Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Wildcat Silver Corp. - Exhibit 4.11

September 20, 2006

Mr. Donald Clark 
President 
Wildcat Silver
Corp.
Suite 400 - 837 W. Hastings St. 
Vancouver, BC
V6C 3N6

Strictly Private and Confidential

Dear Mr. Clark:

Re:          
Letter of Intent for TSX Sponsorship

We understand that Wildcat Silver Corp. (“Wildcat” or the
“Issuer”), a company listed on the CNQ under the symbol “WILD”, is looking to
complete a listing on the Toronto Stock Exchange (the “TSX”). Pursuant to our
recent discussions, we would be pleased to assist Wildcat Silver Corp. by acting
as Wildcat’s sponsor pursuant to the policies of the TSX. Set forth below is a
summary of the work and terms under which Haywood Securities Inc. (“Haywood” or
the “Sponsor”) would be prepared to assist Wildcat.

	Scope of Assignment: 	
      The Sponsor will conduct due diligence and a review of
      Wildcat for the purposes of providing the TSX with a Sponsor Report on
      which the TSX will consider Wildcat’s potential listing. 

	  	
       

	Sponsorship: 	
      Haywood will act as sponsor to Wildcat Silver Corp.
      pursuant to the policies of the TSX. 

	  	
       

	Fees: 	
      The Issuer will pay a Sponsorship Fee of $50,000 plus GST
      in cash to the Sponsor according to the following fee schedule: 

	  	
       

	  	
      $25,000 plus GST upon execution of this agreement.
  

		
      $25,000 plus GST upon submission of the final Sponsor
      Report to the TSX. 

	  	
       

	Sponsor’s Expenses: 	
      The Issuer will pay Haywood’s expenses related to the
      Sponsorship, including the reasonable fees and disbursements of Haywood’s
      legal counsel and any consultants Haywood may retain. The Issuer will pay
      Haywood’s expenses even if the sponsorship is terminated or a formal
      sponsorship agreement is not entered into. 

	  	
       

		
      Haywood will require a $10,000 retainer from the Issuer
      to cover legal and corporate finance expenses, which will arise from its
      duties as Sponsor in connection with the Sponsorship. These expenses will
      be paid out of the retainer from time to time with any unused portion of
      the retainer returned to the Issuer upon closing of the Sponsorship.
    

	Head Office – Vancouver 	Calgary 	Toronto 
	Commerce Place, 400 Burrard Street 	808 First Street SW, Suite 301 	BCE Place, 181 Bay Street 
	Suite 2000 	Calgary, AB T2P 1M9 	Suite 800, PO Box 808 
	Vancouver, BC V6C 3A6 	  	Toronto, ON M5J 2T3 
	  	  	  
	Phone: (604) 697-7100 	Phone: (403) 509-1900 	Phone: (416) 507-2300 
	Facsimile: (604) 697-7499 	Facsimile: (403) 509-1999 	Facsimile: (416) 507-2399 
	Toll-Free: (800) 663-9499 	Toll-Free: (877) 604-0044 	Toll-Free: (800) 865-2316

	Letter of Intent 	Page 2 
	September 20, 2006
    	 
    

		
      Additional expenses shall be payable by the Issuer upon
      invoice subject to a maximum of $20,000 in legal expenses. 

	  	
       

	Indemnity: 	
      The Issuer will indemnify and hereby hold harmless
      Haywood, and its respective officers, directors and employees against all
      losses, claims, damages, liability and expenses (including, without
      limitation, expenses of investigating and defending any claims or
      litigation as the same are incurred), related to or arising out of
      Haywood’s activities in connection with the above Sponsorship, however,
      that the Issuer will not be responsible for any such losses, claims,
      damages, liabilities or expenses to the extent they arise from actions
      taken by Haywood in bad faith or from its gross negligence. 

	  	
       

	Right of First Refusal: 	
      The Issuer will grant Haywood a right to participate in
      any equity financing for a period of 12 months from the listing subject to
      negotiation with the issuer at time of such financing. 

	  	
       

	Termination: 	
      The Sponsor may terminate this agreement prior to the
      filing of a final Sponsorship Report with the TSX. by providing written
      notice to the Issuer Upon termination, the Issuer will promptly pay any
      outstanding expenses incurred by the Sponsor which have not yet been paid.
      The portion of the Sponsorship Fee paid to the date of termination will
      not be refundable. 

