Document:

Exhibit 4.1

AMENDED AND RESTATED RIGHTS AGREEMENT

MARCH 23, 2007

BETWEEN

REVETT MINERALS INC.

and

COMPUTERSHARE INVESTOR SERVICES INC.

as Rights Agent

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 1

  	
   

  	
  INTERPRETATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.1

  	
   

  	
  Certain Definitions

  	
   

  	
  2

  
	
  1.2

  	
   

  	
  Holder

  	
   

  	
  16

  
	
  1.3

  	
   

  	
  Acting Jointly or in Concert

  	
   

  	
  17

  
	
  1.4

  	
   

  	
  Application of Statutes, Regulations and Rules

  	
   

  	
  17

  
	
  1.5

  	
   

  	
  Currency

  	
   

  	
  17

  
	
  1.6

  	
   

  	
  Headings and References

  	
   

  	
  17

  
	
  1.7

  	
   

  	
  Singular, Plural, etc

  	
   

  	
  17

  
	
  1.8

  	
   

  	
  Generally Accepted Accounting Principles

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
   

  	
  THE RIGHTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Legend on Common Share Certificates

  	
   

  	
  18

  
	
  2.2

  	
   

  	
  Initial Exercise Price: Exercise of Rights: Detachment
  of Rights

  	
   

  	
  18

  
	
  2.3

  	
   

  	
  Adjustments to Exercise Price, Number of Rights

  	
   

  	
  21

  
	
  2.4

  	
   

  	
  Date on Which Exercise is Effective

  	
   

  	
  27

  
	
  2.5

  	
   

  	
  Execution, Authentication, Delivery and Dating of
  Rights Certificates

  	
   

  	
  28

  
	
  2.6

  	
   

  	
  Registration, Registration of Transfer and Exchange

  	
   

  	
  28

  
	
  2.7

  	
   

  	
  Mutilated, Destroyed, Lost and Stolen Rights
  Certificates

  	
   

  	
  29

  
	
  2.8

  	
   

  	
  Persons Deemed Owners

  	
   

  	
  29

  
	
  2.9

  	
   

  	
  Delivery and Cancellation of Certificates

  	
   

  	
  30

  
	
  2.10

  	
   

  	
  Agreement of Rights Holders

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
   

  	
  ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF
  CERTAIN TRANSACTIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Flip-in Event

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
   

  	
  THE RIGHTS AGENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  General

  	
   

  	
  32

  
	
  4.2

  	
   

  	
  Merger or Amalgamation or Change of Name of Rights
  Agent

  	
   

  	
  33

  
	
  4.3

  	
   

  	
  Duties of Rights Agent

  	
   

  	
  34

  
	
  4.4

  	
   

  	
  Change of Rights Agent

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.1

  	
   

  	
  Redemption and Waiver

  	
   

  	
  36

  
	
  5.2

  	
   

  	
  Expiration

  	
   

  	
  38

  
	
  5.3

  	
   

  	
  Issuance of New Rights Certificates

  	
   

  	
  38

  
	
  5.4

  	
   

  	
  Supplements and Amendments

  	
   

  	
  38

  
	
  5.5

  	
   

  	
  Fractional Rights and Fractional Common Shares

  	
   

  	
  40

  
	
  5.6

  	
   

  	
  Rights of Action

  	
   

  	
  40

  
	
  5.7

  	
   

  	
  Holder of Rights Not Deemed a Shareholder

  	
   

  	
  41

  
	
  5.8

  	
   

  	
  Notice of Proposed Actions

  	
   

  	
  41

  
	
  5.9

  	
   

  	
  Notices

  	
   

  	
  41

  
	
  5.10

  	
   

  	
  Costs of Enforcement

  	
   

  	
  42

  

 

 i
 

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.11

  	
   

  	
  Successors

  	
   

  	
  43

  
	
  5.12

  	
   

  	
  Benefits of this Agreement

  	
   

  	
  43

  
	
  5.13

  	
   

  	
  Governing Law

  	
   

  	
  43

  
	
  5.14

  	
   

  	
  Counterparts

  	
   

  	
  43

  
	
  5.15

  	
   

  	
  Severability

  	
   

  	
  43

  
	
  5.16

  	
   

  	
  Determinations and Actions by the Board of Directors

  	
   

  	
  43

  
	
  5.17

  	
   

  	
  Effective Date

  	
   

  	
  44

  
	
  5.18

  	
   

  	
  Approval of Holders of Rights

  	
   

  	
  44

  
	
  5.19

  	
   

  	
  Declaration as to Non-Canadian and Non-United States
  Holders

  	
   

  	
  44

  
	
  5.20

  	
   

  	
  Regulatory Approvals

  	
   

  	
  45

  

 

 ii

AMENDED AND RESTATED RIGHTS AGREEMENT

THIS AMENDED AND RESTATED
AGREEMENT is made as of March 23, 2007,

BETWEEN:

REVETT MINERALS INC.,
a corporation incorporated under the laws of Canada

(the “Corporation”),

- and -

COMPUTERSHARE INVESTOR
SERVICES INC., a corporation incorporated under the
laws of the Province of Ontario, as rights agent

(the “Rights Agent”)

WHEREAS
the parties entered into a shareholder rights plan (the “Rights  Plan”)
on February 15, 2005 and now desire to amend and restate the Rights Plan to
extend the expiry time of the Rights;

AND WHEREAS
in implementation of the Rights Plan, the board of directors of the Corporation
(a) authorized and declared a distribution of one right (“Right”) in respect of
each Common Share (as hereinafter defined) outstanding as of 5:30 p.m. (Toronto
Time) on February 15, 2005 (the “Record  Time”) to each holder of record
of Common Shares at the Record Time, and (b) authorized the issuance of one
Right (subject to adjustment as hereinafter provided) in respect of each Common
Share issued after the Record Time and prior to the earlier of the Separation
Time and the Expiration Time (each as defined in the Rights Plan);

AND WHEREAS,
each Right entitles the holder thereof, after the Separation Time, to purchase
securities of the Corporation pursuant to the terms and subject to the
conditions set forth herein;

AND WHEREAS,
the Rights Agent has agreed with the Corporation to act on behalf of the
Corporation in connection with the issuance, transfer, exchange and replacement
of Rights Certificates (as hereinafter defined), the exercise of Rights and
other matters referred to herein;

NOW,
THEREFORE,
in consideration of the premises and respective agreements set forth herein,
the parties hereby agree as follows:

ARTICLE 1

INTERPRETATION

1.1          Certain Definitions

In this Agreement, unless
the context otherwise requires:

“Acquiring Person”
means any Person who is the Beneficial Owner of 20% or more of the outstanding
Voting Shares; provided, however, that the term “Acquiring  Person”
shall not include:

(i)                                    the
Corporation or any Subsidiary of the Corporation, or

(ii)                                 an
underwriter or member of a banking or selling group that acquires Voting Shares
from the Corporation in connection with a distribution to the public of
securities, or

(iii)                              any
Person who becomes the Beneficial Owner of 20% or more of the outstanding
Voting Shares solely as a result of one or any combination of:

(A)                              a
Voting Share Reduction;

(B)                                a
Permitted Bid Acquisition;

(C)                                an
Exempt Acquisition;

(D)                               a
Pro-Rata Acquisition; or

(E)                                 a
Convertible Security Acquisition,

in
each such case, until such time thereafter as such Person shall become the
Beneficial Owner (otherwise than pursuant to any one or more of a Voting Share
Reduction, a Permitted Bid Acquisition, an Exempt Acquisition, a Pro-Rata
Acquisition, or a Convertible Security Acquisition) of additional Voting Shares
constituting more than 1% of the Voting Shares then outstanding, in which event
such Person shall become an Acquiring Person as of the date and time of
acquisition of such additional Voting Shares; or

(iv)                             for a
period of 10 days after the Disqualification Date (as hereinafter defined), any
Person who becomes the Beneficial Owner of 20% or more of the outstanding
Voting Shares as a result of such Person becoming disqualified from relying on
clause (v) of the definition of Beneficial Owner. In this definition, “Disqualification
Date”
means the first date of public announcement of facts indicating that such
Person has or is making or has announced an intention to make a Take-over Bid
alone or by acting jointly or in concert with any other Person; or

 2
 

(v)                                any
Person (a “Grandfathered
Person”)
who is the Beneficial Owner of 20% or more of the Voting Shares determined as
at the Record Time, provided, however, that this exception shall not, and shall
cease to, apply if, after the Record Time the Grandfathered Person: (A) ceases
to own 20% or more of the outstanding Voting Shares; or (B) becomes the
Beneficial Owner of more than 1% of the number of outstanding Voting Shares
then outstanding in addition to those Voting Shares such Person already holds
other than pursuant to a Voting Share Reduction, a Permitted Bid Acquisition,
an Exempt Acquisition, a Pro Rata Acquisition, or a Convertible Security
Acquisition or any combination thereof.

“Affiliate”,
when used to indicate a relationship with a specified Person, means a Person
that directly, or indirectly through one or more intermediaries, controls, or
is controlled by, or is under common control with, such specified Person and a
body corporate shall be deemed to be an Affiliate of another body corporate if
one of them is the Subsidiary of the other or if both are Subsidiaries of the
same body corporate or if each of them is controlled by the same Person.

“Associate”,
when used to indicate a relationship with a specified Person, means (i) any
corporation of which such specified Person beneficially owns, directly or
indirectly, voting securities carrying more than 10% of the voting rights
attached to all voting securities of such corporation for the time being
outstanding, (ii) any partner of that specified Person, (iii) any trust or
estate in which such specified Person has a substantial beneficial interest or
as to which such specified Person serves as trustee or in a similar capacity;
(iv) a spouse of such specified Person, (v) any Person of either sex with whom
such specified Person is living in a conjugal relationship outside marriage, or
(vi) any relative of such specified Person or of a Person mentioned in clauses
(iv) or (v) of this definition if that relative has the same residence as the
specified Person.

A Person shall be deemed
the “Beneficial
Owner” and to have “Beneficial Ownership” of and to “Beneficially Own”:

(i)                                    any
securities of which such Person or any of such Person’s Affiliates or
Associates is the owner at law or in equity;

(ii)                                 any
securities which such Person or any of such Person’s Affiliates or Associates
has the right to become the owner at law or in equity within 60 days (where
such right is exercisable immediately or within a period of 60 days, whether or
not upon the condition or occurrence of any contingency or the making of one or
more payments) upon the exercise of any conversion right, exchange right, share
purchase right (other than the Rights) or pursuant to any agreement,
arrangement, pledge or understanding, whether or not in writing, other than:

(A)                              customary
agreements with and between underwriters and banking group or selling group
members with respect to a distribution of securities; and

(B)                                pledges
of securities in the ordinary course of the pledgee’s business; and

 3
 

(iii)                              any
securities that are Beneficially Owned within the meaning of clauses (i) or
(ii) of this definition by any other Person with which such Person is acting jointly
or in concert,

provided that a Person
shall not be deemed the “Beneficial Owner”
of, or to have “Beneficial Ownership” of, or to “Beneficially Own”, any security because:

(iv)                              (A)          the holder of such
security has agreed to deposit or tender such security to a Take-over Bid made
by such Person or any of such Person’s Affiliates or Associates or any other
Person referred to in clause (iii) of this definition pursuant to a Permitted
Lock-up Agreement; or

(B)                               such
security has been deposited or tendered pursuant to a Take-over Bid made by
such Person or any of such Person’s Affiliates or Associates or made by any
other Person acting jointly or in concert with such Person until such deposited
or tendered security has been taken up or paid for, whichever shall first
occur;

(v)                                 such
Person, any Affiliate or Associate of such Person or any other Person acting
jointly or in concert with such Person holds such security; provided that:

(A)                             the
ordinary business of such Person (the “Portfolio  Manager”)
includes the management or administration of investment funds or mutual funds
for other Persons and such security is held by the Portfolio Manager in the
ordinary course of such business in the performance of the Portfolio Manager’s
duties for the account of any other Person (a “Client”) including
non-discretionary accounts held on behalf of a Client by a broker or dealer or
broker-dealer registered under applicable law;

(B)                               such
Person (the “Trust
Company”)
is licensed to carry on the business of a trust company under applicable law
and, as such, acts as trustee or administrator or in a similar capacity in
relation to the estates of deceased or incompetent Persons (each, an “Estate  Account”)
or in relation to other accounts (each, an “Other  Account”)
and holds such security in the ordinary course of and for the purposes of the
activities of such Estate Accounts or for such Other Accounts;

(C)                               such
Person (the “Crown
Agent”)
is established by statute for purposes that include, and the ordinary business
or activity of such Person includes, the management of investment funds for
employee benefit plans, pension plans, insurance plans, or various public
bodies and the Crown Agent holds such security in the ordinary course of and
for the purposes of its activities as such; or

(D)                              such
Person (the “Plan
Administrator”)
is the administrator or the trustee of one or more pension funds or plans
registered under the laws of Canada or the United States of America or any
province or state thereof (each, a “Plan”) or is a Plan and such security is
Beneficially Owned or held by the

 4
 

Person in the ordinary course of and for the purposes
of its activities as such;

provided, however, that
in any of the foregoing cases, the Portfolio Manager, the Trust Company, the
Crown Agent, the Plan Administrator or the Plan, as the case may be, is not
then making or has not then announced an intention to make a Take-over Bid,
alone or by acting jointly or in concert with any other Person, other than an
Offer to Acquire Voting Shares or other securities pursuant to a distribution
by the Corporation, a Permitted Bid or by means of ordinary market transactions
(including pre-arranged trades entered into in the ordinary course of business
of such Person) executed through the facilities of a stock exchange or organized
over-the-counter market in respect of securities of the Corporation;

(vi)                             such
Person is a Client of the same Portfolio Manager as another Person on whose
account the Portfolio Manager holds such security, or because such Person is an
Estate Account or an Other Account of the same Trust Company as another Person
on whose account the Trust Company holds such security or because such Person
is a Plan with the same Plan Administrator as another Plan on whose account the
Plan Administrator holds such security;

(vii)                          such
Person is a Client of a Portfolio Manager and such security is owned at law or
in equity by the Portfolio Manager or because such Person is an Estate Account
or an Other Account of a Trust Company and such security is owned at law or in
equity by the Trust Company or such Person is a Plan and such security is owned
at law or in equity by the Plan Administrator of such Plan; or

(viii)                       such Person
is the registered holder of securities as a result of carrying on the business,
or acting as a nominee, of a securities depositary.

For purposes of this
Agreement, the percentage of Voting Shares Beneficially Owned by any Person at
any time shall be and be deemed to be the product determined by the formula:

100  x  A

B

	
  where:

  	
  A =

  	
  the number of votes for the election of all
  directors generally attached to the Voting Shares Beneficially Owned by such
  Person at such time; and

  
	
   

  	
   

  	
   

  
	
   

  	
  B =

  	
  the number of votes for the election of all
  directors generally attaching to all Voting Shares actually outstanding.

  

 

Where any Person is
deemed to Beneficially Own unissued Voting Shares, such Voting Shares shall be
deemed to be outstanding for the purpose of calculating the percentage of
Voting Shares Beneficially Owned by such Person, but unissued Voting Shares
which

 5
 

another Person may be
deemed to Beneficially Own shall not be included in the denominator of the
above formula.

“Board of Directors”
means the board of directors for the time being of the Corporation.

“Business Day”
means any day other than a Saturday, Sunday or, unless otherwise specified, a
day on which Canadian chartered banks in Toronto, Ontario, (or after the
Separation Time, the principal office of the Rights Agent in Toronto, Ontario)
are generally authorized or obligated by law to close.

“Canadian-U.S.
Exchange Rate” means, on any date, the inverse of the U.S.-Canadian
Exchange Rate.

“Canadian Dollar
Equivalent” of any amount which is expressed in United States
dollars means, on any date, the Canadian dollar equivalent of such amount
determined by reference to the Canadian-U.S. Exchange Rate on such date.

“Close of Business”
on any given date means 5:00 p.m. (Toronto time, unless otherwise specified),
on such date provided, however, that if such
date is not a Business Day, “Close of Business” on such date shall mean 5:00 p.m.,
(Toronto time, unless otherwise specified), on the next succeeding Business
Day.

“Common Shares”
means the common shares which the Corporation is authorized to issue, as such
shares may be subdivided, consolidated, reclassified or otherwise changed from
time to time.

