Document:

CODE OF BUSINESS CONDUCT

This Code of Business Conduct is designed to give you a broad and clear
understanding of the conduct expected of all our directors, officers and
employees everywhere we do business. The Code of Business Conduct applies to all
directors, officers and employees of Coca-Cola Embonor S.A. (the "Company") and
its subsidiaries, who, unless otherwise specified, will be referred to jointly
as "employees."

What you will see in the pages that follow are a series of conduct and ethical
guidelines, including examples of real life dilemmas faced by Company employees.
Most of what you will read probably won't surprise you, for the overarching
theme of these guidelines can be summed up this way: As a representative of the
Company, you must act with honesty and integrity in all matters.

                           SOME HIGHLIGHTS OF THE CODE

     Employees must follow the law wherever they are around the world.

     Employees must avoid conflicts of interest. Be aware of appearances.

     Financial records -- both for internal activities and external transactions
     -- must be timely and accurate.

     Company assets -- including computers, materials and work time -- must not
     be used for personal benefit.

     Customers and suppliers must be dealt with fairly and at arm's length.

     Employees must never attempt to bribe or improperly influence a government
     official.

     Employees must safeguard the Company's nonpublic information.

     Violations of the Code include asking other employees to violate the Code,
     not reporting a Code violation or failing to cooperate in a Code
     investigation.

     Violating the Code will result in discipline. Discipline will vary
     depending on the circumstances and may include, alone or in combination, a
     letter of reprimand, demotion, loss of merit increase, bonus or stock
     options, suspension or even termination.

     Under the Code, certain actions require written approval by your Principal
     Manager. The Principal Manager is your Chief Executive Officer or Chief
     Financial Officer or Corporate Operations Manager.

<PAGE>

     For those who are themselves Principal Managers, written approvals must
     come from the Chief Executive Officer and Chief Financial Officer. Written
     approvals for executive officers and directors must come from the Board of
     Directors or its designated committee.

This Code should help guide your conduct. But the Code cannot address every
circumstance and isn't meant to; this is not a catalogue of workplace rules. You
should be aware that the Company has policies in such areas as fair competition,
securities trading, workplace conduct and environmental protection, among
others. Employees should consult the policies of the Company in specific areas
as they apply.

                              YOUR RESPONSIBILITIES

     It is your responsibility to read and understand the Code of Business
     Conduct. You must comply with the Code in both letter and spirit. Ignorance
     of the Code will not excuse you from its requirements.

     Follow the law wherever you are and in all circumstances.

     Never engage in behavior that harms the reputation of the Company.

     Some situations may seem ambiguous. Exercise caution when you hear yourself
     or someone else say, "Everybody does it," "Maybe just this once," "No one
     will ever know" or "It won't matter in the end." These are signs to stop,
     think through the situation and seek guidance. Most importantly, don't
     ignore your instincts. Ultimately, you are responsible for your actions.

     You can seek guidance from the Corporate Controller.

     Employees are obliged to report violations, and suspected violations, of
     the Code. This includes situations where a manager or colleague asks you to
     violate the Code. In all cases, there will be no reprisals for making any
     reports, and every effort will be made to maintain confidentiality.

     You can report violations of the Code directly to your Principal Manager.

     Employees are obliged to cooperate with investigations into Code violations
     and must always be truthful and forthcoming in the course of these
     investigations.

     Managers have important responsibilities under the Code. Managers must
     understand the Code, seek guidance when necessary and report suspected Code
     violations. If a manager knows that an employee is contemplating a
     prohibited action and does nothing, the manager will be responsible along
     with the employee.

                                      -2-
<PAGE>

                                    CONFLICTS

                                   Of INTEREST

                                    OVERVIEW

Your personal activities and relationships must not conflict -- or appear to
conflict -- with the interests of the Company. Keep in mind that the Code cannot
specifically address every potential conflict, so use your conscience and common
sense. When questions arise, seek guidance.

                               GENERAL PRINCIPLES

     Avoid situations where your personal interests conflict, or appear to
     conflict, with those of the Company.

     You may own up to 1% of the stock in a competitor, customer or supplier
     without seeking prior approval from your Principal Manager so long as the
     stock is in a public company and you do not have discretionary authority in
     dealing with that company. If you want to purchase more than 1% of the
     stock in a customer, competitor or supplier, or the company is non-public
     or you have discretionary authority in dealing with the company, then the
     stock may be purchased only with prior approval of your Principal Manager.

