Document:

ex10_5.htm

Exhibit 10.5

SHARE PURCHASE AGREEMENT

Introduction

Transferee

Nalan Oral and Selçuk Oral (hereinafter referred as “Transferee”)

Transferors

Shareholders of Turkpower Corporation where its registered address is at Hundred Park Avenue, NewYork, NY 10017/USA (“TPC” or “Company”) which shall include, at closing, TPC’s current operations, associated assets and trademarks, from the existing shareholders of the Company.

Shares

Within the scope of this Share Purchase Agreement, the “Shares” shall mean 73.000.000 pieces of issued and outstanding non-public shares (“Shares”) of Turkpower Corporation at the Signing Date.

Subject of the Agreement

The transfer of the shares to the Transferee and registration of Stock Warrants on behalf of Selçuk Oral as described in section 1.

1. Share Consideration

1.1.Transfer of the Shares

1.1.1. As from the signing date of this Agreement, TPC shall unconditionally transfer 25.000.000 pieces of its issued and outstanding shares to Transferee.

1.1.2. Provided that the payment at the amount of Euro 3.800.000 is paid by TPC until the 60th day as from the Signing Date of Share Purchase Agreement signed by and between TPC and Avrasya Yapı Yatırım Hizmetleri A.Ş.; TPC shall unconditionally transfer 15.000.000 pieces of its issued and outstanding shares to Transferee.

1.1.3. Provided that the payment at the amount of Euro 4.800.000 is paid by TPC on 31.10.2011 according to the Share Purchase Agreement signed by and between TPC and Avrasya Yapı Yatırım Hizmetleri A.Ş.; TPC shall unconditionally transfer 19.000.000 pieces of its issued and outstanding shares to Transferee.

1.1.4. Provided that the payment at the amount of Euro 4.900.000  shall be paid by TPC on 28.12.2011 according to the Share Purchase Agreement signed by and between TPC and Avrasya Yapı Yatırım Hizmetleri A.Ş.; TPC shall unconditionally transfer 14.000.000 pieces of its issued and outstanding shares to Transferee.

  

  

  

 

1.2. Registration of the Stock Warrants

1.2.1. TPC shall ensure the registration of 8.400.000 shares as Stock Warrants and 8.400.000 shares shall be registered as Stock Warrant on behalf of Transferee to the share book of the Company.

1.2.2. 8.400.000 Shares shall be registered as a Stock Warrant by the Seller to Transferee as follows:

	
  

	
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3.400.000 shares shall be registered onthe signing date of this Agreement as Stock Warrant on behalf of Transferee.(at 0.35 usd)

	
  

	
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1.000.000 shares shall be registered within 1 year as from the signing date of this Agreement as Stock Warrant on behalf of Selçuk Oral related to his directorship in the Company.(at 0.35usd)

	
  

	
-

	
1.000.000 shares shall be registered within 2 years as from the signing date of this Agreement as Stock Warrant on behalf of Selçuk Oral related to his directorship in the Company.(at 0.35usd)

	
  

	
-

	
1.000.000 shares shall be registered within 3 years as from the signing date of this Agreement as Stock Warrant on behalf of Selçuk Oral related to his directorship in the Company.(at 0.35usd)

	
  

	
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1.000.000 shares shall be registered within 4 years as from the signing date of this Agreement as Stock Warrant on behalf of Selçuk Oral related to his directorship in the Company.(at 0.35usd)

	
  

	
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1.000.000 shares shall be registered within 5 years as from the signing date of this Agreement to as Stock Warrant on behalf of Selçuk Oral related to his directorship in the Company.(at 0.35usd)

1.3. Transfer of Golden Shares

1.3.1. Provided that the provisions of the share transfer agreement signed by TPC regarding the purchase of the shares of Avrasya Yapı Yatırım Hizmetleri A. Ş., a partner of Maksor Madencilik Sanayi ve Ticaret Anonim Şirketi, are fully exercised, 0.9% golden shares owned by Nalan Oral and Selçuk Oral in Maksor Madencilik Sanayi ve Ticaret Anonim Şirketi shall be transferred to TPC.

  

  

  

 

1.3.2. In case of a breach of any of the provisions of the share transfer agreement signed by TPC regarding the purchase of the shares of Avrasya Yapı Yatırım Hizmetleri A. Ş., a partner of Maksor Madencilik Sanayi ve Ticaret Anonim Şirketi, 0.9% golden shares owned by Nalan Oral and Selçuk Oral in Maksor Madencilik Sanayi ve Ticaret Anonim Şirketi shall not be transferred to TPC under any condition.

2. Representations and Warranties of the Transferors

2.1. Transferors represent, warrant and undertake that:

	
  

	
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There is no impact of potential liabilities (contingent or otherwise) arising out of the ownership or operation of the Company and/or its assets prior to signing this Agreement.

	
 

	
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All governmental approvals required for the acquisition of the Purchased Shares, registered Stock Warrants and the other transactions contemplated herein will be obtained prior to signing this Agreement  in the ordinary course, without prejudicial effect on the Company.

	
  

	
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There are no material issues in regards of the Company.

	
  

	
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There are no material financial issues in regards of the Company and the Company did not receive any notification of indebtedness, notice or warning from any third real person or legal entity.

	
  

	
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The Company is established in accordance with the laws of State of New York, duly organized and capable of acting as a public company.

	
  

	
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The Company is authorized and capable to sign this Agreement.

	
  

	
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The Corporate Books and Records of the Company are consistent with the documents submitted to the Transferee.

	
  

	
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The Company has received all the necessary administrative permissions and authorizations to perform the transactions stated within this Agreement.

	
  

	
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The financial statements of the Company are consistent with the documents submitted to the Transferee and there is no undisclosed liability of the Company.

	
  

	
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There isn’t any conflict with a third party regarding the intellectual property right of the Company and these rights shall remain at the sole property of the Company.

	
  

	
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There isn’t any material tax or insurance liability of the Company.

	
  

	
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All the transactions of the Company performed until the Signing Date are in lieu with the current legislation.

2.2. Survival of the Representations and Warranties

The representations and warranties shall survive the signing of this Agreement until the fifth anniversary of the signing  date.

  

  

  

 

3. Confidentiality

After the Signing, the Parties and their affiliates shall, and shall use their best efforts to cause their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents and other representatives to, hold in confidence (unless compelled to disclose by requirements of law) and not use in any manner any confidential documents or other information concerning the Company or its business (including Intellectual Property and Business Know-How), provided that these restrictions shall not apply to any information that the Parties can show, at the time of disclosure, has been publicly available by publication or otherwise, except by violation of this Agreement on behalf of the Parties or their affiliates or their respective representatives.

