Document:

PURCHASE & SALE AGREEMENT

THIS AGREEMENT made effective this 13TH day of October, 2005,

BETWEEN: Chenzhou Global Graphite Inc., a company incorporated in Hunan
         Province, China ("CGGI")

AND:     Graphite Technology Group, Inc., a company incorporated in the State of
         Delaware, the United States ("GTG")

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual
covenants contained herein, the CGGI and GTG agree as follows:

                                    ARTICLE I
                        DEFINED TERMS AND INTERPRETATION

1.1     DEFINITIONS. Whenever used in this Agreement, unless there is something
in the subject matter or context inconsistent therewith, the following words and
terms shall have the following meanings, respectively:

        A.      "CGGI" means Chenzhou Global Graphite Inc., a company
        incorporated in Hunan Province, China, its affiliates and subsidiaries.

        B.      "CALLABLE STOCK" means GTG may call common shares of GTG issued
        to CGGI, by notice and by payment for shares pursuant to Article 7:
        Section 7.1 "Share Exchange" hereunder.

        C.      "CLOSING" means the date when signed by the parties, a date no
        later than 10 days from the date first written above.

        D.      "CONSENTS" means consents, approvals, authorizations, and any
        form of agreement necessary to give valid affect to this Agreement.

        E.      "CONTRACTUAL OR OTHER RIGHT OR OBLIGATION" means any form of
        agreement, contract, instrument, license, permit, registration,
        judgement, order, decree, indenture, lease, engagement, or commitment.

        F.      "EFFECTIVE DATE" means the date first written above.

        G.      "EXCHANGEABLE STOCK" means 3,712,500 Common Shares issued by
        CGGI representing 37.125% full diluted common equity ownership of CGGI,
        issued to GTG in exchange for 600,795 Common Shares issued to CGGI by
        GTG.

        H.      "ENCUMBRANCE" means any form of agreement, option,
        understanding, commitment, equity, covenant, mortgage, charge, security
        interest, lien, adverse claim, pledge, demand, action, restriction,
        order, judgement, decree, right or privilege affecting or capable of
        affecting title to any conveyance between the Parties.

        I.      "FINANCING AGREEMENT" means $350,000 cash to be advanced (the
        "Advance") by GTG to CGGI in payment of 787,500 shares of CGGI. The
        Financing Agreement also means the Advance when made in full will be for
        the purchase of 787,500 shares of CGGI.

        J.      "PARTIES" means the parties to this Agreement; Chenzhou Global
        Graphite Inc. and Graphite Technology Group, Inc., and "PARTY" means
        either of them.

        K.      "PERMITTED ENCUMBRANCES" means defects or irregularities in
        title which are of a minor nature and do not, in the aggregate,
        adversely affect the interest of the Parties.

<PAGE>

        L.      "PUT SHARES" means CGGI may put the shares issued to CGGI by GTG
        to GTG for payment pursuant to the "Schedule of Redemption" attached
        herewith.

        M.      "TAXES" means any municipal taxes or real estate taxes or other
        taxes, assessments, levies, imposts or charges payable to or exigible by
        any governmental agency, authority or instrumentality upon the Property.

        N.      "THIS AGREEMENT", "HEREIN", "HERETO", "HEREBY", "HEREUNDER",
        "HEREOF" and similar expressions refer to this Agreement and not to any
        particular clause, sub-clause, section, subsection or paragraph, or
        other portion hereof, and include amendments hereto, any agreement which
        is supplementary to or in amendment or confirmation of this Agreement
        and any schedules hereto or thereto;

1.2     GENDER AND NUMBER. Any reference in this Agreement to gender shall
include all genders and words used herein importing the singular number only
shall include the plural and vice versa.

1.3     HEADINGS, ETC. The division of this Agreement into Articles, Sections,
Subsections and other subdivisions and the insertion of headings are for
convenience of reference only, and shall not affect or be utilized in the
construction or interpretation hereof.

1.4     GOVERNING LAW. This Agreement shall be construed and interpreted in
accordance with the laws of the State of Delaware, United States and the federal
laws of the United States applicable therein. The Parties irrevocably submit to
the jurisdiction of the courts of the State of Delaware.

