Document:

Bridgeport Ventures Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

Exhibit 4.1

BRIDGEPORT VENTURES INC. 

STOCK OPTION PLAN 

	1. 	
      PURPOSE

The purpose of this stock option plan (the “Plan”) is to
authorize the grant to Eligible Persons (as such term is defined below) of
Bridgeport Ventures Inc. (the “Corporation”) of options to purchase
common shares (“shares”) of the Corporation's capital and thus benefit
the Corporation by enabling it to attract, retain and motivate Eligible Persons
by providing them with the opportunity, through share options, to acquire an
increased proprietary interest in the Corporation. 

	2. 	
      ADMINISTRATION

The Plan shall be administered by the board of directors of the
Corporation or a committee established by the board of directors for that
purpose (the “Committee”). Subject to approval of the granting of options
by the board of directors or Committee, as applicable, the Corporation shall
grant options under the Plan. 

	3. 	
      SHARES SUBJECT TO PLAN

Subject to adjustment under the provisions of paragraph 12
hereof, the aggregate number of shares of the Corporation which may be issued
and sold under the Plan will not exceed 10% of the total number of shares of the
Corporation issued and outstanding from time to time. The total number of shares
which may be reserved for issuance to any one individual under the Plan within
any one year period shall not exceed 5% of the outstanding issue. The
Corporation shall not, upon the exercise of any option, be required to issue or
deliver any shares prior to (a) the admission of such shares to listing on any
stock exchange on which the Corporation's shares may then be listed, and (b) the
completion of such registration or other qualification of such shares under any
law, rules or regulation as the Corporation shall determine to be necessary or
advisable. If any shares cannot be issued to any optionee for whatever reason,
the obligation of the Corporation to issue such shares shall terminate and any
option exercise price paid to the Corporation shall be returned to the optionee.

	4. 	
      LIMITS WITH RESPECT TO
INSIDERS

	 	(a) 	
      The maximum number of shares which may be reserved for
      issuance to insiders under the Plan, any other employer stock option plans
      or options for services, shall be 10% of the shares issued and outstanding
      at the time of the grant (on a non-diluted basis).

	 	 	 
	 	(b) 	
      The maximum number of shares which may be issued to
      insiders under the Plan, together with any other previously established or
      proposed share compensation arrangements, within any one year period shall
      be 10% of the outstanding issue. The maximum number of shares which may be
      issued to any one insider and his or her associates under the Plan,
      together with any other previously established
or proposed share compensation arrangements, within a one year
period shall be 5% of the shares outstanding at the time of the grant (on a
non-diluted basis). 

	 	
       
	5. 	
      ELIGIBILITY

Options shall be granted only to Eligible Persons, any
registered savings plan established by an Eligible Person or any corporation
wholly-owned by an Eligible Person. The term “Eligible Person” means:

	 	(a) 	
      a senior officer or director of the Corporation or any of
      its subsidiaries;

	 	 	 
	 	(b) 	
      either:

	 	(i) 	
      an individual who is considered an employee under the
      Income Tax Act,

	 	 	 
	 	(ii) 	
      an individual who works full-time for the Corporation
      providing services normally provided by an employee and who is subject to
      the same control and direction by the Corporation over the details and
      methods of work as an employee of the Corporation, but for whom income tax
      deductions are not made at source, or

	 	 	 
	 	(iii) 	
      an individual who works for the Corporation on a
      continuing and regular basis for a minimum amount of time per week (the
      number of hours should be disclosed in the submission) providing services
      normally provided by an employee and who is subject to the same control
      and direction by the Corporation over the details and methods of work as
      an employee of the Corporation, but for whom income tax deductions are not
      made at source,

any such individual, an
“Employee”; 

	 	(c) 	
      an individual employed by a corporation, incorporated
      association or organization, body corporate, partnership, trust,
      association or other entity other than an individual (a “Company”)
      or an individual (together with a Company, a “Person”) providing
      management services to the Corporation, which are required for the ongoing
      successful operation of the business enterprise of the Corporation, but
      excluding a Person engaged in Investor Relations Activities (as hereafter
      defined) (a “Management Company Employee”);

	 	 	 
	 	(d) 	
      an individual (or a company or partnership of which the
      individual is an employee, shareholder or partner), other than an
      Employee, Management Company Employee, director or senior officer,
    who:

	 	(i) 	
      provides ongoing consulting services to the Corporation
      or an Affiliate of the Corporation under a written contract;

	 	 	 
	 	(ii) 	
      possesses technical, business or management expertise of
      value to the Corporation or an Affiliate of the
  Corporation;

2 

	 	(iii) 	
      spends a significant amount of time and attention on the
      business and affairs of the Corporation or an Affiliate of the
      Corporation;

	 	 	 
	 	(iv) 	
      has a relationship with the Corporation or an Affiliate
      of the Corporation that enables the individual to be knowledgeable about
      the business and affairs of the Corporation; and

	 	 	 
	 	(v) 	
      does not engage in Investor Relations Activities (as
      hereafter defined)

any such individual, a
“Consultant”;

	 	(e) 	
      an individual (or a company or partnership of which the
      individual is an employee, shareholder or partner), other than an
      Employee, Management Company Employee, director or senior officer, that
      falls within the definition of Consultant contained in subsections 5(d)(i)
      through (iv) which provides Investor Relations Activities (an “Investor
      Relations Consultant”); or

	 	 	 
	 	(f) 	
      a Person that falls within the definition of Eligible
      Person contained in any of subsections 5(a), (b) or (d) which provides
      Investor Relations Activities (an “Investor Relations
    Person”).

For purposes of the foregoing, a Company is an
“Affiliate” of another Company if: (a) one of them is the subsidiary of
the other; or (b) each of them is controlled by the same Person. 

