OPTION AGREEMENT

THIS AGREEMENT is made as of the
		22st day of December, 2006:

BETWEEN:

MINERA TANGO, S.A. de
		C.V., a corporation duly incorporated
		under the laws of Mexico

(hereinafter called Minera
		Tango)

OF THE FIRST PART

AND:

NORTHWESTERN MINERAL VENTURES
		INC.a corporation duly incorporated
		under the laws of the Province of Ontario

(hereinafter called
		Northwestern)

OF THE SECOND PART

AND:

YAMANA GOLD INC.,a corporation duly existing under the federal laws of
		Canada

(hereinafter called
		Yamana)

RECITALS

WHEREAS:

A.
			 Capitalized terms used and not
				  otherwise defined in these recitals have the meanings set forth in section 1.1
				  hereof;


B.
			 Northwestern has previously entered
				  into an agreement with RNC Gold Inc. dated July 14, 2004 (the RNC
				  Agreement) regarding certain mining concessions located in the State of
				  Durango, Mexico, as more particularly described in Schedule A
				  attached hereto (the Concessions);


C.
			 RNC Gold Inc. was acquired by Yamana
				  on February 28, 2006;


D.
			 Minera Tango is an indirect
				  subsidiary of Yamana and is the registered or recorded and beneficial owner of
				  the Concessions (other than the concession of the La Cruz lot,
				  title 227828, which is in the process of being transferred to Minera
				  Tango);






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E.
			 Minera Tango has agreed to grant
				  Northwestern an option to acquire directly or indirectly, through a Mexican
				  subsidiary with legal capacity (hereinafter referred to as NMS), an
				  undivided 70% beneficial interest in and to the Concessions, on the terms and
				  conditions set out in this Agreement, which Agreement shall supercede all prior
				  agreements between Northwestern and RNC Gold Inc., including the RNC Agreement;
				  and


F.
			 The parties hereto have agreed that
				  the cash payments to be made by Northwestern hereunder, and the common shares
				  of Northwestern to be issued by Northwestern hereunder, in order to keep the
				  Option in good standing during the Option Period shall be paid and issued to
				  Yamana.


NOW, THEREFORE, in consideration of the
		covenants and agreements contained herein, the sum of $2.00 was paid by each of
		the Parties to the others, and for other good and valuable consideration, the
		receipt and sufficiency of which is hereby acknowledged by each of the Parties,
		the Parties hereby agree as follows:

ARTICLE 1

INTERPRETATION

1.1
			 Definitions.


In this Agreement, unless there is something
		in the context inconsistent therewith, the following words and phrases shall
		have the following meanings:

(a)
			 Accounting
				  Procedure has the meaning ascribed thereto in the Shareholders
				  Agreement;


(b)
			 Affiliate shall
				  mean in respect of any Party, any person, partnership, joint venture,
				  corporation or other form of enterprise which directly or indirectly controls,
				  is controlled by, or is under common control with, such Party. For purposes of
				  the preceding sentence, control means possession, directly or
				  indirectly, of the power to direct or cause direction of management and
				  policies through ownership of voting securities, contract, voting trust or
				  otherwise;


(c)
			 Agents means
				  consultants (including financial and legal advisors), servants, employees,
				  agents, Affiliates, workmen, contractors and subcontractors;


(d)
			 Agreement means
				  this Agreement, including all written amendments and written modifications
				  thereof, and all schedules and exhibits, which are incorporated herein;


(e)
			 Applicable Laws
				  means any Mexican (including Mexican Official Standards and Non-Official
				  Standards), Canadian or foreign, federal, state, provincial, or local law,
				  regulation, ordinance, code, order or other requirement or rule of law or the
				  rules, policies, orders or regulations of any securities commission or stock
				  exchange, including any judicial or administrative interpretation thereof,
				  applicable to any person or legal entity or any of its properties, assets,
				  business, operations, directors, officers, managers, attorney-in-fact,
				  employees or Agents;






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(f)
			 Business Day
				  means any day other than a Saturday, Sunday or statutory, civic or bank holiday
				  in Toronto, Ontario or the State of Durango, Mexico;


(g)
			 Cash
				  Consideration has the meaning set out in section 2.3(c);


(h)
			 Claim means any
				  claim, demand, action, cause of action, damage, loss, cost, liability or
				  expense, including reasonable legal fees;


(i)
			 Concessions has
				  the meaning set forth in the recitals of this Agreement;


(j)
			 Dropped
				  Concessions has the meaning set out in section 2.11;


(k)
			 Earn-In Date has
				  the meaning set out in section 2.8;


(l)
			 Effective Date
				  means the date of this Agreement;


(m)
			 Encumbrances
				  means any and all mortgages, pledges, security interests, liens, charges,
				  encumbrances, contractual obligations and rights and Claims of others, whether
				  recorded or unrecorded, registered or unregistered;


(n)
			 Environmental
				  Laws means all Applicable Laws relating to the protection of the
				  environment, including air, soil, surface water, ground water, biota, wildlife,
				  or to public health and safety, and includes those Environmental Laws that
				  regulate, ascribe, provide for or pertain to liabilities or obligations in
				  relation to the existence, use, production, manufacture, processing,
				  distribution, transport, handling, storage, removal, treatment, disposal,
				  emission, discharge, migration, seepage, leakage, spillage or release of
				  Substances or the construction, alteration, use or operation, demolition or
				  decommissioning of any facilities or other real or personal property;


(o)
			 Existing
				  Royalties means those royalties set forth in Schedule C
				  attached hereto and any other payment payable to a Government Agency pursuant
				  to any applicable law in the nature of rent or royalty on any minerals removed
				  or produced from the mining lots of the Concessions;


(p)
			 Expenditure Date
				  means each date by which Work Costs must have been incurred, Northwestern
				  Shares must have been issued and delivered and the Cash Consideration must have
				  been paid, all as provided in section 2.3;


(q)
			 Government Agency
				  means any federal, provincial, state, municipal or other governmental
				  department, commission, board, bureau, agency, state owned corporation or
				  instrumentality, or any court, securities commission or stock exchange, in each
				  case whether of Canada, a Province of Canada, Mexico, a state of Mexico, or any
				  other jurisdiction;


(r)
			 Letter Agreement
				  means the letter agreement dated June 30, 2006 between Yamana and
				  Northwestern;


(s)
			 Losses means
				  actual losses, liabilities, damages, injuries, costs or expenses (including
				  legal costs and expenses);






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(t)
			 Maintenance Costs
				  means all amounts incurred to maintain the Concessions in good standing with
				  all appropriate authorities and under all Applicable Law, including, without
				  limitation, annual exploration fees, the payment of any mining duties, property
				  taxes, instruction fees, service fees or stamp duties, the filing of reports
				  with respect to minimum assessment work, and the performance of any and all
				  obligations required by the terms and conditions of the Concessions;


(u)
			 Material Contract
				  means any material contract or commitment, whether oral or written, to which
				  Minera Tango is bound or in respect of which Minera Tango may have liability
				  and that relates to the Concessions;


(v)
			 Mining Company
				  has the meaning set out in section 3.1;


(w)
			 Mining Operations
				  means all mining, milling, processing, treatment and related operations in
				  respect of the Concessions;


(x)
			 NMS
				  has the meaning set out in the recitals of this Agreement;


(y)
			 Northwestern
				  Shares has the meaning set out in section 2.3(b);


(z)
			 Operator means
				  NMS during the Option Period;


(aa)
			 Option means the
				  exclusive right and option granted to Northwestern by Minera Tango to acquire
				  directly or indirectly an undivided 70% beneficial interest in and to the
				  Concessions pursuant to the provisions of section 2.1 hereof;


(bb)
			 Option Period
				  means the period during which the Option is in full force and effect in
				  accordance with the terms of this Agreement;


(cc)
			 Ore means all
				  materials containing a mineral or minerals, of commercial economic value
				  extracted or derived from the mining lots covered by the Concessions;


(dd)
			 Parties means
				  Minera Tango and Northwestern, and Party means any one of
				  the Parties;


(ee)
			 Person means any
				  individual, sole proprietorship, partnership, unincorporated association,
				  unincorporated syndicate, unincorporated organization, trust, company,
				  corporation or other body corporate, union, Governmental Agency and a natural
				  person in his capacity as trustee, executor, administrator, or other legal
				  representative;


(ff)
			 RNC Agreement has
				  the meaning set forth in the recitals of this Agreement;


(gg)
			 Securities Laws
				  means the Securities Act (Ontario) and any other securities laws that
				  are applicable to Northwestern;


(hh)
			 Shareholders
				  Agreement means the shareholders agreement in the form attached
				  as Schedule B to this Agreement, which agreement shall be executed
				  and delivered by Minera Tango, Northwestern and the Mining Company upon the due
				  exercise of the Option;






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(ii)
			 Substance means
				  any contaminant, pollutant or hazardous substance that is likely to cause harm
				  or degradation to the environment or risk to human health or safety, including
				  any pollutant, contaminant, waste, hazardous waste, toxic substance or
				  dangerous good which is defined or identified in any Environmental Law;


(jj)
			 $ and
				  Dollars shall mean dollars in the currency of the United
				  States of America;


(kk)
			 Work means
				  prospecting, exploration, development or other mining and ore processing work
				  performed on, in or under, or in relation to, the mining lots covered by the
				  Concessions or any portion thereof; and


(ll)
			 Work Costs means
				  all costs incurred and monies expended by or on behalf of Northwestern or of
				  NMS in doing Work after the Effective Date pursuant to and in accordance with
				  the terms of this Agreement and the then current budget, which shall include,
				  but not be limited to, all costs incurred and monies expended: in doing
				  geophysical, geochemical, land or geological examinations and surveys in
				  searching for, digging, trenching, sampling, assaying, testing, working,
				  developing, mining or extracting Ore, minerals and metals from the mining lots
				  covered by the Concessions; in doing diamond and other drilling; in erecting
				  and installing and removing mining plant, ore processing plant, ancillary
				  facilities, buildings, machinery, tools, appliances or equipment on or off the
				  mining lots covered by the Concessions, as the case may be, and required for
				  completing Work, on a proportionate basis if such facilities, plants or
				  equipment are used in conjunction with other mining lots; in construction of
				  access roads or similar access facilities required for access to the mining
				  lots covered by the Concessions, whether on or off the mining lots covered by
				  the Concessions, as the case may be; in transporting Ore, minerals, metals,
				  personnel, supplies, mining or ore processing plant, buildings, machinery,
				  tools, appliances or equipment in, to or from the mining lots covered by the
				  Concessions or elsewhere as required; all expenses incurred in keeping the
				  Concessions and the mining lots they covered in good standing under the laws of
				  Mexico; all costs incurred in obtaining, improving, protecting or perfecting
				  title to the Concessions; in preparing engineering, geological, financial or
				  marketing studies and/or reports and Work related thereto; in connection with
				  any applications and necessary studies for obtaining or improving, protecting
				  and perfecting title to, and permits, licences, and other regulatory approvals
				  relating to, the Concessions and they lots they covered, and including the
				  reasonable preparation for and attendance at hearings and other meetings; in
				  paying Maintenance Costs; and all administrative and overhead costs directly
				  incurred by Northwestern and/or NMS and related directly to the administration
				  of the Concessions and their corresponding mining lots or Work done on the
				  mining lots covered by the Concessions; provided that in no event shall such
				  administrative and overhead costs exceed seven percent (7%) of all other Work
				  Costs directly related to the Concessions and their corresponding mining lots
				  and directly incurred or performed by Northwestern or NMS or seven percent (7%)
				  of the contract price in respect of all other Work Costs directly related to
				  the Concessions and their respective mining lots or the Work done on the mining
				  lots covered by the Concessions performed by any Agent of Northwestern or NMS;
				  and provided always that in no event shall such costs include any project
				  related overhead or legal or other consultants fees related to the negotiation
				  (including the conduct of due diligence), execution and delivery of this
				  Agreement.






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1.2
			 Person


The word person includes a
		natural person, sole proprietorship, corporation or other body corporate,
		partnership, unincorporated association, trust, trustee, executor,
		administrator or other legal representative.

1.3
			 Headings


The division of this Agreement into
		articles, sections and subsections and the insertion of headings are for the
		convenience of reference only and shall not affect the construction or
		interpretation of this Agreement.

1.4
			 Interpretation


In this Agreement:

(a)
			 where a representation or warranty
				  is made in this Agreement on the basis of the knowledge of a Party, such
				  knowledge consists of the actual knowledge of the officers and senior managers
				  of the Party after reviewing their files but does not include the knowledge of
				  any other Person;


(b)
			 the use of words in the singular or
				  plural, or with a particular gender, shall not limit the scope or exclude the
				  application of any provision of this Agreement to such person or persons or
				  circumstances as the context otherwise permits;


(c)
			 unless otherwise specified, time
				  periods within or following which any payment is to be made or act is to be
				  done shall be calculated by excluding the day on which the period commences and
				  including the day on which the period ends and by extending the period to the
				  next Business Day following if the last day of the period is not a Business
				  Day. Whenever any payment is to be made or any action under this Agreement is
				  to be taken on a day other than a Business Day, such payment shall be made or
				  action taken on the next Business Day following;


(d)
			 the use of the words,
				  include or including shall be deemed to mean
				  include, without limitation, or including, without
				  limitation, if applicable.


1.5
			 Section References,
				  etc.


References herein to an Article, section,
		subsection, recital or other subdivision or part without other identification
		shall mean an Article, section, subsection, recital or other subdivision or
		part within this Agreement.

1.6
			 Governing Law


This Agreement and its application and
		interpretation shall be governed by and interpreted and construed in accordance
		with the laws of Mexico with respect to any concession granted by the Mexican
		Government or property situated in Mexico or any obligation to be performed in
		Mexico, and as to all other matters, this Agreement shall be governed by and
		interpreted and





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construed in accordance with the laws of the
		Province of Ontario and the federal laws of Canada applicable therein.

1.7
			 Currency


All references to currency in this Agreement
		shall refer to the lawful currency of the United States of America.

1.8
			 Schedules


The following are the schedules or exhibits
		to this Agreement and whether annexed hereto or delivered separately, shall
		form part of this Agreement;



Schedule A:
			 
			 Concession ListSchedule B:
			 
			 Shareholders AgreementSchedule C:
			 
			 Existing RoyaltiesSchedule D:
			 
			 Mining Company By-lawsSchedule E:
			 
			 Rules for Arbitration


ARTICLE 2

OPTION

2.1
			 Grant of Option


Minera Tango does hereby give and grant to
		Northwestern an exclusive right and option to earn and acquire directly or
		through NMS an undivided seventy percent (70%) beneficial interest in the
		Concessions, free and clear of all Encumbrances, but subject to the Existing
		Royalties, by satisfying within the time limits therefore, the obligations set
		out in this Article 2.

2.2
			 Vesting and Commencement of
				  Option


The Option shall vest and commence on the
		Effective Date and shall terminate and be of no further force or effect on the
		three (3) year anniversary of the Effective Date, unless exercised or otherwise
		terminated in accordance with the terms of this Agreement.

