Document:

Exhibit 10.1

 

	
  UNITED STATES

  	
   

  	
   

  	
   

  
	
  DEPARTMENT OF THE INTERIOR

  	
   

  	
   

  	
   

  
	
  BUREAU OF LAND MANAGEMENT

  	
  Serial No.

  	
  MTM 069782

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  MODIFIED COAL LEASE

  	
  Date of Lease:

  	
  July 1,
  1965

  	
   

  
					

 

PART
I.

 

THIS MODIFIED COAL LEASE is
entered into on July 1, 2010, by and between the UNITED STATES  OF AMERICA,
hereinafter called the Lessor, through the Bureau of Land Management, and

 

Spring Creek Coal LLC

P. O. Box 3009

Gillette, Wyoming 82717

 

hereinafter
called Lessee.

 

This
modified lease shall retain the effective date of July 1, 1965, of the
original COAL LEASE MTM 069782, and is effective for a period of 20 years
therefrom, and for so long thereafter as coal is produced in commercial
quantities from the leased lands, subject to readjustment of lease terms at the
end of the 20th lease year (July 1, 1985), and each 10-year period
thereafter.

 

Sec. 1. This lease is
issued pursuant and subject to the terms and provisions of the:

 

x Mineral Lands
Leasing Act of 1920, as amended, 41 Stat. 437, 30 U.S.C. 181-287, hereinafter
referred to as  the Act;

 

o Mineral Leasing
Act for Acquired Lands of 1947, 61 Stat. 913, 30 U.S.C. 351-359;

 

and
to the regulations and
formal orders of the Secretary of
the Interior which are now or hereafter in force, when not inconsistent with
the express and specific provisions herein.

 

Sec. 2. Lessee as the
holder of Coal Lease MTM 069782, issued effective July 1, 1965, was granted the
exclusive right and privilege to drill for,
mine, extract, remove or otherwise process and dispose of the coal
deposits in, upon, or under the lands described below as Tract 1.

 

The
Lessor in consideration of fair market value, rents and royalties to be paid,
and the conditions and covenants to be observed as herein set forth, hereby
grants and leases to Lessee the exclusive right and privilege to drill for,
mine, extract, remove, or otherwise process and dispose of the coal deposits
in, upon, or under the lands described below as Tract 9.

 

	
  Tract 1:

  	
  T.
  8 S., R. 39 E., Principal Meridian, Montana

  
	
   

  	
  Sec.
  22: SE1/4SW1/4, E1/2SE1/4, SW1/4SE1/4

  
	
   

  	
  Sec.
  23: S1/2NE1/4, S1/2

  
	
   

  	
  Sec.
  24: SW1/4NW1/4, SW1/4, W1/2SE1/4, SE1/4SE1/4

  
	
   

  	
  Sec.
  25: E1/2, E1/2W1/2, W1/2NW1/4, NW1/4SW1/4

  
	
   

  	
  Sec.
  26: N1/2, NE1/4SE1/4

  
	
   

  	
  Sec.
  27: N1/2NE1/4, NE1/4NW1/4

  
	
   

  	
  T.
  8 S., R. 40 E., Principal Meridian, Montana

  
	
   

  	
  Sec.
  30: Lots 1, 2, 3, 4, E1/2NW1/4, SE1/4SW1/4

  
	
   

  	
  Sec.
  31: N1/2NE1/4, NE1/4NW1/4

  
	
   

  
	
   

  	
  2,346.760
  acres, Big Horn County, Montana.

  
			

 

1

 

	
  Tract 2:

  	
  T.
  8 S., R. 40 E., Principal Meridian Montana

  
	
   

  	
  Sec. 19: S1/2 of Lot 4

  
	
   

  
	
   

  	
  18.255 acres, Big Horn
  County, Montana

  
	
   

  	
   

  
	
  Tract 3:

  	
  T.
  8 S., R. 39 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 22: S1/2NW1/4SE1/4

  
	
   

  
	
   

  	
  20.000 acres, Big Horn
  County, Montana.

  
	
   

  	
   

  
	
  Tract 4:

  	
  T.
  8 S., R. 39 E., Principal Meridian Montana

  
	
   

  	
  Sec. 22: S1/2SE1/4NW1/4SW1/4, S1/2SW1/4NE1/4SW1/4

  
	
   

  
	
   

  	
  10.000 acres, Big Horn
  County, Montana

  
	
   

  	
   

  
	
  Tract 5:

  	
  T.
  8 S., R. 39 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 22: S1/2SE1/4NE1/4SW1/4, N1/2SW1/4NE1/4SW1/4, N1/2SE1/4NW1/4SW1/4

  
	
   

  
	
   

  	
  15.000 acres, Big Horn
  County, Montana.

