Document:

Agreement

    Exhibit
      10.21

    AGREEMENT
      AMONG

    

    
      	1.  	
              PACIFICNET
                STRATEGIC INVESTMENT HOLDINGS LIMITED
                (“Purchaser”)

            

    

    
      	2.  	
              SHENZHEN
                GUHAIGUANCHAO INVESTMENT CONSULTANT CO., LTD. (“Company”)
                

            

    

    
      	3.  	
              LION
                ZONE HOLDINGS LIMITED ( “Holding
                Company”)

            

    

     

    
      	4.  	
              MR.
                WANG WENMING (“Seller” or “Warrantor”)

            

    

    

    for
      termination of “the agreement of Sale and Purchase 51% Shares
      of 

    LION
      ZONE HOLDINGS LIMITED”

    

    THIS
      AGREEMENT is made on
      November 1,
      2006
      for the purpose of termination of the previous Agreement for the Sale and
      Purchase of 51% of LION ZONE HOLDINGS LIMITED (“Holding Company”), dated
      December 19 2005, signed by Victor Tong and Mr. Wang Wenming (hereinafter
      referred to as the Previous
      Agreement).

    

    THIS
      AGREEMENT IS AMONG:

    
      	1.  	
              PACIFICNET
                STRATEGIC INVESTMENT HOLDINGS LIMITED, a company existing under the
                laws
                of the British Virgin Islands whose principal place of business is
                at Room
                601, New Bright Building, 11 Sheung Yuet Road, Kowloon Bay, Kowloon,
                Hong
                Kong (hereafter referred as the “Purchaser”).
                The Purchaser is a wholly owned subsidiary of PacificNet Inc. (“PACT”), a
                company incorporated under the laws of the State of Delaware in the
                United
                States of America and the shares of which are listed on the NASDAQ
                stock
                exchange in the United States of America under the trading symbol
                “PACT”.

            

    

    

    
      	2.  	
              SHENZHEN
                GUHAIGUANCHAO INVESTMENT CONSULTANT CO., LTD., a company incorporated
                in
                Room 2704, Level 27 Tower A Jiangsu Building, Yitian Road, Futian
                district, Shenzhen, China; (hereinafter referred to as the “Company”,
                or “GHGC”)

            

    

    

    
      	3.  	
              LION
                ZONE HOLDINGS LIMITED, a company existing under the laws of the British
                Virgin Islands whose principal place of business is investment consulting
                service; (hereinafter referred to as the “Holding
                Company”).
                

            

    

    
      	 	 

    

    
      	4.  	
              MR.
                WANG WENMING, a PRC citizen holding identity card ID: 440301620507419,
                residing at Room 301, Building 91,Yuanlinxincun, Futian district,
                Shenzhen, China; (hereinafter jointly referred to as the “Seller”
                );

            

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    All
      of above parties agree unanimously as follow: 

    

    
      	1.  	
              The
                Previous Agreement has been terminated by unanimously agreement of
                the
                above parties; 

            

    

    

    
      	2.  	
              Per
                agreed and grant by the Purchaser, Seller and Holding Company, within
                10
                days after this agreement signing, the Seller and Holding Company
                shall
                jointly return Purchaser HKD$3,000,000, USD$ 100,000 cash and 275,000
                PACT
                restricted shares which obtained by Seller and Holding Company from
                Purchaser according to the Previous Agreement. Simultaneously Purchaser
                shall return 51% share equity of Holding Company to Seller.
                

            

    

    
      	 	 

    

    
      	3. 	Seller agrees to forgive the obligation of Purchaser
              base
              upon the term 3.4.3(2) of Previous Agreement in which Purchaser shall
              issue PACT restrict shares and provide loan to Seller; In return,
              Purchaser agrees to freely transfer the right of extracting dividend
              as
              the shareholder of Company and Holding Company during life of Previous
              Agreement to Seller.