2.3
			 Funding of Work
				  Costs


In order to maintain in good standing and
		exercise the Option, Northwestern directly or through NMS shall:

(a)
			 incur and fund Work Costs on the
				  Concessions and on the mining lots covered by the Concessions in the aggregate
				  amount of $3,000,000 on or before the third anniversary of the Effective Date
				  as follows:






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(i)
			 on or before the first anniversary
				  of the Effective Date, Northwestern shall have incurred and funded Work Costs
				  of at least $500,000;


(ii)
			 from the first to the second
				  anniversary of the Effective Date, Northwestern shall have incurred and funded
				  additional Work Costs of at least $1,000,000; and


(iii)
			 from the second to the third
				  anniversary of the Effective Date, Northwestern shall have incurred and funded
				  additional Work Costs of at least $1,500,000;


provided, however, that if Northwestern
		directly or indirectly incurs and funds the Work Costs in full prior to and in
		advance of the time frame provided herein, then it will not be required to
		incur and fund any further Work Costs in accordance with the terms of this
		section 2.3(a); and provided further that Work Costs incurred by each
		Expenditure Date in excess of the minimum requirements set forth above shall
		count towards the minimum Work Costs set forth above in subsequent
		periods;

(b)
			 issue and deliver to Yamana
				  1,000,000 common shares in the capital of Northwestern (the Northwestern
				  Shares) on or before the third anniversary of the Effective Date as
				  follows:


(i)
			 within 30 days of the Effective
				  Date, Northwestern shall have issued and delivered 400,000 of the Northwestern
				  Shares to Yamana;


(ii)
			 on or before the first anniversary
				  of the Effective Date, Northwestern shall have issued and delivered an
				  additional 200,000 of the Northwestern Shares to Yamana;


(iii)
			 on or before the second anniversary
				  of the Effective Date, Northwestern shall have issued and delivered an
				  additional 200,000 of the Northwestern Shares to Yamana; and


(iv)
			 on or before the third anniversary
				  of the Effective Date, Northwestern shall have issued and delivered an
				  additional 200,000 of the Northwestern Shares to Yamana; and


(c)
			 pay to Yamana by certified cheque or
				  wire transfer in immediately available funds (without deduction or set-off)
				  $400,000 (the Cash Consideration) on or before the third
				  anniversary of the Effective Date as follows:


(i)
			 on the Effective Date, Northwestern
				  shall have paid $100,000 to Yamana;


(ii)
			 on or before the first anniversary
				  of the Effective Date, Northwestern shall have paid a further $100,000 to
				  Yamana;


(iii)
			 on or before the second anniversary
				  of the Effective Date, Northwestern shall have paid a further $100,000 to
				  Yamana; and


(iv)
			 on or before the third anniversary
				  of the Effective Date, Northwestern shall have paid a further $100,000 to
				  Yamana.






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2.4
			 Work Costs
				  Deficiencies


The first $500,000 of Work Costs is
		committed and shall be made by Northwestern or through NMS. The remainder of
		all Work Costs is not committed and may be made in Northwesterns sole
		discretion. Northwestern may terminate this Agreement on prior written notice
		to Minera Tango and Yamana at any time during the Option Period after it has
		incurred and funded Work Costs of at least $500,000 without any obligation to
		incur further Work Costs. If the Work Costs to be incurred on or before the
		respective Expenditure Dates provided in section 2.3(a) above are less than the
		required amounts, then Northwestern may pay directly or through NMS the
		deficiency to or to the direction of Minera Tango in cash within sixty (60)
		days after the expiry of the applicable Expenditure Date in order to maintain
		the Option. If the aggregate Work Costs incurred on or before the third
		anniversary of the Effective Date are less than $3,000,000, Northwestern may
		pay directly or through NMS the deficiency to or to the direction of Minera
		Tango in cash within sixty (60) days after the third anniversary of the
		Effective Date in order to exercise the Option. Any Work Costs made under
		section 2.3(a) above, any Northwestern Shares issued and delivered under
		section 2.3(b) above, any Cash Consideration paid under section 2.3(c)
		above, or any payments made pursuant to this section 2.4 are not reimbursable
		if Northwestern does not exercise the Option. If Northwestern directly or
		indirectly does not incur and fund the Work Costs in accordance with the
		schedule provided in section 2.3(a), other than in circumstances of force
		majeure in accordance with Article 11 hereof, or if it does not issue and
		deliver the Northwestern Shares to Yamana in accordance with the schedule
		provided in section 2.3(b), or if it does not pay the Cash Consideration to
		Yamana in accordance with section 2.3(c) or if it does not make the payments to
		Minera Tango in lieu of the annual Work Costs as provided herein (if
		applicable), the Option shall terminate and all Work Costs previously incurred
		or funded, all Northwestern Shares previously issued and delivered, all Cash
		Consideration previously paid, and all payments previously made to Minera Tango
		in lieu of Work Costs, shall be forfeited. In addition to and notwithstanding
		anything herein contained, if, subsequent to any Expenditure Date, it is
		determined upon examination or audit by any party that Work Costs to be
		incurred by Northwestern by such Expenditure Date have not been either incurred
		by Northwestern or paid to or to the direction of Minera Tango, Northwestern
		shall not lose any of its rights hereunder and the Option shall not terminate,
		provided that Northwestern or an Affiliate of Northwestern incurs such
		deficiency in Work Costs or pays to or to the direction of Minera Tango the
		amount of such deficiency in Work Costs within sixty (60) days following such
		examination or audit.

2.5
			 Additional
				  Consideration


Northwestern shall issue all Northwestern
		Shares to Yamana as fully paid and non-assessable shares in the capital of
		Northwestern, free and clear of all Encumbrances, and shall be freely-tradable
		shares, subject to the restricted period of not more than four months and one
		day from the date of issuance thereof required by applicable Canadian
		securities laws. All Northwestern Shares issued to Yamana shall be listed and
		posted for trading on the TSX Venture Exchange or such other stock exchange on
		which the common shares of Northwestern are listed at the time they are issued
		to Yamana pursuant to this Agreement. Northwestern shall ensure that all
		filings to be made with all securities regulatory authorities are made in a
		prompt and timely manner to allow for the issuance of Northwestern Shares on a
		timely and exempt basis. In the event that Northwestern has not (i) issued to
		Yamana those Northwestern Shares described in section 2.3(b)(i), and (ii)
		received all necessary regulatory approvals to list and post for trading such





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Northwestern Shares on the TSX Venture
		Exchange, within 30 days of the date of this Agreement, Minera Tango and Yamana
		shall have the right to terminate this Agreement without liability upon written
		notice to Northwestern and all Work Costs expended by Northwestern and Cash
		Consideration paid to Yamana during such 30 day period shall be forfeited and
		shall not be repaid, reimbursed or returned to Northwestern. For the purposes
		of this section 2.5, the failure to issue to Yamana the Northwestern Shares
		described in Section 2.3(b)(i) and obtain all necessary regulatory approvals to
		list and post for trading such Northwestern Shares on the TSX Venture Exchange
		within such 30 day period shall not constitute an event of force majeure
		pursuant to Article 11.

2.6
			 Failure by
				  Northwestern


If at any time during the Option Period
		Northwestern notifies Minera Tango and Yamana in writing that it will not incur
		and fund Work Costs, issue and deliver the Northwestern Shares or pay the Cash
		Consideration, or if Northwestern fails to incur and fund Work Costs (unless
		such failure is rectified pursuant to section 2.4), issue and deliver the
		Northwestern Shares or pay the Cash Consideration during the Option Period in
		accordance with this Article 2 for any reason whatsoever, save and except for a
		continuing event of force majeure in accordance with Article 11 hereof in the
		case of incurring and funding the Work Costs, the provisions of section 7.1
		shall be applicable and the Option and this Agreement (other than those
		provisions which specifically survive such termination in accordance with their
		terms) shall terminate and be of no force and effect.

2.7
			 Itemized
				  Expenditures


Northwestern shall deliver to Minera Tango
		and Yamana within 30 days after each Expenditure Date an itemized detailed
		statement setting out the details of Work Costs incurred and funded by
		Northwestern for the preceding expenditure period. Minera Tango shall have
		thirty (30) days from the date of receipt of such statement to dispute such
		statement or request further information, in the absence of which, Minera Tango
		shall be deemed to have accepted such statement. If Minera Tango requires
		further information in respect of, or disputes the accuracy of, any item in an
		itemized statement of Work Costs delivered by Northwestern, such matters shall
		be reviewed by the members of the informal advisory committee established
		pursuant to section 6.5 of this Agreement, which committee shall attempt to
		provide such further information or settle such dispute. If such matters are
		not settled within 30 days of such referral, Minera Tango shall be entitled to
		receive, and Northwestern shall, at Minera Tangos request, cause to be
		delivered to Minera Tango and Yamana within 15 days of the date of expiry of
		the 30 day period, an audited report of such Work Costs prepared by the
		statutory auditor of Northwestern. Minera Tango shall be responsible for the
		cost of such audit if the results of such audit determine the Work Costs to be
		within five percent (5%) of the amounts reported in such itemized statement of
		Work Costs and Northwestern shall be responsible for the cost of such audit if
		the results of such audit determine the Work Costs to be five percent (5%) or
		more of the amounts reported in such itemized statement of Work Costs. If such
		matters are still in dispute following the delivery of such audited reports of
		Work Costs, then the matter shall be referred to arbitration for determination
		as provided in Article 12.





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2.8
			 Exercise of First
				  Option


If Northwestern has directly or indirectly
		(i) incurred and funded Work Costs aggregating a minimum of $3,000,000 (or made
		cash payments in lieu thereof pursuant to section 2.4); (ii) issued and
		delivered all of the Northwestern Shares to Yamana, and (iii) paid the
		aggregate amount of the Cash Consideration to Yamana, all in accordance with
		the provisions of this Article 2, Northwestern shall provide a written notice
		of exercise of the Option to Minera Tango and Yamana within 30 days of the
		completion of such events, stating the amount of the Work Costs incurred, the
		number of Northwestern Shares issued and delivered to Yamana and the aggregate
		amount of Cash Consideration paid to Yamana and including an itemized detailed
		statement of Work Costs. Following receipt of such notice of exercise of the
		Option, and subject to the rights of Minera Tango to request more information
		to dispute the accuracy of any item in the notice or itemized statement of Work
		Costs and to receive an audited report of such Work Costs prepared by the
		statutory auditor of Northwestern as set out in section 2.7, all within the
		thirty (30) day period immediately following its receipt thereof as set forth
		in section 2.7 (in the absence of which Minera Tango will be deemed to have
		accepted such notice of exercise) which rights shall apply equally to the
		itemized detailed statement delivered by Northwestern pursuant to this section
		2.8, Northwestern shall be deemed to have exercised the Option as at the date
		of such written notice of exercise (the Earn-In Date) and
		Northwestern shall have earned directly or through NMS an undivided seventy
		percent (70%) beneficial interest in the Concessions, free and clear of all
		Encumbrances, but subject to the Existing Royalties.

2.9
			 Currency
				  Conversion


In the event that any Work Cost is funded or
		incurred in Mexican Pesos, then, for the purposes of this Agreement, the
		Parties agree to convert such Work Cost from Mexican Pesos to U.S. Dollars at
		the Banco de Mexico FIX U.S. Dollar/Mexican Peso exchange rate on the date that
		the Work Cost is incurred or the payment is made, as such rate is published in
		the Diario Oficial de la Federación.

2.10
			 Notice to Minera
				  Tango


Concurrently with each issuance and delivery
		of Northwestern Shares to Yamana in accordance with section 2.3(b) and each
		payment of Cash Consideration to Yamana in accordance with section 2.3(c),
		Northwestern shall deliver written confirmation of such deliveries to Minera
		Tango in order to evidence compliance with sections 2.3(b) and (c). If
		requested by Northwestern, Yamana shall confirm receipt of the issuance and
		delivery all Northwestern Shares and Cash Consideration payments in order for
		Northwestern to provide evidence that it is in compliance with sections 2.3(b)
		and (c).

2.11
			 Amendment to the Concession
				  List


Northwestern may, at any time and from time
		to time during the Option Period notify Minera Tango and Yamana that it no
		longer wishes to include one or more of the concessions listed in Schedule
		A attached hereto as part of the Concessions (the Dropped
		Concessions). Upon delivery of notice to Minera Tango and Yamana:

(a)
			 Schedule A shall be
				  deemed to be amended so that the Dropped Concessions no longer form part of the
				  Concessions;






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(b)
			 sections 7.2 through 7.6 inclusive
				  shall applymutatis
				  mutandiswith respect to the Dropped
				  Concessions;


(c)
			 the obligations of Northwestern
				  contained in this Agreement shall continue in full force and effect, unamended,
				  with respect to the remainder of the concessions set out in Schedule
				  A that continue to constitute the Concessions; and


(d)
			 for greater certainty and the
				  avoidance of doubt, Northwestern shall have no further rights to acquire an
				  undivided 70% beneficial interest in and to the Dropped Concessions and shall
				  have no further right or interest in and to the Dropped Concessions.


ARTICLE 3

INCORPORATION OF MINING
		COMPANY

3.1
			 Incorporation


Immediately upon the exercise of the Option
		by Northwestern, Minera Tango and Northwestern (directly or through NMS) shall
		incorporate and organize a company under the laws of Mexico to carry out, if
		warranted, the construction, development and operation of one or more mines on
		the Concessions (the Mining Company). The form of By-laws attached
		hereto as Schedule D shall be incorporated into and form the basis
		of the constating documents of the Mining Company, as may be amended to
		incorporate the terms of the Shareholders Agreement or as the parties may
		otherwise agree. The initial share structure of the Mining Company shall be
		organized so that voting shares are issued by the Mining Company to its
		shareholders in the following percentages:



Northwestern:
			 
			 70%Minera Tango:
			 
			 30%


3.2
			 Share Capital


The initial share capital of the Mining
		Company shall consist of 100 shares or such minimum number required by
		Applicable Laws which is evenly divisible by 100, which shares shall be issued
		to Northwestern or NMS and Minera Tango in accordance with section 3.1 and
		shall be issued for nominal consideration in Mexican currency as permitted
		under Applicable Law.

3.3
			 Transfer of
				  Concessions


Upon incorporation of the Mining Company,
		all registered and beneficial right, title and interest in and to each of the
		concessions that comprise the Concessions and any other rights, title or
		interest deriving therefrom of either of Minera Tango or Northwestern or NMS
		shall be conveyed by each of Minera Tango and Northwestern and NMS to the
		Mining Company for an amount in Mexican currency equal to US$4,285,785, of
		which US$3,000,000 shall be deemed contributed by Northwestern (either directly
		or through NMS) and US$1,285,785 shall be deemed contributed by Minera Tango.
		For the purposes of this section 3.3, Minera Tango and Northwestern agree to
		convert such amounts from U.S. Dollars to Mexican Pesos at the rate referenced
		by the Banco de Mexico FIX U.S. Dollar/Mexican Peso exchange rate on the date
		of





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-14-





incorporation of the Mining Company, as such
		rate is published in the Diario Oficial de la Federación.