4. Announcements and Press Communications

The Transferor shall notify the Transferee 48 hours in advance before making any announcement and communication. The Transferee shall approve or reject in written such announcement or notification within 48 hours following the notification. No announcement concerning the transactions contemplated in this Agreement or any ancillary matter shall be made by the Transferor without the prior written consent of the other Party, provided that nothing herein shall prevent either Party from making, in consultation with the other Party, any announcement or filing required by any law or regulations.

5. Indemnification

5.1. The Transferee shall be indemnified and held harmless by the Transferors without any limitation for and against any and all direct or indirect liabilities actually suffered or incurred, arising out of or resulting from: (i) the breach of any representation or warranty made by the Transferors contained in the Agreement; (ii) the breach of any covenant or agreement by the Transferors contained in the Agreement.

5.2. The Transferors shall be indemnified and held harmless by the Transferee without any limitation for and against any and all direct or indirect liabilities actually suffered or incurred, arising out of or resulting from: (i) the breach of any representation or warranty made by the Transferee contained in the Agreement; (ii) the breach of any covenant or agreement by the Transferee contained in the Agreement.

6. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of State of Delaware. In case of any dispute, Delaware Courts and Execution Offices shall have jurisdiction.

  

  

  

 

7. Dispute Resolution

Any dispute, difference, controversy, or claim of any kind whatsoever that arises or occurs between the Parties in relation to anything or matter arising under, out of, or in connection with the Agreement shall be exclusively and finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce, by a panel of three arbitrators appointed in accordance with such rules as in effect on the date hereof.  The language of the arbitration shall be English and the place of arbitration shall be London, United Kingdom.  The award or decision of the arbitrators shall be final, binding upon the Parties and non-appealable. Judgment upon the award or decision rendered by the arbitrators may be entered in any court having jurisdiction there over.

	
Nalan Oral     /s/ Nalan Oral

	
Turkpower corporation

	  	  
	
Selçuk Oral    /s/ Selçuk Oral

	
represented by:

	  	  
	  	
Aykut Ferah /Ryan E.Hart  

	  	  
	  	
/s/ Aykut FerahUnassociated Document

Exhibit 10.1

OPTION AGREEMENT

Silver Queen and Klondyke Properties, Nevada

This Option Agreement (this "Agreement") entered into as of the 19th day of August, 2011,

	
BETWEEN:

	
MGOLD RESOURCES INC., a legal person duly constituted under the laws of Quebec, having its head office at 1 Place Ville-Marie, Suite 4000, Montreal, Québec H3B 4M4, herein acting and represented by Mr. Joel Scodnick, its President and Chief Executive Officer, duly authorized for the purposes of this Agreement, as he so declares;

(“MGold”)

	
AND:

	
SILVER RESERVE CORP., a legal person duly constituted under the laws of Delaware having an office at Suite 207-b, 1135 Terminal Way, Reno, Nevada, USA 89502, herein acting and represented by Mr. Todd Montgomery, its Chief Executive Officer, duly authorized for the purposes of this Agreement, as he so declares;

(“SRC”)

WHEREAS, SRC is the recorded owner of a 100% interest in and to the mining titles comprising the Silver Queen Property as further described in Schedule A to this Agreement (the “Silver Queen Property”) and the Klondyke Property as further described in Schedule A to this Agreement (the “Klondyke Property”) located in Esmeralda County, Nevada;

WHEREAS, the Silver Queen Property and the Klondyke Property together are referred to herein as the “Properties” and MGold and SRC are sometimes referred to herein as the “Parties” or individually as a “Party;”

WHEREAS, MGold and SRC entered into a letter of intent dated June 8, 2011 (the “Letter of Intent”) pursuant to which SRC indicated its intent to grant to MGold:

(a)           the option to earn an undivided 50% interest in the Silver Queen Property by completing cash payments in the aggregate of $2,000,000 over a thirty three (33) month period and by incurring work expenditure (as hereinafter described and referred to as “Silver Queen Option Costs”) of $4,000,000 over a thirty (30) month period on the Silver Queen Property, all subject to the terms and conditions herein; and

(b)           the option to earn an undivided 50% interest in the Klondyke Property by completing cash payments in the aggregate of $265,000 over a thirty three (33) month period and by incurring work expenditure (hereinafter referred to as “Klondyke Option Costs”) of $1,350,000 over a thirty (30) month period on the Klondyke Property, all subject to the terms and conditions herein.

  

  

  

 

WHEREAS this Option Agreement is intended to supersede the Letter of Intent and be binding upon the Parties.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained and upon and subject to the terms and conditions hereafter set out, the Parties agree as follows:

	
  

	
1.

	
Option and Joint Venture

(a)           MGold will have an option (the “Option”) to acquire a 50% working interest in and to each of the Silver Queen Property and the Klondyke Property, which Option shall be exercised by MGold incurring Option Costs and making cash payments as specified below.  The earning of such interest and transfer of title to the Properties will only occur once the Option has been fully earned as provided herein and upon exercise by MGold at such time by giving SRC notice in writing of such exercise.

(b)           Following exercise of the Option, MGold and SRC shall own the Properties jointly, subject to a joint venture agreement to be negotiated in good faith by the Parties (the “Joint Venture Agreement”).  Each of MGold and SRC shall own 50% of the equity interest of the Joint Venture or the underlying Properties (as such Joint Venture may be structured) and shall have equal representation on the management committee of the Joint Venture.  MGold shall be designated as the “operator” of the Joint Venture and shall plan and carry out such further exploration and/or development programs as the parties agree.  MGold, as the operator, shall be entitled to management fees, as the parties agree, in connection with its role as operator.

(c)           Upon exercise of the Option by MGold following satisfaction of the requirements and payments contemplated herein, SRC shall either (i) convey a 50% interest in the Properties to MGold, in which case the Parties would hold their respective interests as tenants in common or (ii) convey a 100% interest in the Properties to the Joint Venture entity to be formed by the Parties at such time.

