Document:

Purchase Contract [303-11CMX-028-1-P] effective April 1, 2012

 Exhibit 10.8 

 
 

 
 CONSORCIO MINERO DE MÉXICO CORMIN MEX, S.A. DE C.V. 

a Trafigura Group Company 

DON DAVID GOLD MEXICO, SA. DE C.V. 

Calle Las Rosas No. 339 
 Colonia Reforma,
C.P. 68050 
 Oaxaca de Juárez, Oaxaca. 
 México 
 Mexico City, April 1st, 2012 

AMENDMENT TO PURCHASE CONTRACT 303-11CMX-028-1-P 
 With respect to contract 303-11CMX-028-1-P (the “Contract”) between CONSORCIO MINERO DE MEXICO CORMIN MEX, S.A. DE C.V., Av. Reforma No. 115, Despacho 2102, Lomas de
Chapultepec, Delegaciòn Miguel Hidalgo, Mexico D.F. 11000, Mexico (the “Buyer”) and DON DAVID GOLD, SA. DE C.V., Macedonio Alcalá No. 201-105, colonia centro, Oaxaca de Juárez, Oaxaca (the
“Seller”), Buyer and Seller agree to amend the Contract as follows: 
 The Effective Date of this Amendment shall
be the 01st day of February 2012. 

AGREED TERMS 
 As from the Effective Date: 
 I. - General Provisions 

The rights and obligations of the Seller under the Contract dated July 1, 2011 are assigned and transferred to the company DON DAVID GOLD MEXICO,
S.A. DE C.V., and this company accept all this rights and obligations; 
 Nothing in this Agreement shall affect or prejudice any claim or
demand whatsoever which Cormin Mex may have against the Seller, relating to matters arising prior to the Effective Date. 
 DON DAVID GOLD
MEXICO, S.A DE C.V., guarantees the performance of all of its obligations under the Contract mentioned above and indemnifies the Buyer in respect of any losses, liabilities, costs and expenses incurred or suffered as a result of any failure to
perform any obligation under the Contract. 
  

	
	Av. Paseo de la Reforma No. 115, Piso 21 
Oficina 2102 Col. Lomas de Chapultepec México, D.F. C.P. 11000 Tel.: 5540 2169 Fax: 5540 2203

  
 

 
 CONSORCIO MINERO DE MÉXICO CORMIN MEX, S.A. DE C.V. 

a Trafigura Group Company 

II. - ASSAYING 
 Assays
shall be made independently by each party and the results of such assays shall be exchanged on a lot-by-lot basis for payable elements and on a composite basis for penalty elements by registered airmail or special courier on a mutually agreed date,
but in any event not later than 60 (sixty) calendar days after the date on which the assay samples are sealed and sent to the respective parties. In the event one party fails to present its assay certificate to the other party by the 60th (sixtieth)
calendar day following the date on which the assay samples were sealed and sent to the respective parties, the assay results of the party which was ready to exchange its assay results shall be final and binding, save for fraud or manifest error.

 Should the difference between the results of both parties be not more than: 

 

							
	 Silver
	  	 	200 gr	  	 	(two hundred grams per dry metric ton)
	 Gold
	  	 	2.00grms	  	 	(two grams per dry metric ton)
	 Copper
	  	 	0.50	% 	 	(zero point five percent)
	 Arsenic
	  	 	0.10	% 	 	(zero point one percent)
	 Antimony
	  	 	0.20	% 	 	(zero point two percent)
	 Lead
	  	 	0.30	% 	 	(zero point three percent)
	 Zinc
	  	 	0.30	% 	 	(zero point three percent)

 Then the exact mean of the two results shall be taken as the agreed assay for the purpose of final accounting.

 In the event that the difference between Seller’s and Buyer’s assay results exceeds the limits set out above then an umpire assay
shall be made by an umpire laboratory to be agreed upon between Buyer and Seller, which shall be one of the following, acting in rotation: 

Stewart Inspection and Analysis Limited 

Caddick Road 
 Knowsley Business Park 

Prescot 
 L34 9ER 

England 
 Laboratory Services International
B.V. 
 Pittsburghstraat 9 
 3047 BL
Rotterdam 
 The Netherlands 

Alfred H. Knight International Ltd. 