    

    
      	 	 

    

    
      	4. 	Within 2 years of this agreement signing, Purchaser
              may
              at his discretion to re-purchase 51
              share equity of the Company or Holding Company at a maximum valuation
              of 5
              times of PE, based on the subsequent 12 months of audited US-GAAP net
              profit.

    

    

     

     All
      of
      above parties shall waive each other’s liabilities cause by the termination of
      the Previous Agreement. 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    THE
      PURCHASER: PACIFICNET
      STRATEGIC INVESTMENT HOLDING LIMITED AND PACIFICNET INC. 

    

    
      	 	
              By:

            	
              /s/
                Victor Tong 
                

              

            
	 	
              Name:

            	
              Victor
                Tong

            
	 	
              Title:

            	
              President

            

    

    

    COMPANY:
      SHENZHEN
      GUHAIGUANCHAO INVESTMENT CONSULTANT CO., LTD. 

    

    
      	 	
              By:

            	
              /s/
                Wang Wenming 
                

              

            
	 	
              Name:

            	
              Mr.
                Wang Wenming 

            
	 	
              Title:

            	
              Legal
                Representative and

              Chairman
                of the Board

            

    

    

    

    THE
      HOLDING COMPANY: LION
      ZONE HOLDINGS LIMITED

    

    
      	 	
              By:

            	
              /s/
                Wang Wenming 
                

              

            
	 	
              Name:

            	
              Mr.
                Wang Wenming 

            
	 	
              Title:

            	
              Legal
                Representative and

              Chairman
                of the Board

            

    

    

    

    THE
      SELLER and THE WARRANTORæWANG
      WENMING 

    

    

    

    

    HITCHING
      INTERNATIONAL CORPORATION

    
      	 	
              By:

            	
              /s/
                Wang Wenming 
                

              

            
	 	
              Name:

            	
              Mr.
                Wang Wenming 

            
	 	
              Title:

            	
              Legal
                Representative and

              Chairman
                of the Board

            

    

    

     

     

    3Filed by Automated Filing Services Inc. (604) 609-0244 - Searchlight Minerals Corp. - Exhibit 10-1

	
      Searchlight Minerals
      Corp.

	 
	#120 - 2441 W. Horizon Ridge Pkwy, Henderson, NV 89052
  

November 22, 2006

Harry B. Crockett
Manager
Verde River Iron
Company, LLC
4950 Buckley Cove Way

  Suite 8, Stockton, CA 95219

Dear Sirs:

	Re: 	Searchlight Minerals Corp. (SMC),
      Transylvania International, Inc. (TI) and Verde River Iron Company, LLC
      (VRIC) Letter Agreement - Acquisition of Clarkdale Slag Project
  

This letter agreement (the Letter Agreement) sets forth our agreement
  with respect to the acquisition by SMC of certain of the assets of TI, a wholly
  owned subsidiary of VRIC (the Transaction) subject to the terms and conditions
  set out herein.

	 	1. 	
      Prior Agreements. Except as otherwise
      specificially provided in this Letter Agreement, upon Closing of the
      Transaction, this Letter Agreement shall supercede any and all other prior
      agreements between the parties relating to the processing and extraction
      of minerals from a copper smelter slag of approximately 200 acres located
      on a portion of sections 17, 18, 19, and 20, Township 16 North, Range 3
      East, Gila and Salt River Base and Meridian, Yavapai County, Arizona (the
      Project) including, but not limited to, the Joint Venture Agreement dated
      May 20, 2005, between VRIC and Nanominerals Corp. (the JVA). Provided
      however, upon closing of the Transaction, SMC will fully assume any and
      all obligations arising out of existing contracts of TI and VRIC that are
      related to the Project, and will assume any and all obligations of TI and
      VRIC with the Town of Clarkdale that are related to the Project, the
      development plans and Conditional Use Permit for the Project.