3.4
			 Shareholders
				  Agreement


Immediately upon the incorporation of the
		Mining Company and prior to the transfer of the Concessions to the Mining
		Company pursuant to section 3.3, Minera Tango, Northwestern or NMS and the
		Mining Company shall enter into and deliver to each other the
		Shareholders Agreement, which agreement shall take effect and govern the
		relationship of such parties with effect on the Effective Date (as such term is
		defined in the Shareholders Agreement).

ARTICLE 4

DELIVERY OF DATA AND
		PROPERTY

4.1
			 Data


Minera Tango shall make available to
		Northwestern and NMS copies, or originals for copy by Northwestern or NMS at
		Minera Tangos office, of all maps, reports, results of surveys and
		drilling, assay results, environmental studies, notification from Government
		Agencies and any other reports or information Minera Tango may have prepared,
		caused to be prepared or received with respect to the Concessions in its
		possession or control, whether in paper or electronic format, provided that all
		such maps, reports, results of surveys and drilling, assay results,
		environmental studies, notifications from Government Agencies and other reports
		of information shall be kept confidential by Northwestern and NMS as provided
		in Article 8 and further provided that Minera Tango shall retain exclusive
		title thereto. Such deliveries are for the information and convenience of
		Northwestern only. Minera Tango does not represent the accuracy or completeness
		of such deliveries and shall not be liable for any errors or omissions with
		respect thereto.

4.2
			 Title to Concessions


Title to the Concessions shall remain
		registered or recorded in the name of Minera Tango until such time as
		Northwestern shall have duly and properly exercised the Option in accordance
		with the terms of this Agreement, whereupon title to the Concessions shall be
		transferred and assigned to, and registered or recorded in the name of, the
		Mining Company. Northwestern shall have the right to register notice of this
		Agreement for the sole purpose of giving notice of its Option rights hereunder.
		Such notice shall be removed and discharged by Northwestern upon termination of
		this Agreement. In the event Northwestern does not remove such notice within 30
		days of the termination of this Agreement, Minera Tango shall be entitled to
		complete and register, record or file such discharges and remove such notice
		and for such limited purpose Northwestern hereby appoints any current director
		of Minera Tango as its attorney with full power of substitution.





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ARTICLE 5

REPRESENTATIONS AND
		WARRANTIES

5.1
			 Representations and Warranties
				  of Minera Tango


Minera Tango, acknowledging that
		Northwestern is entering into this Agreement in reliance thereon, hereby
		represents and warrants to Northwestern that, as of the Effective Date:

(a)
			 Minera Tango is a corporation duly
				  incorporated and validly subsisting and in good standing under the laws of
				  Mexico;


(b)
			 Minera Tango has the power, capacity
				  and authority to enter into and perform this Agreement and all transactions
				  contemplated herein;


(c)
			 Minera Tango has all necessary
				  corporate power to own its properties and assets, including its right, title
				  and interest in and to the Concessions, and to carry on its business as now
				  conducted or proposed to be owned and to be conducted by it and is registered
				  as required and in good standing with respect to the filing of returns under
				  all Applicable Laws of all jurisdictions in which it carries on business,
				  including, without limitation, the laws of Mexico;


(d)
			 the grant of the Option pursuant to
				  this Agreement, and the execution, delivery, performance and consummation of
				  the transactions contemplated by this Agreement, will not result in a default
				  under any indenture, mortgage, deed of trust, loan agreement or other agreement
				  or instrument to which Minera Tango is a party or by which it is bound or to
				  which its properties or assets are subject nor will such action conflict with
				  or result in any violation of the provisions of its charter documents or any
				  Applicable Law;


(e)
			 this Agreement has been duly
				  executed and delivered by Minera Tango and is valid and binding upon Minera
				  Tango in accordance with its terms, subject to applicable bankruptcy,
				  insolvency, moratorium, or other similar laws presently or hereinafter in
				  effect affecting the enforcement of creditors rights generally or other
				  equitable principles;


(f)
			 there are no outstanding rights,
				  agreements or obligations, or understandings capable of becoming rights,
				  agreements or obligations, to acquire any right or title to the Concessions,
				  except for the Existing Royalties;


(g)
			 to the knowledge of Minera Tango,
				  there will be no restrictions to access the mining lots covered by the
				  Concessions from and after the Effective Date by farming activity, mining
				  activity or any other activity that may restrict the conduct of Work by
				  Northwestern through NMS on the mining lots covered by the Concessions from and
				  after the Effective Date; and


(h)
			 the Concessions is presently in good
				  standing under Applicable Laws and is free and clear of any Encumbrances,
				  subject to the Existing Royalties.


(i)
			 Minera Tango is the sole registered
				  and beneficial owner of a 100% interest in the Concessions, free and clear of
				  all Encumbrances other than the Existing Royalties, except






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-16-



for the concession of the La
		Cruz lot, title 227828, which is in the process of being transferred from
		Minera Camargo, S.A. de C.V. to Minera Tango;

(j)
			 it has obtained all required
				  approvals and authorizations to grant the Option to Northwestern;


(k)
			 there is no actual, threatened or,
				  to its knowledge, contemplated Claim or challenge relating to the Concessions,
				  nor to the best of its knowledge is there any basis therefor, and there is not
				  presently outstanding against Minera Tango any judgment, decree, injunction,
				  rule or order of any court, Governmental Agency or arbitrator which would have
				  a material effect upon the Concessions;


(l)
			 all taxes, assessments, rentals,
				  levies and other payments, as well as all reports, relating to the Concessions
				  and required to be made, performed and filed to and with any Governmental
				  Agency in order to maintain the Concessions in good standing have been so made,
				  performed or filed, as the case may be;


(m)
			 to Minera Tangos knowledge,
				  there has been no Claim made by any aboriginal peoples or Ejidos or
				  communidades inígenas with respect to any right or interest
				  in or to the Concessions;


(n)
			 to Minera Tangos knowledge,
				  conditions on and relating to the Concessions and the mining lots covered by
				  the Concessions respecting all past and current operations thereon conducted by
				  Minera Tango are in compliance in all material respects with all Applicable
				  Laws, including all Environmental Laws;


(o)
			 it has not received any notice of,
				  or communication relating to, any actual or alleged breach of any Environmental
				  Laws, and there are no outstanding work orders or actions required to be taken
				  relating to environmental matters respecting the mining lots covered by the
				  Concessions or any operations carried out thereon by Minera Tango; and


(p)
			 it has not incurred any liability,
				  contingent or otherwise, for brokers or finders fees in respect of
				  the transactions contemplated herein.


(q)
			 the description of the Concessions
				  set forth herein is true and correct;


(r)
			 to the knowledge of Minera Tango,
				  there have been no Mining Operations conducted on the mining lots covered by
				  the Concessions to the date hereof except for exploration work;


(s)
			 no Material Contracts have been
				  entered into and remain in existence as of the date hereof with respect to the
				  Concessions, other than the Existing Royalties;


5.2
			 Representations and Warranties
				  of Northwestern


Northwestern, acknowledging that Minera
		Tango and Yamana are entering into this Agreement in reliance thereon, hereby
		represents and warrants to Minera Tango and Yamana that, as of the Effective
		Date:





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-17-



(a)
			 Northwestern is a corporation duly
				  incorporated and validly subsisting and in good standing in respect of filing
				  returns under the laws of the Province of Ontario;


(b)
			 Northwestern has the power, capacity
				  and other authority to enter into and perform its obligations under this
				  Agreement and all transactions contemplated herein and all corporate and other
				  actions required to authorize Northwestern to enter into and perform this
				  Agreement have been properly taken;


(c)
			 Northwestern has all necessary
				  corporate power to own properties and assets and to carry on its business as
				  now conducted by it, and is registered as required and is in good standing with
				  respect to the filing of returns under the laws of all jurisdictions in which
				  it carries on business;


(d)
			 this Agreement has been duly
				  executed and delivered by Northwestern and is valid and binding upon
				  Northwestern in accordance with its terms, subject to applicable bankruptcy,
				  insolvency, moratorium, or other similar laws presently or hereinafter in
				  effect affecting the enforcement of creditors rights generally or other
				  equitable principles; and


(e)
			 the execution, delivery, performance
				  and consummation of the transactions contemplated by this Agreement will not
				  result in a default under any indenture, mortgage, deed of trust, loan
				  agreement or other agreement or instrument to which Northwestern is a party or
				  by which it is bound or to which its properties or assets are subject nor will
				  any of the foregoing conflict with or result in the violation of the provisions
				  of its charter documents or any Applicable Law.


(f)
			 As at the date of this Agreement,
				  the authorized capital of Northwestern consists of an unlimited number of
				  common shares, of which 104,026,117 are issued and outstanding;


(g)
			 Northwestern is, and for more than
				  four (4) months preceding the date of this Agreement has been, a reporting
				  issuer not in material default under any Securities Laws or the rules, by-laws
				  or policies of any securities commission or stock exchange on which any
				  securities of Northwestern are listed and; (i) it has filed with all applicable
				  securities regulatory authorities, all forms, reports and documents required to
				  be filed by it pursuant to such securities laws and published policies of such
				  regulatory authorities on a timely basis other than where the failure to file
				  would not have a material adverse effect on Northwestern; (ii) all such filings
				  when made complied in all material respects with then-applicable legal and
				  regulatory requirements; (iii) as of their respective dates, none of these
				  filings contained any untrue statement of a material fact or omitted to state a
				  material fact required to be stated therein or necessary in order to make the
				  statements therein, in light of the circumstances under which they were made,
				  not misleading; and (iv) no confidential disclosure has been made under any
				  Canadian securities laws applicable to it;


(h)
			 The issuance by Northwestern to
				  Yamana of all Northwestern Shares in accordance with the terms of this
				  Agreement is exempt from the prospectus and registration requirements of the
				  Securities Laws. In addition, the first trade by Yamana of any of the
				  Northwestern Shares issued to it under this Agreement will be exempt from the
				  prospectus






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-18-



requirements of the Securities Laws and no
		document will be required to be filed and no proceeding taken or approval,
		permit, consent, order or authorization obtained under the Securities Laws in
		connection with such first trade provided that:

(i)
			 Northwestern is and has been
				  reporting issuers in a jurisdiction of Canada for the four months immediately
				  preceding the trade;


(ii)
			 at least four months and one day
				  have elapsed from the date of issuance of the Northwestern Shares;


(iii)
			 each certificate representing the
				  Northwestern Shares carries a legend stating:


Unless permitted under securities
		legislation, the holder of the security must not trade the security before
		[insert the date that is 4 months and a day after the distribution
		date].

(iv)
			 such trade is not a control
				  distribution (as such term in is defined in the Multilateral Instrument
				  45-102);


(v)
			 no unusual effort is made to prepare
				  the market or to create a demand for the securities that are the subject of the
				  trade;


(vi)
			 no extraordinary commission or
				  consideration is paid to a person or company in respect of the trade;
				  and


(vii)
			 if Yamana is an insider of
				  Northwestern, the selling security holder has no reasonable grounds to believe
				  that Northwestern is in default of securities legislation;


(i)
			 The outstanding common shares in the
				  capital of Northwestern are, and at the time of issuance of the Northwestern
				  Shares, the Northwestern Shares will be, listed and posted for trading on the
				  TSX Venture Exchange or such other stock exchange on which the common shares of
				  Northwestern are listed at the time of issue, and no order ceasing or
				  suspending trading in any securities of Northwestern has been issued and no
				  proceedings for such purpose are pending, or to the knowledge of Northwestern,
				  threatened;


(j)
			 Northwesterns consolidated
				  audited financial statements for the years ended December 31, 2004 and
				  2005, and Northwesterns consolidated unaudited financial statements for
				  the six month period ended June 30, 2006 present fairly in all material
				  respects the consolidated financial position, results of operations and cash
				  flows of Northwestern as at the date and for the periods indicated therein in
				  accordance with Canadian generally accepted accounting principles. Since their
				  date, there has been no change in the financial condition, assets, liabilities
				  or business of Northwestern other than changes in the ordinary course of
				  business that neither individually or in the aggregate would have a material
				  adverse effect on Northwestern and its subsidiaries;


(k)
			 No orders suspending the sale or
				  ceasing the trading of any securities issued by Northwestern have been issued
				  by any Government Agency in Canada, and no






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-19-



proceedings for such purpose are pending or,
		to the knowledge of Northwestern, threatened; and

(l)
			 Northwestern has no material
				  indebtedness or liabilities other than as disclosed in the financial statements
				  referenced in section 5.2(j); and


(m)
			 There is no claim, action, suit,
				  proceeding or governmental investigation pending or, to the knowledge of
				  Northwestern, threatened against Northwestern, by or before any Governmental
				  Authority or by any third party other than as publicly disclosed on the System
				  for Electronic Document Analysis and Retrieval (SEDAR).


5.3
			 Survival of Representations
				  and Warranties


The representations and warranties set forth
		in sections 5.1 and 5.2 shall survive the execution and delivery of this
		Agreement for a period of two (2) years.

5.4
			 Investigations


No investigations made by or on behalf of a
		Party at any time shall have the effect of waiving, diminishing the scope of or
		otherwise affecting any representation or warranty made by the other Party in
		or pursuant to this Agreement.

ARTICLE 6

RIGHT TO ENTER AND DO WORK/MANAGEMENT
		COMMITTEE/BUDGETS

6.1
			 Rights of
				  Operator


Subject to the provisions of this Agreement,
		Northwestern shall, so long as Northwestern has not exercised its Option under
		section 2.8 and Minera Tango, Northwestern and the Mining Company have not yet
		entered into the Shareholders Agreement, be the Operator of the
		Concessions and their corresponding mining lots through NMS and, subject to the
		right of Minera Tango to enter in, under or upon the mining lots covered by the
		Concessions in accordance with the terms of this Agreement and subject to the
		provisions of the concessions that comprise the Concessions, any Applicable
		Laws and the rights of any Government Agency, shall have the sole and exclusive
		right:

(i)
			 to enter in, under or upon the
				  mining lots covered by the Concessions;


(ii)
			 to have possession of the mining
				  lots covered by the Concessions;


(iii)
			 to carry out such Work as
				  Northwestern in its sole discretion considers advisable including bringing or
				  erecting upon the mining lots covered by the Concessions machinery, equipment
				  and ancillary facilities including, without limiting the generality of the
				  foregoing, housing, utility services, roads, conveyors, plants, buildings,
				  waste areas, tailing areas and disposal areas or systems;


(iv)
			 obtain and maintain in the name of
				  Minera Tango all concessions, licences, permits and authorizations required to
				  carry out the Work; and






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(v)
			 to remove Ore, minerals or metals
				  from the mining lots covered by the Concessions in such reasonable quantities
				  for the purpose of obtaining assays or making other tests. Any income derived
				  from the sale of such Ore, minerals or metals removed from the mining lots
				  covered by the Concessions in accordance with the foregoing shall be applied by
				  the Operator to Work Costs but not applied to the $3,000,000 of Work Costs to
				  be incurred by Northwestern directly or through NMS in order to exercise the
				  Option.