Eccleston Grange 
 Prescot Road 

St. Helens 
 Merseyside WA10 3BQ 

England 
  

	
	Av. Paseo de la Reforma No. 115, Piso 21 
Oficina 2102 Col. Lomas de Chapultepec México, D.F. C.P. 11000 Tel.: 5540 2169 Fax: 5540 2203

 

 
 CONSORCIO MINERO DE MÉXICO CORMIN MEX, S.A. DE C.V. 

a Trafigura Group Company 

SGS Nederland B.V., 
 Mineral Services

 Malledijk 18 
 3200 AE Spijkenisse

 The Netherlands 
 Should the umpire
assay fall between the results of the two parties, the arithmetical mean of the umpire assay and the assay of the party whose results are nearer to the umpire’s shall be taken as the agreed assay. Should the umpire assay fall outside the
exchanged results, the middle of the 3 (three) results shall be final. If the umpire results coincides with the result of either of the two parties or is the exact mean of the exchanged result, the umpire assay shall be final. 

The cost of the umpire assay shall be borne by the party whose result is farthest from the umpire result. The cost of the umpire assay shall be borne
equally by both parties when the umpire assay is the exact mean of the exchanged results. 
 III. - Jurisdiction 

This Agreement shall be governed by and construed in accordance with the laws of Mexico. Any dispute arising out of or in connection with this Agreement
(including any question regarding its existence, validity or termination) shall be referred to and finally resolved by Mexico’s trials. 

IN WITNESS WHEREOF the Parties have executed this Agreement as of the respective dates set out below with effect from the Effective Date.

  

									
	Accepted:	 		 		 		 	
			
	 

	 		 	 

	 CONSORCIO MINERO DE MEXICO CORMIN MEX, S.A. DE C.V.
 (signed by fully authorised signatory)
	 		 	 DON DAVID GOLD, S.A. DE C.V.,
 (Signed by fully authorised signatory)

					
	Place and Date:	 	  
	 		 	Place and Date:	 	Colo Springs, CO USA April 25, 2012
		 		 	Name: William W. Reid
				
	 

	 		 		 	
	DON DAVID GOLD MEXICO, S.A. DE C.V.,	 		 		 	
	(Signed by fully authorised signatory)	 		 		 	
	Place and Date:	 	Colo Springs, CO USA April 25, 2012	 		 		 	
	Name: William W. Reid	 		 		 	

  

	
	Av. Paseo de la Reforma No. 115, Piso 21 
Oficina 2102 Col. Lomas de Chapultepec México, D.F. C.P. 11000 Tel.: 5540 2169 Fax: 5540 2203Amendment to Purchase Contract [203-09CMX-25739-P] effective October 1, 2010

 Exhibit 10.9 

 
 

 
 CONSORCIO MINERO DE MÉXICO CORMIN MEX, S.A. de C.V. 

A TRAFIGURA GROUP COMPANY 

DON DAVID GOLD, S.A. DE C.V. 
 Mexico
City, 1 October 2010 / ERF 
 Amendment 1 to Purchase Contract 
 203-09-CMX-25739-P 
 With respect to contract 203-09-CMX-25739-P dated
concluded on the 5th day of October 2009 (the
“Effective Date”) between DON DAVID GOLD, S.A. DE C.V., Macedonio Alcala No. 201-105, Col Centro, Oaxaca, Oaxaca, Mexico, (the “Seller”) and CONSORCIO MINERO DE MÉXICO CORMIN S.A. DE C.V.,
Av. Reforma, No. 115, Despacho 2102, Lomas de Chapultepec, Delegación Miguel Hidalgo, México D.F. 11000, México (the “Buyer”), the parties hereby agree to amend the Contract to include the following:

 The Effective Date of this Amendment shall be the 1st of October 2010. 
 QUANTITY 
 100% of the concentrate production estimated to be
approximately +/- 300 wmt per month, to be delivered from October 2010 to April 1st, 2011, both months included. 
 FUTURE PRODUCTION 

Both parties agree to discuss in good faith a possible commercial take off agreement for the delivery of polymetallic concentrates (Cu/Au, Pb/Ag and Zn)
to begin to be shipped in May 2011. The discussion should be done in the last quarter of 2010 by both parties in order to establish a mutual agreement in good faith for the terms and conditions for the next period. 

