Document:

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                                                                    EXHIBIT 10.3

                 MEMBER'S INTEREST PURCHASE AND SALE AGREEMENT

                                     BETWEEN

                            PETER AND TURKEY STREMMEL
                                HUSBAND AND WIFE

                                       AND

                          STEVE AND HENRIETTA STREMMEL
                                HUSBAND AND WIFE

                                       AND

                                LAST CHANCE, INC.
                              A NEVADA CORPORATION

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                  MEMBER'S INTEREST PURCHASE AND SALE AGREEMENT

        This Member's Interest Purchase and Sale Agreement ("Agreement") is made
this 27th day of December, 2001, by and between Peter and Turkey Stremmel,
husband and wife and Steve and Henrietta Stremmel, husband and wife (jointly and
severally referred to as "Sellers"), and Last Chance, Inc., a Nevada corporation
(Last Chance).

RECITALS:

        A.      The capitalized terms used in this Agreement and not otherwise
defined shall have the meanings ascribed to such terms in Section 1;

        B.      This Agreement is one of the Integrated Agreements by and
between Last Chance and Prospector Gaming Enterprises, Inc. and its Affiliates
for the acquisition by Last Chance of all of the Integral Properties and Assets
of the Gold Ranch Casino and RV Resort;

        C.      The Sellers constitute all of the Members of, and possess all of
the Member's Interests in, California Prospectors, Ltd., a Nevada limited
liability company, (California Prospectors), which operates the California
Lottery Station on the California Lottery Property;

        D.      Subject to appropriate government approvals, Last Chance desires
to buy and Sellers desire to sell, all of the Sellers' Member's Interests in
California Prospectors on the terms and for the considerations set forth in this
Agreement; and

        E.      Target Investments, L.L.C., a Nevada limited liability company
(Target), owns the California Lottery Station and the California Lottery
Property and leases them to California Prospectors under and pursuant to the
terms of that certain Lease Agreement dated January 1, 1999. At the Closing,
California Prospectors and Target shall execute the California Lottery Station
Lease which shall, for all purposes, replace the lease of January 1, 1999, and
Target shall execute the Option To Purchase the Gold Ranch Casino Property
granting to Last Chance: (i) an option to purchase the California Lottery
Station and the California Lottery Property, and (ii) a right of first refusal
with respect thereto, contemporaneously with and as a condition precedent to the
execution of this Agreement.

        NOW WHEREFORE, in consideration of the foregoing Recitals, the mutual
considerations, covenants and agreements provided below, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Sellers and Last Chance agree as follows:

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1.      DEFINITIONS.

        1.1     "Affiliate" means as to any Person, any other Person which
directly or indirectly controls, or is under common control with, or is
controlled by, such Person and, if such Person is an individual, any member of
the immediate family (including parents, spouse, children, grandchildren,
brothers and sisters, of such individual and any trust the principal beneficiary
of which is such individual or one or more members of such individual's
immediate family and any Person who is controlled by any such member or trust.
As used in this definition, "control" (including its correlative meanings,
"controlled by" and "under common control with") means possession, directly or
indirectly, of power to direct or cause the direction of the management or
policies, whether through the ownership of securities, limited liability
California Prospectors or partnership or other ownership interests, by contract
or otherwise.

        1.2     "Asset Purchase Agreement" means the Asset Purchase Agreement by
and between Prospector Gaming Enterprises, Inc., a Nevada corporation and Last
Chance, Inc., a Nevada corporation, executed contemporaneously herewith and as
to which this Agreement is an integral part.

        1.3     "California Lottery Property" means the real property owned by
Target Investments, LLC and described in Exhibit 1 to the Asset Purchase
Agreement (APN 038-230-06 and APN 023-100-06) upon and from which California
Prospectors operates the California Lottery Station.

        1.4     "California Lottery Station" means all of the improvements
located on the California Lottery Property, including, without limitation, the
facility from which California Prospectors operates as a duly licensed
California State Lottery Retailer.

        1.5     "California Lottery Station Lease" means the agreement between
California Prospectors and Target Investments, L.L.C. for the lease of the
California Lottery Property and the California Lottery Station with an option to
purchase and a right of first refusal.

        1.6     "Closing," means the completion of the transaction contemplated
by the Integrated Agreements on the Closing Date.

        1.7     "Closing Date" means the last day of the month in which all
conditions precedent to the Closing have occurred as provided in the Asset
Purchase Agreement.

        1.8     "California Prospectors" means California Prospectors, Ltd., a
Nevada limited liability California Prospectors.

        1.9     "EBITDA" shall mean the sum of net income (or loss) of
California Prospectors (after eliminating all extraordinary or nonrecurring
items of income or loss), plus to the extent deducted in computing such net
income (or loss), without duplication, (i) all interest and other similar
expense in respect of indebtedness for borrowed money

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and similar expense in respect of capitalized leases, plus (ii) all expenses for
income taxes (whether paid, accrued or deferred), plus (iii) all depreciation
and amortization of any assets or other non cash charges (including any
depreciation, amortization or write-off of intangible assets, transaction costs
or goodwill), plus (iv) all member draws, whether or not paid in cash, plus (v)
owner's compensation payments, plus (vi) all rent paid to Target under the
Existing Lease, less (vii) interest and other similar income in respect of money
loaned by California Prospectors and deposits of California Prospectors. In
determining EBITDA of California Prospectors for any period, to the extent that
as a result of conduct outside the ordinary course of business (i) any items of
income of California Prospectors have been shifted out of such period, or (ii)
any items of expense have been shifted into such period, such items of income or
expense shall be reclassified into the appropriate period. The schedule used to
compute the foregoing EBITDA is attached as Exhibit 1.

        1.10    "Existing Lease" means the lease of the California Lottery
Station and California Lottery Property by and between Target and California
Prospectors dated January 1, 1999.

        1.11    "Governmental Authority" shall mean any federal, state,
regional, county or municipal governmental agency, board, commission, officer or
official having or exercising or purporting to have or exercise jurisdiction
over California Prospectors, the Members or the Member's Interests.

        1.12    "Integral Properties and Assets" means all of the assets, real
and personal, tangible and intangible, which constitute integral parts of the
businesses operated by Prospector Gaming Enterprises, Inc., and its Affiliates,
as the Gold Ranch Casino & RV Resort, as more particularly described in the
Asset Purchase Agreement.

        1.13    "Integrated Agreements" means this Agreement and each of the
agreements and documents described as a component of that term as defined in the
Asset Purchase Agreement, which constitute integral parts of the single
transaction by which Last Chance, Inc., will acquire the businesses and assets
(real, personal, tangible and intangible) operated by Prospector Gaming
Enterprises, Inc. and its Affiliates as the Gold Ranch Casino & RV Resort.

        1.14    "Intellectual Property" means all tradenames, servicemarks,
patents, copyrights, licenses, trade secrets, proprietary information,
intellectual property and other intangible property owned by any one of the
Sellers and used by the California Prospectors or necessary to the business
operations of California Prospectors, as set forth in Exhibit 2.

        1.15    "Manager" means the person designated in or selected pursuant to
the articles of organization or operating agreement of California Prospectors to
manage the company.

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        1.16    "Members" means each of the owners of an interest in California
Prospectors, Ltd., a limited liability company.

        1.17    "Member's Interest" means either Seller's entire share of the
economic interests in the California Prospectors, including profits, losses and
distributions of assets.

        1.18    "Nevada Gaming Authorities" means collective reference to the
State Gaming Control Board and the Nevada Gaming Commission, or any agency of
any state, county, city or other political subdivision, which has jurisdiction
over the activities of California Prospectors involving gaming or lottery.

        1.19    "Person" means an individual, firm, corporation, trust,
association, partnership, joint venture, tribunal or other entity.

        1.20    "Working Capital" means California Prospector's current assets
less California Prospector's current liabilities (excluding the current portion
of long-term debt of California Prospector outstanding at the consummation of
the purchase and assumed by Last Chance), all as determined in accordance with
generally accepted accounting principals applied on a consistent basis,
excluding, however, any current assets not purchased by the Last Chance, or
current liabilities not assumed by the Last Chance. The Working Capital may be
expressed as a positive or a negative number.

2.      PURCHASE AND SALE. Sellers agree to sell and Last Chance agrees to buy
the Member's Interest of Sellers in California Prospectors, and the Intellectual
Property, on the terms and conditions set forth in this Agreement. The Sellers
shall list the Intellectual Property on Exhibit 3 hereto and provide assignments
thereof in the form of Exhibit 4.

3.      PURCHASE PRICE. The Purchase Price shall be an amount equal to the
product of 6.25 multiplied by California Prospectors' EBITDA for the trailing
twelve calendar months prior to the Closing Date, less (i) the amount of debt
assumed or refinanced by Last Chance, (ii) any amount required to be withheld
pursuant to NRS 360.525 and NRS 612.695, plus (iii) California Prospector's
Working Capital.

4.      PAYMENT. On the Closing Date, Last Chance shall pay the Purchase Price
in cash or cash equivalent to the Sellers.

5.      SELLER'S DELIVERIES AT CLOSING. On the Closing Date, Sellers shall each
deliver to Last Chance, at Sellers' expense, certificates representing all their
respective Member's Interest, duly endorsed in blank, together with any other
documents of transfer and title reasonably requested by Last Chance. If there
have been no certificates issued for the Member's Interests, then each of the
Sellers shall issue a "Transfer Certificate" in the form of Exhibit 5, endorsed
in blank. Sellers shall also deliver to Last Chance at Closing, at Seller's
expense, all other documents required of Seller for closing of the sale and
purchase hereunder as well as all California Prospectors books and records,

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Member's Interest ledgers, seals and minute books and other records of
California Prospectors. Sellers shall pay any taxes, transfer fees or other
charges, which arise out of the transfer of the Member's Interests to Last
Chance.