The term “Investor Relations Activities” means any
activities or oral or written communications, by or on behalf of the Corporation
or shareholder of the Corporation, that promote or reasonably could be expected
to promote the purchase or sale of securities of the Corporation, but does not
include: 

	 	(a) 	
      the dissemination of information provided, or records
      prepared, in the ordinary course of business of the
  Corporation

	 	(i) 	
      to promote the sale of products or services of the
      Corporation, or

	 	 	 
	 	(ii) 	
      to raise public awareness of the Corporation,

	 	 	 
	 	(iii) 	
      that cannot reasonably be considered to promote the
      purchase or sale of securities of the
Corporation;

	 	(b) 	
      activities or communications necessary to comply with the
      requirements of

	 	(i) 	
      applicable securities laws, policies or
    regulations,

	 	 	 
	 	(ii) 	
      the rules, and regulations of the TSX Venture Exchange
      (“TSX-V”) or the by-laws, rules or other regulatory instruments of
      any other self regulatory body or exchange having jurisdiction over the
      Corporation;

3 

	 	(iii) 	
      communications by a publisher of, or writer for, a
      newspaper, magazine or business or financial publication, that is of
      general and regular paid circulation, distributed only to subscribers to
      it for value or to purchasers of it, if

	 	(1) 	
      the communication is only through the newspaper, magazine
      or publication, and

	 	 	 
	 	(2) 	
      the publisher or writer received no commission or other
      consideration other than for acting in the capacity of publisher or
      writer; or

	 	(c) 	
      activities or communications that may be otherwise
      specified by the TSX-V.

For stock options to Employees, Consultants, Management Company
Employees or Investor Relations Persons, the Corporation must represent that the
optionee is a bona fide Employee, Consultant, Management Company Employee
or Investor Relations Person as the case may be. The terms “insider”,
“controlled” and “subsidiary” shall have the meanings ascribed thereto in the
Securities Act (Ontario) from time to time. Subject to the foregoing, the
board of directors or Committee, as applicable, shall have full and final
authority to determine the persons who are to be granted options under the Plan
and the number of shares subject to each option. 

	6. 	
      LIMITS WITH RESPECT TO CONSULTANTS AND INVESTOR RELATIONS
      PERSONS

	 	(a) 	
      The maximum number of stock options which may be granted
      to any one Consultant under the Plan, any other employer stock options
      plans or options for services, within any 12 month period, must not exceed
      2% of the shares issued and outstanding at the time of the grant (on a
      non-diluted basis).

	 	 	 
	 	(b) 	
      The maximum number of stock options which may be granted
      to Investor Relations Persons under the Plan, any other employer stock
      options plans or options for services, within any 12 month period must not
      exceed, in the aggregate, 2% of the shares issued and outstanding at the
      time of the grant (on a non-diluted basis).

	7. 	
      PRICE

The purchase price (the “Price”) for the shares of the
Corporation under each option shall be determined by the board of directors or
Committee, as applicable, on the basis of the market price, where “market price”
shall mean the prior trading day closing price of the shares of the Corporation
on any stock exchange on which the shares are listed or last trading price on
the prior trading day on any dealing network where the shares trade, and where
there is no such closing price or trade on the prior trading day, “market
price”' shall mean the average of the daily high and low board lot trading
prices of the shares of the Corporation on any stock exchange on which the
shares are listed or dealing network on which the shares of the Corporation
trade for the five (5) immediately preceding trading days. In the event the
shares are listed on the TSX-V, the price may be the market price less any
discounts from the market price allowed by the TSX-V, subject to a minimum price of $0.10. In the event the shares
are not listed on any exchange and do not trade on any dealing network, the
market price will be determined by the board of directors. The approval of
disinterested shareholders will be required for any reduction in the Price of a
previously granted option to an insider of the Corporation. 

4 

	 	
       
	8. 	
      PERIOD OF OPTION AND RIGHTS TO
EXERCISE

Subject to the provisions of this paragraph 8 and paragraphs 9,
10 and 17 below, options will be exercisable in whole or in part, and from time
to time, during the currency thereof. Options shall not be granted for a term
exceeding five years. The shares to be purchased upon each exercise of any
option (the “optioned shares”) shall be paid for in full at the time of
such exercise. Except as provided in paragraphs 9, 10 and 17 below, no option
which is held by a service provider may be exercised unless the optionee is then
a service provider for the Corporation. 

	9. 	
      CESSATION OF PROVISION OF
SERVICES

Subject to paragraph 10 below, if any optionee who is a service
provider shall cease to be an Eligible Person of the Corporation for any reason
(whether or not for cause) the optionee may, but only within the period of
ninety days (unless such period is extended by the board of directors or the
Committee, as applicable, and approval is obtained from the stock exchange on
which the shares of the Corporation trade), or thirty days if the Eligible
Person is an Investor Relations Person (unless such period is extended by the
board of directors or the Committee, as applicable, and approval is obtained
from the stock exchange on which the shares of the Corporation trade), next
succeeding such cessation and in no event after the expiry date of the
optionee's option, exercise the optionee's option unless such period is extended
as provided in paragraph 10 below. 

	10. 	
      DEATH OF OPTIONEE

In the event of the death of an optionee during the currency of
the optionee's option, the option theretofore granted to the optionee shall be
exercisable within, but only within, the period of one year next succeeding the
optionee's death (unless such period is extended by the board of directors or
the Committee, as applicable, and approval is obtained from the stock exchange
on which the shares of the Corporation trade). Before expiry of an option under
this paragraph 10, the board of directors or Committee, as applicable, shall
notify the optionee's representative in writing of such expiry. 

	11. 	
      NON-ASSIGNABILITY AND NON-TRANSFERABILITY OF
  OPTION

An option granted under the Plan shall be non-assignable and
non-transferable by an optionee otherwise than by will or by the laws of descent
and distribution, and such option shall be exercisable, during an optionee's
lifetime, only by the optionee. 

	12. 	
      ADJUSTMENTS IN SHARES SUBJECT TO
PLAN

The aggregate number and kind of shares available under the
Plan shall be appropriately adjusted in the event of a reorganization,
recapitalization, stock split, stock dividend, combination of shares, merger, consolidation, rights offering
or any other change in the corporate structure or shares of the Corporation. The
options granted under the Plan may contain such provisions as the board of
directors, or Committee, as applicable, may determine with respect to
adjustments to be made in the number and kind of shares covered by such options
and in the option price in the event of any such change. If there is a reduction
in the exercise price of the options of an insider of the Corporation, the
Corporation will be required to obtain approval from disinterested shareholders. 

5 

	 	
       
	13. 	
      AMENDMENT AND TERMINATION OF THE
PLAN

The board of directors or Committee, as applicable, may at any
time amend or terminate the Plan, but where amended, such amendment is subject
to regulatory approval. 

