Document:

EXHIBIT
      4.6

    

    [The
      following constitutes the registration rights granted to Rubicon Master Fund
      and

    Phelps
      Dodge Corporation as identified in the Securities Purchase Agreement dated
      July
      11, 2005,

    as
      amended on September 7, 2005, and on May 5, 2006]

    

    ARTICLE
      VI

    REGISTRATION
      RIGHTS

    

    6.1 Shelf
      Registration

    

    (a) On
      or
      prior to the Filing Date, the Company shall prepare and file with the SEC a
      “Shelf” Registration Statement covering the resale of all Registrable Securities
      for an offering to be made on a continuous basis pursuant to Rule 415. The
      Registration Statement shall be on Form SB-2 (except if the Company is not
      then
      eligible to register for resale the Registrable Securities on Form SB-2, in
      which case such registration shall be on another appropriate form in accordance
      herewith as the Purchasers may reasonably consent) and shall contain (except
      if
      otherwise directed by the Purchasers) the “Plan of Distribution” attached hereto
      as Exhibit F.

    

    (b) The
      Company shall use its commercially reasonable efforts to cause the Registration
      Statement to be declared effective by the SEC as promptly as possible after
      the
      filing thereof, but in any event prior to the Required Effectiveness Date,
      and
      shall use its best efforts to keep the Registration Statement continuously
      effective under the Securities Act until the end of the Effectiveness Period
      or
      all Registrable Securities owned by the Purchaser may be sold pursuant to Rule
      144(k); provided, however, the Company’s obligation to keep such Registration
      Statement effective shall cease in the event the Company has replaced such
      Registration Statement with a Registration Statement on Form S-3, declared
      effective by the SEC, covering the resale of all of the Registrable Securities
      for an offering to be made on a continuous basis pursuant to Rule 415. The
      Company shall use its best efforts to keep such Registration Statement on Form
      S-3 continuously effective under the Securities Act until the end of the
      Effectiveness Period. From and after the Effective Date until the expiration
      of
      the Effectiveness Period, the Company shall timely file with the Commission
      the
      annual, quarterly and other reports which the Company would be required to
      file
      with the Commission under Section 15(d) of the Exchange Act, whether or not
      the
      Company is eligible for any exemption therefrom.

    

    (c) [Deleted]

    

    (d) The
      Company shall notify each Purchaser in writing promptly (and in any event within
      one Trading Day) after receiving notification from the SEC that the Registration
      Statement has been declared effective.

    

    (e) As
      promptly as possible, and in any event no later than the Post-Effective
      Amendment Filing Deadline, the Company shall prepare and file with the SEC
      a
      Post-Effective Amendment. The Company shall use its best efforts to cause the
      Post-Effective Amendment to be declared effective by the SEC as promptly as
      possible after the filing thereof, but in any event prior to the fifteenth
      Trading Day after the Post-Effective Amendment Filing Deadline. The Company
      shall notify each Purchaser in writing promptly (and in any event within one
      business day) after receiving notification from the SEC that the Post-Effective
      Amendment has been declared effective. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (f) Upon
      the
      occurrence of any Event (as defined below) prior to the 24-month anniversary
      of
      the Closing, and on every monthly anniversary thereof occurring no later than
      the 24-month anniversary of the Closing until the applicable Event is cured,
      as
      partial relief for the damages suffered therefrom by the Purchasers (which
      remedy shall not be exclusive of any other remedies available under this
      Agreement, at law or in equity), the Company shall pay to each Purchaser an
      amount in cash, as liquidated damages and not as a penalty, equal to 1% of
      the
      aggregate purchase price paid by such Purchaser. The payments to which a
      Purchaser shall be entitled pursuant to this Section 6.1(f) are referred to
      herein as “Event Payments.” Any Event Payments payable pursuant to the terms
      hereof shall apply on a pro-rata basis for any portion of a month prior to
      the
      cure of an Event. In the event the Company fails to make Event Payments within
      10 Business Days of any demand therefore, such Event Payments shall bear
      interest at the rate of 1.5% per month (prorated for partial months) until
      paid
      in full.

