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			EXHIBIT 10.1 – ASSET PURCHASE AGREEMENT

					

					

					

				

		
			ASSET PURCHASE AGREEMENT

					

					

				

		

		
			THIS AGREEMENT made effective as of the 6thth day of April, 2006.

				

				BETWEEN:

				                        SCOTT BELL, Businessman, of

				                        P.O. Box 228, La Ronge, Saskatchewan, Canada, S0J 1L0

				

				                        (the "Vendor")

		

		OF THE FIRST PART

		AND:

			

			                       GUINNESS EXPLORATION, INC., a USA corporation

			                        Having an offices at 844 Reddington Court

			                        Coquitlam, British Columbia, Canada, V4P 4P7

			

			                        
			(the "Purchaser")

		OF THE SECOND PART

		WHEREAS:

				

			A.          The Vendor is the legal and beneficial owner of the Property, as hereinafter defined.

			

			B.          The Vendor has agreed to sell to the Purchaser and the Purchaser has agreed to purchase from the Vendor all of the beneficial interest of the Vendor in and to the Property, as hereinafter defined, upon and subject to the terms and conditions herein set forth, it being the intention of the parties hereto that the purchase price for the beneficial ownership of the Property will be the fair market value thereof.

			

			IN CONSIDERATION of the premises, mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

			

			1.          DEFINITIONS AND INTERPRETATION

				

			1.1        In this Agreement, the following words or expressions shall have the following meanings, namely:

		

		
			a)       “Appraised Value” has the meaning ascribed thereto by paragraph 3;

				

				b)       “Effective Date” means the 6th day of April, 2006;

				

				c)       “Property” means Claim number S-108991 comprised of 741 hectares, as staked by the Vendor, located in the Athabasca Basin, Saskatchewan, Canada. (hereinafter the “Property”) ;

				

				d)       “Purchase Price” has the meaning ascribed thereto by paragraph 3;

			

		

		

		

		

		

		

		

		

		
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			2.          PURCHASE AND SALE

				

			2.1        The Vendor hereby transfers, sells, assigns and sets over to the Purchaser and the Purchaser hereby purchases, as of the Effective Date the beneficial ownership in the Property on the terms and conditions hereinafter set forth.

			

			2.3        The Vendor shall, as soon as is practical, do all things to effect a legal transfer of the Property to the Purchaser. 

			

			2.4        From the Effective Date to the date the legal transfer is effected, the Vendor shall hold the legal title to the Property in trust, as bare trustee, for and on behalf of the Purchaser, in accordance with the following terms and conditions:

		
			a)       The Vendor does and shall stand seized of the Property in trust for the Purchaser, the Purchaser’s successors and assigns, until legal title to the Property is effected, and shall transfer, lease, encumber or dispose of the Property only in such manner as the Purchaser, the Purchaser’s successors and assigns lawfully direct.

				

				b)       All dividends, profits, and advantages accruing to or arising out of the Property shall be held by the Vendor for the exclusive use, benefit and advantage of the Purchaser and the Vendor shall, upon written demand from the Purchaser, account to the Purchaser for all such profits and advantages and pay over the same to the Purchaser

				

				c)       The Purchaser shall pay any and all costs and expenses incurred with respect to the Property of every nature and kind.

				

				d)       The Purchaser will indemnify and save harmless the Vendor from any and all claims, demands, payments of money, causes of actions, suits, judgments, howsoever arising out of or in connection with the Property.

				

				e)       The Vendor does hereby acknowledge and declare further and that the Vendor will not permit the Property to become in any way charged, encumbered or affected by any act or omission of the Vendor.