  
	
   

  	
   

  
	
  Tract 6:

  	
  T.
  8 S., R. 39 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 26: N1/2NW1/4SE1/4, N1/2NE1/4NE1/4SW1/4

  
	
   

  	
  Sec. 27: NE1/4SE1/4NE1/4, N1/2NW1/4SE1/4NE1/4

  
	
   

  	
  T.
  8 S., R. 40 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 30: N1/2N1/2NE1/4SW1/4, S1/2NE1/4NE1/4SW1/4, W1/2NW1/4NW1/4SE1/4

  
	
   

  
	
   

  	
  60.000 acres, Big Horn
  County, Montana

  
	
   

  	
   

  
	
  Tract 7:

  	
  T.
  8 S., R. 40 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 30: S1/2NE1/4SW1/4, S1/2NW1/4NE1/4SW1/4

  
	
   

  
	
   

  	
  25.000 acres Big Horn
  County, Montana

  
	
   

  	
   

  
	
  Tract 8:

  	
  T.
  8 S., R. 39 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 26: SE1/4NE1/4NE1/4SW1/4, NE1/4NW1/4NE1/4SW1/4

  
	
   

  	
  Sec. 27: SE1/4NW1/4SE1/4NE1/4, NE1/4NE1/4SW1/4NE1/4

  
	
   

  
	
   

  	
  10.000 acres Big Horn
  County, Montana

  
	
   

  	
   

  
	
  Tract 9:

  	
  T.
  8 S., R. 40 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 31: Lots 2, 3, 4,
  NW1/4NE1/4SW1/4, S1/2NE1/4SW1/4, SE1/4SW1/4

  
	
   

  	
   

  	
  NW1/4SW1/4SE1/4, S1/2SW1/4SE1/4, SW1/4SE1/4SE1/4

  
	
   

  	
  T.
  9 S., R. 40 E., Principal Meridian, Montana

  
	
   

  	
  Sec. 6: Lots 1, 2, 3,
  4, SW1/4NE1/4, NW1/4SE1/4NE1/4,S1/2SE1/4NE1/4

  
	
   

  	
   

  	
  N1/2SE1/4NW1/4, N1/2NE1/4SE1/4, NE1/4NW1/4SE1/4

  
	
   

  
	
   

  	
  498.11 Acres, Big Horn
  County, Montana

  
				

 

containing 3,003.125
acres, more or less, together with the right to construct such works,
buildings, plants, structures, equipment and appliances and the right to use
such on-lease rights-of-way which may be necessary and convenient in the
exercise of the rights and privileges granted, subject to the conditions herein
provided.

 

2

 

Part II.
TERMS AND CONDITIONS

 

Sec. 1.(a) RENTAL RATE - Lessee shall pay
Lessor rental annually and in advance for each acre or fraction thereof during
the continuance of the lease at the rate of $3 for each lease year.

 

(b) RENTAL CREDITS - Rental shall not be credited
against either production or advance royalties for any year.

 

Sec. 2.(a) PRODUCTION ROYALTIES - The royalty
shall be 12.5 percent of the value of the coal as set forth in the regulations.
Royalties are due to Lessor the final day of the month succeeding the calendar
month in which the royalty obligation accrues.

 

(b) ADVANCE ROYALTIES - Upon request by the Lessee,
the authorized officer may accept, for a total of not more than 10 years, the
payment of advance royalties in lieu of continued operation, consistent with
the regulations. The advance royalty shall be based on a percent of the value
of a minimum number of tons determined in the manner established by the advance
royalty regulations in effect at the time the Lessee requests approval to pay
advance royalties in lieu of continued operation.

 

Sec. 3.
BONDS - Lessee shall maintain in the proper office a lease bond in the amount
of $5,000.00. The authorized officer may require an increase in this amount
when additional coverage is determined appropriate.

 

Sec. 4.
DILIGENCE — This lease achieved diligent development on
September 1, 1982, and is subject to the conditions of continued
operation. Continued operation may be excused when operations under the lease
are interrupted by strikes, the elements, or casualties not attributable to the
Lessee. The Lessor, in the public interest, may suspend the condition of
continued operation upon payment of advance royalties in accordance with the
regulations in existence at the time of the suspension.