6.      SUBSEQUENT PERFORMANCE.

        6.1     Consulting. At their sole cost and expense, Sellers' shall
provide management advisory and consulting services to Last Chance through Rob
Medieros (Consultant), concerning any and all aspects of California Prospector's
business, for a period of fourteen (14) consecutive calendar days commencing on
the business day next following the Closing Date. Thereafter, Consultant shall
remain available, without charge, for reasonable telephone consultation and
assistance to Last Chance concerning California Prospectors' business for the
following additional 14 consecutive calendar days.

        6.2     Covenant Not to Compete. Sellers covenant and agree for the
benefit of Last Chance and its successors and assigns that, for the duration of
the Lease Term of the California Lottery Station Lease and for a period of one
year thereafter, Sellers will not engage or participate, directly or indirectly,
as principal, agent, employee, employer, consultant or in any other individual
or representative capacity whatever, in the conduct or management of, or own
(legally or beneficially), or have the right or option to acquire, any direct or
indirect interest in any business holding or making application for a license
issued by or contract with the California State Lottery Commission, as that term
is defined in Cal. Gov't Code Section 8880.11, as "Lottery Game Retailer" as
that term is defined in Cal. Government Code Section 8880.13, in Sierra County
California or any other California County bordering Washoe County, Nevada.
Sellers specifically acknowledge and agree that the foregoing covenants are
reasonable in content and scope and are given for adequate consideration. Last
Chance shall have the option to reduce the scope and extent of the foregoing
covenants, by written notice to the Sellers, either before or after any
adjudication of the legality of said covenants, whereupon said covenants, as so
reduced, shall be binding and enforceable against the Sellers.

7.      CLOSING. The purchase and sale of the Member's Interests under this
Agreement shall be effective as of the Closing, or such other date as may be
agreed to in writing by Last Chance and Sellers.

8.      REPRESENTATIONS AND WARRANTIES OF SELLERS. Sellers represent and warrant
now and as of the Closing as follows:

        8.1     Organization. California Prospectors is a Nevada limited
liability company duly organized, validly existing, and in good standing under
the laws of the State of Nevada. California Prospectors has all corporate power
necessary to carry on its business as now being conducted and as proposed to be
conducted. California Prospectors is duly qualified to transact business and is
in good standing in each jurisdiction in which the failure so to qualify would
have a material adverse effect on its business, licenses, contracts, grants or
properties.

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        8.2     Capital and Membership Structure.

                A.      Members: Sellers are the sole Members of California
Prospectors.

                B.      Member's Interests. The Sellers own all of the Member's
Interests in California Prospectors as follows: (i) Peter and Turkey Stremmel,
husband and wife, own an undivided one-half interest in California Prospectors,
and (ii) Steven and Henrietta Stremmel, husband and wife, own an undivided
one-half interest in California Prospectors. There are no other Member's
Interests as defined in NRS 86.091, or other rights or interests in California
Prospectors owned or held by any Person other than Sellers. Each Member's
Interest is validly issued (including without limitation full compliance with
all federal and state securities laws), fully paid, and nonassessable. No other
interest or share or other securities of any kind whatsoever are issued or
outstanding, including, without limitation, bonds, debentures, or any other debt
security; options, rights, or warrants to purchase or subscribe for, or any
commitment or obligation of any kind to issue, any Member's Interest or
securities of California Prospectors; or securities convertible into any class
of securities issued by or for Member's Interest in California Prospectors.
There are no declared or accrued and unpaid dividends or other distributions.
The Sellers have not assigned any interest in nor encumbered their respective
Member's Interest and there are no outstanding preferential rights to acquire
any interest in either Member's Interest granted by Seller or either of them.

                C.      Investments in Subsidiaries and Affiliates. California
Prospectors has no subsidiaries or any investment of any kind in any company,
partnership, trust, association or other firm or enterprise.

                D.      Articles and Operating Agreement. Attached as Exhibit 6
is a true and correct copy of the Articles of Organization of California
Prospectors, together with all amendments thereto, and a true and correct copy
of the Operating Agreement of California Prospectors, together with all
amendments thereto, all certified by the Manager of California Prospectors. The
execution and delivery of this Agreement does not, and the consummation of the
transaction contemplated hereby will not, conflict with the terms and provisions
of the Articles of Organization, as amended, or the Operating Agreement of
California Prospectors, as amended.

                E.      Financial Statements. Attached as Exhibit 7 are copies
of the financial statements of California Prospectors (Financial Statements) for
California Prospectors' fiscal years ending December 1, 2000 and December 1,
1999 and for the period from January 1, 2001 to the last day of the month
preceding the Closing Date. Such Financial Statements are true and complete;
have been prepared in accordance with sound accounting practice and generally
accepted accounting principles consistently applied; present fairly, accurately
and completely the financial position of California Prospectors as of the dates
specified and the results of its operations for the periods stated; reflect all
assets and all liabilities of California Prospectors; and have not

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been rendered untrue, incomplete, or unfair as representations of the financial
condition of California Prospectors by events subsequent to the respective dates
thereof.

                F.      Absence of Undisclosed Liabilities. California
Prospectors has no liabilities or obligations of any nature whatsoever, whether
accrued, absolute, contingent, or otherwise (including, without limitation, tax
liability, express or implied contract or tort liability involving persons or
property of any kind) except as reflected in the Financial Statements, and no
facts or circumstances exist, which could give rise to any such liabilities or
obligations. Sellers hereby assume all liability for, and Last Chance's
acquisition of the Member's Interest shall not be subject to, any liabilities or
obligations not specifically set forth in the Financial Statements. This
Agreement contains no statements which, at the time and in light of the
circumstances under which they are made, omit to state, or are false or
misleading with respect to, any material fact.

                G.      Managers, Officers, Employees, etc. No written or oral
contracts of employment and no written or oral representations or warranties of
continued employment have been made to any of the managers, officers, employees,
agents or independent contractors of California Prospectors. At or before the
Closing, Sellers shall deliver to Last Chance resignations effective at Closing
of all the managers, officers and employees of California Prospectors.

                H.      Banks. Attached as Exhibit 8 is a list of all banks and
other institutions, persons, associations or entities with which California
Prospectors has an account, loan, line of credit, investment, instrument of
deposit, safe deposit box or other banking or investment relationship,
specifying account numbers, balances, agreement terms and such other information
as Last Chance may reasonably request. Exhibit 8 includes the bank and account
number of California Prospectors' EFT account which it is required to maintain
by the terms of California Prospectors' Standard Contract For California Lottery
Game Retailers together with copies of all authorizations and instructions
granted to enable the California State Lottery Commission to initiate electronic
fund transfers to or from California Prospectors' EFT account.

                I.      Agreements. Attached as Exhibit 9 are a list and copies
of the executed originals of all written agreements, contracts, commitments or
undertakings, including all contracts by and between California Prospectors and
the California State Lottery Commission and the Existing Lease with Target
Investments, L.L.C., a list and detailed descriptions of all oral agreements,
contracts, commitments or undertakings, and a list and copies of the executed
originals or detailed descriptions of all written or oral amendments to the
foregoing, to which California Prospectors is a party or its business or assets
or the Member's Interests are subject or bound (all collectively the
"Agreements"). Exhibit 9 also includes all judgments, orders, writs, injunctions
or decrees to which any of the Sellers, the Member's Interests, California
Prospectors, or its business or assets are subject or bound (which shall also be
deemed Agreements).

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                J.      Insurance. Attached as Exhibit 10 are a list and copies
of all liability, casualty, health and accident, keyman, workers' compensation,
and other insurance policies owned by the California Prospectors or of which
California Prospectors is a beneficiary ("Insurance Policies").

                K.      Registrations. Attached as Exhibit 11 are a list and
copies of the originals and all amendments of all foreign and domestic
registrations, licenses, filings, permits, approvals, authorizations,
exemptions, certifications and pending applications for any of the same
(including, without limitation, all licenses issued by the California State
Lottery Commission, trademarks, service marks, trade names, fictitious names
(including all rights to the name "California Prospectors" which is exclusively
the property of California Prospectors), copyrights and all other forms of
intellectual property rights and the Authorizations described in Paragraph 6(S)
below) and all other intangible property rights of any kind, used in or
necessary to the business of California Prospectors as heretofore conducted,
owned by or licensed to California Prospectors or in which California
Prospectors has any other interest of any kind (the "Registrations"). All such
Registrations are in full force and effect and were obtained in full compliance
with all applicable requirements and regulations. Except as otherwise set forth
on Exhibit 11, California Prospectors owns the entire right, title, and interest
in and to such Registrations free of all security interests, financing
statements, mortgages, pledges, liens, conditional sales agreements, leases,
licenses, encumbrances, charges, claims, restrictions, qualifications,
limitations or rights of any kind, and no third party is using, infringing or
otherwise violating or exercising any rights under any Registration.

                L.      Contractual Relations. California Prospectors and all
other parties thereto have complied fully with all the provisions of all
Agreements, Insurance Policies and Registrations; and neither California
Prospectors nor any such other party is in default, breach or violation, nor is
there any fact or circumstance that with a lapse of time, notice or both would
result in such a default, breach or violation, under any of the foregoing. All
Agreements, Insurance Policies and Registrations are set forth in the Exhibits,
conform with the terms of the copies thereof or, where oral, the written
summaries thereof contained in the Exhibits, are in full force and effect (and
no notices of cancellation or termination have been given or received) and are
valid, binding and enforceable in accordance with their terms. No term or
provision of such Agreements, Insurance Policies or Registrations violates any
applicable domestic law. California Prospectors has not paid any obligations not
yet due under any of its Agreements, Insurance Policies or Registrations except
as set forth in the Exhibits. California Prospectors is not subject to a
covenant not to compete or any other restriction related to the business or
assets of California Prospectors.

