                  | Appointment as Manager and Delegation: Management Services | 4 |
|     2.2                                  | Exclusivity                                                | 6 |
|     2.3                                  | Appointment of Agents                                      | 7 |
| ARTICLE 3 CONCERNING MANAGER; REPRESENTATIONS AND WARRANTIES | 7                                                          |
|     3.1                                  | Standard of Care                                           | 7 |
|     3.2                                  | Representations and Warranties                             | 8 |
|     3.3                                  | Liability of Manager                                       | 9 |
|     3.4                                  | Relationship of Manager and the Managed Entity             | 10 |
|     3.5                                  | Directors and Officers Liability Insurance                 | 10 |
| ARTICLE 4 PERSONNEL AND SHARED FACILITIES                    | 11                                                         |
|     4.1                                  | Personnel Expenses                                         | 11 |
|     4.2                                  | Use of Shared Facilities                                   | 11 |
| ARTICLE 5 FEES AND PAYMENT                                   | 11                                                         |
|     5.1                                  | Budgets Relating to Services                               | 11 |
|     5.2                                  | Fees Payable by Managed Entity                             | 11 |
|     5.3                                  | Change in Services                                         | 12 |
|     5.4                                  | Invoice                                                    | 12 |
|     5.5                                  | Payment                                                    | 12 |
|     5.6                                  | Interest                                                   | 12 |
|     5.7                                  | Proration                                                  | 12 |
|     5.8                                  | Payments in Respect of Taxes                               | 12 |
|     5.9                                  | Excluded Services                                          | 13 |
| ARTICLE 6 TERM AND TERMINATION                               | 13                                                         |
|     6.1                                  | Term of Agreement                                          | 13 |
|     6.2                                  | Termination of Agreement                                   | 13 |
|     6.3                                  | Conduct After Notice of Termination                        | 14 |

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|     6.4                    | Conduct After Termination          | 14 |
|------------------------------------------------|------------------------------------|----|
| ARTICLE 7 RECORDS AND REPORTING                | 15                                 |
|     7.1                    | Records and Reporting              | 15 |
|     7.2                    | Audit Right                        | 15 |
|     7.3                    | Inspection Right of Manager        | 16 |
| ARTICLE 8 INDEMNIFICATION                      | 16                                 |
|     8.1                    | Indemnification of Manager         | 16 |
| ARTICLE 9 CONFIDENTIALITY AND NON-SOLICITATION | 17                                 |
|     9.1                    | Confidentiality                    | 17 |
|     9.2                    | Injunctive Relief                  | 18 |
|     9.3                    | Return of Confidential Information | 19 |
|     9.4                    | Non-Solicitation                   | 19 |
|     9.5                    | Survival                           | 20 |
| ARTICLE 10 FORCE MAJEURE                       | 20                                 |
|     10.1                   | Force Majeure                      | 20 |
| ARTICLE 11 GENERAL PROVISIONS                  | 21                                 |
|     11.1                   | Exchange Acceptance                | 21 |
|     11.2                   | Further Assurances                 | 21 |
|     11.3                   | Assignment                         | 21 |
|     11.4                   | Enurement                          | 21 |
|     11.5                   | Entire Agreement                   | 21 |
|     11.6                   | Notice                             | 22 |
|     11.7                   | Amendment                          | 22 |
|     11.8                   | Severability                       | 22 |
|     11.9                   | Counterpart Execution              | 23 |
|     11.10                  | Effective Date                     | 23 |
|     11.11                  | Arbitration                        | 23 |

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----

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|  | (a) | the headings in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or interpretation; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | words importing the singular number include the plural and vice versa and words importing gender include the masculine, feminine and neuter genders; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | "this Agreement" means this Agreement, including the Schedules hereto, and not any particular Section or other subdivision, recital or Schedule hereof, as the same may, from time to time, be supplemented or amended in accordance with the terms hereof; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | the words "hereof", "herein", "hereto" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, recital or Schedule hereof; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | all references in this Agreement to a designated "Section" or other subdivision, recital or "Schedule" hereof are references to the designated Section or other subdivision, recital or Schedule to, this Agreement; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | a reference to a statute in this Agreement includes all regulations, rules, policies or instruments made thereunder, all amendments to the statute, regulations, rules, policies or instruments in force from time to time, and any statutes, regulations, rules, policies or instruments that supplement or supersede such statute, regulations, rules, policies or instruments; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (g) | the word "or" is not exclusive; |
|--|-----|---------------------------------|

