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Exhibit 4(q)    
    

PROTECTIVE LIFE AND ANNUITY INSURANCE COMPANY    •    P. O. BOX 10648    •    BIRMINGHAM,
ALABAMA 35202-0648  

  
 

    RIDER SCHEDULE    
    

	Contract #	 	Owner 1 Name:
	

Rider Effective Date:	
 	

 
	

Accumulation Amount on the Rider Effective Date:
	

Additional Cost for the Accumulation Benefit on the Rider Effective Date:

 
 

GUARANTEED MINIMUM ACCUMULATION BENEFIT RIDER    
    

        We are amending the Contract to which this rider is attached to add a lifetime Guaranteed Minimum Accumulation Benefit ("GMAB", or "the Accumulation Benefit").
The terms and conditions in this rider supersede any conflicting provision in the Contract beginning on the Rider Effective Date and continuing until the rider is terminated. Contract provisions not
expressly modified by this rider remain in full force and effect. This rider is issued together with the Lifetime Guaranteed Minimum Withdrawal Benefit Rider or the Lifetime Guaranteed Minimum
Withdrawal Benefit Rider with Annual Roll-up (each, the "GMWB rider"). Unless otherwise noted, capitalized terms used in this rider have the same meaning as defined in your GMWB rider. 

        Guaranteed Minimum Accumulation Benefit—We guarantee that at the end of the Accumulation Benefit Period your Contract Value
will not be less than 100% of the Accumulation Amount, unless the Accumulation Benefit Period has ended because you established the Benefit Election Date or the GMWB rider terminated. If on that date
your Contract Value is less than the Accumulation Amount, we will increase the Contract Value by the amount the Accumulation Amount exceeds the Contract Value. We will allocate that amount to your
Contract according to your Benefit Allocation Model. 

        Accumulation Benefit Period—The Accumulation Benefit Period begins on the Rider Effective Date and continues through the end
of the Valuation Period during which any of the following first occur: 

	1.
	the
10th Contract Anniversary following the later of the Rider Effective Date or the Reset Date; or,

	2.
	the
date the GMWB rider terminates; or,

	3.
	the
Benefit Election Date. 

        Resetting the Accumulation Benefit Period—You may reset the Accumulation Amount to the current Contract Value and begin a new
Accumulation Benefit Period on the Reset Date. The Reset Date is the end of the Valuation Period that contains the 5th Contract Anniversary following the Rider Effective Date. We
must receive your Written Notice instructing us to reset the Accumulation Benefit Period prior to the Reset Date and not later than the oldest Owner's or Annuitant's 85th birthday
while the GMWB rider is in force. We will reset the Accumulation Amount and begin a new 10-year Accumulation Period as of the Reset Date provided the Contract Value on that date is greater
than the Accumulation Amount and the new Accumulation Benefit Period does not extend beyond the Annuity Commencement Date then in effect. 

        You
may not reset the Accumulation Benefit Period if you have declined a change in the Benefit Cost of your GMWB rider, as described in the "Benefit Cost" provision of that rider. 

1

 

        Re-Purchasing the Guaranteed Minimum Accumulation Benefit Rider—After the Accumulation Benefit Period expires, you
may—but are not required to—purchase a new Guaranteed Minimum Accumulation Benefit Rider at the then current Benefit Cost. We must receive your Written Notice instructing us to
issue a new Guaranteed Minimum Accumulation Benefit Rider prior to the end of the current Accumulation Benefit Period and not later than the oldest Owner's or Annuitant's
85th birthday while the GMWB rider is in force. The Accumulation Benefit Period for the new Guaranteed Minimum Accumulation Benefit rider may not extend beyond the Annuity
Commencement Date in effect on the new Rider Effective Date. 

        The
Rider Effective Date for the new Guaranteed Minimum Accumulation Benefit rider will be the Contract Anniversary on which the prior Guaranteed Minimum Accumulation Benefit Rider ends
and the Accumulation Amount on the new Rider Effective Date will be equal to the Contract Value as of that date. We will increase the Accumulation Amount dollar-for-dollar for
Purchase Payments credited to the Contract within 1 year following that date. 

        You
may not purchase a new Guaranteed Minimum Accumulation Benefit rider when the current Accumulation Benefit Period ends if you have declined a change in the Benefit Cost of your GMWB
rider, as described in the "Benefit Cost" provision of that rider. 

