Document:

Exhibit 10.16

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.
NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD,
PLEDGED, TRASFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION
THAT IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT.

                                                                         No. W-2

                             STOCK PURCHASE WARRANT

                                   To Purchase

                         500,000 Shares of Common Stock
                                       of
                              Savoy Resources Corp.

     THIS CERTIFIES that, for value received, Mr. Stephen Scott (the "Holder")
is entitled, upon the terms and subject to the conditions hereinafter set forth,
at any time prior to the close of business on October 17, 2006 (the "Termination
Date"), but not thereafter, to subscribe for and purchase from Savoy Resources
Corp. (the "Company"), a corporation organized under the laws of the State of
Colorado, up to Five Hundred Thousand (500,000) shares (the "Warrant Shares"),
of the common stock, $0.001 par value, of the Company (the "Common Stock"). The
purchase price of one share of Common Stock (the "Exercise Price") under this
Stock Purchase Warrant (the "Warrant") shall be $0.20. The Exercise Price and
the number of shares for which the Warrant is exercisable shall be subject to
adjustment as provided herein. Capitalized terms used and not otherwise defined
herein shall have the meanings set forth for such terms in the Subscription
Agreement dated as of October 18, 2004, between the Company and the Holder. In
the event of any conflict between the terms of this Warrant and the Subscription
Agreement, the Subscription Agreement shall control.

     1. Title to Warrant. Prior to and subject to compliance with applicable
laws, this Warrant and all rights hereunder are transferable, in whole or in
part, at the office or agency of the Company by the Holder hereof in person or
by duly authorized attorney, upon surrender of this Warrant together with the
Assignment Form annexed hereto properly endorsed.

                                       1
<PAGE>
     2. Authorization of Shares. The Company covenants that all shares of Common
Stock that may be issued upon the exercise of rights represented by this Warrant
will, upon exercise of the rights represented by this Warrant, be duly
authorized, validly issued, fully-paid and nonassessable and free from all
taxes, liens and charges in respect of the issue thereof (other than taxes in
respect of any transfer occurring contemporaneously with such issue).

     3. Exercise of Warrant.

     Except as provided in Section 3(b) of Section 4 herein, exercise of the
purchase rights represented by this Warrant may be made at any time or times on
or before the close of business on the Termination Date by the surrender of this
Warrant and the Notice of Exercise form annexed hereto duly executed, at the
office of the Company (or such other office or agency of the Company as it may
designate by notice in writing to the registered Holder hereof at the address of
such Holder appearing on the books of the Company), and upon payment of the
Exercise Price of the Warrant Shares thereby purchased by wire transfer or
cashier's check drawn on a United States bank. The Holder of this Warrant shall
be entitled to receive a certificate for the number of shares of the Common
Stock so purchased. Certificates for shares purchased hereunder shall be
delivered to the Holder hereof within three (3) Trading Days after the date on
which this Warrant shall have been exercised as aforesaid. This Warrant shall be
deemed to have been exercised and such certificate or certificates shall be
deemed to have been issued, and Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such shares
for all purposes, as of the date the Warrant has been exercised by payment to
the Company of the Exercise Price and all taxes required to be paid by Holder,
if any, pursuant to Section 5 prior to the issuance of such shares, have been
paid. If this Warrant shall have been exercised in part, the Company shall, at
the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to Holder a new Warrant evidencing the rights of Holder to
purchase the unpurchased shares of Common Stock called for by this Warrant;
which new Warrant shall in all other respect be identical with this Warrant.

     The Holder is granted all of the rights to registration with the Securities
and Exchange Commission and qualification in the states of the Warrants Shares
set forth in the Subscription Agreement.

     4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of the Warrant.
As to any fraction of a share that Holder would otherwise be entitled to
purchase upon such exercise, the Company shall pay a cash adjustment in respect
of such fraction of the Exercise Price based upon the Market Value on the date
of exercise.

     5. Charges, Taxes and Expenses. Issuance of certificates for shares of
Common Stock upon the exercise of this Warrant shall be made without charge to
the Holder hereof for any issue or transfer tax or other incidental expense in
respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name
of the Holder of this Warrant or in such name or names as may be directed by the
Holder of this Warrant; provided, however, that in the event certificates for
shares of Common Stock are to be issued in a name other than the name of the
Holder of this Warrant, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder
hereof; and the Company may require, as a condition thereto, the payment of a
sum sufficient to reimburse it for any transfer tax incidental thereto.

                                       2
<PAGE>
     6. Closing of books. The Company will not close its shareholder books or
records in any manner that prevents the timely exercise of this Warrant.