    

    For
      such
      purposes, each of the following shall constitute an “Event”:

    

    (i) [Deleted];

    

    (ii) the
      Registration Statement is not filed on or prior to the Filing Date or is not
      declared effective on or prior to the Required Effectiveness Date; 

    

    (iii) [Deleted];

    

    (iv) a
      Post-Effective Amendment is not filed on or prior to the Post-Effective
      Amendment Filing Deadline or is not declared effective on or prior to the
      twenty-first Trading Day after the Post-Effective Amendment Filing
      Deadline;

    

    (v) the
      Company fails to have the Common Stock listed or quoted on its Trading Market
      on
      or prior to September 30, 2006; and

    

    (vi) after
      the
      Effective Date, a Purchaser is not permitted to sell Registrable Securities
      under the Registration Statement (or a subsequent Registration Statement filed
      in replacement thereof) for any reason (other than the requirement of the
      Company to file a Post-Effective Amendment and for such Post-Effective Amendment
      to be declared effective); provided, however, that none of the foregoing shall
      constitute an “Event” if the delay is caused by any act of war, terrorism,
      natural disaster or power failure. 

    

    (g) The
      Company shall not, prior to the Effective Date of the Registration Statement,
      prepare and file with the SEC a registration statement relating to an offering
      for its own account or the account of others under the Securities
      Act.

     

    
      
         

      

      
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    6.2 Registration
      Procedures.
      In
      connection with the Company’s registration or filing obligations hereunder, the
      Company shall:

    

    (a) Not
      less
      than three Trading Days prior to the filing of a Registration Statement or
      any
      related Prospectus or any or any amendment or supplement thereto (including
      any
      document that would be incorporated or deemed to be incorporated therein by
      reference) with respect to the registration or qualification of any Registrable
      Securities, the Company shall (i) furnish to each Purchaser and Schulte Roth
      & Zabel LLP and McCarthy Tetrault LLP (“Purchaser Counsel”) copies of all
      such documents proposed to be filed, which documents (other than those
      incorporated or deemed to be incorporated by reference) will be subject to
      the
      review of such Purchasers and Purchaser Counsel, and (ii) cause its officers
      and
      directors, counsel and independent certified public accountants to respond
      to
      such inquiries as shall be necessary, in the reasonable opinion of Purchaser
      Counsel, to conduct a reasonable investigation within the meaning of the
      Securities Act or otherwise. The Company shall not file a Registration Statement
      or any such Prospectus or any amendments or supplements thereto to which
      Purchasers holding a majority of the Registrable Securities shall reasonably
      object. However, any objection to the filing of such registration statement
      or
      other document enumerated above, shall suspend from occurring any of the
“Events” listed above in Section 6.1 ((f) i.-vi.) for the period of time during
      which the objection remains, but in no case will the period of suspension exceed
      ten Trading Days.

    

    (b) (i)
      Prepare and file with the SEC such amendments, including post-effective
      amendments, to each Registration Statement and the Prospectus used in connection
      therewith as may be necessary to keep the Registration Statement continuously
      effective as to the applicable Registrable Securities for the Effectiveness
      Period and prepare and file with the SEC such additional Registration Statements
      in order to register for resale under the Securities Act all of the Registrable
      Securities; (ii) cause the related Prospectus to be amended or supplemented
      by
      any required Prospectus supplement, and as so supplemented or amended to be
      filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible,
      and in any event within ten Business Days, to any comments received from the
      SEC
      with respect to the Registration Statement or any amendment thereto and as
      promptly as reasonably practicable provide the Purchasers true and complete
      copies of all correspondence from and to the SEC relating to the Registration
      Statement; and (iv) comply in all material respects with the provisions of
      the
      Securities Act and the Exchange Act with respect to the disposition of all
      Registrable Securities covered by the Registration Statement during the
      applicable period in accordance with the intended methods of disposition by
      the
      Purchasers thereof set forth in the Registration Statement as so amended or
      in
      such Prospectus, as applicable, as so supplemented.

    

    (c) Notify
      the Purchasers of Registrable Securities to be sold and Purchaser Counsel as
      promptly as reasonably practicable, and (if requested by any such Person)
      confirm such notice in writing no later than two Trading Days thereafter, of
      any
      of the following events: (i) the SEC notifies the Company whether there will
      be
      a “review” of any Registration Statement; (ii) the SEC comments in writing on
      any Registration Statement (in which case the Company shall deliver to each
      Purchaser a copy of such comments and of all written responses thereto); (iii)
      any Registration Statement or any post-effective amendment is declared
      effective; (iv) the SEC or any other Federal or state governmental authority
      requests any amendment or supplement to any Registration Statement or Prospectus
      or requests additional information related thereto; (v) the SEC issues any
      stop
      order suspending the effectiveness of any Registration Statement or initiates
      any Proceedings for that purpose; (vi) the Company receives notice of any
      suspension of the qualification or exemption from qualification of any
      Registrable Securities for sale in any jurisdiction, or the initiation or threat
      of any Proceeding for such purpose; or (vii) the financial statements included
      in any Registration Statement become ineligible for inclusion therein or any
      statement made in any Registration Statement or Prospectus or any document
      incorporated or deemed to be incorporated therein by reference is untrue in
      any
      material respect or any revision to a Registration Statement, Prospectus, or
      other document is required so that it will not contain any untrue statement
      of a
      material fact or omit to state any material fact required to be stated therein
      or necessary to make the statements therein, in the light of the circumstances
      under which they were made, not misleading.