        Determining the Accumulation Amount—The Accumulation Amount on the Rider Effective Date is shown on the Rider Schedule.
Thereafter, we increase the Accumulation Amount dollar-for-dollar for Purchase Payments credited to the Contract within 1 year of the Rider Effective Date. Withdrawals
from the Contract during the Accumulation Benefit Period reduce the Accumulation Amount in the same proportion that the withdrawal reduced the Contract Value. 

        Additional Benefit Cost—On the Rider Effective Date, the annualized Additional Benefit Cost of this Accumulation Benefit as a
percentage of the Benefit Base is shown on the Rider Schedule. The Additional Benefit Cost will not increase while this rider is in force unless you exercise your right to reset the Accumulation
Benefit Period, as described in the "Resetting the Accumulation Benefit Period" above, and the Benefit Cost on the Reset Date is different than the Benefit Cost on the Rider Effective Date. In that
case, your Benefit Cost for the remainder of the Accumulation Benefit Period will be the current Additional Benefit Cost as of the Reset Date. 

        Termination—This rider, every benefit it provides, and deduction of the Additional Benefit Cost terminate at the end of this
rider's Accumulation Benefit Period. If, after termination, you reinstate your GMWB rider as provided in its "Termination" provision, this rider will also be reinstated, unless this rider's
Accumulation Benefit would have otherwise expired. 

        Signed
for the Company and made a part of the Contract as of the Rider Effective Date. 

PROTECTIVE
LIFE AND ANNUITY INSURANCE COMPANY 

	

 

Secretary

	 	 

2

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Exhibit 4(q)

RIDER SCHEDULE

GUARANTEED MINIMUM ACCUMULATION BENEFIT RIDERQuickLinks
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Exhibit 10(a)    
    

	[SUTHERLAND ASBILL & BRENNAN LLP LOGO]

STEPHEN E. ROTH

DIRECT LINE: 202.383.0158

Internet: steve.roth@sablaw.com	 	1275 Pennsylvania Avenue, NW

Washington, DC 20004-2415

202.383.0100

fax 202.637.3593

www.sablaw.com
	

 	
 	

 

March 18, 2008 

Board
of Directors

Protective Life and Annuity Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223

Directors:

        We
hereby consent to the reference to our name under the caption "Legal Matters" in the statement of additional infomation filed as part of pre-effective amendment
number 2 to the registration statement on Form N-4 (File No. 333-146508) filed by Protective Life and Annuity Insurance Company and Variable Annuity
Account A of Protective Life
with the Securities and Exchange Commission. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of
1933. 

	 	 	Sincerely,
	

 	
 	

SUTHERLAND ASBILL & BRENNAN LLP
	

 	
 	

By:	

/s/ STEPHEN E. ROTH
 Stephen E. Roth

   

Atlanta    •    Austin    •    Houston    •    New
York    •    Tallahassee    •    Washington, DC 

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Exhibit 10(b)    
    

 
 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    
    

        We hereby consent to the use in this Registration Statement on Form N-4 (File No. 333-146508) of our report dated
April 13, 2007, relating to the statutory financial statements of Protective Life and Annuity Insurance Company, which appears in such Registration Statement. We also consent to the use in this
Registration Statement on Form N-4 of our report dated April 27, 2007, relating to the financial statements of The Variable Annuity Account A of Protective Life Separate
Account, which appears in such Registration Statement. We also consent to the references to us under the headings "Experts" in such Registration Statement. 

PricewaterhouseCoopers LLP

Birmingham, Alabama

March 24, 2008 

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Exhibit 10(b)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMFiled by Automated Filing Services Inc. (604) 609-0244 - Chancery Resources, Inc. - Exhibit 10.1

MINING ACQUISITION AGREEMENT 

THIS AGREEMENT is dated for reference March 19, 2008. 

BETWEEN: 

ALTOS DE AMADOR S.A., a company
having an address at: 

Avenida Samuel Lewis y 
Calle
Gerrado Ortega 
Edificio Central, 5to piso 
Panama, Rep. De Panama 

(the “Vendor”) 

AND: 

CHANCERY RESOURCES, INC., a
company having an address at 422 Richards Street, 3rd Floor, Vancouver, BC V6B
2Z4 

(the “Purchaser”) 

WHEREAS: 

A.                     
The Vendors are collectively the registered beneficial owner of an undivided one
hundred percent (100%) interest in and to those certain mineral interests which
are more particularly described in Schedule “A” attached hereto (the
“Property”); and

B.                     
The Vendors wish to sell to the Purchaser an undivided one hundred percent
(100%) interest in and to the Property and any deposits of minerals on the
Property, and the Purchaser wishes to acquire the same on the terms and subject
to the conditions as are more particularly set forth herein. 