International Market Terms from the main mining and smelter companies in the world will be taken into consideration to determine the terms and conditions
of the take off agreement. The previous one will be subject to satisfactory agreement to both parties. 
 GENERAL PROVISIONS 

This contract amendment may be executed in one or more counterparts and may be delivered by facsimile or other electronic means. 

 

	
	 
	
	
Reforma 115, Oficina 2102, Col. Lomas de Chapultepec, C.P. 11000, 
México,D.F.
 Tel.: 5540-2169 Fax: 5540-2203.

					
	AMENDMENT 1 TO PURCHASE CONTRACT	  	203-09-CMX-25739-P	  	
			
	 	  	 	  	 

 All terms and conditions of the Contract shall remain in full force and effect, save as expressly varied herein.

 This Amendment shall be governed by the New York Law. 
 IN WITNESS WHEREOF the parties have executed this Amendment as of the respective dates set out below with effect from the Effective Date specified on the first page of this Amendment. 

 

									
	Accepted:	 		 		 		 	
			
	 

	 		 	 

	 DON DAVID GOLD, S.A. DE C.V.
 (signed by fully authorised signatory)
	 		 	 CONSORCIO MINERO DE MÉXICO CORMIN MEX S.A. DE C.V.
 (signed by fully authorised signatory)

					
	Place and Date:	 	  
	 		 	Place and Date:	 	  

  
  

  
 2Amendment to Purchase Contract [103-11CMX-019-1-P] effective date July 1, 2011

 Exhibit 10.10 
 DON DAVID GOLD S.A. DE C.V. 
 Macedonio Alcala No. 201-105 

Col. Centro, Oaxaca, Oaxaca 
 México, 1
july 2011 
  

			
	AMENDMENT to PURCHASE CONTRACT	 	103-11CMX-019-1-P

 This contract is concluded on the 1st day of July 2011 (the “Effective Date”) between DON DAVID GOLD S.A. DE C.V., Macedonio Alcala
No. 201-105 Col. Centro, Oaxaca, Oaxaca, Mexico (the “Seller”) and CONSORCIO MINERO DE MEXICO CORMIN MEX, S.A. DE C.V., Reforma 115 piso 21, despacho 2102, Col. Lomas de Chapultepec, Mexico D.F., Mexico (the
“Buyer”). 
 The Effective Date of this Amendment shall be the 1st day of July 2011 

SCOPE OF THE CONTRACT 
 The Seller agrees
to sell zinc concentrate and the Buyer agrees to buy zinc concentrate at the terms and conditions set out below: 
  

			
	DEFINITIONS	  	
		
	1 ounce means:	  	1 troy ounce of 31.1035 grams;
	1 ton means:	  	1 metric ton of 1,000 kilograms or 2204.62 lbs;
	1 unit means:	  	1% of the dry net weight;
	Affiliates means:	  	in relation to any company or corporation, a Subsidiary or Holding Company of that company or corporation or any other Subsidiary of that company or corporation or of that Holding
Company;
	Banking Day and Business Day mean:	  	any day except a Saturday or Sunday on which banks in the city of New York, New York, USA, are generally open for the conduct of business;
	Holding Company means:	  	in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary;
	IMO/BC Code means:	  	the International Maritime Organisation Code of Safe Practice for Solid Bulk Cargoes prevailing at the time of delivery;
	INCOTERMS 2000 means:	  	the 2000 edition of the standard trade definitions published by the International Chamber of Commerce;
	LBMA means:	  	London Bullion Market Association;
	LME means:	  	London Metal Exchange;
	Month of Scheduled Shipment (MOSS) means:	  	in respect of any shipment of the concentrate, the calendar month in which shipment has been scheduled as per the clause SHIPMENT or as otherwise agreed in writing between the
parties;
	Subsidiary means:	  	 in relation to any company or corporation, a company or corporation
 which is controlled, directly or indirectly, by the first mentioned company or corporation; more than half the issued share capital of which is beneficially owned, directly or indirectly by the first
mentioned company or corporation; or which is a Subsidiary of another Subsidiary of the first mentioned company or corporation; and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or
corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body;

	US$ means:	  	the lawful currency of the United States of America;
	Valid TML means:	  	Transportable Moisture Limit valid for the current shipment;
	Valid FMP means:	  	Flow Moisture Point valid for the current shipment.