 

The
Lessor reserves the power to assent to or order the suspension of the terms and
conditions of this lease in accordance with, inter alia, Section 39
of the Mineral Leasing Act, 30 U.S.C. 209.

 

Sec.
5. LOGICAL MINING UNIT (LMU) - Either upon
approval by the Lessor of the Lessee’s application or at the direction of the
Lessor, this lease shall become an LMU or part of an LMU, subject to the
provisions set forth in the regulations.

 

The
stipulations established in an LMU approval in effect at the time of LMU
approval or modification will supersede the relevant inconsistent terms of this
lease so long as the lease remains committed to the LMU. If the LMU of which
this lease is a part is dissolved, the lease shall then be subject to the lease
terms which would have been applied if the lease had not been included in the
LMU.

 

Sec. 6.
DOCUMENTS, EVIDENCE AND INSPECTION - At such times and in such
form as Lessor may prescribe, Lessee shall furnish detailed statements showing
the amounts and quality of all products removed and sold from the lease, the
proceeds therefrom, and the amount used for production purposes or unavoidably
lost.

 

Lessee
shall keep open at all reasonable times for the inspection of any duly
authorized officer of Lessor, the leased premises and all surface and
underground improvements, works, machinery, ore stockpiles, equipment, and all books,
accounts, maps, and records relative to operations, surveys, or investigations
on or under the leased lands.

 

Lessee
shall allow Lessor access to and copying of documents reasonably necessary to
verify Lessee compliance with terms and conditions of the lease.

 

While
this lease remains in effect, information obtained under this section shall be
closed to inspection by the public in accordance with the Freedom of
Information Action (5 U.S.C. 552).

 

Sec. 7.
DAMAGES TO PROPERTY AND CONDUCT OF OPERATIONS - Lessee shall comply at its
own expense with all reasonable orders of the Secretary, respecting diligent
operations, prevention of waste, and protection of other resources.

 

Lessee
shall not conduct exploration operations, other than casual use, without an
approved exploration plan. All exploration plans prior to the commencement of
mining operations within an approved mining permit area shall be submitted to
the authorized officer.

 

Lessee
shall carry on all operations in accordance with approved methods and practices
as provided in the operating regulations, having due regard for the prevention
of injury to life, health, or property, and prevention of waste, damage or
degradation any land, air, water, cultural, biological, visual, and other
resources, including mineral deposits and formations of mineral deposits not
leased hereunder, and to other land uses or users. Lessee shall take measures
deemed necessary by Lessor to accomplish the intent of this lease term. Such
measures may include, but not limited to, modification to proposed siting or
design of facilities, timing of operations, and specifications of interim and
final reclamation procedures. Lessor reserves to itself the right to lease,
sell, or otherwise dispose of the

 

3

 

surface
or other mineral deposits in the lands and the right to continue existing uses
and to authorize future uses upon or in the leased lands, including issuing
leases for mineral deposits not covered hereunder and approving easements or
rights-of-way. Lessor shall condition such uses to prevent unnecessary or
unreasonable interference with rights of Lessee as may be consistent with
concepts of multiple use and multiple mineral development.

 

Sec.
8 PROTECTION
OF DIVERSE INTERESTS, AND EQUAL OPPORTUNITY -  Lessee shall: pay when due
all taxes legally assessed and levied under the laws of the State or the United
States; accord all employees complete freedom of purchase; pay all wages at
least twice each month in lawful money of the United States; maintain a safe
working environment in accordance with standard industry practices; restrict
the workday to not more than 8 hours in any one day for underground workers,
except in emergencies; and take measures necessary to protect the health and
safety of the public. No person under the age of 16 years shall be employed in
any mine below the surface. To the extent that laws of the State in which the
lands are situated are more restrictive than the provisions in this paragraph,
then the State laws apply.

 

Lessee
will comply with all provisions of Executive Order No. 11246 of
September 24, 1965, as amended, and the rules, regulations, and relevant
orders of the Secretary of Labor. Neither Lessee nor Lessee’s subcontractors
shall maintain segregated facilities.

 

Sec.
9.(a) TRANSFERS - This lease may
be transferred in whole or in part to any person, association or corporation
qualified to hold such lease interest.