THEREFORE in consideration of the mutual covenants and
agreements in this Agreement, the parties agree as follows: 

1.                     
DEFINITIONS AND INTERPRETATION 

1.1                    For
the purposes of this Agreement: 

	 	(a) 	
      “Affiliate” means 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, a party to
      this Agreement. 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;

	 	 	 
	 	(b) 	
      “Effective Date” means, March 19,
2008;

	 	(c) 	
      “Ore” shall mean any minerals of commercial economic
      value mined from the Property;

	 	 	 
	 	(d) 	
      “Payment” means the payments contemplated in paragraph
      3.2;

	 	 	 
	 	(e) 	
      “Product” shall mean Ore mined from the Property and any
      concentrates or other materials or products derived therefrom, but if any
      such Ore, concentrates or other materials or products are further treated
      as part of the mining operation in respect of the Property, such Ore,
      concentrates or other materials or products shall not be considered to be
      “Product” until after they have been so treated.

	 	 	 
	 	(f) 	
      “Property” means properties in Columbia, more
      particularly described in Schedule “A” of this Agreement; and

	 	 	 
	 	(g) 	
      “Property Rights” means all licences, permits, easements,
      rights-of-way, certificates and other approvals obtained by either of the
      parties, either before or after the date of this Agreement, and necessary
      for the development of the Property or for the purpose of placing the
      Property into production or of continuing production on the
    Property.

1.2                    For
the purposes of this Agreement, except as otherwise expressly provided or unless
the context otherwise requires: 

	 	(a) 	
      “this Agreement” means this mining acquisition agreement
      and all Schedules attached hereto;

	 	 	 
	 	(b) 	
      any reference in this Agreement to a designated
      “Section”, “Schedule”, “paragraph” or other subdivision refers to the
      designated section, schedule, paragraph or other subdivision of this
      Agreement;

	 	 	 
	 	(c) 	
      the words “herein” and “hereunder” and other words of
      similar import refer to this Agreement as a whole and not to any
      particular Section or other subdivision of this Agreement;

	 	 	 
	 	(d) 	
      any reference to a statute includes and, unless otherwise
      specified herein, is a reference to such statute and to the regulations
      made pursuant thereto, with all amendments made thereto and in force from
      time to time, and to any statute or regulations that may be passed which
      has the effect of supplementing or superseding such statute or such
      regulation;

	 	 	 
	 	(e) 	
      any reference to “party” or “parties” means the Vendors,
      the Purchaser, or both, as the context requires;

	 	 	 
	 	(f) 	
      the headings in this Agreement are for convenience of
      reference only and do not affect the interpretation of this Agreement;
      and

	 	 	 
	 	(g) 	
      all references to currency refer to United States
      dollars.

2 

1.3                   
  The following are the Schedules to this Agreement, and are incorporated into
  this Agreement by reference: 

Schedule “A”: Property-Legal Description
  and Location

2.                     
REPRESENTATIONS AND WARRANTIES OF THE VENDORS AND THE PURCHASER

2.1                    The
Vendors represent and warrant to the Purchaser jointly and severally, that: 

	 	(a) 	
      the Vendors are the beneficial owners of the Property and
      the Vendors have the full right, power, capacity and authority to enter
      into, execute and deliver this Agreement;

	 	 	 
	 	(b) 	
      the Property is free and clear of, and from, all liens,
      charges and encumbrances with all assessment work therein having been duly
      completed through the year ended December 31, 2008;

	 	 	 
	 	(c) 	
      the Vendors hold all permits, licences, consents and
      authorities issued by any government or governmental authority which are
      necessary in connection with the ownership and operation of its business
      and the ownership of the Property;

	 	 	 
	 	(d) 	
      the Property has been properly staked, located and
      recorded pursuant to the applicable laws and regulations of Columbia and
      all mining claims comprising the Property are in good standing;

	 	 	 
	 	(e) 	
      there are no outstanding agreements or options to acquire
      the Property or any portion thereof, and no person, firm or corporation
      has any proprietary or possessor interest in the Property;