6.2
			 Maintenance of
				  Concessions


During the Option Period, Northwestern shall
		take all measures required to maintain the Concessions in good standing with
		all Government Agencies and under all Applicable Laws, except any Dropped
		Concessions, which shall be dealt with in accordance with section 2.11. During
		the Option Period, Northwestern shall, in a timely manner, fund in accordance
		with section 6.3 all Work Costs and carry out all acts required to maintain the
		Concessions in good standing with all Government Agencies and under all
		Applicable Laws, including, without limitation, the payment of any and all
		Maintenance Costs. Northwestern shall fund and pay the Maintenance Costs
		directly or indirectly until:

(a)
			 Northwestern or NMS has exercised
				  the Option, or


(b)
			 the Option expires or is terminated
				  without having been exercised by Northwestern or NMS;


whichever occurs first. If the Option
		expires or is terminated without having been exercised by Northwestern, either
		directly or through NMS, Minera Tango shall be responsible for, and pay and
		fund all Maintenance Costs from and after the date of such expiration or
		termination. Where Northwestern, directly or indirectly, has exercised the
		Option, the Mining Company shall be responsible for and pay all Maintenance
		Costs from and after the Earn-In Date. For greater certainty,
		Northwesterns obligation to pay Maintenance Costs applies only to
		Maintenance Costs, the liability for which did not arise prior to the Effective
		Date.

6.3
			 Maintenance Costs
				  Budget


Minera Tango shall provide Northwestern with
		an annual budget and timetable for expending and performing the Maintenance
		Costs (the Annual Budget) within 45 days of the Effective Date and
		shall provide Northwestern with an Annual Budget within 45 days of each
		anniversary date of the Effective Date. During the Option Period, Northwestern
		shall pay all Maintenance Costs to the applicable person as such costs become
		due. Minera Tango shall be entitled to revise any Annual Budget upon a change
		in the amount and/or timing of performance of any Maintenance Costs.

6.4
			 Delivery of Programs and
				  Budgets


No later than thirty (30) days after the
		Effective Date, Northwestern shall deliver to Minera Tango a written program
		and budget specifying in reasonable detail an outline, including the estimated
		Work Costs together with an activities schedule and timetable, of any and all
		research, prospecting, exploration and development proposed to be carried out
		during the first phase of the exploration program Northwestern proposes to
		carry out on the mining lots covered by the





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-21-



Concessions, which shall be in the sole
		discretion of Northwestern. Within sixty (60) days of completion of such
		program and budget and each subsequent phase of the exploration program,
		Northwestern will prepare and provide Minera Tango with a program and budget
		for the next phase of the program. Northwestern will give detailed advance
		notice in writing to Minera Tango of any material deviation from any program
		and budget, together with the reasons therefore and a revised program and
		budget for the remaining months of the applicable Work Costs period.

6.5
			 Informal Advisory
				  Committee


During the Option Period, an informal
		committee consisting of Northwestern and Minera Tango management and technical
		personnel shall meet on at least a semi-annual basis or on such shorter basis
		as mutually deemed necessary by Northwestern and Minera Tango to address
		matters relating to Work to be conducted by Northwestern through NMS as
		Operator pursuant to this Agreement. Northwestern shall take into account in
		good faith any technical and managerial comments made by the representatives of
		Minera Tango, but shall continue to have sole discretion regarding all Work
		Costs incurred.

6.6
			 Conduct of Work


All Work conducted by Northwestern through
		NMS or its Agents on the mining lots covered by the Concessions shall be done
		in a prudent and workmanlike manner to the best of its ability, skill and
		judgment and in accordance with good mining practice and in compliance with all
		Applicable Laws, and in accordance with the terms of the applicable
		concessions, licences, permits and agreements pertaining to the Concessions.
		Northwestern shall promptly notify Minera Tango of any allegations of violation
		of any of the foregoing.

6.7
			 Insurance


During the Option Period, Northwestern
		through NMS as Operator shall acquire and maintain adequate insurance coverage
		in accordance with normal industry standards and practice protecting the
		interests of Minera Tango (including from third party claims) and shall cause
		its Agents to obtain and maintain similar adequate insurance. For greater
		certainty and without limitation, such insurance shall include public liability
		and property damage coverage in accordance with normal industry standards
		naming Minera Tango as an insured, with severability of interest and protecting
		the interests of Minera Tango (including from third party claims).

6.8
			 Removal of
				  Liens


During the Option Period, Northwestern
		through NMS as Operator shall pay or cause to be paid all Agents of
		Northwestern including, without limitation, workers or wage earners employed by
		Northwestern through NMS on the mining lots covered by the Concessions and for
		all material purchased by Northwestern in connection with all Work which might
		give rise to a lien or privilege on the mining lots covered by the Concessions.
		Should any such lien or privilege be recorded against the Concessions in
		consequence of any Work done on the mining lots covered by the Concessions by
		or for Northwestern through NMS, Northwestern through NMS shall forthwith take
		all such actions, including initiating legal proceedings, as may be necessary
		to





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-22-



have such lien or privilege removed or
		discharged from the Concessions and shall have the same removed or discharged
		with all reasonable dispatch provided, however, that upon such removal or
		discharge of such lien or privilege, Northwestern or NMS may proceed to contest
		any such claim of lien or privilege in good faith and diligently.

6.9
			 Reports and
				  Inspection


As Operator, Northwestern shall provide
		Minera Tango, when Work is being conducted during the Option Period, with: (i)
		quarterly reports indicating the status of all Work; (ii) a copy of all factual
		geologic information by December 31 of each year the Agreement is in force; and
		(iii) timely current reports and information forthwith upon the occurrence of
		any material results or events, supported by copies of relevant data in respect
		of such material results or events. Northwestern and Minera Tango shall each
		keep confidential all of such reports and information as provided by Article 8.
		Minera Tango shall retain exclusive title to such reports and information
		during the Option Period. Upon the exercise of the Option by Northwestern,
		title to such reports and information shall be transferred by Minera Tango to
		the Mining Company.

6.10
			 Access


During the Option Period, Minera Tango shall
		have, at all reasonable times, timely access to the mining lots covered by the
		Concessions and to all data, studies, maps, drill core and all other
		information generated by Northwestern or NMS in respect of or derived from the
		Concessions and their mining lots, in all cases at its own risk and
		cost.

6.11
			 Indemnification by
				  Operator


(a)
			 Northwestern as Operator shall
				  indemnify and hold harmless Minera Tango and its Affiliates and their
				  respective directors, officers, managers, employees and representatives from,
				  against and in respect of any and all Losses actually suffered or incurred by
				  such Persons arising out of or in any way connected with operations or Work
				  conducted by Northwestern through NMS or its Agents on or in respect of the
				  Concessions and their mining lots or other actions of Northwestern or of NMS as
				  Operator or by Northwesterns Agents, including reclaiming all or any part
				  of the Concessions in respect of any work performed by Northwestern through NMS
				  or its Agents, or in respect of the Concessions or their mining lots, or
				  Northwesterns failure to fund and pay Maintenance Costs in accordance
				  with the terms of this Agreement.


(b)
			 The Parties acknowledge and agree
				  that Northwestern shall not be responsible for any environmental or other
				  liabilities resulting from Work conducted on the mining lots covered by the
				  Concessions prior to the Effective Date.


(c)
			 Each Party covenants and agrees with
				  the other Party (the Party so covenanting being referred to in this section as
				  the Indemnifying Party, and the other Party being referred to in
				  this section as the Indemnified Party) that the Indemnifying Party
				  shall:


(i)
			 be solely liable and responsible for
				  any and all Claims which the Indemnified Party or any of its Agents (or Agents
				  of its Affiliates), may suffer, sustain, pay or incur; and






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(ii)
			 indemnify and save the Indemnified
				  Party and its Agents (and Agents of its Affiliates), harmless from any and all
				  Claims which may be brought against or suffered by such persons or which they
				  may sustain, pay or incur,


as a result of, arising out of, attributable
		to or connected with any breach or non-fulfillment of any representation,
		warranty, covenant or agreement on the part of the Indemnifying Party under
		this Agreement or any misstatement or inaccuracy of or any other incorrectness
		in or breach of any representation or warranty of the Indemnifying Party
		contained in this Agreement, or in the event that Minera Tango is the
		Indemnifying Party, any environmental or other liabilities resulting from Work
		conducted on the Concessions prior to the Effective Date. This section 6.11
		shall survive the termination or expiry of this Agreement.

6.12
			 NMS


(a)
			 Notwithstanding any provision to the
				  contrary contained in this Agreement, Northwestern shall not permit NMS to
				  carry out, conduct, perform, undertake or fulfill any of covenant or obligation
				  of Northwestern under this Agreement that NMS is entitled to carry out,
				  conduct, perform, undertake or fulfill in accordance with the terms of this
				  Agreement, or permit NMS to enforce any rights granted to Northwestern under
				  this Agreement, including the right to maintain and exercise the Option,
				  unless:


(i)
			 NMS is duly incorporated, organized
				  and in good standing during the term of this Agreement under all applicable
				  Mexican laws (including Mexican Official Standards and Non-Official Standards);
				  and


(ii)
			 NMS is and remains during the term
				  of this Agreement an Affiliate of Northwestern.


(b)
			 Upon the due incorporation of NMS,
				  Northwestern shall cause NMS to agree in writing in favour of Minera Tango and
				  Yamana to be bound by the terms of this Agreement.


(c)
			 Northwestern hereby agrees that it
				  shall remain jointly and severally liable for any and all Losses incurred or
				  suffered by Minera Tango or Yamana resulting from any act or omission of NMS
				  arising out of or in connection with this Agreement.


ARTICLE 7

TERMINATION

7.1
			 Termination
				  Events


Subject to the obligations of the Parties
		which expressly survive the termination of this Agreement, the Option shall
		terminate:

(a)
			 if Northwestern fails (i) to deliver
				  notice to Minera Tango and Yamana that it has exercised the Option in
				  accordance with section 2.8; or (ii) fails to incur the required Work Costs (or
				  make payments to Minera Tango in lieu thereof) on or before the relevant
				  Expenditure Date as set forth in section 2.3(a); or (iii) fails to issue and
				  deliver the Northwestern Shares to Yamana in accordance with the schedule set
				  out in section 2.3(b);






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-24-



or (iv) fails to pay the Cash Consideration
		to Yamana in accordance with the schedule set out in section 2.3(c), on the
		date immediately following the date such notice or other deliveries were
		deliverable or the date immediately following such relevant Expenditure Date,
		as the case may be;

(b)
			 upon receipt by Minera Tango and
				  Yamana of notice from Northwestern pursuant to section 2.3 given prior to the
				  exercise of the Option that Northwestern will not incur the Work Costs in
				  accordance with section 2.3(a), issue and deliver the Northwestern Shares to
				  Yamana in accordance with section 2.3(b) and/or pay the Cash Consideration to
				  Yamana in accordance with section 2.3(c);


(c)
			 following fifteen (15) Business Days
				  prior written notice to Northwestern from Minera Tango (with a copy to Yamana),
				  if Northwestern shall fail to fund directly or indirectly the Maintenance Costs
				  in respect of the Concessions or any part thereof in accordance with the terms
				  hereof and Northwestern has not cured such default within such fifteen (15)
				  Business Day period; or


(d)
			 upon the mutual consent of the
				  Parties;


provided that for greater certainty, and
		without limitation, sections 7.2 through 7.6 inclusive as well as Article 8
		shall survive the termination of this Agreement.

7.2
			 Release and Quitclaim of
				  Concessions


If this Agreement or the Option is
		terminated by notice from Northwestern prior to the exercise of the Option,
		Northwestern shall forthwith, and in any event within fifteen (15) days of such
		termination, deliver to Minera Tango a release and quitclaim in form and
		content satisfactory to Minera Tango, acting reasonably, with respect to the
		Concessions and this Agreement (except such portions of this Agreement that
		survive the termination of this Agreement).

7.3
			 Maintenance
				  Costs


Upon termination of the Option, Northwestern
		shall ensure that it has funded all Maintenance Costs payable up to the date of
		termination of the Option in accordance with the terms hereof and that the
		Concessions, their mining lots and all related concessions, permits and
		licences are in good standing for not less than six (6) months after
		termination, free and clear of all Encumbrances, subject to the Existing
		Royalties.

7.4
			 Delivery of
				  Data


Upon the termination of the Option,
		Northwestern shall deliver to Minera Tango within thirty (30) days of the date
		of termination of the Option, all originals of maps, reports, results of
		surveys and drilling, assay results, environmental studies, notifications from
		Government Agencies and all other reports of information provided to
		Northwestern by Minera Tango as well as copies of any assay plans, drill
		records, information, maps and other pertinent exploration reports produced by
		Northwestern through NMS or its Agents and related to the Concessions and their
		mining lots.





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7.5
			 Removal of
				  Liens


If upon or following termination of the
		Option, a lien on the Concessions shall arise in connection with Work conducted
		by Northwestern through NMS or its Agents and Northwestern shall wish to
		contest such lien, Northwestern shall post security sufficient to permit such
		lien to be discharged and shall forthwith take all such measures as are
		necessary in order to discharge such lien, provided that, upon such removal of
		any such liens, Northwestern either directly or through NMS may proceed to
		contest any such liens in good faith.

7.6
			 Removal of Buildings and
				  Environmental Matters


Upon termination of the Option:

(a)
			 all buildings, plant, equipment,
				  machinery, tools, appliances and supplies which may have been brought upon the
				  mining lots covered by the Concessions by or on behalf of Northwestern through
				  NMS as Operator shall be removed by Northwestern at any time not later than one
				  hundred and eighty (180) days after termination of the Option, unless other
				  arrangements on terms satisfactory to Minera Tango are made between
				  Northwestern and Minera Tango, and if not so removed, such buildings, plant and
				  equipment, machinery, tools, appliances and supplies shall, at the sole option
				  of Minera Tango, become the property of Minera Tango as may be removed by
				  Minera Tango or its Agents at the expense of Northwestern; and


(b)
			 Northwestern through NMS shall
				  perform all rehabilitation, reclamation or pollution control on the mining lots
				  covered by the Concessions which is required as a result of
				  Northwesterns, NMSs or their Agents activities thereon, to
				  the standard required in accordance with all Applicable Laws as approved by the
				  appropriate Government Agency having jurisdiction.


ARTICLE 8

CONFIDENTIAL
		INFORMATION

8.1
			 Confidentiality


(a)
			 The Parties agree to treat this
				  Agreement and all terms and conditions hereof, and all data, reports, records,
				  and other information, coming into the possession of the Parties and their
				  employees, agents, contractors and Affiliates by virtue hereof, as confidential
				  except if disclosure is required by Applicable Law or by any Government Agency.
				  Such information shall not be otherwise disclosed to any Person without the
				  prior consent of the other Party, which consent shall not be unreasonably
				  withheld.