 

Transfers
of record title, working or royalty interest must  be approved in accordance with the
regulations.

 

(b) RELINQUISHMENTS - The Lessee may
relinquish in writing at any time all rights under this lease or any portion
thereof as provided in the regulations. Upon Lessor’s acceptance of the
relinquishment, Lessee shall be relieved of all future obligations under the
lease or the relinquished portion thereof, whichever is applicable.

 

Sec.
10. DELIVERY OF PREMISES, REMOVAL OF MACHINERY, EQUIPMENT, ETC. -  At such times as
all portions of this lease are returned to Lessor, Lessee shall deliver up to
Lessor the land leased, underground timbering, and such other supports and
structures necessary for the preservation of the mine workings on the leased
premises or deposits and place all workings in condition for suspension or
abandonment. Within 180 days thereof, Lessee shall remove from the premises all
other structures, machinery, equipment, tools, and materials that it elects to
or as required by the authorized officer. Any such structures, machinery,
equipment, tools, and materials remaining on the leased lands beyond 180 days,
or approved extension thereof, shall become the property of the Lessor, but
Lessee shall either remove any or all such property or shall continue to be
liable for the cost of removal and disposal in the amount actually incurred by
the Lessor. If the surface is owned by third parties, Lessor shall waive the
requirement for removal, provided the third parties do not object to such
waiver. Lessee shall, prior to the termination of bond liability or at any
other time when required and in accordance with all applicable laws and
regulations, reclaim all lands the surface of which has been disturbed, dispose
of all debris or solid waste, repair the offsite and onsite damage caused by
Lessee’s activity or activities incidental thereto, and reclaim access roads or
trails.

 

Sec.
11. PROCEEDINGS IN CASE OF DEFAULT -  If Lessee fails to comply
with applicable laws, existing regulations, or the terms, conditions and
stipulations of this lease, and the noncompliance continues for 30 days after
written notice thereof, this lease shall be subject to cancellation by the
Lessor only by judicial proceedings. This provision shall not be construed to
prevent the exercise by Lessor of any other legal and equitable remedy,
including waiver of the default. Any such remedy or waiver shall not prevent
later cancellation for the same default occurring at any other time.

 

Sec.
12. HEIRS AND SUCCESSORS - IN-INTEREST  - Each obligation of this
lease shall extend to and be binding upon, and every benefit hereof shall
insure to, the heirs, executors, administrators, successors, or assigns of the
respective parties hereto.

 

Sec.
13. INDEMNIFICATION -  Lessee shall indemnify and
hold harmless the United States from any and all claims arising out of the
Lessee’s activities and operations under this lease.

 

Sec.
14.  SPECIAL STATUTES -  This lease is
subject to the Federal Water Pollution Control Act (33 U.S.C. 1151 - 1175); the
Clean Air Act (42 U.S.C. 1857 et  seq.), and to all other applicable laws pertaining
to exploration activities, mining operations and reclamation, including the
Surface Mining Control and Reclamation Act of 1977 (30 U.S.C. 1201 et  seq.)

 

Sec.
15. SPECIAL STIPULATIONS - In addition to
observing the general
obligations and standards of performance set out in the current regulations,
the lessee shall comply with and be bound by the following stipulations. These
stipulations are also imposed upon the lessee’s agents and employees. The
failure or refusal of any of these persons to comply with these stipulations
shall be deemed a failure of the lessee to comply with the terms of the lease.
The lessee shall require his agents, contractors and subcontractors involved in
activities concerning this lease to include

 

4

 

these
stipulations in the contracts between and among them. These stipulations may be
revised or amended, in writing, by the mutual consent of the lessor and the
lessee at any time to adjust to changed conditions or to correct an oversight.

 

(a) Cultural Resources - (1) Before
the approval of a mining plan, the authorized officer may require a survey of
all or part of the leased land to provide an inventory of any historical,
cultural and archeological values. The survey shall be conducted by a qualified
professional cultural resource specialist (i.e., archeologist, historian,
historical architect, as appropriate), approved by the authorized officer, and
a report of the survey shall be submitted to the authorized officer. The
approval of an exploration or mining plan or the continuation of lease
operations may be conditioned on the approval of the survey report and the
approval of measures to protect the historical, cultural and archeological
values. The cost of any survey or measures to protect such values discovered as
a result of the survey shall be borne by the lessee and items and features of
historical, cultural, or archeological value shall remain under the
jurisdiction of the United States.

