Document:

Unassociated Document

    
      
        
          
            
              
                
                  
                    Ardent
Mines Limited

                     

                  

                  
                    
                      
                        
                          
                            	
                                    Confidential Letter of
    Intent

                                  	 
      	
                                    Carta de Intenções
    Confidencial

                                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                    Rio Sao Pedro Mineracao LTDA

                                  	 
      	
                                    Rio
      Sao Pedro Mineracao LTDA

                                  
	 
      	 
      	 
      
	
                                    Gentlemen:

                                  	 
      	
                                    Prezados
      Senhores:

                                  
	 
      	 
      	 
      
	
                                    The
      purpose of this letter of intent (this “Letter of Intent”),
      dated as of the date set forth on the signature page hereto, is to
      summarize our recent discussions and formalize a confidential letter of
      intent by and between Ardent Mines Limited (“Ardent”), Rio São Pedro Mineração LTDA
      (“Rio Sao Pedro”) and the undersigned owners of Rio Sao Pedro
      (collectively, the “Seller”).

                                  	 
      	
                                    A
      presente carta de intenções (esta “Carta de Intenções”),
      celebrada na data indicada na página de assinaturas do presente documento,
      tem por finalidade resumir nossas discussões recentes e formalizar uma
      carta de intenções confidencial entre Ardent Mines Limited (“Ardent”), Rio São Pedro Mineração LTDA
      (“Rio Sao Pedro”) e os sócios-quotistas da Rio Sao Pedro que
      assinam o presente instrumento (conjuntamente denominados “Vendedora”).

                                  
	 
      	 
      	 
      
	
                                    1          
      Terms of the Transaction.

                                  	 
      	
                                    1          
      Condições da Operação.

                                  
	 	 	 

                          

                        

                      

                    

                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	
                                               1.1 

                                            	
                                              The Share
      Exchange.  Ardent shall
      at Closing (as defined below) acquire 100% of all issued and outstanding
      equity interests in Rio San Pedro (the “Rio San Pedro Shares”),
      which are held entirely by the undersigned shareholder, in exchange for
      the issuance and delivery to the Seller of Fourteen Million Nine Hundred
      Fifty Seven Thousand Six Hundred Fifty (14,957,650) shares of common stock
      of Ardent (the “Ardent Shares”)
      representing as of the date of issuance fifty percent (50%) of the issued
      and outstanding equity shares of Ardent.  Pursuant to the
      exchange, Rio Sao Pedro will become a wholly owned subsidiary of
      Ardent.

                                            	
                                               1.1

                                            	
                                              A
      Permuta de
      Ações.  No Fechamento
      (conforme definido abaixo), a Ardent adquirirá 100% das quotas emitidas e
      em circulação da Rio San Pedro (as “Quotas Rio San Pedro”),
      as quais são integralmente detidas pelo sócio-quotista infra-assinado, em
      troca da emissão e entrega, à Vendedora, de 14.957.650 (quatorze milhões
      novecentos e cinqüenta e sete mil seiscentas e cinqüenta ações ordinárias
      da Ardent (as “Ações Ardent”), as quais
      representam, na data de sua emissão, 50% (cinqüenta por cento) das ações
      emitidas e em circulação da Ardent. Nos termos da permuta, a Rio Sao Pedro
      irá se tornar uma subsidiária integral da Ardent.

                                            
	 	 	 	 
	1.2	
                                              The Ownership
      Interests.  The Rio San Pedro Shares will at the Closing
      represent one hundred percent (100%) of all issued and outstanding equity
      interests of Rio Sao Pedro.  There shall at Closing be no
      options, warrants, convertible instruments or any other equity interests,
      contingent or otherwise, of any nature or kind in Rio Sao Pedro other than
      the Rio San Pedro Shares.  After giving effect to the
      reservation for issuance by Ardent of the Financing Shares (as defined
      below), the Ardent Shares issued and delivered to the Seller at Closing
      will represent approximately thirty percent (30%) of all issued and
      outstanding shares of Ardent.

                                            	 1.2	
                                              As Participações no Capital. As
      Quotas Rio San Pedro representarão, no Fechamento, 100% (cem por cento) de
      todas as quotas emitidas e em circulação da Rio Sao Pedro. Não haverá, no
      Fechamento, opções, bônus de subscrição, instrumentos conversíveis em
      quotas do capital ou qualquer outro direito de participação de qualquer
      natureza na Rio Sao Pedro, condicional ou não, que não as Quotas Rio San
      Pedro. Após a efetivação da reserva para emissão das Ações do
      Financiamento (conforme definido abaixo) pela Ardent, as Ações Ardent
      emitidas e entregues à Vendedora no Fechamento representarão
      aproximadamente 30% (trinta por cento) de todas as ações emitidas e em
      circulação da
Ardent.

                                            

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                     

                    
                      
                        
                          
                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
          
          

        

        
          Page 1 of
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                        Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                      

                    
	
                      
                        Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                      

                    

            

          

           

          
             

            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    1.3 

                                                  	
                                                    Financing.  Following
      the Closing, Ardent shall undertake, on a best efforts basis, to raise
      approximately One Hundred Million U.S. Dollars (USD$100,000,000) in a
      private placement of new Ardent common stock at a placement price of
      approximately USD$5 per share (the “Financing
      Shares”).  Giving effect to the placement in full of the
      Financing Shares, the Financing Shares will represent approximately thirty
      percent (approximately 30%) of the issued and outstanding shares of
      Ardent.

                                                  	
                                                     1.3

                                                  	
                                                    Financiamento. Após o
      Fechamento, a Ardent envidará seus melhores esforços para captar
      aproximadamente US$
      100.000.000 (cem milhões de dólares norte-americanos) em uma
      colocação privada de novas ações ordinárias da Ardent a um preço de
      colocação de aproximadamente US$5 por ação (as “Ações do
      Financiamento”). Mediante a colocação integral das Ações do
      Financiamento, as Ações do Financiamento representarão aproximadamente 30%
      (aproximadamente trinta por cento) das ações emitidas e em circulação da
      Ardent.

                                                  
	 	 	 	 
	1.4	
                                                    Call Option.  In the
      event that Ardent fails to obtain a minimum share value of $5.00 per share
      as of Closing the Seller shall, for a period of thirty (30) calendar days
      thereafter, have the right to re-purchase the Rio San Pedro Shares from
      Ardent for a purchase price consisting of 100% of the Ardent Shares
      received by the Seller.

                                                  	 1.4	Opção de Compra. Caso a Ardent
      não obtenha um valor mínimo de US$ 5,00 por ação no Fechamento, a
      Vendedora poderá, durante o período de 30 (trinta) dias corridos
      subseqüente, recomprar as Quotas Rio San Pedro da Ardent por um preço de
      compra consistente em 100% das Ações Ardent recebidas pela
      Vendedora.
	 	 	 	 
	1.5	Pro-Forma Share
      Capitalization.  Giving effect to the issuance of the
      Ardent Shares, and the reservation for placement in full of the Financing
      Shares, the following sets forth a summary of the Pro-Forma Share
      Capitalization of the projected estimated share value of the Seller’s
      Ardent Shares:	 1.5	Capitalização de Ações
      Pro-Forma. Após a emissão das Ações Ardent e a reserva para
      colocação integral das Ações do Financiamento, a tabela a seguir contém um
      resumo da Capitalização de Ações Pro-Forma do valor estimado planejado das
      Ações Ardent da
Vendedora:

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

             

          

        

      

      
        
          
          

        

        
          Page 2 of
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                  Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                

              
	
                
                  Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                

              

      

    

     

    
      
        
          
            
              	
                      Seller’s
      Ardent Shares / Ações Ardent da Vendedora

                    	
                      Projected
      Share Capitalization At Preliminary Ore Reserves Determination ($5.00 per
      share) / Capitalização de Ações Planejada Nas Reservas de Minério
      Preliminares Determinação (US$ 5,00 por ação)

                    	
                      Projected
      Share Capitalization At Confirmed Ore Reserves Determination ($15 per
      share) / Capitalização de Ações Planejada Nas Reservas de Minério
      Confirmadas Determinação (US$ 15 por ação)

                    	
                      Projected
      Share Capitalization At Start of Mining Operations ($40 per share) /
      Capitalização de Ações Planejada No Início das Operações de Mineração
      Determinação ($40 por ação)

                    	
                      Projected
      Share Capitalization At Mature Operations ($80 per share) / Capitalização
      de Ações Planejada Com Operações já Desenvolvidas ($80 por
      ação)

                    
	
                      14,957,650

                    	
                      $
      75,000,000

                    	
                      $224,364,750

                    	
                      $598,306,000

                    	
                      $1,196,612,000

                    

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                 1.6 

                              	
                                Registration and Stock Exchange
      Listing.  The Financing Shares shall be registered by
      Ardent with the SEC (or authorized for trading without registration if an
      exemption from registration is available) to facilitate trading for the
      holders of the Financing Shares.  Following the Closing, Ardent
      shall apply for listing of the Ardent common stock on the New York Stock
      Exchange, Nasdaq Global Stock Market or another high quality
      Exchange.  Ardent may also apply for trading of its shares on
      other global and regional stock markets.

                              	
                                 1.6

                              	
                                Registro e Negociação de Ações em Bolsa
      de Valores. As Ações do Financiamento serão registradas pela Ardent
      perante a Comissão de Valores Mobiliários dos Estados Unidos da América,
      ou SEC (ou sua negociação sem registro será autorizada, caso haja uma
      isenção de registro) para facilitar sua negociação pelos detentores das
      Ações do Financiamento. Após o Fechamento, a Ardent requererá a admissão
      das ações ordinárias da Ardent para negociação na Bolsa de Valores de Nova
      York, Nasdaq ou em outra Bolsa de Valores de alta qualidade. A Ardent
      também requererá a admissão de suas ações à negociação em outras bolsas de
      valores globais e
regionais.