     

    
      
         

      

      
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    (d) Use
      its
      reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal
      of (i) any order suspending the effectiveness of any Registration Statement,
      or
      (ii) any suspension of the qualification (or exemption from qualification)
      of any of the Registrable Securities for sale in any jurisdiction, at the
      earliest practicable moment.

    

    (e) Furnish
      to each Purchaser and Purchaser Counsel, without charge, at least one conformed
      copy of each Registration Statement and each amendment thereto, including
      financial statements and schedules, all documents incorporated or deemed to
      be
      incorporated therein by reference, and all exhibits to the extent requested
      by
      such Person (including those previously furnished or incorporated by reference)
      as promptly as practicable after the filing of such documents with the
      SEC.

    

    (f) Promptly
      deliver to each Purchaser and Purchaser Counsel, without charge, as many copies
      of the Prospectus or Prospectuses (including each form of prospectus), and
      each
      amendment or supplement thereto as such Persons may reasonably request within
      two Business Days of such request. The Company hereby consents to the use of
      such Prospectus, if applicable, and each amendment or supplement thereto by
      each
      of the selling Purchasers in connection with the offering and sale of the
      Registrable Securities covered by such Prospectus and any amendment or
      supplement thereto.

    

    (g) (i)
      In
      the time and manner required by each Trading Market, prepare and file with
      such
      Trading Market an additional shares listing application covering all of the
      Registrable Securities; (ii) take all steps necessary to cause such Registrable
      Securities to be approved for listing on each Trading Market as soon as
      practicable thereafter; (iii) provide to the Purchasers evidence of such
      listing; and (iv) maintain the listing of such Registrable Securities on each
      such Trading Market or another Eligible Market.

    

    (h) Prior
      to
      any public offering of Registrable Securities, use its best efforts to register
      or qualify or cooperate with the selling Purchasers and Purchaser Counsel in
      connection with the registration or qualification (or exemption from such
      registration or qualification) of such Registrable Securities for offer and
      sale
      under the securities or blue sky laws of such jurisdictions within the United
      States or Canada as any Purchaser requests in writing, to keep each such
      registration or qualification (or exemption therefrom) effective during the
      Effectiveness Period and to do any and all other acts or things necessary or
      advisable to enable the disposition in such jurisdictions of the Registrable
      Securities covered by a Registration Statement; provided, however, that the
      Company shall not be obligated to file any general consent to service of process
      or to qualify as a foreign corporation or as a dealer in securities in any
      jurisdiction in which it is not so qualified or to subject itself to taxation
      in
      respect of doing business in any jurisdiction in which it is not otherwise
      subject.

     

    
      
         

      

      
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    (i) Cooperate
      with the Purchasers to facilitate the timely preparation and delivery of
      certificates representing Registrable Securities to be delivered to a transferee
      pursuant to a Registration Statement, which certificates shall be free, to
      the
      extent permitted by this Agreement, of all restrictive legends, and to enable
      such Registrable Securities to be in such denominations and registered in such
      names as any such Purchasers may request.

    

    (j) Upon
      the
      occurrence of any event described in Section 6.2(c)(xii), as promptly as
      reasonably practicable, prepare a supplement or amendment, including a
      post-effective amendment, to the Registration Statement or a supplement to
      the
      related Prospectus or any document incorporated or deemed to be incorporated
      therein by reference, and file any other required document so that, as
      thereafter delivered, neither the Registration Statement nor such Prospectus
      will contain an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements therein,
      in the light of the circumstances under which they were made, not
      misleading.

    

    (k) Reasonably
      cooperate with any due diligence investigation undertaken by the Purchasers
      in
      connection with the sale of Registrable Securities, including without limitation
      by making available any documents and information; provided that the Company
      will not deliver or make available to any Purchaser material, nonpublic
      information unless such Purchaser specifically requests in advance to receive
      material, nonpublic information in writing.

