Document:

Filed by sedaredgar.com - Tao Minerals Ltd. - Exhibit 10.9

TAO MINERALS LTD.
(the “Corporation”)

CODE OF ETHICS AND BUSINESS CONDUCT
FOR DIRECTORS,
SENIOR OFFICERS AND EMPLOYEES OF THE CORPORATION
(the “Code”)

This Code applies to the Chief Executive Officer, President,
Chief Financial Officer, Principal Executive Officer, Principal Financial
Officer, Principal Accounting Officer, Controller and persons performing similar
functions (collectively, the “Senior Officers”) along with all directors and
employees within the Corporation (the Senior Officers, directors and employees
are hereinafter collectively referred to as the “Employees”). This Code covers a
wide range of business practices and procedures. It does not cover every issue
that may arise, but it sets out basic principles to guide all Employees of the
Corporation. All Employees should conduct themselves accordingly and seek to
avoid the appearance of improper behaviour in any way relating to the
Corporation.

Any Employee who has any questions about the Code should
consult with the Chief Executive Officer, the President, the Corporation’s board
of directors (the “Board”) or the Corporation’s audit committee (the “Audit
Committee”).

The Corporation has adopted the Code for the purpose of
promoting:

	
  honest and ethical conduct, including the ethical handling of actual or
  apparent conflicts of interest between personal and professional
  relationships; 

  
	
  full, fair, accurate, timely and understandable disclosure in all reports
  and documents that the Corporation files with, or submits to, the Securities
  and Exchange Commission (“SEC”) and in other public communications made by the
  Corporation that are within the Senior Officer’s area of responsibility; 

  
	
  compliance with applicable governmental laws, rules and regulations; 

  
	
  the prompt internal reporting of violations of the Code; and 

  
	
  accountability for adherence to the Code. 

HONEST AND ETHICAL CONDUCT

Each Senior Officer and member of the Board owes a duty to the
Corporation to act with integrity. Integrity requires, among other things, being
honest and candid. Employees must adhere to a high standard of business ethics
and are expected to make decisions and take actions based on the best interests
of the Corporation, as a whole, and not based on personal relationships or
benefits. Generally, a “conflict of interest” occurs when an Employee’s personal
interests is, or appears to be, inconsistent with, interferes with or is opposed
to the best interests of the Corporation or gives the appearance of
impropriety.

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Business decisions and actions must be made in the best
interests of the Corporation and should not be influenced by personal
considerations or relationships. Relationships with the Corporation’s
stakeholders - for example suppliers, competitors and customers - should not in
any way affect an Employee’s responsibility and accountability to the
Corporation. Conflicts of interest can arise when an Employee or a member of his
or her family receive improper gifts, entertainment or benefits as a result of
his or her position in the Corporation.

Specifically, each Employee must:

	 	1. 	
      act with integrity, including being honest and candid
      while still maintaining the confidentiality of information when required
      or consistent with the Corporation’s policies;

	 	 	 
	 	2. 	
      avoid violations of the Code, including actual or
      apparent conflicts of interest with the Corporation in personal and
      professional relationships;

	 	 	 
	 	3. 	
      disclose to the Board or the Audit Committee any material
      transaction or relationship that could reasonably be expected to give rise
      to a breach of the Code, including actual or apparent conflicts of
      interest with the Corporation;

	 	 	 
	 	4. 	
      obtain approval from the Board or Audit Committee before
      making any decisions or taking any action that could reasonably be
      expected to involve a conflict of interest or the appearance of a conflict
      of interest;

	 	 	 
	 	5. 	
      observe both the form and spirit of laws and governmental
      rules and regulations, accounting standards and Corporation
    policies;

	 	 	 
	 	6. 	
      maintain a high standard of accuracy and completeness in
      the Corporation’s financial records;

	 	 	 
	 	7. 	
      ensure full, fair, timely, accurate and understandable
      disclosure in the Corporation’s periodic reports;

	 	 	 
	 	8. 	
      report any violations of the Code to the Board or Audit
      Committee;

	 	 	 
	 	9. 	
      proactively promote ethical behaviour among peers in his
      or her work environment; and

	 	 	 
	 	10. 	
      maintain the skills appropriate and necessary for the
      performance of his or her duties.