                                   ARTICLE II
                     REPRESENTATIONS AND WARRANTIES OF CGGI

2.1     REPRESENTATIONS AND WARRANTIES OF CGGI. CGGI represents and warrants to
GTG as follows, and acknowledges GTG is relying upon such representations and
warranties in connection with the entering into of this Agreement and the
consummation of the transactions contemplated hereby:

2.1.1   SUBSISTENCE. CGGI has the necessary power and authority to enter into
this Agreement and to convey that to be conveyed by the terms hereof.

2.1.2   CONSENTS. Consents or filings required to be obtained or made by CGGI in
order to complete the transactions contemplated by this Agreement, can and will
be made, and CGGI is not aware of any consents required to be obtained other
than consents listed herein, or by their nature, inferred or implied to have
been obtained, or will be obtained by CGGI.

2.1.3   LITIGATION. There is no action, suit, or proceeding, at law or in
equity; no claim or demand by any person or entity, or any investigation,
arbitration or any administrative or other proceeding pending, or, to the best
of the knowledge of CGGI, threatened against or affecting the ability to perform
the obligations of this Agreement other than performance of things made known to
GTG in writing, the remedy for which can be obtained by CGGI or is otherwise
satisfied by this agreement.

2.1.4   RESTRICTIVE DOCUMENTS. CGGI is not subject to or a party to any charter
or by-law restriction, encumbrance, contractual or other right or obligation,
law, rule, ordinance, regulation, or any other restriction of any kind or
character preventing the consummation of the transactions contemplated by this
Agreement.

2.1.5   COMPLIANCE WITH LAWS. CGGI is selling common equity ownership
in CGGI in compliance with all applicable laws, rules and regulations of each
jurisdiction and with all applicable orders, judgements and decrees by which
CGGI is bound, and CGGI is not in breach of any such laws, rules, regulations,
orders, judgements and decrees.

                                       2
<PAGE>

                                   ARTICLE III
                      REPRESENTATIONS AND WARRANTIES OF GTG

3.1      REPRESENTATIONS AND WARRANTIES OF GTG. GTG represents and warrants to
CGGI as follows and acknowledges CGGI is relying upon such representations and
warranties in connection with the entering into of this Agreement and the
consummation of the transactions contemplated hereby:

3.1.1    DUE INCORPORATION AND SUBSISTENCE OF GTG. GTG is duly incorporated,
organized and validly subsisting and in good standing under the laws of the
State of Delaware.

3.1.2    CONSENTS. There are no Consents or filings required to be obtained or
made by GTG in order to complete the transactions contemplated by this
Agreement.

3.1.3    RESTRICTIVE DOCUMENTS. GTG is not subject to or party to any charter or
by-law restriction, encumbrance, contractual or other right or obligation, law,
rule, ordinance, regulation, or any other restriction of any kind or character
preventing consummation of the transaction contemplated by this Agreement or
compliance by GTG with the terms, conditions and provisions hereof.

3.1.4    FILINGS. GTG is up-to-date in all filings with all requisite regulatory
agencies and is in good standing with respect to all requisite filings.

3.1.5    LITIGATION. There is no action, suit, proceeding, at law or in equity,
claim or demand by any person or entity, or any investigation, arbitration or
any administrative or other proceeding by or before, or to the best knowledge of
GTG, threatened against or affecting GTG to perform its obligations in respect
of this Agreement.

3.1.6    COMPLIANCE WITH LAWS. GTG is performing this Agreement in compliance
with all applicable laws, rules and regulations of each jurisdiction in which
GTG is bound and with all applicable orders, judgements and decrees by which it
is bound and is not in breach of any such laws, rules, regulations, orders,
judgements and decrees.

                                   ARTICLE IV
           SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION

4.1      SURVIVAL. All covenants, representations and warranties made herein or
in any agreement, certificate or other document delivered or given pursuant to
this Agreement, other than those which are expressly waived in writing as part
of the Closing shall survive the execution and delivery of this Agreement.

4.2      CERTAIN INTERPRETATION. Nothing written here within shall be
interpreted to mean or infer meaning the obligations of the Parties each to each
other with respect to the subject matter set out hereunder allows for either
Party to act independently of the other Party, or act together with other
parties who are not a Party to this Agreement, at any time unless expressly
agreed to in writing by the Parties to this Agreement.