	 	 	 
	 	(f) 	
      to the best of the Vendors’ knowledge, there are no
      outstanding orders or directions relating to environmental matters
      requiring any work, repairs, construction or capital expenditures with
      respect to the Property and the conduct of the operations related thereto,
      and the Vendors have not received any notice of the same and is not aware
      of any basis on which any such orders or direction could be
made;

	 	 	 
	 	(g) 	
      there is no adverse claim or challenge against or to the
      ownership of or title to any part of the Property and, to the best of the
      Vendors’ knowledge there is no basis for such adverse claim or challenge
      which may affect the Property;

	 	 	 
	 	(h) 	
      the consummation of the transactions contemplated by this
      Agreement does not and will not conflict with, constitute a default under,
      result in a breach of, entitle any person or company to a right of
      termination under, or result in the creation or imposition of any lien,
      encumbrance or restriction of any nature whatsoever upon or against the
      property or assets of the Vendors, under their constating documents, any
      contract, agreement, indenture or other instrument to which the Vendors
      are a party or by which it is bound, any law, judgment, order, writ,
      injunction or decree

3 

	 		
      of any court, administrative agency or other tribunal or
      any regulation of any governmental authority;

	 	 	 
	 	(i) 	
      there are no actual or pending proceedings for, and the
      Vendors are unaware of any basis for, the institution of any proceedings
      leading to the placing of the Vendors in bankruptcy or subject to any
      other laws governing the affairs of insolvent parties and the Property
      does not represent all or substantially all of the Vendors’ corporate
      undertaking;

	 	 	 
	 	(j) 	
      reclamation and rehabilitation of those parts of the
      Property which have been previously worked have been properly completed in
      compliance with all applicable laws;

	 	 	 
	 	(k) 	
      the Vendors have advised the Purchaser of all of the
      material information relating to the mineral potential of the Property of
      which it has knowledge; and

	 	 	 
	 	(l) 	
      there are no mine workings or waste dumps or mine
      tailings on the property.

2.2                   
The representations and warranties contained in paragraph 2.1 are provided for
the exclusive benefit of the Purchaser, and a breach of any one or more
representations or warranties may be waived by the Purchaser in whole or in part
at any time without prejudice to its rights in respect of any other breach of
the same or any other representation or warranty, and the representations and
warranties contained in paragraph 2.1 will survive the execution and delivery of
this Agreement. 

2.3                    The
Purchaser represents and warrants to the Vendors that: 

	 	(a) 	
      the Purchaser is a valid and subsisting corporation duly
      incorporated and in good standing under the laws of the State of
      Nevada;

	 	 	 
	 	(b) 	
      the Purchaser has the full right, power, capacity and
      authority to enter into, execute and deliver this Agreement and to be
      bound by its terms;

	 	 	 
	 	(c) 	
      the consummation of this Agreement will not conflict with
      nor result in any breach of its constating documents or any covenants or
      agreements contained in or constitute a default under any agreement or
      other instrument whatever to which the Purchaser is a party or by which
      the Purchaser is bound or to which the Purchaser may be subject;
  and

	 	 	 
	 	(d) 	
      no proceedings are pending for, and the Purchaser is
      unaware of any basis for, the institution of any proceedings leading to
      the placing of the Purchaser in bankruptcy or subject to any other laws
      governing the affairs of insolvent parties.

2.4                    The
representations and warranties contained in paragraph 2.3 are provided for the
exclusive benefit of the Vendors, and a breach of any one or more
representations or warranties may be waived by the Vendors in whole or in part
at any time without prejudice to its rights in respect of any other breach of
the same or any other representation or warranty, and the 

4 

representations and warranties contained in paragraph 2.3 will
survive the execution and delivery of this Agreement. 

2.5                    The
Vendors and the Purchaser acknowledge that the Vendors will maintain control of
the Property, subject to this Agreement, and subject to all appropriate local
and national governmental approvals and environmental considerations. 

3.                     
PURCHASE 

3.1                    The
Vendors hereby sell to the Purchaser a one hundred percent (100%) undivided
interest in and to the Property and all minerals on the Property, free and clear
of all claims, taxes, liens or encumbrances, on the terms and conditions set out
herein. 

