Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Ikona Gear International, Inc. - Exhibit 10.4

EXHIBIT 10.4 

INDEPENDENT CONTRACTOR AGREEMENT 

 THIS CONSULTING AGREEMENT (this “Agreement”) is
  made by and between Ikona Gear International, Inc., a Nevada corporation (the
  “Company”), and Raymond L. Polman (the “Consultant”), and
  made effective as of the 1st day of December, 2003. 

RECITALS 

           A.         
  The Consultant has significant experience in providing Chief Financial Officer
  services to early stage public companies. 

           B.          
  The Company is in the business of developing and marketing and patented gearing
  technology and associated engineering services that provide size and weight
  reductions, and operating efficiencies for gearing applications (the “Business”).

           C.          
  The Company wishes to retain the services of the Consultant and the Consultant
  wishes to provide services to the Company as an independent contractor, on behalf
  of the Company, in the development and pursuit of the Company’s Business.

           D.          
  The Company and the Consultant intend that neither of their relationship nor
  any provision of this Agreement shall be interpreted as creating an employer-employee,
  master-servant, agency, partnership or joint venture relationship between them,
  and that Consultant will conduct the services specified under this Agreement
  as an independent contractor. 

AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, the parties agree as follows:

           1)  Consulting
  Services and Hours Required. 

                      (a)
  Consultant agrees to provide the Company with such services or advice, analysis
  and expertise regarding the corporate finance and public company SEC filings
  and associated administrative advice regarding other aspects of the Business
  (the “Services”). 

                      (b)
  Consultant agrees to provide an aggregate number of 35 hours per week in delivering
  the Services during the term of this Agreement to fulfill its responsibilities
  as reasonably requested by the President of the Company. 

                     
  (c) Consultant agrees that the Services will be provided solely by Raymond L.
  Polman, as a qualified Chartered Accountant in the Province of British Columbia.

           2) 
  Compensation. As consideration for the performance of the Services by
  Consultant in accordance with the terms of this Agreement, the Company shall
  pay Consultant: 

	 	a) 	Fees: - a fee of $7,500 per month which shall be
        increased to US$ 7,500 upon the earlier of the Company receiving an additional
        $1,000,000 in new financing, or within 6 months of December 1, 2003. 

	 	 	 
	 	b) 	Participation in Public Company Stock Option Program:
        The Consultant will be entitled to receive 341,000 non-statutory stock
        options with no fewer than 100,000 options vesting immediately and the
        remaining 241,000 options vesting on a monthly pro-rata basis over a period
        of 24 months. 

	 	 	 
	 	c) 	The vesting on these options will accelerate on the
        sale of the company which results in all shareholders receiving for all
        of their shares, either cash or shares in a public company with a market
        cap of at least $500 million, or whatever other market cap is deemed adequate
        by the board of directors of the Company 

           3.          
  Office Space and Expenses. Consultant shall be based in Vancouver, British
  Columbia, but shall be performing the Services at sites to be determined by
  the Company including periodic trips to client or financier destinations. The
  Company agrees to reimburse the Consultant for any and all reasonable travel
  and business expenses incurred by Consultant in connection with the performance
  of the documentation to the Company may be reasonably requested (“Expenses”).

           4.          
  Term. The term of this Agreement shall commence on the date hereof and
  shall continue for a minimum of three months pursuant to Paragraph 10 (the “Term”)
  or terminated pursuant to Paragraph 11. 

           5.          
  Benefits: Insurance. Consultant is not an employee of the Company and
  is not entitled to participate in any plans, arrangements, or distributions
  by the Company for its employees including, but not limited to, pension, profit
  sharing, bonus, medical insurance, dental insurance, life insurance, disability
  insurance, vacation and/or sick leave plans or arrangements. Consultant hereby
  waives any right it may subsequently be deemed to have to any such benefits
  of the Company in the event that its status is characterized in a way that would
  otherwise entitle it to such benefits. 

           6.           
  Independent Contractor: Payment of Taxes and Fees: Qualifications. 

                     (a)
  The parties understand and agree that Consultant is an independent contractor
  engaged in the operation of its own business ant that Consultant shall not be
  considered an employee, servant or agent of, or partner or venturer with, the
  Company for any purpose whatsoever. The parties further agree that Consultant
  has no general authority to enter into any contract, assume any obligations
  or make any warranties or representations on behalf of the Company except as
  otherwise specifically authorized by the Company. In addition, Consultant shall
  not hold itself out or otherwise represent itself as an employee, servant or
  agent of, or partner or venturer with, the Company except as otherwise specifically
  authorized by the Company. 