The above Sponsorship is subject, but not limited to, the
following:

	 	a) 	
      Execution of a standard form Sponsorship Agreement
      between the Issuer and the Sponsor;

	 	b) 	
      Co-operation by the Issuer and its advisers with respect
      to due diligence inquiries made by Haywood and its counsel;

	 	c) 	
      Completion of due diligence to the satisfaction of
      Haywood and its legal counsel; and

	 	d) 	
      Approval of the Sponsorship by all of the appropriate
      regulatory authorities, as required.

The provisions of this agreement shall be superseded in their
entirety upon the execution of a formal Sponsorship Agreement. The Sponsorship
Agreement shall also contain customary representations, terms and conditions,
requirements for closing documents, termination provisions and indemnification
provisions in favour of the Sponsor.

If you are in agreement with the above noted terms and
conditions, kindly have the enclosed form of this letter executed and returned
to the undersigned. This agreement may be signed in counterparts, each deemed to
be an original and each counterpart together will constitute one and the same
instrument.

	Yours truly, 	 	  
	  	 	Agreed and Accepted this 20th day of September,
    
	  	 	2006 
	Haywood Securities Inc. 	 	Wildcat Silver Corp. 
	  	 	  
	  	 	  
	“Keith
      Peck” 	 	“Donald Clark” 
	Keith Peck 	 	Donald Clark 
	Vice President, Corporate Finance 	 	PresidentFiled by Automated Filing Services Inc. (604) 609-0244 - Wildcat Silver Corp. - Exhibit 4.12

STOCK OPTION PLAN

WILDCAT SILVER CORPORATION
(the
“Company”)

NOVEMBER 15, 2006

INCENTIVE STOCK OPTION PLAN

ARTICLE 1
INTRODUCTION

	1.1 	
      Purpose of Plan

     The purpose of the Plan is to
secure for the Company and its shareholders the benefits of incentive inherent
in share ownership by the directors, officers, key employees and consultants of
the Company and its Subsidiaries who, in the judgment of the Board, will be
largely responsible for its future growth and success. It is generally
recognized that a stock option plan of the nature provided for herein aids in
retaining and encouraging employees, directors and officers of exceptional
ability because of the opportunity offered them to acquire a proprietary
interest in the Company.

	1.2 	
      Definitions

	 	 	 	 
		(a) 	
      “Affiliate” means with respect to a company, a second
      company that is a parent or subsidiary of the first company or that is
      controlled by the same company or individual as the first
  company.

	 	 	 	 
		(b) 	
      “Associate” has the meaning ascribed thereto in the
      Securities Act.

	 	 	 	 
		(c) 	
      “Black Out Period” means any period during which a policy
      of the Company prevents an Optionee from exercising an Option.

	 	 	 	 
		(d) 	
      “Board” means the board of directors of the Company, or
      any committee of the board of directors to which the duties of the board
      of directors hereunder are delegated.

	 	 	 	 
		(e) 	
      “Change of Control” includes situations where after
      giving effect to the contemplated transaction and as a result of such
      transaction:

	 	 	 	 
			(i) 	
      any one person holds a sufficient number of voting shares
      of the Company or resulting company to affect materially the control of
      the Company or resulting company; or

	 	 	 	 
			(ii) 	
      any combination of persons, acting in concert by virtue
      of an agreement, arrangement, commitment or understanding, hold in total a
      sufficient number of voting shares of the Company or its successor to
      affect materially the control of the Company or its successor,

	 	 	 	 
			
      where such person or combination of persons did not
      previously hold a sufficient number of voting shares to affect materially
      control of the Company or its successor. In the absence of evidence to the
      contrary, any person or combination of persons acting in concert by virtue
      of an agreement, arrangement, commitment or understanding, holding more
      than 20% of the voting shares of the Company or its successor is deemed to
      materially affect control of the Company or its successor.

	 	 	 	 
		(f) 	
      “Company” means Wildcat Silver Corporation, a company
      duly incorporated under the laws of the Province of British Columbia and
      any successor corporation thereto.