3.2                    The
consideration payable by the Purchaser to the Vendors pursuant to this Agreement
shall be $270,000 cash, payable as follows: 

	 	(a) 	
      $50,000 payable immediately on the signing of this
      Agreement;

	 	 	 
	 	(b) 	
      $70,000 within 30 days of the Effective Date;
  and

	 	 	 
	 	(c) 	
      $150,000 within 90 days of the Effective
  Date.

3.3                   
If the Purchaser identifies any material defect in the Vendors’ title to the
Property, the Purchaser shall give the Vendors notice of such defect. If the
defect has not been cured within 60 days of receipt of such notice, the
Purchaser shall be entitled to take such curative action as is reasonably
necessary, and shall be entitled to deduct the costs and expenses incurred in
taking such action from Payments then otherwise due or accruing due to the
Vendors. If there are no such Payments, the Purchaser shall be entitled to a
refund in the amount of said costs and expenses. 

3.4                   
If any third party asserts any right or claim to the Property or to any amounts
payable to the Vendors, the Purchaser may deposit any amounts otherwise due to
the Vendors in escrow with a suitable agent until the validity of such right or
claim has been finally resolved. If the Purchaser deposits said amounts in
escrow, the Purchaser shall be deemed not in default under this Agreement for
failure to pay such amounts to the Vendors. 

4.                     
MINING PROFITS 

4.1                   
Upon commencement of mining operations, all profits from the sale of Ore shall
be split 60% to the Purchaser and 40% to the Vendors collectively. Upon the
Purchaser having paid gross proceeds of $210,000 pursuant to section 3.2, such
profits shall then be split 90% to the Purchaser and 10% to the Vendors
collectively. The Vendors agree that the Purchaser shall have the right to
acquire their 10% profit interest at any time upon payment of the aggregate
purchase price of $370,000 to the Vendors. 

5.                     
PROPERTY EXPLORATION AND MAINTENANCE 

5.1                    The
Purchaser shall be the operator in connection with the Property.

5 

5.2                    The
Purchaser agrees that when acting as operator it will submit reports of its
exploration activities on the Property to the appropriate government or
regulatory authorities as may be required to maintain the Property in good
standing and will further provide copies of such information to the Vendors.

6.                     
RIGHT OF ENTRY 

6.1                   
The Purchaser and its employees, agents, directors, officers and independent
contractors will have the exclusive right in respect of the Property to: 

	 	(a) 	
      enter the Property without disturbance;

	 	 	 
	 	(b) 	
      do such prospecting, exploration, development and/or
      other mining work on and under the Property to carry out exploration
      expenditures as the Purchaser may determine necessary or
  desirable;

	 	 	 
	 	(c) 	
      bring and erect upon the Property such buildings, plant,
      machinery and equipment as the Purchaser may deem necessary or desirable
      in its sole discretion; and

	 	 	 
	 	(d) 	
      remove from the Property all metals and minerals derived
      from its operations on the Property as may be deemed necessary by the
      Purchaser for testing.

7.                     
RECORDING OF AGREEMENT 

7.1                    The
Vendors and the Purchaser will execute and deliver such additional documentation
as legal counsel for the Vendors and the Purchaser determine is necessary in
order to duly register and record in the appropriate registration and recording
offices notice that the Vendors’ interest in and to the Property is subject to
and bound by the terms of this Agreement. 

8.                     
CONDITIONS PRECEDENT 

8.1                   
The obligation of the Purchaser to consummate the transactions contemplated
under this Agreement is subject to the Purchaser being satisfied with the title
to the Property held by the Vendors which is for the Purchaser’s sole benefit
and may be waived in writing by the Purchaser. 

9.                    
 JOINT OBLIGATIONS 

9.1                    Unless
this Agreement is terminated in accordance with paragraph 13.1, the parties
covenant and agree with each other that they will co-operate in good faith to:

	 	(a) 	
      maintain the Property in good standing by doing and
      filing all assessment work or making payments in lieu thereof and by
      performing all other acts which may be necessary in order to keep the
      Property in good standing and free and clear of all liens and other
      charges arising from or out of the Purchaser’s activities on the
      Property;

6 

	 	(b) 	
      do all work on the Property in accordance with sound
      mining, exploration and engineering practices and in compliance with all
      applicable laws, bylaws, regulations, orders, and lawful requirements of
      any governmental or regulatory authority and comply with all laws
      governing the possession of the Property, including, without limitation,
      those governing safety, pollution and environmental matters;
and,

	 	 	 
	 	(c) 	
      maintain true and correct books, accounts and records of
      operations thereunder, such records to be open at all reasonable times
      upon reasonable notice for inspection by the other party or its duly
      authorized representative.