                M.      Assets Listing; Condition. Attached as Exhibit 12 is a
list (including a description, the location and the nature of California
Prospectors' interest) of all real and personal property of California
Prospectors, and all real and personal property used by California Prospectors,
in connection with the business of California Prospectors (the "assets"). The
list is arranged into at least the following classifications: tangible
personalty (such as equipment and inventory), realty, and intangible property
(such as

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Registrations, Agreements and Insurance Policies). The list may refer to and
incorporate other Exhibits to this Agreement. All assets are in good operating
condition and repair, not obsolete and are usable in the ordinary course of
California Prospector's business; all inventory is usable and saleable in the
ordinary course of the California Prospector's business. All accounts receivable
arose from valid sales and are collectible in the ordinary course of business at
the full amount as set forth in the Financial Statements, Exhibit 7. Possession
of all assets not in the possession of California Prospectors can be obtained
upon request and without the payment of any fee or charge of any kind.

                N.      Title to Assets. California Prospectors has good and
marketable title to, or valid and binding leasehold interests under leases and
other Agreements described in Exhibit 9, all of its assets. None of the assets
is subject to any security interest, financing statement, mortgage, pledge,
lien, conditional sale agreement, lease, license, encumbrance, charge, or claim
of any kind or to any restriction, qualification, limitation or right of any
kind adversely affecting use, marketability or title, except as specifically
described in detail in the Exhibits. All intangible assets are subject to proper
Registrations entitling California Prospectors to the maximum protection
available and such Registrations are current and in full compliance, force and
effect, except as specifically described in the Exhibits.

                O.      Consents. Attached as Exhibit 13 is a list of all
consents (the "Necessary Consents") from any person, association, entity, or
governmental authority, necessary to render the transaction contemplated hereby
lawful, effective in accordance with the terms of this Agreement, and in
compliance with any requirements by which any of the Sellers, the Member's
Interest, California Prospectors, its business or assets, are bound, and an
executed copy of all Necessary Consents.

                P.      Operational Continuity. From June 30, 2001, through the
Closing Date:

                        (i)     The business of California Prospectors has been
and will be conducted in the usual and ordinary course as theretofore conducted
in accordance with sound and prudent business practice;

                        (ii)    California Prospectors has not and will not,
without Last Chance's prior written approval: (1) take any action, or permit any
event or condition to occur which would materially affect the value of the
Member's Interests and/or California Prospectors, its business or assets, (2)
enter into any material agreement, contract, commitment or undertaking, (3)
alter any existing Agreements, (4) increase or decrease materially its level of
inventory, (5) disposed of or alter any material asset or any material amount of
its assets, or (6) institute any material litigation, claim or other proceeding
before any court or governmental authority;

                        (iii)   All books and records (both corporate and
financial) of California Prospectors have been and will be maintained completely
and accurately

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without any change in accounting methods or practices except as specifically
approved by Last Chance; and

                        (iv)    Each of the Sellers shall use its best efforts
to cause California Prospectors to maintain, and California Prospectors has and
shall have maintained, the good will of, and good business relations with, the
California State Lottery Commission, California Prospectors' employees, agents,
contractors, suppliers, customers and others having business relationships with
it, so as to keep such fully available to California Prospectors after the
Closing Date.

                Q.      Absence of Certain Changes. From June 30, 2001 through
the Closing, there has not been, nor will there be, any material change (whether
or not covered by insurance) in, and no condition or event does or will exist
which does or may have any adverse effect on, California Prospectors, its
business or assets or in the value of the Member's Interests.

                R.      Taxes and Tax Returns. California Prospectors has timely
filed all required foreign and domestic federal, state, and local income,
payroll, franchise, transaction, privilege, sales, and other tax returns and
reports of every kind whatsoever with the appropriate governmental authorities
for all periods up to the Closing Date. All such returns and reports are
complete, true, and accurate. All taxes, fees, charges, duties and assessments
of every kind whatsoever imposed upon California Prospectors or with respect to
its business or assets, whether assessed or not and whether incurred in respect
of or measured by the income of California Prospectors, for any period before
the Closing Date or arising out of transactions entered into or any state of
facts existing before the Closing Date have been fully paid. Attached as Exhibit
14 are copies of California Prospectors' tax returns for all years still subject
to audit by foreign or domestic authorities and all communications relating to
the same.

                S.      Proper Authority and Applicable Laws. California
Prospectors has had since its formation, does have currently, and will have at
the Closing, all requisite limited liability and other power and all necessary
registrations, licenses, filings, permits, exemptions, certificates, approvals,
and other authorizations required by any Governmental Authority, or any person,
association or entity to carry on and conduct its business in the manner in
which its business has been and is being conducted, and to own, lease, use, and
operate its assets at the places and in the manner in which its assets have been
and are being owned, leased, used, and operated (Authorizations), the term
Registrations to also include all Authorizations for purposes of this
Agreement). No registration, license, permit, exemptions, certificate, approval
or authorization or applications therefor of any kind for any purpose has been
denied in the five (5) years preceding the Closing Date. All such Authorizations
are in full force and effect. All meetings of the Manager and Members of
California Prospectors necessary to conduct its business have been duly convened
and held, and all requisite Manager and Members approval has been obtained for
all purported acts by California Prospectors. All assets of California
Prospectors are used and maintained in conformity with all applicable foreign
and domestic laws and public policies. No aspect of the business of

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California Prospectors as heretofore conducted or act or omission of California
Prospectors or its agents violates any applicable foreign or domestic law or
public policy. No aspect of the business of California Prospectors as heretofore
conducted (including without limitation use of trade names, trademarks and
written materials) has infringed or does now infringe any tradename, trademark,
service mark, copyright or other right of any third party. This Agreement and
the transactions contemplated hereby have been duly authorized by all necessary
action by California Prospectors and its Members, and Sellers will provide Last
Chance with certified resolutions to such effect at or before the Closing Date.

                T.      Litigation. No litigation, proceeding, investigation or
claim of any kind whatsoever is pending or threatened, by, against or relating
to the Sellers, the Member's Interests, California Prospectors, its business or
assets. No claim or liability can, on the basis of California Prospectors',
Sellers' or their employees' or agents' actions, or of facts or conditions
existing prior to the Closing Date, be asserted against California Prospectors,
its business or assets or the Sellers as the owners of the Member's Interests or
the Member's Interest by any individual, entity, association or governmental
authority, except as described in detail in Exhibit 15, all of which shall
remain the responsibility of Sellers.

                U.      Benefit, Pension and Profit-Sharing Plans. California
Prospectors has no employee benefit plans or policies of any kind whatsoever,
including without limitation, group health or life insurance, sick leave,
pension, holiday, vacation or profit-sharing policies or plans except as listed
on Exhibit 16.

                V.      Freedom from Restrictions. The execution and delivery of
this Agreement, the consummation of the transaction contemplated hereby, and the
fulfillment of the terms hereof by Sellers and California Prospectors (i) do not
violate or conflict with, and will not result in a breach or default, or in any
occurrence that, with a lapse of time or action by a third party or both, could
result in a breach or default with respect to any Agreements or any contract,
agreement, commitment, or undertaking, either written or oral, by which any of
the Sellers are a party or are bound; (ii) will not violate any applicable
foreign or domestic law or public policy; (iii) will not result in an
acceleration or increase of any amounts due from California Prospectors; and
(iv) will not result in an alteration to the detriment of California Prospectors
of the terms or conditions of any Agreements, Insurance Policy or Registration.
No contract, agreement, commitment, or undertaking, either oral or written, or
judgment, order, writ, injunction or decree exists that in any other manner
restricts, limits, or affects the execution, delivery or performance of this
Agreement, the transferability of the Member's Interest, or the business or
assets of California Prospectors.

                W.      Title to Member's Interests; Power to Transfer. Each
Seller will have and deliver to Last Chance at the Closing good and marketable
title to his or her respective Member's Interest free and clear of all security
interests, financing statements, pledges, liens, conditional sales agreements,
encumbrances, charges, proxies, agreements among Members, claims, restrictions,
qualifications, limitations or

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rights of any kind and will have at the Closing the right, power and authority
to transfer his or her Member's Interest without breach or default with respect
to any contract, agreement, commitment, or undertaking by which Sellers or the
Member's Interests are bound.

                X.      Environmental Matters. Attached hereto as Exhibit 17 is
a complete and accurate written disclosure with respect to all environmental
matters under federal, state or local law relating to the business operations of
California Prospectors or its assets, or arising from California Prospector's
use or occupancy of property, directly or indirectly, including without
limitation any matters relating to air, ground, and water pollution or
regulation, soil monitoring, occupational health or safety or the storage,
treatment, disposal, release, discharge or emission of any solid waste,
pollutant or contaminant of any kind, including without limitation any hazardous
substance as that term is defined in 42 U.S.C. Section 9601 or any hazardous
waste as that term is defined in 42 U.S.C. Section 6903 or any regulated
substance as that term is defined in 42 U.S.C. Section 6991, or as any of such
terms is defined under Nevada law (collectively, "Hazardous Substances"),
together with a list of all permits, licenses, authorizations, agreements,
injunctions, decrees and orders relating thereto, and copies of any and all
written communications with federal, state and local environmental regulatory
agencies and the Occupational Safety and Health Administration. The business
operations of California Prospectors and its assets have been, and are being,
used and operated in compliance with all applicable local, state and federal
laws, ordinances, rules, regulations, permits, licenses, authorizations,
agreements, injunctions, decrees and orders relating to air, ground and water
pollution or regulation; soil monitoring; occupational health or safety; or the
storage, treatment, disposal, release, discharge or emission of any Hazardous
Substances. No Hazardous Substances have been disposed of on any property that
is or has been owned or occupied by California Prospectors at any time, and no
Hazardous Substances have been transported by or on behalf of California
Prospectors or in connection with its business operations, for disposal except
as disclosed on Exhibit 17 hereto. Except as expressly provided in such Exhibit,
California Prospectors and/or its business activities or assets are not,
directly or indirectly, subject to any obligations, liabilities (contingent or
otherwise), claims, judgments, orders, settlements, resolutions of disputes,
writs, injunctions, or decrees relating to any product or service sold or
available for sale by California Prospectors, or arising from its use or
occupancy of property, directly or indirectly, or to the treatment, storage,
disposal, release, discharge or emission of any economic poisons, hazardous
wastes, toxic substances and/or any similar such pollutants or contaminants, or
to the occupational exposure of California Prospectors' employees or agents.
There are no threatened or pending litigation, proceedings, investigations,
citations, or notices of violation resulting from the business activities of
California Prospectors, or arising from its use or occupancy of property,
relating to the treatment, storage, disposal, release, discharge or emission of
any economic poisons, hazardous wastes, toxic substances and/or any similar such
pollutants or contaminants. Such Exhibit contains a complete list of all
agreements, contracts, commitments and undertakings involving California
Prospectors and its business or assets relating to the treatment, storage,
disposal, release, discharge or emission of any economic poisons,

                                       12
<PAGE>

hazardous wastes, toxic substances and/or any similar such pollutants or
contaminants. There are no facts or circumstances which may give rise to any
litigation, claims, proceedings, investigations, citations, or notices of
violations resulting from the business activities of California Prospectors, or
from or relating to properties owned or occupied by California Prospectors
directly or indirectly, relating to the treatment, storage, disposal, release,
discharge or emission of any economic poisons, hazardous wastes, toxic
substances and/or any similar such pollutants or contaminants.