		

		3.          PURCHASE PRICE

			

			             The purchase price (the “Purchase Price” or “Appraised Value”) for the ownership of the Property transferred and assigned pursuant to this Agreement shall be the fair market value thereof as of the Effective Date, which the parties have determined to be (USD) $15,985.15

		

		

		

		

		
			

			

			

		
		
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				4.          PAYMENT OF PURCHASE PRICE

				

			4.1        The Purchase Price for the Property transferred and assigned pursuant to this Agreement shall be paid or otherwise satisfied by payment in cash or bank draft to the Vendor in the amount of US FIFTEEN THOUSAND, NINE HUNDRED AND EIGHTY-FIVE DOLLARS AND FIFTEEN CENTS ($15,985,15)

			

			5.          VENDOR'S REPRESENTATIONS AND WARRANTIES

				

			5.1        The Vendor hereby represents and warrants to the Purchaser that:

		

		
			a)       it is the legal and beneficial owner of the Property;

				

				b)       it has the ability to perform its obligations under this Agreement including without limitation the transfer of the Property to the Purchaser, and no third party consents or authorizations are required prior to the transfer of the beneficial ownership of the Property to the Purchaser;

				

				c)       the Vendor is not a non-resident of Canada within the meaning of the Act; and

		

		5.2        The Purchaser hereby represents and warrants to the Vendor that:

		

		
			a)       it has the ability to perform its obligations under this Agreement and without limiting the foregoing has the capacity to enter into and perform its obligations under the Declaration of Trust;

				

				b)       it is purchasing the Property for use in the course of its commercial activities;

			

		

		5.3        The representations and warranties set out in this paragraph 5 shall survive the completion of the transactions contemplated by this Agreement.

		6.          FURTHER ASSURANCES

			

			             The Vendor and the Purchaser shall do or cause to be done all such further acts and things and shall execute or cause to be executed all such further deeds, documents, elections and instruments as may be reasonably necessary for the purpose of completing the transactions contemplated by this Agreement.

		

		8.          ENUREMENT

			

			             This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.

		

		9.          NOTICES

			

			             All notices, directions, or other instruments required or permitted to be given to the parties hereto shall be in writing and shall be delivered to the address of the party to whom it is directed as set forth on the first page of this Agreement.

		

		

		

		

		

		

		
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			10.         MODIFICATION

				

				              This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto or their respective successors or assigns.

			

			11.         GOVERNING LAW

				

				              This Agreement shall be governed by and be construed in accordance with the laws of the Province of Saskatchewan and of Canada applicable therein.

			

			12.         HEADINGS

				

				              The headings of the clauses of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

			

			13.         TIME OF ESSENCE

				

				              Time shall be of the essence of this Agreement.

			

			14.         COUNTERPARTS AND FACSIMILE

				

				              This Agreement may be signed and delivered in counterparts and/or by electronic facsimile by the parties in counterparts, each of which so signed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument.

			

			IN WITNESS WHEREOF the parties have caused these presents to be executed as of the Effective Date.

			

			                                                                                                    GUINNESS EXPLORATION, INC.

				

				                                                                                                    Per:      /s/ Donald Kello                             

			                                                                                                                Authorized Signatory

			

			                                                                                                                 /s/ Scott Bell                                        

			                                                                                                     SCOTT BELLNEWS ANNOUNCEMENT

		
	

	Trading Symbols (LMD:TSX V; LNGMF:OTC BB)

151 Bloor St West                                       Kenzo Oriental Tower 11K  

Suite 703                                                       48 Dongzhimenwai Dajie

 Toronto, Ontario                                                    Dongcheng District

 Canada M5S 1S4                                                 Beijing 100027 China

 Tel :  +1.416.927.7000                                 Tel:  +011.8610.5160.0689

 Fax : +1.416.927.1222                                Fax:  +011.8610.5160.0788

www.lingomedia.com

	PRESS  RELEASE

	FOR IMMEDIATE RELEASE

LINGO MEDIA SECURES PUBLISHING AGREEMENT WITH YILIN PRESS A SUBSIDIARY OF CHINA POWERHOUSE PHOENIX PUBLISHING & MEDIA GROUP 

Expands into China’s Lucrative Vocational Education Market

Toronto, Canada, June 14, 2006 – Lingo Media Inc. (TSXV: LMD OTCBB: LNGMF) (“Lingo Media” or the “Company”) is pleased to announce that it will co-publish an innovative vocational English language learning program with Yilin Press, the foreign-oriented publishing subsidiary of Phoenix Publishing & Media Group (“PPMG”) of Jiangsu Province, China. 