(b)
			 The consent required by this section
				  8.1(a) shall not apply to a disclosure to:


(i)
			 comply with any Applicable Laws,
				  stock exchange rules or a regulatory authority having jurisdiction;


(ii)
			 a director, officer or employee of a
				  Party;






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(iii)
			 an Affiliate of a Party;


(iv)
			 an Agent of a Party that has a bona
				  fide need to be informed;


(v)
			 any third party to whom the
				  disclosing Party may assign any of its rights under this Agreement; or


(vi)
			 a bank or other financial
				  institution from which the disclosing Party is seeking equity or debt
				  financing;


provided, however, that in the case of
		paragraphs (v) and (vi) the third party or parties, as the case may be, agree
		to maintain in confidence for a period of not less than two years with respect
		to any of the confidential information so disclosed to them.

(c)
			 The obligations of confidentiality
				  and prohibitions against use under this Agreement shall not apply to
				  information that the disclosing Party can show by reasonable documentary
				  evidence or otherwise:


(i)
			 as of the Effective Date, was in the
				  public domain other than as a result of a breach of this Article 8;


(ii)
			 after the Effective Date, was
				  published or otherwise became part of the public domain through no fault of the
				  disclosing party or an Affiliate thereof (but only after, and only to the
				  extent that, it is published or otherwise becomes part of the public domain);
				  or


(iii)
			 was information that the disclosing
				  party or its Affiliates were required to disclose pursuant to the order of any
				  Governmental Agency or judicial authority.


8.2
			 Public
				  Announcements


No public statement or press release shall
		be made by any Party unless such Party making such disclosure shall consult
		with the other Party prior to making such statement or press release, and the
		Parties shall use all reasonable efforts, acting in good faith, to agree upon a
		text for such statement or press release which is satisfactory to the Parties,
		subject in all cases to Applicable Law. For greater certainty, the Parties
		agree that the foregoing provisions of this section 8.2 shall not operate to
		prohibit any Party from issuing a public statement or press release where it is
		required by Applicable Law.

ARTICLE 9

OTHER BUSINESS
		OPPORTUNITIES

9.1
			 Relationship of the
				  Parties


The rights, privileges, duties, obligations
		and liabilities, as between Minera Tango and Northwestern shall be separate and
		not joint or collective and nothing herein contained shall be construed as
		creating a partnership, an association, agency or, subject as herein
		specifically provided, a trust of any kind or as imposing upon either of Minera
		Tango and Northwestern any partnership duty, obligation or liability,
		including, without limitation, any fiduciary duty or





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-27-



obligation. Neither Minera Tango nor
		Northwestern is liable for the acts, covenants and agreements of the
		other.

9.2
			 Other
				  Opportunities


Each of Minera Tango and Northwestern shall
		have the free and unrestricted right independently to engage in and receive the
		full benefits of any and all business endeavours of any sort whatsoever whether
		or not competitive with the endeavours contemplated herein without consulting
		the other or inviting or allowing the other to participate therein. Neither
		Minera Tango nor Northwestern shall be under any fiduciary or other duty to the
		other which shall prevent it from engaging in or enjoying the benefits of
		competing endeavours within the general scope of endeavours contemplated by
		this Agreement. The legal doctrine of corporate opportunity
		sometimes applied to persons engaged in a joint venture or having fiduciary
		status shall not apply in the case of Minera Tango and Northwestern. Each of
		Minera Tango and Northwestern hereby waives its rights to partition of the
		Concessions and agrees that it will not seek or be entitled to partition of the
		Concessions, whether by way of physical partition, judicial sale or otherwise.

ARTICLE 10

NOTICES

10.1
			 Notices


All payments, notices, reports or other
		communications required or permitted by this Agreement shall be deemed to have
		been properly given and delivered when delivered by facsimile transmission
		(with an original copy subsequently delivered by registered mail) or by
		delivery by courier or by hand with all delivery charges fully prepaid and
		addressed to the Parties, respectively, as follows:

To Minera Tango at:

c/o Yamana Gold Inc.

150 York Street, Suite 1102

Toronto, Ontario

M5H 3S5

Attention: Jacqueline Jones

Facsimile No.: 416-815-0021

To Northwestern at:

36 Toronto Street

Suite 1000

Toronto, Ontario

M5C 2C5

Attention: President

Facsimile No.: 416-367-6891





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-28-



with a copy to:

Goodman & Carr LLP

2300-200 King Street West

Toronto, Ontario

M5H 3W5

Attention: Jay Goldman

Facsimile: 416-595-0567

To Yamana at:

150 York Street

Suite 1102

Toronto, Ontario

M5H 3S5

Attention: President

Facsimile No.: 416-815-0221

with a copy to:

Cassels Brock & Blackwell LLP

2100 Scotia Plaza

40 King Street West

Toronto, Ontario

M5H 3C2

Attention: Mark Bennett

Facsimile No.: 416-350-6933

or to the latest known address of the Party
		concerned, as furnished pursuant to section 10.3.

10.2
			 Receipt


The date of receipt by the addressee of all
		notices given and delivered by facsimile transmission or delivered by courier
		or by hand as aforesaid shall be the date of actual delivery.

10.3
			 Change of
				  Address


A Party may change its address for the
		purpose hereof by giving written notice of such change to the other Party at
		the latest address provided in accordance with this Article 10.





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ARTICLE 11

FORCE MAJEURE

11.1
			 Force Majeure


(a)
			 Time shall be of the essence of this
				  Agreement, provided however that notwithstanding anything to the contrary
				  contained herein, if any Party should at any time or times during the currency
				  of this Agreement be delayed in or prevented from complying with this Agreement
				  by reason of wars, acts of God, strike, lockouts or other labour disputes,
				  inability to access its place of business or the mining lots covered by the
				  Concessions (other than inability to access the mining lots covered by the
				  Concessions because of the seasonality of weather conditions for which
				  Northwestern or NMS has not properly and adequately planned), acts of public
				  insurrection, riots, fire, storm, flood, explosion, government restriction,
				  failure to obtain any approvals required from any Government Agency having
				  jurisdiction (but only in the circumstances that the Operator has filed timely
				  and complete applications for such approvals from such Government Agencies
				  having jurisdiction), including environmental protection agencies, interference
				  of persons primarily concerned about environmental issues or native rights
				  groups or other causes whether of the kind enumerated above or otherwise which
				  are not reasonably within the control of the applicable Party, but excluding
				  for greater certainty, the lack or unavailability of funds, the period of all
				  such delays resulting from such causes or any of them, shall be excluded in
				  computing the time within which anything required or permitted by the
				  applicable Party to be done, is to be done hereunder, and the time within which
				  anything is to be done hereunder shall be extended by the total period of all
				  such delays. Nothing contained in this Article shall require the applicable
				  Party to settle any labour dispute or to test the constitutionality of any
				  enacted law. In the event that any Party asserts that an event of force majeure
				  has occurred, it shall complete such commercially reasonable actions or cause
				  such commercially reasonable actions to be completed as may be necessary to
				  correct or terminate the alleged event of force majeure and give notice in
				  writing to the other Parties specifying the following:


(i)
			 the cause and nature of the alleged
				  event of force majeure;


(ii)
			 a summary of the action it or its
				  Agents have taken to the date of such notice to correct the alleged event of
				  force majeure;


(iii)
			 confirmation as to all acts, actions
				  and things done by it or its Agents to terminate the event of force majeure;
				  and


(iv)
			 the reasonably expected duration of
				  the period of force majeure.


(b)
			 Any Party asserting an event of
				  force majeure shall provide ongoing periodic notice in writing to the other
				  Party with respect to such events of force majeure, including the matters set
				  out above, within 15 days of the end of each calendar month during the period
				  of force majeure and shall provide prompt notice in writing to the other Party
				  upon the termination of the event of force majeure.






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ARTICLE 12

ARBITRATION

12.1
			 Arbitration


Any matter in this Agreement in dispute
		between the Parties which has not been resolved by the Parties within fifteen
		(15) days of the delivery of notice by either Party of such dispute shall be
		referred to binding arbitration. Such referral to binding arbitration shall be
		to a qualified single arbitrator pursuant to theArbitration Act, 1991
		(Ontario), which Act shall govern such arbitration proceeding in accordance
		with its terms except to the extent modified by the rules for arbitration set
		out in Schedule E. The determination of such arbitrator shall be
		final and binding upon the Parties hereto and the costs of such arbitration
		shall be as determined by the arbitrator. The Parties covenant that they shall
		conduct all aspects of such arbitration having regard at all times to
		expediting the final resolution of such arbitration.

ARTICLE 13

GENERAL

13.1
			 Further
				  Assurances


Each party hereto shall, from time to time,
		and at all times, perform all acts and execute and deliver the deeds and
		documents and give such assurances as are reasonably required in order to
		perform, carry out, and give effect to the terms of this Agreement.

13.2
			 Effect of
				  Waiver


A waiver of any breach of a provision of
		this Agreement shall not be binding upon a party hereto unless the waiver is in
		writing and such waiver shall not affect such partys rights in respect of
		any subsequent breach.

13.3
			 Successors and
				  Assigns


This Agreement shall enure to the benefit of
		and be binding upon the parties hereto, their respective successors and their
		permitted assigns.

13.4
			 Assignment


Neither Minera Tango nor Northwestern shall
		sell, transfer, assign or convey this Agreement (and in the case of Minera
		Tango, the Concessions), or any of its rights, benefits, privileges or
		obligations hereunder, without the prior written consent of the other, which
		consent may not be unreasonably withheld, provided that either Minera Tango or
		Northwestern may sell, transfer, assign or convey this Agreement (or, in the
		case of Minera Tango, the Concessions) and its rights, benefits and privileges
		thereunder, to an Affiliate, provided that:

(i)
			 the assigning party delivers written
				  notice of such assignment to the non-assigning party;


(ii)
			 such Affiliate agrees in writing
				  with the non-assigning party and Yamana to be bound by the terms of this
				  Agreement;






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(iii)
			 before such Affiliate ceases to be
				  an Affiliate of the assigning party, the interest assigned must be assigned
				  back to such assigning party; and


(iv)
			 notwithstanding such assignment, the
				  assigning party shall continue to be bound by the terms of this
				  Agreement.


13.5
			 Acts in Good
				  Faith


Each party hereto shall at all times during
		the currency of this Agreement and after the expiry or termination of the
		Option, if applicable, act in good faith with respect to the other parties
		hereto and shall do or cause to be done all things within their respective
		powers which may be necessary or desirable to give full effect to the
		provisions hereof.

13.6
			 Expenses


Each party hereto shall bear and pay for its
		respective costs and expenses, including, but not limited to, all legal fees,
		costs and expenses, incurred in connection with the negotiation, preparation
		and execution of this Agreement and the Shareholders Agreement. For
		greater certainty, any and all such costs and expenses shall not constitute or
		compromise the Work Costs.

13.7
			 Severability


Any provision of this Agreement which is
		invalid or unenforceable shall not effect any other provision and shall be
		deemed to be severable from this Agreement.

13.8
			 Amendment


None of the provisions of this Agreement
		shall be amended or modified shall be effective unless made in writing and
		signed by all of the parties hereto.

13.9
			 Entire
				  Agreement


This Agreement constitutes the entire
		agreement among the parties hereto with respect to the subject matter hereof
		and supersedes all prior agreements and undertakings, both written and oral,
		among the parties hereto with respect to the subject matter hereof, including
		the Letter Agreement and the RNC Agreement. The execution of this Agreement has
		not been induced by, nor do the parties hereto rely upon or regard as material,
		any covenants, representations or warranties whatsoever not incorporated herein
		and made a part hereof.

13.10
			 Choice of
				  Language


The parties hereto have expressly required
		that this Agreement and all documents and notices relating hereto be drafted in
		English.





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[Signature Page to Follow on Page
		32]

13.11
			 Counterparts &
				  Delivery


This Agreement may be executed in
		counterparts and delivered by facsimile transmission with original copies to be
		delivered forthwith thereafter, each of which counterparts so executed shall be
		deemed to be an original and such counterparts together shall constitute one
		and the same instrument.

IN WITNESS WHEREOF, the parties hereto have
		entered into this Option Agreement effective as of the day and year first above
		written.



MINERA TANGO, S.A. de
				  C.V.Per:Name:Title:
			 c/s




NORTHWESTERN MINERAL VENTURES
				  INC.Per:Name:Title:
			 c/s






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-33-





YAMANA GOLD INC.Per:Name:Title:
			 c/s






---



SCHEDULE A

CONCESSION LIST

Mining Concessions granted by the Mexican
		Government over the following mining lots:



Mining
				  Lots
			 
			 Title
				  Number
			 
			 File
				  Number
			 
			 Title
				  Date
			 
			 Surface area
				  in Ha.
			 
			 Municipio/StatePicachos
			 
			 211194
			 
			 025/24465
			 
			 11-Apr-00
			 
			 4225.4414
			 
			 San Dimas,
				  DurangoCamargo
			 
			 217367
			 
			 025/30728
			 
			 9-Jul-02
			 
			 2561.871
			 
			 San Dimas,
				  DurangoCamargo-2
			 
			 226380
			 
			 025/31774
			 
			 13-Jan-06
			 
			 865.6426
			 
			 San Dimas,
				  DurangoLa Cruz
			 
			 227828
			 
			 025/32595
			 
			 22-Aug-06
			 
			 122
			 
			 San Dimas,
				  Durango






---



SCHEDULE B

FORM OF SHAREHOLDERS
		AGREEMENT





---



SCHEDULE C

EXISTING ROYALTIES

1.
			 1.75% net smelter return royalty
				  payable to Minera Camargo, S.A. de C.V. pursuant to a Royalty Agreement between
				  Minera Tango and Minera Camargo, S.A. de C.V. dated September 7, 2006.






---



SCHEDULE D

MINING COMPANY BY-LAWS

ESCRITURA NUMERO.

LIBRO MIL SEISCIENTOS OCHENTA Y NUEVE

EN MEXICO, DISTRITO FEDERAL, a los XXXXXX
		días del mes de XXXXXXXXX del dos mil seis, ante mí, Licenciado
		XXXXXXXXXXXXXXX, Titular de la Notaría número XXXXXXXX de este
		Distrito, comparecen(SE
		INSERTARÁN LOS NOMBRES DE LOS ACCIONISTAS)y otorgan:

LA CONSTITUCION DE UNA SOCIEDAD MERCANTIL
		ANONIMA

DE CAPITAL VARIABLE

PERMISO DE LA SECRETARIA DE RELACIONES
		EXTERIORES.

Marcado con la letraAy
		número de la presente escritura, agrego al apéndice del
		protocolo, el Permiso expedido por la Secretaría de Relaciones
		Exteriores, que es como sigue:(Se
		transcribirá aquí el texto integro del permiso que otorgue la
		Secretaría de Relaciones Exteriores)

C L A U S U L A S

PRIMERA.- DENOMINACION.-Las comparecientes, por el presente instrumento
		constituyen una sociedad anónima de capital variable que se
		denominaráXXXXXXXXXX,debiendo ir
		seguida de las palabras SOCIEDAD ANONIMA DE CAPITAL VARIABLE, o de su
		abreviatura S.A. DE C.V.

SEGUNDA.- DURACION.- NOVENTA Y NUEVEAÑOS, contados a partir de la
		fecha de firma de esta escritura.