DISCLOSURE OF CORPORATION INFORMATION

As a result of the Corporation’s status as a public company, it
is required to file periodic and other reports with the SEC. The Corporation
takes its public disclosure responsibility seriously to ensure that these
reports furnish the marketplace with full, fair, accurate, timely and
understandable disclosure regarding the financial and business condition of the
Corporation. All disclosures contained in reports and documents filed with or
submitted to the SEC, or other 

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government agencies, on behalf of the Corporation or contained
in other public communications made by the Corporation must be complete and
correct in all material respects and understandable to the intended
recipient.

The Senior Officers, in relation to his or her area of
responsibility, must be committed to providing timely, consistent and accurate
information, in compliance with all legal and regulatory requirements. It is
imperative that this disclosure be accomplished consistently during both good
times and bad and that all parties in the marketplace have equal or similar
access to this information.

All of the Corporation’s books, records, accounts and financial
statements must be maintained in reasonable detail, must appropriately reflect
the Corporation’s transactions, and must conform both to applicable legal
requirements and to the Corporation’s system of internal controls. Unrecorded or
“off the book” funds, assets or liabilities should not be maintained unless
permitted by applicable law or regulation. Senior Officers involved in the
preparation of the Corporation’s financial statements must prepare those
statements in accordance with generally accepted accounting principles,
consistently applied, and any other applicable accounting standards and rules so
that the financial statements materially, fairly and completely reflect the
business transactions and financial statements and related condition of the
Corporation. Further, it is important that financial statements and related
disclosures be free of material errors.

Specifically, each Senior Officer must:

	 	1. 	
      familiarize himself or herself with the disclosure
      requirements generally applicable to the Corporation;

	 	 	 
	 	2. 	
      not knowingly misrepresent, or cause others to
      misrepresent, facts about the Corporation to others, including the
      Corporation’s independent auditors, governmental regulators,
      self-regulating organizations and other governmental officials;

	 	 	 
	 	3. 	
      to the extent that he or she participates in the creation
      of the Corporation’s books and records, promote the accuracy, fairness and
      timeliness of those records; and

	 	 	 
	 	4. 	
      in relation to his or her area of responsibility,
      properly review and critically analyse proposed disclosure for accuracy
      and completeness.

CONFIDENTIAL INFORMATION

Employees must maintain the confidentiality of confidential
information entrusted to them by the Corporation of its customers, suppliers,
joint venture partners, or others with whom the Corporation is considering a
business or other transaction except when disclosure is authorized by an
executive officer or required or mandated by laws or regulations. Confidential
information includes all non-public information that might be useful or helpful
to competitors or harmful to the Corporation or its customers or suppliers, if
disclosed. It also includes information that suppliers, customers and other
parties have entrusted to the Corporation. The obligation to preserve
confidential information continues even after employment ends.

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Records containing personal data about employees or private
information about customers and their employees are confidential. They are to be
carefully safeguarded, kept current, relevant and accurate. They should be
disclosed only to authorized personnel or as required by law.

All inquiries regarding the Corporation from non-employees,
such as financial analysts and journalists, should be directed to the Board or
the Audit Committee. The Corporation’s policy is to cooperate with every
reasonable request of government investigators for information. At the same
time, the Corporation is entitled to all the safeguards provided by law for the
benefit of persons under investigation or accused of wrongdoing, including legal
representation. If a representative of any government or government agency seeks
an interview or requests access to data or documents for the purposes of an
investigation, the Employee should refer the representative to the Board or the
Audit Committee. Employees also should preserve all materials, including
documents and e-mails that might relate to any pending or reasonably possible
investigation.

COMPLIANCE WITH LAWS

The Employees must respect and obey all applicable foreign,
federal, state and local laws, rules and regulations applicable to the business
and operations of the Corporation.

Employees who have access to, or knowledge of, material
nonpublic information from or about the Corporation are prohibited from buying,
selling or otherwise trading in the Corporation’s stock or other securities.
“Material nonpublic” information includes any information, positive or negative,
that has not yet been made available or disclosed to the public and that might
be of significance to an investor, as part of the total mix of information, in
deciding whether to buy or sell stock or other securities.

Employees also are prohibited from giving “tips” on material
nonpublic information, that is directly or indirectly disclosing such
information to any other person, including family members, other relatives and
friends, so that they may trade in the Corporation’s stock or other
securities.