MGold-SRC Option Agreement

  

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Silver Queen Property – Option Requirements

In order to earn the right to exercise the Option for the Silver Queen Property, MGold shall incur Four Million Dollars ($4,000,000) in Option Costs over a thirty (30) month period and pay to SRC cash payments totaling Two Million Dollars ($2,000,000) as per the following Schedule:

Cash Payment Schedule for Silver Queen

	
a)

	
Upon completion of Financing1

	 	$	150,000	 	
cash payment (Phase 1)

	
b)

	
at 6 month Anniversary2

	 	$	130,000	 	  
	
c)

	
at 12 month Anniversary

	 	$	170,000	 	  
	
d)

	
at 18 month Anniversary

	 	$	200,000	 	  
	
e)

	
at 24 month Anniversary

	 	$	350,000	 	  
	  	
Subtotal

	 	$	1,000,000	 	  
	
3 months following completion of work

	 	$	1,000,000	 	
(to continue to JV at 33 months)

	  	
Total Cash

	 	$	2,000,000	 	  

Work Completion Schedule for Silver Queen

	
f)

	
at 6 month Anniversary

	 	$	750,000	 	 
	
g)

	
at 12 month Anniversary

	 	$	650,000	 	 
	
h)

	
at 18 month Anniversary

	 	$	850,000	 	 
	
i)

	
at 24 month Anniversary

	 	$	1,150,000	 	 
	
j)

	
at 30 month Anniversary

	 	$	600,000	 	 
	  	
Total Work Commitment

	 	$	4,000,000	 	 

Klondyke – Option Requirements

In order to earn the right to exercise the Option for the Klondyke Property, MGold shall incur One Million, Three Hundred and Fifty Thousand Dollars ($1,350,000) in Option Costs over a thirty (30) month period and pay to SRC cash payments totaling Two Hundred and Sixty-Five Thousand Dollars ($265,000) as per the following Schedule:

Cash Payment Schedule for Klondyke

	
k)

	
Upon completion of Financing1

	 	$	30,000	 	cash payment
	
l)

	
at 6 month Anniversary

	 	$	25,000	 	 

 

1 The term, “Financing” refers to a private placement undertaken by MGold for gross proceeds of $1 million and expected to close in the month of September, 2011.

2 The term, “Anniversary,” in each case, refers to the anniversary of the closing of the Financing and the payment of the initial cash payments called for hereunder.

MGold-SRC Option Agreement

  

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m)

	
at 12 month Anniversary

	 	$	25,000	 	  
	
n)

	
at 18 month Anniversary

	 	$	30,000	 	  
	
o)

	
at 24 month Anniversary

	 	$	30,000	 	  
	  	
Subtotal

	 	$	140,000	 	  
	
3 months following completion of work

	 	$	125,000	 	
(to continue to JV at 33 months)

	  	
Total Cash

	 	$	265,000	 	  

Work Completion Schedule for Klondyke

	
p)

	
at 6 month Anniversary

	 	$	250,000	 	 
	
q)

	
at 12 month Anniversary

	 	$	250,000	 	 
	
r)

	
at 18 month Anniversary

	 	$	250,000	 	 
	
s)

	
at 24 month Anniversary

	 	$	300,000	 	 
	
t)

	
at 30 month Anniversary

	 	$	300,000	 	 
	  	
Total Work Commitment

	 	$	1,350,000	 	 

	
  

	
2.

	
Right to Drop Either Option

At any time during the Option Period, MGold shall have the right to discontinue payments and advancement of Option Costs with respect to either of the Silver Queen Property or the Klondyke Property.  In such event, MGold’s Option with respect to the other Property (as to which it continues to make payment and advance Option Costs) shall remain in full force and effect.  SRC shall retain all payments made prior to discontinuance and shall have the benefit of the Option Costs expended prior to discontinuance.  In the event that MGold discontinues either the Silver Queen Option or the Klondyke Option, MGold shall provide with such notice as is necessary to enable SRC to take over and maintain such Property.

	
  

	
3.

	
Conditions Precedent

This Agreement is subject to (i) approval of the respective boards of MGold and SRC (ii) the successful completion of MGold’s brokered private placement of common shares for gross proceeds of a minimum of $1,500,000 and a maximum of $3,000,000, and (iii) all required regulatory approvals including the final approval of the TSX-Venture Exchange.

	
  

	
4.

	
Obligations of MGold During Option Period

MGold shall be the operator of the Properties during the Option Period and shall comply with the following requirements as such operator.

	
  

	
(a)

	
During the period prior to full exercise of the Option (the “Option Period”), MGold shall do such acts, and shall pay as Option Costs (as defined in paragraph “e” below) including annual fees payable to the BLM (as defined below) and the State of Nevada and rents as may be required to keep the Properties in good standing.

 

MGold-SRC Option Agreement

  

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(b)

	
All work conducted, carried out or performed by MGold on the Properties during the Option Period shall be done in a good and workmanlike manner to the best of its ability in accordance with good mining practice and in compliance with all applicable laws, including without limitation, all environmental laws and requirements of the United States Bureau of Land Management (the “BLM”).

 

	
  

	
(c)

	
During the Option Period, MGold shall maintain adequate insurance coverage in accordance with normal industry standards and practice, naming the Parties as insured and protecting the Parties from third party claims, and shall provide satisfactory evidence of such insurance to SRC.  More specifically, prior to commencement of any work on the Properties and for the duration of this Agreement, MGold shall obtain a comprehensive policy of general liability insurance naming SRC and its affiliates as additional named insureds, insuring MGold and SRC (and its affiliates) against any liability commonly insured against and occasioned by accidents resulting from any act or omission on or about the Properties.  Such policy shall be written by an insurance company qualified to do business in the State of Nevada and reasonably satisfactory to SRC.  Such policy shall in no way limit SRC’s and MGold’s liability to each other under this Agreement.  The policy shall be with limits of not less than $1 million in respect of any one person, in respect of any one accident and in respect of property damage and $2 million in the aggregate.  Said limits shall be subject to periodic review and SRC shall have the right to increase said coverage limits if, in the reasonable opinion of SRC, said coverage becomes inadequate and is less than commonly maintained by operators undertaking similar work in the State of Nevada.  At least 30 days prior to the expiration or termination date of any policy, MGold shall deliver a renewal or replacement policy with proof of the payment of the premium therefore.  In addition, MGold shall ensure that all contractors performing work on the Properties carry appropriate liability and workers compensation insurance.  To the extent that MGold’s employees or contractors perform work, or are present at the site of work, MGold shall carry workers compensation insurance, as required by law.

 

	
  

	
(d)

	
During the Option Period, MGold shall pay or cause to be paid all invoices for all materials and services purchased in connection with its work on the Properties that might give rise to a lien thereon.  Should any such lien be recorded against the Properties or any part thereof in consequence of any work done thereon, MGold shall, on such occurrence becoming known to it, forthwith take active proceedings to have such lien removed and shall have the same removed with all reasonable dispatch, provided however that MGold may, in good faith, diligently contest any claim of lien.  In no event shall MGold permit a lien to remain in place for more than 60 days.  MGold shall notify SRC of any lien that remains for 30 days or more.