TERCERA.- DOMICILIO.-LA CIUDAD DE MEXICO, DISTRITO FEDERAL, sin perjuicio de
		establecer oficinas o sucursales en cualesquiera otro lugar de la
		República o del





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-2-





Extranjero sin que por ello se entienda
		cambiado dicho domicilio.

CUARTA.- OBJETO.-ES EL SIGUIENTE:

I.-La adquisición, transferencia,
		exploración, explotación por cualquier título legal de
		fundos mineros o de derechos relacionados con ellos.

II.-La obtención por cualquier título legal
		de concesiones, permisos, autorizaciones o contratos para la exploración
		y explotación de minerales metálicos y no
		metálicos.

III.La exploración, explotación,
		extracción, preparación, elaboración, molienda, beneficio,
		fundición, refinación, conversión, tratamiento y
		preparación para el mercado y la venta de toda clase de metales y
		minerales metálicos y/o no metálicos, y la fabricación,
		industrialización, producción, uso y venta de toda clase de
		substancias y productos minerales y químicos y de productos minerales y
		metálicos.

IV.La adquisición, desarrollo y venta por cualquier
		título de concesiones y derechos sobre fundos mineros, plantas de
		beneficio de fundición, o de cualesquiera otras plantas que los
		requieran.

V.La adquisición, construcción,
		establecimiento y operación bajo cualquier título legal, de toda
		clase de plantas de beneficio, plantas de tratamiento de minerales, plantas
		metalúrgicas, plantas de productos químicos, plantas para el
		proceso, fabricación e industrialización de productos minerales,
		metálicos o no metálicos y plantas, instalaciones o servicios
		relacionados con aquellas o con la operación de las mismas.

VI.La compra, venta, permuta y comercio en general con toda
		clase de minerales y metales y con toda clase de substancias y productos
		químicos y de productos minerales y metálicos; y la
		adquisición de toda clase de minerales concentrados, metales y
		substancias necesarios para el





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beneficio o tratamiento de minerales y para
		la operación de plantas de productos metalúrgicos o
		químicos o de productos minerales y demás plantas antes
		mencionadas.

VII.La adquisición y enajenación por
		cualquier título legal de acciones en compañías mineras o
		metalúrgicas o en compañías de productos químicos o
		minerales y la participación en negociaciones de la misma naturaleza en
		general.

VIII.La adquisición, utilización y
		enajenación por cualquier título legal de toda clase de bienes
		muebles e inmuebles y de derechos reales o personales que sean necesarios o
		convenientes para la realización de los objetos antes
		mencionados.

IX.La prestación y/o contratación de toda
		clase de servicios de asesoría, supervisión, administrativos o
		técnicos relacionados con la operación de plantas
		metalúrgicas, químicos o de productos minerales, y el desarrollo
		u operación de minas o el comercio con minerales o productos
		químicos o con otras actividades relacionadas con las anteriores.

X.La obtención, adquisición,
		utilización o enajenación por cualquier título de
		patentes, marcas o nombres comerciales o derechos sobre ellos, en México
		o en el Extranjero, que se relacionen con los objetos anteriores.

XI.La emisión, aceptación, endoso y en
		general, la negociación con toda clase de títulos de
		crédito, incluyendo obligaciones con o sin garantía real o
		cédulas hipotecarias.

XII.El otorgamiento de garantías, incluyendo avales
		respecto del pago o cumplimiento de adeudos y obligaciones de otras empresas,
		cuando la sociedad tenga o controle en ellas una participación o
		interés sea su subsidiaria o tenga relaciones de negocios con cualquiera
		de dichas empresas.

XIII.En general, la celebración de los contratos, la
		realización de las operaciones y la ejecución de todos los actos
		necesarios o convenientes para la consecución de los objetos antes
		mencionados o que con ellos se relacionen.

QUINTA.- NACIONALIDAD.-La sociedad es Mexicana.- En relación con la
		inversión





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extranjera en el capital de la sociedad, es
		de tenerse en cuenta lo siguiente:

a).-La inversión extranjera puede participar en
		cualquier proporción en el capital social de las sociedades mexicanas,
		adquirir activos fijos, ingresar a nuevos campos de actividad económica
		o fabricar nuevas líneas de productos, abrir y operar establecimientos
		y, ampliar o relocalizar los existentes, sin más salvedades, modalidades
		ni excepciones que las señaladas por los artículos quinto, sexto,
		séptimo y octavo de la Ley de Inversión Extranjera y transitorios
		aplicables.

b).-Los accionistas extranjeros actuales o futuros de la
		sociedad, se obligan ante la Secretaría de Relaciones Exteriores a
		considerarse como nacionales respecto de:

I.- Las acciones que adquieran en la
		sociedad;

II.- Los bienes, derechos, concesiones,
		participaciones o intereses de que sea titular la sociedad, y

III.- Los derechos y obligaciones que
		deriven de los contratos en que sea parte la propia sociedad y a no invocar por
		lo mismo la protección de sus gobiernos bajo la pena en caso contrario,
		de perder en beneficio de la Nación los derechos y bienes que hubiesen
		adquirido.

SEXTA.-CAPITAL
		SOCIAL.-Será variable, siendo
		el MINIMO FIJO DE $50,000.00 (CINCUENTA MIL PESOS, MONEDA NACIONAL) y el
		máximo ilimitado.

El capital mínimo estará
		representado por CIEN ACCIONES NOMINATIVAS, ORDINARIAS, SERIE UNO, con valor de
		CIEN PESOS, moneda nacional, cada una, íntegramente suscritas y
		pagadas.--La parte variable del capital podrá estar representado por
		acciones nominativas ordinarias o preferentes que tendrán las
		características que determine la Asamblea General de Accionistas que
		apruebe su emisión y formarán las series DOS y
		SUBSIGUIENTES.





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Tanto la Serie Uno como la Serie Dos y
		subsiguientes, estarán integradas por acciones de libre
		suscripción.

SEPTIMA.-AUMENTO O
		REDUCCION DE CAPITAL.-El aumento o
		reducción al capital mínimo fijo de la sociedad y la
		correspondiente emisión y cancelación de acciones deberán
		ser acordados por una Asamblea Extraordinaria de Accionistas o por la
		resolución unánimeme de los Accionistas con derecho a voto
		confirmada por escrito con sujeción a la Ley General de Sociedades
		Mercantiles.- El aumento o reducción al capital variable de la sociedad
		y la correspondiente emission o cancelación de acciones deberá
		ser acordado por la Asamblea Ordinaria de Accionistas o por la unanimidad de
		los Accionistas con derecho a voto ajustándose a las siguientes reglas:

a).- Las acciones emitidas y no suscritas o
		los certificados provisionales en su caso, se conservarán en la Sociedad
		para ponerse en circulación en las épocas y por las cantidades
		que los Accionistas, ya sea reunidos en Asamblea o mediante resolución
		unánime adoptada fuera de Asamblea nestimen convenientes para el
		desarrollo de las actividades sociales.

b).- Todo aumento del capital de la parte
		variable será hecho por resolución de la Asamblea Ordinaria, pero
		no podrá decretarse nuevo aumento antes de que estén
		íntegramente pagadas las acciones que constituyan el anterior aumento.
		Al tomarse el acuerdo se fijarán los términos y bases conforme a
		los cuales deba llevarse a cabo la suscripción y pago, y los accionistas
		gozarán del derecho preferente conforme al Artículo ciento
		treinta y dos de la Ley General de Sociedades Mercantiles para lo cual
		deberán ser notificados quince días antes de la fecha
		señalada para la suscripción.

La notificación se hará
		personalmente y de no ser esto posible mediante una sola publicación en
		el periódico oficial del domicilio de la sociedad o en uno de los
		periódicos de mayor circulación en la República.

c).- Toda reducción del capital en la
		parte variable podrá realizarse sin mas formalidad que por
		resolución de la





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Asamblea Ordinaria de Accionistas, cuando lo
		estimen conveniente o cuando algún accionista solicite el retiro parcial
		o total de sus aportaciones.

Independientemente de lo anterior, las
		reducciones al capital se ajustarán a las siguientes estipulaciones:

1.- Toda reducción se hará por
		acciones íntegras.

2.- Tan pronto como se decrete una
		disminución, la resolución deberá notificarse a cada
		accionista, concediéndole el derecho para amortizar sus acciones en
		proporción a la reducción del capital decretado, dicho derecho
		deberá ejercitarse dentro de los quince días siguientes contados
		a partir de la notificación. La notificación se hará
		personalmente y de no ser ésto posible mediante una sóla
		publicación en el periódico oficial del domicilio de la sociedad
		o en uno de los periódicos de mayor circulación en la
		República.

3.- Si dentro del plazo arriba
		señalado se solicitare el reembolso de un número de acciones
		igual al capital reducido se reembolsará a los accionistas que hubieren
		solicitado el reembolso en la fecha que al efecto se hubiere fijado.

4.- Si las solicitudes de reembolso
		excedieren el capital amortizable, el monto de la reducción se
		distribuirá para su amortización entre los solicitantes, en
		proporción al número de acciones que cada uno haya ofrecido y se
		procederá al reembolso en la fecha que para tal fin se hubiere
		determinado.

5.- Si las solicitudes hechas no completaran
		el número de acciones que deban amortizarse, se reembolsarán las
		de los que hubieren solicitado la amortización y se designarán
		por sorteo ante Notario o Corredor Público el resto de las acciones que
		deban amortizarse hasta completar el monto en que se haya acordado la
		disminución del capital.

6.- En el caso de que la reducción se
		origine por la solicitud de retiro de algún accionista, ésta
		surtirá efecto hasta el fin del ejercicio que esté corriendo,
		siempre y cuando la





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solicitud se hubiere efectuado antes del
		último trimestre de dicho ejercicio, y si dicha solicitud se hiciera
		después, la reducción surtirá sus efectos sólo
		hasta el fin del ejercicio siguiente.

7.- Al reducirse el capital en la parte
		variable, las acciones que se amorticen se canjearán por acciones de
		tesorería para conservarse y ponerse en circulación en futuros
		aumentos en los términos de los incisos a) y b) de ésta
		cláusula.

OCTAVA.- ACCIONES.-Confieren a sus tenedores iguales derechos,
		correspondiendo un voto a cada una. Los títulos de acciones serán
		firmados por el Administrador General o dos miembros del Consejo de
		Administración y llenarán los requisitos que exige el
		Artículo Ciento Veinticinco de la Ley General de Sociedades Mercantiles,
		tendrán anexos cupones para el pago de dividendos e inserta la
		cláusula quinta.

Los accionistas gozarán del derecho
		de preferencia para adquirir acciones de la sociedad que cualquier accionista
		desee transmitir, al mismo precio que haya sido ofrecido a dicho accionista en
		una oferta de buena fe por terceros, conforme a las siguientes reglas:

1. Al efecto, el accionista que desee
		enajenar todas o alguna parte de sus acciones dará aviso por escrito al
		Administrador Único o al Secretario del Consejo de Administración
		en su caso, indicando las acciones que pretenda transmitir y el precio al que
		pretenda venderlas, el término y condiciones de pago de las mismas y
		demás circunstancias pertinentes.

2. Tan pronto como reciba dicho aviso el
		Administrador Único o el Secretario del Consejo, éste
		notificará por escrito la oferta a todos los accionistas inscritos en el
		libro de registro de acciones de la sociedad, al domicilio que cada uno de
		ellos tenga inscrito en dicho libro. Los





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accionistas gozarán de un plazo de 30
		(treinta) días naturales contados a partir de la fecha en que reciban la
		notificación del Administrador Único o del Secretario del
		Consejo, para ejercitar su derecho de preferencia, dando aviso por escrito al
		Administrador Único o al Secretario de su decisión de ejercitar
		dicho derecho.

3. Para los efectos del ejercicio del
		derecho de preferencia establecido en este artículo, en caso de haber
		más de un accionista interesado en adquirir las acciones ofrecidas,
		tales acciones serán adquiridas por los compradores interesados en
		proporción al número de acciones de la sociedad que sean de su
		propiedad en aquel momento, excluyendo para efectos del cómputo de esta
		proporción las acciones ofrecidas y las acciones de aquellos accionistas
		que hayan renunciado al ejercicio del derecho de preferencia aquí
		consignado.

4. El precio de las acciones será
		cubierto en los términos y condiciones en que el accionista oferente
		hubiere estado de acuerdo en vender a un tercero.

5. A la expiración del plazo de 30
		(treinta) días al que se refiere el inciso 2 anterior, si no se hubiere
		ejercitado el derecho de preferencia con respecto a parte o a la totalidad de
		las acciones ofrecidas en venta, el accionista oferente tendrá facultad,
		durante un período de 90 (noventa) días, a partir de la
		expiración del plazo señalado para el ejercicio del derecho de
		preferencia, de transmitir las acciones no adquiridas por los demás
		accionistas de acuerdo con las disposiciones de este artículo, a
		cualquier tercero capacitado para ello, a un precio no menor al de su oferta a
		los demás accionistas, en la inteligencia de que, si no vende las
		acciones respectivas dentro del plazo de 90 (noventa) días, la
		transmisión de las mismas volverá a quedar sujeta a las reglas
		establecidas en este artículo.





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6. El derecho consignado en este
		artículo será indivisible y por tanto deberá ser
		ejercitado respecto de todas las acciones ofrecidas.

NOVENA.- TITULO DE ACCIONES.-Estos y los certificados provisionales,
		serán expedidos por el Administrador General o en su caso por el Consejo
		de Administración, amparando una o más, quienes podrán
		canjear certificados que cubran determinado número de acciones por una o
		varias certificaciones nuevas según lo soliciten los accionistas, y
		siempre que el o los certificados nuevos cubran el mismo número de
		acciones que los títulos en cuyo lugar se expidan.

DECIMA.-AUTORIDAD
		SUPREMA.-Es la Asamblea General de
		Accionistas, y sus decisiones obligan a todos los órganos de la sociedad
		y aún a los accionistas ausentes o disidentes.

DECIMA PRIMERA.-ASAMBLEAS
		EXTRAORDINARIAS Y ORDINARIAS.-Las
		primeras tratarán de los asuntos a que se refiere el artículo
		ciento ochenta y dos de la Ley General de Sociedades Mercantiles; y las
		segundas, de cualquier otro asunto, pudiendo celebrarse ambas en cualquier
		tiempo.

DECIMA SEGUNDA.-ASAMBLEA
		ORDINARIA ANUAL.-Deberá
		celebrarse dentro de los cuatro meses siguientes a la conclusión de cada
		ejercicio social y tratará, además de los asuntos listados en el
		Orden del Día, de los siguientes:

I.- Discutir, aprobar o modificar el informe
		de los Administradores, después de oír el del o los Comisarios, y
		tomar las medidas que se consideren oportunas.

II.- Nombrar a los Administradores y
		Comisarios en su caso y determinar sus emolumentos.

III.- Del reparto de utilidades.