10.                    RIGHTS
AND OBLIGATIONS AFTER TERMINATION 

10.1                  
If this Agreement terminates pursuant to the provisions of paragraph 13.1, then
the Purchaser will deliver a deed of quit claim or other appropriate instrument
to the Vendors in recordable form whereby the Purchaser will acknowledge and
agree that it has no interest either legal or equitable in and to the Property.

11.                    
FORCE MAJEURE 

11.1                  
If either party is at any time during the Payment Period is prevented or delayed
in complying with any of the provisions of this Agreement (the “Affected Party”)
by reason of strikes, lockouts, land claims and blockages, NGO activities,
forest or highway closures, earthquakes, subsidence, general collapse or
landslides, interference or the inability to secure on reasonable terms any
private or public permits or authorizations, labour, power or fuel shortages,
fires, wars, acts of God, civil disturbances, governmental regulations
restricting normal operations, shipping delays or any other reason or reasons
beyond the reasonable control of the Affected Party whether or not foreseeable
(provided that lack of sufficient funds to carry out exploration on the Property
will be deemed not to be beyond the reasonable control of the Affected Party),
then the time limited for the performance by the Affected Party of its
obligations hereunder will be extended by a period of time equal in length to
the period of each such prevention or delay. Nothing in this paragraph 11.1 or
this Agreement will relieve either Party from its obligation to maintain the
claims comprising the Property in good standing and to comply with all
applicable laws and regulations including, without limitation, those governing
safety, pollution and environmental matters. 

11.2                  
The Affected Party will promptly give notice to the other party of each event of
force majeure under paragraph 11.1 within 7 days of such event commencing and
upon cessation of such event will furnish the other party with written notice to
that effect together with particulars of the number of days by which the time
for performing the obligations of the Affected Party under this Agreement has
been extended by virtue of such event of force majeure and all preceding events
of force majeure. 

12.                    
CONFIDENTIAL INFORMATION 

12.1                  
The terms of this Agreement and all information obtained in connection with the
performance of this Agreement will be the exclusive property of the parties
hereto and except as 

7 

provided in paragraph 12.2, will not be disclosed to any third
party or the public without the prior written consent of the other party, which
consent will not be unreasonably withheld. 

12.2                  
The consent required by paragraph 12.1 will not apply to a disclosure: 

	 	(a) 	
      to an Affiliate, consultant, contractor or subcontractor
      that has a bona fide need to be informed;

	 	 	 
	 	(b) 	
      to any third party to whom the disclosing party
      contemplates a transfer of all or any part of its interest in this
      Agreement;

	 	 	 
	 	(c) 	
      to a governmental agency or to the public which such
      party believes in good faith is required by pertinent laws or regulation
      or the rules of any applicable stock exchange;

	 	 	 
	 	(d) 	
      to an investment dealer, broker, bank or similar
      financial institution, in confidence if required as part of a due
      diligence investigation by such financial institution in connection with a
      financing required by such party or its shareholders or affiliates to
      meet, in part, its obligations under this Agreement; or

	 	 	 
	 	(e) 	
      in a prospectus or other offering document pursuant to
      which such party proposes to raise financing to meet, in part, its
      obligations under this Agreement.

13.                   
 DEFAULT AND TERMINATION 

13.1                  
Subject to section 11, if at any time during the Payment Period, a party is in
default of any requirement of this Agreement or is in breach of any provision
contained in this Agreement, the party affected by the default (the
“Non-Defaulting Party”) may terminate this Agreement by giving written notice of
termination to the other party but only if: 

	 	(a) 	
      it will have given to the other party written notice of
      the particular failure, default, or breach on the part of the other party;
      and

	 	 	 
	 	(b) 	
      the other party has not, within 30 days following
      delivery of such written notice of default, cured such default or
      commenced to cure such default, it being agreed by each party that should
      it so commence to cure any default it will prosecute such cure to
      completion without undue delay.

13.2                  
Notwithstanding any termination of this Agreement, the Purchaser will remain
liable for those obligations specified in Sections 10, 12 and 14 and the Vendors
will remain liable for its obligations under Subsection 3.4 and Sections 12 and
14. 