 

MGold-SRC Option Agreement

  

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(e)

	
During the Option Period, MGold shall provide SRC with; (A) quarterly reports within 30 days of the end of each quarter, indicating the status of all work on the Properties and a summary of all results obtained or received by MGold in connection with all work in respect of the Properties as well as a breakdown of all amounts expended and included as Work Commitment payments (“Option Costs”) incurred; (B) deliver an annual report on or before March 1 of each calendar year indicating all results obtained or received by MGold in connection with the work on the Properties and the compilation and interpretation thereof as well as a breakdown of the Option Costs incurred in carrying out such work reconciled with budget for the relevant approved program for such time period and conclusions of drilling results; (C) timely reports and information, including any technical reports prepared in accordance with applicable law, and forthwith upon the occurrence of any material results or other events, notice in reasonable detail, and will provide copies of relevant data, of such material results or events, (D) monthly reports during active periods when work is being conducted on the Properties and (E) within five (5) days of receipt, copies of drilling results and any and all technical reports of third parties relating to the Properties.  Notwithstanding the prior time frames for reporting, in the event that MGold plans to publicly release information about its activities on the Property, including any drilling results assays or technical reports, MGold shall immediately provide copies of such results or reports to SRC.

 

	
  

	
(f)

	
During the Option Period, MGold shall permit SRC and its agents and representatives at their own risk and expense, access to the Property at all times and to all information obtained, results produced, samples, core and data collected and records, maps, sections and reports prepared by or on behalf of MGold in connection with any work done on or with respect to the Properties, provided that reasonable notice is given and that such access shall not unduly interfere with or disrupt the activities of MGold.

 

SRC may advance payment of annual fees to the BLM and the appropriate counties in the State of Nevada required to maintain ownership of title to the Properties.  If SRC so advances such payment, it will be reimbursed by MGold.

	
  

	
5.

	
Representations and Warranties

Each Party represents and warrants to the other as follows and acknowledges and confirms that the others are relying on such representations and warranties in entering into this Agreement:

 

	
  

	
a)

	
it is a corporation duly incorporated, organized, validly existing and in good standing under the laws of its incorporating jurisdiction and is qualified to do business in those jurisdictions where necessary in order to carry out its purposes;

 

	
  

	
b)

	
it has full power, capacity and authority to enter into and perform its obligations under this Agreement and any agreement or instrument referred to or contemplated by this Agreement;

 

	
  

	
c)

	
the execution and delivery of this Agreement will not violate or result in the breach of any applicable law to which it is subject or the terms of its constating documents;

 

	
  

	
d)

	
neither the execution and delivery of this Agreement, nor the performance of the transactions contemplated hereunder, conflict with, result in the breach of or accelerate the performance required by any agreement to which it is a party;

 

MGold-SRC Option Agreement

  

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e)

	
this Agreement and all other agreements or instruments to be executed and delivered by such Party hereunder have been duly executed and delivered by such Party and constitute, legal, valid and binding obligations of such Party enforceable against such Party in accordance with their respective terms;

 

	
  

	
f)

	
no consent from a lender or any third party (other than the TSX Venture Exchange) is necessary to authorize such Party to execute, deliver and perform its obligations under this Agreement;

 

	
  

	
g)

	
there is no judgment, decree, injunction, ruling or order of any court, governmental department, commission, agency, instrumentality or arbitrator and no claim, suit, action, litigation, arbitration or governmental proceeding in progress, pending or threatened, which prevents or which seeks to prevent such Party from entering into this Agreement; and

 

	
  

	
h)

	
it has not committed an act of bankruptcy, is not insolvent, has not proposed a compromise or arrangement to its creditors generally, has not had any petition for a receiving order in bankruptcy filed against it, has not made a voluntary assignment in bankruptcy, has not taken any proceedings with respect to a compromise or arrangement, has not taken any proceeding to have itself declared bankrupt or wound-up, has not taken any proceeding to have a receiver appointed of any part of its assets, has not had any encumbrancer take possession of any of its property and has not had any execution or distress become enforceable or become levied upon any of its property.

 

	
  

	
6.

	
Representations and Warranties of SRC

 

SRC represents and warrants as follows to MGold and acknowledges and confirms that MGold is relying on such representations and warranties in entering into this Agreement:

 

	 	
   i.

	
it is the registered and beneficial holder of a 100% legal and beneficial interest in the Properties, free and clear of any lien, pledge, mortgage, lease, sublease, charge, encumbrance or other security interest therein (other than Royalties);

 

	
  

	
 ii.

	
Schedule A sets forth a true, accurate and complete description of the Properties;

 

	
  

	
iii.

	
it has made available to MGold all relevant information in its possession and control concerning title to the Properties and the Technical Data relating to the Properties;

 

	
  

	
iv.

	
to the best of its knowledge, the exploration and mining rights attaching to the Properties (as described in Schedule A) have been properly staked or otherwise properly constituted, as applicable, are properly recorded, and are valid and in good standing to the date hereof, in accordance with applicable laws and regulations of the BLM and the State of Nevada and all taxes and fees due thereon or in respect thereof to the date hereof have been paid in full or, in the case of fees that are currently accruing but not yet due, will be paid when due;

 

MGold-SRC Option Agreement

  

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   v.

	
it has not entered into any material agreements and has not made any material commitment in respect of the Propertyies;

 

	
  

	
  vi.

	
to the best of its knowledge, and except as otherwise provided herein, there is no judgment, decree, injunction, ruling or order of any court, Governmental Authority, instrumentality or arbitrator and no claim, suit, action, litigation, arbitration or governmental proceeding in progress, pending or threatened against or relating to, and affecting any of the Properties which prevents or which seeks to prevent it from entering into and performing its obligations hereunder and the transaction contemplated hereby;

 

	
  

	
 vii.

	
to the best of its knowledge, the Properties and the activities and operations that have been carried out thereon have been in compliance with all material respects with all applicable laws and regulations of the  BLM and State of Nevada and it has not received notice of non-compliance from the BLM or State of Nevada;

 

	
  

	
viii.

	
it has not entered into any labour contracts, collective bargaining agreements, or any other labour-related obligations and liabilities which may affect the Properties or any operations conducted thereon;

 

	
  

	
  ix.

	
to the best of its knowledge, there is no judicial or administrative proceeding pending and no environmental order has been issued or, to the best of its knowledge, threatened, concerning the possible violation of any environmental laws or environmental orders in respect of the Properties;

 

	
  

	
   x.

	
except for bonds posted by SRC or its affiliate to back reclamation obligations imposed by the BLM in connection with exploration and drilling on the Properties, and except as otherwise specified in drill plans and exploration plans submitted by SRC or its affiliates to the BLM and the applicable regulations of the BLM, there are no outstanding obligations or liabilities, contingent or otherwise, under any applicable environmental, mining or other law, including reclamation or rehabilitation work, associated with the Properties or arising out of past exploration, development and/or mining activities carried out thereon.

 

	
  

	
7.

	
Representations and Warranties of MGold

 

MGold represents and warrants as follows to SRC and acknowledges and confirms that SRC is relying on such representations and warranties and entering into this Agreement:

MGold-SRC Option Agreement

  

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i.