     7. Transfer, Division and Combination. Subject to compliance with any
applicable securities laws, transfer of this Warrant and all rights hereunder,
in whole or in part, shall be registered on the books of the Company to be
maintained for such purpose, upon surrender of this Warrant at the principal
office of the Company, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by Holder or its agent
or attorney, and payment of funds sufficient to pay any transfer taxes payable
upon the making of such transfer. Upon such surrender and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the
name of the assignee or assignees and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be
exercised by a new Holder for the purchase of shares of Common Stock without
having a new Warrant issued.

     (a) This Warrant may be divided or combined with other Warrants upon
presentation hereof at the aforesaid office of the Company, together with a
written notice specifying the names and denominations in which new Warrants are
to be issued, signed by Holder or its agent or attorney. Subject to compliance
with Section 7(a), as to any transfer that may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice.

          (i) The Company shall prepare, issue and deliver at its own expense
     (other than transfer taxes) the new Warrant or Warrants under this Section
     7.

          (ii) The Company agrees to maintain, at its aforesaid office, books
     for the registration and the registration of transfer of the Warrants.

     8. No Rights as Shareholders until Exercise. This Warrant does not entitle
the Holder hereof to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof. Upon the surrender of this Warrant and the
payment of the aggregate Exercise Price, the Warrant Shares so purchased shall
be and be deemed to be issued to such Holder as the record owner of such shares
as of the close of business on the later of the date of such surrender or
payment.

                                       3
<PAGE>
     9. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants
that upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Warrant certificate or any
stock certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which shall
not include the posting of any bond), and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

     10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein
shall be a Saturday, Sunday or a legal holiday, then such action may be taken or
such right may be exercised on the next succeeding day not a Saturday, Sunday or
legal holiday.

     11. Adjustments of Exercise Price and Number of Warrant Shares.

     (a) Stock Splits, etc. The number and kind of securities purchasable upon
the exercise of this Warrant and the Exercise Price shall be subject to
adjustment from time to time upon the happening of any of the following. In case
the Company shall (i) pay a dividend in shares of Common Stock or make a
distribution in shares of Common Stock to holders of its outstanding Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater
number of shares of Common Stock, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Warrant Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the Holder of this Warrant shall be entitled
to receive the kind and number of Warrant Shares or other securities of the
Company which he would have owned or have been entitled to receive had such
Warrant been exercised in advance thereof. Upon each such adjustment of the kind
and number of Warrant Shares or other securities of the Company which are
purchasable hereunder, the Holder of this Warrant shall thereafter be entitled
to purchase the number of Warrant Shares or other securities resulting from such
adjustment at an Exercise Price per Warrant Share or other security obtained by
multiplying the Exercise Price in effect immediately prior to such adjustment by
the number of Warrant Shares purchasable pursuant hereto immediately prior to
such adjustment and dividing by the number of Warrant Shares or other securities
of the Company resulting from such adjustment. An adjustment made pursuant to
this paragraph shall become effective immediately after the effective date of
such event retroactive to the record date, if any, for such event.

                                       4
<PAGE>
     (b) Reorganization, Reclassification, Merger, Consolidation or Disposition
of Assets. In case the Company shall reorganize its capital, reclassify its
capital stock, consolidate or merge with or into another corporation (where the
Company is not the surviving corporation or where there is a change in or
distribution with respect to the Common Stock of the Company), or sell, transfer
or otherwise dispose of all or substantially all is property, assets or business
to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of
common stock or the successor or acquiring corporation, or any cash, shares of
stock or other securities or property of any nature whatsoever (including
warrants or other subscription or purchase rights) in addition to or in lieu of
common stock of the successor or acquiring corporation ("Other Property"), are
to be received by or distributed to the holders of Common Stock of the Company,
then Holder shall have the right thereafter to receive, upon exercise of this
Warrant, the number of shares of common stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and Other
Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares of
Common Stock for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 11.
For purposes of this Section 11, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 11 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or dispositions of
assets.

     12. Voluntary Adjustment by the Company. The Company may at any time during
the term of this Warrant, reduce the then current Exercise Price to any amount
and for any period of time deemed appropriate by the Board of Directors of the
Company.

     13. Notice of Adjustment. Whenever the number of Warrant Shares or number
or kind of securities or other property purchasable upon the exercise of this
Warrant or the Exercise Price is adjusted, as herein provided, the Company shall
promptly mail by registered or certified mail, return receipt requested, to the
Holder of this Warrant notice of such adjustment or adjustments setting forth
the number of Warrant Shares (and other securities or property) purchasable upon
the exercise of this Warrant and the Exercise Price of such Warrant Shares (and
other securities or property) after such adjustment, setting forth a brief
statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made. Such notice, in the absence of
manifest error, shall be conclusive evidence of the correctness of such
adjustment.