“Competing
Permitted Bid” means a Take-over Bid that:

(i)                                    is
made after a Permitted Bid or Competing Permitted Bid has been made and prior
to the expiry of that Permitted Bid or Competing Permitted Bid (in this
definition, the “Prior Bid”);

(ii)                                 satisfies
all components of the definition of a Permitted Bid other than the requirements
set out in subclauses (ii)(A), (B) and (D) and (iii)(B)(1), (2) and (4) of that
definition; and

(iii)                              contains,
and the take-up and payment for securities tendered or deposited thereunder are
subject to, irrevocable and unqualified conditions that:

(A)                              no
Common Shares shall be taken up or paid for pursuant to the Take-over Bid (x)
prior to the Close of Business on a date that is not earlier than the later of
35 days after the date of such Take-over Bid and the earliest date on which
Common Shares may be taken up or paid for under any Prior Bid in existence at
the date of such Take-over Bid, and (y) then only if, at the time that such
Common Shares are first taken up or paid for, more than 50% of the then
outstanding Common Shares held by Independent Shareholders have been deposited
or tendered pursuant to the Take-over Bid and not withdrawn;

 6
 

(B)                               Common
Shares may be deposited pursuant to such Take-over Bid, unless the Take-over
Bid is withdrawn, at any time prior to the Close of Business on the date that
the Prior Bid described in subclause (A) above expires; and

(C)                               in
the event that the requirement set forth in subclause (iii)(A)(y) of this
definition is satisfied, the Offeror will make a public announcement of that
fact and the Take-over Bid will remain open for deposits and tenders of Common
Shares for not less than 10 days from the date of such public announcement; and

(iv)                              complies
with the additional provision that concurrently with the making of the
Take-over Bid, the Offeror under the Take-over Bid makes a Revett Silver
Take-over Bid by means of a take-over bid circular and such Revett Silver
Take-over Bid shall contain, and the take-up and payment for securities
tendered or deposited thereunder shall be subject to, irrevocable and
unqualified conditions that:

(A)                             no
Revett Silver Common Shares shall be taken up or paid for pursuant to the
Revett Silver Take-over Bid (x) except during the same period in which Common
Shares may be taken up under the Take-over Bid and (y) then only if, at the
time that such Revett Silver Common Shares are first taken up or paid for, more
than 50% of the then outstanding Revett Silver Common Shares held by
Independent Shareholders have been deposited or tendered pursuant to the Revett
Silver Take-over Bid and not withdrawn;

(B)                               Revett
Silver Common Shares may be deposited pursuant to such Revett Silver Take-over
Bid, unless such Revett Silver Take-over Bid is withdrawn, at any time prior to
the Close of Business on the date that the Prior Bid described in subclause
(iii)(A) above expires; and

(C)                               in
the event that the requirement set forth in subclause (iv)(A)(y) of this
definition is satisfied, the Offeror will make a public announcement of that
fact and the Revett Silver Take-over Bid will remain open for deposits and
tenders of Revett Silver Common Shares for not less than 10 days from the date
of such public announcement.

“controlled”:
a Person shall be deemed to be “controlled” by another Person or two or more
Persons if:

(i)                                    securities
entitled to vote in the election of directors (including, for Persons other
than corporations, the administrators, managers, trustees or other persons
performing similar functions in respect of any such Person) carrying more than
50% of the votes for the election of directors are held, directly or
indirectly, by or for the benefit of the other Person or Persons; and

(ii)                                 the
votes carried by such securities are entitled, if exercised, to elect, appoint
or designate a majority of the board of directors of such corporation or other
Person;

 7
 

and “controls”,
“controlling”
and “under
common control with” shall be interpreted accordingly.

“Convertible Securities”
means at any time any securities issued by the Corporation from time to time
(other than the Rights) carrying any exercise, conversion, or exchange right
pursuant to which the holder thereof may acquire Voting Shares or other
securities which are convertible into or exercisable or exchangeable for Voting
Shares.

“Convertible
Security Acquisition” means the acquisition of Voting Shares upon
the exercise of Convertible Securities received by a Person pursuant to a
Permitted Bid Acquisition, an Exempt Acquisition or a Pro-Rata Acquisition.

“Exempt Acquisition”
means an acquisition of Voting Shares (i) in respect of which the Board of
Directors has waived the application of Section 3.1 pursuant to the provisions
of subsections 5.1(b), (c) or (d) hereof, (ii) pursuant to a regular dividend
reinvestment or other plan of the Corporation made available by it to all
holders of Voting Shares of a class or series or Voting Shares where such plan
permits the holder to direct that dividends paid in respect of such Voting
Shares be applied to the purchase from the Corporation of further securities of
the Corporation, or (iii) pursuant to a distribution of Voting Shares, or
securities convertible into or exchangeable for Voting Shares, made by the
Corporation pursuant to a prospectus or a securities exchange take-over bid, by
way of a private placement, provided that such private placement has received
the approval of the Board of Directors and all applicable securities regulatory
authorities, or pursuant to an amalgamation, merger or other statutory
procedure requiring shareholder approval.

“Exercise Price”
means, as of any date, the price at which a holder may purchase the securities
issuable upon exercise of one whole Right. 
Until adjustment thereof in accordance with the terms hereof, the
Exercise Price shall equal $100.00.

“Expiration Time”
means the earliest of (i) the Termination Time, (ii) June 30, 2010, and (iii)
the Close of Business on the date this Agreement becomes void pursuant to the
provisions of Section 5.17 hereof.

“Fiduciary”
means, when acting in that capacity, a trust company registered under the trust
company legislation of Canada or any province thereof, a trust company
organized under the laws of any state of the United States, a portfolio manager
registered under the securities legislation of one or more provinces of Canada
or an investment adviser registered under the United
States Investment Advisers Act of 1940, as amended, or any other
securities legislation of the United States or any state of the United States.

“Flip-in Event”
means a transaction or event that results in a Person becoming an Acquiring
Person.

“Independent
Shareholders” means all holders of Common Shares or Revett Silver
Common Shares, as the context requires, other than (i) any Acquiring Person,
(ii) any Offeror, (iii) any Affiliate or Associate of any Acquiring Person or
Offeror, (iv) any Person acting jointly or in concert with any Person referred
to in clauses (i), (ii) or (iii) above, and (v) any employee benefit plan, deferred
profit sharing plan, stock participation

 8
 

plan or trust for the
benefit of employees of the Corporation or a wholly-owned Subsidiary of the
Corporation, unless the beneficiaries of such plan or trust direct the manner
in which such Common Shares or Revett Silver Common Shares, as the context
requires, are to be voted or direct whether the Common Shares or Revett Silver
Common Shares, as the context requires, are to be tendered to a Take-over Bid
or Revett Silver Take-over Bid, as the context requires.

“Market Price”
per security of any securities on any date means the average of the daily
closing prices per security of such securities (determined as described below)
on each of the 20 consecutive Trading Days through and including the Trading
Day immediately preceding such date; provided, however,
that if an event of a type analogous to any of the events described in Section
2.3 hereof shall have caused the closing prices used to determine the Market
Price on any Trading Days not to be fully comparable with the closing price on
such date (or, if such date is not a Trading Day, on the immediately preceding
Trading Day), each such closing price so used shall be appropriately adjusted
in a manner analogous to the applicable adjustment provided for in Section 2.3
hereof in order to make it fully comparable with the closing price on such date
(or, if such date is not a Trading Day, on the immediately preceding Trading
Day).  The closing price per security of
any securities on any date shall be:

(i)                                    the
closing board lot sale price on such date or, if such price is not available,
the average of the closing bid and asked prices per security, as reported by
the principal Canadian stock exchange on which such securities are listed or
admitted to trading, or if for any reason neither of such prices is available
on such day or the securities are not listed or admitted to trading on a
Canadian stock exchange, the closing board lot sale price or, if such price is
not available, the average of the closing bid and asked prices, for such
securities as reported by such other securities exchange on which such
securities are listed or admitted for trading;

(ii)                                 if,
for any reason, none of such prices is available on such date or the securities
are not listed or admitted to trading on a Canadian stock exchange or other
securities exchange, the last sale price, or in case no sale takes place on
such date, the average of the high bid and low asked prices for such securities
in the over-the-counter market, as quoted by any reporting system then in use
(as selected by the Board of Directors); or

(iii)                              if
the securities are not listed or admitted to trading as contemplated in clauses
(i) or (ii) above, the average of the closing bid and asked prices as furnished
by a professional market maker making a market in the securities selected by
the Board of Directors;

provided,
however, that if on any such date the closing price per
security cannot be determined in accordance with the foregoing, the closing
price per security of such securities on such date shall mean the fair value
per security of such securities on such date as determined by the Board of
Directors, after consultation with an internationally recognized investment
banking firm as to the fair value per security of such securities.  The Market Price shall be expressed in
Canadian dollars and if initially determined in

 9
 

respect of any day
forming part of the 20 consecutive Trading Day period in question in United
States dollars, such amount shall be translated into Canadian dollars at the
Canadian Dollar Equivalent thereof.

“Offer to Acquire”
includes:

(i)                                    an
offer to purchase, or a solicitation of an offer to sell, Common Shares or
Revett Silver Common Shares, as the case may be; and

(ii)                                 an
acceptance of an offer to sell Common Shares or Revett Silver Common Shares, as
the case may be, whether or not such offer to sell has been solicited;

or any combination
thereof, and the Person accepting an offer to sell shall be deemed to be making
an Offer to Acquire to the Person that made the offer to sell.

“Offeror”
means a Person who is making or has announced a current intention to make (i) a
Take-over Bid (including a Permitted Bid or Competing Permitted Bid but
excluding an ordinary market transaction (including a prearranged trade in the
ordinary course of business) contemplated in paragraph (v) of the definition of
Beneficial Owner) or (ii) a Revett Silver Take-over Bid, as the context
requires, but only so long as the Take-over Bid or Revett Silver Take-over Bid
so announced or made has not been withdrawn or terminated or has not expired.

“Permitted Bid”
means a Take-over Bid which is made by means of a take-over bid circular and
which also complies with the following additional provisions:

(i)                                    the
Take-over Bid is made to all holders of record of Common Shares, other than the
Offeror;

(ii)                                 the
Take-over Bid shall contain, and the take-up and payment for securities
tendered or deposited thereunder shall be subject to, irrevocable and
unqualified conditions that:

(A)                             no
Common Shares shall be taken up or paid for pursuant to the Take-over Bid (x)
prior to the Close of Business (Toronto time) on a date which is not earlier
than 60 days following the date the take-over bid circular is sent to
shareholders of the Corporation and (y) then only if, at the Close of Business
on the date Common Shares are first taken up or paid for under the Take-over
Bid, more than 50% of the then outstanding Common Shares held by Independent
Shareholders have been deposited or tendered pursuant to the Take-over Bid and
not withdrawn;

(B)                               Common
Shares may be deposited pursuant to such Take-over Bid, unless such Take-over
Bid is withdrawn, at any time prior to the date Common Shares are first taken
up or paid for under the Take-over Bid;

(C)                               any
Common Shares deposited pursuant to the Take-over Bid may be withdrawn until
taken up and paid for; and

 10
 

(D)                              in
the event that the requirement set forth in subclause (ii)(A)(y) of this
definition is satisfied, the Offeror will make a public announcement of that
fact and the Take-over Bid will remain open for deposits and tender of Common
Shares for not less than 10 days from the date of such public announcement; and

(iii)                              concurrently
with the making of the Take-over Bid, the Offeror under the Take-over Bid makes
a Revett Silver Take-over Bid by means of a take-over bid circular and such
Revett Silver Take-over Bid also complies with the following additional
provisions:

(A)                              the
Revett Silver Take-over Bid is made to all holders of record of Revett Silver
Common Shares, other than the Offeror;

(B)                                the
Revett Silver Take-over Bid shall contain, and the take-up and payment for
securities tendered or deposited thereunder shall be subject to, irrevocable
and unqualified conditions that:

(1)                                 no
Revett Silver Common Shares shall be taken up or paid for pursuant to the
Revett Silver Take-over Bid (x) except during the same period in which Common
Shares may be taken up under the Take-over Bid and (y) then only if, at the
Close of Business on the date Revett Silver Common Shares are first taken up or
paid for under the Revett Silver Take-over Bid, more than 50% of the then
outstanding Revett Silver Common Shares held by Independent Shareholders have
been deposited or tendered pursuant to the Revett Silver Take-over Bid and not
withdrawn;

(2)                                 Revett
Silver Common Shares may be deposited pursuant to such Revett Silver Take-over
Bid, unless such Revett Silver Take-over Bid is withdrawn, at any time prior to
the date Revett Silver Common Shares are first taken up or paid for under the
Revett Silver Take-over Bid;

(3)                                 any
Revett Silver Common Shares deposited pursuant to the Revett Silver Take-over
Bid may be withdrawn until taken up and paid for; and

(4)                                 in
the event that the requirement set forth in subclause (iii)(B)(1)(y) of this
definition is satisfied, the Offeror will make a public announcement of that
fact and the Revett Silver Take-over Bid will remain open for deposits and
tender of Revett Silver Common Shares for not less than 10 days from the date
of such public announcement;

(C)                               the
consideration offered for each Revett Silver Common Share under the Revett
Silver Take-over Bid is identical to the consideration for each Common Share
under the Take-over Bid, subject to such adjustments as

 11
 

may be considered reasonable by an investment dealer
retained by the Corporation which is independent of the Corporation and the
Offeror to take into account the value of any assets and liabilities which the
Corporation may have other than Revett Silver Common Shares owned by it;

(D)                              the
Take-over Bid and the Revett Silver Take-over Bid in respect of an identical
percentage of the issued and outstanding Common Shares and Revett Silver Common
Shares, respectively; and

(E)                                the
Revett Silver Take-over Bid is otherwise subject to the same terms and conditions,
mutatis mutandis, as the
Take-over Bid;

provided always that a
Permitted Bid will cease to be a Permitted Bid at any time when such bid ceases
to meet any of the provisions of this definition and any acquisitions of Common
Shares made pursuant to such Permitted Bid, including any acquisition of Common
Shares theretofore made, will cease to be a Permitted Bid Acquisition.

“Permitted Bid
Acquisition” means an acquisition of Voting Shares made pursuant to
a Permitted Bid or Competing Permitted Bid.

“Permitted Lock-Up
Agreement” means an agreement between a Person and one or more
holders of Voting Shares (each, a “Locked-up Person”) (the terms of
which are publicly disclosed and a copy of which is made available to the
public, including the Corporation, not later than the date of the Lock-up Bid
(as defined below) or, if the Lock-up Bid has been made prior to the date on
which such agreement is entered into, not later than the date of such agreement
and if such date is not a Business Day, the next Business Day) pursuant to
which each such Locked-up Person agrees to deposit or tender Voting Shares to a
Take-over Bid (the “Lock-up Bid”) made or to be made by the Person, any of such
Person’s Affiliates or Associates or any other Person acting jointly or in concert
with such Person, provided that:

(i)                                     the
agreement permits any Locked-up Person to terminate its obligation to deposit
or tender to or not to withdraw Voting Shares from the Lock-up Bid in order to
tender or deposit the Voting Shares to another Take-over Bid or support another
transaction:

(A)                              where
the price or value per Common Share offered under such other Take-over Bid or
transaction is higher than the price or value per Common Share offered under
the Lock-up Bid; or

(B)                                if:

(1)                                  the
price or value per Common Share offered under the other Take-over Bid or
transaction exceeds by as much as or more than a specified amount (the “Specified
Amount”) the price or value per Common Share offered under the Lock-up Bid,
provided that such

 12
 

Specified Amount is not greater than 7% of the price
or value per Common Share offered under the Lock-up Bid; or

(2)                                  the
number of Voting Shares to be purchased under the other Take-over Bid or
transaction exceeds by as much as or more than a specified number (the “Specified
Number”)
the number of Voting Shares that the Offeror has offered to purchase under the
Lock-up Bid at a price or value per Common Share that is not less than the
price or value per Common Share offered under the Lock-up Bid, provided that
the Specified Number is not greater than 7% of the number of Voting Shares
offered to be purchased under the Lock-up Bid,

and, for greater clarity,
the agreement may contain a right of first refusal or require a period of delay
to give such Person an opportunity to match a higher price in another Take-over
Bid or transaction or other similar limitation on a Locked-up Person’s right to
withdraw Voting Shares from the agreement, so long as the limitation does not
preclude the exercise by the Locked-up Person of the right to withdraw Voting
Shares during the period of the other Take-over Bid or transaction; and

(ii)                                  no
“break-up” fees, “top-up” fees, penalties, expenses or other amounts that
exceed in the aggregate the greater of:

(A)                              the
cash equivalent of 2.5% of the price or value of the consideration payable
under the Lock-up Bid to a Locked-up Person; and

(B)                                50%
of the amount by which the price or value of the consideration payable under
another Take-over Bid or transaction to a Locked-up Person exceeds the price or
value of the consideration that such Locked-up Person would have received under
the Lock-up Bid,

shall be payable by a
Locked-up Person pursuant to the agreement in the event a Locked-up Person
fails to deposit or tender Voting Shares to the Lock-up Bid or withdraws Voting
Shares in order to accept the other Take-over Bid or support another
transaction.