DECIMA TERCERA.-CONVOCATORIA DE
		ASAMBLEAS.-Deberá hacerla el
		Administrador, el Consejo o el Comisario. Los accionistas que representen el
		treinta y tres por ciento del capital social por lo menos, podrán
		solicitarles por escrito en cualquier tiempo, convoquen a una Asamblea General
		de Accionistas para tratar los asuntos indicados. También podrá
		hacer esa misma solicitud el titular de una sola acción, en los casos
		previstos por el artículo ciento ochenta y cinco de la misma Ley.

La convocatoria contendrá el Orden
		del Día, se publicará por una sola vez en el Periódico
		Oficial de la Entidad del domicilio de la sociedad o en uno de los
		periódicos de mayor circulación, con anticipación de
		quince días mínimo y será firmada por quien la
		haga.

DECIMA CUARTA.-NO SE REQUIERE
		PUBLICACION:

a).- Cuando se reúna una Asamblea
		como continuación de otra, siempre que en la anterior se haya
		señalado día y hora para continuarla, y no





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se traten más asuntos que los
		indicados en la primera convocatoria.

b).- Cuando en una Asamblea esté
		presente, al tomar la votación la totalidad de las acciones que integran
		el capital social.

DECIMA QUINTA.- ABSTENCION DE VOTO.-El Administrador, los Consejeros,
		Gerentes, Comisarios y Accionistas, deberán abstenerse de votar en los
		casos en quela Ley lo indica, y cuando sin su voto no hubiere
		quórum para tomar resoluciones, éstas serán
		válidas, si son aprobadas por mayoría de las acciones
		representadas con facultades de voto.

DECIMA SEXTA.- REQUISITO DE ASISTENCIA.-Para concurrir a las Asambleas, los
		accionistas de la Sociedad acreditarán su carácter de
		dueños de sus acciones, con el registro que de las mismas se lleve a
		cabo, en el libro que se indica en el artículo Noveno de estos
		estatutos. Los accionistas recabarán de la Secretaría de la
		sociedad, la constancia relativa con la que acreditarán su derecho para
		asistir a las Asambleas.- Los accionistas podrán hacerse representar en
		las Asambleas por apoderado constituído mediante simple carta
		poder.

DECIMA SEPTIMA.-QUORUM.-La Asamblea General Ordinaria se
		declarará legalmente instalada en primera convocatoria, estando
		representado el CINCUENTA Y UNO por ciento de las acciones; y cualquiera que
		sea el número de acciones representada en segunda o ulterior
		convocatoria.

En ambos casos, las resoluciones se
		tomarán por mayoría de votos.

En Asamblea Extraordinaria, deberán
		estar reunidos accionistas en número suficiente para que las
		resoluciones se tomen por el voto favorable por lo menos del setenta y cinco
		por ciento de las acciones representativas del capital social, en primer
		convocatoria, y de un cincuenta por ciento en segunda o ulterior
		convocatoria.

DECIMA OCTAVA.-PRESIDENCIA DE
		LAS ASAMBLEAS.-Estará a





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cargo del Administrador o en su caso del
		Presidente del Consejo, y en su defecto, de la persona que designe la Asamblea,
		fungirá como Secretario el del Consejo, o el que designe la propia
		Asamblea.

ACTAS.-De cada Asamblea se levantará
		una en el libro respectivo, debiendo ser firmada por el Presidente, por el
		Secretario, así como por los Comisarios que concurran y los accionistas
		que quisieren hacerlo. Se agregarán a las actas los documentos que
		justifiquen que las convocatorias se hicieron en los términos
		establecidos. Si no pudiere asentarse el acta en el libro respectivo se
		protocolizará ante Notario.

DECIMA NOVENA.- RESOLUCIONES FUERA DE
		ASAMBLEA.- Las resoluciones tomadas
		fuera de Asamblea, aun sin Convocatoria ni Orden del Día, inclusive
		fuera del domicilio social, por iniciativa de cualquier accionista,
		verbalmente, por teléfono, por medios electrónicos o por
		cualquier otro medio de comunicación, por unanimidad de los accionistas
		que representen la totalidad de las acciones con derecho de voto,
		tendrán, para todos los efectos legales, la misma validez, que si
		hubieran sido adoptadas reunidos en Asamblea, siempre que se confirmen por
		escrito en sendos ejemplares de la redacción que hagan de las
		resoluciones donde se hará constar la fecha en que se emitió cada
		voto.

Una vez que el Presidente y Secretario del
		Consejo de Administración o el Administrador Unico, en su caso, reciban
		todos los ejemplares del texto de las resoluciones debidamente firmados, en
		otro ejemplar certificarán que firmaron todos los accionistas,
		cuándo emitieron su voto y que fueron representadas la totalidad de las
		acciones, posteriormente lo transcribirán en el Libro de Actas de
		Asambleas firmándolo.

Si entre las resoluciones tomadas no se
		designa Delegado para ejecutarlas o formalizarlas, lo hará el mismo
		Presidente del Consejo o el Administrador Unico, según el caso.

VIGESIMA.- DIRECCION Y
		ADMINISTRACION.-Estará a cargo
		de un





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Administrador General o de un Consejo,
		compuesto del número de miembros titulares y suplentes que señale
		la Asamblea, la que determinará si la administración se
		encomienda a uno u otro. El Administrador o los Consejeros durarán en
		funciones UN AÑO y continuarán en ellas hasta que tomen
		posesión las personas designadas para sustituirlos. Si la
		Administración se encomienda a un Consejo, el nombrado en primer lugar
		será el Presidente; el segundo Secretario; el tercero Tesorero y los
		demás vocales.

Los Administradores y los Consejeros
		podrán ser o no accionistas.

VIGESIMA PRIMERA.-CONSEJO DE
		ADMINISTRACION.-Funcionará
		legalmente con la asistencia de la MAYORIA de sus miembros y los acuerdos los
		tomará por MAYORIA de votos. En caso de empate, el Presidente
		tendrá voto de calidad. Los Consejeros suplentes entrarán en
		funciones indistintamente en ausencia de los titulares.

VIGESIMA SEGUNDA.- EL PRESIDENTE DEL
		CONSEJO.-Será el representante
		del mismo, y el ejecutor de sus resoluciones, podrá además
		designar Delegados Especiales para la ejecución de los acuerdos.

VIGESIMA TERCERA.-MINORIA DE
		ACCIONISTAS.-La que represente el
		veinticinco por ciento del capital social, tendrá derecho de nombrar
		cuando menos un Consejero, cuando los Administradores sean tres o
		más.

VIGESIMA CUARTA.-FACULTADES.-El Administrador Unico o el Consejo de
		Administración, en su caso tendrá las siguientes
		facultades:

I.- Realizar todas las operaciones
		inherentes al objeto de la sociedad, exceptuándose aquellas que por la
		Ley o por esta escritura corresponde solo a las Asambleas de
		Accionistas.

II.- Celebrar, modificar, novar y rescindir
		toda clase de contratos y convenios y en general ejecutar todos los actos que
		se relacionen directa o indirectamente con los objetos de





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la sociedad. Contraer préstamos,
		aún refaccionarios y de habilitación o avío, así
		como otorgar y suscribir títulos de crédito.

III.- Adquirir bienes muebles y los
		inmuebles que permitan las leyes.

IV.- Enajenar y gravar con prenda, hipoteca
		o de otra manera, los bienes muebles e inmuebles de la sociedad.

V.- Renunciar derechos personales, reales o
		de otra naturaleza de la sociedad.

VI.- Renunciar al domicilio de la sociedad y
		someterla a otra jurisdicción.

VII.- Nombrar y remover directores,
		gerentes, factores, agentes y empleados de la sociedad y fijarles sus
		facultades, obligaciones y remuneraciones.

VIII.- Establecer sucursales y agencias en
		cualesquiera lugares de la República o del extranjero y
		suprimirlas.

IX.- Las demás que le correspondan
		por la Ley o según los estatutos.

X.- En general, y sin perjuicio de las
		facultades anteriores, estará investido de losPODERESque se
		indican a continuación:

a).-PARA EJECUTAR ACTOS DE DOMINIO,con todas las facultades generales y las especiales que
		requieran poder o cláusula especial conforme a la Ley, en los
		términos del párrafo tercero del artículo dos mil
		quinientos cincuenta y cuatro del Código Civil Federal y sus
		correlativos de los demás Códigos Civiles de los Estados de la
		República y del Distrito Federal.

b).-PARA ADMINISTRAR BIENES,con todas las facultades generales y las especiales que
		requieran poder o cláusula especial conforme a la Ley, de acuerdo con el
		párrafo segundo del artículo dos mil quinientos cincuenta y
		cuatro del Código Civil Federal y sus correlativos de los Códigos
		Civiles de los demás Estados de la República y del Distrito
		Federal.

c).-PARA PLEITOS Y COBRANZAS,con todas las





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-14-





facultades generales y las especiales que
		requieran poder o cláusula especial conforme a la Ley, en los
		términos del párrafo primero del artículo dos mil
		quinientos cincuenta y cuatro del Código Civil Federal, incluyendo las
		de los artículos dos mil quinientos ochenta y dos y dos mil quinientos
		ochenta y siete del mismo Ordenamiento y sus correlativos de los demás
		Códigos Civiles de los Estados de la República y del Distrito
		Federal. De manera enunciativa y no limitativa, tendrá entre otras
		facultades para: promover y desistirse de toda clase de acciones, recursos,
		juicios y procedimientos, aún en materia de amparo; transigir; recusar;
		recibir pagos; comprometer en árbitros; articular y absolver posiciones;
		formular denuncias y querellas en materia penal, desistirse de ellas, otorgar
		perdón en su caso y constituirse en coadyuvante del Ministerio
		Público, exigir el cumplimiento de las obligaciones contraídas a
		nombre de la mandante. El poder podrá ejercitarse ante particulares y
		ante toda clase de Autoridades Federales o Locales, Administrativas, Laborales
		o Judiciales y ante las Juntas de Conciliación y Arbitraje.

d).-PODER LABORAL.-También gozará de un poder especial para
		actos de administración, pleitos y cobranzas, para que en su
		carácter de representante legal de la Sociedad, de acuerdo con lo
		dispuesto por los artículos nueve, once, ochocientos setenta y cinco,
		ochocientos setenta y ocho y demás artículos de la Ley Federal
		del Trabajo y con facultades para contratar y despedir empleados y
		trabajadores, la obligue en las relaciones laborales individuales y/o
		colectivas con sus trabajadores y empleados y con los sindicatos u
		organizaciones a las que dichos trabajadores y empleados pertenezcan, a fin de
		que intervenga en la administración de esas relaciones laborales,
		individuales y/o colectivas, incluyendo facultades expresas para que con ese
		carácter celebre, firme y revise y/o modifique contratos individuales
		y/o colectivos de trabajo, intervenga en todo y cualquier procedimiento
		conciliatorio, ante toda clase de autoridades





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-15-





laborales ya sean federales o locales y para
		que articule y absuelva posiciones.

Este mandato se otorga en los
		términos de lo dispuesto por los artículos dos mil quinientos
		cincuenta y cuatro y dos mil quinientos ochenta y siete del Código Civil
		Federal y artículos correlativos de los Códigos Civiles de los
		Estados de la República Mexicana y del Distrito Federal, con todas las
		facultades generales y las especiales a las que dichos artículos se
		refieren, incluyendo en forma enunciativa y no limitativa: intervenir en los
		procedimientos y negociaciones conciliatorias ante cualquier autoridad de
		trabajo sea federal o local, transigir, comprometer en árbitros,
		articular y absolver posiciones, recusar, aceptar cesiones de bienes, recibir
		pagos, otorgar recibos y cancelaciones, hacer denuncias, acusaciones y
		querellas, otorgar perdón al acusado, promover amparos y desistirse de
		ellos y en general ejercitar todas las acciones que correspondan a la sociedad
		poderdante y continuar los procedimientos por todas sus instancias hasta su
		conclusión, en la inteligencia de que este poder podrá
		ejercitarse ante Juntas de Conciliación y Arbitraje, Locales o
		Federales, Secretaría del Trabajo, Sindicatos, ante personas
		físicas, Instituciones y Sociedades y ante cualquier otra clase de
		autoridades federales o locales, todo esto en nombre y representación de
		la citada sociedad poderdante y como representante legal de la misma a efecto
		de otorgar poderes relacionados con este poder especial, y revocarlos en su
		caso.

e).-Para otorgar, suscribir, avalar títulos de
		créditoy en general, obligar
		cambiariamente a la sociedad, conforme al artículo noveno de la Ley
		General de Títulos y Operaciones de Crédito.

f).-Para conferir poderesgenerales o especiales, y revocarlos y conferir esta
		facultad en el poder o poderes que otorgue.

La Asamblea podrá limitar o
		reglamentar dichas facultades.





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-16-





VIGESIMA QUINTA.- RESOLUCIONES FUERA DE
		SESION.-Las resoluciones tomadas fuera
		de Sesión de Consejo de Administración, por iniciativa de
		cualquier Consejero, verbalmente, por teléfono, por medios
		electrónicos o por cualquier otro medio de comunicación, por
		unanimidad de sus miembros, tendrán para todos los efectos legales, la
		misma validez, que si hubieran sido adoptadas reunidos en Sesión de
		Consejo de Administración, siempre que se confirmen por escrito en el
		texto que redactarán el Presidente y Secretario del Consejo de
		Administración, quienes recabarán la firma autógrafa de
		cada Consejero en sendos ejemplares de la redacción que haga de las
		resoluciones donde se hará constar la fecha en que se emitió cada
		voto.

Una vez que el Presidente y Secretario del
		Consejo de Administración, reciban todos los ejemplares del texto de las
		resoluciones debidamente firmados, en otro ejemplar certificarán que
		firmaron todos los Consejeros y cuándo emitieron su voto, posteriormente
		lo transcribirán en el Libro de Actas de Consejo
		firmándolo.

Si entre las resoluciones tomadas no se
		designa Delegado para ejecutarlas o formalizarlas, lo hará el Presidente
		del Consejo.

VIGESIMA SEXTA.-DIRECTORES Y
		GERENTES.-Auxiliarán al
		Administrador o al Consejo dentro de las facultades que se les confieran al
		nombrárseles.

VIGESIMA SEPTIMA.-CAUCION.-El
		Administrador General, Consejeros, Directores y Gerentes, en garantía de
		su gestión depositarán en la caja de la sociedad la cantidad que
		señale la Asamblea Ordinaria de Accionistas que resuelva su
		nombramiento.

VIGESIMA OCTAVA.-VIGILANCIA.-Estará a cargo de uno o varios
		Comisarios electos por la Asamblea, por el término de un año y
		continuarán en el, hasta que tomen posesión las personas
		designadas para sustituirlos; y caucionarán su gestión conforme a
		la cláusula anterior, pudiendo haber suplentes que





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-17-





actuarán en ausencia de los
		titulares.

Los Comisarios tendrán las
		atribuciones que determina el artículo ciento sesenta y seis de la Ley
		General de Sociedades Mercantiles y la remuneración que acuerde la
		Asamblea.

VIGESIMA NOVENA.-DE LA
		INFORMACION FINANCIERA.-Se
		formulará anualmente e incluirá como mínimo los requisitos
		a que se refiere el artículo ciento setenta y dos de la Ley General de
		Sociedades Mercantiles.