                                       5
<PAGE>
     14. Notice of Corporate Action. If any time:

     (a) the Company shall take a record of the holders of its Common Stock for
the purpose of entitling them to receive a dividend or other distribution, or
any right to subscribe for or purchase any evidences of its indebtedness, any
shares of stock of any class of any other securities or property, or to receive
any other right, or

     (b) there shall be any capital reorganization of the Company, any
reclassification or recapitalization of the capital stock of the Company or any
consolidation or merger of the Company with, or any sale, transfer or other
disposition of all or substantially all the property, assets or business of the
Company to, another corporation or,

     (c) there shall be a voluntary or involuntary dissolution, liquidation or
winding up of the Company; then, in any one or more of such cases, the Company
shall give to Holder (i) at least 30 days' prior written notice of the date on
which a record date shall be selected for such dividend, distribution or right
or for determining rights to vote in respect of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
liquidation or winding up, and (ii) in the case of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up, at least 30 days' prior written notice
of the date when the same shall take place. Such notice in accordance with the
foregoing clause also shall specify (i) the date on which any such record is to
be taken for the purpose of such dividend, distribution or right, the date on
which the holders of Common Stock shall be entitled to any such dividend,
distribution or right, and the amount and character thereof, and (ii) the date
on which any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, dissolution, liquidation or winding up is to take place
and the time, if any such time is to be fixed, as of which the holders of Common
Stock shall be entitled to exchange their shares of Common Stock for securities
or other property deliverable upon such disposition, dissolution, liquidation or
winding up. Each such written notice shall be sufficiently given if the
addressed to Holder at the last address of Holder appearing on the books of the
Company and delivered in accordance with Section 16(d).

     15. Authorized Shares.

     (a) Then Company covenants that during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares
upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Principal Market upon which the Common
Stock may be listed.

                                       6
<PAGE>
     (b) The Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder
against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the amount payable therefore
upon such exercise immediately prior to such increase in par value, (ii) take
all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of Common Stock
upon the exercise of this Warrant, and (iii) use its best efforts to obtain all
such authorizations, exemptions or consents from any public regulatory body
having jurisdiction thereof as may be necessary to enable the Company to perform
its obligations under this Warrant.

     (c) Upon request of Holder, the Company will at any time during the period
this Warrant is outstanding acknowledge in writing, in form reasonably
satisfactory to Holder, the continuing validity of this Warrant and the
obligations of the Company hereunder.

     (d) Before taking any action pursuant to Section 11 or 12 that would cause
an adjustment reducing the current Exercise Price below the then par value, if
any, of the shares of Common Stock issuable upon exercise of the Warrants, the
Company shall take any corporate action that may be necessary in order that the
Company may validly and legally issue fully-paid and nonassessable shares of the
Common Stock at such adjusted Exercise Price.

     (e) Before taking any action that would result in an adjustment in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

     16.  Miscellaneous.

     (a) Jurisdiction. This Warrant shall be binding upon any successors or
assigns of the Company. This Warrant shall constitute a contract under the laws
of Colorado without regard to its conflict of law principles or rules, and be
subject to arbitration pursuant to the terms set forth in the Securities
Purchase Agreement.

                                       7
<PAGE>
     (b) Restrictions. The Holder hereof acknowledges that the Warrant Shares
acquired upon the exercise of this Warrant, if not registered, will have
restrictions upon resale imposed by the state and Federal securities laws.

     (c) Nonwaiver and Expenses. No course of dealing in any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder's rights, powers or remedies;
notwithstanding which all rights hereunder terminate on the Termination Date. If
the Company fails to comply with any provision of this Warrant, the Company
shall pay to Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys' fees, including
those of appellate proceedings, incurred by Holder in collecting any amounts due
pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

     (d) Notices. Any notice, request or other document required or permitted to
be given or delivered to the Holder hereof by the Company shall be delivered in
accordance with the notice of provisions of the Securities Purchase Agreement.

     (e) Limitation of Liability. No provision hereof, in the absence of
affirmative action by Holder to purchase shares of Common Stock, and no
enumeration herein of the rights or privileges of Holder hereof, shall give rise
to any liability of Holder for the purchase price of any Common Stock or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

     (f) Remedies. Holder, in addition to being entitled to exercise all rights
granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Warrant and hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be
adequate.

     (g) Successors and Assigns. Subject to applicable securities laws, this
Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to
be for the benefit of all Holders from time to time of this Warrant and shall be
enforceable by any such Holder or holder of Warrant Shares.

     (h) Indemnification. The Company agrees to indemnify and hold harmless
Holder from and against any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, attorneys' fees, expenses
and disbursements of any kind that may be imposed upon, incurred by or asserted
against Holder in any manner relating to or arising out of any failure by the
Company to perform or observe in any material respect any of its covenants,
agreements, undertakings or obligations set forth in this Warrant; provided,
however, that the Company will not be liable hereunder to the extent that any
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
claims, costs, attorneys' fees, expenses or disbursements are found in a final
non-appealable judgment by a court to have resulted from Holder's negligence,
bad faith or willful misconduct in its capacity as a stockholder or warrant
holder of the Company.