“Person”
includes any individual, firm, partnership, association, trust, body corporate,
joint venture, syndicate or other form of unincorporated organization, government
and its agencies and instrumentalities or other entity or group (whether or not
having legal personality) and any successor (by merger, statutory amalgamation
or arrangement, or otherwise) thereof.

“Pro-Rata
Acquisition” means the acquisition of Voting Shares or securities
convertible into or exchangeable for Voting Shares (i) as a result of a stock
dividend, stock split or other event pursuant to which a Person receives or
acquires Voting Shares or securities convertible into or exchangeable for Voting
Shares on the same pro-rata basis as all other holders of Voting Shares of the
same class or series, or (ii) pursuant to the receipt and/or

 13
 

exercise of rights issued
by the Corporation on a pro-rata basis to all holders of a class or series of
Voting Shares to subscribe for or purchase Voting Shares or securities
convertible into or exchangeable for Voting Shares provided that such rights
are acquired directly from the Corporation and not from any other Person.

“Record Time”
has the meaning ascribed to that term in the second recital hereto.

“Redemption Price”
has the meaning ascribed to that term in subsection 5.1(a) hereof.

“Regular Periodic
Cash Dividends” means cash dividends paid at regular intervals in
any fiscal year of the Corporation to the extent that such cash dividends do
not exceed, in the aggregate, the greatest of:

(i)                                    200%
of the aggregate amount of cash dividends declared payable by the Corporation
on its Common Shares in its immediately preceding fiscal year;

(ii)                                 300%
of the arithmetic mean of the aggregate amounts of cash dividends declared
payable by the Corporation on its Common Shares in its three immediately
preceding fiscal years; and

(iii)                              100%
of the aggregate consolidated net income of the Corporation, before
extraordinary items, for its immediately preceding fiscal year.

“Revett Silver”
means Revett Silver Company, a corporation incorporated under the laws of the
State of Montana.

“Revett Silver
Common Shares” means the Class B common stock which Revett Silver is
authorized to issue, as such stock may be subdivided, consolidated,
reclassified or otherwise changed from time to time.

“Revett Silver
Shares” means the stock in the capital of Revett Silver.

“Revett Silver
Take-over Bid” means an Offer to Acquire Revett Silver Common Shares
or securities convertible into Revett Silver Common Shares, where the Revett
Silver Common Shares subject to the Offer to Acquire, together with the Revett
Silver Common Shares, if any, into which the securities subject to the Offer to
Acquire are convertible and the Revett Silver Voting Shares Beneficially Owned
by the Offeror at the date of the Offer to Acquire constitute, in the
aggregate, 20% or more of the then outstanding Revett Silver Voting Shares.

“Revett Silver
Voting Shares” means, collectively, the Revett Silver Common Shares
and any other Revett Silver Shares entitled to vote generally for the election
of directors of Revett Silver.

“Rights Agent”
means Computershare Investor Services Inc., a corporation incorporated under
the laws of the Province of Ontario, and any successor Rights Agent appointed
pursuant to the provisions hereof.

 14

“Rights Certificate”
has the meaning ascribed to that term in subsection 2.2(c) hereof.

“Rights  Register”
and “Rights Registrar” shall have the respective meanings ascribed thereto in
subsection 2.6(a) hereof.

“Securities
Act
(Ontario)”
means the Securities Act, R.S.O. 1990, c. S. 5, as
amended, and the regulations and rules thereunder, and any comparable or
successor laws, regulation and rules.

“Separation
Time”
means the Close of Business (Toronto time) on the tenth Business Day after the
earliest of:

(i)                                    the
Stock Acquisition Date;

(ii)                                 the
date of the commencement of, or first public announcement of the intent of any
Person (other than the Corporation or any Subsidiary of the Corporation) to
commence, a Take-over Bid (other than a Permitted Bid or a Competing Permitted
Bid, as the case may be); and

(iii)                              the
date upon which a Permitted Bid or Competing Permitted Bid ceases to be such;

or such later date as may
be determined by the Board of Directors in good faith, provided that (i) if the
foregoing results in a Separation Time being prior to the Record Time, the
Separation Time shall (subject to any determination of the Board of Directors
as aforesaid) be the Record Time, (ii) if any such Take-over Bid expires, is
cancelled, is terminated or is otherwise withdrawn prior to the Separation Time
without securities deposited thereunder being taken up and paid for, then such
Take-over Bid shall be deemed, for purposes of this definition never to have
been made, and (iii) if the Board of Directors determines, pursuant to Section
5.1, to waive the application of Section 3.1 to a Flip-In Event, then the
Separation Time in respect of such Flip-In Event shall be deemed never to have
occurred.

“Shares”
means the shares in the capital of the Corporation.

“Stock  Acquisition
Date”
means the first date of public announcement (which, for purposes of this
definition, shall include, without limitation, a report filed pursuant to
Section 101 of the Securities Act
(Ontario), as amended from time to time and any provision substituted therefor)
by the Corporation or an Acquiring Person of facts indicating that a Person has
become an Acquiring Person.

“Subsidiary”:

A body corporate is a
Subsidiary of another body corporate if:

 15
 

(i)                                     it
is controlled by (A) that other, or (B) that other and one or more bodies
corporate, each of which is controlled by that other, or (C) two or more bodies
corporate, each of which is controlled by that other, or

(ii)                                  it
is a Subsidiary of a body corporate that is that other’s Subsidiary.

“Take-over
Bid”
means an Offer to Acquire Common Shares or securities convertible into Common
Shares, where the Common Shares subject to the Offer to Acquire, together with
the Common Shares, if any, into which the securities subject to the Offer to
Acquire are convertible and the Voting Shares Beneficially Owned by the Offeror
at the date of the Offer to Acquire constitute, in the aggregate, 20% or more
of the then outstanding Voting Shares.

“Termination
Time”
means the time at which the right to exercise Rights shall terminate pursuant
to Section 5.1 hereof.

“Trading
Day”,
when used with respect to any securities, means a day on which the principal
securities exchange in Canada on which such securities are listed or admitted
to trading is open for the transaction of business, or if the securities are
not listed or admitted to trading on any securities exchange in Canada, a
Business Day.

“U.S.-Canadian
Exchange Rate” means, on any date:

(i)                                    if
on such date the Bank of Canada sets an average noon spot rate of exchange for
the conversion of one United States dollar into Canadian dollars, such rate;
and

(ii)                                 in
any other case, the rate for such date for the conversion of one United States
dollar into Canadian dollars calculated in the manner which shall be determined
by the Board of Directors from time to time.

“U.S. Dollar
Equivalent” of any amount which is expressed in Canadian dollars
means, on any date, the United States dollar equivalent of such amount
determined by reference to the U.S.-Canadian Exchange Rate on such date.

“Voting Share
Reduction” means an acquisition, redemption or cancellation by the
Corporation of Voting Shares which by reducing the number of Voting Shares
outstanding, increases the percentage of Voting Shares Beneficially Owned by
any Person to 20% or more of the Voting Shares then outstanding.

“Voting Shares”
means, collectively, the Common Shares and any other Shares entitled to vote
generally for the election of directors of the Corporation.

1.2          Holder

As
used in this Agreement, unless the context otherwise requires, the term “holder”
when used with reference to Rights, means the registered holder of such Rights
or, prior to the Separation Time, the associated Common Shares.

 16
 

1.3          Acting Jointly or in Concert

For
purposes of this Agreement, it is a question of fact whether a Person is acting
jointly or in concert with another Person but a Person shall be deemed to be
acting jointly or in concert with every other Person who (i) is an Associate or
Affiliate of such first mentioned Person; or (ii) who is a party to any
agreement, commitment or understanding, whether formal or informal, with the
first mentioned Person or any Associate or Affiliate thereof, for the purpose
of acquiring or offering to acquire Common Shares.

1.4          Application of Statutes, Regulations and
Rules

Unless
the context otherwise requires, any reference to a specific section,
subsection, clause or rule of any act or regulation shall be deemed to refer to
the same as it may be amended, re-enacted or replaced or, if repealed and there
shall be no replacement therefore, to the same as it is in effect on the date
of this Agreement.

1.5          Currency

All
sums of money which are referred to in this Agreement are expressed in lawful
money of Canada, unless otherwise specified.

1.6          Headings and References

The
headings of the Articles and Sections of this Agreement and the Table of
Contents are inserted for convenience of reference only and shall not affect
the construction or interpretation of this Agreement.  All references to Articles, Sections and Exhibits
are to articles and sections of and exhibits to, and forming part of, this
Agreement.  The words “hereto”, “herein”,
“hereof”, “hereunder”, “this Agreement”, “the Rights Agreement” and similar
expressions refer to this Agreement including the Exhibits, as the same may be
amended, modified or supplemented at any time or from time to time.

1.7          Singular, Plural, etc.

In
this Agreement, where the context so admits, words importing the singular
number include the plural and vice versa and words importing gender include the
masculine, feminine and neuter genders.

1.8          Generally Accepted Accounting Principles

Wherever
in this Agreement reference is made to generally accepted accounting
principles, such reference shall be deemed to be the recommendations at the
relevant time of the Canadian Institute of Chartered Accountants, or any
successor institute, applicable on a consolidated basis (unless otherwise
specifically provided herein to be applicable on an unconsolidated basis) as at
the date on which a calculation is made or required to be made in accordance
with generally accepted accounting principles. Where the character or amount of
any asset or liability or item of revenue or expense is required to be
determined, or any consolidation or other accounting computation is required to
be made for the purpose of this Agreement or any document, such determination
or calculation shall, to the extent applicable and except as

 17
 

otherwise specified herein or as otherwise agreed in writing by the
parties, be made in accordance with generally accepted accounting principles
applied on a consistent basis.

Article 2

THE RIGHTS

2.1          Legend on Common Share Certificates

Certificates
for Common Shares issued after the Record Time hereof but prior to the
Separation Time shall evidence one Right for each Common Share represented
thereby and shall, from and after the date hereof, have impressed, printed, or
written thereon or otherwise affixed thereto a legend in substantially the
following form:

“Until the Separation Time (as such term is defined in
the Rights Agreement referred to below), this certificate also evidences and
entitles the holder hereof to certain Rights as set forth in a Rights
Agreement, amended and restated as of March 23, 2007 (the “Rights Agreement”),
between Revett Minerals Inc. (the “Corporation”) and Computershare
Investor Services Inc., as Rights Agent, the terms of which are hereby
incorporated herein by reference and a copy of which is on file and may be
inspected during normal business hours at the principal executive offices of
the Corporation.  Under certain
circumstances, as set forth in the Rights Agreement, such Rights may be amended
or redeemed, may expire, may become void (if, in certain circumstances, they
are “Beneficially
Owned” by a “Person” who is or becomes an “Acquiring Person”
or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate”
or “Associate” of an “Acquiring Person”, as such terms are defined in the
Rights Agreement, or a transferee thereof), or may be evidenced by separate
certificates and may no longer be evidenced by this certificate.  The Corporation will mail or arrange for the
mailing of a copy of the Rights Agreement to the holder of this certificate
without charge within five days after the receipt of a written request
therefor.”

Certificates representing
Common Shares that are issued and outstanding at the Record Time shall evidence
one Right for each Common Share evidenced thereby notwithstanding the absence
of a legend in substantially the foregoing form until the earlier of the
Separation Time and the Expiration Time.

2.2          Initial Exercise Price:  Exercise of Rights:  Detachment of Rights

(a)           Subject to adjustment
as herein set forth, each Right will entitle the holder thereof, after the
Separation Time and prior to the Expiration Time, to purchase, for the Exercise
Price (or its U.S. Dollar Equivalent on the Business Day immediately preceding
the date of exercise of the Right), one Common Share.  Notwithstanding any other provision of this
Agreement, any Rights held by the Corporation or any of its Subsidiaries shall
be void.

(b)           Until the Separation
Time:

(i)                                     the
Rights shall not be exercisable and no Right may be exercised; and

 18
 

(ii)                                 for
administrative purposes, each Right shall be evidenced by the certificate for
the associated Common Share registered in the name of the holder thereof (which
certificate shall be deemed to represent a Rights Certificate) and shall be
transferable only together with, and shall be transferred by a transfer of,
such associated Common Share.

(c)           After the Separation
Time and prior to the Expiration Time, the Rights (i) may be exercised and (ii)
shall be registered and transferable independent of Common Shares.  Promptly following the Separation Time, the
Corporation shall prepare and the Rights Agent shall mail to each holder of
record of Common Shares as of the Separation Time (other than an Acquiring
Person, any other Person whose Rights are or become void pursuant to the
provisions of subsection 3.1(b) hereof and, in respect of any Rights
Beneficially Owned by such Acquiring Person which are not held of record by
such Acquiring Person, the holder of record of such Rights), at such holder’s
address as shown in the records of the Corporation (the Corporation hereby
agreeing to furnish copies of such records to the Rights Agent for this
purpose):

(i)                                    a
certificate (a “Rights Certificate”) in substantially the form of Exhibit “A”
hereto appropriately completed and registered in such holder’s name,
representing the number of Rights held by such holder at the Separation Time
and having such marks of identification or designation and such legends,
summaries or endorsements printed thereon as the Corporation may deem
appropriate and as are not inconsistent with the provisions of this Agreement,
or as may be required to comply with any applicable law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock
exchange or quotation system on which the Rights may from time to time be
listed or traded, or to conform to usage; and

(ii)                                 a
disclosure statement describing the Rights.

(d)           Rights may be exercised
in whole at any time or in part from time to time on any Business Day (or other
day that is not a bank holiday at the place of exercise) after the Separation
Time and prior to the Expiration Time by submitting to the Rights Agent at its
office in the City of Toronto, Ontario or at any other office of the Rights
Agent in the cities specified in the Rights Certificate or designated from time
to time for that purpose by the Corporation after consultation with the Rights
Agent:

(i)                                    the
Rights Certificate evidencing such Rights with an Election to Exercise (an “Election
to Exercise”) substantially in the form attached to the Rights Certificate,
appropriately completed and duly executed by the holder or his executors or
administrators or other personal representatives or his legal attorney duly
appointed by instrument in writing in form and executed in a manner
satisfactory to the Rights Agent; and

(ii)                                 payment
by certified cheque or money order payable to the order of the Rights Agent, of
a sum equal to the Exercise Price multiplied by the number of Rights being
exercised and a sum sufficient to cover any transfer tax or charge which may be
payable in respect of any transfer

 19
 

involved in the issuance, transfer or delivery of
Rights Certificates or the issuance, transfer or delivery of certificates for
Common Shares in a name other than that of the holder of the Rights being
exercised.

(e)           Upon receipt of a
Rights Certificate accompanied by a duly completed and executed Election to
Exercise which does not indicate that Rights evidenced by such Rights
Certificate have become void pursuant to subsection 3.1(b) hereof and payment
as set forth in subsection 2.2(d) above, the Rights Agent (unless otherwise
instructed by the Corporation) shall thereupon promptly:

(i)                                    requisition
from a transfer agent of the Common Shares certificates for the number of
Common Shares to be purchased (the Corporation hereby irrevocably authorizing
its transfer agents to comply with all such requisitions);

(ii)                                 when
appropriate, requisition from the Corporation the amount of cash to be paid in
lieu of issuing fractional Common Shares;

(iii)                              after
receipt of such certificates, deliver the same to or upon the order of the
registered holder of such Rights Certificate, registered in such name or names
as may be designated by such holder together with, where applicable, any cash
payment in lieu of a fractional interest; and

(iv)                             tender
to the Corporation all payments received on exercise of the Rights.

(f)            In case the holder of
any Rights shall exercise less than all the Rights evidenced by such holder’s
Rights Certificate, a new Rights Certificate evidencing (subject to the
provisions of subsection 5.5(a) hereof) the Rights remaining unexercised will
be issued by the Rights Agent to such holder or to such holder’s duly
authorized assigns.