- 2 -

	 	(g) 	 “Consultant” means, in relation
        to the Company or a Subsidiary of the Company, an individual or a consultant
        company, other than an Employee, Director or Officer of the Company, that:

	 	 	 	 
			(i) 	 is engaged to provide on an ongoing bona fide basis,
        consulting, technical, management or other services to the Company or
        to an Affiliate of the Company, other than services provided in relation
        to a “distribution” (as defined in the Securities Act);

	 	 	 	 
			(ii) 	 provides the services under a written contract between
        the Company or the Affiliate and the individual or the consultant company;
        in the reasonable opinion of the Company, spends or will spend a significant
        amount of time and attention on the affairs and business of the Company
        or an Affiliate of the Company; and

	 	 	 	 
			(iii) 	 has a relationship with the Company or an Affiliate
        of the Company that enables the individual to be knowledgeable about the
        business and affairs of the Company.

	 	(h) 	 “Consultant Company” means for an individual
        consultant, a company or partnership of which the individual is an employee,
        shareholder or partner.

	 	 	 
	 	(i) 	 “Director” means a director of the Company
        or any of its Subsidiaries.

	 	 	 
	 	(j) 	 “Disinterested Shareholder Approval” means
        approval by a majority of the votes cast by all the Company’s shareholders
        at a duly constituted shareholders’ meeting, excluding votes attached
        to shares of the Company beneficially owned by Insiders of the Company
        to whom Options may be granted under the Plan and their Associates.

	 	 	 
	 	(k) 	 “Eligible Person” means an Employee, Management
        Company Employee, Director or Officer of the Company or any of its Subsidiaries
        and, except in relation to a Consultant Company, includes a company that
        is wholly-owned by such persons.

	 	 	 
	 	(l) 	 “Employee” means an individual who is a bona
        fide employee of the Company or of any Subsidiary of the Company and includes:

	 	(i) 	
      a bona fide permanent part-time employee of the Company
      or any Subsidiary of the Company; and

	 	 	 
	 	(ii) 	
      a bona fide Consultant or Consultant Company of the
      Company or of a Subsidiary of the Company who is approved for
      participation in this Plan by the Board and in respect of whom the Company
      has qualified by way of an exemption, or has obtained an order from any
      securities commission or other regulatory authority having jurisdiction
      over the granting of options to consultants, permitting granting of an
      Option.

	 	(m) 	 “Exchange” means the Toronto Stock Exchange
        or any other stock exchange on which the Shares are listed.

	 	 	 
	 	(n) 	 “Insider” shall mean an “insider”
        of the Company as defined in the Securities Act.

	 	 	 
	 	(o) 	 “Investor Relations Activities” has the meaning
        ascribed thereto in the Securities Act.

- 3 -

	 	(p) 	 “Management Company Employee” means an individual
        who is a bona fide employee of a company providing management services
        to the Company, which are required for the ongoing successful operation
        of the business enterprise of the Company, but excluding a person engaged
        in Investor Relations Activities.

	 	 	 
	 	(q) 	 “Notice of Exercise” means a notice, substantially
        in the form of the notice set out in Exhibit “B” hereto, or
        in such other form as approved by the Board, from an Optionee to the Company
        giving notice of the exercise or partial exercise of an Option previously
        granted to the Optionee.

	 	 	 
	 	(r) 	 “Officer” means a senior officer of the Company
        or any of its Subsidiaries.

	 	 	 
	 	(s) 	 “Option” shall mean an option granted under
        the terms of the Plan.

	 	 	 
	 	(t) 	 “Option Period” shall mean the period during
        which an Option may be exercised.

	 	 	 
	 	(u) 	 “Optionee” shall mean a Participant to whom
        an Option has been granted under the terms of the Plan.

	 	 	 
	 	(v) 	 “Participant” means, in respect of the Plan,
        a person who elects to participate in the Plan.

	 	 	 
	 	(w) 	 “Plan” means this stock option plan, as amended
        from time to time.

	 	 	 
	 	(x) 	 “Securities Act” means the Securities Act
        (British Columbia), R.S.B.C., 1996 c.418, as amended from time to
        time.

	 	 	 
	 	(y) 	 “Share Compensation Arrangement” means the
        Plan described herein and any other stock option, stock option plan, employee
        stock purchase plan, share distribution plan or any other compensation
        or incentive mechanism involving the issuance or potential issuance of
        Shares to one or more Eligible Persons.

	 	 	 
	 	(z) 	 “Shares” shall mean the common shares of the
        Company.

	 	 	 
	 	(aa) 	 “Stock Option Plan Certificate” means the
        option certificate delivered by the Company hereunder to an Optionee and
        substantially in the form of Exhibit “A” hereto.

	 	 	 
	 	(bb) 	 “Subsidiary” has the meaning ascribed thereto
        in the Securities Act.