    

    (l) If
      Holders of a majority of the Registrable Securities being offered pursuant
      to a
      Registration Statement select underwriters for the offering, the Company shall
      enter into and perform its obligations under an underwriting agreement, in
      usual
      and customary form reasonably acceptable to the Company, including, without
      limitation, by providing customary legal opinions, comfort letters and
      indemnification and contribution obligations; provided, that no such agreement
      shall obligate the Company to pay any amount not otherwise contemplated by
      this
      Article VI.

    

    (m) Comply
      with all applicable rules and regulations of the SEC.

    

    6.3 Registration
      Expenses.
      The
      Company shall pay (or reimburse the Purchasers for) all fees and expenses
      incident to the performance of or compliance with this Agreement by the Company,
      including without limitation (a) all registration and filing fees and expenses,
      including without limitation those related to filings with the SEC, any Trading
      Market and in connection with applicable state securities or Blue Sky laws,
      (b)
      printing expenses (including without limitation expenses of printing
      certificates for Registrable Securities and of printing prospectuses requested
      by the Purchasers), (c) messenger, telephone and delivery expenses incurred
      by
      the Company, (d) fees and disbursements of counsel for the Company and up to
      $20,000 in the aggregate for Purchaser Counsel (incurred in preparing the
      initial filing of the registration statement for the Registrable Securities
      and
      all amendments thereto prior to it being declared effective), (e) fees and
      expenses of all other Persons retained by the Company in connection with the
      consummation of the transactions contemplated by this Agreement, and (f) all
      listing fees to be paid by the Company to the Trading Market. In all events,
      the
      Purchasers shall be solely responsible for paying all brokerage fees,
      underwriter commissions or similar compensation relating to their sale of
      Registrable Securities and any income taxes resulting from any such sale of
      Registrable Securities.

     

    
      
         

      

      
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    6.4 Indemnification

    

    (a) Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Purchaser, the officers, directors, partners, members,
      agents, brokers (including brokers who offer and sell Registrable Securities
      as
      principal as a result of a pledge or any failure to perform under a margin
      call
      of Common Stock), investment advisors and employees of each of them, each Person
      who controls any such Purchaser (within the meaning of Section 15 of the
      Securities Act or Section 20 of the Exchange Act) and the officers, directors,
      partners, members, agents and employees of each such controlling Person, to
      the
      fullest extent permitted by applicable law, from and against any and all Losses,
      as incurred, arising out of or relating to any untrue or alleged untrue
      statement of a material fact contained in the Registration Statement, any
      Prospectus or any form of prospectus or in any amendment or supplement thereto
      or in any preliminary prospectus, or arising out of or relating to any omission
      or alleged omission of a material fact required to be stated therein or
      necessary to make the statements therein (in the case of any Prospectus or
      form
      of prospectus or supplement thereto, in the light of the circumstances under
      which they were made) not misleading, except to the extent, but only to the
      extent, that (i) such untrue statements, alleged untrue statements, omissions
      or
      alleged omissions are based solely upon information regarding such Purchaser
      furnished in writing to the Company by such Purchaser expressly for use therein,
      or to the extent that such information relates to such Purchaser or such
      Purchaser’s proposed method of distribution of Registrable Securities and was
      reviewed and expressly approved in writing by such Purchaser expressly for
      use
      in the Registration Statement, such Prospectus or such form of Prospectus or
      in
      any amendment or supplement thereto or (ii) in the case of an occurrence of
      an
      event of the type specified in Section 6.2(c)(v)-(xii), the use by such
      Purchaser of an outdated or defective Prospectus after the Company has notified
      such Purchaser in writing that the Prospectus is outdated or defective and
      prior
      to the receipt by such Purchaser of the Advice contemplated in Section 6.5.
      The
      Company shall notify the Purchasers promptly of the institution, threat or
      assertion of any Proceeding of which the Company is aware in connection with
      the
      transactions contemplated by this Agreement.