     Directors may own the stock of suppliers, customers and competitors.
     However, a director must remove himself or herself from any Board activity
     that directly impacts the relationship between the Company and any
     supplier, customer or competitor in which the director has a financial
     interest.

     If you have a financial interest in a transaction between the Company and a
     third party -- even an indirect interest through, for example, a family
     member -- that interest must be approved by your Principal Manager prior to
     the transaction. However, if you have a financial interest in a supplier or
     customer only because someone in your family works there, then you do not
     need to seek prior approval unless you deal with the supplier or customer
     or your family member deals with the Company.

     If you'd like to serve as an officer or director or consultant to an
     outside business on your own time, you must receive prior approval in
     writing from your Principal Manager. If your Principal Manager changes, or
     the circumstances of the outside business change substantially, you must
     seek re-approval. (Employees are permitted,

                                      -3-
<PAGE>

     however, to serve on charity boards or in family businesses that have no
     relationship to the Company.) This rule does not apply to non-employee
     directors of the Company.

     Any potential conflict of interest that involves an officer of the Company,
     of a division or of a subsidiary must be approved in advance by the Chief
     Executive Officer and Chief Financial Officer. Any potential conflict of
     interest that involves a director or executive officer of the Company must
     be approved by the Board of Directors or its designated committee.

     Loans from the Company to directors and executive officers are prohibited.
     Loans from the Company to other officers and employees must be approved in
     advance by the Chief Executive Officer, the Chief Financial Officer or its
     designated committee, according to Company policies.

                                      -4-
<PAGE>

                                    FINANCIAL

                                     RECORDS

                                    OVERVIEW

Every Company financial record -- including time sheets, sales records and
expense reports -- must be accurate, timely and in accordance with the law.
These records are the basis for managing the Company's business and for
fulfilling its obligations to shareholders, employees, customers, suppliers and
regulatory authorities.

If you know of violations by others, take note: You must report those instances,
or you are in violation of the Code. Accurate records are everyone's
responsibility. It's always a good idea to double-check them.

                               GENERAL PRINCIPLES

     Always record and classify transactions in the proper accounting period and
     in the appropriate account and department. Delaying or prepaying invoices
     to meet budget goals is a violation of the Code.

     Never falsify any document or distort the true nature of any transaction.

     All transactions must be supported by accurate documentation.

     All reports made to regulatory authorities must be full, fair, accurate,
     timely and understandable.

     Employees must cooperate with investigations into the accuracy and
     timeliness of financial records.

     To the extent estimates and accruals are necessary in Company reports and
     records, they must be supported by appropriate documentation and based on
     good faith judgment.

     Payments can only be made to the person or the firm that actually provided
     the goods or services, and must be made in the supplier's home country,
     where it does business, or where the goods were sold or services provided,
     unless approved in advance by the Chief Financial Officer and Chief
     Executive Officer.

                                      -5-
<PAGE>

                                     USE of

                                 COMPANY ASSETS

                                    OVERVIEW

Company assets are meant for Company, not personal, use. Company assets include
your time at work and work product, as well as the Company's equipment and
vehicles, computers and software, Company information, and trademarks and name.

Common sense should prevail, of course. The occasional personal phone call from
your workplace, for example, is inevitable. Substantial personal phone calls,
however, represent misuse. The point is to recognize that theft or deliberate
misuse of Company assets is a violation of the Code.

                               GENERAL PRINCIPLES

     o    You may not use the Company's assets for your personal benefit or the
          benefit of anyone other than the Company.

     o    You may not take for yourself any opportunity for financial gain that
          you find out about because of your position at the Company or through
          the use of Company property or information.

     o    Misuse of Company assets may be considered theft and result in
          termination or criminal prosecution.

     o    You must have permission from your Principal Manager before you use
          any Company asset - including information, work product or trademark -
          outside of your Company responsibilities.

     o    Before accepting payment for speeches or presentations related to the
          Company or your work at the Company, always get your Principal
          Manager's approval.

     o    Company computer systems and equipment are meant for Company use only.
          For example, they should never be used for outside businesses, illegal
          activities, gambling or pornography.