ARTICLE 2
STOCK OPTION PLAN

	2.1 	
      Participation

	 	 
		
      Options to purchase Shares may be granted hereunder to
      Eligible Persons.

	 	 
	2.2 	
      Determination of Option
  Recipients

     The Board shall make all
necessary or desirable determinations regarding the granting of Options to
Eligible Persons and may take into consideration the present and potential
contributions of a particular Eligible Person to the success of the Company and
any other factors which it may deem proper and relevant.

- 4 -

	2.3 	
      Exercise Price

     The exercise price per Share
subject to an Option shall be determined by the Board in its sole discretion
but, in any event, must not be lower than the closing price of the Company’s
Shares traded through the facilities of the Exchange (or, if the Shares are no
longer listed for trading on the Exchange, then such other exchange or quotation
system on which the Shares are listed or quoted for trading) on the day
preceding the date the Option is granted, less any discount permitted by the
Exchange, or such other price as may be required by the Exchange. Any reduction
in the exercise price of an Option held by an Optionee who is an Insider of the
Company at the time of the proposed reduction will require Disinterested
Shareholder Approval. 

	2.4 	
      Grant of Options

     The Board may at any time
authorize the granting of Options to such Eligible Persons as it may select for
the number of Shares that it shall designate, subject to the provisions of the
Plan. The date of each grant of Options shall be determined by the Board when
the grant is authorized.

	2.5 	
      Stock Option Plan
Certificate

     Each Option granted to an
Optionee shall be evidenced by a Stock Option Plan Certificate detailing the
terms of the Option and upon delivery of the Stock Option Plan Certificate to
the Optionee by the Company the Optionee shall have the right to purchase the
Shares underlying the Option at the exercise price set out therein, subject to
any provisions as to the vesting of the Option.

	2.6 	
      Terms of Options

     The periods within which Options
may be exercised and the number of Options which may be exercised in any such
period shall be determined by the Board at the time of granting the Options
provided, however, that all Options must be exercisable during a period not
extending beyond ten years from the date of the Option grant unless otherwise
permitted by the Exchange.

	2.7 	
      Exercise of Option

     Subject to the provisions of the
Plan and any vesting provisions to which an Option may be subject, an Option may
be exercised from time to time by delivery to the Company of a completed Notice
of Exercise in the form attached as Exhibit “B”, specifying the number of Shares
with respect to which the Option is being exercised and accompanied by payment
in full of the exercise price of the Shares to be purchased. Certificates for
such Shares shall be issued and delivered to the Optionee within a reasonable
time following the receipt of such notice and payment.

	2.8 	
      Hold Period

     Shares issued on the exercise of
an Option may be subject to a hold period if imposed by the Exchange or under
the Securities Act, in which case the certificates representing such Shares
shall be legended accordingly.

	2.9 	
      Vesting

     Options granted pursuant to the
Plan shall vest and become exercisable by an Optionee at such time or times as
may be determined by the Board at the date of the Option grant and as indicated
in the Stock Option Plan Certificate. Notwithstanding the foregoing, Options
granted to Consultants providing

- 5 -

Investor Relations Services shall vest in stages over a
one-year period with a maximum of one-quarter of the Options vesting in any
three month period.

	2.10 	
      Black Out Periods

     If the date on which an Option
expires pursuant to an Option Agreement occurs during or within 10 days after
the last day of a Black Out Period, the Expiry Date for the Option will be the
last day of such 10 day period.

	2.10 	Death of Optionee 

     If an Optionee ceases to be an
Eligible Person due to its death, any Option held by it at the date of death
shall be exercisable by the Optionee’s legal heirs or personal representatives.
All such Options shall be exercisable only to the extent that the Optionee was
entitled to exercise the Option at the date of death and only for a one-year
period after the date of death or prior to the expiration of the Option Period
in respect thereof, whichever is sooner.

	2.12 	
      Termination of Employment

     If an Optionee ceases to be an
Employee or other Eligible Person, other than as a result of termination with
cause, or ceases to act as a Director or Officer of the Company or any of its
Subsidiaries, as the case may be (other than by reason of death), any Option
held by such Optionee at the date the Optionee delivers or receives notice
thereof, as the case may be, shall be exercisable only to the extent that the
Optionee is entitled to exercise the Option and only for 90 days thereafter (or
such longer period as may be prescribed by law) or prior to the expiration of
the Option Period in respect thereof, whichever is sooner. Notwithstanding the
foregoing, Options granted to an Optionee who was engaged in Investor Relations
Activities must expire within 30 days after the Optionee delivers or receives
notice with respect to it ceasing to be employed to provide Investor Relations
Activities. In the case of an Optionee being dismissed from employment or
service for cause, the Option shall terminate immediately upon receipt of notice
thereof and shall no longer be exercisable as of the date of such notice.