                                       3
<PAGE>

                                    ARTICLE V
                                     CLOSING

5.1     CLOSING. Closing will occur on or before 10 days from the date first
written above; deliverables required by closing shall be delivered at the
earliest time practicable by the parties, each to each other.

5.2      DELIVERABLES BY CGGI. At the time of Closing, CGGI shall have the
common shares forming part of the capital stock of Chenzhou Global Graphite Inc.
in good and marketable form for transfer to GTG.

5.3      DELIVERABLES BY GTG. At the time of Closing, GTG shall have the common
shares forming part of the capital stock of Graphite Technology Group, Inc. in
good and marketable form for transfer to CGGI.

                                   ARTICLE VI
                              CONDITIONS PRECEDENT

6.1      CONDITIONS PRIOR TO CLOSING. This Agreement is valid and effective as
at the date first written above.

6.1.1    OPERATING AGREEMENT: CGGI. GTG and CGGI will agree the scope of
operations of CGGI (the "CGGI Operating Agreement") satisfactory to GTG, the
CGGI Operating Agreement to provide GTG, to its satisfaction, the following:

         a)       Preferential supply of graphite products/materials produced by
                  CGGI; and

         b)       Preferential supply of graphite raw materials from any and all
                  mining activity of CGGI.

6.1.2   PATENTS & TRADE SECRETS. CGGI will provision for ownership of trade
patents to be owned by CGGI, or owned where CGGI shall have exclusive use of all
patented technology relating to the production or enhancement of graphite.

6.1.3   JIANGXI GRAPHITE MINE. On or before Closing, CGGI will have used its
best efforts to enter into definitive agreements by which it will have the right
to purchase a 55% economic interest in Jin Chuan Graphite Mine, Jiangxi
Province, China.

6.1.4   INVESTMENT IN JIANGXI GRAPHITE MINE. In the event of CGGI entering into
definitive agreements by which it will have the right to purchase any part of or
all up to 55% economic interest in the Jiangxi Jin Chuan Graphite Mine, GTG will
use its best efforts to provide the investment financing required by CGGI to
make such purchase (the Jin Chuan Investment"). The Jin Chuan Investment, should
that occur, shall be made on terms acceptable to GTG in its sole discretion.

                                   ARTICLE VII
                                  CONSIDERATION

7.1     CONSIDERATION. The Purchase Price is satisfied by $350,000 cash
advanced as called for by the Financing Agreement of the parties and the issue
of 600,795 Common Shares issued by GTG to CGGI.

7.2     SHARE EXCHANGE. At the time of Closing, pursuant to 7.1 above, CGGI and
GTG will exchange common equity shares in the capital of each Party, issued by
each Party to each other Party (the "Share Exchange"), which Share Exchange is
further subject to the following: A) GTG Shares to be issued to CGGI pursuant to
the Agreement, when issued, are fully redeemable by GTG, and, when and if
redeemed, redeemable in any amount in exchange for cash at the rate of $2.25 per
redeemed share (the "Call"); and B) GTG will be required to redeem all GTG
Shares from CGGI in accordance with Schedule "Share Redemption" attached hereto
and made part of this Agreement; and C) CGGI Shares to be issued to GTG pursuant
to this Agreement, when issued, are fully redeemable by CGGI, and when and if
redeemed, redeemable in any amount by CGGI surrendering the GTG Shares to GTG at
the rate of 1 GTG Share for each 6.18 CGGI Share(s) (the "Put"); and D) the Call
is effective from the date when GTG Shares are issued to CGGI and are required
to be called in the amounts and dates set out in Schedule "Share Redemption";
and E) the Put is effective from the date when CGGI Shares are issued to GTG and
remains effective for and until one year from the date issued.

                                       4
<PAGE>

7.3      FAILURE TO REDEEM SHARES. CGGI is not required to redeem the CGGI
Shares from GTG. GTG is required to redeem the GTG Shares from CGGI. As and if
GTG does not redeem the GTG Shares in accordance with Schedule "Share
Redemption", CGGI may Put any and all remaining amount of GTG Shares held by
CGGI to GTG; and, in the event of that, GTG shall deliver to CGGI 6.18 CGGI
Shares for each 1 GTG Share delivered to GTG by the terms hereof.