                      (b)
  To the extent provided by law, Consultant shall have the sole and absolute discretion
  and judgment as to the manner and means of carrying out its business activities.
  The Company shall have no right to control or direct and shall in fact exercise
  no control over Consultant’s duties hereunder and shall not have any say
  in the details or manner in which the duties are carried out. Consultant shall
  provide proof to the Company, if requested, that it has obtained all necessary
  licenses, paid all necessary fees, filed all necessary tax returns, paid all
  income, self employment and excise taxes or other taxes necessary, and filed
  and paid all premiums necessary and consistent with its status as an independent
  contractor. Consultant shall hold harmless and defend the Company against all
  claims, losses and damages arising from or connected with the breach of its
  obligations under this provision. 

                      (c)
  Consultant shall, at its own expense, pay all fees arising directly out of its
  performance of this Agreement. Persons performing work for Consultant in accordance
  with this Agreement are employees of Consultant and Consultant is solely responsible
  for payment of all payroll taxes, benefits, worker’s compensation, trust
  fund contributions and other deductions, withholdings and contributions under
  applicable laws and agreements pertaining to other persons performing work for
  Consultant in accordance with this Agreement. Upon request of the Company, Consultant
  shall provide proof of having made such payments, contributions, deductions
  and withholdings. The Company shall not be responsible for any payments, benefits,
  contributions, deductions or withholdings with regard to employees of Consultant.

                      (d)
  Consultant represents and warrants that Consultant has the expertise, qualifications,
  training and capability to perform the Services. Consultant is solely responsible
  for the training of any employees of Consultant assigned to perform services
  in accordance with this Agreement. 

           7.          Confidentiality:
  Non-Solicitation/Compete. 

                      (a)
  Consultant acknowledges that the Company’s business and future success
  depends on preservation of trade secrets and other confidential, proprietary
  information concerning the Company, its affiliates, its celebrity sponsors,
  product or service endorsers, participants in the Company’s marketing,
  gearing and engineering development programs and customers (“Secrets”).
  These Secrets include, without limitation: all business plans and marketing
  strategies, relationships developed in the course of the Business; information
  concerning existing and prospective markets and customers; financial information;
  information concerning the development of new products and services; and technical
  and non-technical data related to software programs, designs, specifications,
  compilations, inventions, improvements, methods, processes, procedures and techniques;
  provided, however, that the phrase does not include information that (a) was
  lawfully in Consultant’s possession prior to disclosure of such information
  by the Company; (b) was, or at any time becomes, available in the public domain
  other than through a violation of this Agreement; (c) is documented by Consultant
  as having been developed by Consultant outside the scope of Consultant’s
  Service and independently; or (d) is furnished to 

 Consultant by a third party not under an obligation of confidentiality
  to the Company. Consultant agrees to protect and preserve these Secrets as confidential
  both during and indefinitely after the term of this Agreement, whether the Secrets
  are contained in a tangible medium, or merely remembered, whether wholly or
  partly developed by Consultant or provided to Consultant. Consultant will disclose,
  in whole or in part, in public or in private, any of these secrets except as
  specifically directed by the Company. 

                     (b)
  Consultant shall neither use nor allow any other person to use any of the Secrets
  in any way, except for the benefit of the Company. All tangible material containing
  or in any way disclosing any Secret is the company’s exclusive property,
  shall not be removed from the premises of the Company without specific consent
  from the Company and shall be returned to the Company on the termination of
  this Agreement, or at any earlier request of the Company. At such time, Consultant
  shall also assemble all tangible items of work-in-progress, notes, plans, and
  other materials related in any way to the Services and shall promptly deliver
  such material to the Company. 