                                      -6-
<PAGE>

                                  WORKING with

                              CUSTOMERS & SUPPLIERS

                                    OVERVIEW

It often is customary to exchange gifts and entertainment with customers and
suppliers. The key is to keep an arm's length relationship. Avoid excessive or
lavish gifts that may give the appearance of undue influence. Personal financial
transactions with customers and suppliers that may influence your ability to
perform your job are not permitted.

You should know that special restrictions apply when dealing with government
employees. For more information, see the next section on Working With
Governments. In all cases, when in doubt, seek guidance.

                               GENERAL PRINCIPLES

     o    The Code prohibits employees from accepting lavish gifts or
          entertainment. This is an area in which your judgment is critical. For
          instance, modest holiday gifts are usually fine. But an expensive
          weekend trip probably would not be. If you are uncertain, seek prior
          written approval from your Principal Manager.

     o    Gifts and entertainment for customers, potential customers and
          suppliers must support the legitimate business interests of the
          Company and should be reasonable and appropriate under the
          circumstances. Always be sensitive to our customers' and suppliers'
          own rules on receiving gifts and entertainment.

     o    Company stock cannot be given as a gift on behalf of the Company under
          any circumstances.

     o    Consistent with the obligation we all have to act with integrity and
          honesty at all times, you should deal fairly with the Company's
          customers, suppliers, competitors and employees. No director, officer
          or employee should take unfair advantage of anyone through
          misrepresentation or any unfair business practice.

                                      -7-
<PAGE>

                                  WORKING with

                                   GOVERNMENTS

                                    OVERVIEW

Conducting business with governments is not the same as conducting business with
private parties. These transactions often are covered by special legal rules.
You should consult with Company legal counsel to be certain that you are aware
of any such rules and you must have approval of local legal counsel before
providing anything of value to a government official.

The Company prohibits the payment of bribes to government officials. "Government
officials" are employees of any government anywhere in the world, even
low-ranking employees or employees of government-controlled entities. The term
"government officials" also includes political parties and candidates for
political office. It is your obligation to understand whether someone you deal
with is a government official. When in doubt, consult legal counsel.

In some countries it may be customary at times to pay government employees for
performing their required duties. These facilitating payments, as they are
known, are small sums paid to facilitate or expedite routine, non-discretionary
government actions, such as obtaining phone service or an ordinary license. In
contrast, a bribe, which is never permissible, is giving or offering to give
anything of value to a government official to influence a discretionary
decision.

Understanding the difference between a bribe and a facilitating payment is
critically important. Consult with your division legal counsel before acting.

                               GENERAL PRINCIPLES

     o    The ban on bribes applies to third parties acting on behalf of the
          Company, including all contractors and consultants. Employees must not
          engage a contractor or consultant if the employee has reason to
          believe that the contractor or consultant may attempt to bribe a
          government official.

     o    The Company may hire government officials or employees to perform
          services that have a legitimate business purpose, with the prior
          approval of the Principal Manager. For example, an off duty police
          officer might provide security. Government officials should never be
          hired to perform services that conflict with their official duties.

     o    All facilitating payments must be approved in advance by division
          legal counsel and recorded appropriately.

                                      -8-
<PAGE>

     o    Political contributions by the Company are not permitted.

                                      -9-
<PAGE>

                                   PROTECTING

                                   INFORMATION

                                    OVERVIEW

It is your obligation to safeguard the Company's nonpublic information. You
should not share this information with anyone outside the Company unless it is
necessary as part of your work responsibilities.

Nonpublic information is any information that has not been disclosed or made
available to the general public. Trading in stocks or securities based on
nonpublic information, or providing nonpublic information to others so that they
may trade, is illegal and may result in prosecution.

Nonpublic information includes items such as financial or technical data, plans
for acquisitions or divestitures, new products, inventions or marketing
campaigns, personal information about employees, major contracts, expansion
plans, financing transactions, major management changes and other corporate
developments.

                               GENERAL PRINCIPLES

     o    Disclosure of nonpublic information to anyone outside the Company,
          except when disclosure is required for business purposes and
          appropriate steps have been taken to prevent the misuse of the
          information is not permitted.

     o    Employees may not buy or sell stocks or securities based on nonpublic
          information obtained from their work at the Company.

     o    Disclosing nonpublic information to others, including family and
          friends, is a violation of the Code and may violate the law.

     o    Just as the Company values and protects its own nonpublic information,
          we respect the nonpublic information of other companies. If you have
          any questions about obtaining or using nonpublic information of other
          Companies, contact Company legal counsel for guidance.

     o    Records should be retained or discarded in accordance with the
          Company's record retention policies. Consult with Company legal
          counsel regarding retention of records in the case of actual or
          threatened litigation or governmental investigation.