	2.13 	
      Effect of Take-Over Bid

     If a bona fide offer (the
“Offer”) for Shares is made to the Optionee or to shareholders generally or to a
class of shareholders which includes the Optionee, which Offer, if accepted in
whole or in part, would result in a Change of Control, then the Company shall,
immediately upon receipt of notice of the Offer, notify each Optionee of the
full particulars of the Offer. The Board will have the sole discretion to amend,
abridge or otherwise eliminate any vesting schedule so that notwithstanding the
other terms of this Plan, such Option may be exercised in whole or in part by
the Optionee so as to permit the Optionee to tender the Shares received upon
such exercise (the “Optioned Shares”) pursuant to the Offer. If:

	 	(a) 	
      the Offer is not complied with within the time specified
      therein;

	 	 	 
	 	(b) 	
      the Optionee does not tender the Optioned Shares pursuant
      to the Offer; or

	 	 	 
	 	(c) 	
      all of the Optioned Shares tendered by the Optionee
      pursuant to the Offer are not taken up and paid for by the offeror in
      respect thereof;

then at the discretion of the Board, the Optioned Shares or, in
the case of clause (c) above, the Optioned Shares that are not taken up and paid
for, shall, subject to applicable laws, be returned by the Optionee to the
Company and reinstated as authorized but unissued Shares and the terms of the
Option as set forth in

- 6 -

this Plan and the Stock Option Plan Certificate shall again
apply to the Option. If any Optioned Shares are returned to the Company under
this Section, the Company shall refund the exercise price to the Optionee for
such Optioned Shares without interest or deduction.

	2.14 	
      Effect of Reorganization, Amalgamation or
      Merger

     If the Company is reorganized,
amalgamated or merges with or into another Company, at the discretion of the
Board, any Shares receivable on the exercise of an Option shall be converted
into the securities, property or cash which the Optionee would have received
upon such reorganization, amalgamation or merger if the Optionee had exercised
his Option immediately prior to the record date applicable to such
reorganization, amalgamation or merger, and the exercise price shall be adjusted
appropriately by the Board and such adjustment shall be binding for all purposes
of the Plan.

	2.15 	
      Effect of Change of
Control

     If a Change of Control occurs,
all option shares subject to each outstanding Option will become vested,
whereupon such Option may be exercised in whole or in part by the Optionee.

	2.16 	
      Adjustment in Shares Subject to the
  Plan

     If there is any change in the
Shares through or by means of a declaration of stock dividends of Shares or
consolidations, subdivisions or reclassifications of Shares, or otherwise, the
number of Shares subject to any Option, and the exercise price thereof and the
maximum number of Shares which may be issued under the Plan in accordance with
Section ARTICLE I1.1(a) shall be adjusted appropriately by the Board and such
adjustment shall be effective and binding for all purposes of the Plan. An
adjustment under Section 2.14 or 2.16 (the “Adjustment Provisions) will take
effect at the time of the event giving rise to the adjustment, and the
Adjustment Provisions are cumulative. The Company will not be required to issue
fractional shares in satisfaction of its obligations hereunder. Any fractional
interest in a Share that would, except for this provision, be deliverable upon
the exercise of an Option will be cancelled and not be deliverable by the
Company. If any questions arise at any time with respect to the exercise price
or number of Shares deliverable upon exercise of an Option in any of the events
set out in Section 2.13, 2.14, 2.15 or 2.16 such questions will be conclusively
determined by the Company’s auditors, or, if they decline to so act, any other
firm of Chartered Accountants that the Company may designate and who will have
access to all appropriate records and such determination will be binding upon
the Company and all Optionees.

ARTICLE 3
GENERAL

	3.1 	
      Maximum Number of Shares

	 	 	 
		(a) 	
      The aggregate number of Shares that may be reserved for
      issuance pursuant to this Plan and all other Share Compensation
      Arrangements shall not exceed 10% of the number of Shares outstanding from
      time to time.

	 	 	 
		(b) 	
      Any Shares subject to an Option that expires or
      terminates without having been fully exercised may be made the subject of
      a further Option. No fractional Shares may be issued under the
  Plan.