                      (c)
  During the period beginning on the date hereof and ending one (1) year after
  the termination of Consultant’s engagement with the Company, the Consultant
  covenants and agrees that the Consultant shall not: 

	 	(i) 	directly or indirectly manage, operate,
        control, serve as a consultant to, be employed by, participate in, own
        or invest in any business which competes directly with the Business of
        the Company (except for the passive ownership of up to 5% of the common
        stock of any publicly-traded company);

	 	 	 
	 	(ii)	hire, offer to hire, entice away or
        in any other manner persuade or attempt to persuade any officer, employee
        or agent of the Company to alter or discontinue his or her relationship
        with the Company;

	 	 	 
	 	(iii)	directly or indirectly solicit, divert,
        or attempt to solicit, circumvent or divert any customers, celebrity sponsors,
        participants in the Company’s marketing, sales or nutritional programs
        or business the Company; or

	 	 	 
	 	(iv)	directly or indirectly solicit, divert,
        or in any other manner persuade or attempt to persuade any supplier or
        the Company to alter or discontinue its relationship with the Company.

           The
  Company and the Consultant agree that this provision does not impose an undue
  hardship on the Consultant and is not injurious to the public; that this provision
  is necessary to protect the valuable goodwill and the business of the Company;
  that the nature of the Consultant’s responsibilities with the Company under
  this Agreement require the Consultant to have access to confidential information
  which is valuable and confidential to the Company; and that the scope of this
  Section is reasonable in terms of length and geographic scope. 

                     (d)
  Consultant acknowledges and agrees that the covenants contained in this Paragraph
  7 shall supplement, rather than replace, any other rights or remedies the Company
  may have under applicable law for the protection of its properties, trade secrets
  and Business. 

                     (e)
  During the term of this Agreement and for an indefinite period following its
  termination, Consultant will not directly or indirectly make statements or take
  actions that tend to disparage the reputation of the Company to third parties.
  During the term of this Agreement and for an indefinite period following its
  termination, the executive officers of the Company will not directly or indirectly
  make statements or take actions which tend to disparage the reputation of the
  Consultant to third parties, provided, however, that this provision does not
  in any way restrict the Company from reporting to investors and others or taking
  action as appropriate in the normal course of business. 

           8.          
  Proprietary Rights. All ownership, copyright, patent, trade secrecy,
  works, inventions, improvements, discoveries, processes or other properties
  made or conceived by Consultant during the term of this Agreement (or within
  six (6) months thereafter) which relate to the Services, or which result from
  any work performed by Consultant for the Company, or which make use of the Company’s
  services, equipment, supplies, facilities or trade secrets (the “Rights
  and Properties”), shall be the rights and property solely of the Company,
  whether developed independently by Consultant or jointly with others, and whether
  or not the Company uses, registers, or markets the same. Consultant hereby transfers
  and assigns to the Company all of the foregoing, whether now existing or hereafter
  coming into existence. Consultant hereby waives any and all “moral rights”
  that may be applicable to any of the foregoing, for any and all uses, alterations,
  and exploitation thereof by the Company or its successors, assigns, or licensees.

          9.          
  Certain Remedies. The harm to the Company from any breach of Consultant’s
  obligations under or related to Paragraphs 7 and 8 may be difficult to determine
  and may be wholly or partially irreparable. Thus, the Company may enforce such
  obligations by seeking an injunction as well as by damages and other appropriate
  relief. Consultant further agrees that any profits made in violation of Paragraphs
  7 or 8 shall be held in constructive trust for the Company.

           10.          
  Renewal: The Agreement may be renewed month by month upon written consent
  of the parties.

           11.          
  Termination. Except as provided in Paragraph 12, this Agreement and the
  rights and obligations of the parties hereunder shall immediately terminate
  upon the expiration of the Term. Consultant may terminate this Agreement if
  payments and grants pursuant to Paragraph 2 are not kept current. The Company
  may have a 21 day period to cure any defects in this regard. Nonetheless, Consultant
  shall be entitled to full compensation due pursuant to this Agreement including
  monthly amounts and stock options.

           12.          
  Survival. Notwithstanding the provisions of Paragraph 11, the provisions
  of Paragraphs 2, 7, 8, 9, 11, 12, 13, 14, 18 and 19 shall survive the termination
  of this Agreement.