                                       8
<PAGE>
     (i) Amendment. This Warrant may be modified or amended or the provisions
hereof waived with the written consent of the Company and the Holder.

     (j) Severability. Wherever possible, each provision of this Warrant shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under
applicable law, such provision shall be infective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

     (k) Headings. The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its officer thereunto duly authorized.

Dated:   October 18, 2004

                                           SAVOY RESOURCES CORP.

                                           By: /s/ Robert Slavik
                                               ------------------------
                                               Robert Slavik, President

                                       9
<PAGE>

                               NOTICE OF EXERCISE

To:      Savoy Resources Corp.

     1. The undersigned hereby elects to purchase __________ shares of common
stock, $0.001 per share (the "Common Stock"), of Savoy Resources Corp. pursuant
to the terms of the attached Warrant, and he tenders herewith payment of the
exercise price in full.

     2. Calculation of cashless exercise value, if applicable:

------------------------------------------------------------------------

-----------------------------------------------------------------------.

     3. Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                           -------------------------------------
                                     (Name)

                           -------------------------------------
                                    (Address)

                           -------------------------------------
                                    (Address)

                                                  ------------------------------
Dated:                                                       Signature

                                       10
<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing Warrant, execute
                   this form and supply required information.
                  Do no use this form to exercise the Warrant.)

     FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to:

_________________________________________________________, whose address is

___________________________________________________________________________.

                                                   Dated: ____________, ________

                                Holder's Signature: ____________________________

                                  Holder's Address: ____________________________

                                                    ____________________________

Signature Guaranteed:

------------------------------------------------------------------------

NOTE: This signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alternation or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

                                       11

<PAGE>Exhibit 10.17

THE SECURITIES THAT ARE THE SUBJECT OF THIS SECURITIES PURCHASE AGREEMENT, AS IT
MAY BE AMENDED FROM TIME TO TIME, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR UNDER THE APPLICABLE SECURITIES LAWS OF ANY STATE
AND WILL BE OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF THESE LAWS BY VIRTUE OF THE INTENDED COMPLIANCE BY THE ISSUER
WITH SECTION 4(2) OF THE SECURITIES ACT AND SIMILAR EXEMPTIONS UNDER STATE LAW.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES
AND EXCHANGE COMMISSION (THE "SEC"), ANY STATE SECURITIES COMMISSION OR ANY
OTHER REGULATORY AUTHORITY. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

                          SECURITIES PURCHASE AGREEMENT

     THIS SUBSCRIPTION AGREEMENT (the "Agreement") is made and entered into as
of this 12th day of November, 2004, by and between Savoy Resources Corp., a
Colorado corporation (the "Company"), with its United States offices located at
18826 Pagentry Place, Monument, Colorado 80132, and EIB Capital Corp., with its
offices located at 1037 42nd Street, Brooklyn, New York 11219 (the "Purchaser").

                                    RECITALS:

     WHEREAS, the Company is offering for sale up to 5,000,000 units
(individually, a "Unit" and, collectively, the "Units"), each Unit consisting of
one share of common stock, $0.001 par value per share (the "Common Stock"), one
series A warrant exercisable to purchase one share of Common Stock at an
exercise price of $0.20 per share through November 11, 2007, (individually, a
"Series A Warrant" and, collectively, the "Series A Warrants"), and one series B
warrant exercisable to purchase one-half share of Common Stock through November
11, 2008, (individually, a "Series B Warrant" and, collectively, the "Series B
Warrants"), of which two series B warrants are exercisable at an exercise price
of $0.40 to purchase one share of Common Stock, at a per Unit price of $0.12 in
a transaction exempt from registration under Section 4(2) of the Securities Act
of 1933, as amended (the "Securities Act"), and the regulations promulgated
thereunder, and applicable securities laws and regulations of the State of New
York (the "Offering").

     NOW, THEREFORE, for and in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                                      -1-
<PAGE>

SECTION 1.0: PURCHASE AND SALE OF UNITS.

     Section 1.1 Closing. The Company agrees to issue, sell and deliver to the
Purchaser, and the Purchaser agrees to purchase and receive from the Company,
five million (5,000,000) Units upon the terms and conditions set forth in this
Agreement. The closing (the "Closing") of the sale and purchase of the Units
shall take place at the Company's offices, at 12:00, local time, on November 12,
2004, or at such other time and place as may be agreed to by the parties (the
"Closing Date"). The Units, including the Common Stock and the Series A and B
Warrants, shall be restricted and the certificates representing the securities
shall bear the restrictive legend pursuant to Rule 144 of the General Rules and
Regulations under the Securities Act.

     Section 1.2 Purchase Price. The total purchase price for the Units (the
"Purchase Price") shall be six hundred thousand U.S. dollars (US$600,000.00).

SECTION 2.0: REPRESENTATIONS AND WARRANTIES.