	
MGold has the experience and expertise in the mining industry to meet its obligations under and pursuant to this Agreement, including, without limitation, the ability to act as the Operator when the Parties enter into the Joint Venture; and

 

	
  

	
ii.

	
MGold is not a “non-Canadian” within the meaning of the Investment Canada Act (Canada).

	
  

	
8.

	
Area of Interest

Any interest or right to acquire any interest in mineral rights, including without limitation, claims, licenses, leases or other real property located within two (2) miles of the outside boundaries of each Property (the “Area of Interest”) by or on behalf of a Party or any affiliate of a Party to this Agreement during the term of this Agreement, shall be subject to the terms and provisions of this Agreement.  The Parties shall notify each other promptly following any staking or acquisition within the Area of Interest.

 

	
  

	
9.

	
Reimbursement by MGold of Costs Incurred by MGold

Upon completion of the Financing and at such time as MGold makes its initial cash payments as contemplated in Section 1, MGold shall also reimburse SRC for amounts incurred by SRC for the benefit of MGold including: (i) the title opinion provided by SRC following execution of the Letter of Intent, (ii) the cost or a revised technical report of Coast Mountain Geological Ltd. (iii) the cost of permitting for the Properties performed by Tetra Tech Inc. and (iv) reimbursement for the cost of SRC’s geologist from and after the date of the Letter of Intent and through the date hereof at such geologist’s daily or hourly rate, all these amounts, however, to be part of the Option Costs.

 

	
  

	
10.

	
Termination of the Option

 

	
  

	
(a)

	
Subject to the obligations of the Parties that expressly survive the termination of this Agreement, the Option and this Agreement shall automatically terminate:

 

	
  

	
i)

	
30 days after receipt by SRC of notice from MGold following the incurring of the initial $150,000 firm commitment, that MGold will not incur any additional Option Costs;

 

	
  

	
ii)

	
if MGold does not exercise the Option; and

 

	
  

	
iii)

	
upon the mutual consent of the Parties;

 

MGold-SRC Option Agreement

  

- 9 -

  

	
  

	
(b)

	
SRC shall have the right to terminate the Option and this Agreement: (i) in the event of a breach by MGold of its covenants contained in this Agreement or the representations and warranties of this Agreement; provided that MGold has not within 30 days following delivery of the said prior written notice of breach, cured such default or, if such default is not capable of being cured in 30 days, begun to cure such default within such 30 days and subsequently cured such default within 60 days thereafter; or (ii) forthwith if MGold shall generally not pay its debts as such debts become due or MGold shall admit in writing its inability to pay its debts generally as such debts become due or if MGold shall make a general assignment for the benefit of creditors or if any proceedings shall be instituted by or against MGold under any bankruptcy, insolvency or similar law.  A termination of the Option and this Agreement by SRC under this subsection shall not be in derogation of SRC’s right to sue for and recover damages at law or in equity.

 

	
  

	
(c)

	
Upon termination of the Option, MGold shall deliver to SRC all maps, reports, surveys and assays, drill core samples and other results of surveys and drilling and all other reports of information provided to MGold by SRC.

 

	
  

	
(d)

	
Upon termination of the Option, MGold shall remove all equipment brought on the Properties.

 

	
  

	
(e)

	
In the event that MGold terminates this Agreement for any reason or abandons the Option on either or both Properties or that it fails to make the payments and incur the Option Costs contemplated in Section 1 hereof or that this Agreement is breached by MGold or otherwise terminates for any reason, MGold shall nonetheless be responsible for all reclamation costs and liabilities arising from its activities on the Properties.  To the extent that a bond provided by SRC or its affiliate is drawn upon by the BLM for expenses or costs related to the Properties, MGold shall reimburse SRC for the full amount of such draw-down

	
  

	
11.

	
Registration of this Agreement

MGold will be entitled to register this Agreement in title to the Property

	
  

	
12.

	
Public Announcements

All public announcements concerning the transactions contemplated by this Agreement (“press releases”) will be planned and coordinated by MGold.  MGold will forward a draft of the press release to SRC for comments not less than five (5) business days in advance of the proposed time for the dissemination of the press release.  In the event that MGold does not provide a full five (5) business days of advance notice, MGold shall delay the dissemination of its press release to order to give SRC a full five (5) business days of prior notice.  MGold’s draft press releases shall be accompanied by any reports, drilling results or materials provided by third parties that are referenced in or relied upon by MGold in its proposed draft press release and that have not been previously provided to SRC in accordance with other provisions of this Agreement.  No Party may act unilaterally in the dissemination of a press release related to the Properties without prior approval of the other (such approval not to be unreasonably withheld) except in the event that a Party is compelled by law or by applicable regulations or policies of any governmental or regulatory agency or a stock exchange.

MGold-SRC Option Agreement

  

- 10 -

  

	
  

	
13.

	
Arbitration in Calgary, Alberta

The Parties agree to make best efforts to settle any and all disputes or disagreements arising under or associated with this Agreement or the Property through good faith negotiation.  In the event that such a dispute cannot be resolved through negotiation, all disputes between the Parties concerning, arising under, or associated with this Agreement or the Properties or related hereto, shall first be arbitrated and finally resolved pursuant to the National Arbitration Rules of the ADR Institute of Canada, Inc.

 

The Parties agree that (i) the arbitration will take place in Calgary, Alberta, (ii) there shall be no more than one arbitrator for any dispute where the amount in controversy is less than $100,000 and there shall be three (3) arbitrators for any dispute where any Party’s claim exceeds $100,000 and (iii) each Party shall pay his separate expenses of the arbitration, including the fees and disbursements of his accountants and attorneys.

 

The judgment on the award rendered by the arbitrator(s) may be entered in, and enforced by, any court having jurisdiction thereof.

 

It is the intent of the Parties that, barring extraordinary circumstances, arbitration proceedings will be concluded within 60 days from the date the arbitrator(s) are appointed.  The arbitral tribunal may extend this time limit in the interests of justice.  Failure to adhere to this time limit shall not constitute a basis for challenging the award.

 

Consistent with the expedited nature of arbitration, pre-hearing information exchange shall be limited to the reasonable production of relevant, non-privileged documents, carried out expeditiously.  Each Party will, upon the written request of the other Party, promptly provide the other with copies of documents relevant to the issues raised by any claim or counterclaim.  Any dispute regarding discovery, or the relevance or scope thereof, shall be determined by the arbitrator (if there is one arbitrator) or the chair of the arbitration panel (if there are three arbitrators) which determination shall be conclusive.  All discovery shall be completed within thirty (30) days following appointment of the arbitrator(s).