	14. 	
      EFFECTIVE DATE OF THE PLAN

The Plan becomes effective on the date of its approval by the
shareholders of the Corporation. 

	15. 	
      EVIDENCE OF OPTIONS

Each option granted under the Plan shall be embodied in a
written option agreement between the Corporation and the optionee which shall
give effect to the provisions of the Plan. 

	16. 	
      EXERCISE OF OPTION

Subject to the provisions of the Plan and the particular
option, an option may be exercised from time to time by delivering to the
Corporation at its registered office a written notice of exercise specifying the
number of shares with respect to which the option is being exercised and
accompanied by payment in cash or certified cheque for the full amount of the
purchase price of the shares then being purchased. 

Upon receipt of a certificate of an authorized officer
directing the issue of shares purchased under the Plan, the transfer agent is
authorized and directed to issue and countersign share certificates for the
optioned shares in the name of such optionee or the optionee's legal personal
representative or as may be directed in writing by the optionee's legal personal
representative. 

	17. 	
      VESTING RESTRICTIONS

Options issued under the Plan may vest at the discretion of the
board of directors or Committee, as applicable, provided that if required by any
stock exchange on which the shares of the Corporation trade, options issued to
Investor Relations Consultants must vest in stages over not less than 12 months
with no more than one-quarter (1/4) of the options vesting in any three month
period. 

6 

	18. 	
      NOTICE OF SALE OF ALL OR SUBSTANTIALLY ALL SHARES OR
      ASSETS

If at any time when an option granted under this Plan remains
unexercised with respect to any optioned shares: 

	 	(a) 	
      the Corporation seeks approval from its shareholders for
      a transaction which, if completed, would constitute an Acceleration Event;
      or

	 	 	 
	 	(b) 	
      a third party makes a bona fide formal offer or proposal
      to the Corporation or its shareholders which, if accepted, would
      constitute an Acceleration Event;

the Corporation shall notify the optionee in writing of such
transaction, offer or proposal as soon as practicable and, provided that the
board of directors or Committee, as applicable, has determined that no
adjustment shall be made pursuant to section 12 hereof, (i) the board of
directors or Committee, as applicable, may permit the optionee to exercise the
option granted under this Plan, as to all or any of the optioned shares in
respect of which such option has not previously been exercised (regardless of
any vesting restrictions), during the period specified in the notice (but in no
event later than the expiry date of the option), so that the optionee may
participate in such transaction, offer or proposal; and (ii) the board of
directors or Committee, as applicable, may require the acceleration of the time
for the exercise of the said option and of the time for the fulfilment of any
conditions or restrictions on such exercise. 

For these purposes, an Acceleration
Event means: 

	 	(a) 	
      the acquisition by any “offeror” (as defined in Part XX
      of the Securities Act (Ontario)) of beneficial ownership of more
      than 50% of the outstanding voting securities of the Corporation, by means
      of a take-over bid or otherwise;

	 	 	 
	 	(b) 	
      any consolidation or merger of the Corporation in which
      the Corporation is not the continuing or surviving corporation or pursuant
      to which shares of the Corporation would be converted into cash,
      securities or other property, other than a merger of the Corporation in
      which shareholders immediately prior to the merger have the same
      proportionate ownership of stock of the surviving corporation immediately
      after the merger;

	 	 	 
	 	(c) 	
      any sale, lease exchange or other transfer (in one
      transaction or a series of related transactions) of all or substantially
      all of the assets of the Corporation; or

	 	 	 
	 	(d) 	
      the approval by the shareholders of the Corporation of
      any plan of liquidation or dissolution of the
  Corporation.

7 

	19. 	
      RIGHTS PRIOR TO EXERCISE

An optionee shall have no rights whatsoever as a shareholder in
respect of any of the optioned shares (including any right to receive dividends
or other distributions therefrom or thereon) other than in respect of optioned
shares in respect of which the optionee shall have exercised the option to
purchase hereunder and which the optionee shall have actually taken up and paid
for. 

	20. 	
      GOVERNING LAW

This Plan shall be construed in accordance with and be governed
by the laws of the Province of Ontario and shall be deemed to have been made in
said Province, and shall be in accordance with all applicable securities laws.

	21. 	
      EXPIRY OF OPTION

On the expiry date of any option granted under the Plan, and
subject to any extension of such expiry date permitted in accordance with the
Plan, such option hereby granted shall forthwith expire and terminate and be of
no further force or effect whatsoever as to such of the optioned shares in
respect of which the option has not been exercised. 

8Bridgeport Ventures Inc.: Exhibit 4.6 - Filed by newsfilecorp.com

Exhibit 4.6

OPTION CONTRACT FOR THE PURCHASE OF 

MINING
CONCESSIONS

RÍO CÓNDOR RESOURCES S.A.

AND

CONTRERAS VILLAR, MARIO LEONCIO

In Copiapó, on January 23, 2010, before me [NOTARY MENTIONS],
there appear: (a) RÍO CÓNDOR RESOURCES S.A., closely held stock
corporation engaged in mining, taxpayer number 76,072,443-2 properly
represented, as will be evidenced by Mr. FRANCISCO SCHUBERT SEIFFERT,
Chilean, divorced, mechanical engineer, national identification card number
6,095,824-6 and Mr.

MARCELO ANTONINO OLIVARES CABRERA, Chilean,
unmarried, lawyer, national identification card No. 10,703,661-K, all domiciled
in the city of Santiago and in transit in this city, at Camino del Sol number
3895-7 Borough of Lo Barnechea, hereinafter indistinctly “RCR” or the
“Beneficiary”; (b) Mr. MARIO LEONCIO CONTRERAS VILLAR, Chilean,
pensioned, married and with full separation of property, national identification
card number 2.800.468 -0, domiciled in this city at No. 177 Vicuña St., Borough
of Copiapó hereinafter indistinctly and as may be pertinent the “Offeror” or the
“Mortgagor” and (c) Mr. LUIS JUAN DEPETRIS DEFLORIAN, Chilean, married,
and with full separation of property, entrepreneur, national identification card
number 6.462,196 -3, pro se and on behalf, as will be evidenced Asesorías e
Inversiones Invermondo Limitada, limited liability company engaged in the
business of its denomination, TPN 77.931.440 -1, both domiciled in the
city of Santiago, and in transit through this city, at Avenida Eduardo Frei
Montalva number 9870, Borough of Quilicura, hereinafter indistinctly and jointly
the “Mortgagee”, the appearing parties of legal age who evidenced their identity
with the aforementioned cards and state:

FIRST: MINING CONCESSIONS SUBJECT OF THE CONTRACT.