                Y.      California Lottery. Except as provided in Exhibit 18,
California Prospectors is and at all times has been in compliance with, and has
and continues to operate its business as a California State Lottery Retailer in
compliance with, the terms and conditions of the Standard Contract For
California Lottery Game Retailers by and between California Prospectors and the
California State Lottery Commissions, the California State Lottery Act, the
California State Lottery Regulations and the California State Lottery policies,
instructions and directives, as amended, issued or re-issued, from time to time,
and any license granted to California Prospectors by the California State
Lottery Commission. California Prospectors has paid and shall pay through the
Closing all sums due to the California State Lottery Commission for the sale of
lottery products, or otherwise.

9.      VOLUME OF EXHIBITS AND SCHEDULES. All Exhibits and Schedules to this
Agreement are incorporated herein by reference and will be bound by Sellers in a
separate volume (the "Volume of Exhibits and Schedules") together with an index
thereof and a certificate (the "Certificate of Completion") executed by the
Sellers representing and warranting that the Volume of Exhibits and Schedules
contains true and complete Exhibits and Schedules as called for in this
Agreement. Sellers shall have until four (4) days prior to the Closing Date, to
complete the preparation of the Volume of Exhibits and Schedules and deliver it
to Last Chance. Sellers may deliver the Volume of Exhibits and Schedules in
installments of less than all the Exhibits and Schedules, but Sellers covenant
and agree that all Exhibits and Schedules shall be delivered and certified to
Last Chance no later than four (4) days prior to the Closing Date. All Exhibits
and Schedules, whether delivered upon execution hereof or hereafter delivered,
shall be dated effective as of the date of this Agreement and this Agreement
shall be fully effective and enforceable as of such date notwithstanding
delivery of such Exhibits and Schedules subsequent to such date or the breach by
Sellers of their covenant set forth above to deliver and certify such Exhibits
and Schedules; provided, that performance of such covenant shall remain a
condition of Last Chance's obligations hereunder as provided below. If Sellers
elect to deliver the Volume of Exhibits and Schedules in installments, Sellers
shall bind and index all the Exhibits within fifteen (15) days following the
Closing Date, and an additional Certificate of Completion shall be executed with
respect to the final bound version.

10.     REPRESENTATIONS AND WARRANTIES OF LAST CHANCE. Last Chance represents
and warrants now and as of the Closing Date to Sellers as follows:

                                       13
<PAGE>

        10.1    Organization. Last Chance is a corporation duly organized,
validly existing and in good standing under the laws of Nevada. Last Chance has
all corporate power necessary to carry on its business as now being conducted
and as proposed to be conducted. Last Chance is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure so to
qualify would have a material adverse effect on its business, licenses,
contracts, grants or properties.

        10.2    Authorization. The execution and delivery of this Agreement does
not, and the consummation of the transactions contemplated hereby and the
fulfillment of the terms hereof by Last Chance will not, violate or conflict
with any provision of Last Chance's Articles of Incorporation or Bylaws, or any
provision of any contract, agreement, commitment or undertaking to which Last
Chance is bound. At the Closing Date, Last Chance shall deliver to Sellers a
certified copy of the resolutions of the Board of Directors of Last Chance
authorizing the consummation of the transaction contemplated by this Agreement.
Upon delivery to Sellers of such certified resolutions, the consummation of the
transaction contemplated by this Agreement will have been duly authorized by the
Board of Directors of Last Chance.

        10.3    Investment Intent. Last Chance is purchasing the Member's
Interests for its own account for investment and not with a view to or for sale
in connection with any distribution of the Member's Interest of California
Prospectors; and Last Chance will neither sell nor transfer any of the Member's
Interest in violation of any applicable law, rule or regulation, federal or
state. Last Chance understands that any resale of the Member's Interests must be
made in compliance with the registration requirements of the Securities Act of
1933, as amended, or pursuant to an exemption therefrom. Last Chance understands
and consents that the certificates, if any, representing the Member's Interests
shall be endorsed with a legend, substantially as follows:

        (i) "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED
        FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
        OR DISTRIBUTION THEREOF. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER
        THE SECURITIES ACT OF 1933 AND THEY MAY NOT BE SOLD, OFFERED FOR SALE,
        PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
        STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL
        SATISFACTORY TO CALIFORNIA PROSPECTORS THAT SUCH REGISTRATION IS NOT
        REQUIRED";

        (ii) Any legend required by the Blue Sky laws of any state to the extent
        such laws are applicable to the Member's Interest represented by the
        certificate so legended;

        (iii) Any legend required by the California State Lottery Commission;
        and

        (iv) Any other legend required by the Nevada Gaming Authorities,

                                       14
<PAGE>

        10.4    Accredited Investor; Investigation. Last Chance is an
"Accredited Investor", as such term is defined in Regulation D, Rule 501,
promulgated under the Securities Act of 1933, as amended. Last Chance has such
knowledge and experience in financial and business matters to enable Last Chance
to evaluate the merits and risks of an investment in the Member's Interests and
to make an informed investment decision with respect thereto. Last Chance has
discussed the California Prospector's business, management and financial affairs
with the California Prospectors management and has had the opportunity to review
the California Prospector's facilities. Last Chance has received current and
historical information concerning California Prospectors and its finances and
operations. California Prospectors acknowledges that all documents, records and
books requested by Last Chance pertaining to this investment have been made
available for inspection by, and have been inspected by, it and its attorney,
accountant and other advisors. Last Chance and its advisors have had full
opportunity to ask questions of and receive answers from the authorized
representatives of California Prospectors, including the Sellers, concerning the
offering of the Member's Interest.

11.     BROKERS AND FINDERS. Each party hereto represents and warrants to the
other parties that it has not employed any broker or finder in connection with
the transactions contemplated by this Agreement. Notwithstanding the preceding
sentence, Sellers and Last Chance may retain the services of financial advisors
and attorneys, the fees of such persons to be borne by the party hiring such
advisors and attorneys. No expenses shall be borne by California Prospectors in
connection with this transaction.

12.     SURVIVAL OF WARRANTIES. All representations, warranties, covenants, and
agreements contained herein, and all lists, descriptions, financial statements,
certificates, Exhibits, Schedules and other documents delivered under this
Agreement or in connection with the transactions contemplated hereby, are true
now, will be true at the Closing Date, and are binding and will survive the
Closing regardless of the waiver or satisfaction of any condition precedent to
the Closing or of any investigation or express or implied approval or acceptance
by or on behalf of any party hereto.

13.     INDEMNITY.

        13.1    Sellers. Sellers hereby jointly agree to indemnify and protect
Last Chance (and its officers, directors, shareholders and Affiliates), and to
defend and hold them harmless from and against, all claims, damages, losses,
costs, and expenses (including reasonable attorney fees, court costs and other
expenses incident to any proceeding, investigation or any claim, including
without limitation in any suit by Last Chance against Sellers) attributable,
directly or indirectly, to the operation of the business of California
Prospectors from inception to the Closing, the breach by Sellers of any
obligation hereunder or the inaccuracy of any representation or warranty made by
Sellers herein or in any instrument delivered pursuant hereto, or in connection
with the transactions contemplated hereby, including, but not limited to, the
Exhibits. A claim for indemnification shall be made only by Last Chance
notifying Sellers of the existence of the claim for which indemnification is
sought. Last Chance shall thereafter be entitled,

                                       15
<PAGE>

at its option, to control, or participate in, any prosecution or defense
relating to such claim for indemnity (including without limitation decisions to
settle or appeal) through attorneys and agents of its choosing, all at the
expense of the Sellers (except in any suit by Last Chance against any Seller).
The results of any such prosecution or defense shall be binding upon Last Chance
and Sellers for purposes of resolving any claim for indemnity. Any claims for
indemnity, or portions thereof shall be the joint and several responsibility of
Sellers and paid to Last Chance on demand. Sellers shall not be entitled to
indemnity or contribution from, or subrogation to or recovery against,
California Prospectors with respect to any liability of the Sellers, which may
arise under this Agreement or the transactions contemplated hereby.

        13.2    Purchaser. Last Chance hereby unconditionally agrees to
indemnify Sellers and defend and hold them harmless from and against all claims,
damages, losses, costs, and expenses (including reasonable attorney fees, court
costs and other expenses incident to any proceeding, investigation or any claim,
including without limitation in any suit by Sellers against Last Chance)
attributable directly or indirectly to the operation of the business of
California Prospectors after the Closing or the breach by Last Chance of any
obligation hereunder or the inaccuracy of any representation or warranty made by
Last Chance herein or in any instrument delivered pursuant hereto or in
connection with the transactions contemplated hereby. A claim for
indemnification shall be made only by Sellers notifying Last Chance of the
existence of the claim for which indemnification is sought. Seller shall
thereafter be entitled, at its option, to control, or participate in any
prosecution or defense relating to such claim for indemnity (including without
limitation decisions to settle or appeal) through attorneys and agents of its
choosing, all at the expense of Last Chance (except in a suit by Sellers against
Last Chance). The results of any such prosecution or defense shall be binding
upon Last Chances and Sellers for purposes of resolving all claims for
indemnity.