  

					
	 	  	 	  	 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  
 QUANTITY AND QUALITY 
 100% of El Aguila zinc concentrates production estimated between 500
and 800 wmt per month, between July 2011 to December 2012 
 Zn 50-55 % 
 Ag 350-500 gms 
 Au 4-8 gms 
 Pb l – 2% 
 Sb 0.07% 
 Cd 0.41% 
 Bi 0.004% 
 As 0.1-0.2% 
 S 30% 
 Fe 3-5% 
 F 170-200 ppm 
 SiO2 3-4% 
 Hg 8-20 ppm 
 Ni 20-30 ppm 
 Se 130-150 ppm 
 Te 20-30 ppm 
 Co 15-25 ppm 
 In the event the actual assays deviate from the contractual assays both parties agree to discuss in good faith to reach a solution in line with prevailing market terms. 

The Concentrate shall otherwise be free from deleterious impurities harmful to the smelting and / or refining processes and shall be able to withstand
the voyage, upon all customary forms of transportation, to the destination intended by the Buyer. The Concentrate shall conform to all local regulations and the IMO / BC Code of Safe Practice for Solid Bulk Cargoes. Seller shall promptly present
valid TML, FMP and moisture certificates if so requested by Buyer. 
 DELIVERY 
 DAP (Delivery At Place) impala warehousing Manzanillo or Parity (Incoterms 2000) 
 All export
charges and the cost of loading the concentrate into the carrying vessel shall be for Buyer’s account, Seller shall have the right to collect the 16% VAT. 
 PRICE 
 Payments 
 Zinc 
 Pay for 85% (eighty-five percent) of the final zinc content, subject to a minimum
deduction of 8 (eight) units, at the official London Metal Exchange cash settlement quotation for Special High Grade Zinc, as published in the Metal Bulletin in US$ and averaged over the quotational period. 

Silver 
 Deduct 3 (three) ounces per dry
metric ton of the Concentrate and pay for 70% (seventy percent) of the balance of the final silver content at the LBMA spot quotation for silver, as published in the Metal Bulletin in US$ and averaged over the quotational period. 

 

					
	 	  	 	  	 

  
 2 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  
 Gold 
 Deduct 2 (two) grams per dry metric ton of the Concentrate and pay for 70% (seventy
percent) of the balance of the final Gold content at the LONDON FINAL quotation for gold, as published in the Metal Bulletin in US$ and averaged over the quotational period. 
 Deduction 
 Treatment Charge 

US$ 212 (US$ two hundred and twelve) per dry metric ton of the Concentrate delivered basis DAP Manzanillo, Mexico or parity. 

This treatment charge is based on an applicable zinc price of US$ 2,300 per dry metric ton and will be: 

 

	•	 	 Increased by US$ 0.12 for each US$ 1.00 (US$ one) the applicable zinc price exceeds US$ 2,300 per dry metric ton; 

All fractions pro rata. 
 Penalties

 None one, subject to maximum contents as follow: 
  

			
	Fe	  	< 6%
	SiO2	  	< 3%
	Cd	  	< 0.4%
	As+Sb	  	<0.5%

 QUOTATIONAL PERIOD 
 The quotational period for all payable metals shall be the month following the Month of arrival at the warehouse (M+1). 
 PAYMENT 
 All payments shall be made in US$ by telegraphic transfer. 

Provisional Payment 
 90% (ninety
percent) of the provisional invoice value of the Concentrate, based on the final wet weight, final moisture, provisional assays and the metal forward LME prices referred to the contractual QP at the date of invoice is issued, shall be paid 10 (ten)
calendar days after the truck to delivery to the Manzanillo warehouse against the presentation of the following documents: 
  

	1.	Holding certificate as per Appendix 1 hereto; 

  

	2.	Seller’s provisional invoice; 

  

	3.	Seller’s provisional weight and moisture certificate; 

  

	4.	Seller’s provisional assay certificate; 

  

	5.	Original Certificate of Origin issued and legalised by the local Chamber of Commerce or EUR.1 certificate, if required. 