The Offeror declares that it is the only and exclusive owner of
the mining claims called “SIMONETTA UNA AL VEINTE”, whose constitutive
sentence and survey certificate are registered on folio 747 over, number 182 of
the Property Registry corresponding to the year two thousand of the Registrar of
Mines of Copiapó that constitutes the title of domain in the name of the
Offeror. For all purposes of this Contract, the Offeror declares that the mining
claims identified above are in accordance with the law and properly registered,
that they are not affected by encumbrances, prohibitions, embargoes or
litigations with the exception of the mortgage and prohibition indicated in the following seventh
clause of this instrument. Likewise, the Offeror declares that the claim frees
of such mining concessions are properly paid and up to date. The situation of
location and extension of the mining claims identified above, is detailed in
their survey certificate and drawing and also in the drawing that forms Annex A,
which properly signed by the parties, is understood to form part of this
instrument, being notarized under the same repertory of this deed.

1

 SECOND. DENOMINATION OF THE CONCESSIONS. 

The parties agree that the group of mining claims identified in
the first clause above, including, if relevant, petitions and/or manifestations
or mining concessions that the Offeror, pro se or by a representative, may
register in its name and are located fully or partially in the area covered by
these mining claims and indicated in the drawing that forms Annex A of this
contract, constitute the object of the mining Option subject of this contract,
which will be called hereinafter for the purposes of this contract, the
“Properties”.

THIRD. PURPOSE OF THE CONTRACT.

The Offeror hereby grants in favor of RCR Option to buy and
offers irrevocably to sell, assign and transfer, in the terms of article 169
final paragraph of the Mining Code, the Properties identified in the first
clause of this instrument in the way, terms and modalities that are expressed in
the following clauses, hereinafter indistinctly the “Option”. Mr. FRANCISCO
SCHUBERT SEIFFERT and Mr. MARCELO ANTONINO OLIVARES CABRERA, in the representation
with which they are vested, hereby accept for RCR, in the terms of article 169
of the Mining Code, the Option referred to, RCR reserving the faculty of
accepting or rejecting the offer in the form, conditions and modalities that are
expressed in this instrument. The period in which the Beneficiary of the Option
or its assignees or successors may freely accept or reject the offer to purchase
the properties, will expire at midnight of the last day of the period of forty
eight months, as of this date. Therefore, at any moment before the expiration of
such period, RCR, or whoever may succeed it in its rights, if up to date in the
payments referred to in clause six, may express its will to enter into the
purchase sale, in which case it must only pay the balance of price that is
pending, after imputing the sums already paid, in accordance with the sixth
clause of this contract. In the event that RCR or whoever may succeed it in its
rights, does not express its intention within the period indicated or does not
pay any one of the installments that are detailed in letters (b) to (f) of
numeral six one of the following sixth clause, it will be understood that it
does not desire to persevere in the business and consequently the Option will
expire. The payment of the sums pending payment of the price of purchase sale at
the time the Option is exercised, must be made directly to the Offeror or whoever may represent it especially
for this purpose or else, if it cannot be done in that way, leaving in the hands
of the Notary before whom the deed of acceptance of the offer is issued, that
will be the same Notary who attests to his deed or whoever may replace,
substitute or succeed him, sight draft issued in favor of the Offeror and of the
Mortgagee, if pertinent, with instructions granted to such notary to deliver to
the Offeror and the Mortgagee, if pertinent, or whoever represents its rights,
such document once the registration of the Properties is evidenced in favor of
the Beneficiary, free from any encumbrance, prohibition, embargo or litigation.

2

 The acceptance of the offer must be expressed within the time period indicated,
through a public deed delivered before the Notary who attests, or whoever may
replace or succeed him in his Notary, copy of which, together with copy of the
instructions of payment of any balance pending payment of the price at the date
of the exercise of the Option as indicated previously, must be sent to the Offeror to the domicile indicated in the appearance of this instrument or that
which has been reported in writing to the Beneficiary before the time or
acceptance, through certified letter on the business day following that of the
delivery of the public deed of acceptance. The same notice shall be sent to the
Mortgagee in the event that at the date of the acceptance any of the payments
indicated in section 7.3 of the seventh following clause is pending. In such
event , the Registrar of Mines of Copiapó, having in sight the certified copy of
this deed and an authentic copy of the deed of acceptance delivered by RCR or by
whoever may succeed him as Beneficiary or assignee of the Option, shall register
the domain of the Properties in favor of RCR or, if this is the case, in the
name of its successors or assignees, in accordance with what is provided in the
final paragraph of Article 169 of the Mining Code. Likewise with the sole merit
of the deeds referred to and at the request of their bearer, the Registrar of
Mines of Copiapó will proceed to release and cancel the prohibitions and
limitations that are hereby constituted in favor of the Beneficiary of the
Option and to make the annotations of release on the margin of the registrations
that are made of this Option in the pertinent Records of such Registrar. The
parties agree that for the acceptance that is issued by RCR for this purpose it
is a requirement that the attesting Notary shall leave evidence that RCR has
delivered a sight draft in favor of the Offeror and of the Mortgagee if
pertinent, with the unpaid balance of the price at the date of acceptance of the
Option. In the event that for any reason or motive RCR does not exercise the
purchase Option of the Properties subject of this contract, any sum already paid
to the Offeror on account of the price of the purchase sale offered, shall
remain in its favor in the way of an advanced and only indemnification of any
damage that could be caused if the Option is not exercised. If RCR according to
what has been contracted should refuse the Option and does not exercise it
within the period fixed, with the sole merit of this deed, or of the document in
which the Beneficiary of his Option expresses its decision not to
exercise it, the Offeror may request the Registrar of Mines of Copiapó mentioned
previously to release and cancel any registration, subregistration and
annotation that may have been made in relation with this contract.