           13.          
  Savings Clause. If any provision of this agreement shall be held invalid,
  illegal or unenforceable in any jurisdiction, for any reason, including without
  limitation, the duration of such provision, its geographical scope or the extent
  of the activities prohibited or required by it, then, to the full extent permitted
  by law (a) all other provisions hereof shall remain in full force and effect
  in such jurisdiction and shall be liberally constructed in order to carry out
  the intent of the parties hereto as nearly as may be possible, (b) such invalidity,
  illegality or unenforceability shall not affect the validity, legality or enforceability
  of any other provision hereof, and (c) any court or arbitrator having jurisdiction
  thereover shall have the power to reform such provision to the extent necessary
  for such provision to be enforceable under applicable law.

           14.          
  Applicable Law. This Agreement will be governed and construed in accordance
  with the laws of the province of British Columbia. The parties submit to and
  accept the exclusive jurisdiction of the courts of the province of British Columbia
  with respect to any legal action or proceeding which may be brought at any time
  relating in any way to this Agreement. 

          15.          
  Further Assurances. The parties shall execute and deliver such further
  instruments and do such further acts and things as may be required to carry
  out the intent and purpose of this Agreement.

           16.          
  Entire Agreement: Amendment. This Agreement expresses the complete understanding
  of the parties with respect to the subject matter hereof and supersedes any
  and all prior oral and written communications and understandings related thereto.
  This Agreement may not be modified or amended except by an instrument in writing
  signed by the parties hereto.

           17.          
  Assignment. The Company may not assign its rights, duties, and obligations
  under this Agreement. Consultant may not assign any of its rights, duties, or
  obligations hereunder without the Company’s express written consent. Consultant
  will not use any employees, agents or subcontractors in Consultant’s performance
  of the Services without the prior written consent of the Company and, if such
  written consent is given, Consultant shall require each person to execute a
  written agreement binding such person to the terms of this Agreement.

           18.          
  Attorney’s Fees. In any action brought to enforce or interpret this
  Agreement, the prevailing party shall be entitled to receive from the other
  party reasonable attorney’s fees and expenses incurred in connection with
  such action or arbitration.

           19.          
  Arbitration. All disputes relating to this Agreement and the relationships
  of the parties hereunder shall be settled and finally determined by mandatory
  arbitration in Vancouver, BC, and in accordance with the Rules of Commercial
  Arbitration of the Canadian Arbitration Association or its successor; or in
  any case where the Canadian Arbitration Association, or its successor, is not
  in existence or fails or refuses to act within a reasonably prompt period of
  time (but in no event exceeding sixty (60) days) from the date a request for
  arbitration is filed, the arbitration shall proceed in accordance with the laws
  relating to arbitration then in effect in province of British Columbia as the
  same may be amended or superseded from time to time. The judgment upon the award
  rendered in such arbitration shall be final and binding upon the parties and
  may be entered in any court having jurisdiction thereof.

           20.          
  Notices. All notices required or permitted hereunder shall be given in
  writing and delivered in person, transmitted by facsimile, or sent by registered
  or certified mail, postage prepaid, or by reliable courier service to the parties
  at the respective addresses stated below, or to such other address as a party
  may subsequently specify. Notices will be effective upon the earlier or receipt
  or the second business day after sending.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of this	day of December 2003. .

	CONSULTANT:  Raymond L. Polman, CA	 	COMPANY:  Ikona Gear International, Inc.
	 	 	 	 	 
	By:	 	 	By:Filed by Automated Filing Services Inc. (604) 609-0244 - Ikona Gear International, Inc. - Exhibit 10.5

EXHIBIT 10.5 Mandalay Investment Agreement

 SUBSCRITION AGREEMENT

 OBAN MINING, INC.

 COMMON SHARES

 The undersigned purchaser ("Purchaser") hereby irrevocably
  subscribes for and agrees to purchase the number of common shares (the "Common
  Shares") of Oban Mining, Inc., a Nevada corporation ("Company"), indicated
  on the signature page hereto in consideration of US $O.50 per share ("Purchase
  Price") at the closings of the transactions contemplated hereby ("Transaction").

 The execution by the Purchaser of this Subscription Agreement
  ("Subscription Agreement") will constitute an offer by the Purchaser
  to the Company to subscribe for the Common Shares. The Company's .. acceptance
  of such offer, as evidenced by the signature of its authorized officer below,
  will constitute an agreement between the Purchaser and the Company for the Purchaser
  to purchase from the Company, and for the Company to issue and sell to the Purchaser,
  the Common Shares upon the terms and conditions contained herein.