                                  ARTICLE VIII
                                  MISCELLANEOUS

8.1     FURTHER ASSURANCES. To the extent reasonable and practicable and
permitted by law, each of the Parties upon the request of the other shall
execute, acknowledge and deliver or cause to be done, all such further acts,
deeds, documents, assignments, transfers, conveyances and assurances as may be
reasonably necessary or desirable to effect complete consummation of the
transactions contemplated by this Agreement.

8.2      SUCCESSORS IN INTEREST. This Agreement and the provisions hereof shall
be for the benefit of and be binding upon the Parties and their respective
heirs, executors, personal representatives, successors and permitted assigns, as
the case may be.

8.3     NOTICES. Any notice, document or other communication required or
permitted by this Agreement to be given by a party hereto shall be in writing
and is sufficiently given if delivered personally, or if sent by prepaid
ordinary mail, or if transmitted by any form of telecommunication to either
party to this Agreement as listed below, or to any other address given by a
Party:

                  Graphite Technology Group, Inc.
                  David Laudeman, CFO
                  106 Lakeside Avenue, PO Box 210
                  Delano, PA 18220

                  Chenzhou Global Graphite Inc.
                  Eddie Tang, Chairman
                  210-815 First Street
                  New Westminster, BC V3L 2H7
                  Canada

8.4     ASSIGNMENT. This Agreement may not be assigned by either party to this
Agreement without prior written consent of each other party.

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<PAGE>

8.5     EXECUTION IN COUNTERPARTS. This Agreement may be executed by the
Parties in separate counterparts or duplicates, each of which when so executed
and delivered, shall be an original, but all such counterparts or duplicates
shall together constitute one and the same instrument.

8.6     ENTIRE AGREEMENT. This Agreement together with any other agreements or
documents to be delivered pursuant to this Agreement, sets forth the agreement
among the Parties pertaining to the specific subject matter hereof and does
replace and supersede all prior agreements, understandings, negotiations and
discussions, whether oral or written. There are no warranties, representations
or other agreements, whether oral or written, expressed or implied, statutory or
otherwise, between the Parties in connection with the subject matter hereof
except as specifically set forth herein.

8.7     AMENDMENTS. No supplement, modification, waiver or termination of this
Agreement shall be binding unless executed in writing by the Party to be bound
thereby.

8.8     WAIVER. No delay or failure of any party in exercising any right or
remedy hereunder and no partial exercise of any such right or remedy shall be
deemed to constitute a waiver of such right or remedy or any other rights or
remedies of such party hereunder. No waiver of any provision of this Agreement
shall constitute a waiver of any other provisions, whether or not similar, nor
shall such waiver constitute a continuing waiver unless otherwise expressly
provided. Any consent by a party to or any waiver by a Party of any breach of
any provision of this Agreement shall not constitute consent, or waiver of any
subsequent or other breach of the provisions of this Agreement.

8.9     SEVERABILITY. Each of the provisions of this Agreement (and each part
of each such provision) is severable from every other provision hereof and every
other part thereof. In the event that any provision, or part thereof contained
in this Agreement or the application thereof to any circumstance shall be
invalid, illegal or unenforceable, in whole or in part, in any jurisdiction and
to any extent: (a) the validity, legality or enforceability of such provision,
or such part thereof in any other jurisdiction and of the remaining provisions
contained in this Agreement,(or the remaining parts of such provision, as the
case may be, shall not in any way be affected or impaired thereby; (b) the
application of such provision or such part thereof to circumstances other than
those as to which it is held invalid, illegal or unenforceable shall not in any
way be affected or impaired thereby; (c) such provision or such part thereof
shall be severed from this Agreement and ineffective to the extent of such
invalidity, illegality or unenforceability in such jurisdiction and in such
circumstances;

8.10     SCHEDULES. Schedules attached herewith form part of this Agreement.

                                       6
<PAGE>

IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first
above written.

GRAPHITE TECHNOLOGY GROUP, INC.

By:      /S/ Harold King
         --------------------
         Authorized Signatory

                           CHENZHOU GLOBAL GRAPHITE INC.

                           By:      /S/ Eddie Tang
                                    --------------------
                                    Authorized Signatory

<PAGE>

                                    SCHEDULE

                               "SHARE REDEMPTION"

On or before September 30, 2006:            $500,000

On or before December 31, 2006:             $500,000

On or before March 31 2007:                 Balance Remaining

                                       8PURCHASE & SALE AGREEMENT

THIS AGREEMENT made this 10th day of November 2005 amends and supersedes any and
all prior written and oral agreement between the parties hereto regarding the
subject matter contained here within.