 

(2) If
any items or features of historical, cultural, or archeological value are
discovered during lease operations, the lessee shall immediately notify the
mining supervisor and shall not disturb such items or features until the mining
supervisor issues instructions. If the lessee is order to take measures to
protect any items or features of historical, cultural, or archeological value
discovered during lease operations, the cost of the measures shall be borne by
the lessor and such items and features shall remain under the jurisdiction of
the United States.

 

(b) Public Land Survey Protection.  The lessee will protect all survey monuments, witness corners, reference
monuments, and bearing trees against destruction, obliteration, or damage
during operations on the leased areas. If any monuments, corners or accessories
are destroyed, obliterated, or damaged by this operation, the lessee will hire
an appropriate county surveyor or registered land surveyor to reestablish or
restore the monuments, corners or accessories at the same locations, using
surveying procedures in accordance with the “Manual of Surveying Instructions
for the Survey of Public Lands of the United States.” The survey will be
recorded in the appropriate county records, with a copy sent to the authorized
officer.

 

(c) Paleontological Resources.  If a paleontological resource is discovered during surface coal mining
operations, the lessee shall contact the authorized officer as soon as
possible. The operations on the lease shall be suspended within 250 feet of
said discovery. A paleontological resource as used herein shall refer to
vertebrate fossils. The BLM will evaluate the fossil find within 72 hours of
notification, and determine the appropriate action(s) to prevent the
potential loss of any significant paleontological resource values. The
authorized officer will notify the lessee within 48 hours after completion of
the evaluation as to when surface mining operations can resume within 250 feet
of such discovery. The lessee will bear the cost of any required
paleontological resource appraisals, surface collection of fossils, or salvage
of fossils of significant interest discovered during the surface coal mining
operations.

 

(d) Resource Recovery and Protection Plan.  Notwithstanding the approval of a resource recovery and protection plan
(R2P2) by the BLM, lessor reserves the right to seek damages against the
operator/lessee in the event (i) the operator/lessee fails to achieve
maximum economic recovery (MER) <as defined at 43 CFR §3480.0-5.2(21)> of
the recoverable coal reserves or (ii) the operator/lessee is
determined to have caused a wasting of recoverable coal reserves. Damages shall
be measured on the basis of the royalty that would have been payable on the
wasted or unrecovered coal.

 

The
parties recognize that under an approved R2P2, conditions may require a
modification by the operator/lessee of that plan. In the event a coalbed or
portion thereof is not to be mined or is rendered unminable by the operation,
the operator shall submit appropriate justification to obtain approval by the authorized
officer to leave such reserves unmined. Upon approval by the authorized
officer, such coalbeds or portions thereof shall not be subject to damages as
described above. Further, nothing in this section shall prevent the
operator/lessee from exercising its right to relinquish all or a portion of the
lease as authorized by statute and regulation.

 

In
the event the authorized officer determines that the R2P2 as approved will not
attain MER as the result of changed conditions, the authorized officer will
give proper notice to the operator/lessee as required under applicable
regulations. The authorized officer will order a modification if necessary,
identifying additional reserves to be mined in order to attain MER. Upon a
final administrative or judicial ruling upholding such an ordered modification,
any reserves left unmined (wasted) under that plan will be subject to damages
as described in the first paragraph under this section. Subject to the right to
appeal herein after set forth, payment of the value of the royalty on such
unmined recoverable coal reserves shall become due and payable upon
determination by the authorized officer that the coal reserves have been
rendered unmineable or at such time that the lessee has demonstrated an
unwillingness to extract the coal.

 

The
BLM may enforce this provision either by issuing a written decision requiring payment of the Minerals
Management Service demand for such royalties, or by

 

5

 

issuing
a notice of non-compliance. A decision or notice of non-compliance issued by
the lessor that payment is due under this stipulation is appealable as allowed
by law.

 

(e)
MULTIPLE MINERAL DEVELOPMENT. Operations will not be
approved which, in the opinion of the authorized officer, would unreasonably
interfere with the orderly development and/or production from a valid existing
mineral lease issued prior to this one for the same lands.

 

The
BLM realizes that coal mining operations conducted on Federal coal leases
issued within producing oil and gas fields may interfere with the economic
recovery of oil and gas; just as Federal oil and gas leases issued in a Federal
coal lease area may inhibit coal recovery. BLM retains the authority to alter
and/or modify the R2P2 for coal operations on those lands covered by Federal
mineral leases so as to obtain maximum resource recovery.