 

In the event that there is one arbitrator, the arbitrator shall be a practicing attorney actively engaged in the practice of law for at least ten (10) years and having familiarity with the mining industry.  In the event that there is a panel of three arbitrators, at least two of the arbitrators shall be practicing attorneys actively engaged in the practice of law for at least ten (10) years and at least one arbitrator shall have experience and knowledge related to the mining industry.

 

	
  

	
14.

	
Payments

All payments from MGold to SRC to be made hereunder shall be made to SRC or its designee which may be SRC’s parent company, Infrastructure Materials Corp.  All references to Dollars or “$” herein are to Canadian Dollars.

MGold-SRC Option Agreement

  

- 11 -

  

 

	
  

	
15.

	
Construction

Whenever the singular is used in this Agreement and when required by the context, the same shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa.  The headings in this Agreement are for convenience only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any of its provisions.

 

	
  

	
16.

	
Waivers

The failure of any Party to seek redress for default of or to insist upon the strict performance of any covenant or condition of this Agreement shall not prevent a subsequent act, which would have originally constituted a default, from having the effect of an original default.

 

	
  

	
17.

	
Rights and Remedies Cumulative

The rights and remedies provided by this operating Agreement are cumulative and the use of any one right or remedy by any Party shall not preclude or waive the right to use any other remedy.  Said rights and remedies are given in addition to any other legal rights the parties may have.

 

	
  

	
18.

	
Entire Agreement

This Agreement contains the entire understanding among the Parties with respect to the subject matter hereof and supersedes any prior understandings and agreements, including the Letter of Intent, whether written or oral, with respect to such subject matter.  This Agreement may be amended by mutual agreement of the Parties evidenced in a written amendment.

 

	
  

	
19.

	
Successors and Assigns

This Agreement will enure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns.  This Agreement may not be assigned by either party without the prior written consent of the other party.  Notwithstanding the foregoing, SRC may assign this Agreement to its parent company, Infrastructure Materials Corp.  No Party may transfer, assign or dispose of, in whole or in part, directly or indirectly, its interest in the Properties.

 

	
  

	
20.

	
Counterparts

This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

 

	
  

	
21.

	
Expenses

Each Party is responsible for their own legal, accounting, advisory and other expenses incurred in connection with the transactions contemplated herein.

MGold-SRC Option Agreement

  

- 12 -

  

	
  

	
22.

	
Confidentiality

Except as otherwise provided hereunder, the Parties agree to treat all information, data, reports and other records relating to the Properties (collectively, the “Information”) as confidential and will not disclose such Information except in accordance with Section 8 of this Agreement (Public Announcements).  Information that is in the public domain shall not be considered confidential.

 

	
  

	
23.

	
Notices

Any notice, direction or other instrument required or permitted to be given hereunder will be in writing and given by personal delivery or by delivering or sending it by facsimile or other similar form of communication addressed:

 

(a)           To MGold at:

 

75 Forest Lake Road

Sudbury, Ontario  P3G 1K8

Canada

Attention:    Joel Scodnick, President and CEO

 

Telephone:   (705) 522-4439

Telefax:        (705) 522-8694

with a copy, which shall not constitute notice, to:

Lavery, de Billy L.L.P.

1, Place Ville-Marie, Suite 4000

Montréal, Québec

H3B 4M4

 

Attention:     Michel Blouin

 

Telephone:   (514) 877-3041

Telefax:       (514) 871-8977

MGold-SRC Option Agreement

  

- 13 -

  

(b)           To SRC at:

 

Suite 207B – 1135 Terminal Way

Reno, Nevada 89502

U.S.A.

 

Attention:      Todd Montgomery, CEO

 

Telephone:     403-512-6041

Telefax :         775-322-4458

with a copy, which shall not constitute notice to:

Kavinoky Cook LLP

726 Exchange Street

Suite 800

Buffalo, NY 14210

Attn: Jon Gardner

Telephone:      716-845-6000

Fax:                 716-845-6474

Any such notice, direction or other instrument given as aforesaid will be deemed to have been effectively given, if sent by facsimile or other similar form of telecommunication, on the next business day following such transmission or, if delivered, to have been received on the date of such delivery.  Any Party may change its address for service from time to time by notice given in accordance with the foregoing and any subsequent notice will be sent to such Party at its changed address.

	
  

	
24.

	
Applicable Law

This Agreement is governed by Alberta Law.

	
  

	
25.

	
Joint Venture

The Parties shall undertake in good faith to negotiate and execute a joint venture agreement within sixty (60) days of the full execution of this Agreement. However, failure to execute such a joint venture agreement within such time shall not be considered a breach hereunder by either Party.

MGold-SRC Option Agreement

  

- 14 -

  

IN WITNESS WHEREOF the Parties have duly executed this Agreement as of the year and date set forth on the first page of this Agreement.

 

	  	
MGOLD RESOURCES INC.

	  	  	  
	  	
By:

	
/s/ Joel Scodnick

	  
	  	  	
Name: Joel Scodnick

	  	  	
Title: President and CEO

	  	  	  
	  	
SILVER RESERVE CORP.

	  	  	  
	  	
By:

	
/s/ Todd Montgomery

	  
	  	  	
Name: Todd Montgomery

	  	  	
Chief Executive Officer

 

MGold-SRC Option Agreement

  

- 15 -

  

SCHEDULE A

SILVER QUEEN PROPERTY

KLONDYKE PROPERTY

Note:  This Schedule shall include two related patented claims covered by a Mineral Lease Agreement dated May 30, 2008 between Ms. Ovidia Elenor Harting of Normandy Park, WA and Silver Reserve Corp. upon receipt of the required consent of the lessor.

  

 

  

SILVER QUEEN PROPERTY

Sections 13, 14, 23, 24, 25, 36, T 2 S, R 37 E, MDB&M

Sections 18, 19, 30, 31, T 2 S, R 38 E, MDB&M

Esmeralda County, Nevada

Claim Name County File No. BLM NMC

	
SQ 1

	
160296

	
870453

	
SQ 2

	
169136

	
969847

	
SQ 3

	
169137

	
969848

	
SQ 4

	
169138

	
969849

	
SQ 5

	
169139

	
969850

	
SQ 6

	
160297

	
870454

	
SQ 7

	
160298

	
870455

	
SQ 8

	
160299

	
870456

	
SQ 9

	
160300

	
870457

	
SQ 10

	
160301

	
870458

	
SQ 11

	
160302

	
870459

	
SQ 12

	
160303

	
870460

	
SQ 13

	
160304

	
870461

	
SQ 14

	
160305

	
870462

	
SQ 15

	
160306

	
870463

	
SQ 16

	
160307

	
870464

	
SQ 17

	
160308

	
870465

	
SQ 18

	
160309

	
870466

	
SQ 19

	
160310

	
870467

	
SQ 20

	
160311

	
870468

	
SQ 21

	
160312

	
870469

	
SQ 22

	
160313

	
870470

	
SQ 23

	
160314

	
870471

	
SQ 24

	
160315

	
870472

	
SQ 25

	
160316

	
870473

	
SQ 26

	
160317

	
870474

	
SQ 27

	
160318

	
870475

	
SQ 28

	
160319

	
870476

	
SQ 29

	
160320

	
870477

	
SQ 30

	
160321

	
870478

	
SQ 31

	
160322

	
870479

	
SQ 32

	
160323

	
870480

	
SQ 33

	
160324

	
870481

	
SQ 34

	
160325

	
870482

	
SQ 35

	
160326

	
870483

	
SQ 36

	
160327

	
870484

	
SQ 37

	
160328

	
870485

	
SQ 38

	
160329

	
870486

	
SQ 39

	
160330

	
870487

	
SQ 40

	
160331

	
870488

 