	 	 	 	 
	 	2. 	
      Form of Transaction. The parties contemplate that
      the Transaction will be consummated as a statutory merger of TI into SMC
      under the laws of the State of Nevada as a tax-free reorganization under
      Section 368(a)(1)(A) of the Internal Revenue Code of 1986, as amended (the
      Code). The Merger will be completed in a manner such that it will not be
      necessary for SMC to obtain approval of its stockholders.

	 	 	 	 
	 	3. 	
      Consideration. As consideration for the
      acquisition of the assets of TI by SMC as a statutory merger under the
      laws of the State of Nevada and the Code, on January 15, 2007, (the
      Closing Date), SMC shall:

	 	 	 	 
	 		(a) 	
      pay $10,000,000 in cash to VRIC; and

	 	 	 	 
	 		(b) 	
      issue to VRIC or its designatees 16,000,000 shares (the
      SMC Shares) of the common stock of SMC, subject to applicable exemptions;
      and

	 	 	 	 
	 		(c) 	
      agree to pay VRIC $30,000 per month (the “Monthly
      Payments”) until the earlier of: (i) the date that is 90 days after
      receipt of a bankable feasibility study by SMC (the “Project Funding
      Date”), or (ii) ten years following the date this Agreement is executed by
      the parties hereto;

			 (d) 	
      agree to pay VRIC $6,400,000 on the Project Funding Date;
      and

	 	 	 
			 (e) 	
      grant to VRIC a royalty consisting of 2.5% of the Net
      Smelter Returns (as defined in Schedule A hereto, hereinafter referred to
      as the Royalty), on any and all proceeds of production from the Project;
      and pay to VRIC $500,000 annually (subject to Force Majeure as defined in
      the JVA) commencing on the Project Funding Date (the Advance Royalty),
      with no deduction or offset against the Royalty, except that the combined
      Royalty and Advance Royalty shall not exceed $500,000 in any calendar
      year; and, the Advance Royalty shall end forever on the first to occur
      between: (1) the end of the first calendar year in which the Royalty
      equals or exceeds $500,000; or (2) the date that is ten (10) years after
      the date this Agreement is executed by the parties hereto;

	 	 	 
			 (f) 	
      agree to pay to VRIC $3,500,000 as a priority
      distribution of cash flow in accordance with the provisions of the
    JVA.

	 	 	 
	4. 	
      Option and Deposit. Upon execution of this Letter
      Agreement by the parties hereto, and as additional consideration to VRIC
      for entering into the Letter Agreement, SMC hereby agrees to make a
      refundable payment of $200,000 to VRIC (the Deposit). Upon receipt of the
      Deposit by VRIC, SMC shall have the option (the Option) to close on the
      Transaction by paying the consideration set forth in paragraph 3 above to
      VRIC, on or before the Closing Date. If SMC completes the Transaction, the
      Deposit shall be credited against the amount payable under paragraph 3 (a)
      above.

	 	 	 
	5. 	
      Due Diligence. SMC shall have until thirty (30)
      business days after the execution and delivery of this Agreement by all
      parties (the Exercise Date), to complete its due diligence investigations
      respecting the business, operations and assets of TI, all operational,
      permit and title documentation, and material contracts or financial data
      of TI (Diligence Materials). TI and VRIC will cooperate fully with SMC by
      delivering any and all Diligence Materials that SMC may reasonably
      request. SMC must exercise the Option, if at all, by delivering written
      notice of intent to exercise (the Exercise Notice) to VRIC, on or before
      the Exercise Date. If SMC elects to exercise the Option by timely
      delivering the Exercise Notice, then SMC must complete the Transaction as
      set forth above, on or before the Closing Date, but in the event that
      after delivering the Exercise Notice SMC fails to close on the Transaction
      on or before the Closing Date, this Letter Agreement shall be null and
      void and of no further force or effect, and VRIC shall be entitled to
      retain the Deposit as its sole remedy. If SMC fails to timely deliver the
      Exercise Notice, then the Option shall expire, and this Letter Agreement
      shall be null and void and of no further force or effect, and VRIC will
      refund the Deposit to SMC.