 

					
	 	  	 	  	 

  
 3 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  
 Final Payment 
 Final payment shall be made by the party so owing latest 3 (three)
Banking Days after the date final assays, weights and prices are known against presentation of the final invoice. 
 In case Seller is indebted
to Buyer by reason of having received provisional payment in excess of the amount of the final invoice, this difference shall be re-paid by Seller to Buyer by telegraphic transfer within 3 (three) Banking Days of final weights, final assays and
final prices being known. 
 TITLE AND RISK 
 Title and Risk in the concentrate shall pass from seller to buyer when the concentrate has been delivered to the buyer’s nominated warehouse in Manzanillo, Mexico 

WEIGHING, SAMPLING AND MOISTURE DETERMINATION 
 The operations of weighing, sampling and moisture determination shall be carried out at the Manzanillo warehouse in the usual technical manner. The moisture and the wet weight determined less a weight
franchise of 0.5% (zero point five percent) shall be final and binding for settlement purposes. 
 Seller and Buyer shall appoint an
internationally recognised supervision company on a joint basis to represent them during these operations. The costs of these operations shall be shared equally between the parties. 
 The size of the lots for sampling purposes shall be approximately 30 (thirty hundred) wet metric tons. Sample portions shall be made from each such sample lot and distributed as follows: 

 

	•	 	 2 sets of sealed samples for the Seller; 

  

	•	 	 2 sets of sealed samples for the Buyer; 

  

	•	 	 1 set of sealed samples to be reserved by an internationally recognised supervision company for eventual umpire purposes. 

The final contents for all elements shall be calculated on a lot-by-lot basis. The sum of the individual lot contents will constitute the total of the
shipment. 
 ASSAYING 
 Assays
shall be determined by an independent laboratory at loading port and shall be considered as finals for both parties 
 Seller and buyer will
determine by mutual agreement one of the following laboratories for assays determination, and will be chosen on a rotational basisi 

Laboratory Services International B.V. 

Geijssendorfferweg 54 
 3088 GK Rotterdam

 SGS Laboratory Services 

Malledijk 18 
 3200 AE Spijkenisse 

The Netherlands 
  

					
	 	  	 	  	 

  
 4 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  
 Alfred H. Knight International Ltd. 
 Eccleston Grange 

Prescot Road 
 St. Helens 

Merseyside WA10 3BQ 
 England 

Silver and gold assays shall be determined unadjusted for cupel absorption and slag loss 
 FORCE MAJEURE 
 If either party is prevented, hindered or delayed from performing in whole
or in part any obligation or condition of this contract by reason of force majeure (the “Affected Party”), the Affected Party shall give written notice to the other party promptly and in any event within 3 (three) Business Days
after receiving notice of the occurrence of a force majeure event giving, to the extent reasonably practicable, the details and expected duration of the force majeure event and the quantity of Concentrate affected (the “Force Majeure
Notice”). 
 Provided that a Force Majeure Notice has been given, for so long as the event of force majeure exists and to the extent
that performance is prevented, hindered or delayed by the event of force majeure, neither party shall be liable to the other and the Affected Party may suspend performance of its obligations under this contract (a “Force Majeure
Suspension”). During the period of a Force Majeure Suspension, the other party may suspend the performance of all or a part of its obligations to the extent that such suspension is commercially reasonable. 

The Affected Party shall use commercially reasonable efforts to avoid or remove the event of force majeure and shall promptly notify the other party when
the event of force majeure is terminated. 
 If a Force Majeure Suspension occurs, the time for performance of the affected obligations and, if
applicable, the term of this contract shall be extended for a period equal to the period of suspension. 
 If the period of the Force Majeure
Suspension is equal to or exceeds 3 months from the date of the Force Majeure Notice, and so long as the force majeure event is continuing, either party may, in its sole discretion and by written notice, terminate this contract or, in the case of
multiple deliveries under this contract, terminate the affected deliveries. Upon termination in accordance with this clause, neither party shall have any further liability to the other in respect of this contract or, as the case may be, the
terminated deliveries except for any rights and remedies previously accrued under the Contract, including any payment obligations. 