3

FOURTH. AUTHORIZATION OF EXPLORATION

According to what is provided by article 53 second paragraph of
the Mining Code, and in its case, by the articles 107, 113 and 116 of the same
legal body, the Offeror hereby grants to RCR authorization to perform all the
works that are necessary to recognize the geologic potential of the lands
comprised by the Properties subject of this Contract. The Offeror authorizes
RCR, hereby, to carry out exclusively exploration and prospecting operations on
the Properties throughout the duration of this contract. Making use of the right
of exploration and within the term indicated RCR is understood authorized to
effect pro se and through its technical personnel or with the concourse or
participation of third parties all kinds of investigation, reconnaissance,
exploration and prospecting, being able to make test pits, perform analyses,
drilling, galleries, tunnels, roads and other reconnaissance work. RCR will also
be especially authorized to request in favor of the Properties, mining easements
of those contemplated in articles 120 and following and 126 and following of the
Mining Code, RCR being responsible for the payment of the compensations or
indemnifications to which the constitution of such easements gives rise while
this Contract is effective, without any charge for the Offeror. RCR will be
responsible for all the activities executed in the Properties subject of this
contract. Likewise, RCR binds itself to carry out its activities in accordance
with the technical guidelines, of protection to the environment and of safety
established in the pertinent legal and regulatory norms, requesting the permits
and authorizations that may be relevant. In no event will RCR assume
responsibility of any kind for the conditions of the place where the mining
claims are located, derived from the activities developed prior to this date,
responsibility that is of exclusive account of the Offeror.

FIFTH: MAINTENANCE OF THE PROPERTIES.

5.1. While this Contract is effective, it will be the
responsibility of RCR to perform all the actuations that mining legislation
contemplates destined to the defense of the Properties from all actions of third
parties that pretend to obtain their expiration or extinction or overlapping,
RCR being obliged to take charge only while this contract is effective, of the
full and timely payment of the claim fees to which the Properties are liable,
under its exclusive cost and responsibility, as well as any cost related with
the maintenance and protection of the Properties, without any charge to the
Offeror, nor for which restitution can be claimed, nor impute to the price of
the purchase sale agreed. 

4

5.2. The parties leave on record that RCR, acting in the name
and in representation of the Offeror will be hereby authorized to cover the
Properties with a layer of exploration and/or exploitation mining concessions
that overlap them, concessions that if the Option is not exercised must be
transferred to the Offeror by RCR in the stage of proceedings in which they are,
free from cost for the Offeror. 

5.3. In order to authorize RCR to defend the Properties
judicially, including the request for mining legal easements in favor of the
Properties the Offeror hereby grants to RCR special mandate, as broad as
necessary for the proper fulfillment of its commission, mandate that can Be
exercised by RCR through any of its ordinary or special attorneys in fact,
releasing it from the obligation to render account of its omission, RCR
informing the Offeror in a timely manner about the actuations that they may
perform under this mandate at their sole request. 

SIXTH. PRICE OF THE PURCHASE SALE OFFERED.
 

6.1. It will be the equivalent of a million dollars to be paid
by RCR on the following opportunities: (a) thirty thousand dollars that RCR pays
in this act, for their equivalence in national currency of 14,962,500 Chilean
pesos through check number 007237897 of Banco Security in the name of the
Offeror, MARIO LEONCIO CONTRERAS VILLAR, according to the value of the observed
exchange rate publicized on Friday January 22, 2010 by the Central Bank of
498.75 per dollar of the United States of America, the Offeror declaring that it
has received it to its full satisfaction; (b) ten thousand dollars after six
months have elapsed from the date of this deed, that is at the latest on July
23, 2010; (c) sixty five thousand dollars after twelve months have elapsed from
the signing of his deed, this is, at the latest on January 23, 2011, without
prejudice to what is indicated in section 7.3 of the following seventh clause;
(d) one hundred and fifty thousand dollars after 24 months have elapsed from the
signing of this deed, that is, at the latest on January 23, 2011 without
prejudice to what is indicated in the section 7.3 of the following seventh
clause; (e) two hundred and forty five thousand dollars after 36 six months have
elapsed from the signature of this deed, that is, at the latest on January 23,
2013; and (f) five hundred thousand dollars after 48 months have elapsed from
the signing of this deed, that is, at the latest on January 23, 2014, and
against the acceptance by RCR of the offer and the registration in its name of
the Properties in the Property Registry of the Registrar of Mines of Copiapó. In
the event RCR should decide to exercise the Option before the expiration of the
period of 48 months of effectiveness of the Option subject of this letter, it
must advance the payment of any sum that on account of the fixed price of the
purchase sale that it owes on the date of the exercise of the Option in such a way that the fixed part of the
price of the purchase sale price is fully paid. 

5

6.2 If RCR wishes to desist from the Option subject of this
Contract, it promises to communicate it in writing to the Offeror in a period
that cannot be less than thirty days from the expiration date of the payment
which must be effected on account of the fixed part of the purchase sale price.
In the event that for any reason or motive RCR delays in effecting a payment of
those detailed in letters (b) to (f) referred to previously, then RCR will have
a waiting period of fifteen days from the date of expiration of the respective
installment to get up to date in the payment. If RCR does not make the pertinent
payment within such term, it will be understood that it desists from exercising
the Option, subject of this contract and the contract will terminate ipso facto,
without the need of judicial or arbitral declaration.

6.3 The payment of each one of the price installments in
letters b) to (f) of number six.one above will be effected in the offices of the
Notary attesting to this deed or whoever succeeds, substitutes or replaces him,
against the signature of the Offeror, of the pertinent public deed of receipt,
as well as that which corresponds to the Mortgagee in its case. The burden or
optional obligation of the Beneficiary for the Offeror of paying each one of the
installments of price mentioned in this section, will be entirely complied with
and in a timely manner, upon payment of each of the price installments mentioned
in this section, with the delivery to the Notary that attests to this deed, of a
sight draft issued in the name of the Offeror, and in its case the Mortgagee,
for the pertinent sum. Each sight draft must be delivered at the latest within
the time periods that are mentioned in literals (b) to (f) of section 6.1 above.
The sight drafts must be issued by the sum corresponding to the installment in
question in accordance with the observed publicized exchange rate that may
correspond to the day of payment in its equivalent in pesos national currency of
Chile. The Notary will not deliver to the Offeror, and to the Mortgagee in its
case, or whoever represents his rights, the sight draft which may correspond to
it, except against the signature of all of them in the pertinent public deed of
receipt (with granting or cancellation and release in the case of the Mortgagee
in the terms of the section 7.4 of the seventh clause below). The memorandum of
the public deed of receipt will be delivered by RCR to the intervening Notary.
The notaries dues that are caused by reason of these payments will be for
account of the Beneficiary. 