MGold-SRC Option Agreement

  

- 17 -

  

	
SQ 41

	
160332

	
870489

	
SQ 42

	
160333

	
870490

	
SQ 43

	
160334

	
870491

	
SQ 44

	
160335

	
870492

	
SQ 45

	
160336

	
870493

	
SQ 46

	
160337

	
870494

	
SQ 47

	
160338

	
870495

	
SQ 48

	
160339

	
870496

	
SQ 49

	
160340

	
870497

	
SQ 50

	
160341

	
870498

	
SQ 51

	
160342

	
870499

	
SQ 52

	
160343

	
870500

	
SQ 53

	
160344

	
870501

	
SQ 54

	
160345

	
870502

	
SQ 55

	
160346

	
870503

	
SQ 56

	
160347

	
870504

	
SQ 57

	
160348

	
870505

	
SQ 58

	
160349

	
870506

	
SQ 59

	
160350

	
870507

	
SQ 60

	
160351

	
870508

	
SQ 61

	
160352

	
870509

	
SQ 62

	
160353

	
870510

	
SQ 63

	
160354

	
870511

	
SQ 64

	
160355

	
870512

	
SQ 65

	
160356

	
870513

	
SQ 66

	
160357

	
870514

	
SQ 67

	
160358

	
870515

	
SQ 68

	
160359

	
870516

	
SQ 69

	
160360

	
870517

	
SQ 70

	
160361

	
870518

	
SQ 71

	
160362

	
870519

	
SQ 72

	
160363

	
870520

	
SQ 73

	
160364

	
870521

	
SQ 74

	
160365

	
870522

	
SQ 75

	
160366

	
870523

	
SQ 76

	
160367

	
870524

	
SQ 77

	
160368

	
870525

	
SQ 78

	
160369

	
870526

	
SQ 79

	
160370

	
870527

	
SQ 80

	
160371

	
870528

	
SQ 81

	
160372

	
870529

	
SQ 82

	
160373

	
870530

	
SQ 83

	
160374

	
870531

	
SQ 84

	
160375

	
870532

	
SQ 85

	
160376

	
870533

	
SQ 86

	
160377

	
870534

 

MGold-SRC Option Agreement

  

- 18 -

  

	
SQ 87

	
160378

	
870535

	
SQ 88

	
168945

	
966963

	
SQ 89

	
168946

	
966964

	
SQ 90

	
168947

	
966965

	
SQ 91

	
168948

	
966966

	
SQ 92

	
168949

	
966967

	
SQ 93

	
168950

	
966968

	
SQ 94

	
168951

	
966969

	
SQ 95

	
168952

	
966970

	
SQ 96

	
168953

	
966971

	
SQ 97

	
168954

	
966972

	
SQ 98

	
168955

	
966973

	
SQ 99

	
168956

	
966974

	
SQ 100

	
168957

	
966975

	
SQ 101

	
168958

	
966976

	
SQ 102

	
168959

	
966977

	
SQ 103

	
168960

	
966978

	
SQ 104

	
168961

	
966979

	
SQ 105

	
168962

	
966980

	
SQ 106

	
168963

	
966981

	
SQ 107

	
168964

	
966982

	
SQ 108

	
168965

	
966983

	
SQ 109

	
168966

	
966984

	
SQ 110

	
168967

	
966985

	
SQ 111

	
168968

	
966986

	
SQ 112

	
168969

	
966987

	
SQ 113

	
168970

	
966988

	
SQ 114

	
168971

	
966989

	
SQ 115

	
168972

	
966990

	
SQ 116

	
168973

	
966991

	
SQ 117

	
168974

	
966992

	
SQ 118

	
168975

	
966993

	
SQ 119

	
168976

	
966994

	
SQ 120

	
168977

	
966995

	
SQ 121

	
168978

	
966996

	
SQ 122

	
168979

	
966997

	
SQ 123

	
168980

	
966998

	
SQ 124

	
168981

	
966999

	
SQ 125

	
168982

	
967000

	
SQ 126

	
168983

	
967001

	
SQ 127

	
168984

	
967002

	
SQ 128

	
168985

	
967003

	
SQ 129

	
168986

	
967004

	
SQ 130

	
168987

	
967005

	
SQ 131

	
168988

	
967006

	
SQ 132

	
168989

	
967007

 

MGold-SRC Option Agreement

  

- 19 -

  

	
SQ 133

	
168990

	
967008

	
SQ 134

	
168991

	
967009

	
SQ 135

	
168992

	
967010

	
SQ 136

	
168993

	
967011

	
SQ 137

	
168994

	
967012

	
SQ 138

	
168995

	
967013

	
SQ 139

	
168996

	
967014

	
SQ 140

	
168997

	
967015

	
SQ 141

	
168998

	
967016

	
SQ 142

	
168999

	
967017

	
SQ 143

	
170039

	
986543

	
SQ 144

	
169142

	
969852

	
SQ 145

	
169143

	
969853

145 MINING CLAIMS

MGold-SRC Option Agreement

  

- 20 -

  