                              

                      

                    

                  

                

              

            

          

        

      

       

    

    
      
        
        

      

      
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                  Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                

              
	
                
                  Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                

              

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        1.7 

                                      	
                                        

                                          Management.  The
      current directors of Ardent shall remain as directors of the Company at
      and after the Closing.  The Seller or a representative of the
      Seller may become a Director of Ardent at Closing. A representative of the
      Seller shall also be appointed to the Board of Directors to Rio Sao Pedro.
      The parties will enter into customary shareholder and voting agreements
      with respect to the composition of the Ardent Board as of the Closing and
      subsequent to the Closing date.  The Ardent Board has appointed
      a new Chief Executive Officer, and a Chief Financial Officer with
      experience in  U.S. public companies to assure compliance with
      all U.S. Securities and Exchange Commission (the “SEC”) public company
      reporting requirements and audit requirements under US
      GAAP.  All matters pertaining to composition of the Rio Sao
      Pedro board and all appointments of officers and all management
      determinations with respect to Rio Sao Pedro shall be subject to policy
      determinations of the Board of Ardent.

                                        

                                      	
                                         
      1.7

                                      	
                                        Administração. Os atuais conselheiros da Ardent
      permanecerão como conselheiros da Sociedade a partir do Fechamento,
      inclusive. A Vendedora ou uma representante da Vendedora poderá se tornar
      um Conselheiro da Ardent no Fechamento. Um representante da Vendedora
      também será nomeado para atuar no Conselho de Administração da Rio Sao
      Pedro. As partes celebrarão os acordos de acionistas e de voto de praxe
      com relação à composição do Conselho da Ardent no Fechamento e no período
      subseqüente à data de Fechamento. O Conselho da Ardent nomeou um novo
      Diretor-Presidente e um Diretor Financeiro com experiência em sociedades
      norte-americanas de capital aberto para garantir o cumprimento de todas as
      exigências de informações sobre sociedades de capital aberto e exigências
      de auditoria da Comissão de Valores Mobiliários dos Estados Unidos da
      América (a “SEC”)
      em conformidade com os princípios contábeis geralmente aceitos nos Estados
      Unidos, ou US GAAP. Todos os assuntos relativos à composição do conselho
      da Rio Sao Pedro e todas as nomeações de diretores e determinações da
      administração com relação à Rio Sao Pedro observarão as determinações da
      política do Conselho da Ardent.

                                      
	 	 	 	 
	1.8	Acquired Properties and Mineral
      Rights. At the Closing, Rio Sao Pedro and all of its real property
      and mineral rights, including but not limited to the “Fazenda Lavras,”
      real property covering an area of approximately 211 hectares with mineral
      rights on a total of 828 hectares, including the 211 hectares owned by Rio
      Sao Pedro, which shall be free and clear of all indebtedness, liabilities,
      liens, encumbrances, convertible rights, derivative rights, pre-emptive
      rights and any and all other rights, contingent or otherwise of any other
      persons, other than liabilities which shall be disclosed in writing by Rio
      Sao Pedro and approved by Ardent prior to Closing.  Any and all
      material liabilities of Ardent following the Closing shall be subject to
      review and approval by the Board of Ardent.  The Parties
      acknowledge the existence of a disclosed lien which limits and impairs the
      transfer of the Rio San Pedro Shares and the underlying mineral rights
      thereto (the “Lien”). The Parties acknowledge that the disclosed amount to
      release such Lien is Reais 466,000 (to be updated as of the closing date)
      as per documents delivered by the Sellers to the Purchaser. The funds to
      be placed into Escrow per Section 1.9 below shall be paid by the Escrow
      Agent into the Closing Escrow (as such term is defined below) and to
      release such Lien at or prior to the Closing.	 1.8	Propriedades Adquiridas e Direitos
      Minerários. No Fechamento, a Rio Sao Pedro e todos os seus bens
      imóveis e direitos minerários, incluindo, entre outros, a “Fazenda
      Lavras”, um imóvel com área de aproximadamente 211 hectares com direitos
      minerários em um total de 828 hectares, incluindo os 211 hectares detidos
      pela Rio Sao Pedro, estarão livres e desembaraçados de qualquer
      endividamento, passivo, ônus, encargo, direito de conversão, direito
      derivado, direito de preferência e qualquer outro direito, condicional ou
      não, de quaisquer outras pessoas, que não os passivos que serão
      divulgados   por escrito pela Rio Sao Pedro e aprovados
      pela Ardent antes do Fechamento. Todos e quaisquer passivos relevantes da
      Ardent após o Fechamento estarão sujeitos à análise e aprovação pelo
      Conselho da Ardent. As Partes reconhecem a existência de um ônus divulgado
      que limita e prejudica a transferência das Quotas Rio San Pedro e dos
      direitos minerários a elas subjacentes (o “Ônus”). As Partes reconhecem
      que o valor divulgado para liberar referido Ônus é de R$ 466.000 (a ser
      actualizado na data de Fechamento), de acordo com os documentos entregues
      pelas Vendedoras à Compradora. Os recursos destinados ao Depósito em
      Garantia nos termos da Cláusula 1.9 abaixo serão pagos pelo Agente de
      Depósito no Depósito em Garantia do Fechamento (conforme definido abaixo)
      e liberarão referido Ônus até o Fechamento,
inclusive.

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
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                      Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                    

                  
	
                    
                      Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                    

                  

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	 1.9 	
                                                                  Escrow
      Funds:  Not later than ten (10) calendar days after signing of
      this Letter of Intent, Ardent shall deposit into attorney escrow for the
      benefit of the Seller the amount of US$500,000 (Five Hundred Thousand
      Dollars of the United States of America) (the “Escrow”).  The
      Escrow shall be established with Ardent counsel Wuersch & Gering LLP,
      100 Wall Street, 21st
      Floor, New York, NY 10005 USA.  The Escrow agreement shall
      provide that such Escrow funds shall first be utilized to pay and fully
      satisfy the Lien from Closing Escrow and the balance of proceeds shall
      thereafter be released at Closing proportionately to each shareholder of
      record of the Seller.

                                                                	 1.9	
                                                                  
                                                                    Recursos
      do Depósito em Garantia: Em até 10 (dez) dias corridos após a assinatura
      desta Carta de Intenções, a Ardent efetuará o depósito em garantia, em
      benefício da Vendedora, no valor de US$ 500.000 (quinhentos mil dólares
      norte-americanos) (o “Depósito em Garantia”).
      O Depósito em Garantia será efetuado perante os advogados da Ardent,
      Wuersch & Gering LLP, 100 Wall Street, 21st
      Floor, Nova York, NY 10005 EUA. O contrato de Depósito em Garantia
      estabelecerá que referidos recursos do Depósito em Garantia sejam
      utilizados inicialmente para pagar e quitar o Ônus do Depósito em Garantia
      do Fechamento, bem como que o saldo dos recursos seja posteriormente
      liberado de forma proporcional, no Fechamento, a cada sócio quotista
      registrado da
Vendedora.

                                                                  

                                                                

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
          

        

        
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                    Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                  

                
	
                  
                    Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                  

                

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      2   
      Closing Conditions.

                                                    	
                                                      
                                                         2.     
      Condições para o Fechamento.

                                                      

                                                    
	 	 	 	 
	 	

                                                      Consummation
      of the acquisition of Rio Sao Pedro by Ardent will be subject to the
      following closing conditions:

                                                    	 	

                                                      A
      consumação da aquisição da Rio Sao Pedro pela Ardent estará sujeita às
      seguintes condições para o fechamento:

                                                    
	 	 	 	 
	2.1	
                                                      Audit Report and
      Conditions to Closing.  Consummation of the acquisition
      shall be subject to: (a) Receipt by Ardent from Rio Sao Pedro of an audit
      report containing consolidated financial statements unqualified with
      respect to any material deficiency and prepared in accordance with U.S.
      Generally Accepted Accounting Principals as applied to Rio Sao Pedro (and
      all of its subsidiaries, if any), covering the annual periods of Rio Sao
      Pedro (and its subsidiaries, if any) for December 31, 2008 and 2009; and
      unaudited financial statements with respect to the year-to-date operations
      of Rio Sao Pedro for the most recently completed calendar quarterly period
      prior to Closing.  The audit shall be conducted by an accounting
      firm authorized to practice before the U.S. SEC and approved by the U.S.
      Public Company Accounting Oversight Board (PCAOB), together with written
      authorization from said accounting firm to publish and include the audit
      report thereto in the SEC filings made by Ardent.  The
      appointment of such auditor shall be made by Ardent and the audit shall be
      paid for by Ardent.

                                                    	 2.1	
                                                      Relatório de Auditoria e Condições para
      o Fechamento. A Consumação da aquisição estará sujeita: (a) Ao
      recebimento pela Ardent, da Rio Sao Pedro, de um relatório de auditoria
      contendo as demonstrações financeiras consolidadas sem ressalvas com
      relação a qualquer deficiência relevante e elaborado em conformidade com
      os Princípios Contábeis Geralmente Aceitos nos Estados Unidos da América,
      conforme aplicados à Rio Sao Pedro (e a todas as suas subsidiárias, se
      houver), relativo aos exercícios fiscais da Rio Sao Pedro (e de suas
      subsidiárias, se houver) em 31 de dezembro de 2008 e 2009; e das
      demonstrações financeiras não auditadas relativas às operações da Rio Sao
      Pedro de 1o de janeiro do presente ano até o último trimestre encerrado
      antes do Fechamento. A auditoria será realizada por uma empresa de
      contabilidade autorizada a operar perante a SEC e aprovada pelo Conselho
      de Supervisão de Contabilidade das Companhias Abertas dos Estados Unidos
      da América (PCAOB), juntamente com uma autorização por escrito de referida
      empresa de contabilidade para publicar e incluir o relatório de auditoria
      nas documentações protocoladas pela Ardent perante a SEC. A nomeação de
      referido auditor será efetuada pela Ardent e a auditoria será paga pela
      Ardent.