14.     CONDITIONS.

        14.1    Conditions Precedent to the Obligation of Last Chance. The
obligation of Last Chance to purchase the Member's Interests at the Closing is
subject to the satisfaction in all material respects, on or before the Closing
Date, of the following conditions:

                A.      Representations True. The representations and warranties
of Sellers herein shall have been true and correct in all material respects as
of the date hereof; and shall further be true and correct in all material
respects as of the Closing with the same force and effect as if made as of the
Closing.

                B.      Covenants Performed. On or before the Closing Date,
Sellers shall have performed all obligations and complied with all covenants
required to be performed by them under this Agreement prior to the Closing.

                                       16
<PAGE>

                C.      Opinion of Counsel. On the Closing Date, Sellers shall
deliver to Last Chance an opinion from Lemons, Grundy & Eisenberg, Chartered, a
Nevada professional corporation in the form attached hereto as Schedule 14.1(C).

                D.      Certificate. At the Closing Date, Sellers shall deliver
to Last Chance a certificate signed by each, certifying that the conditions
stated in Section 14.1(A) and (B) have been fulfilled as of the Closing Date.

                E.      Integrated Closing. The Closing shall have occurred
under the Asset Purchase Agreement and all of the Integrated Agreements.

                F.      California Lottery Station, Approvals. The California
State Lottery Commission shall have determined that Last Chance is suitable to
acquire all of the ownership interests in and to California Prospectors and
shall have issued all licenses or approvals, or entered into such contracts with
California Prospectors Ltd., as are necessary to the continued operation of the
California Lottery Station by California Prospectors as of the Closing Date. The
Nevada Gaming Authorities shall have determined that the operation of the
California Lottery Station by an Affiliate of Last Chance does not constitute an
unsuitable method of operation by Last Chance as a Nevada gaming licensee.
Approvals from all other Governmental Authorities having jurisdiction over the
California Lottery Station shall have been obtained, including, but not limited
to, the State of Nevada, State of California, Washoe County, Nevada, Sierra
County, California or any other governmental board, commission or agency that
must provide Last Chance approval to operate California Prospectors or approval
to California Prospectors to operate the California Lottery Station. In the
event that Last Chance is unable to secure the required approvals, this
Agreement shall terminate with no damages claimed by any party against the
other.

                G.      No certificate of occupancy or license necessary to the
operation of the California Lottery Station shall have been revoked or suspended
by the responsible Governmental Authority.

        14.2    Conditions of the Obligations of Sellers. The obligation of
Sellers to sell the Member's Interests at the Closing Date is subject to the
satisfaction in all material respects, on or before the Closing Date, of the
following conditions:

                A.      Representations True. The representations and warranties
of Last Chance herein shall be true and correct in all material respects as of
the Closing with the same force and effect as if made as of the Closing.

                B.      Covenants Performed. On or before the Closing Date, Last
Chance shall have performed all obligations and complied with all covenants
required to be performed by it under this Agreement prior to the Closing.

                                       17
<PAGE>

                C.      Certificate. At the Closing, Last Chance shall deliver
to Sellers a certificate, signed by Last Chance, certifying that the conditions
stated in Section 13.2(A) and (B) have been fulfilled as of the Closing Date.

15.     PUBLICITY. Prior to the Closing, neither Last Chance nor Sellers nor
California Prospectors will (and each will direct its representatives not to)
make, directly or indirectly, any public comment, statement, or communication
with respect to, or otherwise disclose or permit the disclosure of the existence
of discussions regarding the transaction contemplated by this Agreement or any
of the conditions, or other aspects of the transaction; provided, however, that
The Sands Regent and Last Chance may discuss with and provide information
regarding the transaction, (i) as required by applicable Securities Laws, (ii)
to the media and to stock analysts, investment bankers and other financial
analysts, so long as such discussions and the information provided by the
disclosing party is within the scope of any press release approved by The Sands
Regent, Last Chance and Sellers (and such information does not address issues or
provide information which was not addressed or provided in such press release),
and (iii) to Last Chance's and California Prospector's respective lenders,
attorneys, accountants, advisors and other representatives (provided Last Chance
or California Prospectors, as the case may be, concurrently informs all of such
persons and entities of the confidential nature of such information). Further,
Last Chance shall have the right to contact and provide information regarding
the transaction to the Nevada Gaming Authorities, the California Lottery
authorities and any other governmental or regulatory authority. If either Last
Chance or Sellers or California Prospectors are required by law to make any
disclosures which would otherwise be disallowed by this Section 15, the party
intending to make such disclosure must first provide to the other party for
review and approval (which shall not be unreasonably withheld or delayed) the
content of the proposed disclosure, the reasons that such disclosure is required
by law, and the time and place that the disclosure will be made.

        The obligations set forth in this Section 15 shall survive the
termination of this Agreement.

16.     ADDITIONAL ACTS OR DOCUMENTATION. Sellers, California Prospectors and
Last Chance agree to make, execute, and deliver such additional documents and
instruments and take such actions as may be necessary or appropriate to carry
out the full intent and purpose of this Agreement.

17.     NOTICES. Any notices that may be required under this Agreement shall be
in writing, shall be effective on the earlier of the date when received or the
third day following mailing, and shall be given by personal service, or by
certified or registered mail, return receipt requested, to the addresses set
forth below, or to such other addresses as may be specified in writing to all
parties hereto.

           If to Sellers:       Peter Stremmel and Turkey Stremmel
                                1400 S. Virginia
                                Reno, Nevada 89502

                                       18
<PAGE>

                                Steve and Henrietta Stremmel
                                4790 Caughlin PKWY #529
                                Reno, Nevada 89509

           With a copy to:      David R. Grundy, Esq.
                                Lemons, Grundy & Eisenberg
                                6005 Plumas Street, Suite 300
                                Reno, Nevada 89509

           If to Last Chance:   David R. Wood, Treasurer
                                The Sands Regent, Inc.
                                345 Arlington Ave.
                                Reno, Nevada 89501

           With Copy to:        Paul A. Bible, Esq.
                                Bible, Hoy & Trachok
                                201 West Liberty Street, Third Floor
                                Reno, Nevada 89501

18.     SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure
to the benefit of the parties hereto, and their respective successors in
interest, but in no event shall any party be relieved of its obligations
hereunder without the express written consent of each other party except as
expressly provided herein.

19.     SEVERABILITY. To the fullest extent possible each provision of this
Agreement shall be interpreted in such fashion as to be effective and valid
under applicable law. If any provision of this Agreement is declared void or
unenforceable with respect to particular circumstances, such provision shall
remain in full force and effect in all other circumstances. If any provision of
this Agreement is declared void or unenforceable, such provision shall be deemed
severed from this Agreement, which shall otherwise remain in full force and
effect.

20.     COUNTERPARTS. This Agreement may be executed in any number of
counterparts, all such counterparts shall be deemed to constitute one and the
same instrument, and each of the executed counterparts shall be deemed an
original hereof.

21.     GOVERNING LAW. This Agreement shall be deemed to be made under, and
shall be construed in accordance with and shall be governed by, the internal
laws of the State of Nevada. Suit to enforce any provision of this Agreement or
to obtain any remedy with respect hereto may be brought in State or Federal
Court in Washoe County, Nevada, and each party hereto expressly and irrevocably
consents to the jurisdiction of said court.

                                       19
<PAGE>

22.     GENDER AND NUMBER. Wherever from the context it appears appropriate,
each item stated in the singular shall include the plural and vice versa, and
the masculine, feminine, or neuter form shall include the masculine, feminine,
and neuter forms.

23.     MODIFICATIONS AND WAIVERS. No change, modification, or waiver of any
provision of this Agreement shall be valid or binding unless it is in writing
dated after the date hereof and signed by the parties intended to be bound. No
waiver of any breach, term, or condition of this Agreement by either party shall
constitute a subsequent waiver of the same or any other breach, term, or
condition or a continuing waiver after demand for strict compliance.

24.     CONTRIBUTIONS AND RELEASE BY SELLERS. Sellers hereby agree that on the
Closing Date they will be deemed to have contributed all loans or other amounts
owed to any of them by California Prospectors or any subsidiary to its capital
and will be deemed to have released all rights or claims of any nature they may
have against California Prospectors or any subsidiary.

25.     CORPORATE LIABILITY. Prior to the Closing Date (but not following),
California Prospectors shall be considered to have made and shall be jointly and
severally liable for all of the covenants, representations and warranties of
Sellers herein.

26.     ATTORNEYS' FEES. In the event a party must retain an attorney to enforce
this Agreement or in the event of litigation which arises as a result of any
controversy, dispute, breach or construction of this Agreement, the prevailing
party shall be entitled to recover, from the other party, all costs, expenses
and reasonable attorney's fees incurred in connection with the enforcement
efforts or litigation. For purposes of this Agreement, the term "attorneys'
fees" or "attorneys' fees and costs" shall mean the fees and expenses of counsel
to the parties hereto, which may include printing, duplicating and other
expenses, air freight charges, and fees billed for law clerks, paralegals and
other persons not admitted to the bar but performing services under the
supervision of an attorney.