Between:          Carlant Holdings Limited (BVI)
                  ("Carlant")
And:              Graphite Lake Resources Ltd.
                  ("GLRL")
And:              Graphite Technology Group, Inc.
                  ("GTG")

                  (the "Parties")

WHEREAS the Parties did previously agree to perform certain things required to
be performed, which included GTG purchasing certain priority security lien
interests secured by 100% of the assets of International Graphite Inc. ("IGI") a
Canadian private company, from secured creditors of IGI, and which specifically
included the obligation of GTG to purchase priority security lien interests of
creditors of IGI over mining equipment, mineral claims and mineral leases, AND,
conditional upon GTG accomplishing the aforementioned, for Carlant, to form and
solely own GLRL, AND for Carlant to acquire 100% of the issued and outstanding
capital stock of IGI, AND for Carlant to transfer all of the assets of IGI to
GLRL.

AND WHEREAS those things required to be performed by the Parties has been
performed or will be performed on or before March 15, 2006.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual
covenants contained herein, the Parties hereto agree as follows:

                                    ARTICLE I
                        DEFINED TERMS AND INTERPRETATION

1.1   DEFINITIONS. Whenever used in this Agreement, unless there is something in
      the subject matter or context inconsistent therewith, the following words
      and terms shall have the following meanings, respectively:

      A. "GLRL" means Graphite Lake Resources Ltd., an Ontario company formed to
      own and operate the mineral claims and leases constituting +/-3000 acres
      near Huntsville, Ontario, Canada, partly comprising the former producing
      "Kearney Graphite Mine".

      B. "GTG" means Graphite Technology Group, Inc., a Delaware corporation.

<PAGE>

      C. "CARLANT" means Carlant Holdings Limited, a British Virgin Islands
      corporation.

      D. "IGI" means International Graphite Inc.

      E. "CLOSING" means March 15, 2006 or any other date when mutually agreed
      by the parties.

      F. "CONSENTS" means consents, approvals, authorizations, and any form of
      agreement necessary to give valid affect to this agreement of the Parties.

      G. "CONSIDERATION" means payment and form of payment of the Purchase Price
      paid by GTG for purchase of 100% of the issued and outstanding capital
      stock of GLRL.

      H. "CONTRACTUAL OR OTHER RIGHT OR OBLIGATION" means any form of agreement,
      contract, instrument, license, permit, registration, judgement, order,
      decree, indenture, lease, engagement, or commitment.

      I. "EFFECTIVE DATE" means the date first written above.

      J. "ENCUMBRANCE" means any form of agreement, option, understanding,
      commitment, equity, covenant, mortgage, charge, security interest, lien,
      adverse claim, pledge, demand, action, restriction, order, judgement,
      decree, encumbrance or right or privilege affecting or capable of
      affecting title or rights of GLRL to carry on mining activities or
      otherwise make use of the Property in compliance with law and in
      compliance with applicable regulation affecting ownership and use of the
      Property.

      K. "ISSUER" means Graphite Technology Group, Inc.

      L. "ISSUER SECURITIES" means equity shares, notes, debentures, other
      securities issued to Parties as Consideration of the Purchase Price; and,
      when issued, form part of the capital of the Issuer.

      M. "PARTIES" means the parties to this Agreement; Graphite Lake Resources
      Ltd., Graphite Technology Group, Inc., Carlant Holdings Limited; and
      "PARTY" means any of them.

      N. "PERMITTED ENCUMBRANCES" means defects or irregularities in title which
      are of a minor nature and do not, in the aggregate, adversely affect the
      interest of the Parties.

      O. "PROPERTY" shall have the meaning ascribed to right, title and interest
      in and to land, rights and permitted uses pursuant to mineral leases and
      mineral claims partly comprising the former known Kearney Graphite Mine.

                                                                              ii
<PAGE>

      P. "PURCHASE PRICE" means payment of $2,250,000 US DOLLARS, paid by GTG to
      Carlant, or such party or parties as Carlant may direct. Payment of the
      Purchase Price amount is to be paid by cancellation of the priority
      security lien interest held by GTG in the amount of $1,250,000, payment of
      approximately CDN $600,000 to a party not a party to this Agreement, and
      the balance remaining paid in common shares issued by GTG issued at the
      then prevailing market price for those shares, or in the instance of no
      discernible market price, at the price determined by a business valuator
      acceptable to the Parties. In the instance that GTG chooses not to rely on
      the valuation of a business valuator for the pricing of the common shares,
      GTG shall have the right to make such equivalent payment in cash.