6

SEVENTH. MORTGAGE DEBT, PAYMENT AND RELEASE OF
ENCUMBRANCES.

7.1. By public deed of October 13, 2008, delivered in the
Notary of Copiapó of Mr. Hernán Cañas Valdés, Mr. Mario Leoncio Contreras
Villar, Mr. Luis Juan Depetris Deflorian and Asesorías e Inversiones
Invermondo Limitada signed an agreement called “Transaction, Resciliation of
Purchase Sale of Mining Claims, Release and Transaction”, hereinafter the
“Transaction” by virtue of which, principally, such parties annulled a sale of
the mining claims “Simonetta 1 al 20” (subject of the present option.) of Mr.
Mario Leoncio Contrreras Villar to Asesorías e Inversiones Invermondo Limitada, the former
maintaining the domain of such mining claims, recognizing a debt of four
thousand two hundred Unidades de Fomento in favor of Mr. Luis Juan Depetris
Deflorian and Asesorías e Inversiones Invermondo Limitada, payable in cash
to the latter in the event of the subscription of a deed of purchase sale or of
sales option or any other convention that would imply a payment in favor of Mr.
Mario Leoncio Contreras Villar for the concept of the mining
claims “Simonetta 1 al 20” for the sum of the Debt as minimum (the “Debt”). 

7.2. In order to guarantee the payment of the Debt indicated in
the preceding section, Mr. Mario Leoncio Contreras Villar constituted
over the mining claims “Simonetta 1 al 20” in favor of Mr. Luis Juan Depetris
Deflorian and Asesorías e Inversiones Invermondo Limitada the following
encumbrances: (I) Mortgage registered on folio 129, number 512, of the Registry
of Mortgages and Encumbrances corresponding to the year 2000 of the Registrar of
Mines of Copiapó and (ii) Prohibition to encumber and alienate and to enter into
any kind of acts and contracts, registered on folio 57, number 33, of the
Registry of Prohibitions and Interdictions corresponding to the year 2000 of the
same Registrar of Mines.

7.3. The Mortgagor, Mr. Mario Leoncio Contreras Villar
hereby binds himself to pay the debt to the Mortgagee, that is, jointly Mr.
Luis Juan Depetris Deflorian and Asesorías e Inversiones Invermondo
Limitada, in the following terms:

(i) For the purpose of this agreement, the parties convene in
transforming the Debt Recognized in four thousand two hundred Unidades de
Fomento, to the sum of US$ 176.000 (one hundred and seventy six thousand dollars
of the United States of America. 

(ii) The Mortgagor binds itself to pay to the Mortgagee the
aforementioned sum in two installments, the first of US$ 50,000 (fifty thousand
dollars of the United States of America) payable with the proceeds of the payment
that must be made to RCR of the installments indicated in sections c) and d) of
section 6.1 of the sixth clause above. 

7

(iii) for the purpose of materializing such two payments, the
Mortgagor authorizes and hereby gives special and irrevocable mandate to RCR so
that if this Option Contract remains in effect at the date when each of the
payments referred to must be made, pay directly to the Mortgagee the sums
detailed in the previous literal deducting such amounts from the value of the
installments that it must receive in the capacity of Offeror of this Option.
Furthermore, the Mortgagor consents and accepts hereby that if the payment is
relevant, it will directly receive from: 1) the installment indicated in letter
c) of section six.one of the sixth clause, the sum of fifteen thousand dollars,
the remaining fifty thousand dollars being applied to the payment of the Debt,
in the terms mentioned in this section; and 2) the installment indicated in
letter d) of section 6.1 of the sixth clause, the sum of twenty four thousand
dollars, the remaining one hundred and twenty six thousand dollars to be applied
to the payment of the debt, also in the previous terms of this section. Record
is expressly left of the fact that the mandate that is hereby given by the
Mortgagor to RCR is of a gratuitous nature and that the attorney in fact is
exempted from the obligation to render account of its fulfillment.

(iv) With respect to the payments that RCR must make to the
Mortgagee by virtue if this section seven.three, y will be made in a sight draft
taken to the order of Mr. Luis Juan Depetris Deflorian, for which the
Mortgagee confers to him a special and irrevocable mandate in order that he may
receive such payments, give receipts, cancellations and releases, and subscribe
the rest of the acts or contracts, by public or private instrument, that may be
pertinent, even being able to transact wherein necessary. 

(v) Once both installments of the debt are paid and cancelled,
the Mortgagor may request the Mortgagee for a public deed of release of the
transaction. 

7.4. Mr. Luis Juan Depetris Deflorian, pro se and on
behalf of Asesorías e Inversiones Invermondo Limitada hereby releases for
the sole effect of the execution of this Option Contract the constitution of the
mortgage and prohibition identified in section 7.2 above. This mortgage and
prohibition will be cancelled and released definitively against the payment of
the second installment of the Debt at the time of the payment of the price
installment of the Option indicated in literal d) of section 6.1 of the sixth
clause above. For these purposes, the Mortgagee binds itself to grant such
declaration of cancellation and release of the mortgage and prohibition in the
deed of receipt for payment to which section 6.3 of such clause six refers. 

8

7.5. In case RCR should wish to desist from the Option subject
of this contract before January 23, 2012, RCR binds itself to give written
notice to the Mortgagee in a period that cannot be under thirty days of the due
payment date that on account of the fixed part of the price of purchase sale has
to be made until such date according to section 6.1 of clause six above. In the
event that for any reason or motive RCR should delay in making a payment of
those detailed in letters b) to (d) of such section 6.1 of clause six above,
when RCR has a waiting time of fifteen days from the date of the expiration of
the respective installment to get up to date in the payment. 

If as a consequence of the termination of this Contract the
Mortgagee does not receive the payment of one or of both installments indicated
in section 7.3 above, it will be understood that the debt is still unpaid,
either for the total or the balance that may be pertinent as may be the case.