	 	 	 
		(c) 	
      Upon the partial or full exercise of an Option, the
      number of Shares issued upon such exercise automatically become available
      to be made the subject of a new Option,

- 7 -

provided that the total number of
Shares reserved for issuance under the Plan does not exceed 10% of the issued
and outstanding Shares of the Company.

	 	(d) 	
      The aggregate number of Shares reserved for issuance
      pursuant to this Plan or any other Share Compensation Arrangement
      (pre-existing or otherwise) in any one-year period to any one Participant
      shall not exceed 5% of the Shares outstanding from time to time.

	 	 	 
	 	(e) 	
      The aggregate number of Shares reserved for issuance
      pursuant to this Plan or any other Share Compensation Arrangement
      (pre-existing or otherwise) to any one Consultant within any one-year
      period shall not exceed 2% of the Shares outstanding at the time of the
      grant.

	 	 	 
	 	(f) 	
      The aggregate number of Shares reserved for issuance
      pursuant to this Plan or any other Share Compensation Arrangement
      (pre-existing or otherwise) to an Employee conducting Investor Relations
      Activities within any one-year period shall not exceed 2% of the Shares
      outstanding at the time of the grant.

	 	 	 
	 	(g) 	
      The aggregate number of Shares reserved for issuance
      pursuant to this Plan or any other Share Compensation Arrangement
      (pre-existing or otherwise) to Insiders shall not exceed 10% of the Shares
      outstanding at any time unless the Company has obtained Disinterested
      Shareholder Approval to do so.

	 	 	 
	 	(h) 	
      The aggregate number of Shares issued and Options granted
      pursuant to this Plan or any other Share Compensation Arrangement
      (pre-existing or otherwise) to Insiders within any one-year period shall
      not exceed 10% of the Shares outstanding unless the Company has obtained
      Disinterested Shareholder Approval to do so.

	 	 	 
	 	(i) 	
      The aggregate number of Options which may be granted
      pursuant to this Plan or any other Share Compensation Arrangement
      (pre-existing or otherwise) to any one Insider and such Insider’s
      Associates within any one-year period shall not exceed 5% of the Shares
      outstanding from time to time unless the Company has obtained
      Disinterested Shareholder Approval to do so.

	3.2 	
      Transferability

     Options are not assignable or
transferable other than by will or by the applicable laws of descent. During the
lifetime of an Optionee, all Options may only be exercised by the Optionee. 

	3.3 	
      Employment

     Nothing contained in the Plan
shall confer upon any Optionee any right with respect to employment or
continuance of employment with the Company or any Subsidiary, or interfere in
any way with the right of the Company or any Subsidiary, to terminate the
Optionee’s employment at any time. Participation in the Plan by an Optionee is
voluntary.

	3.4 	
      No Shareholder Rights

     An Optionee shall not have any
rights as a shareholder of the Company with respect to any of the Shares covered
by an Option until the Optionee exercises such Option in accordance with the
terms of the Plan and the issuance of the Shares by the Company.

- 8 -

	3.5 	
      Record Keeping

     The Company shall maintain a
register in which shall be recorded the name and address of each Optionee, the
number of Options granted to an Optionee, the details thereof and the number of
Options outstanding.

	3.6 	
      Necessary Approvals

     The Plan shall be effective only
upon the approval of both the Board and the shareholders of the Company by
ordinary resolution. The obligation of the Company to sell and deliver Shares in
accordance with the Plan is subject to the approval of any governmental
authority having jurisdiction or any stock exchanges on which the Shares are
listed for trading which may be required in connection with the authorization,
issuance or sale of such Shares by the Company. If any Shares cannot be issued
to any Optionee for any reason including, without limitation, the failure to
obtain such approval, then the obligation of the Company to issue such Shares
shall terminate and any exercise price paid by an Optionee to the Company shall
be returned to the Optionee without interest or deduction.

	3.7 	
      Administration of the Plan

     The Board is authorized to
interpret the Plan from time to time and to adopt, amend and rescind rules and
regulations for carrying out the Plan. The interpretation and construction of
any provision of the Plan by the Board shall be final and conclusive.
Administration of the Plan shall be the responsibility of the appropriate
officers of the Company and all costs in respect thereof shall be paid by the
Company.