14.                   
 INDEPENDENT ACTIVITIES 

14.1                  
Except as expressly provided herein, each party shall have the free and
unrestricted right to independently engage in and receive the full benefit 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 

8 

therein. No party shall be under any fiduciary or other duty to
the other which will prevent it from engaging in or enjoying the benefits of
competing endeavours within the general scope of the endeavours contemplated
herein. The legal doctrines of “corporate opportunity” sometimes applied to
persons engaged in a joint venture or having fiduciary status shall not apply in
the case of any party. In particular, without limiting the foregoing, no party
shall have any obligation to any other party as to: 

	 	(a) 	
      any opportunity to acquire, explore and develop any
      mining property, interest or right presently owned by it or offered to it
      outside of the Property at any time; and

	 	 	 
	 	(b) 	
      the erection of any mining plant, mill, smelter or
      refinery, whether or not such mining plant, mill, smelter or refinery
      treats ores or concentrates from the Property.

15.                    
INDEMNITY 

15.1                  
The Vendors covenant and agree with the Purchaser (which covenant and agreement
will survive the execution, delivery and termination of this Agreement) to
indemnify and save harmless the Purchaser against all liabilities, claims,
demands, actions, causes of action, damages, losses, costs, expenses or legal
fees suffered or incurred by the Purchaser, directly or indirectly, by reason of
or arising out of any warranties or representations on the part of the Vendors
herein being untrue or arising out of work done by the Vendors on or with
respect to the Property. 

15.2                  
The Purchaser covenants and agrees with the Vendors (which covenant and
agreement will survive the execution, delivery and termination of this
Agreement) to indemnify and save harmless the Vendors against all liabilities,
claims, demands, actions, causes of action, damages, losses, costs, expenses or
legal fees suffered or incurred by reason of or arising out of any warranties or
representations on the part of the Purchaser herein being untrue or arising out
of the Purchaser and its duly authorized representatives accessing the Property.

16.                    
GOVERNING LAW 

16.1                  
This Agreement will be construed and in all respects governed by the laws of the
State of Nevada. 

17.                    
NOTICES 

17.1                  
All notices, payments and other required communications and deliveries to the
parties hereto will be in writing, and will be addressed to the parties as
follows or at such other address as the parties may specify from time to time:

	 	(a) 	
      to the Vendor:

	 	 	 
	 		
      Altos de Amador S.A., 
Avenida Samuel Lewis y
      
Calle Gerrado Ortega

9 

	 		
      Edificio Central, 5to piso 
Panama, Rep. De
    Panama

	 	 	 
	 		
      Tel.                
       (507) 269 55 66

	 		
      Attention:      Jenny Moreno
      (counsel in Panama)

	 	 	 
	 	(b) 	
      to the Purchaser:

	 	 	 
	 		
      Chancery Resources, Inc. 
422 Richards Street 
3rd
      Floor 
Vancouver, BC V6B 2Z4

	 	 	 
	 		
      Attention:        JUAN
      RESTREPO GUTIERREZ

	 	 	 
	 		
      with a copy to:

	 	 	 
	 		
      Clark Wilson LLP

	 		
      800-885 West Georgia Street 
Vancouver BC, V6C
    3H1

	 	 	 
	 		
      Attention:        Mr.
      Bill Macdonald
      
Fax:                   
      604-687-6314

Notices must be delivered, sent by telex, telegram, Telecopier
or mailed by pre-paid post and addressed to the party to which notice is to be
given. If notice is sent by telex, telegram or Telecopier or is delivered, it
will be deemed to have been given and received at the time of transmission or
delivery. If notice is mailed, it will be deemed to have been received five
business days following the date of the mailing of the notice. If there is an
interruption in normal mail service due to strike, labour unrest or other cause
at or prior to the time a notice is mailed the notice will be sent by telex,
telegram or Telecopier or will be delivered. 

17.2                  
Either party hereto at any time or from time to time notify the other party in
writing of a change of address and the new address to which a notice will be
given thereafter until further change. 

18.                    
ASSIGNMENT 

18.1                  
Each party has the right to assign all or any part of its interest in the
Property and this Agreement. It shall be a condition to any such assignment that
the assignee of the interest being transferred agrees in writing to be bound by
the terms of this Agreement, as if it had been an original party hereto. 