|  | (h) | the word "including" is not limiting, whether or not non-limiting language (such as "without limitation" or "but not limited to" or words of similar import) is used with reference thereto; and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | all references to "approval", "authorization" or "consent" in this Agreement means written approval, authorization or consent, unless expressly stated to the contrary. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | senior executive services, including, without limitation, business planning, support, guidance and policy making in respect of the Managed Entity; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | board of directors and general management services in respect of the business and affairs of the Managed Entity, including providing, as requested by the Managed Entity, individuals for such board of directors and executive positions as may be required by the Managed Entity; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | accounting and financial services, including coordination and management of the Managed Entity's accounting, treasury, information, income tax, reporting systems and internal controls; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | cash management and investment services, including arranging, assisting and negotiating banking and financing arrangements for the Managed Entity and assisting in the preparation of financial statements and other financial reports, coordinating external audits and financial planning and budgeting; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | reporting services to the Managed Entity's directors with respect to the business and affairs of the Managed Entity as may be requested by the Managed Entity's directors from time to time; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | corporate secretarial services, including, without limitation, assistance with the maintenance of corporate records and minutes of meetings; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | stock exchange and governmental relations services including, without limitation, assisting in the representation of the Managed Entity to the Exchange, securities commissions or other governmental and regulatory agencies; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | the coordination of such audit, legal, insurance and other third party professional or non-professional services in respect of the Managed Entity as determined necessary by Manager (it being understood and agreed that the fees and expenses of third parties will be expenses of the Managed Entity); |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | incidental assistance with corporate communications programs, including investor relationship management, branding of the Managed Entity, and corporate brochures regarding the Managed Entity; provided that these services shall not constitute professional investor relations services under the rules of the Exchange, if applicable, or other securities regulatory policies; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (j) | information technology services, including updating and maintenance of the Managed Entity's website; |
|--|-----|------------------------------------------------------------------------------------------------------|

|  | (k) | the coordination of risk management services including, without limitation, risk assessment, evaluation of insurance coverages, negotiation with insurance brokers, carriers and underwriters and processing and administration of insurance claims and including loss prevention services, health and safety advisory services and property risk management; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (l) | negotiation, on behalf of and in the name of the Managed Entity, of agreements with the Managed Entity's customers and other material contracts with third parties necessary for the proper operation of business and assets of the Managed Entity, including with respect to the items listed in this Section 2.1; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (m) | human resources and staffing services including, without limitation, advisory and administration services relating to employee hiring, employee relations, compensation programs, employee benefit programs and personnel and industrial relations matters; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (n) | assessment, negotiation and implementation, on behalf of and in the name of the Managed Entity, of major acquisitions and sales of subsidiaries, businesses or assets; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (o) | the preparation and filing of all required tax returns for the Managed Entity and reports to governmental and regulatory agencies in compliance with all statutory regulations; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (p) | the co-ordination and submission, on behalf of and in the name of the Managed Entity, of applications for all necessary permits, licenses or other required approvals from Governmental Authorities; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (q) | the management of the defence and prosecution of litigation and other legal services furnished by independent counsel and providing advice and recommendations with respect thereto; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (r) | oversight of joint ventures, options and similar arrangements, on behalf of and in the name of the Managed Entity, including representation by the Manager's personnel on technical or management committees; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (s) | the management of community relations and communications with the various stakeholders including local communities and municipalities, aboriginal groups, ejidos and requisite government agencies and departments; and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (t) | such other executive functions in connection with the management of the business and affairs of the Managed Entity as determined necessary or advisable by Manager, |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | Notwithstanding that the Managed Entity has engaged and appointed the Manager as the sole and exclusive manager of the Managed Entity pursuant to Section 2.1, Manager shall have the right to provide the Services, or any part thereof, through agents, affiliates or independent contractors; provided that Manager shall ensure that such agents, affiliates or independent contractors comply with the terms and conditions of this Agreement that are relevant to the performance of their assigned tasks.  Manager shall ensure that such agents, affiliates or independent contractors contractually are legally responsible for their conduct under the standards applicable to Manager pursuant to this Agreement. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Manager may rely and act upon information or advice received from advisors, accountants, legal counsel and others, provided Manager satisfies the standard of care described in Section 3.1 in relying and acting upon information received from such person. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Manager shall not provide any services in respect of which a registration of the Manager in any capacity would be required under applicable securities laws or other Applicable Laws; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the Managed Entity acknowledges that although during the course of providing the Services, Manager may provide the Managed Entity assistance with tax, accounting or legal matters, but the Managed Entity shall not be relying on Manager for professional advice or opinions on tax, accounting or legal matters; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | the Managed Entity specifically acknowledges Manager shall at no time provide the Managed Entity with any tax or accounting advice, opinion, analysis or similar services; and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | the Managed Entity specifically acknowledges Manager shall at no time provide the Managed Entity with any professional legal advice, opinion, analysis or similar services, including with respect to the interpretation or enforcement of any rights, obligations, duties or remedies that the Managed Entity may have in any matter and that any communication between the Managed Entity and Manager shall not necessarily be considered to be legally privileged. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | Manager represents and warrants to the Managed Entity, and acknowledges that the Managed Entity is relying thereon, that: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------|