	3.8 	
      Income Taxes

     As a condition of and prior to
participation in the Plan, a Participant shall authorize the Company in written
form to withhold from any remuneration otherwise payable to such Participant any
amounts required by any taxing authority to be withheld for taxes of any kind as
a consequence of such participation in the Plan.

	3.9 	
      Amendments to the Plan

     The Board may from time to time,
subject to applicable law and to the prior approval, if required, of the
Exchange or any other regulatory body having authority over the Company or the
Plan or, if required by the rules and policies of the Exchange, the shareholders
of the Company, suspend, terminate or discontinue the Plan at any time, or amend
or revise the terms of the Plan or of any Option granted under the Plan and the
Stock Option Plan Certificate relating thereto, provided that no such amendment,
revision, suspension, termination or discontinuance shall in any manner
adversely affect any Option previously granted to an Optionee under the Plan
without the consent of that Optionee.

	3.10 	
      No Representation or
Warranty

     The Company makes no
representation or warranty as to the future market value of any Shares issued in
accordance with the provisions of the Plan.

	3.11 	
      Interpretation

     The Plan will be governed by and
construed in accordance with the laws of the Province of British Columbia and
the laws of Canada applicable therein.

- 9 -

	3.12 	
      Compliance with Applicable
Law

     If any provision of the Plan or
any agreement entered into pursuant to the Plan contravenes any law or any
order, policy, by-law or regulation of any regulatory body or stock exchange
having authority over the Company or the Plan then such provision shall be
deemed to be amended to the extent required to bring such provision into
compliance therewith.

	3.13 	
      Application of U.S. Securities
  Laws

     Neither the Options nor the
Shares have been registered under the Securities Act of 1933, as amended (the
“Securities Act”), or the securities laws of any state of the United States. The
Shares may not be offered or sold, directly or indirectly, in the United States
except pursuant to registration under the Securities Act and the securities laws
of all applicable states or available exemptions therefrom, and the Company has
no obligation or present intention of filing a registration statement under the
Securities Act in respect of any of the Options or Shares.

EXHIBIT “A”

WILDCAT SILVER CORPORATION

STOCK OPTION PLAN CERTIFICATE

This Certificate is issued pursuant to the provisions of the
Wildcat Silver Corporation (the “Company”) Stock Option Plan (the “Plan”) and
evidences that (the “Holder”) is the holder of an option (the “Option”) to
purchase up to common shares (the “Shares”) in the capital stock of the Company
at a purchase price of $ per Share. Subject to the provisions of the Plan:

	 	(a) 	the Award Date of this Option is
      _______________________________; and 
	 	(b) 	the Expiry Date of this Option is 
      _______________________________. 

The right to purchase Shares under the Option will vest in the
Holder in increments over the term of the Option as follows [OPTION: If the
Optionee is a consultant performing investor relations activities ensure that
the vesting schedule provides that the Options vest in stages over a one-year
period with no more than one-quarter of the Options vesting in any three month
period]

	Date 	Cumulative Number of Shares which may be
      Purchased 
	 	 
	 	 
	 	 
	 	 

This Option may be exercised in accordance with its terms at
any time and from time to time from and including the Award Date through to and
including up to 5:00 local time in Vancouver, British Columbia on the Expiry
Date, by delivery to the Company an Exercise Notice, in the form provided in the
Plan, together with this Certificate and a certified cheque or bank draft
payable to “Wildcat Silver Corporation” in an amount equal to the aggregate of
the Exercise Price of the Shares in respect of which the Option is being
exercised. If the Optionee is an employee, consultant or management company
employee, the Optionee confirms that it is a bona fide employee, consultant or
management company employee, as the case may be.

This Certificate and the Option evidenced hereby is not
assignable, transferable or negotiable and is subject to the detailed terms and
conditions contained in the Plan. This Certificate is issued for convenience
only and in the case of any dispute with regard to any matter in respect hereof,
the provisions of the Plan and the records of the Company shall prevail.

The foregoing Option has been awarded this _____________
day of _______________________________________.

By signing this Certificate, the Option Holder acknowledges
that:

	1. 	
      the Option Holder has read and understands the Plan and
      agrees to the terms and conditions of the Plan and this Certificate;
      and

- 2 -

	2. 	
      the Option Holder consents to the disclosure by the
      Company of personal information regarding the Option Holder to the Toronto
      Stock Exchange (the “Exchange”) (or, if the Company’s shares are no longer
      listed for trading on the Exchange, than such other exchange or quotation
      system on which the shares are listed or quoted for trading) and to the
      collection, use and disclosure of such information by the Exchange, as the
      Exchange (or, if the Company’s shares are no longer listed for trading on
      the Exchange, than such other exchange or quotation system on which the
      shares are listed or quoted for trading) may
determine.