“Force Majeure” means any cause or event reasonably beyond the control of a party, including, but not limited to fires, earthquakes, lightning,
floods, explosions, storms, adverse weather, landslides and other acts of natural calamity or acts of god; navigational accidents or maritime peril; vessel damage or loss; strikes, grievances, actions by or among workers or lock-outs (whether or not
such labour difficulty could be settled by acceding to any demands of any such labour group of individuals); accidents at, closing of, or restrictions upon the use of mooring facilities, docks, ports, harbours, railroads or other navigational or
transportation mechanisms; disruption or breakdown of, storage plants, terminals, machinery or other facilities; acts of war, hostilities (whether declared or undeclared), civil commotion, embargoes, blockades, terrorism, sabotage or acts of the
public enemy; any act or omission of any governmental authority; good faith compliance with any order, request or directive of any governmental authority; or any other cause reasonably beyond the control of a party, whether similar or dissimilar to
those above and whether foreseeable or unforeseeable, which, by the exercise of due diligence, such party could not have been able to avoid or overcome. A party’s inability economically to perform its obligations under the Contract shall not
constitute an event of force majeure. 
  

					
	 	  	 	  	 

  
 5 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  
 This clause shall not apply to any obligations to pay, indemnify or provide security or to any Concentrate for which vessel, truck or rail wagon space has been booked, pricing has been established, the
quotational period has commenced or payment has been made unless the Buyer has expressly consented in writing. 
 SUSPENSION OF QUOTATIONS

 The metal prices and currency quotations specified under this contract are the quotations in general use for the pricing of the metal
content of concentrate. 
 In the event that any of these price quotations cease to exist or cease to be published or should no longer be
internationally recognised as the basis for the settlement of concentrate contracts, then upon the request of either party, Seller and Buyer will promptly consult together with a view to agree on a new pricing basis and on the date for bringing such
basis into effect. The basic objective will be to secure the continuity of fair pricing. 
 DISPUTE RESOLUTION 

Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred
to and finally resolved by arbitration under the Rules of the New York Court of International Arbitration (“NYCIA”), which Rules are deemed to be incorporated by reference into this clause. The tribunal shall consist of three arbitrators,
all of whom shall have experience in shipping and trading matters. One arbitrator shall be appointed by Buyer, one by Seller and a third by the President of the NYCIA. The third arbitrator shall always be a practicing barrister or solicitor. In case
either party fails to nominate its arbitrator then he will be appointed by the President of the LCIA. However, it is understood that both parties shall be entitled to take any reasonable measures for the protection of rights accrued to them by this
contract without prejudice to the provisions of this clause. The arbitration shall be held in New York, US. The tribunal shall state in its award in detail the facts of the case and reasons for its decision. The award shall be final and binding and
not subject to appeal. 
 CHOICE OF LAW 
 This contract shall be governed by and construed in accordance with New York law. 
 The United
Nations Convention on Contracts for the International Sale of Goods (1980) shall not apply to this contract. 
 TAXES AND TARIFFS

 Any taxes, tariffs and duties whether existing or new on the Concentrate or contained metals or on commercial documents relating thereto
or on the cargo itself, imposed in the country of origin shall be borne by the Seller. 
 Any taxes, tariffs and duties whether existing or new
on the Concentrate or contained metals or on commercial documents relating thereto or on the cargo itself, imposed in the country of discharge and/or the importing country shall be borne by Buyer. 

 

					
	 	  	 	  	 

  
 6 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  
 LICENSES 
 Seller undertakes that all the necessary export licences and all other
authorisations required for the Concentrate have been obtained (and/or will be obtained) for the entire quantity covered by this contract. Seller furthermore guarantees that such licences will remain in force for the full life of this contract.

 ASSIGNMENT 
 Without the
prior written consent of the other party, which shall not be unreasonably withheld, neither party may assign or create a trust or otherwise transfer its rights or obligations under this contract in full or in part. 

THIRD PARTY RIGHTS 
 Any person who is
not a party to this contract may not enforce any term of it. The parties agree that the Contracts (Rights of Third Parties) Act 1999 shall not apply to this contract or any other agreement entered pursuant to it. 