    

    (b) Indemnification
      by Purchasers.
      Each
      Purchaser shall, severally and not jointly, indemnify and hold harmless the
      Company, its directors, officers, agents and employees, each Person who controls
      the Company (within the meaning of Section 15 of the Securities Act and Section
      20 of the Exchange Act), and the directors, officers, agents or employees of
      such controlling Persons, to the fullest extent permitted by applicable law,
      from and against all Losses (as determined by a court of competent jurisdiction
      in a final judgment not subject to appeal or review) arising solely out of
      any
      untrue statement of a material fact contained in the Registration Statement,
      any
      Prospectus, or any form of prospectus, or in any amendment or supplement
      thereto, or arising solely out of any omission of a material fact required
      to be
      stated therein or necessary to make the statements therein (in the case of
      any
      Prospectus, or form of prospectus or supplement thereto, in the light of the
      circumstances under which they were made) not misleading to the extent, but
      only
      to the extent, that such untrue statement or omission is contained in any
      information so furnished in writing by such Purchaser to the Company
      specifically for inclusion in such Registration Statement or such Prospectus
      or
      to the extent that (i) such untrue statements or omissions are based solely
      upon
      information regarding such Purchaser furnished in writing to the Company by
      such
      Purchaser expressly for use therein, or to the extent that such information
      relates to such Purchaser or such Purchaser’s proposed method of distribution of
      Registrable Securities and was reviewed and expressly approved in writing by
      such Purchaser expressly for use in the Registration Statement, such Prospectus
      or such form of Prospectus or in any amendment or supplement thereto or (ii)
      in
      the case of an occurrence of an event of the type specified in Section
      6.2(c)(v)-(xii), the use by such Purchaser of an outdated or defective
      Prospectus after the Company has notified such Purchaser in writing that the
      Prospectus is outdated or defective and prior to the receipt by such Purchaser
      of the Advice contemplated in Section 6.5. In no event shall the liability
      of
      any selling Purchaser hereunder be greater in amount than the dollar amount
      of
      the net proceeds received by such Purchaser upon the sale of the Registrable
      Securities giving rise to such indemnification obligation.

     

    
      
         

      

      
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    (c) Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify
      the Person from whom indemnity is sought (the “Indemnifying Party”) in writing,
      and the Indemnifying Party shall assume the defense thereof, including the
      employment of counsel reasonably satisfactory to the Indemnified Party and
      the
      payment of all fees and expenses incurred in connection with defense thereof;
      provided, that the failure of any Indemnified Party to give such notice shall
      not relieve the Indemnifying Party of its obligations or liabilities pursuant
      to
      this Agreement, except (and only) to the extent that it shall be finally
      determined by a court of competent jurisdiction (which determination is not
      subject to appeal or further review) that such failure shall have proximately
      and materially adversely prejudiced the Indemnifying Party.

    

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (i) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; or (ii) the Indemnifying Party shall have failed promptly to assume
      the defense of such Proceeding and to employ counsel reasonably satisfactory
      to
      such Indemnified Party in any such Proceeding; or (iii) the named parties to
      any
      such Proceeding (including any impleaded parties) include both such Indemnified
      Party and the Indemnifying Party, and such Indemnified Party shall have been
      advised by counsel that a conflict of interest is likely to exist if the same
      counsel were to represent such Indemnified Party and the Indemnifying Party
      (in
      which case, if such Indemnified Party notifies the Indemnifying Party in writing
      that it elects to employ separate counsel at the expense of the Indemnifying
      Party, the Indemnifying Party shall not have the right to assume the defense
      thereof and such counsel shall be at the expense of the Indemnifying Party).
      The
      Indemnifying Party shall not be liable for any settlement of any such Proceeding
      effected without its written consent, which consent shall not be unreasonably
      withheld. No Indemnifying Party shall, without the prior written consent of
      the
      Indemnified Party, effect any settlement of any pending Proceeding in respect
      of
      which any Indemnified Party is a party, unless such settlement includes an
      unconditional release of such Indemnified Party from all liability on claims
      that are the subject matter of such Proceeding.

     

    
      
         

      

      
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    All
      fees
      and expenses of the Indemnified Party (including reasonable fees and expenses
      to
      the extent incurred in connection with investigating or preparing to defend
      such
      Proceeding in a manner not inconsistent with this Section) shall be paid to
      the
      Indemnified Party, as incurred, within ten Trading Days of written notice
      thereof to the Indemnifying Party (regardless of whether it is ultimately
      determined that an Indemnified Party is not entitled to indemnification
      hereunder; provided, that the Indemnifying Party may require such Indemnified
      Party to undertake to reimburse all such fees and expenses to the extent it
      is
      finally judicially determined that such Indemnified Party is not entitled to
      indemnification hereunder). 