(g)           The Corporation
covenants and agrees to:

(i)                                    take
all such action as may be necessary on its part and within its powers to ensure
that all Shares delivered upon exercise of Rights shall, at the time of
delivery of the certificates evidencing such Shares (subject to payment of the
Exercise Price), be duly and validly authorized, executed, issued and delivered
and be fully paid and non-assessable;

(ii)                                 take
all reasonable action as may be necessary on its part and within its power to
comply with any applicable requirements of the Canada Business Corporations Act, the Securities Act (Ontario) or comparable legislation of each of
the provinces and territories of Canada and of the United States of America,
and the rules and regulations thereunder, and any other applicable law, rule or
regulation, in connection with the issuance and delivery of Rights Certificates
and of any securities of the Corporation upon exercise of Rights;

 20
 

(iii)                              use
its reasonable efforts to cause all Shares of the Corporation issued upon
exercise of Rights to be listed upon the Toronto Stock Exchange or such other
stock exchange on which the Common Shares are listed at that time; 

(iv)                             pay
when due and payable any and all Canadian federal, provincial transfer taxes
(not including any taxes referable to the income or profit of the holder or
exercising Person or any liability of the Corporation to withhold tax) and
charges which may be payable in respect of the original issuance or delivery of
the Rights Certificates or of any Shares of the Corporation issued upon the
exercise of Rights, provided that the Corporation shall not be required to pay
any transfer tax or charge which may be payable in respect of any transfer
involved in the transfer or delivery of Rights Certificates or the issuance or
delivery of certificates for securities in a name other than that of the holder
of the Rights being transferred or exercised;

(v)                                if
necessary, cause to be reserved and kept available out of its authorized and
unissued Common Shares the number of Common Shares that, as provided in this
Agreement, will from time to time be sufficient to permit the exercise in full
of all outstanding rights; and

(vi)                             after
the Separation Time, except as permitted by Section 5.1 or Section 5.4, not
take (or permit any Subsidiary to take) any action if at the time such action
is taken it is reasonably foreseeable that such action will diminish
substantially or otherwise eliminate the benefits intended to be afforded by
the Rights.

2.3          Adjustments to Exercise Price, Number of
Rights

Subject
to Section 5.19, the Exercise Price, the number and kind of securities subject
to purchase upon exercise of each Right and the number of Rights outstanding
are subject to adjustment from time to time as provided in this Section 2.3.

(a)                                  If
the Corporation shall at any time after the Record Time and prior to the
Expiration Time:

(i)                                    declare
or pay a dividend on Common Shares payable in Common Shares (or other Shares of
capital or securities exchangeable for or convertible into or giving a right to
acquire Common Shares or other Shares of capital) otherwise than pursuant to
any optional share dividend program;

(ii)                                 subdivide
or change the outstanding Common Shares into a greater number of Common Shares;

(iii)                              consolidate
or change the outstanding Common Shares into a smaller number of Common Shares;
or

 21
 

(iv)                              issue
any Common Shares (or other shares of capital or securities exchangeable for or
convertible into or giving a right to acquire Common Shares or other Shares of
capital) in respect of, in lieu of, or in exchange for, existing Common Shares
in a reclassification or redesignation of Common Shares, an amalgamation or
statutory arrangement,

the Exercise Price and
the number of Rights outstanding, or, if the payment or effective date therefor
shall occur after the Separation Time, the securities purchasable upon exercise
of Rights shall be adjusted in the manner set forth below.  If an event occurs which would require an
adjustment under both this Section 2.3 and subsection 3.1(a), the adjustment
provided for in this Section 2.3 shall be in addition to, and shall be made
prior to, any adjustment required under subsection 3.1(a).  If the Exercise Price and number of Rights
are to be adjusted:

(x)                                  the
Exercise Price in effect after such adjustment shall be equal to the Exercise
Price in effect immediately prior to such adjustment divided by the number of
Common Shares (or other Shares of capital) (the “Expansion Factor”) that a
holder of one Common Share immediately prior to such dividend, subdivision,
change, consolidation or issuance would hold immediately thereafter as a result
thereof (assuming the exercise of all such exchange or conversion rights, if
any); and

(y)                                each
Right held prior to such adjustment shall become that number of Rights equal to
the Expansion Factor, and the adjusted number of Rights shall be deemed to be
distributed among the Common Shares with respect to which the original Rights
were associated (if they remain outstanding) and the Shares issued in respect
of such dividend, subdivision, change, consolidation or issuance, so that each
such Common Share (or other whole share or security exchangeable for or
convertible into a whole Share of capital) shall have exactly one Right
associated with it.

If the securities
purchasable upon exercise of Rights are to be adjusted, the securities
purchasable upon exercise of each Right after such adjustment shall be the
securities that a holder of the securities purchasable upon exercise of one
Right immediately prior to such dividend, subdivision, change, consolidation or
issuance would hold immediately thereafter as a result thereof.  To the extent that any such rights of
exchange, conversion or acquisition are not exercised prior to the expiration
thereof, the Exercise Price shall be readjusted to the Exercise Price which
would then be in effect based upon the number of Common Shares (or securities
convertible into or exchangeable for Common Shares) actually issued upon the
exercise of such rights.  If after the
Record Time and prior to the Expiration Time the Corporation shall issue any
shares of its authorized capital other than Common Shares in a transaction of a
type described in the first sentence of this subsection 2.3(a), such shares
shall be treated herein as nearly equivalent to Common Shares as may be
practicable and appropriate under the

 22
 

circumstances and the
Corporation and the Rights Agent agree to amend this Agreement in order to
effect such treatment.

If the Corporation shall
at any time after the Record Time and prior to the Separation Time issue any
Common Shares otherwise than in a transaction referred to in the preceding paragraph,
each such Common Share so issued shall automatically have one new Right
associated with it, which Right shall be evidenced by the certificate
representing such Share.

(b)                                 If
the Corporation shall at any time after the Record Time and prior to the
Separation Time fix a record date for the making of a distribution to all
holders of Common Shares of rights or warrants entitling them (for a period
expiring within 45 days after such record date) to subscribe for or purchase
Common Shares (or securities convertible into or exchangeable for or carrying a
right to purchase or subscribe for Common Shares) at a price per Common Share
(or, in the case of a security convertible into or exchangeable for or carrying
a right to purchase or subscribe for Common Shares, having a conversion,
exchange or exercise price (including the price required to be paid to purchase
such convertible or exchangeable security or right) per share) that is less
than 90% of the Market Price per Common Share on such record date, the Exercise
Price shall be adjusted.  The Exercise
Price in effect after such record date shall equal the Exercise Price in effect
immediately prior to such record date multiplied by a fraction, of which the
numerator shall be the number of Common Shares outstanding on such record date
plus the number of Common Shares which the aggregate offering price of the
total number of Common Shares so to be offered (and/or the aggregate initial
conversion, exchange or exercise price of the convertible or exchangeable securities
or rights so to be offered (including the price required to be paid to purchase
such convertible or exchangeable securities or rights)) would purchase at such
Market Price and of which the denominator shall be the number of shares of
Common Shares outstanding on such record date plus the number of additional
Common Shares to be offered for subscription or purchase (or into which the
convertible or exchangeable securities or rights so to be offered are initially
convertible, exchangeable or exercisable). 
In case such subscription price may be paid in a form other than cash,
the value of such non-cash consideration shall be as determined by the Board of
Directors.  To the extent that any such
rights or warrants are not so issued or, if issued, are not exercised prior to
the expiration thereof, the Exercise Price shall be readjusted to the Exercise
Price which would then be in effect if such record date had not been fixed or
to the Exercise Price which would then be in effect based upon the number of Common
Shares (or securities convertible into or exchangeable for Common Shares)
actually issued upon the exercise of such rights or warrants, as the ease may
be.  For purposes of this Agreement, the
granting of the right to purchase Common Shares (whether previously unissued,
treasury shares or otherwise) pursuant to any optional dividend reinvestment
plan and/or any

 23
 

Common Share purchase plan providing for the
reinvestment of dividends payable on securities of the Corporation and/or
employee stock option, stock purchase or other employee benefit plan (so long
as such right to purchase is in no case evidenced by the delivery of rights or
warrants) shall not be deemed to constitute an issue of rights or warrants by
the Corporation; provided, however, that, in the case of any dividend
reinvestment plan, the right to purchase Common Shares is at a price per share
of not less than 90% of the then current market price per share (determined as
provided in such plan) of the Common Shares.

(c)                                  If
the Corporation shall at any time after the Record Time and prior to the
Separation Time fix a record date for the making of a distribution to all
holders of Common Shares of evidences of indebtedness or assets (other than a
Regular Periodic Cash Dividend or a dividend paid in Common Shares) or rights
or warrants (excluding those referred to in subsection 2.3(a) or 2.3(b)), the
Exercise Price shall be adjusted.  The
Exercise Price in effect after such record date shall, subject to adjustment as
provided in the penultimate sentence of subsection 2.3(b), equal the Exercise
Price in effect immediately prior to such record date less the fair market
value (as determined by the Board of Directors) of the portion of the assets,
evidences of indebtedness, rights or warrants so to be distributed applicable
to the securities purchasable upon exercise of one Right.

(d)                                 Each
adjustment made pursuant to this Section 2.3 shall be made as of:

(i)                                    the
payment or effective date for the applicable dividend, subdivision, change,
consolidation or issuance in the case of an adjustment made pursuant to
subsection 2.3(a) above; and

(ii)                                 the
record date for the applicable dividend or distribution, in the case of an
adjustment made pursuant to subsections 2.3(b) or (c) above.

(e)                                  Subject
to the prior consent of the holders of Common Shares or Rights obtained in
accordance with the provisions of subsection 5.4(b) or (c), as applicable, if
the Corporation shall at any time after the Record Time and prior to the
Expiration Time issue any Shares of capital (other than Common Shares), or
rights or warrants to subscribe for or purchase any such Shares, or securities
convertible into or exchangeable for any such Shares, in a transaction referred
to in clause (a)(i) or (a)(iv) above and if the Board of Directors determines
that the adjustments contemplated by subsections 2.3(a), (b) and (d) above in
connection with such transaction will not appropriately protect the interests
of the holders of Rights, the Board of Directors may determine what other
adjustments to the Exercise Price, number of Rights and/or securities
purchasable upon exercise of Rights would be appropriate and, notwithstanding
such clauses, such adjustments (rather than the adjustments contemplated by
subsections

 24
 

2.3(a), (b) and (d) above) shall be made and the
Corporation and the Rights Agent shall amend this Agreement as appropriate to
provide for such adjustments.

(f)                                    Anything
herein to the contrary notwithstanding, no adjustment to the Exercise Price
shall be required unless such adjustment would require an increase or decrease
of at least 1% in such Exercise Price; provided, however, that any adjustments which by reason of this
subsection 2.3(f) are not required to be made shall be carried forward and
taken into account in any subsequent adjustment.  Each adjustment made pursuant to this Section
2.3 shall be calculated to the nearest cent or to the nearest one
ten-thousandth of a Common Share or Right, as the case may be.

(g)                                 All
Rights originally issued by the Corporation subsequent to any adjustment made
to an Exercise Price hereunder shall evidence the right to purchase, at the
adjusted Exercise Price, the number of Common Shares purchasable from time to
time hereunder upon exercise of the Rights, all subject to further adjustment
as provided herein.

(h)                                 Unless
the Corporation shall have exercised its election as provided in subsection
2.3(i), upon each adjustment of an Exercise Price as a result of the
calculations made in subsections 2.3(b) and (c), each Right outstanding
immediately prior to the making of such adjustment shall thereafter evidence
the right to purchase, at the adjusted Exercise Price, that number of Common
Shares (calculated to the nearest one ten-thousandth) obtained by:

(i)                                    multiplying
(A) the number of Common Shares covered by a Right immediately prior to this
adjustment, by (B) the Exercise Price in effect immediately prior to such
adjustment of the Exercise Price; and

(ii)                                 dividing
the product so obtained by the Exercise Price in effect immediately after such
adjustment of the Exercise Price.

(i)                                    The
Corporation may elect on or after the date of any adjustment of an Exercise
Price to adjust the number of Rights, in lieu of any adjustment in the number
of Common Shares purchasable upon the exercise of a Right.  Each of the Rights outstanding after the
adjustment in the number of Rights shall be exercisable for the number of
Common Shares for which a Right was exercisable immediately prior to such
adjustment.  Each Right held of record
immediately prior to such adjustment of the number of Rights shall become the
number of Rights (calculated to the nearest one ten-thousandth) obtained by
dividing the Exercise Price in effect immediately prior to the adjustment of
the Exercise Price by the Exercise Price in effect immediately after adjustment
of the Exercise Price.  The Corporation
shall make a public announcement of its election to adjust the

 25
 

number of Rights, indicating the record date for the
adjustment and, if known at the time, the amount of the adjustment to be
made.  This record date may be the date
on which the Exercise Price is adjusted or any date thereafter, but, if the
Rights Certificates have been issued, shall be at least 10 calendar days after
the date of the public announcement.  If
Rights Certificates have been issued, upon each adjustment of the number of
Rights pursuant to this subsection 2.3(j), the Corporation shall, as promptly
as practicable, cause to be distributed to holders of record of Rights
Certificates on such record date, Rights Certificates evidencing the additional
Rights to which such holder shall be entitled as a result of such adjustment,
or, at the option of the Corporation, shall cause to be distributed to such
holders of record in substitution or replacement for the Rights Certificates
held by such holders prior to the date of adjustment, and upon surrender
thereof, if required by the Corporation, new Rights Certificates evidencing all
the Rights to which such holders shall be entitled after such adjustment.  Rights Certificates so to be distributed
shall be issued, executed and countersigned in the manner provided for herein
and may bear, at the option of the Corporation, the adjusted Exercise Price and
shall be registered in the names of the holders of record of Rights
Certificates on the record date specified in the public announcement.

(j)                                     Irrespective
of any adjustment or change in the securities purchasable upon exercise of the
Rights, the Rights Certificates theretofore and thereafter issued may continue
to express the securities so purchasable which were expressed in the initial
Rights Certificates issued hereunder.

(k)                                  If,
as a result of an adjustment made pursuant to Section 3.1, the holder of any
Right thereafter exercised shall become entitled to receive any securities
other than Common Shares, thereafter the number of such other securities so
receivable upon exercise of any Right and the applicable Exercise Price thereof
shall be subject to adjustment from time to time in a manner and on terms as
nearly equivalent as may be practicable to the provisions with respect to the
Common Shares contained in the foregoing subsections of this Section 2.3 and
the provisions of this Agreement with respect to the Common Shares shall apply
on like terms to any such other securities.

(l)                                     In
any case in which this Section 2.3 shall require that any adjustment in the
Exercise Price be made effective as of a record date for a specified event, the
Corporation may elect to defer until the occurrence of such event the issuance
to the holder of any Right exercised after such record date of the number of
Common Shares and other securities of the Corporation, if any, issuable upon
such exercise over and above the number of Common Shares and other securities
of the Corporation, if any, issuable upon such exercise on the basis of the
Exercise Price in effect prior to such adjustment; provided, however, that the
Corporation shall

 26
 

deliver to such holder an appropriate instrument
evidencing such holder’s right to receive such additional Common Shares or
other securities upon the occurrence of the event requiring such adjustment.

(m)                              Notwithstanding
anything in this Section 2.3 to the contrary, the Corporation shall be entitled
to make such reductions in the Exercise Price, in addition to those adjustments
expressly required by this Section 2.3, as and to the extent that, in their
judgment, the Board of Directors determines advisable in order that any (i)
subdivision or consolidation of the Common Shares, (ii) issuance wholly for
cash of any Common Shares at less than applicable Market Price, (iii) issuance
wholly for cash of any Common Shares or securities that by their terms are
exchangeable for or convertible into or give a right to acquire Common Shares,
(iv) stock dividends, or (v) issuance of rights, options or warrants referred
to in this Section 2.3, hereafter made by the Corporation to holders of its
Common Shares, and subject to applicable taxation laws, shall not be taxable to
such shareholders.

(n)                                Whenever
an adjustment to the Exercise Price or a change in the securities purchasable
upon the exercise of Rights is made pursuant to this Section 2.3, the
Corporation shall promptly:

(i)                                    prepare
a certificate setting forth such adjustment and a brief statement of the facts
accounting for such adjustment;

(ii)                                 file
with the Rights Agent and with each transfer agent for the Common Shares, a
copy of such certificate; and

(iii)                              cause
notice of the particulars of such adjustment or change to be given to the
holders of the Rights.