LIMITATION OF LIABILITY 
 Neither the
Seller nor the Buyer shall be liable, whether in contract or in tort or otherwise, for indirect, consequential or special damages or losses of whatsoever nature, however caused. 
 Under no circumstances shall Buyer’s liability exceed the value of the Concentrate as at the date of shipment. 
 INCOTERMS 
 Insofar as not inconsistent herewith INCOTERMS 2000 (and any later amendments
thereto) shall apply to this contract. 
 CHANGE OF CONTROL 
 In the event of any actual or prospective change in the organisation, control or management of a party, including without limitation, a change to the majority shareholding or privatisation or equivalent
process, subject always to DEFAULT, this contract will not be changed or in any way modified and shall continue in full force and affect. 

NOTICES 
 No notice or communication with
respect to this contract shall be effective unless it is given in writing and delivered or sent by facsimile or electronic mail to the other party at the address set out herein, or to such other address as each party otherwise notifies the other
party. 
 Notices given by first class mail shall be deemed to have been delivered when received. Notices sent by facsimile or electronic mail
shall be deemed to have been received upon completion of successful transmission if sent during normal office hours at the place of receipt. Any facsimile or electronic mail transmitted outside of normal office hours at the place of receipt shall be
deemed to have been received on the next Business Day. 
 All notices, requests and other communications hereunder shall be addressed:

  

			
	If to Seller:	  	 DON DAVID GOLD S.A. DE C.V.
 Macedonio Alcala No. 201-105
 Col. Centro, Oaxaca, Oaxaca

Mexico
 Phone: +52 951 5216 82
58

  

					
	 	  	 	  	 

  
 7 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  

			
	If to Buyer:	  	 CONSORCIO MINERO DE MEXICO, CORMIN MEX, S.A. DE C.V.
 Reforma 115 piso 21, despacho 2102
 Col. Lomas de Chapultepec, del. Miguel Hidalgo

Mexico D.F., Mexico

Phone:    +52 55 4021 69

 WAIVERS 

No waiver by Buyer of any right, power or remedy or of any provision of this contract and no amendment of any provision of this contract shall be
effective unless and to the extent that it is expressly made and reduced to writing. 
 SEVERABILITY 

The invalidity, illegality or unenforceability of any one or more of the provisions of this contract shall in no way affect or impair the validity and
enforceability of the other provisions of this contract. 
 CONFIDENTIALITY 
 The existence of and terms of this contract shall be held confidential by the parties save to the extent that such disclosure is made to a party’s banks, accountants, auditors, legal or other
professional advisers, or as may be required by law, a competent court or a liquidator or administrator of a party, or the other party has consented in writing to such disclosure. 
 ENTIRE AGREEMENT 
 This contract constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes any previous agreements between the parties relating to the subject matter. Each party acknowledges and represents that it has not relied on or been induced to enter into this contract by any
representation, warranty or undertaking other than those expressly set out in this contract. A party is not liable to the other party for a representation, warranty or undertaking of whatsoever nature that is not expressly set out in this contract.

 FUTURE PRODUCTION 
 Both
parties agree to discuss in good faith a commercial take off agreement for the delivery of polymetallic concentrates (Cu/Au, Pb/Ag and Zn) to begin to be shipped in June 2011, once the production is stabilized and the seller declared the commercial
production for each concentrate, copper, zinc and lead. The discussion should be done during june 2011 by both parties in order to establish a mutual agreement in good faith for the terms and conditions for the next period. 

International Market Terms from the main mining and smelter companies in the world will be taken into consideration to determine the terms and conditions
of the take off agreement. The previous one will be subject to a satisfactory agreement to both parties. 
  

					
	 	  	 	  	 

  
 8 

					
	PURCHASE CONTRACT	  	103-11CMX-019-0-P	  	
	 	  	 	  	 

  
 IN WITNESS WHEREOF the parties have executed this document as of the respective dates specified below with effect from the Effective Date specified on the first page of this document. 

 

							
	Accepted:	 		 	
			
	 

	 		 	 

	DON DAVID GOLD. S.A. DE C.V..	 		 	CONSORCIO MINERO DE MEXICO
	(signed by fully authorised signatory)	 		 	CORMIN MEX S.A. DE C.V.
		 		 	(signed by fully authorised signatory)
			
	Place and Date: Denver, 7/20/11	 		 	Place and Date: Mexico,

  

					
	 	  	 	  	 

  
 9

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