Furthermore, if, during the course of an Employee’s service
with the Corporation, he or she acquires material nonpublic information about
another company, such as one of our customers or suppliers, or you learn that
the Corporation is planning a major transaction with another company (such as an
acquisition), the Employee is restricted from trading in the securities of the
other company.

REPORTING ACTUAL AND POTENTIAL VIOLATIONS OF THE CODE AND
ACCOUNTABILITY FOR COMPLIANCE WITH THE CODE

The Corporation, through the Board or the Audit Committee, is
responsible for applying this Code to specific situations in which questions may
arise and has the authority to interpret this Code in any particular situation.
This Code is not intended to provide a comprehensive guideline for Senior
Officers in relation to their business activities with the Corporation. Any
Employee may seek clarification on the application of this Code from the Board
or the Audit Committee.

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Each Employee must:

	 	1. 	
      notify the Corporation of any existing or potential
      violation of this Code, and failure to do so is itself a breach of the
      Code; and

	 	 	 
	 	2. 	
      not retaliate, directly or indirectly, or encourage
      others to do so, against any Employee for reports, made in good faith, of
      any misconduct or violations of the Code solely because that Employee
      raised a legitimate ethical issue.

The Board or the Audit Committee will take all action it
considers appropriate to investigate any breach of the Code reported to it. All
Employees are required to cooperate fully with any such investigations and to
provide truthful and accurate information. If the Board or the Audit Committee
determines that a breach has occurred, it will take or authorize disciplinary or
preventative action as it deems appropriate, after consultation with the
Corporation’s counsel if warranted, up to and including termination of
employment. Where appropriate, the Corporation will not limit itself to
disciplinary action but may pursue legal action against the offending Employee
involved. In some cases, the Corporation may have a legal or ethical obligation
to call violations to the attention of appropriate enforcement authorities.

Compliance with the Code may be monitored by audits performed
by the Board, Audit Committee, the Corporation’s counsel and/or by the
Corporation’s outside auditors. All Employees are required to cooperate fully
with any such audits and to provide truthful and accurate information.

Any waiver of this Code for any Employee may be made only by
the Board or the Audit Committee and will be promptly disclosed to stockholders
and others, as required by applicable law. The Corporation must disclose changes
to and waivers of the Code in accordance with applicable law.Filed by sedaredgar.com - Candev Resource Exploration, Inc. - Exhibit 10.4

Letter of Intent 

February 24, 2009 

Gentlemen:

This letter confirms our agreement on the principal terms and
conditions pursuant to which Candev Resource Exploration, Inc. (“Candev”) will
receive from Yale Resources Ltd. (“Yale”) a 50% interest and an option to earn a
further 30% interest in the Dos Naciones property located in Sonora State,
Mexico, more particularly described in Schedule “B” attached hereto (the
“Property”). Each party understands and agrees that preparation and execution of
a definitive agreement is required, containing the terms set forth in Schedule
"A" and such additional terms as Yale and Candev might agree following good
faith negotiation. This Letter of Intent is intended to be non-binding with
respect to the matters discussed in Schedule "A", except for Sections 2, 5, and
6, which are intended to be binding. This Letter of Intent may be executed in
one or more counterparts, each of which shall be deemed an original for all
purposes. 

	 	YALE RESOURCES LTD. 
	 	  
	 	By: /s/ Ian Foreman                        
	 	Name: Ian Foreman 
	 	Title: President 
	 	  
	 	  
	 	  
	 	CANDEV RESOURCE EXPLORATION, INC. 
	 	  
	 	By: /s/ Mark McLeary                     
	 	Name: Mark McLeary 
	 	Title: President 

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Schedule "A" 

Yale Resources Ltd. / Candev Resource Exploration, Inc. 

LETTER OF INTENT - TERM SHEET 

February 24, 2009 

This term sheet sets forth the proposed terms and structure of
a potential transaction (the “Transaction”) pursuant to which Yale proposes sell
to Candev a 50% interest in, and grant an option to acquire an additional 30%
interest in, the Property – for a total of 80%. The Letter of Intent is for
discussion purposes only and does not constitute a binding agreement or
commitment of any nature whatsoever between the parties, with the exception of
Sections 2, 5, and 6, which the parties intend to be binding. The Transaction
will be subject in all respects to a fully negotiated and executed definitive
agreement between the parties which will contain terms and representations
customary for agreements governing the sale of a mineral property interest (the
"Definitive Agreement"). 