     Section 2.1 Representations and Warranties of the Purchaser. The Purchaser
makes the following representations and warranties to the Company.

     (a) Speculative Investment. The Purchaser is aware that an investment in
the Units is highly speculative and subject to substantial risks. The Purchaser
is capable of bearing the high degree of economic risk and the burden of this
venture, including, but not limited to, the possibility of complete loss of the
Purchaser's investment in the Units that makes liquidation of this investment
impossible for the indefinite future.

     (b) Privately Offered. The offer to issue and sell the Units was
communicated directly to the Purchaser in such a manner that the Purchaser was
able to ask questions of and receive answers concerning the terms and conditions
of this transaction. At no time was the Purchaser presented with or solicited by
or through any leaflet, public promotional meeting, television advertisement or
any other form of general advertising.

     (c) Purchase for Investment. The Units are being acquired solely for the
Purchaser's own account, for investment purposes and are not being purchased
with a view to the resale, distribution, subdivision or fractionalization
thereof without proper registration with appropriate securities administrators
or an applicable exemption from such registration. The Purchaser will comply
with all applicable law with respect to any resale of the Units.

     (d) Access to Information. The Purchaser or the Purchaser's professional
advisor has been granted the opportunity to ask questions of and receive answers
from representatives of the Company and its officers, directors, employees and
agents concerning the terms and conditions of the offering of the Units, the
Company and its business and prospects, and to obtain any additional information
that the Purchaser or the Purchaser's professional advisor deems necessary to
verify the accuracy and completeness of the information received.

                                      -2-
<PAGE>
     (f) Reliance on Own Advisors. The Purchaser has relied on the advice of, or
has consulted with, the Purchaser's own tax, investment, legal or other advisors
and has not relied on the Company or any of it affiliates, officers, directors,
attorneys, accountants or any affiliates of any thereof and each other person,
if any, who controls any thereof, within the meaning of Section 15 of the
Securities Act, for any tax or legal advice. The foregoing, however, does not
limit or modify the Purchaser's right to rely upon representations and
warranties of the Company in Section 2.2 of this Agreement and any
representations of any third parties acting as agents for or on the Company's
behalf.

     (g) Capability to Evaluate. The Purchaser has such knowledge and experience
in financial and business matters so as to enable such Purchaser to utilize the
information made available to it in connection with the offer of the Securities
in order to evaluate the merits and risks of the prospective investment.

     (h) Authority. The Purchaser (and each of its subsidiaries, if applicable)
is a corporation duly incorporated and existing in good standing under the laws
of the State of New York and has the requisite corporate power to own its
properties and to carry on its business as now being conducted. The Purchaser
has full power and authority to execute and deliver this Agreement and each
other document included herein (if any) for which a signature is required and to
act in accordance with the terms of this Agreement and such other documents (if
any).

     Section 2.2 Representations and Warranties of the Company. The Company
hereby makes the following representations and warranties to the Purchaser:

     (a) Organization and Qualification. The Company is a corporation duly
incorporated and existing in good standing under the laws of the state of
Colorado and has the requisite corporate power to own its properties and to
carry on its business as now being conducted. The Company is duly qualified as a
foreign corporation to do business and is in good standing in every jurisdiction
in which the nature of the business conducted or property owned by it makes such
qualification necessary other than those in which the failure so to qualify
would not have a Material Adverse Effect. "Material Adverse Effect," for
purposes of this Agreement, means any adverse effect on the business,
operations, properties, prospects or financial condition of the entity with
respect to which such term is used and that is material to such entity and other
entities controlled by such entity taken as a whole.

     (b) Authorization; Enforcement. (i) The Company has the requisite corporate
power and authority to enter into and perform this Agreement and to issue and
sell the Units in accordance with the terms hereof; (ii) the execution and
delivery of this Agreement by the Company and the consummation by it of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action, and no further consent or authorization of the Company or its
Board of Directors or stockholders is required; (iii) this Agreement has been
duly executed and delivered by the Company; and (iv) this Agreement constitutes
a valid and binding obligation of the Company enforceable against the Company in
accordance with its terms (except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of, creditors'
rights and remedies or by other equitable principles of general application).

                                      -3-
<PAGE>
     (c) Authorized Capital; Rights or Commitments to Stock. As of November 10,
2004, the authorized capital stock of the Company consists of 110,000,000
shares, of which 100,000,000 shares are Common Stock, of which 48,539,750 shares
are issued and outstanding, and 10,000,000 shares are preferred stock, of which
no shares are issued and outstanding. All of the outstanding shares of the
Company's Common Stock have been validly issued and are fully paid and
non-assessable.

     (d) Issuance of Securities. The issuance of the Units has been duly
authorized and, when paid for and issued in accordance with the terms hereof,
the Units, including the Common Stock and the Series A and B Warrants, shall be
validly issued, fully paid and non-assessable and entitled to the rights
inherent in the securities and as specified herein.