                                      -10-
<PAGE>

                                 ADMINISTRATION

                                       of

                                    THE CODE

                                  DISTRIBUTION

The Code will be given adequate disclosure and distribution, and may be included
in the Company's internal regulations according to applicable law.

                                    APPROVALS

The appropriate Principal Managers must review and approve in writing any
circumstance requiring special permission, as described in the Code. Copies of
these approvals should be maintained by the Company and made available to
auditors or investigators.

Waivers of any provision of this Code for officers or directors must be approved
by the Board of Directors or its designated committee and promptly will be
disclosed to the extent required by law or regulation.

                              MONITORING COMPLIANCE

Employees should take all responsible steps to prevent a Code violation.

Employees must report violations of the Code directly to their Principal
Managers

                                 INVESTIGATIONS

The responsibility for administering the Code, investigating violations of the
Code and determining corrective and disciplinary action rests with the Chief
Executive Officer and Chief Financial Officer.

The Company's audit, finance, legal and security personnel may conduct or manage
investigations as deemed appropriate by the Chief Executive Officer or the
Corporate Controller. They will work together with the employee's managers to
recommend corrective and disciplinary actions for presentation to the Chief
Executive Officer and the Chief Financial Officer.

                                      -11-
<PAGE>

The Chief Financial Officer and the Chief Executive Officer will periodically
report, to the Board of Directors, all material Code violations and the
corrective actions taken.

                              DISCIPLINARY ACTIONS

The Company strives to impose discipline for each Code violation that fits the
nature and particular facts of the violation. The Company uses a system of
progressive discipline. The Company generally will issue warnings or letters of
reprimand for less significant, first-time offenses. Violations of a more
serious nature may have other consequences according to applicable law.

Violations of this Code are not the only basis for disciplinary action. The
Company has additional policies and procedures governing conduct.

                                 IT'S UP TO YOU

Administration of the Code is everyone's responsibility. There are colleagues to
help you do the right thing. If you act with integrity and seek guidance when
you are uncertain, you'll be doing the right thing.

All employees should understand that this Code applies to their respective
employment relationship.

The Company reserves the rights to amend, alter or terminate this Code at any
time and for any reason.

                                      -12-Exhibit 4.5

                                            
                                            Exhibit 4.5

STOCK OPTION PLAN

1.         Purpose

        The purpose of the Stock Option Plan (the "Plan") of Birch
Mountain Resources Ltd., a corporation incorporated under the Business
Corporations Act (Alberta) (the "Corporation"), is to advance the interests
of the Corporation by encouraging the directors, senior officers, employees and
consultants of the Corporation, and of its subsidiaries, if any, to acquire
common shares in the share capital of the Corporation, thereby increasing their
proprietary interest in the Corporation, encouraging them to remain associated
with the Corporation and furnishing them with additional incentive in their
efforts on behalf of the Corporation in the conduct of its affairs.

2.         Administration

        
        	 	

            (a)
                        	
        

        The Plan shall be administered by the Board of Directors of the
        Corporation or by a special committee of the directors appointed from
        time to time by the Board of Directors of the Corporation pursuant to
        rules of procedure fixed by the Board of Directors (such committee or,
        if no such committee is appointed, the Board of Directors of the
        Corporation is hereinafter referred to as the "Board"). A majority of
        the Board shall constitute a quorum, and the acts of a majority of the
        directors present at any meeting of the Board at which a quorum is
        present, or acts unanimously approved in writing, shall be the acts of
        the directors.

            
	 	 	 
	 	

            (b)
                        	
        

        Subject to the provisions of the Plan, the Board
        shall have authority to construe and interpret the Plan and all option
        agreements entered into thereunder, to define the terms used in the Plan
        and in all option agreements entered into thereunder, to prescribe,
        amend and rescind rules and regulations relating to the Plan and to make
        all other determinations necessary or advisable for the administration
        of the Plan. All determinations and interpretations made by the Board
        shall be binding and conclusive on all participants in the Plan and on
        their legal personal representatives and beneficiaries.