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
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                    Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                  

                
	
                  
                    Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                  

                

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	2.2   
       	
                                                                  Continuity, Due
      Diligence and Rio Sao Pedro Rights.  At the Closing, Rio
      Sao Pedro shall have obtained and be in receipt of all necessary consents
      and approvals of all applicable governmental authorities and other third
      parties having jurisdiction or rights in respect of the acquisition,
      including, without limitation, with respect to all mineral rights
      feasibility studies, gold mining rights, and environmental impact reports
      being prepared for filing. Ardent shall pay the costs of the environmental
      impact report.  Rio Sao Pedro shall deliver a legal opinion to
      Ardent at Closing regarding the continuing legal validity of any and all
      governmental authorizations, licenses, permits, and registrations of Rio
      Sao Pedro, which shall remain fully effective following the Closing to
      legally facilitate continuity of Rio Sao Pedro’s ordinary course of
      business without impairment of any nature or kind.  The Closing
      shall be subject to completion of final due diligence satisfactory to
      Ardent in its sole discretion and deliveries to Ardent of audit reports of
      Rio Sao Pedro and geological survey reports with consents from such
      auditors and geologists authorizing filing of such reports with the
      SEC.  Ardent shall pay the geologist for the geology survey
      report.  At the Closing there shall not be any material adverse
      change in Rio Sao Pedro (or subsidiaries, if any) respective business,
      financial condition, assets or operations.  At the Closing, the
      Seller shall represent and warrant to Ardent that Rio Sao Pedro has the
      sole rights with free and clear ownership titles to the mines and all
      properties of Rio Sao Pedro, and no other persons, business organizations
      or governmental entities have any rights or claims thereto.

                                                                   

                                                                	 2.2	
                                                                  Continuidade, Análise
      Documental e Direitos da Rio Sao Pedro. No Fechamento, a Rio Sao
      Pedro deverá ter obtido e recebido todas as autorizações e aprovações
      necessárias de todos os órgãos governamentais aplicáveis e demais
      terceiros competentes ou direitos relativos à aquisição, incluindo, entre
      outros, no que diz respeito a todos os estudos de viabilidade de direitos
      minerários, direitos de prospecção de ouro e direitos minerários relativos
      ao ouro, bem como documentos a ser protocolados todos e quaisquer
      relatórios de impacto ambiental e respectivos requerimentos. A Ardent
      arcará com os custos do relatório de impacto ambiental. A Rio Sao Pedro
      entregará um parecer jurídico à Ardent, no Fechamento, relativo à
      continuidade da validade jurídica de todas e quaisquer autorizações,
      permissões, licenças e registros governamentais da Rio Sao Pedro, os quais
      permanecerão em pleno vigor após o Fechamento, de forma a facilitar,
      juridicamente, a continuidade do curso normal dos negócios da Rio Sao
      Pedro sem prejuízo de qualquer tipo ou natureza. O Fechamento estará
      sujeito à conclusão de uma análise documental definitiva satisfatória para
      a Ardent, a seu exclusivo critério, bem como à entrega à Ardent de
      relatórios de auditoria da Rio Sao Pedro e relatórios de pesquisa
      geológica com o consentimento de referidos auditores e geólogos
      autorizando o protocolo de referidos relatórios perante a SEC. A Ardent
      pagará ao geólogo os custos do relatório de pesquisa geológica. No
      Fechamento, não haverá qualquer modificação adversa relevante nos
      negócios, situação financeira, ativos ou operações da Rio Sao Pedro (ou de
      suas subsidiárias, se houver). No Fechamento, a Vendedora declarará e
      garantirá à Ardent que a Rio Sao Pedro é a única detentora dos direitos
      que conferem a propriedade livre e desembaraçada das minas e de todas as
      propriedades da Rio Sao Pedro, bem como que nenhuma outra pessoa,
      sociedade ou entidade governamental possua qualquer direito ou
      reivindicação a esse
respeito.

                                                                

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        Page 7 of
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                      Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                    

                  
	
                    
                      Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                    

                  

          

        

      

       

    

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            	2.3   
       	
                                                                                    
                                                                                      Detailed Agreements. Rio Sao
      Pedro and Ardent will mutually prepare the detailed exchange agreement
      supplementing the terms and conditions herein with customary
      representations and warranties, covenants, and other provisions,
      including, without limitation, representations regarding the validity of
      the assessment of all gold ore reserves, the status of all governmental
      licenses, permits, authorizations, legal and regulatory compliance to
      engage in the business of mining, the condition of all mining equipment
      and related resources, employee and labor relations, valid continuation of
      all contracts, non-infringement of trademarks, service marks and other
      intellectual property, absence of any material adverse conditions, and
      indemnification provisions covering the same.  Notwithstanding
      anything to the contrary herein, this Letter of Intent is fully binding
      upon the parties and each party may compel performance by the other party
      solely on the basis of the terms and conditions set forth
      herein.  There are no break-up fees in respect of this
      Agreement. Time is of the essence.

                                                                                    

                                                                                  	 2.3	
                                                                                    
                                                                                      Contratos Detalhados. A Rio Sao
      Pedro e a Ardent elaborarão em conjunto o contrato de permuta detalhado
      que complementará os termos e condições contidos no presente instrumento e
      conterá as declarações e garantias, avenças e demais disposições de praxe,
      incluindo, entre outras, declarações relativas à validade da avaliação de
      todas as reservas de minério de ouro, a situação de todas as permissões,
      licenças e autorizações governamentais, a observância das leis e
      regulamentos para que se conduza negócios na área de mineração, a situação
      de todos os equipamentos de mineração e recursos relacionados, relações de
      trabalho e emprego, continuidade válida de todos os contratos, ausência de
      violação a marcas registradas, marcas de serviço e outros direitos de
      propriedade intelectual, ausência de quaisquer condições adversas
      relevantes e disposições de indenização a esse respeito. Independentemente
      de qualquer disposição em contrário contida no presente instrumento, esta
      Carta de Intenções é integralmente vinculativa às partes, sendo que cada
      uma das partes poderá exigir o cumprimento deste documento pela outra
      parte unicamente com base nos termos e condições contidos no presente
      instrumento. Não há multas por desistência com relação ao presente
      Contrato. O tempo é condição essencial para o presente
      instrumento.

                                                                                    

                                                                                  
	 	 	 	 
	2.4	Exclusive
      Dealing.  Rio Sao Pedro and any and all of its directors,
      officers, shareholders, agents, representatives, attorneys, accountants or
      their respective immediate relatives shall not directly or indirectly take
      any action to encourage, initiate, solicit, or engage in discussions or
      negotiations with, or provide any information to, any entity or person
      other than Ardent concerning any competing transaction or alternate
      transaction.	 2.4	Negociação Exclusiva. A Rio Sao
      Pedro e todos os seus conselheiros, diretores, sócios quotistas, agentes,
      representantes, advogados, contadores ou os membros de suas respectivas
      famílias imediatas não praticarão, direta ou indiretamente, nenhum ato
      para encorajar, iniciar, aliciar ou se envolver em discussões ou
      negociações com qualquer entidade que não com a Ardent com relação a
      qualquer operação concorrente ou alternativa, bem como não prestarão
      quaisquer informações a qualquer entidade que não à Ardent com relação a
      qualquer operação concorrente ou
alternativa.

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
          Page 8 of
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                      Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                    

                  
	
                    
                      Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                    

                  

          

        

      

       

    

    
      
         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    	2.5     	
                                                                                            
                                                                                              Closing. The parties shall use
      their best efforts to finalize and sign the detailed exchange agreement
      reflecting the terms and conditions herein together with all ancillary
      agreements and accomplish the Closing as soon as reasonably possible,
      subject to completion of the audit and due diligence and release of the
      Lien,  with a target Closing date not later than ninety (90)
      days following the date of this Letter of Intent.  Upon
      completion and satisfaction (or waiver) of the conditions set forth in
      herein, the parties shall exchange the Rio San Pedro Shares and the Ardent
      Shares, and execute and deliver any and all necessary ancillary documents,
      certificates and instruments required thereof (the “Closing”).  The
      Closing shall be preceded by a pre-closing into escrow of Purchaser’s
      counsel Wuersch & Gering LLP, of all funds, shares and escrow
      payments, and the Closing shall be subject to payment in full and
      satisfaction of the Lien (the “Closing
      Escrow”).  The Closing shall occur immediately following
      satisfaction of all conditions of the Closing
Escrow.

                                                                                            

                                                                                          	 2.5	
                                                                                            
                                                                                              
                                                                                                Fechamento. As partes envidarão
      seus melhores esforços para encerrar e assinar o contrato de permuta
      detalhado que refletirá os termos e condições contidos no presente
      instrumento juntamente com todos os contratos acessórios e realizarão o
      Fechamento o mais rapidamente possível, de maneira razoável, observada a
      conclusão da auditoria e da análise documental e a liberação do Ônus,
      sendo que a data-alvo para o Fechamento ocorrerá em até 90 (noventa)
      dias após a data desta Carta de Intenções. Mediante a conclusão e
      satisfação (ou renúncia) das condições previstas no presente instrumento,
      as partes realizarão a permuta entre as Quotas Rio San Pedro e as Ações
      Ardent e celebrarão e formalizarão todos e quaisquer documentos
      acessórios, certidões e instrumentos necessários exigidos para referida
      permuta (o “Fechamento”). O
      Fechamento será precedido de um depósito em garantia precedente ao
      fechamento perante os advogados da Compradora, Wuersch & Gering LLP,
      de todos os recursos, quotas e pagamentos de depósito em garantia, sendo
      certo que o Fechamento estará sujeito ao pagamento integral e satisfação
      do Ônus (o “Depósito em
      Garantia do Fechamento”). O Fechamento ocorrerá imediatamente após
      a satisfação de todas as condições do Depósito em Garantia do
      Fechamento.