The certificate for the Shares shall bear any legend required
under applicable securities laws or by the Toronto Stock Exchange.

	                                                                                                                                           	 	 WILDCAT SILVER CORPORATION
  
	  	 	 
	  	 	 
	                                                                                                                                           	 	 Per: 	 
	[NAME OF OPTION HOLDER] 	 	 

EXHIBIT “B”

EXERCISE NOTICE

	TO: 	Wildcat Silver Corporation 
	  	400 – 837 West Hastings Street 
	  	Vancouver, British Columbia 
	  	V6C 3N9 
	  	  
	1. 	Exercise of Option 

The undersigned hereby irrevocably gives notice, pursuant to
the Wildcat Silver Corporation (the “Company”) Stock Option Plan (the “Plan”),
of the exercise of the Option to acquire and hereby subscribes for (cross out
inapplicable item):

	 	(a) 	all of the Shares; or 
	 	  	  
	 	(b) 	________________of the Shares which are the
      subject of the option certificate attached hereto. 

Calculation of total Exercise Price:

	 	(a) 	number of Shares to be acquired on exercise: 	                                       	shares 
	 	 	 	 	 
	 	(b) 	times the Exercise Price per Share: 	$ 	 
	 	 	 	 	 
	 	  	Total Exercise Price, as enclosed herewith: 	$ 	 

The undersigned tenders herewith a cheque or bank draft (circle
one) in the amount of $___________, payable to “Wildcat Silver Corporation” in
an amount equal to the total Exercise Price of the Shares, as calculated above,
and directs the Company to issue the share certificate evidencing the Shares in
the name of the undersigned to be mailed to the undersigned at the following
address:

                                         
____________________________________________

                                         
____________________________________________

                                         
____________________________________________

In connection with such exercise, the undersigned optionee
represents, warrants and covenants to the Company (and acknowledges that the
Company is relying thereon) that (check one):

	___ 	1. 	The undersigned is not a U.S. person (the definition of which
      includes, but is not limited to, a person resident in the United States,
      a partnership or corporation organized or incorporated under the laws of
      the United States, and a trust or estate of which any trustee, executor
      or administrator is a U.S. person), the undersigned was not offered the
      Shares in the United States and the options are not being exercised within
      the United States or for the account or benefit of a U.S. person. The terms
      “United States” and “U.S. person” are as defined by
      Rule 902 of Regulation S under the United States Securities Act of 1933,
      as amended (the “1933 Act”); or 

- 4 -

	 ___	2. 	The undersigned represents, warrants and covenants to the Company
      that the undersigned: 

	 	(a) 	 understands and agrees that the Shares have not been
        and will not be registered under the United States Securities Act of 1933,
        as amended (the “1933 Act”), and the Shares are being
        offered and sold by the Company in reliance upon an exemption from registration
        under the 1933 Act; and

	 	 	 
	 	(b) 	 understands that upon the issuance thereof, and until
        such time as the same is no longer required under the applicable requirements
        of the 1933 Act or applicable U.S. state laws and regulations, the certificates
        representing the Shares will bear a legend in substantially the following
        form:

  “THE SECURITIES REPRESENTED
    HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
    ACT OF 1933, AS AMENDED (THE “1933 ACT”). THESE SECURITIES MAY BE
    OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B)
    OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
    THE 1933 ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
    UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE
    WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT
    REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS
    GOVERNING THE OFFER AND SALE OF SECURITIES, AND THE HOLDER HAS, PRIOR TO SUCH
    SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF
    EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY
    OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT
    OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

provided, that if Shares of the
Company are being sold under clause (B) above, at a time when the Company is a
“foreign issuer” as defined in Rule 902 under the 1933 Act, the legend may be
removed by providing a declaration to the Company’s transfer agent in such form
as the Company may from time to time prescribe together with such documentation
as the Company or its transfer agent may require, to the effect that the sale of
the securities is being made in compliance with Rule 904 of Regulation S under
the 1933 Act.

DATED the __________day of _______________________________. 

	 	 	 
	Witness 	 	Signature of Option Holder 
	 	 	 
	Name of Witness (Print) 	 	Name of Option Holder (Print)

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