 In connection with such subscription, Purchaser hereby agrees,
  represents and warrants as follows:

 1.              Agreement
  to Purchase; calculation of Number of Common Shares.

                  Purchaser
  hereby subscribes for and purchases that number of Common Shares set forth on
  the signature page hereto, at the times set forth therein, pursuant to the terms
  of this Subscription Agreement.

                 Simultaneously
  with the execution of this Subscription Agreement, the Purchaser shall pay to
  the Company the Purchase Price for the number of Common Shares subscribed for
  by wire transfer or check payable to "Oban Mining, Inc." which shall be applied
  to payment for the Common Shares subscribed for herein or by wire instructions
  as follows:

  
     Bank:      Sterling Savings
      Bank.

                        476
      Tyee Drive

                        Point
      Roberts, W A 98281-0189

     Transit #: 325171740 

    Account #: 5999 070 8885 

    Beneficiary: Oban Mining, Inc.

  

 The Company may accept or reject any subscription in whole
  or in part or may elect to allot to any prospective investor less than the number
  of Common Shares applied for by such investor.

 2.              Delivery
  of Common Shares

 Subject to such earlier or later date as may be agreed to
  between the Company and the Purchaser, payment for the Purchase Price must be
  made to the Company no later than October 31, 2003.

 Upon receipt of such payment, the Company shall deliver to
  the Purchaser a certificate (or certificates, if requested in writing by Purchaser)
  representing the number of Common Shares purchased,

 -1-

registered in the name of the Purchaser. The Company and the
  Purchaser also hereby agree to execute and deliver at Closing such other documents
  as may be necessary or appropriate.

 3.             Information
  Concerning: the Company

                 Purchaser
  acknowledges that he, she or it has received all such information as Purchaser
  deems necessary and appropriate to enable him, her or it to evaluate the financial
  risk inherent in making an investment in the Common Shares including but not
  limited to the Company's Confidential Offering Memorandum, and the documents
  and materials included therewith ("Disclosure Documents"). Purchaser
  further acknowledges that Purchaser has received satisfactory and complete information
  concerning the business and financial condition of the Company in response to
  all inquiries in respect thereof.

 5.              Economic
  Risk and Suitability

 Purchaser represents and warrants as follows: 

	 	(a)	Purchaser realizes that Purchaser's
        purchase of the Common Shares involves a high degree of risk and will
        be a speculative investment, and that he, she or it is able, without impairing
        Purchaser's financial condition, to hold the Common Shares for an indefinite
        period of time.

	 	 	 
	 	(b)	Purchaser recognizes that there is no
        assurance of future profitable operations and that investment in the Company
        involves substantial risks, and that the Purchaser has taken full cognizance
        of and understands all of the risks factors related to the purchase of
        the Common Shares.

	 	 	 
	 	(c)	Purchaser has carefully considered and
        has, to the extent Purchaser believes such discussion necessary, discussed
        with Purchaser's professional legal, tax and financial advisors the suitability
        of an investment in the Company for the particular tax and financial situation
        of Purchaser and that Purchaser and/or Purchaser's advisors have determined
        that the Common Shares are a suitable investment for Purchaser.

	 	 	 
	 	(d)	The financial condition and investment
        of Purchaser are such that he, she or it is in a financial position to
        hold the Common Shares for an indefinite period of time and to bear the
        economic risk of, and withstand a complete loss of, the Purchase Price.

	 	 	 
	 	(e)	Purchaser alone, or with the assistance
        of professional advisors, has such knowledge and experience in financial
        and business matters that the undersigned is capable of evaluating the
        merits and risks of Purchaser's purchase of the Common Shares or has a
        pre-existing personal or business relationship with the Company or any
        of its officers, directors, or controlling persons of a duration and nature
        that enables the undersigned to be aware of the character, business acumen
        and general business and financial circumstances of the Company or such
        other person.

	 	 	 
	 	(f)	Purchaser has carefully read the Disclosure
        Documents and the Company has made available to Purchaser or Purchaser's
        advisors all information and documents requested by Purchaser relating
        to investment in the Common Shares, and has provided answers to Purchaser's
        satisfaction to all of Purchaser's questions concerning the Company and
        the Offering.