|  | (i) | it is a valid and subsisting corporation duly incorporated under the laws of its jurisdiction of incorporation and has full corporate power and capacity to execute and deliver this Agreement and to observe and perform its covenants and obligations hereunder and has taken all necessary corporate proceedings and obtained all necessary approvals in respect thereof and, upon execution and delivery of this Agreement by it, this Agreement will constitute a legal, valid and binding obligation of Manager enforceable against it in accordance with its terms except that: |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (A) | enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors' rights generally; |
|--|-----|--------------------------------------------------------------------------------------------------------------|

|  | (B) | equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of an arbitrator or any court having jurisdiction; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (C) | a court may stay proceedings before them by virtue of equitable or statutory powers. |
|--|-----|--------------------------------------------------------------------------------------|

|  | (ii) | neither the execution of this Agreement nor the provision of Services hereunder conflict with, result in a breach of or accelerate the performance required by any agreement to which it, or any of its Affiliates, is a party; |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | neither the execution of this Agreement nor the consummation of the transactions contemplated hereby, result in a breach of the laws of any applicable jurisdiction or its, or any of its Affiliates constating documents; and |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | its articles permit the delegation of authority to manage the assets, operations, business and administrative affairs of the Managed Entity to the Manager pursuant to Section 2.1. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Managed Entity represents and warrants to the Manager, and acknowledges that Manager is relying thereon, that: |
|--|-----|----------------------------------------------------------------------------------------------------------------|

|  | (i) | it is a valid and subsisting corporation duly incorporated under the laws of its jurisdiction of incorporation and has full corporate power and capacity to execute and deliver this Agreement and to observe and perform its covenants and obligations hereunder and has taken all necessary corporate proceedings and obtained all necessary approvals in respect thereof and, upon execution and delivery of this Agreement by it, this Agreement will constitute a legal, valid and binding obligation of Managed Entity enforceable against it in accordance with its terms except that: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (A) | enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors' rights generally; |
|--|-----|--------------------------------------------------------------------------------------------------------------|

|  | (B) | equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of an arbitrator or any court having jurisdiction; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (C) | a court may stay proceedings before them by virtue of equitable or statutory powers. |
|--|-----|--------------------------------------------------------------------------------------|

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

|  | (iii) | neither the execution of this Agreement nor the consummation of the transactions contemplated hereby, result in a breach of the laws of any applicable jurisdiction or its constating documents. |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the direction of, or with the knowledge and concurrence, of the Managed Entity; or |
|--|-----|------------------------------------------------------------------------------------|

|  | (b) | an action taken in good faith by an Manager to protect life, health or property. |
|--|-----|----------------------------------------------------------------------------------|

|  | (i) | punitive, exemplary or aggravated damages of any kind; |
|--|-----|--------------------------------------------------------|

|  | (ii) | damages for loss of profits or revenue, decline in earnings, decline in production, loss of opportunities, or loss of goodwill; |
|--|------|---------------------------------------------------------------------------------------------------------------------------------|