	 	 	 
	6. 	
      Tax Matters. SMC agrees that VRIC’s closing on the
      Transaction is subject to VRIC obtaining the opinion of its tax counsel at
      least three (3) business days prior to the Exercise Date, in form
      acceptable to VRIC in its reasonable discretion, affirming that under U.S.
      tax law (i) all of the Consideration set forth in paragraph 3, when
      received by VRIC and its members, will be subject only to capital gains
      taxation, other than the Royalty and the Advance Royalty Payments, which
      will be taxed as ordinary income; and (ii) there will be no tax due on the
      Royalty or the Advance Royalty Payments until such time as those payments
      are actually received by VRIC; and (iii) the Transaction will qualify as a
      tax-free reorganization under Section 368(a)(1)(A) of the Code so that
      there will be no tax due on the SMC Shares until such time as VRIC or its
      members sell the SMC shares.

	 	 	 
	7. 	
      Transfer Out of Certain Assets. If the Option is
      exercised, prior to the Closing Date, SMC agrees to allow TI to transfer
      to VRIC or its assigns on the Closing Date, the Industrial Land and the
      Commercial Building described in Schedule B hereto.

	 	 	 
	8. 	
      Audited Financial Statements. TI and VRIC
      understand that Closing of the Transaction will require audited financial
      statements of TI in a form acceptable to meet all securities law filing
      requirements. SMC will retain and pay for the professionals necessary to
      complete the audited

		
financial statements by the Closing Date. VRIC will agree to extend the Closing Date to not later than February 15, 2007, in order to complete the audited financials, as long as SMC’s professionals demonstrate reasonable,
good faith diligence in completing them.

	
	 	 
	
9. 		
Cooperation. SMC, TI and VRIC agree to cooperate with each other in good faith in connection with the obtaining of all necessary consents and approvals and in complying with all regulatory requirements, including, but not
limited to, all applicable corporate and securities laws. The undersigned principals of VRIC will execute and deliver any and all documents reasonably requested by SMC, in order to deliver all assets of TI to SMC at Closing (other than the assets
listed in paragraph 7 above), free and clear of any liens and subject only recorded matters affecting title to the real property.

	
	 	 
	
10. 		
Expenses. Each of the parties hereto shall pay its own costs associated with this Letter Agreement and all transactions contemplated by this Letter Agreement, provided, however, that: (i) SMC will bear the cost and expenses
incurred by TI with respect to the preparation of the financial statements of TI required to complete the Transaction, (ii) SMC will bear the cost of any professional tax advisor retained by TI or VRIC for the purpose of providing tax advice
respecting the Transaction; and (iii) SMC will pay all costs associated with the completion of its Due Diligence investigations set out in Section 5 hereto.

	
	 	 
	
11. 		
No Liabilities at Closing. Closing of the Transaction shall be subject to TI delivering the assets of TI to SMC free and clear of any liens, except those that are discharged at Closing.

	
	 	 
	
12. 		
Exclusivity. In consideration of the undertaking by SMC of the costs and expenses in conducting Due Diligence, the audited financial statements referenced above and continuing negotiations, VRIC and the VRIC Principals
agree that, during the term of this Letter Agreement, they will not seek or solicit, or engage anyone to seek or solicit, other suitors for a merger or purchase of an interest TI, VRIC or the Project, will not negotiate with other persons for the
merger or purchase of TI, VRIC or the Project, will not make available to other potential suitors information concerning TI, VRIC or the Project, and will maintain confidentiality about the transaction contemplated by this Letter Agreement, except
to the extent that disclosure is required by applicable law or is made to its advisors on a need to know basis. Crockett hereby acknowledges that he has not done anything that would give an interest in the Project or the assets of TI to any other
party, and to the best of his knowledge, there are no other parties other than SMC who have any interest in the Project or the assets of TI; and Lembas hereby agrees and acknowledges that he has not done anything that would give an interest in the
Project or the assets of TI to any other party, and to the best of his knowledge, there are no other parties other than SMC who have any interest in the Project or the assets of TI. Crockett hereby acknowledges that he has not done anything that
would result in the creation or enforcement of a lien against the Project or the assets of TI, and to the best of his knowledge, there are no liens against the Project or the assets of TI, other than a deed of trust to Lembas which shall be released
at Closing; and Lembas hereby acknowledges that he has not done anything that would result in the creation or enforcement of a lien against the Project or the assets of TI, and to the best of his knowledge, there are no liens against the Project or
the assets of TI, other than a deed of trust to Lembas which shall be released at Closing.