-2-

 

	 	(g)	Purchaser has relied solely upon the
        Disclosure Documents, advice of his or her representatives if any, and
        independent investigations made by the Purchaser and/or his or her purchaser
        representatives, if any, in making the decision to purchase the Common
        Shares subscribed for herein and acknowledges that no representations
        or agreements other than those set forth in the Disclosure Documents have
        been made to the Purchaser in respect thereto.

	 	 	 
	 	(h)	All information which the Purchaser
        has provided concerning Purchaser himself, herself or itself is correct
        and complete as of the date set forth below, and if there should be any
        material change in such information prior to the acceptance of this subscription
        for the Common Shares, he, she or it will immediately provide such information
        to the Company.

	 	 	 
	 	(i)	Purchaser confirms that Purchaser has
        received no general solicitation or general advertisement and has attended
        no seminar or meeting (whose attendees have been invited by any general
        solicitation or general advertisement) and has received no advertisement
        in any newspaper, magazine, or similar media, broadcast on television
        or radio regarding the offering of the Common Shares.

	 	 	 
	 	(j)	If a natural person, purchaser is at
        least 21 years of age and resides at the address indicated below.

	 	 	 
	6. 	Restricted Securities

       Purchaser acknowledges that the Company has hereby disclosed to Purchaser
        in writing:

	 	 	 
	 	(a)	The Common Shares have not been registered
        under the Securities Act of 1933, as amended (the "1933 Act"), or the
        securities laws of any state of the United States or Canada, and such
        securities are "restricted securities" that must be held indefinitely
        unless a transfer of them is subsequently registered under the 1933 Act
        or such securities are sold pursuant to Regulation S under the 1933 Act
        or pursuant to an exemption from registration under the 1933 Act or are
        sold pursuant to an exemption from prospectus in Canada; and

	 	 	 
	 	(b)	The Company will make a notation in
        its records of the above-described restrictions on transfer and of the
        legend described below.

	 	 	 
	7.	Legend.

      Purchaser agrees that all of the certificates representing
        the Common Shares shall have endorsed thereon a legend in substantially
        the following form:

      THESE COMMON SHARES HAVE NOT BEEN REGISTERED UNDER
        THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT")
        OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY BE OFFERED,
        SOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE COMPANY, (II)
        OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION
        S UNDER THE 1933 ACT, (III) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION
        UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, OR (IV) IN COMPLIANCE
        WITH ANOTHER EXEMPTION FROM REGISTRATION, IN EACH CASE AFTER PROVIDING
        EVIDENCE SATISFACTORY TO THE

-3-

	 	COMPANY THAT SUCH TRANSFER
        MAY BE MADE WITHOUT REGISTRATION UNDER THE 1933 ACT. HEDGING TRANSACTIONS
        INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS
        IN COMPLIANCE WITH THE 1933 ACT.

       UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
        HOLDER OF THE', SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE THE EARLIER
        OF (I) THE DATE THAT IS 12 MONTHS AND A DAY AFTER THE DATE THE ISSUER
        FIRST BECAME A REPORTING ISSUER IN ANY OF ALBERTA, BRITISH COLUMBIA, MANITOBA,
        NOVA SCOTIA, ONTARIO, QUEBEC AN SASKATCHEWAN, IF THE ISSUER IS A SEDAR
        FILER; AND (II) THE DATE THAT IS 12 MONTHS AND A DAY AFTER THE LATER OF
        (A) THE DISTRIBUTION DATE, AND (B) THE DATE THE ISSUER BECAME A REPORTING
        ISSUER IN THE LOCAL JURISDICTION OF THE PURCHASE OF THE SECURITIES THAT
        ARE THE SUBJECT OF THE TRADE.

	 	 	 
	8.	Further Limitations on Disposition.

      Without in any way limiting its representations set forth
        above, Purchaser further agrees that it shall in no event make any disposition
        of all or any portion of the Common Shares unless:

	 	 	 
	 	(a)	There is then in effect
        a registration statement under the 1933 Act covering such proposed disposition
        and such disposition is made in accordance with said registration statement;
        or

	 	 	 	 
	 	(b)	(i) Purchaser shall have
        notified the Company of the proposed disposition and shall have --furnished
        the Company with a reasonably detailed statement of the circumstance surrounding
        the proposed disposition; (ii) Purchaser shall have furnished the Company
        with an opinion of his or her counsel to the effect that such disposition
        will not require registration under the 1933 Act; and (iii) such opinion
        shall be in form and substance reasonably acceptable to counsel for the
        Company and the Company shall have advised Purchaser of such acceptance.