Failure to file such
certificate or to cause such notice to be given as aforesaid, or any defect
therein, shall not affect the validity of any such adjustment or change.

2.4          Date on Which Exercise is Effective

Each Person in
whose name any certificate for Shares is issued upon the exercise of Rights
shall for all purposes be deemed to have become the holder of record of the
Shares represented thereby on, and such certificate shall be dated, the date
upon which the Rights Certificate evidencing such Rights was duly submitted
(together with a duly completed Election to Exercise) and payment of the
Exercise Price for such Rights (and any applicable transfer taxes and other
charges payable by the exercising holder hereunder) was made; provided,
however, that if the date of such exercise is a date upon which the relevant
Share transfer books of the Corporation are closed, such Person shall be deemed
to have become the recorded holder of such Shares on, and such certificate
shall be dated, the next succeeding Business Day on which the said Share
transfer books of the Corporation are open.

 27

2.5                               Execution,
Authentication, Delivery and Dating of Rights Certificates

(a)                                  The
Rights Certificates shall be executed on behalf of the Corporation by its
Chairman, President and Chief Executive Officer, its Chief Financial Officer, a
Vice-President or its Secretary.  The
signature of any of these officers on the Rights Certificates may be manual or
facsimile.

(b)                                 Rights
Certificates bearing the manual or facsimile signatures of individuals who were
at any time the proper officers of the Corporation shall bind the Corporation,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the countersignature and delivery of such Rights Certificates.

(c)                                  Promptly
after the Corporation learns of the Separation Time, the Corporation shall
notify the Rights Agent of such Separation Time and shall deliver Rights
Certificates executed by the Corporation to the Rights Agent for
countersignature, and the Rights Agent shall countersign (manually or by
facsimile signature in a manner satisfactory to the Corporation) and deliver
such Rights Certificates to the holders of the Rights pursuant to subsection
2.2(c) hereof.  No Rights Certificate
shall be valid for any purpose until countersigned by the Rights Agent in the
manner described above.

(d)                                 Each
Rights Certificate shall be dated the date of countersignature thereof.

2.6                               Registration,
Registration of Transfer and Exchange

(a)                                  The
Corporation shall cause to be kept a register (the “Rights Register”) in which,
subject to such reasonable regulations as it may prescribe, the Corporation
shall provide for the registration and transfer of Rights.  The Rights Agent is hereby appointed “Rights
Registrar” for the purpose of maintaining the Rights Register for the
Corporation and registering Rights and transfers of Rights as herein
provided.  If the Rights Agent shall
cease to be the Rights Registrar, the Rights Agent shall have the right to
examine the Rights Register at all reasonable times.

After the Separation Time
and prior to the Expiration Time, upon surrender for registration of transfer
or exchange of any Rights Certificate, and subject to the provisions of
subsection 2.6(c) below, the Corporation shall execute, and the Rights Agent
shall countersign and deliver, in the name of the holder or the designated
transferee or transferees, as required pursuant to the holder’s instructions,
one or more new Rights Certificates evidencing the same aggregate number of
Rights as did the Rights Certificate so surrendered.

(b)                                 All
Rights issued upon any registration of transfer or exchange of Rights
Certificates shall be the valid obligations of the Corporation, and such Rights
shall be entitled to the same benefits under this Agreement as the Rights
surrendered upon such registration of transfer or exchange.

(c)                                  Every
Rights Certificate surrendered for registration of transfer or exchange shall
have the form of assignment thereon duly completed and endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Corporation or the Rights Agent, as the ease may be, duly executed by the
holder thereof or such holder’s attorney duly authorized in writing.  As a condition to the issuance of any new
Rights Certificate under this Section 2.6, the

 28
 

Corporation may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and other expenses (including
the reasonable fees and expenses of its Rights Agent) connected therewith.

(d)                                 The
Corporation shall not be required to register the transfer or exchange of any
Rights after the Rights have been terminated pursuant to the provisions of this
Agreement.

2.7                               Mutilated, Destroyed,
Lost and Stolen Rights Certificates

(a)                                  If
any mutilated Rights Certificate is surrendered to the Rights Agent prior to
the Expiration Time, the Corporation shall execute and the Rights Agent shall
countersign and deliver a new Rights Certificate evidencing the same number of
Rights as did the Rights Certificate so surrendered.

(b)                                 If
there shall be delivered to the Corporation and the Rights Agent prior to the
Expiration Time (i) evidence to their satisfaction of the destruction, loss or
theft of any Rights Certificate and (ii) such security or indemnity as may be
required by them to save each of them and their respective agents harmless,
then, in the absence of notice to the Corporation or the Rights Agent that such
Rights Certificate has been acquired by a bona fide purchaser, the Corporation
shall execute and upon the Corporation’s request, the Rights Agent shall
countersign and deliver, in lieu of any such destroyed, lost or stolen Rights
Certificate, a new Rights Certificate evidencing the same number of Rights as
did the Rights Certificate so destroyed, lost or stolen.

(c)                                  As
a condition to the issuance of any new Rights Certificate under this Section
2.7, the Corporation may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the reasonable fees and expenses of the Rights
Agent) connected therewith.

(d)                                 Every
new Rights Certificate issued pursuant to this Section 2.7 in lieu of any
destroyed, lost or stolen Rights Certificate shall evidence an original
additional contractual obligation of the Corporation, whether or not the
destroyed, lost or stolen Rights Certificate shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Agreement equally
and proportionately with any and all other Rights duly issued hereunder.

2.8                               Persons Deemed Owners

Prior
to due presentment of a Rights Certificate (or, prior to the Separation Time,
the associated Share certificate) for registration of transfer, the
Corporation, the Rights Agent and any agent of the Corporation or the Rights
Agent may deem and treat the Person in whose name such Rights Certificate (or,
prior to the Separation Time, such Share certificate) is registered as the
absolute owner thereof and of the Rights evidenced thereby for all purposes
whatsoever.  As used in this Agreement,
unless the context otherwise requires, the term “holder” of any Rights means
the registered holder of such Rights (or, prior to the Separation Time, the
associated Shares).

 29
 

2.9                               Delivery and
Cancellation of Certificates

All
Rights Certificates surrendered upon exercise or for redemption, registration
of transfer or exchange shall, if surrendered to any Person other than the
Rights Agent, be delivered to the Rights Agent and, in any case, shall be
promptly cancelled by the Rights Agent. 
The Corporation may at any time deliver to the Rights Agent for
cancellation any Rights Certificates previously countersigned and delivered
hereunder which the Corporation may have acquired in any manner whatsoever, and
all Rights Certificates so delivered shall be promptly cancelled by the Rights
Agent.  No Rights Certificates shall be
countersigned in lieu of or in exchange for any Rights Certificates cancelled
as provided in this Section 2.9, except as expressly permitted by this
Agreement.  The Rights Agent shall
destroy all cancelled Rights Certificates and deliver a certificate of
destruction to the Corporation.

2.10                        Agreement of Rights Holders

Every
holder of Rights by accepting the same consents and agrees with the Corporation
and the Rights Agent and with every other holder of Rights that:

(a)                                  prior
to the Separation Time, each Right shall be transferable only together with,
and shall be transferred by a transfer of, the associated Share;

(b)                                 after
the Separation Time, the Rights Certificates shall be transferable only on the
Rights Register as provided herein;

(c)                                  prior
to due presentment of a Rights Certificate (or, prior to the Separation Time,
the associated Share certificate) for registration of transfer, the
Corporation, the Rights Agent and any agent of the Corporation or the Rights
Agent may deem and treat the Person in whose name the Rights Certificate (or,
prior to the Separation Time, the associated Share certificate) is registered
as the absolute owner thereof and of the Rights evidenced thereby
(notwithstanding any notations of ownership or writing on such Rights
Certificate or the associated Share certificate made by anyone other than the
Corporation or the Rights Agent) for all purposes whatsoever, and neither the
Corporation nor the Rights Agent shall be affected by any notice to the
contrary;

(d)                                 such
holder has waived all rights to receive any fractional Right or fractional
Share upon exercise of a Right;

(e)                                  such
holder is otherwise bound by and subject to the provisions of this Agreement,
as amended from time to time in accordance with the terms hereof in respect of
all Rights held;

(f)                                    this
Agreement may be supplemented or amended from time to time pursuant to
subsection 5.4(a) or the last sentence of the penultimate paragraph of subsection
2.3(a) hereof upon the sole authority of the Board of Directors without the
approval of any holder of Rights; and

 30
 

(g)                                 notwithstanding
anything in this Agreement to the contrary, neither the Corporation nor the
Rights Agent shall have any liability to any holder of a Right or any other
Person as a result of its inability to perform any of its obligations under
this Agreement by reason of any preliminary or permanent injunction or other
order, decree or ruling by a court of competent jurisdiction or by a
governmental, regulatory or administrative agency or commission, or any
statute, rule, regulation or executive order promulgated or enacted by any
governmental authority, prohibiting or otherwise restraining performance of
such obligation.

ARTICLE 3

ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS

3.1                               Flip-in Event

(a)           Subject to the
provisions of Section 2.2 and subsections 5.1(b), (c) and (d) hereof and except
as provided below, if prior to the Expiration Time a Flip-in Event shall occur,
each Right shall thereafter constitute, effective at the Close of Business on
the tenth Business Day after the relevant Stock Acquisition Date, the right to
purchase from the Corporation, upon exercise thereof in accordance with the
terms hereof, that number of Common Shares of the Corporation having an
aggregate Market Price on the date of consummation or occurrence of such
Flip-in Event equal to twice the Exercise Price for an amount in cash equal to
the Exercise Price (such right to be appropriately adjusted in a manner
analogous to the applicable adjustment provided for in Section 2.3 hereof in
the event that, after such date of consummation or occurrence, an event of a
type analogous to any of the events described in Section 2.3 hereof shall have
occurred with respect to such Common Shares).

(b)           Notwithstanding
anything in this Agreement to the contrary, upon the occurrence of a Flip-in
Event, any Rights that are or were Beneficially Owned on or after the earlier
of the Separation Time and the Stock Acquisition Date by:

(i)                                    an
Acquiring Person (or any Person acting jointly or in concert with an Acquiring
Person or with an Affiliate or Associate of an Acquiring Person); or

(ii)                                 a
direct or indirect transferee of, or other successor in title to, such Rights
(a “Transferee”), who becomes a Transferee concurrently with or subsequent to
the Acquiring Person becoming an Acquiring Person, in a transfer, whether or
not for consideration, that the Board of Directors has determined is part of a
plan, understanding or scheme of an Acquiring Person (or an Affiliate or
Associate of an Acquiring Person or any Person acting jointly or in concert
with an Acquiring Person or an Affiliate or Associate of an Acquiring Person)
that has the purpose or effect of avoiding the provisions of this subsection
3.1(b) applicable in the circumstances contemplated in clause (i) hereof;

 31
 

shall thereupon become
and be void and any holder of such Rights (including any Transferee) shall
thereafter have no rights whatsoever with respect to such Rights, whether under
any provision of this Agreement or otherwise. 
The holder of any Rights represented by a Rights Certificate which is
submitted to the Rights Agent, or any Co-Rights Agent, upon exercise or for
registration of transfer or exchange which does not contain the necessary
certifications set forth in the Rights Certificate establishing that such
Rights are not void under this subsection 3.1(b) shall be deemed to be an
Acquiring Person for the purposes of this subsection 3.1(b) and such rights
shall be null and void.

(c)           Any Rights Certificate
that represents Rights Beneficially Owned by a Person described in either
clauses (i) or (ii) of subsection 3.1(b) hereof or transferred to any nominee
of any such Person, and any Rights Certificate issued upon the transfer,
exchange or replacement of any other Rights Certificate referred to in this
sentence shall contain the following legend:

“The Rights represented by this Rights Certificate
were issued to a Person who was an Acquiring Person or an Affiliate or an
Associate of an Acquiring Person (as such terms are defined in the Rights
Agreement) or was acting jointly or in concert with any of them.  This Rights Certificate and the Rights
represented hereby shall become void in the circumstances specified in
subsection 3.1(b) of the Rights Agreement.”

provided, however,
that the Rights Agent shall not be under any responsibility to ascertain the
existence of facts that would require the imposition of such legend but shall
be required to impose such legend only if instructed to do so by the
Corporation or if a holder fails to certify upon transfer or exchange in the
space provided on the Rights Certificate that such holder is not an Acquiring
Person or an Affiliate or Associate thereof or acting jointly or in concert
with any of them.

ARTICLE 4

THE RIGHTS AGENT

4.1                               General

(a)                                  The
Corporation hereby appoints the Rights Agent to act as agent for the
Corporation and the holders of Rights in accordance with the terms and
conditions hereof, and the Rights Agent hereby accepts such appointment.  The Corporation may from time to time appoint
one or more co-rights agents (each, a “Co-Rights Agent”) as it may deem
necessary or desirable after consultation with the Rights Agent.  In such event, the respective duties of the
Rights Agent and any Co-Rights Agent shall be as the Corporation may determine
with the written approval of the Rights Agent. 
The Corporation agrees to pay to the Rights Agent reasonable
compensation for all services rendered by it hereunder and, from time to time
on demand of the Rights Agent, its reasonable expenses and counsel fees and
other disbursements incurred in the administration and execution of this
Agreement and the exercise and performance of its duties hereunder.  The Corporation also agrees to indemnify the
Rights Agent, its officers, directors, employees and agents for, and to hold
them harmless against, any loss, liability, cost,

 32
 

claim, action,
damage, suit or expense, incurred without gross negligence, bad faith or wilful
misconduct on the part of the Rights Agent, its officers, directors, employees
or agents, for anything done or omitted by them in connection with the
acceptance and performance of this Agreement, including legal costs and
expenses, which right to indemnification shall survive the termination of this
Agreement or the resignation or removal of the Rights Agent.

(b)                                 The
Rights Agent shall be protected from, and shall incur no liability for or in
respect of, any action taken, suffered or omitted by it in connection with its
performance of this Agreement in reliance upon any certificate for Shares,
Rights Certificate, certificate for other securities of the Corporation,
instrument of assignment or transfer, power of attorney, endorsement,
affidavit, letter, notice, direction, consent, certificate, opinion, statement
or other paper or document believed by it to be genuine and to be signed,
executed and, where necessary, verified or acknowledged, by the proper Person
or Persons.

(c)                                  In
the event any disagreement arises regarding the terms of this Agreement, the
Rights Agent shall be entitled, at its option, to refuse to comply with any and
all demands whatsoever relating to the subject matter of the dispute until the
dispute is settled either by written agreement between the parties hereto or by
a court of competent jurisdiction.

The Corporation shall
inform the Rights Agent in a reasonably timely manner of events which may
materially affect the administration of this Agreement by the Rights Agent and,
at any time upon written request, shall provide to the Rights Agent an
incumbency certificate certifying the then current officers of the Corporation.

4.2                               Merger or Amalgamation
or Change of Name of Rights Agent

(a)                                  Any
body corporate into which the Rights Agent or any successor Rights Agent may be
merged or amalgamated with or into, or any body corporate succeeding to the
securityholder services business of the Rights Agent or any successor Rights
Agent shall be the successor to the Rights Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, provided that such body corporate would be eligible for
appointment as a successor Rights Agent under the provisions of Section 4.4
hereof.

In case at the time such
successor Rights Agent succeeds to the agency created by this Agreement any of
the Rights Certificates have been countersigned but not delivered, any such
successor Rights Agent may adopt the countersignature of the predecessor Rights
Agent and deliver such Rights Certificates so countersigned; and in case at
that time any or the Rights Certificates have not been countersigned, any
successor Rights Agent may countersign such Rights Certificates either in the
name of the predecessor Rights Agent or in the name of the successor Rights
Agent; and in all such cases such Rights Certificates shall have the full force
provided in the Rights Certificates and in this Agreement.

In case at any time the
name of the Rights Agent is changed and at such time any of the Rights
Certificates shall have been countersigned but not delivered, the Rights Agent
may adopt the countersignature under its prior name and deliver Rights
Certificates so countersigned; and in case at that time any of the Rights
Certificates shall not have been countersigned, the Rights

 33
 

Agent way
countersign such Rights Certificates either in its prior name or in ifs changed
name; and in all such cases such Rights Certificates shall have the full force
provided in the Rights Certificates and in this Agreement.