                                                                                              

                                                                                            

                                                                                          

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
            
            

          

          
            Page 9 of
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                      Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                    

                  
	
                    
                      Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                    

                  

          

        

      

       

    

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          3     
      Other
      Terms and Conditions

                                                        	
                                                          
                                                             3.     
      Outros Termos e Condições

                                                          

                                                        
	 	 	 	 
	3.1	
                                                          Carry on in Ordinary
      Course.  From and after the date of execution of this
      letter of intent, Rio Sao Pedro shall conduct and carry on its businesses
      only in the ordinary course consistent with past practices.  Rio
      Sao Pedro shall use its commercially reasonable efforts to preserve its
      assets, relationships, customers, clients and employees and to preserve
      for Ardent the integrity and reputation of Rio Sao Pedro, and shall not
      take any actions out of the ordinary course of businesses.  The
      Rio Sao Pedro shall not take any action that could reasonably be expected
      to adversely affect its ability to execute, deliver or perform in
      accordance with this Letter of Intent.

                                                        	 3.1	
                                                          Curso Normal dos Negócios. A
      partir da data de celebração da presente carta de intenções, a Rio Sao
      Pedro conduzirá e continuará seus negócios no curso normal e de forma
      coerente com as práticas passadas. A Rio Sao Pedro envidará esforços
      comercialmente razoáveis para preservar seus ativos, relacionamentos,
      clientes, compradores e empregados, bem como para preservar, para a
      Ardent, a integridade e reputação da Rio Sao Pedro e a não praticar
      qualquer ato fora do curso normal dos negócios. A Rio Sao Pedro não
      praticará nenhum ato que possa razoavelmente afetar de maneira adversa sua
      capacidade de celebrar, formalizar ou cumprir as disposições desta Carta
      de Intenções.

                                                        
	 	 	 	 
	3.2	
                                                          Each Party to Bear Own
      Expenses.  Ardent and Rio Sao Pedro will each bear their
      own respective expenses incurred in connection with the negotiation,
      preparation and documentation and Closing of the transactions contemplated
      herein, including but not limited to all legal fees, expenses and
      disbursements, provided, however, all fees, due diligence and filing costs
      incurred by Ardent as well as on-going corporate expenditures by Ardent
      related to the Rio Sao Pedro acquisition shall be paid from proceeds of
      the Financing Shares.

                                                        	 3.2	
                                                          Cada Parte Arcará com Seus Próprios
      Custos. A Ardent e a Rio Sao Pedro arcarão com suas respectivas
      despesas incorridas com relação à negociação, elaboração e documentação e
      Fechamento das operações previstas no presente instrumento, incluindo,
      entre outros, todos os honorários de advogados, despesas e desembolsos,
      sendo certo, contudo, que todos os custos relativos a honorários, análise
      de documentos e protocolos incorridos pela Ardent, bem como as despesas
      societárias atuais da Ardent relacionadas à aquisição da Rio Sao Pedro,
      serão pagos com os recursos das Ações do
  Financiamento.

                                                        

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
            
            

          

          
            Page 10
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                      Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                    

                  
	
                    
                      Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                    

                  

          

        

      

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      	3.3     	
                                                                                              
                                                                                                No Other Agreements; Forward Looking
      Statements;
      Amendments.  This Letter of Intent sets out the parties’
      binding agreement and understanding as of this date, and there are no
      other written or oral agreements or understandings among the parties
      except for that certain confidentiality agreement previously executed by
      the parties.  This Letter of Intent and any and all terms and
      conditions herein may only be waived, modified or amended by a writing
      executed by all of the parties hereto.  The Seller acknowledges
      that Ardent may from time to time have other business agreements, and may
      acquire other properties. Ardent may engage and pay other professional
      organizations, underwriters and service providers as determined by the
      Board of Directors.  All projections and estimations herein are
      forward looking statements based upon general expectations and are
      provided solely for illustrative purposes only, and no assurances,
      guarantees, or warranties of any nature are made with respect to actual
      outcomes.  Ardent will use its best efforts following the
      Closing to achieve the minimum listing requirements for a period of ninety
      days which will facilitate the granting of the listing application for the
      above-referenced U.S. stock exchanges.  If for any reason the
      Lien is not resolved and cleared, Ardent may extend this Letter of Intent
      until such time as all right, title and interest in the Rio Sao Pedro
      Shares and the underlying property thereto is free and clear from the Lien
      and any and all impairments to free and clear transfer of such shares and
      the underlying property thereto sufficient for purposes of accomplishing
      the Closing.

                                                                                              

                                                                                            	 3.3	
                                                                                              
                                                                                                
                                                                                                  Ausência de Outros Contratos;
      Projeções; Alterações. Esta Carta de Intenções estabelece o acordo
      e entendimento das partes na data do presente instrumento, sendo certo que
      não há qualquer outro acordo ou entendimento entre as partes, escrito ou
      oral, exceto por um determinado acordo de confidencialidade anteriormente
      celebrado entre as partes. Esta Carta de Intenções e qualquer dos termos e
      condições aqui contidos apenas poderão ser objeto de renúncia, modificação
      ou alteração por meio de um documento escrito assinado por todas as partes
      do presente instrumento. A Vendedora reconhece que a Ardent poderá,
      ocasionalmente, realizar outros acordos comerciais, bem como adquirir
      outras propriedades. A Ardent poderá contratar e pagar outras organizações
      profissionais, subscritores e prestadores de serviço, conforme determinado
      pelo Conselho de Administração. Todas as projeções e estimativas contidas
      no presente instrumento são projeções baseadas em expectativas gerais e
      foram apresentadas apenas para fins ilustrativos, sendo certo que nenhuma
      garantia de qualquer natureza é fornecida quanto aos resultados efetivos.
      A Ardent envidará seus melhores esforços após o Fechamento para obter as
      exigências mínimas para negociação de ações em bolsa em um prazo de
      noventa dias, o que facilitará a concessão da autorização para negociação
      nas bolsas de valores norte-americanas acima referidas. Se por qualquer
      razão o Ônus não for resolvido e compensado, a Ardent poderá prorrogar
      esta Carta de Intenções até o momento em que todo o direito, titularidade
      e participação sobre as Quotas Rio Sao Pedro e as propriedades a elas
      subjacentes estejam livres e desembaraçados do Ônus e de todo e qualquer
      impedimento à transferência livre e desembaraçada de referidas quotas e
      das propriedades a elas subjacentes de forma suficiente para os fins de
      realizar o
Fechamento.

                                                                                                

                                                                                              

                                                                                            

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

           

          
            
              
              

            

            
              Page 11
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                        Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                      

                    
	
                      
                        Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                      

                    

            

          

        

         

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  	3.4     	
                                                                                                          
                                                                                                            Public Company
      Compliance.  Rio Sao Pedro acknowledges that Ardent is a
      public company and will be required to make detailed disclosures regarding
      the acquisition of Rio Sao Pedro, its business, its management, its
      financial condition, risk factors associated with the business, and other
      matters required by the Securities Act and the Securities Exchange Act of
      1934, as amended (the “Exchange Act”), and the
      respective rules and regulations promulgated thereunder.  All
      Seller shares will be restricted securities and will be subject to
      compliance with the Securities Act and Exchange Act, as to which Ardent
      shall assist the Seller in all respects.  Rio Sao Pedro and the
      Seller shall promptly provide any and all information, in form and
      substance as reasonably requested by Ardent, to the extent necessary to
      assure compliance by Ardent and Seller with their respective Securities
      Act and Exchange Act filing, disclosure and compliance
      requirements.

                                                                                                          

                                                                                                        	 3.4	
                                                                                                          
                                                                                                            
                                                                                                              Cumprimento das Normas
      Relativas a Sociedades de Capital Aberto. A Rio Sao Pedro reconhece
      que a Ardent é uma sociedade de capital aberto e será obrigada a divulgar
      de maneira detalhada a aquisição da Rio Sao Pedro, seus negócios,
      administração, situação financeira, fatores de risco relacionados ao
      negócio e outros assuntos exigidos pela Lei de Mercado de Capitais dos
      Estados Unidos de 1934, conforme posteriores alterações (a “Lei de Mercado de
      Capitais”), bem como as respectivas regras e regulamentos
      promulgados nos termos de referida lei. Todas as quotas da Vendedora serão
      valores mobiliários restritos e estarão sujeitas à conformidade com a Lei
      de Mercado de Capitais, para o que a Ardent auxiliará a Vendedora em todos
      os aspectos. A Rio Sao Pedro e a Vendedora prestarão imediatamente todas e
      quaisquer informações, na forma e com o conteúdo razoavelmente solicitado
      pela Ardent, na medida em que necessário para garantir o cumprimento, pela
      Ardent e pela Vendedora, de suas respectivas obrigações de protocolo,
      divulgação e conformidade nos termos da Lei de Mercado de
      Capitais.