	1. 	Sale and Option Agreement 	
      THE PARTIES AGREE to negotiate in good faith a Definitive
      Agreement to include the following terms and conditions: 

	 	 	 
			
    (a) 
	
      Yale agrees to sell to Candev or its designated nominee a
      50% undivided interest in the Property, in consideration of which Candev
      will make the following payments to Yale: 

	  	  	
     
	
     
	
   

	  	  	
     
	
    (i)
	
  pay CDN$ 50,000 to Yale on the Closing Date. 

	  	  	
     
	
     
	
   

			
    (b) 
	
      Yale agrees to grant to Candev an option (the “Option”)
      to acquire a further 30% interest in the Property. To exercise the Option,
      Candev shall issue securities of Candev and fund exploration, development
      and other expenditures (the “Expenditures”) on the Property in the
      following manner: 

	  	  	
     
	
     
	
   

				
    (i) 
	
      on or before the date which is one (1) year after the
      Closing Date, Candev will issue 200,000 shares of common stock of Candev
      to Yale and fund Expenditures aggregating CDN$200,000 on the Property;
    

	  	  	
     
	
     
	
   

				
    (ii) 
	
      on or before the date which is two (2) years after the
      Closing Date, Candev will issue an additional 250,000 shares of common
      stock of Candev to Yale and fund additional Expenditures aggregating
      CDN$250,000 on the Property; and 

	  	  	
     
	
     
	
   

				
    (iii) 
	
      on or before the date which is three (3) years after the
      Closing Date, Candev will issue an additional 350,000 shares of common
      stock of Candev to Yale and fund additional Expenditures aggregating
      CDN$350,000 on the Property. 

	  	  	
     
	
     
	
   

			
    (c) 
	
      If Candev terminates the agreement at any time prior to
      the exercise of the Option, then Yale will have the right to purchase all
      of Candev’s interest in the Property for CDN$25,000;

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      (d) 
	
      Upon exercise of the Option, Yale and Candev will be
      deemed to have formed a joint venture (the “Joint Venture”) for the
      purpose of carrying out all such acts which are necessary or appropriate,
      directly or indirectly, to: 

	  	  	
       
	
       
	
       

	  	  	
       
	
      (i)
    
	
      hold the Property and the other assets of the Joint
      Venture, 

	  	  	
       
	
       
	
       

				
      (ii) 
	
      explore the Property for minerals and, if feasible,
      develop a mine thereon, 

	  	  	
       
	
       
	
       

				
      (iii) 
	
      so long as it is technically, economically and legally
      feasible, operate such mine and exploit any minerals extracted from the
      Property, and 

	  	  	
       
	
       
	
       

				
      (iv) 
	
      carry out any other activity in connection with or
      incidental to any of the foregoing; 

	  	  	
       
	
       
	
       

			
      (e) 
	
      Upon exercise of the Option, Yale and Candev will enter
      into a joint venture agreement (the “Joint Venture Agreement”), and each
      of them will negotiate in good faith and use commercially reasonable
      efforts to finalize, execute and deliver a formal agreement containing
      such terms and any other terms and conditions as would be customary for a
      comparable jointly owned project, including the terms set out in Section
      1(d) hereto; and 

	  	  	
       
	
       
	
       

			
      (f) 
	
      Candev’s initial participating interest under the Joint
      Venture Agreement will be eighty percent (80%) and Yale’s initial
      participating interest under the Joint Venture Agreement will be twenty
      (20%). 

	  	  	
       
	
       
	
       

	2. 	Due Diligence Investigation 	
      Yale agrees to make available and grant access to Candev
      and their representatives, any corporate, financial, geological or
      information as is reasonably necessary to conduct a due diligence review
      of the Property. Yale shall take reasonable good faith efforts promptly to
      provide Candev or its representatives such documents as may reasonably be
      requested in writing. Yale will grant to Candev and its consultants the
      right of entry to the Property for the purpose of carrying out its due
      diligence review of the Property and to perform such investigations,
      surveys and tests as Candev deems desirable. 

	  	  	
       
	
       
	
       

	3. 	Closing Conditions 	
      Closing of the transactions contemplated herein (the
      "Closing") will occur on or before May 31, 2009 or on such other date as
      the parties may agree (the “Closing Date”), to be held at the City of
      Vancouver, Canada, at such place and time as the parties may agree.
  