	 	 	 
	9. 	Offering Limited to Qualified Investors.

       Purchaser hereby represents and warrants to the Company as follows:

	 	 	 
	 	(a)	(i) the Purchaser is not
        a "U.S. Person," as such term is defined by Rule 902 of Regulation S under
        the Act (the definition of which includes, but is not limited to, an individual
        resident in the United States and an estate or trust of which any executor
        or administrator or trustee, respectively, is a U.S. Person and any partnership
        or corporation organized or incorporated under the laws of the United
        States);

	 	 	 	 
	 	 	(ii)
	the Purchaser was outside the United
        States at the time of execution and delivery of this Subscription Agreement;

	 	 	 	 
	 	 	(iii)
	no offers to sell the Common Shares
        were made by any person to the Purchaser while the Purchaser was in the
        United States;

	 	 	 	 
	 	 	(iv)
	the Common Shares are not being acquired,
        directly or indirectly, for the account r or benefit of a U.S.
        Person or a person in the United States;

-4-

 

	 	 	(v)
	the Purchaser agrees not to engage in
        hedging transactions with regard to the Common Shares prior to the expiration
        of the one-year distribution compliance period set forth in Rule 903(bX3)
        of Regulation S under the 1933 Act; and

	 	 	 	 
	 	 	(vi)
	the Purchaser acknowledges and agrees
        with the Company that the Company shall refuse to register any transfer
        of the Common Shares not made in accordance with the provisions of Regulation
        S, pursuant to registration under the 1933 Act, or pursuant to an available
        exemption from registration under the 1933 Act; or,

	 	 	 
	 	(b)	that the Purchaser satisfies
        one or more of the categories indicated below (please place an “X”
        on the appropriate lines):

	 	_____	Category 1. 	 An organization described in Section 501(c)(3) of
        the United States Internal Revenue Code, a corporation, a Massachusetts
        or similar business trust or partnership not formed for the specific purpose
        of acquiring the Securities. with total assets in excess of US$5,000,000;
      

	 	 	 	 
	 	_____	Category 2. 	A natural person whose individual net worth, or joint
        net 'Worth with that person's spouse, at the date hereof exceeds US$l,000,000;
      

	 	 	 	 
	 	_____	Category 3. 	A natural person who had an individual income in
        excess of US$200,000 in each of the two most recent years or joint income
        with that person's spouse in excess of US$300,000 in each of those years
        and has a reasonable expectation of reaching the same income level in
        the current year; 

	 	 	 	 
	 	_____	Category 4. 	A trust that (a) has total assets in excess of US$5,000,000,
        (b) was not formed for the specific purpose of acquiring the Sec\1rities
        and (c) is directed in its purchases of securities by a person who has
        such la1owledge and experience in financial and business matters that
        he/she is capable of evaluating the merits and risks of an investment
        in the Common Shares; 

	 	 	 	 
	 	_____	Catgeroy 5.	An investment company registered under the Investment
        Company Act of 1940 or a business development company as defined in Section
        2(a)(48) of that Act; 

	 	 	 	 
	 	_____	Category 6. 	A Small Business investment Company licensed by the
        U.S. Small Business Administration under Section 301 (c) or (d) of the
        Small Business Investment Act of 1958; 

	 	 	 	 
	 	_____	Category 7.	A private business development company as defined
        in Section 202(a)(22) of the Investment Advisors Acts of 1940; or 

	 	 	 	 
	 	_____	Category 8.	An entity in which a1l of the equity owners satisfy
        the requirements of one or more of the foregoing categories. 

 -5- 

 

	10.	
        Understandings.

         Purchaser understands, acknowled8es and agrees with the Company as
          follows:

      

	 	 	 
	 	(a)
	Except as set forth in paragraph 1 above,
        the Purchaser hereby acknowledges and agrees that the subscription hereunder
        is irrevocable by the undersigned, that, except as required by law, the
        undersigned is not entitled to cancel, terminate or revoke this Subscription
        Agreement or any agreements of the undersigned hereunder and that this
        Subscription Agreement and such other agreements shall survive the death
        or disability of the undersigned and shall be binding upon and inure to
        the benefit of the parties and their heirs, executors, administrators,
        successors, legal representatives and permitted assigns. If the undersigned
        is more than one person, the obligations of the undersigned hereunder
        shall be joint and several and the agreements, representations, warranties
        and acknowledgments herein contained shall be deemed to be made by and
        be binding upon each such person and his/her heirs, executors, administrators,
        successors, legal representatives and permitted assigns.