Lingo Media is a seasoned publisher of primary and secondary school English learning programs in China. This new vocational program is the first project under the recently announced Cooperation Agreement with PPMG, which is one of the largest and most powerful state-owned publishing groups in China, with 2004 revenues exceeding US$1.2 billion.

The co-publishing agreement includes development, publishing and distribution of Vocational English for College, a four level program set that consists of reading & writing textbooks, reading & writing CD’s, listening & speaking textbooks, listening & speaking CD’s, activity books and teacher’s books for each level.  The first level of this program will be released and launched in September 2006, generating an ongoing revenue stream for Lingo Media over a four year term with an option to revise the program for an additional four years. Under the publishing agreement, Lingo Media will be paid a royalty of 3.3% of the list price and 49% of profits generated from the sale of the Vocational English for College program.  

"After months of research, exchanges and proposals with PPMG and the Jiangsu Ministry of Education, we are excited to have reached an agreement positioning Lingo Media as a co-publishing partner with Yilin Press as our entry point into the English language learning market in Jiangsu Province.  This agreement also marks our first foray into the very important vocational education sector, which has more than 900,000 students in Jiangsu Province”, said Michael Kraft, President & CEO of Lingo Media.    

Mr. Gu Aibin, President of Yilin Press, stated that "Publishing with Lingo Media provides us with access to educational expertise in developing effective English learning programs in the vocational sector.  Our Vocational English for College will be an original program developed specifically for China and co-published under the Yilin Press and Lingo Media brands. We look forward to co-developing this program with Lingo Media and then aggressively marketing it through our established channels in Jiangsu and neighboring provinces.” 

About Phoenix Publishing & Media Group

Phoenix Publishing & Media Group is amongst the largest and most economically powerful state-owned publishing groups in China with 2004 revenues in excess of US$1.2 billion.  The group is comprised of nine publishing companies and several subsidiary companies that are engaged in publishing, printing of books, production and printing of newspapers & magazines, fabrication of audio & visual products, manufacturing of CDs, and providing website content through its distribution network in China.  The PPMG distribution network also has exclusive rights to the Xinhua Distribution Group which includes over 80 bookstores throughout Jiangsu.

About Yilin Press

Yilin Press is the foreign-oriented publishing subsidiary of Phoenix Publishing & Media Group.  Yilin Press is the leading publisher of English language learning programs in Jiangsu province publishing about 500 titles every year and is a winner of many national book awards.  

About Lingo Media

Lingo Media is a leading publisher of English language learning programs in China. The Company incorporates print, audio/video cassette and CD-based products for students and teachers from pre-school through university. Founded in 1996, Lingo Media has an established presence in the Chinese educational market of more than 200 million English language students.  To date, over 100 million units from Lingo Media's library of more than 285 program titles have been published and sold in China.  While Lingo Media remains focused on its royalty-based educational publishing business, it is advancing its China Expansion Plan to establish itself as a distributor of educational print media including books, newspapers and magazines in China.

For further information, contact:

Lingo Media

Yilin Press

Michael Kraft, President & CEO 

Mr. Gu Aibin, President

Tel: (416) 927-7000, ext. 23 

Tel: (+86 25) 8330 3463

Toll Free Tel: (866) 927-7011 

Fax:(+86 25) 8324 2328

Fax: (416) 927-1222

                                         

Email: investor@lingomedia.com     

                                      

To learn more, visit www.lingomedia.com                               To learn more, visit www.yilin.com       

Portions of this press release include "forward-looking statements", which may be understood as any statement other than a statement of historical fact.  Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.  Actual results may vary materially from management's expectations and projections expressed in this press release.  Certain factors that can affect the Company's ability to achieve projected results are described in the Company's Annual Report 20-F and other reports filed with the Securities and Exchange Commission. 

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE

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