4.3                               Duties of Rights Agent

The
Rights Agent undertakes the duties and obligations imposed by this Agreement
upon the following terms and conditions, by all of which the Corporation and
the holders of Rights Certificates, by their acceptance thereof, shall be
bound:

(a)                                 The
Rights Agent may retain and consult with legal counsel (who may be legal
counsel for the Corporation), and the opinion of such counsel will be full and
complete authorization and protection to the Rights Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion.

(b)                                Whenever
in the performance of its duties under this Agreement the Rights Agent deems it
necessary or desirable that any fact or matter be proved or established by the
Corporation prior to taking or suffering any action or refraining from taking
any action hereunder, such fact or matter (unless other evidence in respect
thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a certificate signed by an individual believed by the
Rights Agent to be the Chairman, the President and Chief Executive Officer, the
Chief Financial Officer or any Vice-President and by the Secretary or any
Assistant Secretary of the Corporation and delivered to the Rights Agent; and
such certificate shall be full authorization to the Rights Agent for any action
taken, omitted or suffered in good faith by it under the provisions of this
Agreement in reliance upon such certificate.

(c)                                 The
Rights Agent shall be liable hereunder only for its own negligence, bad faith
or wilful misconduct.

(d)                                The
Rights Agent shall not be liable for or by reason of any of the statements of
fact or recitals contained in this Agreement or in the certificates for Shares
or the Rights Certificates (except its countersignature thereof) or be required
to verify the same, but all such statements and recitals are and will be deemed
to have been made by the Corporation only.

(e)                                 The
Rights Agent shall not be under any responsibility in respect of the validity
of this Agreement or the execution and delivery hereof (except the due
authorization, execution and delivery hereof by the Rights Agent) or in respect
of the validity or execution of any Share certificate or Rights Certificate
(except its countersignature thereof); nor will it be responsible for any
breach by the Corporation of any covenant or condition contained in this
Agreement or in any Rights Certificate; nor will it be responsible for any
change in the exercisability of the Rights (including the Rights becoming void
pursuant to subsection 3.1(b) hereof) or any adjustment required under the
provisions of Section 2.3 hereof or responsible for the manner, method or
amount of any such adjustment or the

 34
 

ascertaining of the existence of facts that would
require any such adjustment (except with respect to the exercise of Rights
after receipt of the certificate contemplated by Section 2.3 hereof describing
any such adjustment); nor will it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any Shares
to be issued pursuant to this Agreement or any Rights or as to whether any
Shares shall, when issued, he duly and validly authorized, executed, issued and
delivered and be fully paid and non-assessable.

(f)                                   The
Corporation agrees that it will perform, execute, acknowledge and deliver or
cause to be performed, executed, acknowledged and delivered all such further
and other acts, instruments and assurances as may reasonably be required by the
Rights Agent for the carrying out or performing by the Rights Agent of the
provisions of this Agreement.

(g)                                The
Rights Agent is hereby authorized to rely upon and directed to accept written
instructions with respect to the performance of its duties hereunder from any
individual believed by the Rights Agent to be the Chairman, the President and
Chief Executive Officer, the Chief Financial Officer, any Vice-President or the
Secretary or any Assistant Secretary of the Corporation, and to apply to such
individuals for advice or instructions in connection with its duties, and it
shall not be liable for any action taken, omitted or suffered by it in good
faith in accordance with instructions of any such individual.

(h)                                The
Rights Agent and any shareholder, director, officer or employee of the Rights
Agent may buy, sell or deal in Shares, Rights or other securities of the
Corporation or become pecuniarily interested in any transaction in which the
Corporation may be interested, or contract with or lend money to the Corporation
or otherwise act as fully and freely as though it were not Rights Agent under
this Agreement.  Nothing herein shall
preclude the Rights Agent front acting in any other capacity for the
Corporation or for any other legal entity.

(i)                                    The
Rights Agent may execute and exercise any of the rights or powers hereby vested
in it or perform any duty hereunder either itself or by or through its
attorneys or agents, and the Rights Agent shall not be answerable or
accountable for any act, default, neglect or misconduct of any such attorneys
or agents or for any loss to the Corporation resulting from any such act,
omission, default, neglect or misconduct, provided reasonable care was
exercised in the selection and continued employment thereof.

4.4                               Change of Rights Agent

The
Rights Agent may resign and be discharged from its duties under this Agreement
upon 60 days’ notice (or such lesser notice as is acceptable to the
Corporation) in writing delivered or mailed to the Corporation and to each
transfer agent of Shares by first class mail, and mailed or delivered to the
holders of the Rights in accordance with Section 5.9 hereof.  The Corporation may remove the Rights Agent
upon 30 days’ notice in writing, mailed or delivered to the Rights Agent and to
each transfer agent of the Shares by first class mail, and mailed to the

 35
 

holders of the Rights in accordance with Section 5.9 hereof.  If the Rights Agent should resign or be
removed or otherwise become incapable of acting, the Corporation shall appoint
a successor to the Rights Agent.  If the
Corporation fails to make such appointment within a period of 30 days after
such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Rights Agent or by the holder of
any Rights (which holder shall, with such notice, submit such holder’s Rights
Certificate for inspection by the Corporation), then the holder of any Rights
may apply, at the Corporation’s expense, to any court of competent jurisdiction
for the appointment of a new Rights Agent. 
Any successor Rights Agent, whether appointed by the Corporation or by
such a court, shall be a body corporate incorporated under the laws of Canada
or a province thereof authorized to carry on the business of a trust company in
the Province of Ontario.  After
appointment, the successor Rights Agent shall be vested with the same powers,
rights, duties and responsibilities as if it had been originally named as
Rights Agent without further act or deed; but the predecessor Rights Agent upon
receipt of all fees and expenses outstanding to the predecessor Rights Agent by
the Corporation shall deliver and transfer to the successor Rights Agent any
property at the time held by it hereunder, and execute and deliver any further
assurance, conveyance, act or deed necessary for the purpose.  Not later than the effective date of any such
appointment, the Corporation shall file notice thereof in writing with the
predecessor Rights Agent and each transfer agent of the Shares, and mail a
notice thereof in writing to the holders of the Rights.  Failure to give any notice provided for in
this Section 4.4, however, or any defect therein, shall not affect the legality
or validity of the resignation or removal of the Rights Agent or the
appointment of the successor Rights Agent, as the case may be.

ARTICLE 5

MISCELLANEOUS

5.1                               Redemption and Waiver

The Corporation shall
give prompt written notice to the Rights Agent of any waiver of the application
of Section 3.1 made by the Board of Directors acting in good faith under this
Section 5.1:

(a)                                  With
the prior consent of the holders of Common Shares or Rights obtained in
accordance with subsection 5.4(b) or (c), as applicable, the Board of
Directors, at any time prior to the occurrence of a Flip-in Event as to which
the application of Section 3.1 has not been waived pursuant to this Section
5.1, may elect to redeem all but not less than all of the then outstanding
Rights at a redemption price of $0.00001 per Right appropriately adjusted in a
manner analogous to the applicable adjustment to the Exercise Price provided
for in Section 2.3 hereof if an event analogous to any of the events described
in Section 2.3 shall have occurred (such redemption price being herein referred
to as the “Redemption Price”).

(b)                                 With
the prior consent of the holders of Common Shares obtained in accordance with
subsection 5.4(b), the Board of Directors may, at any time prior to the
occurrence of a Flip-in Event as to which the application of Section 3.1 has
not

 36
 

been waived pursuant to this Section 5.1, if such
Flip-in Event would occur by reason of an acquisition of Common Shares
otherwise than pursuant to a Take-over Bid made by means of a take-over bid
circular to all holders of record of Common Shares and otherwise than in the circumstances
set forth in subsection 5.1(d), waive the application of Section 3.1 to such
Flip-in Event.  In such event, the Board
of Directors shall extend the Separation Time to a date at least 10 Business
Days subsequent to the meeting of shareholders called to approve such waiver.

(c)                                  Prior
to the occurrence of a Flip-in Event, as to which the application of Section
3.1 has not been waived pursuant to this paragraph, upon written notice to the
Rights Agent, the Board of Directors may waive the application of Section 3.1
to such Flip-in Event but only if such Flip-in Event occurs as a result of a
Take-over Bid made by means of a take-over bid circular sent to all holders of
record of Common Shares and concurrently with the making of the Take-over Bid,
the Offeror makes a Revett Silver Take-over Bid by means of a take-over bid
circular and such Revett Silver Take-over Bid complies with subclauses
(iii)(A), (iii)(B)(1)(x), (iii)(B)(2) and (3), (iii)(C), (iii)(D) and (iii)(E)
of the definition of “Permitted Bid” (a “Satisfactory Revett Silver Bid”) provided, however, that if the Board of Directors waives the application
of Section 3.1 to a particular Flip-in Event, the Board of Directors shall be
deemed to have waived the application of Section 3.1 to any other Flip-in Event
occurring by reason of any Take-over Bid which is made by means of a take-over
bid circular to all holders of record of Common Shares (i) prior to the
granting of such a waiver, or (ii) thereafter and prior to the expiry of any
Take-over Bid in respect of which a waiver is, or is deemed to have been,
granted under this subsection 5.1(c) and as to which a concurrent Satisfactory
Revett Silver Bid is made.

(d)                                 The
Board of Directors may waive the application of Section 3.1 to a Flip-in Event
provided that the following conditions are satisfied:

(i)                                    the
Board of Directors has determined that the Acquiring Person became an Acquiring
Person by inadvertence and without any intention to become, or knowledge that
it would become, an Acquiring Person; and

(ii)                                 such
Acquiring Person has reduced its Beneficial Ownership of Common Shares such
that at the time of the waiver pursuant to this subsection 5.1(d), it is no
longer an Acquiring Person.

(e)                                  If
a Person acquires, pursuant to a Permitted Bid or a Competing Permitted Bid or
pursuant to an Exempt Acquisition occurring under subsection 5.1(c) hereof,
more than 50% of the outstanding Common Shares other than Common Shares
Beneficially Owned at the date of such Permitted Bid, Competing Permitted Bid
or Exempt Acquisition by such Person, the Board of Directors of the Corporation
shall, notwithstanding the provisions of subsection 5.1(a) hereof, immediately
upon such acquisition and without further formality be deemed to have elected
to redeem the Rights at the Redemption Price.

 37
 

(f)                                    If
the Board of Directors elects to or is deemed to have elected to redeem the
Rights and, in circumstances where subsection 5.1(a) is applicable, the
requisite consent is given by the holders of Common Shares or Rights, as
applicable, (i) the right to exercise the Rights will thereupon, without
further action and without notice, terminate and the only right thereafter of
the holders of Rights shall be to receive the Redemption Price, and (ii) no
further Rights shall thereafter be issued.

(g)                                 Within
10 Business Days of the Board of Directors electing or having been deemed to
have elected to redeem the Rights or, if subsection 5.1(a), is applicable,
within 10 Business Days after the requisite consent being given by the holders
of Common Shares or Rights, as applicable, the Corporation shall give notice of
redemption to the holders of the then outstanding Rights by mailing such notice
to each such holder at his last address as it appears upon the Rights Register
of the Rights Agent, or, prior to the Separation Time, on the share register
maintained by the Corporation’s transfer agent. 
Each such notice of redemption shall state the method by which the
payment of the Redemption Price shall be made.

(h)                                 Where
a Take-over Bid that is not a Permitted Bid or Competing Permitted Bid is
withdrawn or otherwise terminated after the Separation Time has occurred and
prior to the occurrence of a Flip-in Event, the Board of Directors may elect to
redeem all of the outstanding Rights at the Redemption Price.

(i)                                     The
Corporation shall give prompt written notice to the Rights Agent of any waiver
of the application of Section 3.1 made by the Board of Directors under this
Section 5.1.

5.2          Expiration

No
Person shall have any rights pursuant to this Agreement or any Right after the
Expiration Time, except as provided in Section 4.1 hereof.

5.3          Issuance of New Rights Certificates

Notwithstanding
any of the provisions of this Agreement or of the Rights to the contrary, the
Corporation may, at its option, issue new Rights Certificates evidencing Rights
in such form as may be approved by the Board of Directors to reflect any
adjustment or change in the number or kind or class of Shares purchasable upon
exercise of Rights made in accordance with the provisions of this Agreement.

5.4          Supplements and Amendments

(a)           The Corporation may
make, without the approval of the holders of Rights or Common Shares, any
amendments to this Agreement (i) specifically contemplated in subsection
2.10(f) or any other provision hereof, (ii) to correct any clerical or
typographical error, or (iii) which are required to maintain the validity and
effectiveness of the Agreement as a result of any change in any applicable
laws, rules or regulatory requirements. 
The Corporation may, prior to the date of any shareholders meeting
referred to in Section 5.17, supplement, amend, vary or delete any of the
provisions of this Agreement without the approval of any holder of Rights or

 38
 

Common Shares
(whether or not such action would materially adversely affect the interests of
the holders of Rights generally), where the Board of Directors deems such
action necessary or desirable.

(b)           Subject to subsection
5.4(a), the Corporation, with the prior consent of the holders of Common Shares
obtained as set forth below, at any time before the Separation Time, may redeem
Rights pursuant to subsection 5.1(a), waive a Flip-in Event pursuant to
subsection 5.1(b) or otherwise amend, vary or rescind any of the provisions of
this Agreement and the Rights (whether or not such action would materially
adversely affect the interests of the holders of Rights generally).  Such consent shall be deemed to have been
given if provided by the holders of Common Shares at a special meeting called
and held in compliance with applicable laws, rules and regulatory requirements
and the requirements in the articles and by-laws of the Corporation.  Subject to compliance with any requirements
imposed by the foregoing, consent shall be given if the proposed amendment,
variation or rescission is approved by the affirmative vote of a majority of
the votes cast by all Independent Shareholders represented in person or by
proxy at the special meeting.

(c)           The Corporation, with
the prior consent of the holders of Rights obtained as set forth below, at any
time after the Separation Time and before the Expiration Time, may redeem
Rights pursuant to subsection 5.1(a) or otherwise amend, vary or rescind any of
the provisions of this Agreement and the Rights (whether or not such action
would materially adversely affect the interests of the holders of Rights
generally).  Such consent shall be deemed
to have been given if provided by the holders of Rights at a special meeting of
holders of Rights called and held in compliance with applicable laws, rules and
regulatory requirements and, to the extent possible, with the requirements in
the articles and by-laws of the Corporation applicable to meetings of holders
of Common Shares, applied mutatis
mutandis.  Subject to compliance
with any requirements imposed by the foregoing, consent shall be given if the
proposed amendment, variation or rescission is approved by the affirmative vote
of a majority of the votes cast by holders of Rights (other than holders of
Rights whose Rights have become null and void pursuant to subsection 3.1(b)),
represented in person or by proxy at the special meeting.

(d)           Any amendments made by
the Corporation to this Agreement pursuant to subsection 5.4(a) which are
required to maintain the validity and effectiveness of this Agreement as a result
of any change in any applicable laws, rules or regulatory requirements shall:

(i)                                    if
made before the Separation Time, be submitted to the holders of Common Shares
at the next meeting of shareholders and the shareholders may, by the majority
referred to in subsection 5.4(b), confirm or reject such amendment;

(ii)                                 if
made after the Separation Time, be submitted to the holders of Rights at a
meeting to be called in accordance with the provisions of Section 5.4(c)
hereof.

(e)           The Corporation shall
be required to provide the Rights Agent with notice in writing of any such
amendment, rescission or variation to this Agreement as referred to in this
Section 5.4 within five days or effecting such amendment, rescission or
variation.

 39

(f)                                    Notwithstanding
anything in this Section 5.4 to the contrary, no supplement, amendment,
variation, deletion or rescission  shall
be made in respect of the provisions of Article 4 except with the written
concurrence of the Rights Agent thereto.

Any such amendment shall,
unless the Board of Directors otherwise stipulates, be effective from the date
of the resolution of the Board of Directors adopting such amendment, until it
is confirmed or rejected or until it ceases to be effective (as described in the
next sentence) and, where such amendment is confirmed, it continues in effect
in the form so confirmed.  If such
amendment is rejected by the shareholders of the Corporation or the holders of
Rights or is not submitted to the shareholders of the Corporation or holders of
Rights as required, then such amendment shall cease to be effective from and
after the termination of the meeting at which it was rejected or to which it
should have been but was not submitted or if such a meeting of the holders of
Rights is not called within a period of 90 days of the making of any such
agreement, at the end of such period, and no subsequent resolution of Board of
Directors to amend this Agreement to substantially the same effect shall be
effective until confirmed by the shareholders of the Corporation or holders of
Rights as the case may be.