    

    (d) Contribution.
      If a
      claim for indemnification under Section 6.4(a) or (b) is unavailable to an
      Indemnified Party (by reasons other than the specified exclusions to
      indemnification), then each Indemnifying Party, in lieu of indemnifying such
      Indemnified Party, shall contribute to the amount paid or payable by such
      Indemnified Party as a result of such Losses, in such proportion as is
      appropriate to reflect the relative fault of the Indemnifying Party and
      Indemnified Party in connection with the actions, statements or omissions that
      resulted in such Losses as well as any other relevant equitable considerations.
      The relative fault of such Indemnifying Party and Indemnified Party shall be
      determined by reference to, among other things, whether any action in question,
      including any untrue or alleged untrue statement of a material fact or omission
      or alleged omission of a material fact, has been taken or made by, or relates
      to
      information supplied by, such Indemnifying Party or Indemnified Party, and
      the
      parties’ relative intent, knowledge, access to information and opportunity to
      correct or prevent such action, statement or omission. The amount paid or
      payable by a party as a result of any Losses shall be deemed to include, subject
      to the limitations set forth in Section 6.4(c), any reasonable attorneys’ or
      other reasonable fees or expenses incurred by such party in connection with
      any
      Proceeding to the extent such party would have been indemnified for such fees
      or
      expenses if the indemnification provided for in this Section was available
      to
      such party in accordance with its terms.

    

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 6.4(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 6.4(d), no Purchaser shall be
      required to contribute, in the aggregate, any amount in excess of the amount
      by
      which the proceeds actually received by such Purchaser from the sale of the
      Registrable Securities subject to the Proceeding exceeds the amount of any
      damages that such Purchaser has otherwise been required to pay by reason of
      such
      untrue or alleged untrue statement or omission or alleged omission. No Person
      guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
      of
      the Securities Act) shall be entitled to contribution from any Person who was
      not guilty of such fraudulent misrepresentation.

     

    
      
         

      

      
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    The
      indemnity and contribution agreements contained in this Section are in addition
      to any liability that the Indemnifying Parties may have to the Indemnified
      Parties.

    

    6.5 Dispositions.
      Each
      Purchaser agrees that it will comply with the prospectus delivery requirements
      of the Securities Act as applicable to it in connection with sales of
      Registrable Securities pursuant to the Registration Statement. Each Purchaser
      further agrees that, upon receipt of a notice from the Company of the occurrence
      of any event of the kind described in Sections 6.2(c)(v)-(xii), such Purchaser
      will discontinue disposition of such Registrable Securities under the
      Registration Statement until such Purchaser’s receipt of the copies of the
      supplemented Prospectus and/or amended Registration Statement contemplated
      by
      Section 6.2(j), or until it is advised in writing (the “Advice”) by the Company
      that the use of the applicable Prospectus may be resumed, and, in either case,
      has received copies of any additional or supplemental filings that are
      incorporated or deemed to be incorporated by reference in such Prospectus or
      Registration Statement. The Company may provide appropriate stop orders to
      enforce the provisions of this paragraph.

    

    6.6 No
      Piggyback on Registrations.
      Except
      as set forth on Schedule 6.6, neither the Company nor any of its security
      holders (other than the Purchasers in such capacity pursuant hereto) may include
      securities of the Company in a Registration Statement issued in accordance
      with
      Section 6.1 other than the Registrable Securities. In addition, the Company
      shall not after the date hereof enter into any agreement providing any such
      right to any of its security holders.

    

    6.7 Incidental
      Registrations.

    