----

|  | (iii) | indirect or consequential losses or any other indirect damages or loss; |
|--|-------|-------------------------------------------------------------------------|

|  | (iv) | contribution, indemnity or set-off in respect of any claims against the Managed Entity by any third party; or |
|--|------|---------------------------------------------------------------------------------------------------------------|

|  | (v) | any damages whatsoever relating to interruption, delays, errors or omissions. |
|--|-----|-------------------------------------------------------------------------------|

|  | (vi) | Notwithstanding the provisions of any legislation in Canada or otherwise and whether or not advised of the possibility of those damages. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------|

|  | (x) | $500,000; and |
|--|-----|---------------|

|  | (y) | the amount of fees actually paid by the Managed Entity to the Manager under the terms of this Agreement during the six (6) months prior to the date that the claim arose. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | The provision by Manager of the Services under this Agreement shall be strictly as an independent contractor.  Nothing contained in this Agreement shall create or imply any agency relationship among or between any of the Parties or any of their Affiliates, nor shall this Agreement be deemed to constitute a joint venture or partnership between the Parties or any of their Affiliates, nor shall this Agreement create any fiduciary relationship between the Parties or any of their Affiliates. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Unless otherwise agreed to between the Managed Entity and Manager, any directors, officers, consultants or employees of Manager or its Affiliates who are also directors, officers, consultants or employees of the Managed Entity or any of their Affiliates shall be paid by the Manager for serving in such capacity and shall not receive any remuneration from the Managed Entity therefore, except for stock options or other share based compensation granted by the Managed Entity in its sole discretion. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (a) | the Personnel Expenses; |
|--|-----|-------------------------|

|  | (b) | the G&A Overhead Charge; and |
|--|-----|----------------------------------|

|  | (c) | other reasonable services and costs that may be incurred by Manager on behalf of the Managed Entity and approved by the Managed Entity. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

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----

|  | (a) | This Agreement may be terminated by either Party giving at least six (6) months written notice prior to the expiry of the term of this Agreement (or such shorter period as the Parties may mutually agree upon in writing) to the other Party of termination.  On the giving of such notice by the Managed Entity, or at any time thereafter, either Party shall have the right to elect to immediately terminate the Manager's engagement, and upon such election, the Managed Entity shall pay to the Manager a lump sum equal to the average monthly fees for four (4) months.  The average monthly fees shall be calculated over the twelve (12) months prior to the notice of termination, provided that if this Agreement has not been in existence for twelve (12) months at the time of notice of termination, then the average monthly fees shall be calculated over the period of time that this Agreement has been in existence. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | This Agreement may be terminated immediately by the Managed Entity in the event of the commission by Manager of any fraudulent act. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------|

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|  | (c) | This Agreement may be terminated immediately by either Party where a winding-up, liquidation, dissolution, bankruptcy, sale of substantially all assets, sale of business or insolvency proceeding have been commenced or are being contemplated by the other Party. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Upon termination of this Agreement, stock options granted by the Managed Entity to executive officers, directors and other Manager personnel provided by the Manager will vest and expire in accordance with the Managed Entity's stock option plan. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Manager shall not enter into any new arrangements or agreements on behalf of the Managed Entity (unless already legally committed to do so) without the Managed Entity's prior consent, such consent not to be unreasonably withheld; and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | notwithstanding any termination of this Agreement, the Managed Entity shall continue to be bound by any agreements: |
|--|-----|---------------------------------------------------------------------------------------------------------------------|

|  | (i) | contracted for on its behalf by Manager prior to Manager's receipt of notice of termination; or |
|--|-----|-------------------------------------------------------------------------------------------------|