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                

                                                                                                 

                                                                                                
                                                                                                  
                                                                                                    
                                                                                                    

                                                                                                  

                                                                                                  
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                                                                                                            Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                                                                                                          

                                                                                                        
	
                                                                                                          
                                                                                                            Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                                                                                                          

                                                                                                        

                                                                                                

                                                                                                 

                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      	3.5   
      	
                                                                                                                                                              Confidentiality. The parties
      acknowledge that public companies are subject to specific laws, rules and
      regulations prohibiting “insider trading” and all parties hereto agree not
      to publicly trade in the Ardent public company securities until after any
      and all applicable public announcements by Ardent.  The parties
      agree to fully comply with any and all applicable securities laws and not
      to trade at any time in any securities on the basis of material non-public
      information or to disclose any transactions involving Ardent or Rio Sao
      Pedro with any third parties, other than to authorized representatives of
      the parties who shall be under strict instructions not to make any further
      discloses to any other persons until after mutually agreement public
      announcements.  The terms herein shall be maintained as strictly
      confidential by the parties until a mutually acceptable press release is
      prepared regarding the transaction, unless prior disclosure is required by
      applicable law or regulation.  Any breach of this covenant of
      confidentiality shall be subject to payment of liquidated damages to
      Ardent of US$2,000,000 (two million U.S. Dollars) (the “Liquidated
      Damages”), which the parties agree shall not be construed as a
      penalty.  If a breaching party fails to pay any and all
      Liquidated Damages in full within five (5) Business Days after the date
      payable, such party will pay interest thereon at a rate of one and
      one-half percent (1.5%) per month (or such lesser maximum amount that is
      permitted to be paid by applicable law) to Ardent, accruing daily from the
      date such Liquidated Damages are due, until such amounts, plus all such
      interest thereon, are paid in full.  Notwithstanding the
      foregoing, nothing shall preclude any party from pursuing or obtaining any
      available remedies at law, specific performance or other equitable relief
      in accordance with applicable law.

                                                                                                                                                            	 3.5	
                                                                                                                                                              Confidencialidade. As partes
      reconhecem que as sociedades de capital aberto estão sujeitas a leis,
      regras e regulamentos específicos que proíbem o “insider trading” [uso de
      informações privilegiadas], sendo certo que todas as partes do presente
      instrumento se obrigam a não negociar os valores mobiliários públicos da
      Ardent até que sejam efetuados todos e quaisquer comunicados ao público
      pela Ardent. As partes obrigam-se a cumprir integralmente todas as leis de
      mercados de capitais e a não negociar quaisquer valores mobiliários com
      base em informações relevantes que não sejam divulgadas ao público, bem
      como a não divulgar qualquer operação que envolva a Ardent ou a Rio Sao
      Pedro a terceiros que não aos representantes autorizados das partes, os
      quais serão expressamente instruídos a não realizar qualquer outra
      divulgação a terceiros até a realização dos comunicados conjuntos ao
      público pertinentes. Os termos do presente instrumento serão mantidos em
      caráter estritamente confidencial pelas partes até a elaboração de um
      comunicado à imprensa em termos mutuamente aceitos, exceto caso a
      divulgação em data anterior seja exigida pelas leis ou regulamentos
      aplicáveis. Qualquer violação à presente obrigação de confidencialidade
      sujeitará o infrator ao pagamento de multa compensatória à Ardent no valor
      de US$ 2.000.000 (dois milhões de dólares norte-americanos) (a “Multa
      Compensatória”), a qual não será interpretada como penalidade. Caso uma
      parte infratora deixe de pagar integralmente qualquer Multa Compensatória
      em até 5 (cinco) Dias Úteis após a data de vencimento, referida parte
      pagará juros sobre referido valor a uma taxa de 1,5% (um e meio por cento)
      ao mês (ou um valor inferior que represente o máximo permitido pelas leis
      aplicáveis) à Ardent, os quais incidirão a contar da data de vencimento de
      referida Multa Compensatória até a data do pagamento integral de referidos
      valores, acrescidos dos juros pertinentes. Independentemente do acima
      exposto, nada contido no presente instrumento impedirá qualquer das partes
      de pleitear ou obter qualquer remédio jurídico perante os tribunais,
      execução específica ou outro remédio jurídico em equidade, em conformidade
      com as leis
aplicáveis.

                                                                                                                                                            

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                     

                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                        

                                                                                                      

                                                                                                      
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                    Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                  

                
	
                  
                    Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                  

                

        

         

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  	3.6     	
                                                                                                          
                                                                                                            Arbitration.  All
      disputes and controversies arising out of or relating to this Agreement
      shall be finally settled and binding under the Rules of International
      Commercial Dispute Resolution of the American Arbitration Association
      (“ICDR”).  The place of arbitration shall be New York
      City.  The Arbitration shall be conducted in English by a single
      arbitrator appointed in accordance with the ICDR rules.  Any
      award, verdict or settlement issued under such arbitration may be entered
      by any party for order of enforcement by any court of competent
      jurisdiction.  The arbitrator shall have no power to take
      interim measures he or she deems necessary, including injunctive relief
      and measures for the protection or conservation of
      property.  The prevailing party shall be reimbursed for all
      fees, costs, expenses and disbursements by the non-prevailing
      party.

                                                                                                          

                                                                                                        	 3.6	
                                                                                                          
                                                                                                            
                                                                                                              Arbitragem. Todos os conflitos e
      controvérsias decorrentes do presente Contrato ou a ele relativos serão
      dirimidos de forma definitiva e vinculativa nos termos das Regras de
      Resolução de Conflitos Comerciais Internacionais da Associação
      Norte-Americana de Arbitragem (“ICDR”). O local da arbitragem será a
      Cidade de Nova York. A Arbitragem será conduzida no idioma inglês por um
      único árbitro nomeado em conformidade com as regras da ICDR. Qualquer
      laudo arbitral, veredicto ou acordo emitido nos termos de referida
      arbitragem poderá ser executado por qualquer das partes perante qualquer
      juízo competente. O árbitro não terá poderes para determinar medidas
      preventivas consideradas necessárias, incluindo medidas cautelares e
      medidas para a proteção e manutenção de propriedade. A parte vencedora
      será reembolsada de todos os honorários, custos, despesas e desembolsos
      pela parte vencida.

                                                                                                            

                                                                                                          

                                                                                                        
	 	 	 	 
	3.7	
                                                                                                          Construction.  This
      Letter of Intent shall be deemed to have been jointly negotiated and
      drafted by the parties and shall not be construed against any of the
      parties hereto.  Should any portion (word, clause, phrase,
      sentence, paragraph or section) of this Agreement be declared void or
      unenforceable, such portion shall be considered independent and severable
      from the remainder, the validity of which shall remain
      unaffected.  This Letter of Intent shall be governed by and
      interpreted under the laws of the jurisdiction of incorporation of
      Ardent.

                                                                                                        	 3.7	Interpretação.  A
      presente Carta de Intenções será considerada negociada em conjunto e
      redigida pelas partes e não será interpretada contra qualquer das partes
      deste instrumento.  Caso qualquer parte (palavra, cláusula,
      frase, sentença, parágrafo ou seção) do presente Contrato seja declarada
      nula ou inexeqüível, referida parcela será considerada independente e
      individual em relação ao restante do Contrato, cuja validade não será
      afetada.  A presente Carta de Intenções será regida e
      interpretada em conformidade com as leis do foro de constituição da
      Ardent.
	 	 	 	 
	3.8	
                                                                                                          Assignment.  Neither
      this Letter of Intent nor any of the rights, interests or obligations
      hereunder may be assigned by either party hereto, directly or indirectly,
      by operation of law or otherwise, without the prior written consent of the
      other.

                                                                                                        	 3.8	Cessão.  Nem a
      presente Carta de Intenções nem qualquer dos direitos, participações ou
      obrigações nos termos do presente instrumento poderão ser cedidos por
      qualquer das partes, direta ou indiretamente, de pleno direito ou por
      outra forma, sem o consentimento prévio e por escrito da outra
      parte.

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

             

            
              
                
                

              

              
                Page 14
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                          Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                        

                      
	
                        
                          Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                        

                      

              

            

          

           

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                	3.9     	
                                                                                                                        
                                                                                                                          Notices.  Any notice
      or other communication to any party in connection with this Agreement
      shall be in writing and shall be sent by personal delivery, reputable
      overnight courier with written confirmation of receipt addressed to such
      party at the address of its principal business office, or at such other
      address as such party shall have specified to the other party hereto in
      writing.  Any notice hereof shall be deemed to have been given
      only when delivered.

                                                                                                                        

                                                                                                                      	 3.9	
                                                                                                                        
                                                                                                                          
                                                                                                                            Notificações.  Todas
      as notificações ou outras comunicações a qualquer das partes com relação
      ao presente Contrato serão efetuadas por escrito e serão enviadas por
      entrega pessoal, por serviço de entregas 24 horas com confirmação escrita
      de recebimento, endereçadas a referida parte no endereço de sua sede ou em
      qualquer outro endereço que referida parte tenha especificado à outra
      parte por escrito. Qualquer notificação nos termos do presente instrumento
      apenas será considerada efetuada mediante sua
      entrega.

                                                                                                                          

                                                                                                                        

                                                                                                                      
	 	 	 	 
	3.10	
                                                                                                                        Counterparts. This Letter of
      Intent may be executed in one or more counterparts (with the parties
      agreeing in principle to produce six counterparts), all of which together
      shall constitute one instrument, and each such counterpart may be executed
      and delivered by fax or scan without delivery of the original exemplar
      thereof. This document is made in English and Portuguese. In case of
      differences, the English version shall prevail.

                                                                                                                      	 3.10 
      	
                                                                                                                        Vias.
      A presente Carta de Intenções poderá ser celebrada em uma ou mais vias (as
      partes acordam em produzir seis vias), todas as quais, em conjunto,
      constituirão um único instrumento, sendo certo que cada uma de referidas
      vias poderá ser celebrada e formalizada por fax ou escaneada sem a entrega
      de seu exemplar original. Este documento é feito em Inglês e Português. Em
      caso de divergência, a versão em Inglês prevalecerá.

                                                                                                                      
	 	 	 	 
	
                                                                                                                        We
      respectfully request that if you accept the terms and conditions as set
      forth in this Letter of Intent, please countersign and deliver to us a
      counterpart acceptance of this Letter of Intent.  Please do not
      hesitate to contact us if you have any questions or
    comments.

                                                                                                                      	
                                                                                                                        Caso
      esteja de acordo com os termos e condições estabelecidos na presente Carta
      de Intenções, favor assinar e nos entregar uma via de aceitação desta
      Carta de Intenções.  Estamos à disposição para atendê-lo caso
      haja qualquer dúvida ou comentário.