                                       20
<PAGE>

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

Sellers                                     Last Chance

                                            Last Chance, Inc.,
                                            a Nevada Corporation
/s/ Peter Stremmel
Peter Stremmel

                                            By:  /s/ Ferenc Szony
                                            Its:   Pres/CEO

/s/ Turkey Stremmel
Turkey Stremmel

/s/ Steve Stremmel
Steve Stremmel

/s/ Henrietta Stremmel
Henrietta Stremmel

California Prospectors

California Prospectors, Ltd.,
a Nevada limited liability California Prospectors

By: /s/ Peter Stremmel
Its: Partner

                                       21<PAGE>
                                                                    EXHIBIT 10.4

              OPTION TO PURCHASE ALL ASSETS OF GOLD RANCH RV RESORT
                       BUSINESS AND RIGHT OF FIRST REFUSAL

                                     BETWEEN

                          GOLD RANCH R.V. RESORT, LLC,
                       A Nevada Limited Liability Company

                                       AND

                               LAST CHANCE, INC.,
                              A Nevada Corporation

<PAGE>

              OPTION TO PURCHASE ALL ASSETS OF GOLD RANCH RV RESORT
                      BUSINESS AND RIGHT OF FIRST REFUSAL

        This Option to Purchase All Assets of Gold Ranch RV Resort Business and
Right of First Refusal ("Agreement") is made this 27th day of December, 2001, by
and between Gold Ranch R.V. Resort, LLC, a Nevada limited liability company
(Owner) and Last Chance, Inc., a Nevada corporation (Last Chance)

                                    RECITALS

        A. Capitalized terms used in this Agreement and not otherwise defined
shall have the meanings ascribed to such terms in Section 1.

        B. Owner leases the RV Park Property from Prospector Gaming Enterprises,
Inc. (PGE), under and pursuant to the RV Park Lease and operates the Gold Ranch
RV Resort on the RV Park Property;

        C. Owner and Last Chance are parties to the RV Resort Management
Agreement pursuant to which Last Chance will, at the Closing, assume
responsibility for the management and operation of the Gold Ranch RV Resort; and

        D. This Agreement is one of the Integrated Agreements by and between
Last Chance and Prospector Gaming Enterprises, Inc., and its Affiliates, for the
acquisition by Last Chance of all of the Integral Properties and Assets of the
Gold Ranch Casino and RV Resort and, in accordance therewith, Owner desires to
grant to Last Chance an option to purchase the business, FF&E, goodwill and
other intangibles associated with the business of the Gold Ranch RV Resort, and
a right of first refusal with respect thereto, and Last Chance desires to
acquire such option to purchase and right of first refusal.

        NOW WHEREFORE, in consideration of the foregoing Recitals, the mutual
considerations, covenants and agreements provided below, the execution and
delivery of the Integrated Agreements and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Owner and Last
Chance agree as follows:

1.      DEFINITIONS.

        1.1 "Affiliate" means as to any Person, any other Person which directly
or indirectly controls, or is under common control with, or is controlled by,
such Person and, if such Person is an individual, any member of the immediate
family (including parents, spouse, children, grandchildren, brothers and
sisters, of such individual and any trust the principal beneficiary of which is
such individual or one or more members of such individual's immediate family and
any Person who is

<PAGE>

controlled by any such member or trust. As used in this definition, "control"
(including its correlative meanings, "controlled by" and "under common control
with") means possession, directly or indirectly, of power to direct or cause the
direction of the management or policies, whether through the ownership of
securities, limited liability Owner or partnership or other ownership interests,
by contract or otherwise.

        1.2 "Assets" means the business, goodwill, FF&E and all other tangible
and intangible assets of the Gold Ranch RV Resort, as set forth in Exhibit 1
together with all additions thereto and substitutions or replacements therefor
owned by Owner at the time of exercise by Last Chance of the option to purchase
under Section 2 or right of first refusal under Section 3.

        1.3 "Asset Purchase Agreement" means the Asset Purchase Agreement by and
between Prospector Gaming Enterprises, Inc., a Nevada Corporation and Last
Chance, Inc., a Nevada Corporation, executed contemporaneously herewith and as
to which this Agreement is an integral part.

        1.4 "CERCLA" means the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended.

        1.5 "Closing" means the completion of the transaction contemplated by
the Integrated Agreements on the Closing Date.

        1.6 "Closing Date" means the last day of the month in which all
conditions precedent to the Closing have occurred as provided in the Asset
Purchase Agreement.

        1.7 "Environmental Claim" means, with respect to any Person, any written
notice, claim, demand or other communication (collectively, a "claim") by any
other person alleging or asserting such person's liability for investigatory
costs, cleanup costs, Governmental Authority response costs, damages to natural
resources or other Premises, personal injuries, fines or penalties arising out
of, based on or resulting from (A) the presence, or release into the
environment, of any Hazardous Material at any location, whether or not owned by
such person, or (B) circumstances forming the basis of any violation, or alleged
violation, of any Environmental Law. The term "Environmental Claim" shall
include, without limitation, any claim by any Governmental Authority for
enforcement, cleanup, removal, response, remedial or other actions or damages
pursuant to any applicable Environmental Law, and any claim by any third party
seeking damages, contribution, indemnification, cost recovery, compensation or
injunctive relief resulting from the presence of Hazardous Materials or arising
from alleged injury or threat of injury to health, safety or the environment.

        1.8 "Environmental Law" means any law, regulation or order relating to
the regulation or protection of human health, safety or the environment or to

                                       2
<PAGE>

emissions, discharges, releases or threatened releases of Hazardous Materials
into the environment (including without limitation ambient air, soil, surface
water, ground water, wetlands, land or subsurface strata), or otherwise relating
to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials.

        1.9 "FF&E" means all furniture, fixtures and equipment located in, on or
about the Gold Ranch RV Resort and used in conjunction with the operation of the
Gold Ranch RV Resort as set forth in Exhibit 1.

        1.10 "Governmental Authority" shall mean any federal, state, regional,
county or municipal governmental agency, board, commission, officer or official
having or exercising or purporting to have or exercise jurisdiction over the
Assets or the parties with respect to the Assets.

        1.11 "Hazardous Materials" includes (A) any "hazardous substance," as
defined by CERCLA or any other similar substance or waste regulated pursuant to
any similar state or local law, regulation or ordinance; (B) any "waste" or
"hazardous waste," as defined by the Resource Conservation and Recovery Act, as
amended, or any other similar substance or waste regulated pursuant to any
similar state or local law, regulation or ordinance; (C) any pollutant,
contaminant, material, substance or waste regulated by the Clean Water Act, as
amended, or any other similar substance or waste regulated pursuant to any
similar state or local law, regulation or ordinance; (D) any pollutant,
contaminant, material, substance or waste regulated by the Clean Air Act, as
amended, or any other similar substance or waste regulated pursuant to any
similar state or local law, regulation or ordinance; (E) any petroleum product;
(F) any polychlorinated biphenyls; or (G) any radioactive material or
substances.

        1.12 "Integrated Agreements" means this Agreement and each of the
agreements and documents described as a component of that term in Section 1 of
the Asset Purchase Agreement, which constitute integral parts of the single
transaction by which Last Chance, Inc., will acquire the businesses and assets
(real, personal, tangible and intangible) operated by Prospector Gaming
Enterprises, Inc. and its Affiliates as the Gold Ranch Casino & RV Resort.

        1.13 "Integral Properties and Assets" means all of the assets, real and
personal, tangible and intangible which constitute integral parts of the
businesses operated by Prospector Gaming Enterprises, Inc., and its Affiliates,
including Owner, as the Gold Ranch Casino & RV Resort as more particularly
described in Section 1 of the Asset Purchase Agreement.

        1.14 "Gold Ranch RV Resort" means the recreational vehicle park operated
by Owner, on the RV Park Property, together with all improvements and furniture,
fixtures and equipment used in conjunction therewith.

                                       3
<PAGE>

        1.15 "Person" means an individual, firm, corporation, trust,
association, partnership, joint venture, tribunal or other entity.

        1.16 "Release" means release, spill, emission, leaking, pumping,
injection, disposal, discharge, dispersal, leaching or migration into the indoor
or outdoor environment or into or out of any real or personal property or any
fixture, including the movement of Hazardous Materials through or in the air,
soil, surface water or groundwater.

        1.17 "RV Park Lease" means the lease of the RV Park Property by and
between Owner and Prospector Gaming Enterprises, Inc., dated January 1, 2000.

        1.18 "RV Park Management Agreement" means the agreement executed by and
between Owner and Last Chance as part of the Integrated Agreements for the
management of the Gold Ranch RV Resort by Last Chance.

        1.19 "RV Park Property" means the real property described in Exhibit 2
(APN 038-241-07 and APN023-100-13) upon which the Gold Ranch RV Resort is
located.

2.      OPTION TO PURCHASE ASSETS. Owner hereby grants to Last Chance the
exclusive option, right and privilege to purchase the Assets for the total sum
of One Dollar ($1.00) at any time after the 18th anniversary of the Closing and
prior to the expiration of the Term of this Agreement as provided in Section 4.
The option must be exercised, if at all, as to all of the Option Assets and
simultaneously as to all option agreements contained in the Integrated
Agreements. Last Chance shall exercise the option by written notice thereof to
Owner (Notice of Exercise) within said period. Upon receipt of the Notice of
Exercise by Owner, the parties shall open an escrow with the title company
selected by Owner under Section 2.3.

        2.1 Payment of Purchase Price. The purchase price shall be paid in cash.

        2.2 Title. Owner shall convey good and marketable title to the Assets to
Last Chance free and clear of all liens, claims, encumbrances, security
interests or other third party rights and defects in title, and Environmental
Claims, except for those caused, permitted or suffered by Last Chance or
approved by Last Chance as provided in Section 2.3. The Assets shall be
transferred by bill of sale and Owner shall warrant that title is conveyed free
and clear of all liens, claims and encumbrances of any kind whatever, all other
defects in title and any Environmental Claims, with any exceptions for those
caused, permitted or suffered by Last Chance being set forth in detail
reasonably sufficient for identification.

                                       4
<PAGE>

        2.3 Approval of Conditions of Title.

               (A) Within fifteen (15) days following the receipt by Owner of
the Notice of Exercise, Owner shall deliver, at Owner's sole cost and expense:
(i) a CLTA preliminary title for the RV Park Property issued by one or more
reputable title companies, (ii) the results of a search conducted of the public
records of the State of Nevada and Washoe County, Nevada, and the State of
California and Sierra County, California, for personal property security
interests and liens by the public officials responsible for such records,
together with full and complete copies of all documents referenced in the title
report(s) and the results of such searches, and (iii) copies of all liens,
claims, encumbrances and financing statements affecting the Assets and not
otherwise produced by Owner pursuant to Section 2.3(A)(i) or (ii). Any
obligation of Last Chance to purchase the Assets upon its election to exercise
the option is contingent on approval by Last Chance of the condition of title
thereto. Last Chance shall have thirty (30) business days following its receipt
of all of the materials required by Section 2.3(A)(i), (ii) and (iii) within
which to give written notice to Owner of Last Chance's objections to the
condition of title to the Assets (Title Defects).