            
	 	 	 
	 	

            (c)
                        	
        

        Each option granted hereunder may be evidenced by
        an agreement in writing, signed on behalf of the Corporation and by the optionee, in such form as the Board shall approve. Each such agreement
        shall recite that it is subject to the provisions of this Plan.

            

      
    
  

3.         Stock Exchange Rules

        All options granted pursuant to this Plan shall be subject to
rules and policies of any stock exchange or exchanges on which the common shares
of the Corporation are then listed and any other regulatory body having
jurisdiction hereinafter (hereinafter collectively referred to as, the
"Exchange").

4.         Shares Subject to Plan

        Subject to adjustment as provided in Section 15 hereof, the
shares to be offered under the Plan shall consist of common shares of the
Corporation's authorized but unissued common shares ("Shares"). The aggregate
number of Shares issuable upon the exercise of all options granted under the
Plan shall not exceed 10,269,047 Shares. If any option granted hereunder shall
expire or terminate for any reason in accordance with the terms of the Plan
without being exercised, the unpurchased Shares subject thereto shall again be
available for the purpose of this Plan.

5.         Maintenance of Sufficient Capital

T        he Corporation shall at all times during the term of the
Plan reserve and keep available such numbers of Shares as will be sufficient to
satisfy the requirements of the Plan.

6.         Eligibility and Participation

	 	

    (a)
                        	
        

        Directors, senior officers, consultants, and employees of the
        Corporation or its subsidiaries, and employees of a person or company
        which provides management services to the Corporation or its
        subsidiaries ("Management Company Employees") shall be eligible for
        selection to participate in the Plan (such persons hereinafter
        collectively referred to as "Participants"). Subject to compliance with
        applicable requirements of the Exchange, Participants may elect to hold
        options granted to them in an incorporated entity wholly owned by them
        and such entity shall be bound by the Plan in the same manner as if the
        options were held by the Participant.

        
	 	 	 
	 	

    (b)
                        	
        

        Subject to the terms hereof, the Board shall determine to whom options
        shall be granted, the terms and provisions of the respective option
        agreements, the time or times at which such options shall be granted and
        vested, and the number of Shares to be subject to each option. In the
        case of employees or consultants of the Corporation or Management
        Company Employees, the option agreements to which they are party must
        contain a representation of the Corporation that such employee,
        consultant or Management Company Employee, as the case may be, is a bona
        fide employee, consultant or Management Company Employee of the
        Corporation or its subsidiaries.

        
	 	 	 
	 	

    (c)
                        	
        

        A Participant who has been granted an option may, if such Participant is
        otherwise eligible, and if permitted under the policies of the Exchange,
        be granted an additional option or options if the Board shall so
        determine.

        

      
    
  

7.         Exercise Price

	 	

    (a)
                        	
        

        The exercise price of the Shares subject to each option shall be
        determined by the Board, subject to applicable Exchange approval, at the
        time any option is granted. In no event shall such exercise price be
        lower than the exercise price permitted by the Exchange.

        
	 	 	 
	 	

    (b)
                        	
        

        Once the exercise price has been determined by the Board, accepted by
        the Exchange and the option has been granted, the exercise price of an
        option may be reduced upon receipt of Board approval, provided that in
        the case of options held by insiders of the Corporation (as defined in
        the policies of the Exchange), the exercise price of an option may be
        reduced only if disinterested shareholder approval is obtained.

        

      
    
  

8.         Number of Optioned Shares

        
        	 	

            (a)
                        	
        

        The number of Shares subject to an option granted to any one Participant
        shall be determined by the Board, but no one Participant shall be
        granted an option which exceeds the maximum number permitted by the
        Exchange.

            
	 	 	 
	 	

            (b)
                        	
        

        No single Participant may be granted options to purchase a number of
        Shares equaling more than 5% of the issued Shares of the Corporation in
        any one twelve-month period unless the Corporation has obtained the
        requisite disinterested shareholder approval and meets applicable
        Exchange requirements.

            
	 	 	 
	 	

            (c)
                        	
        

        Options shall not be granted if the exercise thereof would result in the
        issuance of more than 2% of the issued Shares of the Corporation in any
        one twelve month period to any one consultant of the Corporation (or its
        subsidiaries or affiliates).