KLONDYKE PROPERTY

Sections 24, 25, 26, 35, 36, T 1 N, R 42 E, MDB&M

Sections 19, 29, 30, 31, 32, T 1 N, R 43 E, MDB&M

Sections 5, 6, T 1 S, R 43 E, MDB&M

Esmeralda County, Nevada

Claim Name Book Page County File No. BLM NMC

	
KD 1

	
226

	
357

	
159954

	
867448

	
2

	
301

	
339

	
181576

	
1039914

	
3

	
226

	
359

	
159956

	
867450

	
4

	
301

	
340

	
181577

	
1039915

	
5

	
226

	
361

	
159958

	
867452

	
6

	
301

	
341

	
181578

	
1039916

	
7

	
226

	
363

	
159960

	
867454

	
8

	
301

	
342

	
181579

	
1039917

	
9

	
226

	
365

	
159962

	
867456

	
10

	
301

	
343

	
181580

	
1039918

	
11

	
226

	
367

	
159964

	
867458

	
12

	
301

	
344

	
181581

	
1039919

	
13

	
301

	
345

	
181582

	
1039920

	
14

	
226

	
370

	
159967

	
867461

	
15

	
301

	
346

	
181583

	
1039921

	
16

	
226

	
372

	
159969

	
867463

	
17

	
301

	
347

	
181584

	
1039922

	
18

	
226

	
374

	
159971

	
867465

	
19

	
301

	
348

	
181585

	
1039923

	
20

	
226

	
376

	
159973

	
867467

	
21

	
226

	
377

	
159974

	
867468

	
22

	
226

	
378

	
159975

	
867469

	
23

	
301

	
349

	
181586

	
1039924

	
24

	
226

	
380

	
159977

	
867471

	
25

	
226

	
381

	
159978

	
867472

	
26

	
301

	
350

	
181587

	
1039925

	
27

	
226

	
383

	
159980

	
867474

	
28

	
301

	
351

	
181588

	
1039926

	
29

	
226

	
385

	
159982

	
867476

	
30

	
301

	
352

	
181589

	
1039927

	
31

	
226

	
387

	
159984

	
867478

	
32

	
301

	
353

	
181590

	
1039928

	
33

	
226

	
389

	
159986

	
867480

	
34

	
301

	
354

	
181591

	
1039929

	
35

	
226

	
391

	
159988

	
867482

	
36

	
301

	
355

	
181592

	
1039930

	
37

	
226

	
393

	
159990

	
867484

	
38

	
301

	
356

	
181593

	
1039931

	
39

	
301

	
357

	
181594

	
1039932

 

MGold-SRC Option Agreement

  

- 21 -

  

	
40

	
226

	
396

	
159993

	
867487

	
41

	
301

	
358

	
181595

	
1039933

	
42

	
301

	
359

	
181596

	
1039934

	
43

	
226

	
399

	
159996

	
867490

	
44

	
301

	
360

	
181597

	
1039935

	
45

	
226

	
401

	
159998

	
867492

	
46

	
301

	
361

	
181598

	
1039936

	
47

	
226

	
403

	
160000

	
867494

	
48

	
301

	
362

	
181599

	
1039937

	
49

	
226

	
405

	
160002

	
867496

	
50

	
301

	
363

	
181600

	
1039938

	
51

	
226

	
407

	
160004

	
867498

	
52

	
301

	
364

	
181601

	
1039939

	
53

	
226

	
409

	
160006

	
867500

	
54

	
301

	
365

	
181602

	
1039940

	
55

	
226

	
411

	
160008

	
867502

	
56

	
301

	
366

	
181603

	
1039941

	
57

	
301

	
367

	
181604

	
1039942

	
58

	
301

	
368

	
181605

	
1039943

	
59

	
301

	
369

	
181606

	
1039944

	
60

	
301

	
370

	
181607

	
1039945

	
61

	
301

	
371

	
181608

	
1039946

	
62

	
301

	
372

	
181609

	
1039947

	
63

	
301

	
373

	
181610

	
1039948

	
69

	
301

	
374

	
181611

	
1039949

	
70

	
301

	
375

	
181612

	
1039950

	
71

	
301

	
376

	
181613

	
1039951

	
72

	
301

	
377

	
181614

	
1039952

	
73

	
301

	
378

	
181615

	
1039953

	
74

	
301

	
379

	
181616

	
1039954

	
75

	
246

	
198

	
165617

	
936129

	
76

	
301

	
380

	
181617

	
1039955

	
77

	
246

	
200

	
165619

	
936131

	
78

	
301

	
381

	
181618

	
1039956

	
79

	
301

	
382

	
181619

	
1039957

	
80

	
301

	
383

	
181620

	
1039958

	
81

	
301

	
384

	
181621

	
1039959

	
82

	
301

	
385

	
181622

	
1039960

	
83

	
301

	
386

	
181623

	
1039961

	
87

	
301

	
387

	
181624

	
1039962

	
97

	
301

	
388

	
181625

	
1039963

	
98

	
256

	
264

	
168173

	
964631

	
99

	
301

	
389

	
181626

	
1039964

	
100

	
256

	
266

	
168175

	
964633

	
101

	
301

	
390

	
181627

	
1039965

	
102

	
256

	
268

	
168177

	
964635

 

MGold-SRC Option Agreement

  

- 22 -

  

	
104

	
256

	
270

	
168179

	
964637

	
105

	
256

	
271

	
168180

	
964638

	
106

	
301

	
391

	
181628

	
1039966

	
107

	
301

	
392

	
181629

	
1039967

	
108

	
256

	
274

	
168183

	
964641

	
109

	
256

	
275

	
168184

	
964642

	
110

	
301

	
393

	
181630

	
1039968

	
111

	
256

	
277

	
168186

	
964644

	
112

	
301

	
394

	
181631

	
1039969

	
113

	
256

	
279

	
168188

	
964646

	
114

	
301

	
395

	
181632

	
1039970

	
115

	
256

	
281

	
168190

	
964648

	
116

	
301

	
396

	
181633

	
1039971

	
117

	
256

	
283

	
168192

	
964650

	
118

	
301

	
397

	
181634

	
1039972

	
119

	
256

	
285

	
168193-1

	
964652

	
120

	
301

	
398

	
181635

	
1039973

	
121

	
256

	
287

	
168195

	
964654

	
122

	
301

	
399

	
181636

	
1039974

	
123

	
256

	
289

	
168197

	
964656

	
129

	
301

	
400

	
181637

	
1039975

	
130

	
301

	
401

	
181638

	
1039976

	
131

	
301

	
402

	
181639

	
1039977

	
132

	
256

	
298

	
168206

	
964665

	
133

	
301

	
403

	
181640

	
1039978

	
134

	
256

	
300

	
168208

	
964667

	
143

	
301

	
404

	
181641

	
1039979

	
150

	
256

	
315

	
168223

	
964682

	
157

	
301

	
405

	
181642

	
1039980

	
164

	
301

	
406

	
181643

	
1039981

	
165

	
301

	
407

	
181644

	
1039982

	
166

	
301

	
408

	
181645

	
1039983

	
167

	
256

	
332

	
168240

	
964699

118 MINING CLAIMS

Additional Klondyke Claims

	
Tattoo U

	
145951

	
737072

	
Tattoo Me

	
145952

	
737071

Note:  This Schedule shall include two related patented claims covered by a Mineral Lease Agreement dated May 30, 2008 between Ms. Ovidia Elenor Harting of Normandy Park, WA and Silver Reserve Corp. upon receipt of the required consent of the lessor.

MGold-SRC Option Agreement

  

- 23 -

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