|  | (ii) | contracted for on its behalf by Manager after Manager's receipt of notice of termination with the Managed Entity's prior written consent. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | agreements or obligations which have been executed or incurred by Manager in connection with or related to Services provided to the Managed Entity shall be assigned over to the Managed Entity and the Managed Entity shall indemnify Manager in connection with the due performance of such agreements; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the Managed Entity shall cease to use Manager's premises, facilities, equipment, phone numbers and any other items that are the property of Manager and shall make arrangements for the orderly transition of the Services by advice letter to Manager; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Manager shall be the sole and exclusive owner of the business contacts and investor database maintained by Manager; and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Manager shall furnish to the Managed Entity at Managed Entity's cost within sixty (60) days of the effective date of termination (provided that the Managed Entity has paid all outstanding or potential future fees, costs and expenses of the Manager hereunder) all books, records, electronic data and other information pertaining to the Managed Entity, together with all other materials pertaining to the Managed Entity in its possession, at Managed Entity's cost. For a period of six (6) years following the effective date of the termination of this Agreement, Manager shall provide the Managed Entity and any successor manager of the Managed Entity with any information from its records that the Managed Entity may reasonably require and the Manager shall be reimbursed for its reasonable costs and expenses thereof. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | Upon reasonable notice from the Managed Entity, Manager shall provide to the Managed Entity's external auditors and such other persons as the Parties may agree upon in writing, from time to time, access to Manager's locations during normal business hours for the purposes of performing audits of the Manager's performance of the Services under this Agreement, including access to: |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | the parts of the Shared Facilities at or from which Manager is providing the Services; |
|--|-----|----------------------------------------------------------------------------------------|

|  | (ii) | the Personnel who are providing the Services; |
|--|------|-----------------------------------------------|

|  | (iii) | all Documentation relating to the Services; |
|--|-------|---------------------------------------------|

|  | (iv) | all physical assets that belong to or are charged to the Managed Entity. |
|--|------|--------------------------------------------------------------------------|

|  | (b) | The Managed Entity shall be responsible for any additional costs or expenses reasonably incurred by Manager in connection with any audits conducted as provided for pursuant to this Section 7.2. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (c) | All written exceptions to and claims upon the Manager for discrepancies disclosed by such audit shall be made not more than three (3) months after receipt of the audit, or they shall be deemed waived. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | The Managed Entity's external auditors or other persons shall not have the right to audit records and accounts of the Manager relating to Services more than twenty-four (24) months after the end of such Fiscal Year in which such Services were provided. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (a) | employment of such counsel has been authorised by the Managed Entity; |
|--|-----|-----------------------------------------------------------------------|

|  | (b) | the Managed Entity has not assumed the defence of the action, suit or proceeding within a reasonable period of time after receiving notice thereof; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | the named parties to any such action, suit or proceeding include both the Managed Entity and the Indemnified Party and the Indemnified Party shall have been advised by counsel that there may be a conflict of interest between the Managed Entity and the Indemnified Party; or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | there are one or more legal defences available to the Indemnified Party which are different from or in addition to those available to the Managed Entity. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (1) | any Applicable Law; |
|--|-----|---------------------|

|  | (2) | by order of any court of competent jurisdiction or Governmental Authority; |
|--|-----|----------------------------------------------------------------------------|

|  | (3) | disclosure as is required in the course of arbitral or judicial proceedings to enforce rights or remedies under this Agreement, |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | at any time part of the public domain, other than by reason of the Receiving Party's failure to comply with the terms hereof; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | lawfully obtained by the Receiving Party's from a third party who is, to the best of the knowledge of the Receiving Party, not under an obligation of confidentiality with respect to such Information; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | in the Recipient's possession prior to the date the same Information is obtained hereunder; or |
|--|-----|------------------------------------------------------------------------------------------------|

|  | (d) | ascertained or developed independently by the Recipient without reference to the Information obtained hereunder. |
|--|-----|------------------------------------------------------------------------------------------------------------------|