19.                    
ARBITRATION 

19.1                  
If there is any disagreement, dispute or controversy (hereinafter collectively
called a “dispute”) between the parties with respect to any matter arising under
this Agreement 

10 

or the construction hereof, then the dispute shall be
determined by arbitration in accordance with the following procedures: 

	 	(a) 	
      the parties to the dispute shall appoint a single
      mutually acceptable arbitrator. If the parties cannot agree upon a single
      arbitrator, then the party on one side of the dispute shall name an
      arbitrator, and give notice thereof to the party on the other side of the
      dispute;

	 	 	 
	 	(b) 	
      the party on the other side of the dispute shall within
      14 days of the receipt of notice, name an arbitrator; and

	 	 	 
	 	(c) 	
      the two arbitrators so named shall, within seven days of
      the naming of the later of them, name a third arbitrator. If the party on
      either side of the dispute fails to name its arbitrator within the
      allotted time, then the arbitrator named may make a determination of the
      dispute. Except as expressly provided in this paragraph, the arbitration
      shall be in accordance with the Commercial Arbitration Act (British
      Columbia) and conducted in Vancouver BC. The decision shall be made within
      30 days following the naming of the latest of them, shall be based
      exclusively on the advancement of exploration, development and production
      work on the Property and not on the financial circumstances of the
      parties, and shall be conclusive and binding upon the parties. The costs
      of arbitration shall be borne equally by the parties to the dispute unless
      otherwise determined by the arbitrator(s) in the
award.

20.                   
 ENTIRE AGREEMENT 

20.1                  
This Agreement constitutes the entire agreement between the Vendors and the
Purchaser and will supersede and replace any other agreement or arrangement,
whether oral or in writing, previously existing between the parties with respect
to the subject matter of this Agreement. 

21.                    
CONSENT OR WAIVER 

21.1                  
No consent or waiver, express or implied, by either party hereto in respect of
any breach or default by the other party in the performance by such other party
of its obligations under this Agreement will be deemed or construed to be
consent to or waiver or any other breach or default. 

22.                    
FURTHER ASSURANCES 

22.1                  
The parties will promptly execute, or cause to be executed, all bills of sale,
transfers, documents, conveyances and other instruments of further assurance
which may be reasonably necessary or advisable to carry out fully the intent and
purpose of this Agreement or to record wherever appropriate the respective
interests from time to time of the parties hereto in and to the Property. 

11 

23.      
             
SEVERABILITY 

23.1                  
If any provision of this Agreement is or will become illegal, unenforceable or
invalid for any reason whatsoever, such illegal, unenforceable or invalid
provisions will be severable from the remainder of this Agreement and will not
affect the legality, enforceability or validity of the remaining provisions of
this Agreement. 

24.      
             
ENUREMENT 

24.1                  
This Agreement will enure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns. 

25.       
            
AMENDMENTS 

25.1                  
This Agreement may only be amended in writing with the mutual consent of all
parties. 

26.       
            
COUNTERPARTS 

26.1                  
This Agreement may be executed in any number of counterparts and by facsimile
transmission with the same effect as if all parties hereto had signed the same
document. All counterparts will be construed together and constitute one and the
same agreement. 

IN WITNESS WHEREOF the parties hereto have executed this
Agreement the 19th day of March, 2008 

CHANCERY RESOURCES, INC. 

	Per: 	/s/ Juan Restrepo Gutierrez 	 
	 	Authorized
      Signatory 	 

ALTOS DE AMADOR S.A. 

	Per: 	/s/ Signed 	 
	  	Authorized Signatory 	 

12 

SCHEDULE “A” 

PROPERTY-LEGAL DESCRIPTION AND LOCATION 

EL CAFETAL MINE, VALPARAISO ANTIOQUIA 

Legal Information 

Exploration and Exploitation License Number 5755 

Valid from February 12, 2002 to February 12, 2032 (30 years)

Environmental License, Resolution No. 130CA 2660 

Mining Registry Certificate Code 

Area 135 hectares and 6.770 m2 

Minerals Gold, Silver and Copper veins 

Municipality Valparaiso, Antioquia, Columbia 

Map IGAC 186-II-A, scale 1:25.000 

 

Limits 

  	Sector
      	Point
      	North Coordinates 	East Coordinates 
	1 	1 	1,110,010.00 	1,161,635.00 
	1 	2 	1,110,792.00 	1,161,635.00 
	1 	3 	1,110,792.00 	1,159,900.00 
	1 	4 	1,110,010.00 	1,159,900.00

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