                                                                                                                      
	 	 
	Sincerely
      yours,	Atenciosamente,

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

               

            

          

          
            [Signature
Page Follows] / [Segue Página de Assinaturas]

             

            
              
                
                

              

              
                Page 15
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                        Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                      

                    
	
                      
                        Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                      

                    

            

          

        

      

    

     

    
       

      
        
          
            
              	 
      	
                      Ardent
      Mines Limited

                    	 
      
	 
      	 
      	 
      
	 	 	 
	
                      By/Por:

                    	
                      /s/ Leonardo
      Riera

                    	 
      
	
                      Name/Nome:

                    	
                      Leonardo
      Riera

                    	 
      
	
                      Title/Cargo:

                    	
                      President
      and CEO/Presidente e Diretor-Presidente 

                    	 
      
	
                      Date/Data:

                    	 
      	 
      

            

          

        

      

       

    

     

    
       

      
        
          
            
              	AGREED/DE
      ACORDO:    	
                      Rio São Pedro Mineração LTDA

                    	 
      
	 
      	 
      	 
      
	 	 	 
	
                      By/Por:

                    	
                      /s/ Roberto
      Porto Rabelo

                    	 
      
	
                      

                        Print
      Name/Nome em Letras de Forma:

                      

                    	
                      Roberto
      Porto Rabelo

                    	 
      
	
                      Title/Cargo:

                    	
                      Attorney-in-fact/Procurador

                    	 
      
	
                      Date/Data:

                    	September
      25, 2010	 
      

            

          

        

      

       

      
         

        
           

          
            
              
                
                  	AGREED/DE
      ACORDO:    	
                          Isabela Romina Albernas Diniz Teixeira

                          
                            Seller/Vendedora

                            Shareholder/
      Sócia-Quotista

                          

                        	 
      
	 
      	 
      	 
      
	 	 	 
	
                          By/Por:

                        	
                          /s/ Roberto
      Porto Rabelo

                        	 
      
	
                          
                            Print
      Name/Nome em Letras de Forma:

                          

                        	
                          Roberto
      Porto Rabelo

                        	 
      
	
                          Title/Cargo:

                        	
                          Attorney-in-fact/Procurador

                        	 
      
	
                          Date/Data:

                        	September
      25, 2010	 
      

                

              

            

          

           

           

           

          
            
              
                
                  	AGREED/DE
      ACORDO:    	
                          Rosana Moura Rabelo 

                            Seller/Vendedora

                            Shareholder/
      Sócia-Quotista

                          

                        	 
      
	 
      	 
      	 
      
	 	 	 
	
                          By/Por:

                        	
                          /s/ Roberto
      Porto Rabelo

                        	 
      
	
                          

                            Print
      Name/Nome em Letras de Forma:

                          

                        	
                          Roberto
      Porto Rabelo

                        	 
      
	
                          Title/Cargo:

                        	
                          Attorney-in-fact/Procurador

                        	 
      
	
                          Date/Data:

                        	September
      25, 2010	 
      

                

              

            

          

           

           

           

          
            
              
                
                  	AGREED/DE
      ACORDO:    	
                          
                            Valdene
      Moreira de Moraes

                            
                              Seller/Vendedora

                              Shareholder/
      Sócia-Quotista

                            

                          

                        	 
      
	 
      	
                           
      

                        	 
      
	 	 	 
	
                          By/Por:

                        	
                          /s/ Jose
      Antonio Morais

                        	 
      
	
                          

                            Print
      Name/Nome em Letras de Forma:

                          

                        	
                          Jose
      Antonio Morais

                        	 
      
	
                          Title/Cargo:

                        	
                          Attorney-in-fact/Procurador

                        	 
      
	
                          Date/Data:

                        	September
      25, 2010	 
      

                

              

            

          

           

        

      

    

    
      
        
        

      

      
        Page 16
of 18

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  
                    Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                  

                
	
                  
                    Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                  

                

        

      

    

     

    
       

       

      
        
          
            
              	WITNESSES/
      TESTEMUNHAS	
                      
                         

                      

                    	 
      
	 
      	
                       
      

                    	 
      
	 	 	 
	
                       

                    	
                      /s/ Ronaldo
      Moura Rabelo

                    	 
      
	
                      Print
      Name/Nome em Letras de Forma:

                    	
                      Ronaldo
      Moura Rabelo

                    	 
      
	
                      
                        Date/Data:

                      

                    	
                      September
      25, 2010

                    	 
      
	
                       

                    	 	 
      

            

          

        

      

       

    

    
      
        
          
            
              	  	
                      
                         

                      

                    	 
      
	 
      	
                       
      

                    	 
      
	 	 	 
	
                       

                    	
                      /s/ Ronaldo
      Moura Rabelo

                    	 
      
	
                      Print
      Name/Nome em Letras de Forma:

                    	
                      Ronaldo
      Moura Rabelo

                    	 
      
	
                      
                        Date/Data:

                      

                    	
                      September
      25, 2010

                    	 
      
	
                       

                    	 	 
      

            

          

        

      

       

      
        
          
          

        

        
          Page 17
of 18

          
            

          

        

        
          
          

        

      

      
         

        
          
            
              	
                      
                        Ardent
      Mines Limited – Rio São Pedro Mineração LTDA

                      

                    
	
                      
                        Confidential
      Letter of Intent/Carta de Intenções
  Confidencial

                      

                    

            

          

        

         

      

    

    
      

      

      Exhibit A
/ Anexo A

      

      Summary
of Anticipated Gold Reserves and Geologist Acceptance to Release Geology Report
/ Resumo de Reservas de Ouro esperadas e Aceitação da Liberação do Relatório
Geológico pelo Geólogo

       

      
        [Schedule
A is incorporated by reference to Exhibits 99.2 and 99.3 to the Company’s Report
on Form 8-K, filed with the U.S. Securities and Exchange Commission on October
21, 2010]

      

       

      
 

      
        
          
          

        

        
          Page 18
of 18Unassociated Document

    ARDENT
MINES LIMITED

    

    EMPLOYMENT
AGREEMENT

    

    

    EMPLOYMENT
AGREEMENT, dated as of the date set forth on the signature page hereto (the
“Agreement”),
by and between Ardent Mines Limited, a Nevada corporation (the “Company”), and Leonardo
Riera (the
“Executive”).

    

    WHEREAS,
the Company desires to engage the Executive to serve the Company as the President
and the Executive desires to serve as the President
and Chief Executive Officer (“CEO”) of the Company;

    

    NOW
THEREFORE, in consideration of the premises and the mutual agreements made
herein, the Company and the Executive agree as follows:

    

    1.           Employment;
Duties.  The Company shall engage the Executive to serve as
President
and CEO of the Company.  The Executive shall serve the Company in such
capacity for the “Employment Period” as
defined in Section 2.  The Executive agrees that during the term of
his employment hereunder, he shall devote approximately seventy-five to one hundred percent (75% -
100%) of his professional working time, attention, knowledge and
experience and give his best effort, skill and abilities to promote the business
and interests of the Company as directed by the Board of Directors of the
Company or a committee of the Board of Directors to which the Board of Directors
has duly delegated authority thereof (collectively, the “Board”).  The
Company acknowledges and agrees that the services rendered to the Company shall
not be exclusive to the Company and the Executive may pursue other business
activities so long as such other business activities are not in conflict with
the Company.  In the event that the Executive is retained as an
officer, director, employee or consultant of another business, he shall notify
the Board of such engagement within five (5) business days.  The
Executive agrees to faithfully and diligently perform such reasonable duties
commensurate with the position of President as may from time to time be assigned
to the Executive by the Board.  For purposes of clarity, except with
respect to subsidiaries of the Company, to the extent the Executive renders
services to any other organizations, all such services must be rendered in a
separate capacity and shall not be deemed to constitute services of the
Executive as an agent of any such other organization to the Company or by or on
behalf of the Company to such other organizations unless expressly delegated in
writing to such effect.

    

    2.           Employment
Period.  This Agreement shall have an initial term of two years
to be effective commencing as of the date hereof and ending on the second
anniversary hereof (the “Initial Employment
Period”), unless sooner terminated in accordance with the provisions of
Section 7 or Section 8.  This Agreement shall automatically renew and
continue to remain in effect after the Initial Employment Period for successive
one year periods (each, a “Renewal Employment
Period”), until terminated as provided herein, unless either party
provides the other party with written notice of non-renewal not later than 30
days prior to the expiration of the Initial Period or the anniversary of such
date in any subsequent Renewal Employment Period.  The Initial
Employment Period and each Renewal Employment Period of this Agreement is
referred to herein as the “Employment
Period.”

     

    
      
        
        

      

      
        Page 1 of
10

        
          

        

      

      
        
        

      

    

     

    
      
        Ardent
Mines Limited - Employment Agreement 

          
            

          

           

        

      

    

    3.           Compensation.

    

    (a)           Base
Compensation.  The Executive shall be paid a base salary of
twenty thousand U.S. Dollars ($20,000) per month (the “Base
Salary”).  Base Salary shall be paid retroactive to August 15,
2010.  Ten thousand U.S. Dollars ($10,000) of this amount shall be
payable incrementally on a monthly basis and pro-rated for any partial month of
employment, less any applicable statutory and regulatory
deductions.  This portion of the Base Salary shall be payable in
accordance with the Company’s regular payroll practices, as the same may be
modified from time to time.  The remainder of the Base Salary shall
accrue until such time as the Company shall have received capital investments in
the amount of ten million U.S. Dollars ($10,000,000), at which time all accrued
and unpaid amounts shall be due and payable.

    

    (b)           Stock
Grant.  The Executive shall be granted fifty thousand (50,000)
restricted shares of the Company’s common stock (the “Shares”).  Until
the second anniversary of the date hereof, the Shares may not be sold,
transferred, used as security for a loan or otherwise encumbered, other than by
will or by the laws of descent and distribution or pursuant to a qualified
domestic relations order as defined in the U.S. Internal Revenue
Code.