               (B) Last Chance's notice of objection shall either state that:
(i) Last Chance elects to revoke its exercise of the option and to cancel the
escrow established following the Notice of Exercise, or that (ii) Owner shall
have thirty (30) days, or such longer period as Last Chance may permit, to
remove the Title Defects at Owner's expense. If Owner does not remove all of the
Title Defects, Last Chance shall notify Owner that: (iii) Last Chance elects to
revoke its exercise of the option and to cancel the escrow established following
the Notice of Exercise, of (iv) the Title Defects or one or more of them are
waived and shall constitute Permitted Exceptions, or (v) that Last Chance will
cure any remaining Title Defects and deduct the cost thereof from the Purchase
Price, or (vi) that Last Chance will seek specific performance of Owner's
agreement to convey title to the Assets in the condition provided in Section
2.2.

               (C) All matters shown in the materials produced pursuant to
Section 2.3(A)(i), (ii) and (iii) , which are not objected to by Last Chance,
shall be deemed to be Permitted Exceptions.

3.      RIGHT OF FIRST REFUSAL. In the event that Owner receives an arms-length,
good faith, bona fide offer from a third party to purchase the Assets during the
Term of this Agreement, or any extension thereof, Last Chance shall have the
right of first refusal to meet any such offer on terms and conditions identical
thereto and in accordance with the provisions of this Section 3. Owner agrees
that it will not sell, transfer or dispose of any of the Assets separately and
acknowledge that the right of sale, transfer or disposition hereby reserved is
limited to a sale, transfer or disposition of all of the Assets, in toto, in a
single transaction. In the event that Last Chance exercises its right of first
refusal but a

                                       5
<PAGE>

purchase is not consummated, for any reason, this Section 3 and the rights and
obligations of the parties thereunder, shall survive.

        3.1 Notice. Within ten (10) days following its receipt of an offer to
purchase the Assets, Owner shall deliver a written notice (Notice) to Last
Chance stating: (A) Owner 's bona fide intention to sell the Assets, (B) the
name and address of the proposed purchaser, (C) the date of the proposed sale,
(D) copies of any drafted documents evidencing the proposed transaction,
including letters of intent, and (E) the purchase price and terms for or upon
which Owner proposes to sell the Assets.

        3.2 Exercise. Within thirty (30) days following receipt of the Notice
Last Chance shall have the right, but not the obligation, to elect to purchase
the Assets for the price and/or upon the terms set forth in the Notice subject,
however, to Section 3.3 in the event that the third party offer includes
non-cash consideration. Within thirty (30) days after the receipt of the Notice,
Last Chance shall notify Owner in writing of its election to exercise the right
of first refusal granted by this Section 3 (Notice of Election). The failure of
Last Chance to give a timely Notice of Election shall constitute an election by
Last Chance not to exercise. In the event that Last Chance elects to exercise
its right of first refusal, Owner and Last Chance shall execute such documents
and instruments and make such deliveries as may be reasonably required to
consummate such purchase and sale.

        3.3 Non-Cash Consideration. If the Notice provides for the payment of
non-cash consideration, Last Chance may elect to provide the non-cash
consideration or to pay cash in lieu of the non-cash consideration in an amount
equal to the good faith estimate of the present fair market value of the
non-cash consideration offered as determined by an independent appraiser of Last
Chance's choice. Notwithstanding the date specified in the Notice for the
closing of the proposed sale, in the event that Last Chance elects to provide
the non-cash consideration, it shall have until close of business on the later
of (A) forty-five (45) days from the date of receipt of the Notice of Election
by Owner, or (B) the date specified in the Notice for the closing of the sale,
within which to provide such non-cash consideration.

        3.4 Non-exercise. If Last Chance elects or is deemed to have elected not
to exercise its right of first refusal or, having exercised that right, a
purchase of the Assets is not consummated due to the fault of Last Chance, Owner
may (A) seek specific performance of the election by Last Chance to exercise its
right of first refusal, or (B) sell the Assets to the proposed purchaser,
providing that such sale is: (i) completed within the period provided in the
Notice or if none is provided, within one (1) year after the expiration of Last
Chance's right of first refusal, (ii) made on terms identical to those specified
in the Notice, (iii) the transferee takes, and acknowledges in writing that it
takes title to the Assets subject to Last Chance's rights under this Agreement,
specifically including,

                                       6
<PAGE>

without limitation, the rights of Last Chance under Sections 2 and 3 of this
Agreement, and the Integrated Agreements, and (iv) all bills of sale and other
documents by which the Assets are conveyed recite that title thereto is taken
subject to the rights of Last Chance under Sections 2 and 3 of this Agreement,
and the other Integrated Agreements (with specific reference to all pertinent
recording information) and that the grantee, transferee or assignee of the
Assets, as the case may be, is bound thereby. If a sale of the Assets as herein
provided is not consummated, Owner must give notice anew in accordance with
Section 3.1 prior to any other sale of the Assets. Any sale or transfer in
violation of Section 3 shall be voidable by Last Chance, in its absolute
discretion. In the event that Last Chance elects to void a sale or transfer
under this Section 3.4 Owner shall, at its sole cost and expense, indemnify,
protect and defend Last Chance (including costs and attorneys' fees incurred by
Last Chance) from and against the claims of any such transferee and shall, upon
demand by Last Chance, take such actions as may be necessary to recover the
Assets or any portion thereof as may have been transferred in violation of this
Section 3, as may be necessary to free the Assets of any claim or encumbrance
other than the rights of Last Chance under this Agreement, including the
commencement of an action to recover the Assets free and clear of third party
claims.

4.      TERM. The Term of this Agreement shall commence on the Closing and shall
continue so long as any of the Integrated Agreements remain in force and effect.

5.      REPRESENTATIONS AND WARRANTIES.

        5.1 Representations and warranties of Owner. Except as set forth in
Exhibit 3, Owner represents and warrants to Last Chance that each of the
following representations and warranties are true and correct as of the date
hereof and, except as otherwise expressly provided herein, will be true and
correct on the Closing and the close of escrow in the event of a purchase of the
Assets by Last Chance pursuant to Sections 2 or 3 of this Agreement. The truth
and accuracy of the representations and warranties herein shall constitute a
condition to the Closing and shall survive the Closing.

               (A) Organization. The Owner is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
Nevada and every other jurisdiction in which the Owner does business or owns
property, and has all requisite power and authority to own the Assets and to
grant the option to purchase and right of first refusal as provided in Sections
2 and 3 of this Agreement.

               (B) Articles, Operating Agreement. The execution and delivery of
this Agreement does not, and the consummation of the transactions contemplated
hereby will not, conflict with the terms and provisions of the Articles of
Organization, as amended or Operating Agreement, of Owner.

                                       7
<PAGE>

               (C) Proper Authority and Action, Binding Obligation. Owner has
had since its formation, does have currently, and will have at the Closing and
the closing of any transaction under Sections 2 and 3, all necessary
registrations, licenses, filings, permits, exemptions, certificates, approvals,
and other authorizations required of them by any Governmental Authority, to own,
use and operate the Assets, at the places and in the manner in which the Assets
have been and are being owned, used, and operated. Owner has taken all action
necessary under its organizational documents and applicable limited liability
company laws, to authorize the execution and delivery of this Agreement and the
performance of its obligations thereunder and has duly executed and delivered
this Agreement. The Agreement is the valid and binding obligation of Owner,
enforceable against Owner in accordance with its terms.

               (D) Ownership and Compliance. Owner hereby represents and
warrants that it is the legal owner of the Assets, that this Agreement does not
violate any of Owner's contractual obligations with any third party, including
recorded documents such as deeds of trusts, or mortgages, or violate or
contravene any law, governmental rule, regulation, order, writ, injunction or
decree applicable to Owner or its officers, directors, managers, employees or
agents; that there are no consents necessary from any person, association,
entity, or Governmental Authority necessary to render the Agreement lawful, or
effective in accordance with its terms, and that the Owner is in compliance with
all federal, state and local, laws, rules, regulations and ordinances applicable
to the Assets.

               (E) Want of Notice. Owner has not received any notice from any
Governmental Authority: (i) requiring Owner to make any material repairs or
changes to any of the Assets which have not been made, or (ii) giving notice of
any material governmental actions pending or threatened relating to any of the
Assets. All of the Assets are in material compliance with applicable laws,
regulations and ordinances and, to the best of Owner's knowledge, all current
building and health codes to the extent applicable. Owner has not received any
notice of any material violations of any laws, regulations, ordinances or
building or health codes with respect to the Assets.

               (F) Licenses and Permits. Owner represents and warrants that it
holds all licenses and permits necessary to its ownership, operation and use of
the Assets and is in compliance with all such licenses and permits.

               (G) Condition and Compliance. Owner warrants and represents that
all of the Assets: (i) comply with, and are operated in accordance with, all
material applicable laws, (ii) that the Assets are in good operating condition
and repair, free from latent and patent defects and adequate for the uses to
which they are being put, and (iii) that none of the Assets is in need of
maintenance or repair, except for ordinary, routine maintenance and repairs that
are not material in nature or cost.

                                       8
<PAGE>

               (H) Environmental Matters.