    (a) If
      the
      Company at any time or from time to time proposes to register or qualify any
      of
      its securities under the Securities Act (other than in a registration on Form
      S-4 or S-8 or any successor form to such forms) whether or not pursuant to
      registration rights granted to other Purchasers of its securities and whether
      or
      not for sale for its own account, the Company shall deliver prompt written
      notice (which notice shall be given at least 30 days prior to such proposed
      registration) to the all Purchasers of its intention to undertake such
      registration or qualification, describing in reasonable detail the proposed
      registration or qualification and distribution (including the anticipated range
      of the proposed offering price, the class and number of securities proposed
      to
      be registered or qualified and the distribution arrangements) and of such
      Purchasers’ right to participate in such registration or qualification under
      this Section 6.7(a) as hereinafter provided. Subject to the other provisions
      of
      this paragraph (a) and Section 6.7(b), upon the written request of any Purchaser
      made within 20 days after the receipt of such written notice (which request
      shall specify the amount of Registrable Securities to be registered and the
      intended method of disposition thereof), the Company shall effect the
      registration or qualification under the Securities Act of all Registrable
      Securities requested by Purchasers to be so registered or qualified (an
“Incidental Registration”), to the extent requisite to permit the disposition
      (in accordance with the intended methods thereof as aforesaid) of the
      Registrable Securities so to be registered or qualified, by inclusion of such
      Registrable Securities in the Registration Statement which covers the securities
      which the Company proposes to register or qualify and shall cause such
      Registration Statement to become and remain effective with respect to such
      Registrable Securities in accordance with the registration procedures set forth
      in Section 6.2 above. If an Incidental Registration involves an Underwritten
      Offering, immediately upon notification to the Company from the Underwriter
      of
      the price at which such securities are to be sold, the Company shall so advise
      each participating Purchaser. The Purchasers requesting inclusion in an
      Incidental Registration may, at any time prior to the effective date of the
      Incidental Registration Statement (and for any reason), revoke such request
      by
      delivering written notice to the Company revoking such requested
      inclusion.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    (i) If
      at any
      time after giving written notice of its intention to register or qualify any
      securities and prior to the effective date of the Incidental Registration
      Statement filed in connection with such registration, the Company shall
      determine for any reason not to register or qualify or to delay registration
      or
      qualification of such securities, the Company may, at its election, give written
      notice of such determination to each Purchaser of Registrable Securities and,
      thereupon, (A) in the case of a determination not to register or qualify, the
      Company shall be relieved of its obligation to register or qualify any
      Registrable Securities in connection with such registration or qualification
      (but not from its obligation to pay the Registration Expenses incurred in
      connection therewith), and (B) in the case of a determination to delay such
      registration or qualification, the Company shall be permitted to delay the
      registration or qualification of such Registrable Securities for the same period
      as the delay in registering or qualifying such other securities; provided,
      however, that if such delay shall extend beyond 120 days from the date the
      Company received a request to include Registrable Securities in such Incidental
      Registration, then the Company shall again give all Purchasers the opportunity
      to participate therein and shall follow the notification procedures set forth
      in
      the preceding paragraph. There is no limitation on the number of such Incidental
      Registrations pursuant to this Section 6.7 which the Company is obligated to
      effect.

    

    (ii) The
      registration rights granted pursuant to the provisions of this Section 6.7
      shall
      be in addition to the registration rights granted pursuant to the other
      provisions of Section 6.7 hereof.

     

    (b) Priority
      in Incidental Registration.
      If an
      Incidental Registration involves an Underwritten Offering (on a firm commitment
      basis), and the sole or the lead managing Underwriter, as the case may be,
      of
      such Underwritten Offering shall advise the Company in writing (with a copy
      to
      each Purchaser requesting registration or qualification) on or before the date
      five days prior to the date then scheduled for such offering that, in its
      opinion, the amount of securities (including Registrable Securities) requested
      to be included in such registration or qualification exceeds the amount which
      can be sold in such offering without materially interfering with the successful
      marketing of the securities being offered (such writing to state the basis
      of
      such opinion and the approximate number of such securities which may be included
      in such offering without such effect), the Company shall include in such
      registration or qualification, to the extent of the number which the Company
      is
      so advised may be included in such offering without such effect, (i) in the
      case
      of a registration or qualification initiated by the Company, (A) first, the
      securities that the Company proposes to register or qualify for its own account,
      (B) second, the Registrable Securities requested to be included in such
      registration or qualification by the Purchasers, allocated pro rata in
      proportion to the number of Registrable Securities requested to be included
      in
      such registration or qualification by each of them, and (C) third, other
      securities of the Company to be registered or qualified on behalf of any other
      Person, and (ii) in the case of a registration or qualification initiated by
      a
      Person other than the Company, (A) first, the Registrable Securities requested
      to be included in such registration or qualification by the Purchasers and
      by
      any Persons initiating such registration or qualification, allocated pro rata
      in
      proportion to the number of securities requested to be included in such
      registration or qualification by each of them, (B) second, the securities
      that the Company proposes to register or qualify for its own account, and (C)
      third, other securities of the Company to be registered or qualified on behalf
      of any other Person; provided, however, that in the event the Company will
      not,
      by virtue of this Section 6.7(b), include in any such registration or
      qualification all of the Registrable Securities of any Purchaser requested
      to be
      included in such registration or qualification, such Purchaser may, upon written
      notice to the Company given within three days of the time such Purchaser first
      is notified of such matter, reduce the amount of Registrable Securities it
      desires to have included in such registration or qualification, whereupon only
      the Registrable Securities, if any, it desires to have included will be so
      included and the Purchasers not so reducing shall be entitled to a corresponding
      increase in the amount of Registrable Securities to be included in such
      registration or qualification.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    (c) Selection
      of Underwriters.
      If any
      Incidental Registration involves an Underwritten Offering, the sole or managing
      Underwriter(s) and any additional investment bankers and managers to be used
      in
      connection with such registration or qualification shall be subject to the
      approval of the holders of a majority of the Registrable Securities to be
      included in such Incidental Registration (such approval not to be unreasonably
      withheld).