	  	  	
       
	
       
	
       

	  	  	
      Conditions to Closing shall include, without limitation:
      

	  	  	
       
	
       
	
       

			
      (i) 
	
      approval of this transaction by the boards of directors
      of both parties, and any other necessary parties; 

- 3 -

	  	
       
	
      (ii) 
	
      receipt of any necessary regulatory approvals; 

	  	
       
	
       
	
       

			
      (iii) 
	
      Yale completing a technical report on the Property that
      complies with the requirements of National Instrument 43-101 -
      Standards of Disclosure for Mineral Projects (the “43-101
      Report”); 

	  	
       
	
       
	
       

			
      (iv) 
	
      Candev completing a due diligence review of the Property
      and Candev being satisfied, in its sole and absolute discretion, with the
      results of such a review and verification; 

	  	
       
	
       
	
       

			
      The parties will use their reasonable efforts to complete
      the Definitive Agreement within ninety (90) days after the date of
      execution of this Letter of Intent and agree to extend the closing date
      for an additional thirty (30) days if there is a delay in obtaining any
      required regulatory consents. In the event that the Transaction does not
      close on or before the Closing Date, this Letter Agreement shall be null
      and void and of no further force or effect, and Yale will refund the
      Deposit forthwith. 

	  	
       
	
       
	
       

	4. 	
      Disclosure 
	
      The parties are permitted to make any public announcement
      regarding this Letter of Intent or any transaction contemplated hereby as
      required by applicable securities law. Yale acknowledges that Candev is a
      public company and has an obligation to disclose all material information
      about its affairs. Yale agrees that they will not trade in the securities
      of Candev while in possession of, nor will they inform others of (except
      on a need to know basis), any non-disclosed material information about
      Candev. 

	  	
       
	
       
	
       

	5. 	
      No-Shop and Exclusive Provisions 
	
      Until ninety (90) days after the date of this Letter of
      Intent and in consideration for Candev’s commitment of time and resources
      to perform due diligence, Yale will not, directly or indirectly, through
      any officer, director, employee, affiliate or agent or otherwise, take any
      action to solicit, initiate, seek, encourage or support any inquiry,
      proposal or offer from, furnish any information to, or participate in any
      negotiations with, any third party regarding the sale of the Property, or
      any plans to develop the Property. Yale agrees that any such negotiations
      (other than negotiations with Candev) in progress as of the date of this
      letter will be suspended during such period, and that Yale will not accept
      or enter into any agreement, arrangement or understanding for sale of the
      Property or for the development of the Property during such period.
  

	  	
       
	
       
	
       

			
      If Yale or any of its officers, directors, employees,
      affiliates or agents receives any proposal for, or inquiry respecting, any
      third party acquisition of or development for the Property, Yale will
      promptly notify Candev, describing in detail the identity of the person
      making such proposal or inquiry and the terms and conditions of such
      proposal or inquiry. 

	  	
       
	
       
	
       

	6. 	
      (a) Expenses 
	
      Unless otherwise stated herein, Yale and Candev shall
      each be liable for their own costs, including legal, accounting, and other
      such costs, incurred by each of them in the negotiation and closing of
      this transaction. Candev shall be responsible for all costs relating to
      its due diligence review of the Property. Yale shall be responsible for
      the costs incurred to complete the 43 - 101 Report.

- 4 -

		
      (b) Break-up Fee 
	
      If within ninety (90) days from the date of this Letter
      of Intent or anytime prior to the Closing of the Definitive Agreement,
      Yale decides to terminate this Letter of Intent, Yale will reimburse to
      Candev all the expenses that have been incurred including: legal fees, due
      diligence expenses, taxes and disbursements incurred by Candev in relation
      to the review of the Property and drafting of the Definitive Agreement,
      provided that such reimbursement costs will not exceed a maximum of
      $50,000. 

This Letter of Intent represents only the current thinking of
the parties with respect to certain of the major issues relating to the proposed
transaction. Therefore, it is understood and acknowledged that except as to
Sections 2, 5 and 6 of this Letter of Intent is not intended and will not be
deemed to be a legally binding agreement among the parties for any purposes. All
rights and obligations of the parties will be subject to negotiation and
execution of a definitive agreement among the parties and completion of the due
diligence and other matters set forth above. 

- 5 -

Schedule “B”- Legal Description of the Property 

Dos Naciones Concession (Title No. 230649) 

- 6 -

 

- 7 -

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