	
	 	 
	
13. 		
Counterparts. This Letter Agreement may be executed in one or more counterparts, each of which so signed, whether in original or facsimile form, shall be deemed to be an original and bear the dates as set out above and all
of which together will constitute one and the same instrument.

	
	 	 
	
14. 		
Entire Agreement. This Letter Agreement represents the entire agreement of the parties hereto relating to the subject matter hereof and there are no representations, covenants or other agreements relating to the subject
matter hereof except as stated or referred to herein.

	
	 	 
	
15. 		
Currency. All dollar amounts referred to in this Letter Agreement are in United States funds, unless expressly stated otherwise.

	

	16. 	
      Applicable Laws. This Letter Agreement shall be
      governed by the laws of the State of Nevada.

If this Letter Agreement accurately reflects the intentions of
  TI and VRIC, please so indicate by executing and returning a copy of this Letter
  Agreement to the undersigned no later than 5:00 pm Pacific Standard Time on
  November 22, 2006. In the event SMC does not receive your signed acknowledgement
  by such time, this Letter Agreement shall be deemed null and void and of no
  further effect.

Sincerely,

SEARCHLIGHT MINERALS CORP

 

	/s/ Ian McNeil	 
	Per: Ian McNeil 	 
	President 	 

This Letter Agreement is hereby acknowledged

  this 22nd day of November, 2006

VERDE RIVER IRON COMPANY, LLC

 

	/s/ Harry B. Crockett	 
	Per: Harry B. Crockett
    	 
	Manager 	 

 

 

	/s/ Harry B. Crockett	 	/s/ Gerald Lembas	 
	Harry B. Crockett
    	 	Gerald Lembas	 

Schedule A

Net Smelter Returns

“Net Smelter Returns” means the actual proceeds received
by SMC or any successor of SMC, from any mint, smelter or other purchaser for
the sale of bullion, concentrates or Ores produced from the Clarkdale Slag
Project and sold, after deducting from such proceeds the following charges to
the extent that they are not deducted by the smelter or purchaser in computing
payment:

	 	(i) 	
      in the case of the sale of bullion, refining charges
      (including penalties) only;

	 	 	 
	 	(ii) 	
      in the case of the sale of concentrates, smelting and
      refining charges, penalties and the cost of transportation, including
      related insurance, of such concentrates from the Clarkdale Slag Project
      property to any smelter or other purchaser; and

	 	 	 
	 	(iii) 	
      in the case of Ores shipped to a purchaser, refining
      charges for bullion and charges for smelting, refining and the cost of
      transportation, including related insurance, from the mill to any smelter
      or other purchaser for concentrates.

Ore means any material of commercial economic value
mined or processed from the Clarkdale Slag Project.

Schedule B

	1. 	
      Several parcels of vacant land comprising approximately
      Six Hundred (600) acres (collectively the ndustral Land , commonly
      described as Yavapai County Assessor Parcel
Numbers:

400-01-007E
400-02-001
400-01-007F
400-05-017D
400-06-001Y
400-05-006A
400-06-002C
400-05-013F
400-05-013G
400-05-001E
400-05-001F

	2. 	
      A commercial building (theCommercial Building ) located
      at 919 Main Street, Clarkdale, commonly described as Yavapai County
      Assessor Parcel Number 400-03- 0158.

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