     (e) No Conflicts. The execution, delivery and performance of this Agreement
by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not (i) result in a violation of the
Company's Articles of Incorporation or Bylaws or (ii) conflict with, or
constitute a default (or an event that with notice or lapse of time or both
would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which the Company or any of its subsidiaries is a party, or result
in a violation of any federal, state, local or foreign law, rule, regulation,
order, judgment or decree (including federal and state securities laws and
regulations) applicable to the Company its subsidiary or by which any property
or assets of the Company or its subsidiary is bound or affected (except for such
conflicts, defaults, terminations, amendments, accelerations, cancellations and
violations as would not, individually or in the aggregate, have a Material
Adverse Effect); provided that, for purposes of such representation as to
federal, state, local or foreign law, rule or regulation, no representation is
made herein with respect to any of the same applicable solely to the Purchaser
and not to the Company. The business of the Company is not being conducted in
violation of any law, ordinance or regulations of any governmental entity,
except for violations that either singly or in the aggregate do not and will not
have a Material Adverse Effect. The Company is not required under federal, state
or local law, rule or regulation in the United States to obtain any consent,
authorization or order of, or make any filing or registration with, any court or
governmental agency in order for it to execute, deliver or perform any of its
obligations under this Agreement or issue and sell the Units in accordance with
the terms hereof, except the filing with the New York Bureau of Investor
Protection and Securities, and the payment of any filing or other fees required
by such governing authority; provided that, for purposes of the representation
made in this sentence, the Company is assuming and relying upon the accuracy of
the relevant representations and agreements of the Purchaser herein.

     (f) Reporting Status. The Company is subject to the reporting requirements
of Section 13 of the Securities Exchange Act of 1934, as amended. The Company is
not an investment company or a developmental stage company that has no specific
business plan or purpose. No information or documentation provided to the
Purchaser as of the date hereof has contained any untrue statement of a material
fact or has omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

     (g) No General Solicitation. Neither the Company, nor any of its
affiliates, or, to the best of its knowledge, any person acting on its or their
behalf, has engaged in any form of general solicitation or general advertising
in connection with the offer or sale of the Units.

     (h) No Integrated Offering. Neither the Company, nor any of its affiliates,
nor any person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any of the Company's securities or solicited any offers
to buy any of such securities, under circumstances that would prevent the
Company from offering the Units pursuant to Section 4(2) under the Securities
Act.

SECTION 3.0: COMPLIANCE AND INSTRUCTIONS.

     Section 3.1 Securities Compliance. The Company shall, to the extent
required, notify the SEC, the New York Bureau of Investor Protection and
Securities and the NASD Over-the-Counter Bulletin Board, in accordance with
their requirements, of the transactions contemplated by this Agreement, and
shall take all other necessary action and proceedings, as may be required by
applicable law, rule and regulation, for the legal and valid issuance of the
Units to the Purchaser.

     Section 3.2 Transfer Agent Instructions.

     a. Common Stock and Series A and B Warrants to be Issued With Restrictive
Legend. Upon the Closing, the Company shall instruct its transfer agent to issue
certificates for 5,000,000 shares of Common Stock to be received by the
Purchaser pursuant to this Agreement, with a restrictive legend pursuant to Rule
144 under the Securities Act, in the name of the Purchaser and in such
denominations to be specified by the Purchaser. Further, upon the Closing, the
Company shall issue the Series A and B Warrants, in the form attached hereto and
incorporated herein by this reference, to and in the name of the Purchaser with
a restrictive legend pursuant to Rule 144 under the Securities Act.

                                      -5-
<PAGE>
     b. Registration. The Company shall be required, at the request of Purchaser
and at the Company's expense, to effectuate the registration of the shares of
Common Stock included in the Units and the shares of Common Stock underlying the
Series A and B Warrants under the Securities Act and all relevant "blue sky"
laws as promptly as is practicable but in any event within the time limits
specified in this paragraph 3.2,b. The Company and the Purchaser shall cooperate
in good faith in connection with the furnishing of information required for such
registration and the taking of such other actions as may be legally or
commercially necessary in order to effectuate such registration. The Company
shall file a registration statement within seventy-five (75) days after the
Purchaser's demand therefor and shall use its best efforts to cause such
registration statement to become effective as soon as practicable thereafter and
in any event within one hundred eighty (180) days from the initial filing
thereof. Such best efforts shall include, without limitation, promptly
responding to all comments received from the SEC and providing the Purchaser's
counsel with a contemporaneous copy of all written correspondence with the SEC.
Once declared effective by the SEC, the Company shall cause such registration
statement to remain effective until the earlier of: (i) the sale by the
Purchaser of all the shares of Common Stock registered; or (ii) one hundred
eighty (180) days after the effective date of such registration statement. In
the event that the Company undertakes to file a registration statement on Form
S-3 in connection with the Common Stock, upon the effectiveness of such
registration, the Purchaser shall have the option to sell its shares of Common
Stock pursuant thereto. The foregoing shall not in any way limit the Purchaser's
rights in connection with the Common Stock.