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|  | (a) | at the request of the Disclosing Party at any time; |
|--|-----|-----------------------------------------------------|

|  | (b) | after the Receiving Party's need for it has expired; or |
|--|-----|---------------------------------------------------------|

|  | (c) | in connection with the termination of this Agreement, whether in whole or in part, promptly return to the Disclosing Party, or use all commercially reasonable efforts to erase and destroy, all of the Confidential Information of the Disclosing Party in possession or control or such portion of it as has been requested by the Disclosing Party; provided that the Receiving Party shall only be required to use reasonable efforts to return or destroy any Confidential Information stored electronically, and the Receiving Party shall not be required to return or destroy any electronic copy of Confidential Information created pursuant to its standard electronic backup and archival procedures, provided further that: (i) personnel whose functions are not primarily information technology in nature do not access such retained copies; and (ii) personnel whose functions are primarily information technology in nature access such copies only as reasonably necessary for the performance of their information technology duties (e.g., for purposes of system recovery).  Notwithstanding the foregoing provisions of this Section 9.3(c), the Receiving Party may retain: (x) a list of all Confidential Information so as to be able to identify the nature of the Confidential Information that the Receiving Party has returned or destroyed; provided, however, that a copy of such list is provided to the Disclosing Party contemporaneously with the return or destruction of such Confidential Information; and (y) any Confidential Information referred to in minutes of a meeting of the Receiving Party's board of directors or a committee thereof. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (a) | Neither Party shall be liable for a failure or delay in the performance of its obligations pursuant to this Agreement, provided that such failure or delay is caused, directly or indirectly, by fire, flood, earthquake, elements of nature or acts of God, acts of war, terrorism, riots, civil disorders, rebellions or revolutions, or strikes, lock outs or labour disruptions, acts of any Governmental Authorities having jurisdiction, the issuance or promulgation of any Applicable Law, inability to obtain or delays by a Governmental Authority in granting or issuing any necessary license, permit or authorization, actions or interference by local communities, aboriginal peoples or non-governmental organizations, interruptions or shortages of labour, transportation, fuel, electricity, materials, machinery, equipment or parts, or any other causes beyond the reasonable control of such Party, whether or not similar to the foregoing list of causes (each, a "Force Majeure Event"). Lack of funds or finances shall not be a Force Majeure Event. Upon the occurrence of a Force Majeure Event, the affected Party shall promptly deliver notice to the other Party of the Force Majeure Event, particulars of the suspension of performance and the expected duration thereof. Thereafter, the affected Party shall, except as set out in Section 10.1(c), be excused from any further performance of those of its obligations pursuant to this Agreement affected by the Force Majeure Event only for so long as: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | such Force Majeure Event continues and for so long thereafter as such Party may reasonably require to alleviate the effect of the Force Majeure Event; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | the affected Party continues to use commercially reasonable efforts to recommence performance whenever and to whatever extent possible without delay; and |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | the affected Party provides written updates to the other Party at reasonable intervals as to the status of the Force Majeure Event, efforts to alleviate the effect of the Force Majeure Event, efforts to recommence performance and the expected duration of the Force Majeure Event. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | If a Force Majeure Event prevents, or in all likelihood will prevent, Manager from providing all or part of a Service, the Managed Entity may at its option, procure any affected Service or portion thereof from alternate sources until Manager is again able to provide such Service.  Manager shall not be required to compensate the Managed Entity for any costs and expenses relating to the services obtained from such alternate sources. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (c) | Upon the occurrence of a Force Majeure Event, Managed Entity shall not be excused from its obligation to pay the fee for the services; provided, however, that if Section 10.1(b) is applicable, the Parties agree that the fees payable hereunder shall be equitably reduced to reflect Services not received by the Managed Entity from Manager during the duration of the Force Majeure Event. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (a) | to the Managed Entity at: |
|--|-----|---------------------------|

|  | (b) | to Manager at: |
|--|-----|----------------|

----

----

|   | ALMADEN MINERALS LTD.                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Per:                                                                         Name: Morgan Poliquin Title: CEO & President |

|   | ALMADEN MINERALS LIMITED                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Per:                                                                          Name: Morgan Poliquin Title: CEO & President |

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| Position                                | Monthly Cost |
|-----------------------------------------|--------------|
| Chairman of the Board of Directors      | $6,000       |
| President and Chief Executive Officer   | $6,625       |
| Vice President of Corporate Development | $4,375       |
| Chief Financial Officer                 | $4,625       |
| Senior Geologist                        | $2,500       |
| Accounting/Admin/Marketing Support      | $5,670       |

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