            
	 	 	 
	 	

            (d)
                        	
        

        Options shall not be granted if the exercise thereof would result in the
        issuance of more than 2% of the issued Shares of the Corporation in any
        one twelve-month period to persons employed to provide investor
        relations activities (as such terms are defined in the policies of the
        Exchange) for the Corporation. Options granted to consultants performing
        investor relations activities for the Corporation will contain vesting
        provisions such that vesting occurs over at least 12 months with no more
        than 1⁄4 of the options vesting in any 3 month period.

            

      
    
  

9.         Duration of Option

        Each option and all rights thereunder shall be expressed to
expire on the date set out in the option agreement and shall be subject to
earlier termination as provided in Sections 11 and 12, provided that in no
circumstance shall the duration of an option exceed the maximum term permitted
by the Exchange. For greater certainty, if the Corporation is listed on the TSX
Venture Exchange Inc. ("TSX-V"), the maximum term may not exceed 10 years if the
Corporation is classified as a "Tier 1 Issuer" by the TSX-V, and the maximum
term may not exceed 5 years if the Corporation is classified as a "Tier 2
Issuer" by the TSX-V.

10.         Option Period, Consideration and Payment

        
        	 	

            (a)
                        	

        The option period shall be a period of time fixed by
        the Board not to exceed the maximum term permitted by the Exchange,
        provided that the option period shall be reduced with respect to any
        option as provided in Sections 11 and 12 covering cessation as a
        director, senior officer, consultant, employee or Management Company
        Employee of the Corporation or its subsidiaries, or death of the
        Participant.

                        
	 	 	 	 
	 	

            (b)
                        	 	
        

        Subject to the policies of the Exchange, an option shall vest and may be
        exercised (in each case to the nearest full Share) during the option
        period:

            
	 	 	 	 
	 	 	

            (i)
                        	
            

            in the circumstance where the number of Shares reserved for issuance
            by the Board pursuant to the exercise of options granted is less
            than or equal to 10% of the number of issued and outstanding Shares
            of the Corporation, in such manner as the Board may determine;

            
	 	 	 	 
	 	 	

            (ii)
                        	
            

            in the circumstance where the Corporation is
            classified as a Tier 2 Issuer by the TSX-V, and the number of Shares
            reserved for issuance by the Board pursuant to the exercise of
            options granted is greater than 10% of the issued and outstanding
            Shares of the Corporation, in accordance with a vesting schedule
            which shall be established by the Board and which shall be
            acceptable to the Exchange.

            
	 	 	 	 
	 	

            (c)
                        	

        Subject to any vesting restrictions imposed by the
        Board or the Exchange, options may be exercised in whole or in part at
        any time and from time to time during the option period. To the extent
        required by the Exchange, no options may be exercised under this Plan
        until this Plan has been approved by a resolution duly passed by the
        shareholders of the Corporation.

                        
	 	 	 	 
	 	

            (d)
                        	

        Except as set forth in Sections 11 and 12, no option
        may be exercised unless the Participant is at the time of such exercise
        a director, senior officer, consultant, or employee of the Corporation
        or any of its subsidiaries, or a Management Company Employee of the
        Corporation or any of its subsidiaries.

                        
	 	 	 
	 	

            (e)	

        The exercise of any option will be contingent
        upon receipt by the Corporation at its head office of a written notice
        of exercise, specifying the number of Shares with respect to which the
        option is being exercised, accompanied by cash payment, certified cheque
        or bank draft for the full purchase price of such Shares with respect to
        which the option is exercised. No Participant or his legal
        representatives, legatees or distributees will be, or will be deemed to
        be, a holder of any Shares of the Corporation, unless and until the
        certificates for such Shares issuable pursuant to options under the Plan
        are issued to him or them under the terms of the Plan.

                        

      
    
  

11.         Ceasing To Be a Director, Senior Officer, Consultant or
Employee

	 	

    (a)
                        	
        

        If a Participant shall cease to be a director, senior officer,
        consultant, employee or a Management Company Employee of the Corporation
        or its subsidiaries for any reason (other than death), such Participant
        may exercise his option to the extent that the Participant was entitled
        to exercise it at the date of such cessation, provided that such
        exercise must occur within 90 days after the Participant ceases to be a
        director, senior officer, consultant, employee or a Management Company
        Employee, unless such Participant was engaged in investor relations
        activities, in which case such exercise must occur within 30 days after
        the cessation of the Participant's services to the Corporation or its
        subsidiaries.