SECTION 4.0: GENERAL CONDITIONS.

     Section 4.1 General Conditions Precedent to the Obligation of the Company
to Sell the Shares. The obligation hereunder of the Company to issue and/or sell
the Units to the Purchaser is subject to the satisfaction, at the Closing, of
each of the conditions set forth below. These conditions may be waived by the
Company at any time in its sole discretion.

     (a) Accuracy of the Purchaser's Representations and Warranties. The
representations and warranties of the Purchaser shall be true and correct in all
material respects as of the date when made and as of the Closing Date as though
made at that time (except for any representations and warranties that are
effective as of a particular, specified date).

     (b) Performance by the Purchaser. The Purchaser shall have performed all
agreements and satisfied all conditions required to be performed or satisfied by
the Purchaser at or prior to the Closing.

     (c) No Injunction, No Legal Action. No statute, rule, regulation, executive
order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent
jurisdiction that prohibits the consummation of any of the transactions
contemplated by this Agreement. No legal action, suit or proceeding shall be
pending or threatened that seeks to restrain or prohibit the transactions
contemplated by this Agreement.

                                      -6-
<PAGE>
     (e) Execution. The Purchaser shall have executed two (2) originals of this
Agreement and delivered the same to the Company.

     (f) Purchase Price. The Purchaser shall have delivered the applicable
Purchase Price for the Units to be purchased, in accordance with Section 1.2
above.

     Section 4.2 General Conditions Precedent to the Obligation of the Purchaser
to Purchase the Shares. The obligation hereunder of the Purchaser to purchase
and pay for the Units is subject to the satisfaction, at the Closing, of each of
the conditions set forth below. These conditions may be waived by the Purchaser
at any time in its sole discretion.

     (a) Accuracy of the Company's Representations and Warranties. The
representations and warranties of the Company shall be true and correct in all
material respects as of the date when made and as of the Closing Date as though
made at that time (except for representations and warranties that are effective
as of a particular, specified date).

     (b) Performance by the Company. The Company shall have performed all
agreements and satisfied all conditions required to be performed or satisfied by
the Company pursuant to this Agreement at or prior to the Closing, unless any
such agreement or condition is waived by the Purchaser in writing at or prior to
Closing.

     (c) Trading and Listing. The Company shall not have received notice of, and
trading in the Company's Common Stock shall not have been, suspended by the SEC
or a national securities exchange (currently the Over-the-Counter Bulletin
Board) (except for any suspension of trading of limited duration agreed to
between the Company and the principal exchange on which the Common Stock is
traded solely to permit dissemination of material information regarding the
Company) or de-listed by such exchange, and trading in securities generally as
reported by such exchange shall not have at any prior time been suspended or
limited, or minimum prices shall not have been established on securities whose
trades are reported by such exchange. (d) No Injunction. No statute, rule,
regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by any court or governmental authority
of competent jurisdiction that prohibits the consummation of any of the
transactions contemplated by this Agreement.

     (e) Execution. The Company shall have executed two (2) originals of this
Agreement and delivered the same to the Purchaser.

SECTION 5.0: TERMINATION.

                                      -7-
<PAGE>
     Section 5.1 Termination. This Agreement may be terminated at any time prior
to the Closing by the mutual written consent of the Company and the Purchaser.
This Agreement may be terminated by action of the respective Board of Directors
or other governing body of the Purchaser or the Company at any time if the
Closing shall not have been consummated by the fifth (5th) business day
following the date of this Agreement, provided that the party seeking to
terminate the Agreement is not in breach of the Agreement. This Agreement shall
automatically terminate without any further action of either party hereto if the
Closing shall not have occurred by the seventh (7th) business day following the
date of this Agreement, provided, however, that any such termination shall not
terminate the liability of any party that is then in breach of the Agreement.

SECTION 6.0: MISCELLANEOUS.

     Section 6.1 Fees and Expenses. The parties shall each pay the fees,
commissions and expenses of its respective advisers, brokers, finders, counsel,
accountants and other experts, if any, and all other expenses associated
therewith, in accordance with their respective agreements.

     Section 6.2 Specific Enforcement, Consent to Jurisdiction.

     (a) The Company and the Purchaser acknowledge and agree that irreparable
damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the parties shall be entitled to an
injunction or injunctions to prevent or cure breaches of the provisions of this
Agreement and to enforce specifically the terms and provisions hereof, this
being in addition to any other remedy to which either of them may be entitled by
law or equity.