7.6. Furthermore, the Mortgagor and the Mortgagee expressly
declare that RCR has no obligation of any kind for the Mortgagee with respect to
the debt or any other type of obligation relative to the Transaction, RCR acting
only and exclusively by instruction and mandate of the Mortgagor, in the terms
indicated in this seventh clause. Likewise, the Mortgagee recognizes expressly
that any notice and other acts that RCR promises to carry out in its favor in
this contract constitute acts of mere liberality that do not constitute
contractual obligations for RCR or that give rise to claims o an action on the
part of the Mortgagee against RCR in case of omission, delay or imperfection in
its fulfillment.

EIGHTH: OBLIGATION OF THE OFFEROR WITH RESPECT TO THE
PROPERTIES.
 

The Properties subject of this Option must be maintained during
their effectiveness by the Offeror free from any encumbrance, prohibition (with
the exception of the mortgage and prohibition that in this same instrument is
constituted in favor of RCR), embargo and litigation, and the Properties must be
in such situation at the time when the Offer is accepted and if the purchase
sale offered is implemented. It will be the obligation of the Offeror to perform
at its cost all the actuations that RCR may require during the effectiveness of
the Option tending to solve any defect or objection of the domain titles of the
Properties. If this is not done RCR may request the arbitrator to keep in his
hands all or part of the price of the Option until this has been corrected
according to the law. 

9

NINTH. STATE IN WHICH THE PROPERTIES WILL BE SOLD.
 

The Properties will be sold as they are, with all their uses,
entitlements, rights and easements registered, the seller responding for the
clearing of title in accordance with the law. 

TENTH. RESPONSIBILITY FOR THE OBTAINMENT OF THE PERMITS
 

The parties place on record that the obtainment of any kind of
permits that may be required for the exploration and/or exploitation of the
Properties will be for the exclusive account of RCR, and in this case the
Offeror must provide all the collaboration that is possible. 

ELEVENTH. ASSIGNMENT OF RIGHTS
 

It is hereby convened that RCR will be authorized to assign
either fully or partially the rights and obligations that arise for it from this
Contract, the assignee becoming responsible for the same obligations that RCR
contracts in this instrument and about which express record must be left in the
assignment contract, for which it will suffice to send to the Offeror written
notice about such assignment, to which a true copy of the assignment contract
will be attached. The Offeror cannot assign any of its rights and obligations
without the prior written consent of RCR. 

TWELFTH. FORCE MAJEURE

It is hereby convened that the obligations assumed by RCR by
virtue of this Contract in favor of the Offeror, specifically those relative to
the payment of the price of purchase sale detailed in the sixth clause above,
will be suspended in cases when events constitutive of Force Majeure occur
according to the definition of such concept by Article 45 of the Civil Code,
including events such as, but although this is not limitative, expropriation or
confiscation of the facilities, fulfillment of orders or requirements of any
governmental authority, opposition of the owners of superficial lands comprised
by the Properties, acts of war, rebellion, sabotage and damages that result from
them, fire, floods, earthquakes, explosions or accidents, popular riots, illegal
strikes or other similar cause, whether of the same kind or nature or that have
not been under the control of RCR, and that even exercising reasonable care
could not have been prevented. This does not release RCR from its obligation of
maintenance of the Properties, including the payment of the claim fees. RCR must
give notice in writing to the Offeror and if pertinent, to the Mortgagee, of any
event of Force Majeure within the period of ten calendar days, counted from the
date on which such event occurred. Once the event has terminated RCR must also
communicate it in writing, and the fulfillment of the obligations will be
resumed immediately. In case of disagreement in the qualification of the
eventual force Majeure, the Offeror may resort to the arbitrator appointed in this instrument,
requesting what is considered convenient for its rights.

10

THIRTEENTH. NOTICE OF TERMINATION OF CONTRACT

At its sole discretion, during the effectiveness of this
Contract, RCR may terminate it at any moment giving notice to the Offeror and,
if the payment of the debt is still pending, also to the Mortgagee, applying
what is provided in Number six point four of the sixth clause above – with 30
days advance, subject to the fact that it complies with all the obligations that
are detailed in the following fourteenth clause. In any event, if the Option is
not exercised within the period of forty eight months conferred in this
Contract, notwithstanding not sending such notice, it will be understood that
RCR has waived such exercise. From the date of such notice, RCR will cease to
have any obligation with respect to the Properties and payments to the Offeror
(and consequentially to the Mortgagee in the event its Debt is still unpaid)
with the exception of what is convened in the following fourteenth clause.

FOURTEENTH. OBLIGATIONS OF RCR UPON TERMNATION OF THE
CONTRACT.

If for whatever reason the purchase sale offered is not
implemented, RCR must deliver free to the Offeror the information obtained as a
result or on occasion of the exploration made in accordance with this Contract
both geological, of drillings, samplings, geophysics, analyses, core drills,
grades, etc., the list given being merely exemplary. Likewise, RCR must clear
the Properties to which this Contract refers and that will be the object of
exploration completely from staff, constructions, installations, equipment,
provisions and machinery. RCR must comply with these obligations within the
maximum term of sixty days, counted as may be pertinent from the date on which
it gives notice by certified letter of its decision of not persevering in the
purchase sale contract offered or else when the period of effectiveness of the
option expires.

FIFTEENTH. EXCHANGE RATE.

The quantities of currency expressed in dollars in this deed
will be liquidated in pesos, national currency, at the Exchange rate of the
observed dollar of the United States of America published in the Official
Gazette on the day of the respective calculation, in accordance with what is
provided in No. 6 of chapter I of the Compendium of International Exchange
Rules. In the absence of such rate of exchange, the rate of Exchange to which
reference is made in article 20 first paragraph of Law 18,010 will be
applied.

11

SIXTEENTH. COMMUNICATIONS AND NOTICES. 