    

    (c)           Options. The
Executive shall be eligible to participate in the Company’s equity incentive
plan and granted options thereunder at the discretion of the Board of
Directors.

    

    (d)           Expense
Reimbursement.  The Executive shall be entitled to
reimbursement of reasonable out-of-pocket expenses incurred in connection with
travel, communications, and matters related to the Company's business and
affairs if made in accordance with written Company policy as in effect from time
to time as determined by the Board.

    

    (e)           Vacation.  The
Executive shall be entitled to paid vacation of fifteen (15) days each calendar
year in accordance with written Company policy as in effect from time to time as
determined by the Board.  No compensation shall be paid for accrued
but untaken vacation.

    

    (f)           Benefits.  The
Executive shall be entitled to participate in such employee benefit programs as
the Board of Directors may authorize from time to time including, without
limitation, Company health insurance and savings plans.

    

    4.           Trade
Secrets.  The Executive agrees that it is in the Company's
legitimate business interest to restrict his disclosure or use of Trade Secrets
and Confidential Information relating to the Company or its affiliates as
provided herein, and agrees not to disclose or use the Trade Secrets and/or
Confidential Information relating to the Company or its affiliates for any
purpose other than in connection with his performance of his duties to the
Company.  For purposes of this Agreement, “Trade Secrets” shall
mean all confidential and proprietary information belonging to the Company
(including prospective client lists, ideas, formulas, compositions, inventions
(whether patentable or unpatentable and whether or not reduced to practice),
know-how, manufacturing and production processes and techniques, research and
development information, drawings, specifications, designs, plans, proposals,
technical data, copyrightable works, financial and marketing plans and customer
and supplier lists and information). For purposes of this
Agreement, “Confidential
Information” shall mean all information other than Trade Secrets
belonging to, used by, or which is in the possession of the Company and relating
to the Company’s business or assets specifically including, but not limited to,
information relating to the Company’s products, services, strategies, pricing,
customers, representatives, suppliers, distributors, technology, finances,
employee compensation, computer software and hardware, inventions, developments,
in each case to the extent that such information is not required to be disclosed
by applicable law or compelled to be disclosed by any governmental
authority.  Notwithstanding the foregoing, the terms “Trade Secrets” and
“Confidential
Information” do not include information that (i) is or becomes generally
available to or known by the public (other than as a result of a disclosure by
the Executive), provided, that the source of
such information is not known by the Executive to be bound by a confidentiality
agreement with the Company; or (ii) is independently developed by the Executive
without violating this Agreement.

     

    
      
        
        

      

      
        Page 2 of
10

        
          

        

      

      
        
        

      

    

     

    Ardent
Mines Limited - Employment Agreement 

    
      

    

     

    5.           Return of Documents and
Property.  Upon the expiration or termination of the
Executive's employment with the Company, or at any time upon the request of the
Company, the Executive (or his heirs or personal representatives) shall deliver
to the Company (a) all documents and materials (including, without limitation,
computer files) containing Trade Secrets and Confidential Information relating
to the business and affairs of the Company or its affiliates, and (b) all
documents, materials, equipment and other property (including, without
limitation, computer files, computer programs, computer operating systems,
computers, printers, scanners, pagers, telephones, credit cards and ID cards)
belonging to the Company or its affiliates, which in either case are in the
possession or under the control of the Executive (or his heirs or personal
representatives).

    

    6.           Discoveries and
Works.  All Discoveries and Works made or conceived by the
Executive during his employment by the Company, solely, jointly or with others,
that relate to the Company's present or anticipated activities, or are used or
useable by the Company shall be owned by the Company.  For the
purposes of this Section 6, (including the definition of “Discoveries and
Works”) the term “Company” shall
include the Company and its affiliates.  The term “Discoveries and
Works” includes, by way of example but without limitation, Trade Secrets
and other Confidential Information, patents and patent applications, service
marks, and service mark registrations and applications, trade names, copyrights
and copyright registrations and applications.  The Executive shall (a)
promptly notify, make full disclosure to, and execute and deliver any documents
requested by the Company, as the case may be, to evidence or better assure title
to Discoveries and Works in the Company, as so requested, (b) renounce any and
all claims, including but not limited to claims of ownership and royalty, with
respect to all Discoveries and Works and all other property owned or licensed by
the Company, (c) assist the Company in obtaining or maintaining for itself at
its own expense United States and foreign patents, copyrights, trade secret
protection or other protection of any and all Discoveries and Works, and (d)
promptly execute, whether during his employment with the Company or thereafter,
all applications or other endorsements necessary or appropriate to maintain
patents and other rights for the Company and to protect the title of the Company
thereto, including but not limited to assignments of such patents and other
rights.  Any Discoveries and Works which, within one year after the
expiration or termination of the Executive's employment with the Company, are
made, disclosed, reduced to tangible or written form or description, or are
reduced to practice by the Executive and which pertain to the business carried
on or products or services being sold or delivered by the Company at the time of
such termination shall, as between the Executive and, the Company, be presumed
to have been made during the Executive's employment by the
Company.  The Executive acknowledges that all Discoveries and Works
shall be deemed “works
made for hire” under the U.S. Copyright Act of 1976, as amended 17 U.S.C.
Sect. 101.

     

    
      
        
        

      

      
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    7.           Termination.

    

    (a)           Manner of
Termination. The Company and the Executive may terminate this Agreement,
with or without cause, in accordance with the provisions of this Section
7.

    

    (b)           Termination Without
Cause.  The Company may terminate this Agreement without cause
at any time during the Employment Period effective immediately upon giving
written notice of termination to the Executive, provided however, that if the
Company terminates this Agreement other than for cause during the Employment
Period the Company shall pay to the Executive payments equivalent to Executive’s
annual Base Salary following such termination date in accordance with the
Company’s regular payroll procedures through the remainder of the Calendar
Month of notice
thereof, plus vesting of any options, plus reimbursement of any and all
reasonable and pre-approved expenses incurred by Executive as of the date of
notice of such date, and all of such payments shall completely and fully
discharge any and all obligations and liabilities of the Company to the
Executive.

    

    (c)           Termination for
Cause.  The Company may terminate this Agreement for cause at
any time during the Employment Period effective immediately upon giving written
notice of termination to the Executive. For purposes of this Agreement, “cause” shall mean,
with respect to the Executive, (i) any act of fraud or dishonesty, willful
misconduct or negligence in connection with the Executive's performance of his
duties, (ii) repeated failure of the Executive to follow reasonable instructions
of the Board, (iii) dishonesty of the Executive which causes a material
detriment to the Company or its affiliates, (iv) a breach by the Executive of
any provision hereof or of any contractual or legal fiduciary duty to the
Company (including, but not limited to, the unauthorized disclosure of Trade
Secrets or other Confidential Information, non-compliance with the policies,
guidelines and procedures of the Company or engaging during his employment in
any other employment or business without the express written approval of the
Company’s Board of Directors), (v) the arrest of the Executive for the
commission of a felony, whether or not such alleged felony was committed in
connection with the Company's business or (vi) the commencement of any
bankruptcy proceedings (whether voluntary or involuntary), the appointment of a
trustee or receiver for the Executive or the general assignment of the
Executive's assets to his creditors.

    

    (d)           Termination by Executive
. The Executive may terminate this Agreement with or without cause at any
time during the Employment Period upon three months prior written notice of
termination to the Company.  For purposes of this Agreement, with
respect to the Company, “cause” shall mean the
failure to pay any amounts due Executive hereunder (and not disputed in good
faith by the Company) within one month after their due date.

     

    
      
        
        

      

      
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    (e)           Effect of
Termination.  Except as otherwise provided herein with respect
to a termination pursuant to Section 7(b), in the event this Agreement is
terminated pursuant to this Section 7, the Executive's rights and the Company's
obligations hereunder shall cease as of the effective date of the termination,
including, without limitation, the right to receive Base Salary, options and all
other compensation or benefits provided for in this Agreement, and the Executive
shall not be entitled to any further compensation, options, or severance
compensation of any kind, and shall have no further right or claim to any
compensation, options, benefits or severance compensation under this Agreement
or otherwise against the Company or its affiliates, from and after the date of
such termination, except as required by applicable law.  Any
termination under this Section 7 is subject to the provisions of Sections 18 and
20 hereof.

    

    (f)           Relinquishment of
Authority.  Notwithstanding anything to the contrary set forth
herein, upon written notice to the Executive, the Company may immediately
relieve the Executive of all his duties and responsibilities hereunder and may
relieve the Executive of authority to act on behalf of, or legally bind, the
Company.

    

    (g)           Transition
Services and
Certifications. Following any termination for any reason, the
Executive shall render any and all services reasonably necessary for the Company
to facilitate proper transition of the Company’s books and records and the
Executive shall certify to the Company that any and all books and records
maintained during the period of Executive’s services to the Company were true
and complete and did not contain any material misstatements or omissions or any
misleading information of any nature or kind, and that all controls and
procedures of the Company under the management authority of Executive during the
period of employment were properly observed during the period of service of the
Executive.

    

    8.           Disability:
Death.

    

    (a)           If,
prior to the expiration of any applicable Employment Period, the Executive shall
be unable to perform his duties hereunder by reason of physical or mental
disability for at least ninety (90) calendar days, the Company shall have the
right to terminate this Agreement and the remainder of the Employment Period by
giving written notice to the Executive to that effect.  Immediately
upon the giving of such notice, the Employment Period shall
terminate.

    

    (b)           Upon
termination of this Agreement pursuant to Section 8(a), the Executive shall
(i) be paid his Base Salary through the effective date of such termination
and (ii) all options previously granted shall remain in full force and
effect.  All other compensation and benefits provided for in
Section 3 of this Agreement shall cease upon termination pursuant to
Section 8(a), except as otherwise required by applicable law.