TRIGESIMA.- DE LA FORMULACION DEL
		INFORME.-La información
		financiera de los administradores, incluyendo el informe de los Comisarios,
		deberá quedar terminada y ponerse a disposición de los
		accionistas por lo menos quince días antes de la fecha de la Asamblea
		que haya de discutirlo.

Los accionistas tendrán derecho a que
		se les entregue una copia del informe correspondiente.

TRIGESIMA PRIMERA.-UTILIDADES.-Se aplicarán:

I.- Un cinco por ciento cuando menos para
		formar o reconstituir el fondo de reserva, hasta que alcance el veinte por
		ciento del capital social.

II.- A formar uno o más fondos de
		previsión.

III.- El remanente se aplicará por
		partes iguales entre las acciones. Las utilidades serán pagadas cuando
		disponga de fondos la sociedad.

TRIGESIMA SEGUNDA.-PERDIDAS.-Serán reportadas por las reservas, y en su caso por las acciones a
		partes iguales hasta la concurrencia de su valor nominal.

TRIGESIMA TERCERA.-
		DISOLUCION:

I.- Por expiración del término
		fijado.

II.- Por imposibilidad de realizar el objeto
		social.

III.- Por acuerdo de la Asamblea General
		Extraordinaria de Accionistas.

IV.- Por pérdida de las dos terceras
		partes del capital social.

V.- En los demás casos
		señalados por la Ley.

TRIGESIMA CUARTA.-LIQUIDACION.-Estará a cargo de uno o
		más liquidadores





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-18-





nombrados por la Asamblea, quien
		fijará sus atribuciones y en su defecto por la autoridad judicial a
		petición de cualquier accionista.

TRIGESIMA QUINTA.-BASES DE
		LIQUIDACION.-Salvo las instrucciones
		expresas de la Asamblea, los liquidadores procederán a:

I.- Formular el informe e
		inventarios.

II.- Concluir los negocios pendientes en la
		forma menos perjudicial para los acreedores y accionistas.

III.- Cobro de créditos y pago de
		deudas.

IV.- Enajenar o aplicar los bienes o su
		producto a los fines de la liquidación.

V.- Formular el informe final y obtener la
		cancelación de inscripción de la sociedad, en el Registro de
		Comercio.

TRIGESIMA SEXTA.-ESTATUTOS.-Los constituyen las estipulaciones
		anteriores y en su defecto, las disposiciones de la Ley General de Sociedades
		Mercantiles.

TRIGESIMA SEPTIMA.-FUNDADORES.- Los
		otorgantes no se reservan ningún derecho, en tal calidad.

T R A N S I T O R I A S

PRIMERA.-El capital social mínimo fijo ha quedado
		íntegramente suscrito y pagado en efectivo, como sigue:



ACCIONISTAS
			 
			 
			 ACCIONES
			 VALORSERIE UNO




XXXXXXX, SETENTA
				  ACCIONESDE CIEN PESOS, MONEDA
				  NACIONAL,CADA UNA, CON VALOR TOTAL DE
				TREINTA Y CINCO MILPESOS, MONEDA NACIONAL.
			 
			 70
			 $35,000.00






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-19-





XXXXXXXXXXXXXX,

SOCIEDAD ANONIMA DE CAPITAL

VARIABLE, TREINTA ACCIONES, CON VALOR

DE QUINCE MIL PESOS, MONEDA NACIO

NAL. 30

15,000.00  TOTAL: 100

$50,000.00CIEN ACCIONES DE QUINIENTOS PESOS, MONEDA NACIONAL, CADA
		UNA, CON VALOR TOTAL DE CINCUENTA MIL PESOS, MONEDA NACIONAL.

SEGUNDA.-Los accionistas reunidos, acuerdan por unanimidad:

A) .-La administración de la Sociedad estará a
		cargo de un CONSEJO DE ADMINISTRACION, que gozará de las facultades a
		que se refiere la cláusula VIGESIMA CUARTA de los Estatutos
		Sociales.

B) .-El Consejo de Administración, quedará
		integrado de la siguiente forma:

PRESIDENTE: SEÑOR
		XXXXXXXXXXXXXX.

SECRETARIO:XXXXXXXXXXXX.

C) .-Se designa COMISARIO, al señor XXXXXX XXXXX
		XXXXXXXX

D) .-Se confiere al señor XXXXXXX XXXXXXXX:

a) .- PODER GENERAL,con las facultades que se detallan en los incisos b), c)
		y f), de la fracción diez (romano) de la cláusula Vigésima
		Cuarta de los Estatutos Sociales; y

b) .- PODER ESPECIALpara: i) Abrir cuentasbancarias y
		firmar en las mismas y designar a personas autorizadas para firmar en ellas; y
		ii) para desistirse de solicitudes de concesiones mineras y de concesiones
		mineras, así como para ceder, vender o enajenar bajo cualquier
		título legal derechos derivados de concesiones mineras.

E) .-Se confiere a los señores XXXXXXX XXXXXXX y
		XXXXXXX XXXXXX XXXXXX, para que lo ejerciten conjunta o separadamente,PODER GENERAL,con





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-20-





las facultades que se detallan en los
		incisos b) y c), de la fracción diez (romano) de la cláusula
		Vigésima Cuarta de los Estatutos Sociales.

TERCERA.-Los accionistas manifiestan que los Consejeros y
		Comisario designados, se encuentran capacitados para el desempeño de sus
		cargos y no tienen impedimento legal.

CUARTA.-El Presidente del Consejo de Administración,
		manifiesta que obra en su poder el importe del capital social.

QUINTA.-Los
		ejercicios sociales correrán del primero de enero al treinta y uno de
		diciembre de cada año, con excepción del primero que
		correrá de la fecha de firma de esta escritura, al treinta y uno de
		diciembre del dos mil seis.

SEXTA.-De que los comparecientes manifiestan al suscrito
		notario, el deseo de que la persona moral que se constituye, sea inscrita en el
		Registro Federal de Contribuyentes bajo elSistema de Inscripción del Registro Federal
		de Contribuyentes a través de Fedatario Público por Medios
		Remotos,otorgando
		XXXXXXXXXXXXXXXXXXXX,unPODER ESPECIAL
		PARA ACTOS DE ADMINISTRACION,tan
		amplio como en derecho se requiera, para que el apoderado designado,
		enunciativa y no limitativamente, realice toda clase de trámites y
		gestiones ante la Secretaría de Hacienda y Crédito Público
		y el Servicio de Administración Tributaria, a efecto de que tramite,
		solicite y obtenga la inscripción en el Registro Federal de
		Contribuyentes de la Persona Moral que por este instrumento se constituye,
		así como para que recoja la cédula de identificación
		fiscal correspondiente, pudiendo el apoderado suscribir, firmar y realizar
		todos los trámites necesarios y especialmente el formularioR UNOdebidamente requisitado para la obtención de la
		mencionada inscripción.

AQUI ME QUEDE

PERSONALIDADES

EL XXXXXXXXXXXXXXXXXXXXXXXXX,ACREDITA LAS
		QUE OSTENTA:

(Se





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-21-





transcribirán los documentos
		con los que se acredite la personalidad de los apoderados)

ARTICULO DOS MIL QUINIENTOS CINCUENTA Y
		CUATRO DEL

CODIGO CIVIL PARA EL DISTRITO FEDERAL

(IDENTICO EN SU TEXTO AL DEL CODIGO
		CIVIL FEDERAL)

En todos los poderes generales para
		pleitos y cobranzas, bastará que se diga que se otorgan con todas las
		facultades generales y las especiales que requieran cláusula especial
		conforme a la Ley, para que se entiendan conferidos, sin limitación
		alguna.

En los poderes generales para administrar
		bienes, bastará expresar que se dan con ese carácter, para que el
		apoderado tenga toda clase de facultades administrativas.

En los poderes generales para ejercer actos
		de dominio, bastará que se den con ese carácter, para que el
		apoderado tenga toda clase de facultades de dueño tanto en lo relativo a
		los bienes, como para hacer toda clase de gestiones a fin de
		defenderlos.

Cuando se quisieren limitar en los tres
		casos antes mencionados, las facultades de los apoderados, se
		consignarán las limitaciones o los poderes serán
		especiales.

Los Notarios insertarán este
		artículo en los testimonios de los poderes que otorguen.

YO, EL NOTARIO, CERTIFICO Y DOY FE: (A
		continuación el Notario hace constar haber verificado la personalidad
		jurídica de los comparecientes así como las advertencias hechas a
		los mismos y la fecha en que se firma la escritura)





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SCHEDULE E

RULES FOR ARBITRATION

The following rules and procedures shall
		apply with respect to any matter to be arbitrated by the Parties under the
		terms of the Agreement.

1.
			 INITIATION OF ARBITRATION
				  PROCEEDINGS


(a)
			 If any Party wishes to have any
				  matter under this Agreement arbitrated in accordance with the provisions of
				  this Agreement, it shall give notice to the other Party specifying particulars
				  of the matter or matters in dispute and proposing the name of the person it
				  wishes to be the single arbitrator. Within 5 days after receipt of such notice,
				  the other Party shall give return notice to the first Party advising whether
				  such Party accepts the arbitrator proposed by the first Party and if such Party
				  does not accept the arbitrator proposed by the first Party, proposing the name
				  of the person it wishes to be the single arbitrator. If such return notice is
				  not received by the first Party within such 5 day period, the other Party shall
				  be deemed to have accepted the arbitrator proposed by the first Party. If such
				  return notice is received by the first Party within such 5 day period and the
				  other Party does not accept the proposed arbitrator of the first Party and
				  proposes another person to be arbitrator, the first Party shall, within 5 days
				  after receipt of such return notice, give notice to the other Party advising
				  whether such first Party accepts the arbitrator proposed by the other Party. If
				  the Parties do not agree upon a single arbitrator within such second 5 day
				  period, the single arbitrator shall be chosen in accordance with theArbitration Act, 1991 (Ontario).


(b)
			 The individual selected as
				  Arbitrator shall be qualified by education and experience to decide the matter
				  in dispute. The Arbitrator shall be at arms length from both Parties and
				  shall not be a member of the audit or legal firm or firms who advise either
				  Party, nor shall the Arbitrator be a person who is otherwise regularly retained
				  by either of the Parties.


2.
			 SUBMISSION OF WRITTEN
				  STATEMENTS


(a)
			 Within 5 days of the appointment of
				  the Arbitrator, the Party initiating the arbitration (the Claimant)
				  shall send the other party (the Respondent) a statement of claim
				  setting out in sufficient detail the facts and any contentions of law on which
				  it relies, and the relief that it claims.


(b)
			 Within 10 days of the receipt of the
				  statement of claim, the Respondent shall send the Claimant a statement of
				  defence stating in sufficient detail which of the facts and contentions of law
				  in the statement of claim it admits or denies, on what grounds, and on what
				  other facts and contentions of law he relies.


(c)
			 Within 5 days of receipt of the
				  statement of defence, the Claimant may send the Respondent a statement of
				  reply.






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-2-





(d)
			 All statements of claim, defence and
				  reply shall be accompanied by copies (or, if they are especially voluminous,
				  lists) of all essential documents on which the party concerned relies and which
				  have not previously been submitted by any party, and (where practicable) by any
				  relevant samples.


(e)
			 After submission of all the
				  statements, the Arbitrator will give directions for the further conduct of the
				  arbitration.


3.
			 MEETINGS AND HEARINGS


(a)
			 The arbitration shall take place in
				  the City of Toronto, Ontario, Canada or in such other place as the Claimant and
				  the Respondent shall agree upon in writing. The arbitration shall be conducted
				  in English unless otherwise agreed by such parties and the Arbitrator. Subject
				  to any adjournments which the Arbitrator allows, the final hearing will be
				  continued on successive working days until it is concluded.


(b)
			 All meetings and hearings will be in
				  private unless the Parties otherwise agree.


(c)
			 Each Party may be represented at any
				  meetings or hearings by legal counsel.


(d)
			 Each Party may examine,
				  cross-examine and re-examine all witnesses at the arbitration.


4.
			 THE DECISION


(a)
			 The Arbitrator will make a decision
				  in writing and, unless the Parties otherwise agree, will set out reasons for
				  decision in the decision.


(b)
			 The Arbitrator will send the
				  decision to the Parties as soon as practicable after the conclusion of the
				  final hearing, but in any event no later than 30 days thereafter, unless that
				  time period is extended for a fixed period by the Arbitrator on written notice
				  to each Party because of illness or other cause beyond the Arbitrators
				  control.


(c)
			 The decision shall determine and
				  award costs to the successful Party in the arbitration.


(d)
			 The decision shall be final and
				  binding on the Parties and shall not be subject to any appeal or review
				  procedure provided that the Arbitrator has followed the rules provided herein
				  in good faith and has proceeded in accordance with the principles of natural
				  justice. In the event either Party initiates any court proceeding in respect of
				  the decision of the Arbitration or the matter arbitrated, such Party shall, if
				  unsuccessful in the court proceeding, shall pay the other Partys costs on
				  a solicitor/client basis plus all other reasonable expenses incurred by such
				  other Party from the date of delivery of the notice commencing arbitration to
				  the date of determination of such court proceeding.






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-3-





5.
			 JURISDICTION AND POWERS OF THE
				  ARBITRATOR


(a)
			 By submitting to arbitration under
				  these Rules, the Parties shall be taken to have conferred on the Arbitrator the
				  following jurisdiction and powers, to be exercised at the Arbitrators
				  discretion subject only to these Rules and the relevant law with the object of
				  ensuring the just, expeditious, economical and final determination of the
				  dispute referred to arbitration.


(b)
			 Without limiting the jurisdiction of
				  the Arbitrator at law, the Parties agree that the Arbitrator shall have
				  jurisdiction to:


(i)
			 determine any question of law
				  arising in the arbitration;


(ii)
			 determine any question as to the
				  Arbitrators jurisdiction;


(iii)
			 determine any question of good
				  faith, dishonesty or fraud arising in the dispute;


(iv)
			 order any Party to furnish further
				  details of that Partys case, in fact or in law;


(v)
			 proceed in the arbitration
				  notwithstanding the failure or refusal of any Party to comply with these Rules
				  or with the Arbitrators orders or directions, or to attend any meeting or
				  hearing, but only after giving that Party written notice that the Arbitrator
				  intends to do so;


(vi)
			 receive and take into account such
				  written or oral evidence tendered by the Parties as the Arbitrator determines
				  is relevant, whether or not strictly admissible in law;


(vii)
			 make one or more interim
				  awards;


(viii)
			 hold meetings and hearings, and make
				  a decision (including a final decision) in Toronto, Ontario, Canada or
				  elsewhere with the concurrence of the Parties thereto;


(ix)
			 order the Parties to produce to the
				  Arbitrator, and to each other for inspection, and to supply copies of, any
				  documents or other evidence or classes of documents in their possession or
				  power which the Arbitrator determines to be relevant; and


(x)
			 make interim orders to secure all or
				  part of any amount in dispute in the arbitration.






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