 

(f)
UNSUITABILITY MITIGATION MEASURES. The lessee will comply with
the following: (i) The requirements of the agreement and any amendments
thereto between Spring Creek Coal Company and the Montana Department of Fish,
Wildlife and Parks (MDFWP) outlined in the letter dated January 7, 1992,
from MDFWP to the Bureau of Land Management, Miles City Field Office (attached
as Exhibit A); and (ii) The mitigation plan and any amendments
thereto outlined in the letter dated October 31, 1991, from Spring Creek
Coal to the MDFWP (attached as Exhibit B).

 

6

 

	
   

  	
  The United States of America

  
	
   

  	
   

  
	
   

  	
   

  
	
  Spring
  Creek Coal LLC

  	
   

  	
  By

  	
  /s/
  Phillip C. Perlewitz

  
	
  Company or Lessee Name

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ M C Barrett

  	
   

  	
  Phillip
  C. Perlewitz

  
	
  (Signature of Lessee)

  	
   

  	
  (Signing Officer)

  
	
   

  	
   

  	
   

  
	
  Executive
  V.P. & CFO

  	
   

  	
  Chief,
  Branch of Solid Minerals

  
	
  (Title)

  	
   

  	
  (Title)

  
	
   

  	
   

  	
   

  
	
  14
  June 2010

  	
   

  	
  June
  16, 2010

  
	
  (Date)

  	
   

  	
  (Date)

  

 

Title 18 U.S.C.
Section 1001, makes it a crime for any person knowingly and willfully to
make to any department or agency of the United States any false, fictitious or
fraudulent statements or representations as to any matter within its
jurisdiction.

 

7exhibit10_22.htm

 

AGREEMENT

 

RELATING TO THE SHARE CAPITAL INCREASE OF

 

SOLTERA MINING CORP

 

 

 

SOLTERA MINING CORP

 

 (hereinafter “Soltera”)

 

and

 

GOLDLAKE ITALIA S.p.A.

 

(hereinafter “GOLDLAKE”)

 

(each a ”Party” and collectively the ”Parties”)

 

	
 

BACKGROUND
	  

 

	
 

Objective
	
It is the intention and objective of both SOLTERA MINING CORP (“SOLTERA”) and the GOLDLAKE ITALIA S.p.A. (“GOLDLAKE”) to cooperate in the re-start of the eluvial exploitation operation and the subsequent
completion of the exploration and resources definition plan for the Soltera Mining sites in the El Torno project, Argentina (“Exploration”).

 

INCAS MINERALS S.A. (fully owned by SOLTERA MINING CORP.), has option and agreement with Mr. Antonio Agustin Giulianotti   and Manuel Bernal Mateo on concession: El Torno Nord (089-B-1996), El Torno Sur (090-B-1996), Mina Manolo (064-B-1996), Mina Despreciada (127-G-1997) and Mina Palca Ingenio (255-S-1949), with balances
and documents as sent to GOLDLAKE.

 

FABIO MONTANARI, as President and CFO of Soltera Mining Corp., declares and guarantees that SOLTERA MINING CORP. and Incas Mineral, until 31st May 2010, have no debts or liabilities save for:

i) not more than 80,000.00 US$ of debts of Soltera Mining Corp towards third parties and

 

ii) no more than an aggregate of 70,000 US$  of debts that Soltera and Incas Mineral have towards Fabio Montanari and

 

iii) no more than an aggregate of 313,000.00 US$ of debts of Soltera, for salary unpaid, towards Fabio Montanari, Kevan Ashworth, and Carlton Parfitt.

 

c) Soltera’s share capital is represented by n. 70.834.473 ordinary shares all fully paid in, n. 1.968.070 outstanding warrants, and no preferred or other kind of shares or financial instruments have been issued. No other share subscription rights of any kind are outstanding.

 

d) Soltera owns, directly or indirectly, the entire share capital of Incas Mineral, no preferred or other kind of shares or financial instruments have been issued. No share subscription rights of any kind are outstanding.

 

e) Incas Mineral has only the assets, liabilities, rights and obligations disclosed in writing to GOLDLAKE

 

FABIO MONTANARI declares and guarantees all documents sent to GOLDLAKE are true and correct copies of the originals and are not superseded or modified.