                      (i) Owner represents and warrants that, except as provided
in Exhibit 3, the Assets have all times been, and continue to be, used and
operated in material compliance with all Environmental Laws;

                      (ii) Except as provided in Exhibit 3, there have been no
past, and there are no pending or threatened: (a) Environmental Claims,
complaints, notices, requests for information or investigations with respect to
any alleged material violation of any Environmental Law by Owner, or (b)
complaints, notices or inquiries to or investigations of Owner regarding
potential liability under any Environmental Law;

                      (iii) Except as provided in Section 5.1(H)(vi), there have
not been, at or on any of the Assets any Releases of Hazardous Materials and
there are no citations, notices or orders of noncompliance issued and
outstanding to Owner under any Environmental Law;

                      (iv) Owner is the holder of and is in material compliance
with all permits, certificates, approvals, licenses and other governmental
authorizations relating to environmental matters and necessary for the
ownership, operation, lease and use of the Assets, and no order has been issued,
no Environmental Claim has been made, no penalty has been assessed and no
investigation or review has occurred or is pending or threatened, by any
Governmental Authority or any Person with respect to any alleged failure by
Owner to have any license or permit required under applicable Environmental Laws
in connection with the use of the Assets or to comply with any Environmental
Laws or with respect to any generation, treatment, storage, recycling,
transportation, discharge, disposal or release of any Hazardous Material
generated or Released by them;

                      (v) Owner warrants that, except as provided in Exhibit 3
and Section 5.1(H)(vi), no condition exists with respect to the Assets that
would represent an environmental liability to the Last Chance, and that if such
a condition does exist, that Owner shall indemnify, defend, and hold harmless,
Last Chance for any losses associated with such liability, including, but not
limited to, any and all claims, judgments, damages, penalties, fines, costs,
liabilities or other losses, sums paid in settlement of claims, attorney fees,
consultant fees and expert fees.

                      (vi) Owner acknowledges that a petroleum Release from an
underground storage tank on the Gold Ranch Casino Property was discovered in
1995. That Release resulted in the contamination of the well(s) (Permit No.
48834 and Permit No. 49019; Certificate No. 12799 and Certificate No. 12801)
located inside the Casino building. Subsequent examination and

                                       9
<PAGE>

characterization led PGE to cease using these wells and to install numerous
monitoring wells, ground water recovery wells, soil vapor extraction points, and
a treatment system, which continue to operate. It is expected that remediation
will be concluded within twelve (12) months following the Closing. Owner shall
indemnify Last Chance from and against liability for this Release to the extent
provided in Section 4(g)(vi) of the Asset Purchase Agreement.

               (I) Litigation. No litigation, proceeding, investigation or claim
of any kind whatsoever is pending or threatened, by, against or relating to the
Owner, or the Assets. No claim or liability can, on the basis of the Owner's, or
its employees' or agents' actions, or of facts or conditions existing prior to
the Closing Date, be asserted against the Owner, or the Assets by any
individual, entity, association or governmental authority, except as described
in detail in Exhibit 3, all of which shall remain the responsibility of Owner.

               (J) Full and Accurate Disclosure, Reliance. No statement of fact
made by Owner in this Agreement contains any untrue statement of a material fact
or omits to state any material fact necessary to make statements contained
herein not misleading in all material respects. There is no material fact
presently known to Owner which has not been disclosed to Last Chance which
adversely affects, nor as far as Owner can foresee, would reasonably be expected
to have a material adverse effect upon the Assets or Last Chance's willingness
to enter into this Agreement. All representations, warranties, covenants and
agreements made in this Agreement by Owner shall be deemed to have been relied
upon by Last Chance notwithstanding any investigation made by Last Chance or on
its behalf.

               (K) No Material Adverse Change. Since June 30, 2001, there has
not been any material adverse change in the Assets or the results of operation
thereof (financial or otherwise), including customer or employee or supplier
relations or relations with any Governmental Authority.

        5.2 Last Chance's Representations and Warranties. Last Chance represents
and warrants to Owner that each of the following representations and warranties
are true and correct as of the date hereof and, except as otherwise expressly
provided herein, will be true and correct on the Closing and the close of escrow
in the event of a purchase of the Assets by Last Chance as provided for in
Sections 2 or 3.

               (A) Organization. Last Chance is a corporation duly organized,
validly existing and in good standing under the laws of the State of Nevada and
every other jurisdiction in which the Last Chance does business, owns property
or has employees, and has all requisite power and authority to acquire the
rights granted or created by this Agreement.

                                       10
<PAGE>

               (B) Articles and By Laws. The execution and delivery of this
Agreement does not, and the consummation of the transaction contemplated hereby
will not, conflict with the terms and provisions of the Articles of
Incorporation or the By Laws of the Last Chance.

               (C) Proper Authority and Action, Binding Obligation. The Last
Chance has all requisite corporate power and authority to enter into this
Agreement and to perform its obligations thereunder. Last Chance has taken all
action necessary under its organizational documents and applicable corporate law
to authorize the execution and delivery of this Agreement and the performance of
its obligations thereunder and has duly executed and delivered this Agreement.
The Agreement is the valid and binding obligation of the Last Chance,
enforceable against Last Chance in accordance with its terms. Neither this
Agreement nor Last Chance's performance of its obligations thereunder, will
violate any contractual obligations with any third party or contravene any law,
governmental rule, regulation, order, writ, injunction or decree applicable to
Last Chance.

6.      MISCELLANEOUS PROVISIONS.

        6.1. Covenants and Conditions. All of the terms and conditions of this
Agreement are expressly intended to be construed as covenants as well as
conditions.

        6.2 Notice. Whenever under this Agreement a provision is made for any
demand, notice or declaration of any kind, or whether it is deemed advisable or
necessary by either party to give or serve any such notice, demand or
declaration to the other party, the notice shall be in writing and served either
personally or sent by certified or registered mail, return receipt requested,
postage prepaid, addressed to addresses set forth below:

        To Owner:            Peter Stremmel, Managing Member
                             Gold Ranch R.V. Resort, LLC
                             1400 S. Virginia
                             Reno, Nevada 89502

        With a copy to:      David R. Grundy, Esq.
                             Lemons, Grundy & Eisenberg
                             6005 Plumas Street, Suite 300
                             Reno, Nevada 89509

        To Last Chance at:   Ferenc B. Szony, President
                             Last Chance, Inc.
                             345 Arlington Ave.
                             Reno, Nevada 89501

                                       11
<PAGE>

        With a copy to:      David R. Wood, Treasurer
                             The Sands Regent
                             345 Arlington Ave.
                             Reno, Nevada 89501; and

                             Paul A. Bible, Esq.
                             Bible, Hoy & Trachok
                             201 West Liberty Street, Third Floor
                             Reno, Nevada 89501.

        6.3 Parties Bound; Assignment. This Agreement shall be binding on and
inure to the benefit of the successors and assigns of the parties hereto, and
their respective successors and assigns; provided, however, that this agreement
may not be assigned by Last Chance without prior written consent of Owner, or by
Owner without prior written consent of Last Chance, which consent, by any party,
shall not be unreasonably withheld or delayed.

        6.4 Effect of Partial Invalidity. Should any section or any part of any
section of this Agreement be rendered void, invalid or unenforceable for any
reason by any court of law exercising competent jurisdiction, such a
determination shall not render void, invalid or unenforceable any other section
or any part of any section in this agreement.

        6.5 Choice of Law and Venue . This Agreement shall be interpreted,
governed and controlled by the laws of the State of Nevada and venue for any
litigation arising out of or related to this Agreement shall be in Washoe
County, Nevada.

        6.6 Attorney's Fees. In the event a party must retain an attorney to
enforce this Agreement or in the event of litigation which arises as a result of
any controversy, dispute, breach or construction of this Agreement, the
prevailing party shall be entitled to recover, from the other party, all costs,
expenses and reasonable attorney's fees incurred in connection with the
enforcement efforts or litigation.

        6.7 Modification. This agreement may not be modified unless such
modification is in writing and signed by both parties to this Agreement.

        6.8 Headings. The headings of this Agreement are inserted for
convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any
provision hereof.

        6.9 Waivers. No waiver by any party hereto of any provision hereof shall
be deemed a waiver of any other provision hereof or of any subsequent breach by
the respective party of the same or any other provision. Any party's

                                       12
<PAGE>

consent to or approval of any act shall not be deemed to render unnecessary the
obtaining of that party's consent to or approval of any subsequent act by the
breaching party.

        6.10 Recording. The parties hereto shall execute a memorandum of option
and right of first refusal in recordable form which may be recorded by either of
them.

        6.11 Approvals. This Agreement shall be contingent upon Last Chance
receiving any and all required government approvals. In the event that Last
Chance is unable to secure the required approvals, this Agreement shall
terminate with no damages claimed by any party against the other.

        6.12 Additional Documents. The parties hereto agree to execute any
additional documents, as may be reasonable and necessary to carry out the
provisions of this Agreement.

        6.13 No Construction Against Drafting Party. This Agreement is not being
offered on a take-it-or-leave-it basis. Each party has been given an opportunity
to negotiate each term, propose new language or edits to existing language, and
has been given an opportunity to have the Agreement reviewed by an independent
attorney. This Agreement is a joint product of all parties and not one party.
Therefore, the rule of construction that an ambiguous contract should be
construed against the drafting party shall not apply to this Agreement.

        6.14 Expenses. Each party shall pay its own attorneys' fees incurred to
document or negotiate this Agreement.

                                       13
<PAGE>

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

        OWNER                                LAST CHANCE

Gold Ranch R.V. Resort, LLC                  Last Chance, Inc.
a Nevada limited liability company            a Nevada corporation.

By:     /s/ Peter Stremmel                   By:    /s/ Ferenc Szony
Its:    Partner                              Its:   Pres/CEO

                                       14
<PAGE>

State of Nevada       )
                      ) ss.
County of Washoe      )

        This instrument was acknowledged before me on the 27th day of December,
2001, by Peter Stremmel, the Partner of Gold Ranch R.V. Resort, L.L.C.

                                                   /s/ Yvonne Cody
                                                   Notary Public

State of Nevada       )
                      ) ss.
County of Washoe      )

        This instrument was acknowledged before me on the 27th day of December,
2001, by Ferenc Szony, the President/CEO of Last Chance, Inc.

                                                   /s/ Yvonne Cody
                                                   Notary Public

                                       15

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