5.5                               Fractional Rights and
Fractional Common Shares

(a)                                  The
Corporation shall not be required to issue fractions of Rights or to distribute
Right Certificates which evidence fractional Rights.  In lieu of issuing fractional Rights, the
Corporation shall pay to the registered holders of the Right Certificates, at
the time such fractional Rights would otherwise be issuable, an amount in cash
equal to the same fraction of the Market Price of one whole Right that the
fraction of a Right that would otherwise be issuable is of one whole
Right.  The Rights Agent shall have no
obligation to make any payments in lieu of fractional Rights unless the
Corporation shall have provided the Rights Agent with the necessary funds to
pay in full all amounts payable in accordance with Section 2.2(e).  The Rights Agent shall have no obligation to
make any payments in lieu of fractional Rights unless the Corporation shall have
provided the Rights Agent with the necessary funds to pay in full all amounts
payable in accordance with Section 2.2(e).

(b)                                 The
Corporation shall not be required to issue fractions of Common Shares upon
exercise of the Rights or to distribute certificates which evidence fractional
Common Shares.  In lieu of issuing
fractional Common Shares, the Corporation shall pay to the registered holders
of Right Certificates at the time such Rights are exercised as herein provided,
an amount in cash equal to the same fraction of the Market Price of one Common
Share that the fraction of a Common Share that would otherwise be issuable upon
the exercise of such Right is of a whole Common Share.  The Rights Agent shall have no obligation to
make any payments in lieu of fractional Common Shares unless the Corporation
shall have provided the Rights Agent with the necessary funds to pay in full
all amounts payable in accordance with Section 2.2(e).

5.6                               Rights of Action

Subject
to the terms of this Agreement, rights of action in respect of this Agreement,
other than rights of action vested solely in the Rights Agent, are vested in
the respective holders of the Rights, and any holder of any Rights, without the
consent of the Rights Agent or of the holder of any other Rights may, on such
holder’s own behalf and for such holder’s own benefit

 40
 

and the benefit of other holders of Rights, enforce, and may institute
and maintain any suit, action or proceeding against the Corporation to enforce,
or otherwise act in respect of, such holder’s right to exercise such holder’s
Rights in the manner provided in such holder’s Rights Certificate and in this
Agreement.  Without limiting the
foregoing or any remedies available to the holders of Rights, it is
specifically acknowledged that the holders of Rights would not have an adequate
remedy at law for any breach of this Agreement and will be entitled to specific
performance of the obligations under, and injunctive relief against actual or
threatened violations of the obligations of any Person subject to, this
Agreement.

5.7                               Holder of Rights Not
Deemed a Shareholder

No
holder, as such, of any Rights shall be entitled to vote, receive dividends or
be deemed for any purpose the holder of Common Shares or any other securities
which may at any time be issuable on the exercise of such Rights, nor shall
anything contained herein or in any Rights Certificate be construed to confer
upon the holder of any Rights, as such, any of the rights of a shareholder of
the Corporation or any right to vote for the election of directors or upon any
matter submitted to shareholders at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in Section 5.8 hereof), or
to receive dividends or subscription rights, or otherwise, until such Rights
shall have been exercised in accordance with the provisions hereof.

5.8                               Notice of Proposed
Actions

If
after the Separation Time and prior to the Expiration Time:

(i)                                    there
shall occur an adjustment in the Rights attaching to the Rights pursuant to
Section 3.1 as a result of the occurrence of a Flip-in Event; or

(ii)                                 the
Corporation proposes to effect the liquidation, dissolution or winding up of
the Corporation or the sale of all or substantially all of the Corporation’s
assets;

then, in each such case,
the Corporation shall give to each holder of a Right, in accordance with
Section 5.9, a notice of such event or proposed action, which shall specify the
date on which such change to the Rights, liquidation, dissolution or winding up
occurred or is to take place, and such notice shall be so given within 10
Business Days after the occurrence of a change to the Rights and not less than
20 Business Days prior to the date of taking such proposed action by the Corporation.

5.9                               Notices

Any
notice, demand or other communication required or permitted to be given or made
by the Rights Agent or by the holder of any Rights to or on the Corporation or
by the Corporation or by the holder of any Rights to or on the Rights Agent shall
be in writing and shall be well and sufficiently given or made if:

(i)                                    delivered
in person during normal business hours on a Business Day and left with the
receptionist or other responsible employee at the relevant address set forth
below; or

 41
 

(ii)                                 except
during any general interruption of postal services due to strike, lockout or
other cause, sent by first-class mail; or

(iii)                              sent
by telegraph, facsimile or other form of recorded electronic communication,
charges prepaid and confirmed in writing as aforesaid;

if to the Corporation,
addressed to it at:

Revett Minerals Inc. 

11115 E. Montgomery Drive

Suite G

Spokane Valley, Washington

U.S.A.  99206

Attention:  President and Chief Executive
Officer

Fax No.:  (509) 891-8901

and if to the Rights
Agent, addressed to it at:

Computershare Investor
Services Inc.

100 University Avenue

11th Floor, South Tower

Toronto, Ontario

M5J 2Y1

Attention:  General Manager, Client Services

Fax No.:  (416) 981-9800

Notices, demands or other
communications required or permitted to be given or made by the Corporation or
the Rights Agent to or on the holder of any Rights shall be in writing and
shall be well and sufficiently given or made if delivered personally to such
holder or delivered or mailed by first class mail to the address of such holder
as it appears on the Rights Register maintained by the Rights Registrar, or,
prior to the Separation Time, in the register of Shareholders maintained by the
transfer agent for the Common Shares.

Any notice so given or
made shall be deemed to have been given and to have been received on the day of
delivery, if so delivered; on the third Business Day (excluding each day during
which there exists any general interruption of postal service due to strike,
lockout, or other cause) following the mailing thereof, if so mailed; and on
the day of telegraphing, telecopying or sending of the same by other means of
recorded electronic communication (provided such sending is during the normal
business hours of the addressee on a Business Day and if not, on the first
Business Day thereafter).  Each of the
Corporation and the Rights Agent may from time to time change its address for
notice by notice to the other given in the manner aforesaid.

5.10                        Costs of Enforcement

The
Corporation agrees that if the Corporation fails to fulfill any of its
obligations pursuant to this Agreement, then the Corporation shall reimburse
the holder of any Rights for the

 42
 

costs and expenses (including reasonable legal fees) incurred by such
holder and actions to enforce his rights pursuant to any Rights or this
Agreement.

5.11                        Successors

All
the covenants and provisions of this Agreement by or for the benefit of the
Corporation or the Rights Agent shall bind and inure to the benefit of their
respective successors and permitted assigns hereunder.

5.12                        Benefits of this Agreement

Nothing
in this Agreement shall be construed to give to any Person other than the
Corporation, the Rights Agent and the holders of the Rights any legal or
equitable right, remedy or claim under this Agreement; but this Agreement shall
be for the sole and exclusive benefit of the Corporation, the Rights Agent and
the holders of the Rights.

5.13                        Governing Law

This
Agreement and each Right issued hereunder shall be deemed to be a contract made
under the laws of the Province of Ontario and for all purposes shall be
governed by and construed in accordance with the laws of such Province
applicable to contracts to be made and performed entirely within such Province.

5.14                        Counterparts

This
Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

5.15                        Severability

If
any term or provision hereof or the application thereof to any circumstance
shall, in any jurisdiction and to any extent, be invalid or unenforceable, such
term or provision shall be ineffective as to such jurisdiction to the extent of
such invalidity or unenforceability without invalidating or rendering
unenforceable the remaining terms and provisions hereof or the application of
such term or provision to circumstances other than those as to which it is held
invalid or unenforceable.

5.16                        Determinations and Actions by
the Board of Directors

The
Board of Directors shall have the exclusive power and authority to administer
this Agreement and to exercise all rights and powers specifically granted to
the Board of Directors, or as may be necessary or advisable in the
administration of this Agreement, including, without limitation, the right and
power to (i) interpret the provisions of this Agreement and (ii) make all
determinations deemed necessary or advisable for the administration of this
Agreement (including a determination to terminate or redeem or not to terminate
or redeem the Rights or to amend the Agreement).  All such actions, calculations and
determinations (including all

 43
 

omissions with respect to the foregoing) which are done or made by the
Board of Directors, in good faith, shall not subject the Board of Directors to
any liability to the holders of the Rights.

5.17                        Effective Date

This
Agreement is effective in accordance with its terms from the date it is
confirmed by ordinary resolution passed by a majority of the votes cast by
Independent Shareholders present in person or voting by proxy and who vote in
respect of confirmation of this Agreement at a meeting of shareholders of the
Corporation to be held not later than September 23, 2007.

5.18                        Approval of Holders of Rights

If,
after the Separation Time, the approval of holders of Rights is required in
respect of a supplement or amendment to this Agreement made pursuant to Section
5.4 hereof, the Board of Directors shall, within 31 days after the
implementation of any such supplement or amendment, call a special meeting of
the holders of Rights to consider, and if thought fit, to pass a resolution
approving the supplement or amendment, and such supplement or amendment shall
be deemed to have been approved if such resolution receives the affirmative
vote of a majority of the votes cast by holders of Rights represented at the
meeting in person or by proxy excluding any Rights which are then void pursuant
to the provisions of subsection 3.1(b) hereof. 
In respect of any such meeting required to be held:

(i)                                    the
Board of Directors shall fix a date for the meeting, which date shall be as
soon as practicable after the implementation of any supplement or amendment
requiring approval, but not more than 110 days thereafter;

(ii)                                 the
Board of Directors of the Corporation shall fix a record date for determining
the holders of Rights entitled to receive notice of such meeting in a manner
analogous to the procedures set out in National Instrument 54-101 of the
Canadian Securities Administrators (as such policy may be amended or replaced
from time to time, and as required in order to conform to the requirements of
any applicable securities legislation or policy) and the rules of any stock
exchange on which the Common Shares are then listed, and the articles and
by-laws of the Corporation; and

(iii)                              each
Right shall be entitled to one vote at such meeting and, in all other respects,
the rules applicable to meetings of shareholders set forth in the articles and
by-laws of the Corporation shall apply in respect of such meeting of holders of
Rights, mutatis mutandis.

5.19        Declaration as to Non-Canadian and Non-United
States Holders

If,
upon the advice of outside counsel, any action or event contemplated by this
Agreement would require compliance with the securities laws or comparable
legislation of a jurisdiction outside of Canada and the United States of
America, the Board of Directors acting in good faith may take such actions as
it may deem appropriate to ensure that such compliance is not required,
including without limitation establishing procedures for the issuance to a
Canadian resident Fiduciary of Rights or securities issuable on exercise of
Rights, the holding thereof in

 44
 

trust for the Persons entitled thereto (but reserving to the Fiduciary
or to the Fiduciary and the Corporation, as the Corporation may determine,
absolute discretion with respect thereto) and the sale thereof and remittance
of the proceeds of such sale, if any, to the Persons entitled thereto. In no
event shall the Corporation or the Rights Agent be required to issue or deliver
Rights or securities issuable on exercise of Rights to Persons who are
citizens, residents or nationals of any jurisdiction other than Canada and any
province or territory thereof and the United States of America and any state
thereof in which such issue or delivery would be unlawful without registration
of the relevant Persons or securities for such purposes.

5.20        Regulatory Approvals

Any
obligation of the Corporation or action or event contemplated by this
Agreement, or any amendment or supplement to this Agreement, shall be subject
to receipt of any requisite approval or consent from any governmental or
regulatory authority having jurisdiction including the Toronto Stock Exchange
while any securities of the Corporation are listed and posted for trading
thereon and for a period of 6 months thereafter.

 45
 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the
date first above written.

	
  

  	
  REVETT
  MINERALS INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
   

  	
  “William Orchow”

  	
   

  
	
   

  	
   

  	
   

  	
  Name: William Orchow

  	
   

  
	
   

  	
   

  	
   

  	
  Title: President and CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
   

  	
  “Scott M. Brunsdon”

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Scott M. Brunsdon

  	
   

  
	
   

  	
   

  	
   

  	
  Title: CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  COMPUTERSHARE
  INVESTOR

  SERVICES INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
   

  	
  “Judy Belanger”

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Judy Belanger

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
   

  	
  “Marg Fong”

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Marg Fong

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

 46

EXHIBIT
“A”

[Form of Rights Certificate]

	
  Certificate No.

  	
  Rights

  

 

THE
RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION, ON THE
TERMS SET FORTH IN THE RIGHTS AGREEMENT. 
UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN THE RIGHTS AGREEMENT), RIGHTS
BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY PERSON ACTING JOINTLY OR IN
CONCERT WITH AN ACQUIRING PERSON OR WITH AN ASSOCIATE OR AFFILIATE OF AN
ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES
OF ANY OF THE FOREGOING WILL BECOME VOID WITHOUT FURTHER ACTION.

RIGHTS CERTIFICATE

This certifies that ·,
or registered assigns, is the registered holder of the number of Rights set
forth above, each of which entities the registered holder thereof, subject to
the terms, provisions and conditions of an Amended and Restated Rights
Agreement dated as of March 23, 2007 (the “Rights Agreement”) between Revett
Minerals Inc., a corporation incorporated under the laws of Canada  (the “Corporation”), and Computershare
Investor Services Inc., a corporation incorporated under the laws of the
Province of Ontario, as Rights Agent, to purchase from the Corporation at any
time after the Separation Time and prior to the Expiration Time (as such terms
are defined in the Rights Agreement), one fully paid common share in the
capital of the Corporation (a “Common Share”) (subject to adjustment as
provided in the Rights Agreement) at the Exercise Price referred to below, upon
presentation and surrender of this Rights Certificate with a duly completed and
executed Form of Election to Exercise at the principal office of the Rights
Agent in the City of Toronto, Canada. 
The Exercise Price shall initially be $100.00 per Right and shall be subject
to adjustment in certain events as provided in the Rights Agreement.

This Rights Certificate
is subject to all the terms, provisions and conditions of the Rights Agreement
which terms, provisions and conditions are hereby incorporated herein by this
reference and made a part hereof and to which Rights Agreement reference is
hereby made for a full description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Rights Agent, the
Corporation and the holders of the Rights Certificates.  Copies of the Rights Agreement are on file at
the registered office of the Corporation and are available upon written
request.

This Rights Certificate,
with or without other Rights Certificates, upon surrender at any office of the
Rights Agent or any Co-Rights Agent designated for such purpose, may be
exchanged for another Rights Certificate or Rights Certificates of like tenor
and date evidencing an aggregate

number of Rights equal to
the aggregate number of Rights evidenced by the Rights Certificate or Rights
Certificates so surrendered.  If this
Rights Certificate shall be exercised in part, the registered holder shall be
entitled to receive, upon surrender hereof, another Rights Certificate or
Rights Certificates for the number of whole Rights not exercised.

Subject to the provision
of the Rights Agreement, the Rights evidenced by this Certificate may be
redeemed by the Corporation at a redemption price of $0.00001 per Right.

No fractional Common
Shares will be issued upon the exercise of any Right or Rights evidenced hereby
nor will Rights Certificates be issued for less than one whole Right.  In lieu thereof, a cash payment will be made
as provided in the Rights Agreement.

No holder of this Rights
Certificate, as such, shall be entitled to vote or receive dividends or be
deemed for any purpose the holder of Common Shares or of any other securities
which may at any time be issuable on the exercise hereof, nor shall anything
contained in the Rights Agreement or herein be construed to confer upon the
holder hereof, as such, any of the rights of a shareholder of the Corporation
or any right to vote for the election of directors or upon any matter submitted
to shareholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting
shareholders (except as provided in the Rights Agreement), or to receive
dividends or subscription rights, or otherwise, until the Rights evidenced by
this Rights Certificate shall have been exercised as provided in the Rights
Agreement.

This Rights Certificate
shall not be valid or obligatory for any purpose until it shall have been
countersigned by the Rights Agent.

WITNESS the facsimile
signature of the proper officers of the Corporation.

	
  Date:  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  REVETT MINERALS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   

  	
   Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   

  	
   Title:

  

 

Countersigned:

	
  COMPUTERSHARE INVESTOR

  SERVICES INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
     Authorized Signature

  
				

 

[Form of Reverse
Side of Rights Certificate]

FORM OF ASSIGNMENT

(To be executed by
the registered holder if such

holder desires to transfer the Rights Certificates.)