    

    6.8 Additional
      Rights.
      If at
      any time during the Effectiveness Period there is not an effective Registration
      Statement covering all of the Registrable Securities and the Company shall
      determine to prepare and file with the SEC a registration statement relating
      to
      an offering for its own account or the account of others under the Securities
      Act of any of its equity securities, other than on Form S-4 or Form S-8 (each
      as
      promulgated under the Securities Act) or their then equivalents relating to
      equity securities to be issued solely in connection with any acquisition of
      any
      entity or business or equity securities issuable in connection with stock option
      or other employee benefit plans, then the Company shall send to each Purchaser
      written notice of such determination and if, within fifteen days after receipt
      of such notice, any such Purchaser shall so request in writing, the Company
      shall include in such registration statement or qualification all or any part
      of
      such Registrable Securities such Purchaser requests to be registered or
      qualified.

     

    
      
         

      

      
        11EXHIBIT
      10.14

     

    WHITE
      MOUNTAIN TITANIUM CORPORATION

    

    STOCK
      OPTION PLAN

    

    OPTION
      AGREEMENT

    

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
      EXCHANGE COMMISSION BECAUSE THEY ARE BELIEVED TO BE EXEMPT FROM REGISTRATION
      UNDER SECTION 4(2) AND/OR 4(6) OF THE SECURITIES ACT OF 1933.

    

    THESE
      SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
      COMMISSION. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER
      AUTHORITY HAS PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY
      OR ADEQUACY OF THE INFORMATION PROVIDED TO THE INVESTORS. ANY REPRESENTATION
      TO
      THE CONTRARY IS A CRIMINAL OFFENSE. INVESTORS MUST RELY ON THEIR OWN EXAMINATION
      OF THE COMPANY, AND THE RISKS, MERITS AND TERMS OF THIS OFFERING IN MAKING
      AN
      INVESTMENT DECISION.

    

    WITHOUT
      COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
      REPRESENTED BY THIS AGREEMENT AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF
      MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH
      AN
      EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN
      RESIDENT.

    

    This
      Option Agreement is entered into between WHITE MOUNTAIN TITANIUM CORPORATION
      (the “Company”) and the Optionee named below pursuant to the Company Stock
      Option Plan (the “Plan”), a copy of which is attached hereto, and confirms
      that:

    

    
      
        	1.	
                on
                  September
                  1, 2006
                  (the “Grant Date”);

              

      

    

    

    
      	2.	
              Charles
                E. Jenkins
                (the “Optionee”);

            

    

    

    
      
        
          	3.	
                  was
                    granted the option (the “Option”) to purchase 100,000
                    Common Shares (the “Option Shares”) of the
                    Company;

                

        

      

    

    

    
      	4.	
              for
                the price (the “Option Price”) of $1.25
                per share;

            

    

    

    
      
        
          	5.	
                  which
                    shall be exercisable (“Vested”) 25%
                    as of the date of the agreement and 12.5% as of the end of each
                    three-month period thereafter until fully vested;

                

        

      

    

    

    
      
        	6.	
                terminating
                  on September
                  1, 2011
                  (the “Expiry Date”);

              

      

    

    

    all
      on
      the terms and subject to the conditions set out in the Plan. For greater
      certainty, once Option Shares have become Vested, they continue to be
      exercisable until the termination or cancellation thereof as provided in this
      Option Agreement and the Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    By
      signing this Option Agreement, the Optionee acknowledges that the Optionee
      has
      read and understands the Plan and agrees to the terms and conditions of the
      Plan
      and this Option Agreement.

    

    IN
      WITNESS WHEREOF the parties hereto have executed this Option Agreement as of
      the
      1st day of September, 2006, to be effective as of the Grant Date.

     

    
      	 	 	 
	OPTIONEE	WHITE MOUNTAIN TITANIUM
              CORPORATION
	 
 	 
 	 
 
	/s/ Charles E. Jenkins	By:  	/s/ Brian
              Flower
	
              
Charles
              E. Jenkins	
              
Brian
              Flower, Chairman
	 	 
	
              Attached 
Stock
                Option Plan

            	 

    

     

    
      
        
        

      

      
        2

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