Any notice or communication that one of the parties must send
to the other as stipulated herein, and provided it does not contemplate a
special form of notice, must be sent in writing, in Spanish, to the Offeror, and
to the Mortgagee if pertinent and it will be considered delivered if the party
notified receives it in its domicile indicated at the beginning of this
Contract, or, if it is sent by certified mail, the remittance is made by a
Notary Public with the rights prepaid and the letter is addressed to such party
in its aforementioned domicile. In the notices by certified letter the party to
whom it is addressed will be understood notified on the fifth business day after
it is sent. Either of the parties can, through notice sent to the other party in
the way foreseen in this Clause, change its domicile for the reception of such
notices. The notices can also be sent by fax or electronic mail, but the
original must be sent by Mail or by hand within the following twenty four
hours.

SEVENTEENTH. MORTGAGE AND PROHIBITION.

In order to guarantee the proper fulfillment of this contract,
the Offeror hereby constitutes in favor of RCR, for whom its representative
accepts, second degree mortgage with respect to the Properties and prohibition
to encumber, alienate o4r dispose in any way of the Properties, or enter into
acts or contracts that limit or affect the tenancy, possession or4 ownership of
the Properties without the prior and written consent of RCR, including among the
Properties the exploration concessions or mining claims that succeed or
substitute such Properties, for which the Offeror must concur at the simple
requirement of RCR to the execution of the deeds that may be necessary to
materialize such mortgages and prohibitions. Once the acceptance of the offer of
purchase dealt with in this Contract is given or else if such Option is waived,
the mortgage and prohibition will have no value or effect and the Registrar of
Mines of Copiapó may be requested to release them. It is placed on record that
upon release of the mortgage and prohibition constituted in favor of Luis Juan
Depetris Deflorian and Inversiones Invermondo Limitada, as stipulated in
sections 7.1 and 7.2 herein, this in accordance with the conditions indicated
previously, the mortgage that through this clause is constituted will, only for
that fact, become first degree mortgage, without the need of any declaration,
which will be placed on record by the respective Registrar of Mines upon
exhibition of this instrument.

EIGHTEENTH. EXPENSES

The dues charged by the Notary and the Registrar of Mines and
Real Estate shall be for account of RCR.

12

NINETEENTH . ARBITRATION.

Should there arise any discrepancy, difficulty, difference of
opinion or controversy between the parties in relation with the effectiveness of
this Contract, the validity, interpretation, breach, partial fulfillment,
execution or partial lack of execution or resolution thereof or any other cause
in relation with this agreement, will be resolved by arbitration, hereby
appointing for such purpose and in the order indicated Mr RAFAEL VERGARA
GUTIERREZ, if he should be unable, Mr. JUAN LUIS OSSA BULNES and in
defect of the latter Mr. CARLOS HOFFMANN CONTRERAS. If none of the
above can accept the position, the respective arbitrator shall be appointed in
accordance with the Regulations of Centro de Arbitrajes de la Cámara de Comercio
de Santiago A.G., whose provisions are evidenced in the public deed of December
10, 1992 delivered in the Notary of Santiago of Mr. Sergio Rodríguez Garcés, and
its subsequent modifications that form an integral part of this clause, the
parties declare they know and accept. The parties shall appoint the arbitrator
ex aequo et bono by mutual agreement and in case of disagreement, the parties
grant special irrevocable mandate to Camara de Comercio de Santiago A.G., so
that, at the written request of either of them, he may appoint the arbitrator ex
aequo bono from among the members of the arbitral corps of Centro de Arbitrajes
of that Chamber and who is or has been Professor of Mining Law of any of the
Faculties of Law of the Universidad de Chile or Universidad Católica de Chile,
or, otherwise a Professor of Civil Law of any of such Faculties. There will be
no appeal against the resolutions of the arbitrator, so that the parties
expressly waive them. The Arbitrator will be especially authorized to resolve
any matter related with his competence and/or jurisdiction.

TWENTIETH. JURISDICTION.
 

For all legal purposes that
can be derived from this agreement, the parties establish their domicile in the
city of Santiago.

TWENTY FIRST- FACULTY.

The bearer of a certified copy of this deed is empowered to
request the registrations, subregistrations and annotations in the Registrars
that may be relevant. Messrs. Jorge Christian Quinzio Santelices and Marcelo
Antonino Olivares Cabrera are also authorized so that either of them may correct
the errors of citation or omission in the parts where they may have incurred in
this Contract with respect to the identification of the Properties and for this
purpose may present one or more memoranda with the respective Registrar and/or
deliver or sign deeds or public or private instruments which are necessary or
convenient.

13

TWENTY-SECOND: ONLY AND DEFINITIVE AGREEMENT

The appearing parties declare that this Option Contract
constitutes their only and definitive agreement with respect to the Properties,
declaring furthermore that the Letter of Intent executed between the Offeror,
represented by Mrs. Maria Hortensia Contreras Guaita and RCR by private
instrument authorized in the Notary of Copiapó of Mr. Hernan Cañas Valdes, on
November 6, 2009, has been fully complied with and they give each other the
broadest and most complete release.

AUTHORITIES: The authority of Mr. FRANCISCO SCHUBERT
SEIFFERT and of Mr. MARCELO ANTONINO OLIVARES CABRERA to appear on
behalf of RIO CONDOR RESOURCES S.A. is evidenced in public deed delivered
on December 15, 2009 in the Notary of Santiago of Mrs. Antonieta Mendoza
Escalas, which is not inserted as it is known to the parties and to the
attesting Notary. 

The authority of Mr. LUIS JUAN DEPETRIS DEFLORIAN to
appear on behalf of Asesorías e Inversiones Invermondo Limitada is evidenced in
public deed delivered on March 11 2003, delivered in the Notary Public of
Santiago of Mr . Enrique Morgan Torres, which is not inserted as it is known to
the parties and to the Attesting Notary.

IN WITNESS WHEREOF, after reading, this is signed. Copy is
given.

	/s/ Francisco Schubert Seiffert 
	Francisco Schubert Seiffert
	On behalf of Rio Condor Resources S.A. 
	  
	/s/ Marcelo Antonino Olivares Cabrera 
	Marcelo Antonino Olivares Cabrera
	On behalf of Rio Condor Resources S.A. 
	  
	/s/ Mario Leoncio Contreras Villar 
	
     Mario Leoncio Contreras Villar 

	 
	/s/ Luis Juan-Depetris Deflorian 
	Luis Juan-Depetris Deflorian 
	By himself and on behalf of Asesorias e Inversiones
      Invermondo Limitada 

14

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