 

The above capital increase will be used to achieve the following:

 

1. maintain the property licence option                            $200k

 

2. restructure Soltera’s corporate finance                        $400k

 

3. restart the eluvial gold production                                $600k

 

4. undertake initial test work on the major gold targets    $300k

 

The purpose of these premises to the agreement is to summarize the envisaged method of cooperation in restructuring the ownership, corporate financing and activities of Soltera.

 

 

Page - 1

 

	  	  
	
1. LICENCE PAYMENTS

 

 

	
Objective
	
· To maintain the licence rental/purchase option agreement over El Torno for the next year.

 

· Funding requirement USD200k.

 

Soltera has an option agreement with the mineral title holder over 78 km2 of the El Torno area which requires annual rental payments.  These annual payments will be subtracted from any final purchase payment should Soltera wish to buy-out the mining
property.

 

The required payment for the next year is USD200K payable on 30th June 2010.

 

	
 

2. CORPORATE FINANCE RESTRUCTURING

	
 

Objective
	
 

· To return Soltera to the NASDAQ Bulletin Board and prepare the way for listing on a major exchange.

 

· Funding requirement USD400k.

 

Soltera was reduced to the NASDAQ Pink sheets in October 2008 because the company accounts were filed late for three successive quarters due to administrative problems in Vancouver. A British Columbian Cease Trade Order was put in place in 2009 for the same reasons following the N.I 51.101 rules.

 

Soltera wishes to return to the Bulletin Board at the earliest possible time and then move to list on a more substantial stock market such as Toronto or AIM (London).  The initial requirement is to file all outstanding accounts with the SEC.

 

The funding requirement of USD400k is required in order to cover the costs of accountants, auditors, lawyers and SEC fees, and also repay some advances made by the management to keep the company operating.

	
3. GOLD PRODUCTION

 

	
 

Objective
	
· Evaluation of the reserves on surface (eluvial) gold.

 

· Evaluation on the utilization, modification and /or substitution of actual plant

 

· Funding requirement about USD600k.

 

	  	
Funding will be required accordingly with new exploration plan that will be discussed in Board of Directors, after an additional analysis in fourth quarter of 2010 about reserves and plant engineering.

 

Page - 2

 

	
4. TESTWORK ON MAJOR GOLD TARGETS

 

	
 

Objective
	
· Obtain exploration test work data on the major gold targets that, assuming positive results, will justify additional fund raising.

 

· Funding requirement USD300k.

 

Six potential open pit target areas have been identified by Soltera’s geochemical surveys and further exploration will concentrate on these areas. They appear to contain numerous small gold-bearing quartz veins that, when mined together with the country rock, could supply very large tonnages averaging more than 1 gpt gold. There appears
to be virtually no overburden (waste) and they are therefore well suited as targets for major open-pit gold operations.

 

The initial objective is to test for gold in the upper 100 m of the target areas, and this will include the rich part of the main vein where it passes through prospective areas.  The work will therefore commence with geophysical prospecting followed by a programme of diamond drilling over the main anomalous areas.  We
anticipate that at least two shallow diamond drill angle holes into the gold-bearing vein system will be located next to existing PUMA drill holes in order to check the previous analytical data.

 

A total of US$300k has been allocated for major gold exploration, but substantially additional funding will be required given positive results from the initial exploration data.  Any such future programme will include geophysical surveys and deeper drilling to test the rich vein mineralization.

	
CONCLUSIONS

	  	
The exploration for major deposits and evaluating the eluvial material can be carried out at the same time over a period of 12 months if funding is made available.  At the end of this period, the elluvial gold production should be in full swing and the exploration results
should be sufficient to make a strong case for further investment.

 

Furthermore, the company will be preparing to list on a major exchange and have no debts or immediate licence payments.

 

The payment schedule required is essentially, USD300k in June and the remaining accordingly to exploration plan and exploitation plan developed by Board of Directors but within 1 year from the signing of the agreement.

 

	
Shareholders’ Value
	
The Parties will seek to increase and realize the shareholder value of Soltera.