      Q. "TAXES" means any municipal taxes or real estate taxes or other taxes,
      assessments, levies, imposts or charges payable to or exigible by any
      governmental agency, authority or instrumentality upon the Property.

      R. "THIS AGREEMENT", "HEREIN", "HERETO", "HEREBY", "HEREUNDER", "HEREOF"
      and similar expressions refer to this Agreement, also this "Purchase &
      Sale Agreement", and not to any particular clause, sub-clause, section,
      subsection or paragraph, or other portion hereof, and include amendments
      hereto, any agreement which is supplementary to or in amendment or
      confirmation of this Agreement and any schedules hereto or thereto;

1.2   GENDER AND NUMBER. Any reference in this Agreement to gender shall include
all genders and words used herein importing the singular number shall include
the plural and vice versa.

1.3   HEADINGS, ETC. The division of this Agreement into Articles, Sections,
Subsections and other subdivisions and the insertion of headings are for
convenience of reference only, and shall not affect or be utilized in the
construction or interpretation hereof.

1.4 GOVERNING LAW. This Agreement shall be construed and interpreted in
accordance with the laws of Ontario and the federal laws of Canada applicable
therein. The Parties irrevocably submit to the jurisdiction of the courts of the
Province of Ontario.

                                                                             iii
<PAGE>

                                   ARTICLE II
                      PROPERTY SUBJECT TO PURCHASE AND SALE

2.1   PROPERTY: all right, title, and interest, in and to mineral leases and
mineral claims as more particularly described in Schedule "A" attached hereto,
owned by GLRL, and by reference here made part of this Agreement.

                                   ARTICLE III
               REPRESENTATIONS AND WARRANTIES OF CARLANT AND GLRL

3.1   REPRESENTATIONS AND WARRANTIES OF CARLANT AND GLRL. Carlant and GLRL
represent and warrant to GTG as follows and acknowledge GTG is relying upon such
representations and warranties in connection with the entering into of this
Agreement and the consummation of the transactions contemplated hereby:

3.1.1 SUBSISTENCE. Carlant and GLRL, acting together, have the necessary power
and authority to enter into this Agreement and to convey 100% of the capital
stock of GLRL.

3.1.2 CONSENTS. Consents or filings required to be obtained or made by Carlant
and GLRL in order to complete the transactions contemplated by this Agreement,
can and will be made, and Carlant and GLRL is not aware of any consents required
to be obtained other than consents as is disclosed in writing to GTG, or listed
herein, or by their nature, inferred or implied to have been obtained, or will
be obtained by Carlant and GLRL.

3.1.3 TRANSFER OF ASSETS. GLRL and Carlant have entered into binding agreements
with International Graphite Inc., the sufficiency of which is adequate for GLRL
to acquire all of the assets of International Graphite Inc.

3.1.4 LITIGATION. There is no action, suit, or proceeding, at law or in equity;
no claim or demand by any person or entity, or any investigation, arbitration or
any administrative or other proceeding pending, or, to the best of the knowledge
of Carlant and GLRL, threatened against or affecting Carlant and GLRL's ability
to perform the obligations of this Agreement other than actions as have been
made known to GTG in writing, the remedy for which can be obtained by Carlant
and GLRL or is otherwise satisfied by this agreement.

3.1.5 RESTRICTIVE DOCUMENTS. Carlant and GLRL are not subject to, or party to,
any charter or by-law restriction, encumbrance, contractual or other right or
obligation, law, rule, ordinance, regulation, or any other restriction of any
kind or character preventing the consummation of the transactions contemplated
by this Agreement.

                                                                              iv
<PAGE>

3.1.6 COMPLIANCE WITH LAWS. Carlant and GLRL, with respect to all matters
contained here within, are acting in compliance with all applicable laws, rules
and regulations of each jurisdiction in which Carlant and GLRL are bound; and
with all applicable orders, judgements and decrees by which Carlant and GLRL are
bound and not in breach of any such laws, rules, regulations, orders, judgements
and decrees.