    

    (c)           In
the event of a dispute as to whether the Executive is disabled within the
meaning of Section 8(a), either party may from time to time request a medical
examination of the Executive by a doctor appointed by the chief of staff of a
hospital selected by mutual agreement of the parties, or as the parties may
otherwise agree, and the written medical opinion of such doctor shall be
conclusive and binding upon the parties as to whether the Executive has become
disabled and the date when such disability arose.  The cost of any
such medical examination shall be borne by the requesting party.

     

    
      
        
        

      

      
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    Ardent
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    (d)           If,
prior to the expiration of the Employment Period or the termination of this
Agreement, the Executive shall die, the Executive's estate shall be paid his
Base Salary and other compensation due through such date of
death.  Except as otherwise provided in this Section 8(d), upon the
death of the Executive, the Employment Period shall terminate without further
notice and the Company shall have no further obligations hereunder, including,
without limitation, obligations with respect to compensation, options and
benefits provided for in Section 3 of this Agreement, other than as set
forth in the immediately preceding sentence or as otherwise required by
law.  Any termination under this Section 8 is subject to the
provisions of Section 18 hereof.

    

    9.           No
Conflicts.  The Executive has represented and hereby represents
to the Company and its affiliates that the execution, delivery and performance
by the Executive of this Agreement do not conflict with or result in a violation
or breach of, or constitute (with or without notice or lapse of time or both) a
default under any contract, agreement or understanding, whether oral or written,
to which the Executive is a party or of which the Executive is or should be
aware and that there are no restrictions, covenants, agreements or limitations
on his right or ability to enter into and perform the terms of this Agreement,
and agrees to indemnify and save the Company and its affiliates harmless from
any liability, cost or expense, including attorney’s fees, based upon or arising
out of any such restrictions, covenants, agreements, or limitations that may be
found to exist.  For purposes of this Agreement, “affiliate” shall
include any subsidiary in the case of the Company, and any person or entity
directly or indirectly controlled by or controlling the Company.

    

    10.           Non-competition.   Except
as authorized by the Board of Directors, during the Executive’s employment by
the Company and for a period of one year thereafter, Executive will not (except
as an officer, director, stockholder, employee, agent or consultant of the
Company or any subsidiary or affiliate thereof) either directly or indirectly,
whether or not for consideration, (i) in any way, directly or indirectly,
solicit, divert, or take away the business of any person who is or was a
customer of the Company, or in any manner influence such person to cease doing
business in part or in whole with Company; (ii) engage in a Competing Business;
(iii) except for investments or ownership in public entities, mutual funds
and similar investments, none of which constitute more than 5% of the ownership
or control of such entities, own, operate, control, finance, manage, advise, be
employed by or engaged by, perform any services for, invest or otherwise become
associated in any capacity with any person engaged in a Competing Business in
the United States; or (iv) engage in any practice the purpose or effect of which
is to intentionally evade the provisions of this covenant. For purposes of this
section, “Competing
Business” means any company or business which is engaged directly or
indirectly in any business carried on or planned to be carried on by the Company
or any of its subsidiaries or affiliates.  In the event that the
Executive’s employment by the Company is terminated without cause, as described
in Section 7(b) hereof, the limitations of this Section 10 shall cease to apply
as of the final payment made in respect of the termination of the Executive’s
employment with the Company as set forth in Section 7(b) above.

     

    
      
        
        

      

      
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    11.           Non-Solicitation.  During
the Executive’s employment by the Company and for a period of one year
thereafter (the “Restricted Period”),
the Executive, directly or indirectly, whether for his account or for the
account of any other individual or entity, shall not solicit or canvas the
trade, business or patronage of, or sell to, any individuals or entities that
were either customers of the Company during the time the Executive was employed
by the Company, or prospective customers with respect to whom a sales effort,
presentation or proposal was made by the Company or its affiliates, during the
one year period prior to the termination of the Executive’s
employment.  The Executive further agrees that during the Restricted
Period, he shall not, directly or indirectly, (i) solicit, induce, enter into
any agreement with, or attempt to influence any individual who was an employee
or consultant of the Company at any time during the time the Executive was
employed by the Company, to terminate his or her employment relationship with
the Company or to become employed by the Executive or any individual or entity
by which the Executive is employed or (ii) interfere in any other way with the
employment, or other relationship, of any employee or consultant of the Company
or its affiliates.

    

    12.           Enforcement.  The
Executive agrees that any breach of the provisions of this Agreement would cause
substantial and irreparable harm, not readily ascertainable or compensable in
terms of money, to the Company for which remedies at law would be inadequate and
that, in addition to any other remedy to which the Company may be entitled at
law or in equity, the Company shall be entitled to temporary, preliminary and
other injunctive relief in the event the Executive violates or threatens to
violate the provisions of this Agreement, as well as damages, including, without
limitation consequential damages, and an equitable accounting of all earnings,
profits and benefits arising from such violation, in each case without the need
to post any security or bond.  Nothing herein contained shall be
construed as prohibiting the Company from pursuing, in addition, any other
remedies available to the Company for such breach or threatened
breach.  A waiver by the Company of any breach of any provision hereof
shall not operate or be construed as a waiver of a breach of any other provision
of this Agreement or of any subsequent breach by the Executive.

    

    13.           Determinations by the
Company.  All determinations and calculations with respect to
this Agreement shall be made by the Board or any committee thereof to which the
Board has delegated such authority, in good faith in accordance with applicable
law, the certificate of incorporation and by-laws of the Company, in its sole
discretion, and shall be final, conclusive and binding on all persons, including
the Executive and the personal representative of his estate.

    

    14.           Successors and
Assigns.  This Agreement shall inure to the benefit of and
shall be binding upon (i) the Company, its successors and assigns, and any
company with which the Company may merge or consolidate or to which the Company
may sell substantially all of its assets, and (ii) Executive and his executors,
administrators, heirs and legal representatives.  Since the
Executive’s services are personal and unique in nature, the Executive may not
transfer, sell or otherwise assign his rights, obligations or benefits under
this Agreement.

     

    
      
        
        

      

      
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    15.           Notices.  Any
notice required or permitted under this Agreement shall be deemed to have been
effectively made or given if in writing and personally delivered, or sent
properly addressed in a sealed envelope postage prepaid by certified or
registered mail, or delivered by a reputable overnight delivery
service.  Unless otherwise changed by notice, notice shall be properly
addressed to the Executive if addressed to the address of record on file with
the Company; and properly addressed to the Company if addressed to:

    

    Ardent
Mines Limited

    100 Wall
Street, 21st Floor

    New York,
NY 10005  

    

    With a
copy to:

    

    Wuersch & Gering LLP

    100 Wall Street, 21st
Floor

    New York, New York 10005

    Telephone:  212-509-5050

    Telecopier:  212-509-9559

    Attention:  Travis
L. Gering, Esq.

    

    16.           Severability.  It
is expressly understood and agreed that although the Company and the Executive
consider the restrictions contained in this Agreement to be reasonable and
necessary for the purpose of preserving the goodwill, proprietary rights and
going concern value of the Company, if a final determination is made by
arbitration or any court having jurisdiction that any provision contained in
this Agreement is invalid, the provisions of this Agreement shall not be
rendered void but shall be deemed amended to apply as to such maximum time and
territory and to such other extent as such arbitral body or court may determine
or indicate to be reasonable.  Alternatively, if the arbitrable body
or court finds that any provision or restriction contained in this Agreement or
any remedy provided herein is unenforceable, and such restriction or remedy
cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained therein or the
availability of any other remedy.  The provisions of this Agreement
shall in no respect limit or otherwise affect the Executive's obligations under
any other agreements with the Company.

    

    17.           Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
instrument.  Signatures hereto may be facsimiles or electronically
scanned copies which shall have the same full force and effect as a manually
signed original thereof.

    

    18.           Effects of
Termination.  Notwithstanding anything to the contrary
contained herein, if this Agreement is terminated pursuant to Section 7 or
Section 8 or expires by its terms, the provisions of Sections 4-6 and 10-20 of
this Agreement shall survive and continue in full force and effect.

     

    
      
        
        

      

      
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    Ardent
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    19.           Arbitration.  All
disputes and controversies arising out of or relating to this Agreement shall be
finally settled and binding under the Rules of International Commercial Dispute
Resolution of the American Arbitration Association (“ICDR”).  The
place of arbitration shall be New York.  The Arbitration shall be
conducted in English by a single arbitrator appointed in accordance with the
ICDR rules.  Any award, verdict or settlement issued under such
arbitration may be entered by any party for order of enforcement by any court of
competent jurisdiction.  The arbitrator shall have no power to take
interim measures he or she deems necessary, including injunctive relief and
measures for the protection or conservation of property.

    

    20.           Miscellaneous.  This
Agreement constitutes the entire agreement, and supersedes all prior agreements,
of the parties hereto relating to the subject matter hereof, and there are no
written or oral terms or representations made by either party other than those
contained herein.  This Agreement cannot be modified, altered or
amended except by a writing signed by both parties.  No waiver by
either party of any provision or condition of this Agreement at any time shall
be deemed a waiver of such provision or condition at any prior or subsequent
time or of any other provision or condition at the same or any prior or
subsequent time.

    

    

    [Signature
Page Follows]

     

    
      
        
        

      

      
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      Ardent
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    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the 27th day of
September, 2010.

     

     

    
      
        	 	EXECUTIVE	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Leonardo
      Riera	 
	 	 	Name:
      Leonardo Riera	 
	 	 	 	 
	 	 	 	 

      

    

     

    
      
        	 	THE COMPANY: ARDENT MINES
      LIMITED	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Urmas
      Turu	 
	 	 	Name:
      Urmas Turu 	 
	 	 	Title:  
      Director	 
	 	 	 	 

      

    

    

    
      
        
        

      

      
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