	 	 	 
	 	(b)
	No federal or state agency has made
        any finding or determination as to the accuracy or adequacy of the Disclosure
        Documents or as to the fairness of the terms of this offering for investment
        or any recommendation or endorsement of the Common Shares.

	 	 	 
	 	(c)
	The representations, warranties and
        agreements of the undersigned contained herein and in any other writing
        delivered in connection with the transactions contemplated hereby shall
        be true and correct in all respects on and as of the date of the sale
        of the Common Shares as if made on and as of such date and shall survive
        the execution and delivery of this Subscription Agreement and the purchase
        of the Common Shares.

	 	 	 
	 	(d)
	The common shares may not be transferred,
        resold or otherwise disposed of except as permitted under the 1933 Act
        and applicable state securities laws, pursuant to registration or exemption
        therefrom. Purchasers should be aware that they would be required to bear
        the financial risks of this investment for an indefinite period of time.

	 	 
	11.	Miscellaneous.

	 	 	 
	 	(a)
	On or after the date of this Agreement,
        each of the parties shall, at the request of the other, furnish, execute
        and deliver such documents and instruments and take such other action
        as the requesting party shall reasonably require as necessary or desirable
        to carry out the transactions contemplated herein.

	 	 	 
	 	(b)
	This Agreement, including all matters
        of construction, validity and performance, shall be governed by and construed
        and enforced in accordance with the laws of the State of Nevada, as applied
        to contracts made, executed and to be fully performed in such state by
        citizens of such State, without regard to its conflict of law rules. The
        parties hereto agree that the exclusive jurisdiction and venue for any
        action brought between the parties under this Agreement shall be the state
        and federal courts sitting in Reno, Nevada, and each of the parties hereby
        agrees and submits itself to the exclusive jurisdiction and venue of such
        courts for such purpose.

	 	 	 
	 	(c)
	This Agreement comprises the entire
        agreement between the parties. It may be changed only by further written
        agreement, signed by both parties. It supersedes and merges within it
        all prior agreements or understandings between the parties, whether written
        or

-6-

 

	 	 	oral. In interpreting or construing this A81'ecJnent,
        the hot the! one or the other of the parties may have drafted this
        Agreement or any provision shal1 not be given any weight or relevance

	 	 	 
	 	(d)	This Agreement may be executed in counterparts, each
        of which will be deemed to 'be an original and all of which will constitute
        one agreement. A fascmilie cropy is deemed to be effective delivery of
        this Agreement.

  

  Dated: 9th October,             2003.

	314,000	 	$    157,000	 
	 Number of Common Shares purchased 	 	Aggregate Purchase Price	 
	 	 	 	 
	Ervine M. Quelch	 	 	 
	 	 	 	 
	 For and on behalf of 	 	 	 
	 	 	 	 
	 APPOLLO INVESTMENTS LIMITED 	 	Mandalaly Investments Inc.                         	 
	 	 	Name – Typed or Printed	 
		 	 	 
		 	 	 
	 	 	Director                                                            	 
	 	 	Title (if applicable)	 

 2nd Floor, North Wing, Hibiscus
  Square, Pond Street, Grand Turk, 

  Subscriber’s Address: Turks and Caicos Islands, B.W.I 

	(649) 946–2504	 	 
	Telephone Number	 	Social Security Number, ifany

 Manner m Which Title is to be Held. State precisely
  the name Or names in which the Common Shares are to be registered and whether
  the Common Shares are to be held as joint tenants with right of survivorship
  as tenants in common, individually or otherwise: 

 Mandalay Investments Inc.                        

ACCEPTANCE

The forgoing Subscription Agreement and the consideration reflected
  therein are hereby accepted. 

	                   DATE;
      -October 17, 2003.	 
	 	 
	 	OBAN MINING, INC.
	 	 
	 	By: /s/ Richard Achron

-7-

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