FOR VALUE RECEIVED
                                                                                                        hereby
sells, assigns and transfers

unto

(Please print name
and address of transferee)

this Rights Certificate,
together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint                                                                           
Attorney to transfer the within Rights Certificate on the books of the
Corporation, with full power of substitution.

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guaranteed:

  	
   

  	
   

  
	
   

  	
    Signature

  
	
   

  	
   

  
					

(Signature must
correspond to name as written upon the face of this Rights Certificate in every
particular, without alteration or enlargement or any change whatsoever.)

(Signature must be
guaranteed by a Canadian chartered bank or trust company, a member firm of a
recognized stock exchange in Canada, a member of the Investment Dealers
Association of Canada or a member of the Securities Transfer Agents Medallion
Program (STAMP)).

	
   

  
	
  (To be completed if true)

  

 

CERTIFICATION

The
undersigned hereby represents and certifies, for the benefit of all holders of
Rights and Common Shares, that the Rights evidenced by this Rights Certificate
are not, and, to the knowledge of the undersigned, have not been, Beneficially
Owned by an Acquiring Person or any Person acting jointly or in concert with
any Acquiring Person or with any Affiliate or Associate thereof (all as defined
in the Rights Agreement).

	
  

  	
   

  	
   

  
	
   

  	
    Signature

  

 

 

NOTICE

In
the event the certification set forth above is not completed in connection with
a purported assignment, the Beneficial Owner of the Rights evidenced by this
Rights Certificate will be deemed to be an Acquiring Person or a Person acting
jointly or in concert with such Acquiring Person or an Affiliate or Associate
of such Acquiring Person (all as defined in the Rights Agreement) and
accordingly the Rights evidenced by this Rights Certificate will be null and
void.

[To be attached to
each Rights Certificate]

FORM OF ELECTION TO EXERCISE

(To be executed if
holder desires to

exercise the Rights Certificate.)

TO:         REVETT
MINERALS INC. AND COMPUTERSHARE INVESTOR SERVICES INC.

The
undersigned hereby irrevocably elects to exercise                                                  
whole Rights represented by the attached Rights Certificate to purchase the
Shares issuable upon the exercise of such Rights and requests that certificates
for such Shares be issued in the name of:

	
  Address:

  
	
   

  
	
   

  	
   

  
	
  Social
  Insurance, Social Security or

  Other Taxpayer Identification Number:

  	
   

  
	
   

  
	
  If such number of
  Rights shall not be all the whole Rights evidenced by this Rights
  Certificate, a new Rights Certificate for the balance of such whole Rights
  shall be registered in the name of and delivered to:

  
	
  

  Address:

  
	
   

  
	
   

  	
   

  
	
  Social Insurance,
  Social Security or

  Other Taxpayer Identification Number: 

  	
   

  

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guaranteed:

  	
   

  
	
   

  	
    Signature

  
	
   

  	
   

  
				

 

(Signature must
correspond to name as written upon the face of this Rights Certificate in every
particular, without alteration or enlargement or any change whatsoever.)

(Signature must be
guaranteed by a Canadian chartered bank or trust company, a member firm of a
recognized stock exchange in Canada, a member of the Investment Dealers
Association of Canada or a member of the Securities Transfer Agents Medallion
Program (STAMP)).

 

	
   

  
	
  (To be completed if true)

  

 

CERTIFICATION

The undersigned hereby represents, for the benefit of
sill holders of Rights and Shares, that the Rights evidenced by this Rights
Certificate are not, and, to the knowledge of the undersigned, have never been,
Beneficially Owned by an Acquiring Person or any Person acting jointly or in
concert with any Acquiring Person or with any Affiliate or Associate thereof
(all as defined in the Rights Agreement).

	
  

  	
   

  
	
   

  	
    Signature

  

 

NOTICE

In
the event the certification set forth above is not completed in connection with
a purported exercise, the Beneficial Owner of the Rights evidenced by this
Rights Certificate will be deemed to be an Acquiring Person or a Person acting
jointly or in concert with an Acquiring Person or an Affiliate or Associate of
an Acquiring Person (all as defined in the Rights Agreement) and accordingly will
deem the Rights evidenced by this Rights Certificate will be null and void.Exhibit 10.5

EMPLOYMENT AGREEMENT

THIS AGREEMENT, is made
effective the 1st day of January, 2004 between REVETT
SILVER COMPANY, a Montana Corporation with its principal office in Spokane,
Washington, herein referred to as the “Corporation”, and William Orchow of Salt
Lake City, Utah, herein referred to as the “Employee.” 

In consideration of the mutual covenants and benefits
as herein set forth, the parties hereto agree as follows:

SECTION ONE

EMPLOYMENT

The Corporation hereby employs the Employee as President
and Chief Operating Officer and the Employee hereby accepts such employment and
agrees to devote all of his efforts for the benefit of the Corporation and to faithfully,
industriously, and to the best of his ability, experience and talents, perform
all of his required and assigned duties. Employee shall perform his duties
subject to the general supervision and pursuant to the orders, advice and
direction of the CEO and the Board of Directors.

It is agreed that Employee’s home base of employment
is Salt Lake City, Utah and that he will travel to the Corporation’s corporate
office and operations as needed.

SECTION TWO

TERM OF EMPLOYMENT

The term of employment under the Agreement shall be
for a period of three years commencing January 1, 2004, and ending midnight
December 31, 2007, but shall continue from year-to-year thereafter unless
terminated as hereinafter provided.

SECTION THREE

COMPENSATION

The Corporation shall pay Employee, and the Employee
shall accept from the Corporation, compensation at the minimum rate of US.
$60,000 per year, prorated and payable monthly or on such other basis as the
parties may hereafter agree. Such minimum compensation shall be adjusted to
$120,000 beginning the first month

following the month the Corporation completes its private
placement by Toll Cross Securities or any other placement agent, or in the
alternative if a business merger or any other business combination is agreed to
before completion of the private placement; and may thereafter be adjusted for
merit or other raises as from time to time may be determined by the CEO or any
Committee of the Board thereof having such authority. Employee shall be
entitled to vacation periods in line with the policies of the Corporation
applicable to exempt employees, provided, however, that the Employee shall be
entitled to a minimum paid vacation of six (6) weeks in any calendar year. If
the Employee fails to use all vacation days in any calendar year, Employee
shall be permitted to carry over those vacation days into the next two calendar
years.

SECTION FOUR

OTHER BENEFITS

In addition to the
compensation as provided in the previous Section Three hereof, the Corporation
shall at its expense provide for Employee the following additional benefits:

1.                                       Participation
in all of the Corporation’s benefits, now or hereafter in effect, including
medical, dental, vision, 401K plan, retirement plan, disability plan, bonuses
and any and all other plans that may be made available to employees.

2.                                       Payment
of dues in professional associations as may be required to maintain his
membership in those associations and the privilege of attending appropriate
seminars, conferences and education programs as may be necessary.

3.                                       Reimbursement
for all expenses incurred in connection with the performance of services to the
Corporation, including entertainment and travel and other expenses incident to
the duties undertaken hereunder; provided, however, that such expenses shall be
reasonable and necessary and that Employee shall submit bills and vouchers
supporting all requests for reimbursements in accordance with the Corporation’s
policies.

4.                                       An
appropriate office, which office will be located in the vicinity of Spokane,
Washington which it is agreed shall be the place of principal employment during
the term of the Agreement.

5.                                       An
option to acquire 100,000 shares of the Corporation’s common stock, and any
additional options which from time to time may be granted.

 2
 

SECTION FIVE

TERMINATION

The Agreement will
terminate or may be terminated by any one of the following reasons:

1.                                       Voluntarily
and without cause, subject to Sections Two and Six, upon at least one (1)
months prior written notice of termination by Corporation to the Employee or by
the Employee to the Corporation; or

2.                                       By
the Corporation for cause as hereinafter defined in Section Ten; or

3.                                       Upon
the Death or Disability of Employee.

4.                                       Upon
a Change of Control.

5.                                       Upon
Retirement.

SECTION SIX

SEVERANCE COMPENSATION

1.                                       Termination
by Employee or by Corporation With Cause

If Employee voluntarily terminates his employment
under the Agreement pursuant to Section Five (1) or if the employment of the
Employee is terminated by the Corporation for cause, then all compensation and benefits
as heretofore provided in Sections Three and Four shall terminate immediately
upon the effective date of termination and no special severance compensation
will be paid.

2.                                       Termination
by Corporation Without Cause

If the Corporation terminates the Agreement for any
reason except for cause as defined in Section Ten then upon the termination of
the Employee’s employment under the Agreement, the Corporation shall pay an
amount equal to thirty six (36) months’ salary. The amount shall be paid in one
lump sum on the date the Employee’s services terminate. All employee benefits
provided to the Employee shall be continued as if the Employee was still an
employee of the Corporation, for a period of one (1) year from the date of
termination or replacement of equal or better benefits

 3
 

from a new employer. In the event Employee has
existing stock options, they will be honored in accordance with the terms of
said options.

3.                                       Termination
by Death or Disability

If Employee dies
before his employment hereunder or is otherwise terminated, the Corporation
shall immediately pay to his beneficiary (to be named in writing by the
Employee on signing of the Agreement and confirmed if changed by him at any
subsequent time, in writing, addressed to the secretary of the Corporation) an
amount of compensation equal to twelve (12) months’ salary. If no named beneficiary
survives him, the entire amount due him shall be paid to his estate. Said
compensation shall be in addition to that payable from any insurance coverage
providing for compensation upon Death or Disability. If Employee becomes
disabled, he shall be entitled to receive an amount of compensation equal to
twelve (12) month’s salary. “Disability” in the Agreement means a condition of physical
or mental illness causing one to be totally incapable of performing full-time
duties for a period longer than six months. 

4.                                       Termination
Following Change of Control

(a)                                  For
purposes of the Agreement a Change in Control shall be deemed to have occurred
if (A) any individual partnership, firm, entity, corporation, association,
trust, unincorporated organization or other entity, or any syndicate or group
deemed to be a person under Section 14(d)(2) of the Exchange Act, is or becomes
the “beneficial owner” (as defined in Rule 13d-3 of the General Rules and Regulations
under the Exchange Act), directly or indirectly, of securities of the
Corporation representing 25% or more of the combined voting power of the
Corporation’s then outstanding securities entitled to vote in the election of
directors of the Corporation; or (B) as a result of or in connection with a
contested election of directors, the persons who were directors of the Corporation
before such election shall cease to constitute a majority of the Board.

(b)                                 Irrespective
of any other provisions in the Agreement regarding termination, if any of the
events described above constituting a Change in Control shall have occurred and
upon the subsequent termination of Employee’s employment during the term of the
Agreement, unless such termination is because of Employee’s Death, Disability
or by the Corporation for cause or by Employee for other than “Good Reason,”
Employee shall be entitled to and will receive

 4
 

no later than the fifth (5th) day following the date
of termination a lump sum severance payment equal to three (3) times Employee’s
current annual base salary. In addition, all benefits then applicable to Employee
shall be continued for a period of twenty four (24) months.

(c)                                  Employee
shall be entitled to terminate his employment for Good Reason. For purposes of
the Agreement, “Good Reason” means, without Employee’s express written consent,
any of the following:

(i)            the assignment to Employee of any
duties inconsistent with Employee’s position, or Employee’s removal from such
position, or a substantial alteration in the nature or status of Employee’s responsibilities
from those in effect immediately prior to the Change in Control;

(ii)           a reduction by the Corporation in
Employee’s annual base salary as in effect on the date hereof or as the same
may be increased from time to time or a failure by the Corporation to increase Employee’s
salary at a rate commensurate with that of other key executives of the
Corporation;

(iii)          the failure by the Corporation to
continue to provide Employee with benefits at least as favorable to those
enjoyed by Employee under any of the Corporation’s life insurance, medical, health
and accident, disability, deferred compensation, pension, if any, or savings
plans in which Employee was participating at the time of the Change in Control,
the taking of any action by the Corporation which would directly or indirectly
materially reduce any of such benefits or deprive Employee of any material
fringe benefit enjoyed by Employee at the time of the Change in Control, or the
failure by the Corporation to provide Employee with the number of paid vacation
days to which Employee is entitled on the basis of years of service with the
Corporation in accordance with the Corporation’s normal vacation policy in
effect at the time of the Change in Control;

(iv)          the failure of the Corporation to
obtain a satisfactory agreement from any successor to assume and agree to
perform the Agreement or if the business of the Corporation for which Employee’s
services are principally performed is sold at any time after a Change in
Control, the purchaser of such business fails to agree to provide Employee with
the same or a comparable position,

 5
 

duties, salary and
benefits as provided to Employee by the Corporation immediately prior to the
Change in Control;

SECTION SEVEN

NON-TRANSFERABILITY

This is a personal agreement. No Employee’s rights,
benefits or interests hereunder may be subject to sale, anticipation,
alienation, assignment, encumbrance, charge, pledge, hypothecation, transfer,
or set-off in respect of any claim, debt or obligation or to execution,
attachment, levy or similar process, or assignment by operation of law. Any
attempt, voluntary or involuntary, to effect any such action shall be null and
void and of no effect.

SECTION EIGHT

CHOICE OF LAW

It is the intention of the parties hereto that the
Agreement and the performance hereunder and all suits and special proceedings
hereunder be construed in accordance with and under and pursuant to the laws of
the State of Washington, and that in any action, special proceeding or other
proceeding that may be brought arising out of, in connection with, or by reason
of the Agreement, the laws of the State of Washington, shall be applicable and
shall govern to the exclusion of the law of any other forum, without regard to
the jurisdiction in which any action or special proceeding may be instituted.

SECTION NINE

BINDING EFFECT

The Agreement shall be binding upon and shall inure to
the benefit of the Corporation and to its successors or assigns and to Employee
and his personal representative, heirs, executors and administrators.

SECTION TEN

DEFINITION OF CAUSE

Cause to terminate the Employee’s employment shall
mean (a) the willful and continued failure by the Employee to substantially
perform his duties, after demand for substantial performance as delivered by
the Corporation that specifically identifies the manner in which the
Corporation believes the Employee has not substantially performed his duties,
or (b) the willful engaging by the Employee of misconduct which is materially
injurious to the Corporation,

 6
 

monetarily or otherwise, or (c) the willful violation
by the Employee of the provisions of the Employment Agreement. 

Notwithstanding the foregoing, the Employee shall not
be deemed to have been terminated for cause unless there shall have been
delivered to the Employee a copy of a notice of termination from the
Corporation after reasonable written notice to the Employee and an opportunity
for the Employee, together with counsel for the Employee, to be heard before
the Board of Directors of the Corporation, accompanied by a resolution duly
adopted by the Directors of the Corporation then in office, who find that in
the good faith opinion of such directors, the Employee was guilty of conduct
set forth above and shall set forth in particular detail the facts and
circumstances claimed to provide a basis for termination of employment under
the provisions so indicated.

SECTION ELEVEN

DIRECTORSHIPS

The Employee shall be entitled to accept a position as
a director of other corporations, whether such corporations are engaged in the
mining industry or not provided any such directorship is first approved by the
Corporation, such approval not to be unreasonably withheld.

SECTION TWELVE

CONFIDENTIALITY

Employee agrees that except as required for the
performance of his duties, obligations and responsibilities hereunder, he will
not at any time during the term of the Agreement or thereafter divulge to any
person, firm or corporation any Confidential Information received by him during
the course of his employment and all such Confidential Information shall be
kept confidential and deemed the property of the Corporation. For the purpose
of the provision, Confidential Information means information known to the Employee
as a consequence of his employment by the Corporation and not generally known
in the industry in which the Corporation is engaged or otherwise available to
third parties from sources unrelated to or controlled by the Corporation.

IN WITNESS WHEREOF, the parties
have executed the Agreement at Spokane Washington effective on the day and year
first above written.

	
  

  	
  REVETT
  SILVER COMPANY

  

 7
 

 

 

	
  

  	
  By: 

  	
  /s/ Frank Duval

  	
   

  
	
   

  	
   

  	
  Chief
  Executive officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  Orchow

  	
   

  
	
   

  	
  Name: William
  Orchow

  	
   

  
	
   

  	
  Address: 67 “P”
  St

  	
   

  
	
   

  	
  City, State:
  Salt Lake City, UT

  	
   

  
	
   

  	
  Zip Code: 84103

  	
   

  
	
   

  	
  Telephone
  Number: 801-557-9234

  	
   

  
	
   

  	
  SS#: ###-##-####

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NAMED
  BENEFICIARY:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mary, Janet Martineau,
  wife

  	
   

  	
   

  	
   

  
							

 

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]