     (b) The Company and the Purchaser each (i) hereby irrevocably submits to
the jurisdiction of the United States District Court and other courts of the
United States sitting in the State of Colorado for the purposes of any suit,
action or proceeding arising out of or relating to this Agreement and (ii)
hereby waives, and agrees not to assert in any such suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of such court,
that the suit, action or proceeding is brought in an inconvenient forum or that
the venue of the suit, action or proceeding is improper. The Company and the
Purchaser each consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing in this
paragraph shall affect or limit any right to serve process in any other manner
permitted by law.

     Section 6.3 Entire Agreement: Amendment. This Agreement contains the entire
understanding of the parties with respect to the matters covered hereby and,
except as specifically set forth herein, neither the Company nor the Purchaser
makes any representation, warranty, covenant or undertaking with respect to such
matters. No provision of this Agreement may be waived or amended other than by a
written instrument signed by the party against whom enforcement of any such
amendment or waiver is sought.

                                      -8-
<PAGE>
     Section 6.4 Notices. Any notice or other communication required or
permitted to be given hereunder shall be in writing and shall be effective (a)
upon hand delivery or delivery by telex (with correct answer back received),
telecopy or facsimile at the address or number designated below (if delivered on
a business day during normal business hours where such notice is to be received)
or the first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received)
or (b) on the second (2nd) business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur.

     The addresses for such communications shall be:

To the Company:   Savoy Resources Corp.
                  18826 Pagentry Place
                  Monument, Colorado 80132
                  Attention:  Mr. Robert Slavik, President

With a copy to:   Cudd & Associates
                  18826 Pagentry Place
                  Monument, Colorado 80132
                  Attention:  Patricia Cudd, Esq.

To the Purchaser:   At the address set forth in the first paragraph of this
                    Agreement or as specified hereafter in writing by the
                    Purchaser.

Either party hereto may from time to time change its address for notices by
giving at least ten (10) days' written notice of such changed address to the
other party hereto.

     Section 6.5 Waivers. No waiver by either party of any default with respect
to any provision, condition or requirement of this Agreement shall be deemed to
be a continuing waiver in the future or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of either party
to exercise any right hereunder in any manner impair the exercise of any such
right accruing to it thereafter.

     Section 6.6 Headings. The headings herein are for convenience only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

     Section 6.7 Governing Law. This Agreement is deemed made, and the
transactions contemplated herein are deemed to have taken place in, the State of
Colorado. This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Colorado without regard to
such state's principles of conflict of laws.

                                      -9-
<PAGE>
     Section 6.8 Survival. The representations and warranties of the Company and
the Purchaser contained in herein and the agreements and covenants set forth in
Sections 1.1 and 1.2, 2.1 and 2.2 and 4.1 and 4.2 shall survive for a period of
three (3) years after the Closing Date.

     Section 6.9 Publicity. The Company agrees that it will not disclose, and
will not include in any public announcement, the name of the Purchaser without
its consent, unless and until such disclosure is required by law or applicable
regulation, and then only to the extent of such requirement.

     Section 6.10 NASD. The term "NASD" or "NASD Over-the-Counter Bulletin
Board" herein refers to the principal market on which the Common Stock of the
Company is traded. If the Common Stock is listed on a securities exchange, or if
another market becomes the principal market on which the Common Stock is traded
or through which price quotations for the Common Stock are reported, the term
"NASD" or "NASD Over-the-Counter Bulletin Board" shall be deemed to refer to
such exchange or other principal market.

     Section 6.11 Acceptance. Execution and delivery of this Agreement by the
Purchaser shall constitute an offer to purchase the Units, which offer, unless
previously revoked by the Purchaser, may be accepted or rejected by the Company,
in its sole discretion for any cause or for no cause and without liability to
the Purchaser. The Company shall indicate acceptance of this Agreement by
signing as indicated on the signature page hereof.

     Section 6.12 Binding Agreement. Upon acceptance of this Agreement by the
Company, the Purchaser agrees that it may not cancel, terminate or revoke any
agreement of the Purchaser made hereunder, and that this Agreement shall be
binding upon the successors and assigns of the Purchaser.

     Section 6.13 Counterparts. This Agreement may be signed in multiple
counterparts, which counterparts shall constitute one and the same original
instrument.

     Section 6.14 Severability. If any portion of this Agreement shall be held
illegal, unenforceable, void or voidable by any court, each of the remaining
terms hereof shall nevertheless remain in full force and effect as a separate
contract.

     Section 6.15 Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and permitted assigns.

     IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Agreement as of the day and year first above written.

                                      -10-
<PAGE>

THE COMPANY:                                 THE PURCHASER:

SAVOY RESOURCES CORP.                        EIB CAPITAL CORP.

By: /s/ Robert Slavik                       By: /s/ Murray Silber
    ----------------------------------          ------------------------
    Robert Slavik, President and CEO            Murray Silber, President

                                      -11-
<PAGE>

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