                                   ARTICLE IV
                      REPRESENTATIONS AND WARRANTIES OF GTG

4.1 REPRESENTATIONS AND WARRANTIES OF GTG. GTG represents and warrants to
Carlant and GLRL as follows and acknowledges Carlant and GLRL are relying upon
such representations and warranties in connection with the entering into of this
Agreement and the consummation of the transactions contemplated hereby:

4.1.1 DUE INCORPORATION AND SUBSISTENCE OF GTG. GTG is duly incorporated,
organized and validly subsisting and in good standing under the laws of the
State of Delaware, the United States.

4.1.2 CONSENTS. There are no Consents or filings required to be obtained or made
by GTG in order to complete the transactions contemplated by this Agreement.

4.1.3 RESTRICTIVE DOCUMENTS. GTG is not subject to or party to any charter or
by-law restriction, encumbrance, contractual or other right or obligation, law,
rule, ordinance, regulation, or any other restriction of any kind or character
preventing consummation of the transaction contemplated by this Agreement or
compliance by GTG with the terms, conditions and provisions hereof.

4.1.4 FILINGS. GTG is up-to-date in all filings with all requisite regulatory
agencies and is in good standing with respect to all requisite filings.

4.1.5 LITIGATION. There is no action, suit, proceeding, at law or in equity,
claim or demand by any person or entity, or any investigation, arbitration or
any administrative or other proceeding by or before, or to the best knowledge of
GTG, threatened against or affecting GTG to perform its obligations in respect
of this Agreement.

4.1.6 COMPLIANCE WITH LAWS. GTG, with respect to all matters contained here
within, is acting in compliance with all applicable laws, rules and regulations
of each jurisdiction in which GTG is bound; and with all applicable orders,
judgements and decrees by which GTG is bound and not in breach of any such laws,
rules, regulations, orders, judgements and decrees.

                                                                               v
<PAGE>

                                    ARTICLE V
           SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION

5.1   SURVIVAL. All covenants, representations and warranties made herein or in
any agreement, certificate or other document delivered or given pursuant to this
Agreement, other than those which are expressly waived in writing as part of the
Closing shall survive the execution and delivery of this Agreement.

                                   ARTICLE VI
                                     CLOSING

6.1   CLOSING. Closing will occur on or before March 15, 2006 at the time
mutually agreed and place decided by the Parties.

6.2   DELIVERABLES BY Carlant. At the time of Closing, Carlant will deliver 100%
of the issued and outstanding capital stock of GLRL in good and marketable form
for transfer to GTG.

6.3   DELIVERABLES BY GTG. At the time of Closing, GTG will deliver to Carlant
the amount of cash in good funds, promissory notes, the cancelled priority lien
security interest of GTG over the assets of International Graphite Inc., and the
number of fully paid non-assessable common shares in the capital of GTG as
determined by then existing prices.

                                   ARTICLE VII
                                  MISCELLANEOUS

7.1   FURTHER ASSURANCES. To the extent reasonable and practicable or permitted
by law, each of the Parties upon the request of the other, shall execute,
acknowledge and deliver or cause to be done, all such further acts, deeds,
documents, assignments, transfers, conveyances and assurances as may be
reasonably necessary or desirable to effect complete consummation of the
transactions contemplated by this Agreement.

7.2   SUCCESSORS IN INTEREST. This Agreement and the provisions hereof shall be
for the benefit of and be binding upon the Parties and their respective heirs,
executors, personal representatives, successors and permitted assigns, as the
case may be.

7.3   NOTICES. Any notice, document or other communication required or permitted
by this Agreement to be given by a party hereto shall be in writing and is
sufficiently given if delivered personally, or if sent by prepaid ordinary mail,
or if transmitted by any form of telecommunication to either party to this
Agreement as listed below:

                                                                              vi
<PAGE>

                  Graphite Technology Group, Inc.
                  106 Lakeside Avenue, PO Box 210
                  Delano, PA 18220

                  Carlant Holdings Limited
                  Graphite Lake Resources, Ltd.
                  Pete Snyder
                  39 Haida Place
                  Woodstock, ON, Canada N4T 1R8

7.4   ASSIGNMENT. This Agreement may not be assigned by either party to this
Agreement without prior written consent of each other party.