        
	 	 	 
	 	

    (b)
                        	
        

        Nothing contained in the Plan, nor in any option granted pursuant to the
        Plan, shall as such confer upon any Participant any right with respect
        to continuance as a director, senior officer, consultant, employee or
        Management Company Employee of the Corporation or of any of its
        subsidiaries or affiliates.

        

      
    
  

12.         Death of Participant

        Notwithstanding section 11, in the event of the death of a
Participant, the option previously granted to him shall be exercisable only
within the one (1) year after such death and then only:

	 	

    (a)
                        	
        

        by the person or persons to whom the Participant's rights under the
        option shall pass by the Participant's will or the laws of descent and
        distribution; and

        
	 	 	 
	 	

    (b)
                        	
        

        if and to the extent that such Participant was entitled to exercise the
        option at the date of his death.

        

      
    
  

13.         Rights of Optionee

        No person entitled to exercise any option granted under the
Plan shall have any of the rights or privileges of a shareholder of the
Corporation in respect of any Shares issuable upon exercise of such option until
certificates representing such Shares shall have been issued and delivered.

14.         Proceeds from Sale of Shares

        The proceeds from the sale of Shares issued upon the exercise
of options shall be added to the general funds of the Corporation and shall
thereafter be used from time to time for such corporate purposes as the Board
may determine.

15.         Adjustments

	 	

    (a)
                        	
        

        If the outstanding Shares of the Corporation are increased, decreased,
        changed into or exchanged for a different number or kind of shares or
        securities of the Corporation or another corporation or entity through
        re-organization, merger, re-capitalization, re-classification, stock
        dividend, subdivision or consolidation, any adjustments relating to the
        Shares optioned or issued on exercise of options and the exercise price
        per Share as set forth in the respective stock option agreements shall
        be made in accordance with the terms of such agreements.

        
	 	 	 
	 	

    (b)
                        	
        

        Adjustments under this Section shall be made by the Board whose
        determination as to what adjustments shall be made, and the extent
        thereof, shall be final, binding and conclusive. No fractional Shares
        shall be required to be issued under the Plan on any such adjustment.

        

      
    
  

16.         Transferability

        All benefits, rights and options accruing to any Participant
in accordance with the terms and conditions of the Plan shall not be
transferable or assignable unless specifically provided herein or the extent, if
any, permitted by the Exchange. During the lifetime of a Participant any
benefits, rights and options may only be exercised by the Participant.

17.         Amendment and Termination of Plan

        Subject to applicable approval of the Exchange, the Board
may, at any time, suspend or terminate the Plan. Subject to applicable approval
of the Exchange, the Board may also at any time amend or revise the terms of the
Plan, provided that no such amendment or revision shall result in a material
adverse change to the terms of any options theretofore granted under the Plan
unless shareholder approval, or disinterested shareholder approval, as the case
may be, is obtained for such amendment or revision.

18.         Necessary Approvals

        The ability of a Participant to exercise options and the
obligation of the Corporation to issue and deliver Shares in accordance with the
Plan is subject to any approvals which may be required from shareholders of the
Corporation and any regulatory authority or stock exchange having jurisdiction
over the securities of the Corporation. If any Shares cannot be issued to any
Participant for whatever reason, the obligation of the Corporation to issue such
Shares shall terminate and any option exercise price paid to the Corporation
will be returned to the Participant.

19.         Effective Date of Plan

        The Plan has been adopted by the Board of the Corporation
subject to the approval of the Exchange and, if so approved, subject to the
discretion of the Board, the Plan shall become effective upon such approvals
being obtained.

20.         Interpretation

        The Plan will be governed by and construed in accordance with
the laws of the Province of Alberta.

        MADE by the Board of Directors of the Corporation as
evidenced by the signature of the following director duly authorized in that
behalf effective the 7th day of May, 2004 and approved by the
shareholders of the Corporation on July 8, 2004.

 

	 	

BIRCH MOUNTAIN RESOURCES LTD.

    
	 	

    
	 	
 

    
	 	
        

        Per:
                        

      	 
	 	

    Name:
                        	
        

        Douglas J. Rowe

      
	 	

    Title:
                        	
    

    President and Chief Executive Officer

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