	
 

CORPORATE FINANCE PROPOSAL

 

	
 

Capital Increase
	
 

The Parties agree a progressive capital increase by Goldlake, with an increase of:

 

1. US$300k at a share issue price of 10 US$c/share before 30th June 2010 (the “First
Tranche”)

 

Goldlake will maintain the exclusive option right to subscribe independently the remaining two portions of the Capital Increase as follows:

 

2. US$100k at a share issue price of 10 US$c/share before 31st October 2010 (the “Second
Tranche”);

 

3. US$1.100k at a share issue price of 10 US$c/share before 30th June 2011 (the “Third
Tranche”).

 

Goldlake will have no liability towards Soltera or its shareholders in case it does not subscribe the second or the third part of the Capital Increase.

 

The destination of capital increase will be used exclusively for:

 

1. US$200k paid as of 30th June for the payment of the option expense to the current owner.

 

2. US$400k for restructuring the corporate finance of Soltera using, as for US$100k, the remaining amount of the First Tranche.

 

3. US$600k for ramping up the gold operations on the eluvial section of the property. The proceeds of the Second Tranche (US$ 100.000,00) capital will be used for exploration.

 

4. US$300k to initiate the major ore body exploration campaign and fund any possible contingency

 

Should revenue become available from the eluvial gold operation, it shall primarily be used to fund the rental/purchase payment, exploration expenses and miscellaneous expenses of INCAS MINERALS.

 

 

 

Page - 3

 

	
Subsequent Capital Increase

 

 

 

 

Governance

 

 

 

 

 
	
Each share issued will provide GOLDLAKE with warrants to subscribe two shares at 0,15 US$ for share. The warrants will be exercisable 6 months to 2 years from completion of the first capital increase. The final aim is let GOLDLAKE reach relative majority (over Montanari and Ashworth jointly) at the end of the total increase in share capital

 

From the date of the signature of this agreement, GOLDLAKE has the possibility of appointing 1 member on the Board of Directors of SOLTERA MINING CORP and of INCAS MINERAL S.A.; from the date of completion of the US$ 1.500.000,00 increase GOLDLAKE has the right to appoint other 2 members on the Board of Directors of SOLTERA MINING CORP
and of INCAS MINERAL S.A., one of which Vice President (on a total of 5 directors) and INCAS MINERAL S.A. (on a total of 5 directors).

 

Fees that are not paid to current Directors are crystallized at May 31, 2010 (Goldlake may require to pay in shares). New Directors on Goldlake’s side will be appointed by board of Directors of Goldlake.

 

	
 

Prior Understanding
	
This Term Sheet and related transaction documents supersede all prior understandings and agreements, whether written or oral, and constitute the entire agreement between the Parties hereto relating to the transactions provided for herein.

 

 

	
Reservations
	
This Agreement is construed as a firm engagement of a Party to the respective other Party.

 

Each of the transactions contemplated herein is subject to the compliance with any applicable law, rule and regulation, including the rules and regulations of any competent authority and/or stock exchange.

 

The illegality, invalidity and non-enforceable provision of this document under the laws of any jurisdiction shall not affect its illegality, validity or enforceability under the law of any other jurisdiction or provision.

 

If any provision of this Agreement is or becomes illegal, invalid or unenforceable, in whole or in part, the remaining provisions will nevertheless be and remain valid and subsisting and the said remaining provisions will be construed as if this Agreement had been executed without the illegal, invalid or unenforceable portion.

 

If any provision of this Agreement is or becomes illegal, invalid or unenforceable, in whole or in part, the Parties agree to change the Agreement without change the sense or the substance of the Agreement according to the Regulatory Authorities.

 

 

Page - 4

 

	
TIME LINE
	
Upon signing this Agreement, the Parties agree that the Capital Increase shall be immediately resolved upon and offered to Goldlake so that it will be entitled to subscribe the First Tranche paying an aggregate price of US$300,000, of which US$200,000 will be used to pay the acquisition option.

 

	
 

BINDING CLAUSES

	
  
	
All clauses are contractual and binding upon the Parties:

 

	
Applicable Law
	
This Agreement is governed exclusively by United Kingdom law. Place of venue is London.

We hereby acknowledge the terms and conditions outlined in the above Agreement.

Dated at Gubbio the 9th day of June 2010

Soltera Mining Corp                                                                                                GOLDLAKE
ITALIA

Fabio Montanari                                                                                                           
Giuseppe Colaiacovo

President                                                                                     CEO

/s/ Fabio Montanari                                                                                                /s/
Giuseppe Colaiacovo

 

Kevan Ashworth

Director

/s/ Kevan Ashworth

 

 

Page - 5

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