7.5   EXECUTION IN COUNTERPARTS. This Agreement may be executed by the Parties
in separate counterparts or duplicates, each of which when so executed and
delivered, shall be an original, but all such counterparts or duplicates shall
together constitute one and the same instrument.

7.6   ENTIRE AGREEMENT. This Agreement, the Schedules attached hereto forming
part, together with any other agreements or documents to be delivered pursuant
to this Agreement, sets forth the entire agreement among the Parties pertaining
to the specific subject matter hereof and does replace and supersede all prior
agreements, understandings, negotiations and discussions, whether oral or
written. There are no warranties, representations or other agreements, whether
oral or written, expressed or implied, statutory or otherwise, between the
Parties in connection with the subject matter hereof except as specifically set
forth herein.

7.7   AMENDMENTS. No supplement, modification, waiver or termination of this
Agreement shall be binding unless executed in writing by the Party to be bound
thereby.

7.8   WAIVER. No delay or failure of any party in exercising any right or remedy
hereunder and no partial exercise of any such right or remedy shall be deemed to
constitute a waiver of such right or remedy or any other rights or remedies of
such party hereunder. No waiver of any provision of this Agreement shall
constitute a waiver of any other provisions, whether or not similar, nor shall
such waiver constitute a continuing waiver unless otherwise expressly provided.
Any consent by a party to or any waiver by a Party of any breach of any
provision of this Agreement shall not constitute consent, or waiver of any
subsequent or other breach of the provisions of this Agreement.

7.9   SEVERABILITY. Each of the provisions of this Agreement (and each part of
each such provision) is severable from every other provision hereof and every
other part thereof. In the event that any provision, or part thereof contained
in this Agreement or the application thereof to any circumstance shall be
invalid, illegal or unenforceable, in whole or in part, in any jurisdiction and
to any extent: (a) the validity, legality or enforceability of such provision,
or such part thereof in any other jurisdiction and of the remaining provisions
contained in this Agreement,(or the remaining parts of such provision, as the
case may be, shall not in any way be affected or impaired thereby; (b) the
application of such provision or such part thereof to circumstances other than
those as to which it is held invalid, illegal or unenforceable shall not in any
way be affected or impaired thereby; (c) such provision or such part thereof
shall be severed from this Agreement and ineffective to the extent of such
invalidity, illegality or unenforceability in such jurisdiction and in such
circumstances;

                                                                             vii
<PAGE>

7.10  SCHEDULES. Schedules attached herewith form part of this Agreement.

                                   ARTICLE IX
                              CONDITIONS PRECEDENT

8.1   CONDITIONS PRECEDENT. The Parties have or will have performed all things
required to be performed by each and all of the Parties set out hereunder, or
referred to during the period prior to Closing.

                                                                            viii
<PAGE>

IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first
above written.

GRAPHITE TECHNOLOGY GROUP, INC.

By:      /S/ Harold King
         --------------------
         Authorized Signatory

                           GRAPHITE LAKE RESOURCES LTD.

                           By:      /S/ Pete Snyder
                                    --------------------
                                    Authorized Signatory

                           CARLANT HOLDINGS LIMITED

                           By:      /S/ Pete Snyder
                                    --------------------
                                    Authorized Signatory

                                                                              ix
<PAGE>

                                   SCHEDULE A

                DESCRIPTION OF PROPERTY: MINERAL CLAIMS & LEASES:

Registered: Southern Ontario - Division 90

Claim No.:
----------
SO 1156393
SO 1191252
SO 1191253
SO 1191254
SO 1191255
SO 1191256
SO 1191257
SO 1191258
SO 1191259

SO 884617
SO 884618
SO 884624
SO 884677
SO 884678
SO 884679
SO 894893
SO 894894
SO 943282
SO 943283
SO 943284
SO 943285
SO 943286

Lease Claims:

Lease: 105009: Claims: 808727, 808728, 808731, 831526, 831527, 808729, 808730
Lease: 106691: Claims: 884619, 884622, 884623, 884675, 884676, 831520, 831525,
1017211, 1017212
Lease: 106692: Claims: 884615, 884616, 884620, 884621, 831519, 1017210
Lease: 106812: Claims: 819214
Lease: 106813: Claims: 819215
Lease: 106814: Claims: 898531
Lease: 106815: Claims: 898532

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]