Document:

Latin America Ventures, Inc.: Exhibit 10.5 - Filed by newsfilecorp.com

Exhibit 10.5 

AIBC International Corp.(SR)

2103 Coral Way, Suite 202 
Coral Gables, FL 33145 
(305) 856-4228

May 6, 2010 

Minera Licancabur S.A.
La Pastora No 121, Officina 201

Las Condes, Santiago+ 
Chile 

Attention: Jorge Osvaldo Orellana Orellana 

Dear Mr. Orellana: 

Re:      BINDING STANDBY CREDIT
FACILITY

Subject to acceptance of, and fulfillment of the terms,
conditions, and preconditions contained herein, AIBC International
Corp.(SR) (the "Lender") offers this binding standby credit
facility (the "Facility") to Minera Licancabur S.A. (the
"Borrower") on the terms specified below. 

	1. 	
      The Lender's obligations under this Facility are subject
      to the following conditions:

	 	(a) 	
      Completion on or prior to May 31, 2010 of a private
      placement (the "Equity Financing") by the Borrower resulting in
      gross proceeds raised of a minimum of $5,845,000 in US funds.

	 	 	 
	 	(b) 	
      Completion of a business combination (the “Reverse
      Merger”) between the Borrower and a U.S. public reporting company
      (“PubCo”) whose securities are quoted on the over-the- counter bulletin
      board (“OTCBB”) or on a recognized North American national
      securities exchange (an “Exchange,” and together with the OTCBB, a
      “Recognized Market”) on or before May 31, 2010.

	 	 	 
	 	(c) 	
      All of the representations and warranties of the Borrower
      hereunder shall be true and correct as of the date hereof.

	 	 	 
	 	(d) 	
      The Lender shall be satisfied that any debt outstanding
      to the Lender, and any security granted in connection therewith, ranks in
      priority to any amount owing or outstanding or any security granted to any
      other person, corporation, trust, partnership or other entity.

	 	 	 
	 	(e) 	
      The Lender shall have received such customary legal
      opinions from counsel as to the validity and enforceability of the
      obligations created hereunder.

	 	 	 
	 	(f) 	
      The Lender shall have received audited financial
      statements or such other documentation as the Lender may deem necessary in
      its sole discretion, indicating that the 75% of the free cash flow from
      the operations of the Borrower will be sufficient to enable the Borrower
      to make all payments agreed to in repayment of any Advance, and that there
      are sufficient assets available with current provable values to
      collateralize the amount of any Advance (including any other Advances then
      outstanding).

- 2 - 

	 	(g) 	
      The Lender, the Borrower and PubCo shall enter into a
      loan agreement reflecting the terms and conditions set forth herein, and
      such subsidiary and parent guarantees of the obligations of the Lender as
      the Lender may require, all of which documentation shall be in form and
      substance reasonably satisfactory to Lender and to its counsel, to the
      Borrower and PubCo (collectively, the "Loan Documents"). The Loan
      Documents will be consistent with this letter agreement and will provide
      for customary events of default and remedies
thereupon.

	2. 	
      The Facility is for a maximum amount of $3,000,000 in
      U.S. Dollar funds, and is available as a stand by facility for a term of
      one year from the date hereof, after which time it will expire; provided,
      however, that if the Borrower has requested an advance from the Lender
      hereunder (an “Advance”) during such term then the Lender shall
      remain obligated, subject to the terms hereof, to provide such Advance
      even though the provision of such Advance may occur after such
  term.

	 	 
	3. 	
      Upon the closing of the Equity Financing, the Lender
      shall have earned its set up fee, payable in the form of: (i) 75,000
      shares of common stock (the "Shares") of PubCo, which shares are to
      be issued concurrently with the Equity Financing; and (ii) one year common
      stock purchase warrants (the "Warrants") having an exercise price
      equal to the price per share of common stock paid by investors in the
      Equity Financing and therefore exercisable for 360,000 shares of PubCo
      (subject to equitable adjustment for stock splits, combinations,
      recapitalizations and the like), which Warrants are to be issued
      concurrently with the Equity Financing, in form satisfactory to the
      Lender. The Shares and Warrants will be Shares and Warrants of the
      Borrower’s then parent, PubCo. The Warrants shall contain a provision for
      “cashless exercise” and shall be effective for a period of one (1) year
      from the date of issuance.

	 	 
	4. 	
      Any Advance shall be subject to the following fees and
      interest, and for greater certainty, fees will be paid to the Lender on
      the making of any Advance, and may, at the Lender's option be withheld
      therefrom, and interest shall be calculated and compounded
  monthly:

	 	Funds advanced 	Lender's fee 	Securities of PubCo to be issued
      (collectively with 
	 	  	  	the shares and the warrants the
      "Securities") 
	 	  	  	  
	 	First $1,000,000 	8% of
      Advance 	8% one year common stock
      purchase warrant priced at the 10-day moving average trading price of the
      underlying securities. 
	 	  	  	  
	 	Second $1,000,000 	12% of
      Advance 	12% one year common stock
      purchase warrant priced at the 10-day moving average trading price of the
      underlying securities. 
	 	  	  	  
	 	Third $1,000,000 	18% of
      Advance 	18% one year common stock
      purchase warrant priced at the 10-day moving average trading price of the
      underlying securities. 

	5. 	
      The funds advanced under the Facility may be used solely
      for the purpose of operating the existing business of the Borrower and any
      related businesses of the Borrower or PubCo or for general working capital
      purposes of Borrower or PubCo.

	 	 
	6. 	
      If the Borrower wishes to receive an Advance from the
      Lender, it shall give the Lender a minimum of ninety (90) days' notice,
      and the Lender shall, subject to Sections 1, on the first business day
      after the ninetieth (90th) day of such written notice provide
      an Advance in United States Dollars and in immediately available funds to
      an account designated by the Borrower.

- 3 - 

	7. 	
      The Borrower represents and warrants
  that:

	 	(a) 	
      Formation, Organization and Power: It is a
      corporation duly incorporated, continued, amalgamated or formed, as the
      case may be, and validly subsisting under the laws of the jurisdiction of
      its incorporation, formation amalgamation or continuance, as the case may
      be, is duly registered and qualified to carry on business in all
      jurisdictions where the character of the properties owned by it or the
      nature of the business transacted by it makes such registration or
      qualification necessary and has the full corporate power and capacity to
      own, lease or hold its properties and assets and conduct its business as
      presently conducted.

	 	 	 
	 	(b) 	
      Authority: The execution, delivery and performance
      by it of this Letter Agreement and the issuance of the Securities has been
      duly authorized by all necessary corporate power, are within its corporate
      power and capacity and, will not violate any provision of law or of its
      articles of incorporation, by-laws unanimous shareholder's agreement or
      other agreement, indenture, instrument or document governing its affairs,
      and will not result in the breach of or constitute a default or require
      any consent under, any indenture or other agreement or instrument to which
      it is a party or by which it or its property may be bound or affected; and
      the execution, delivery and performance by such it of this Letter
      Agreement does not require any license, consent or approval of or advance
      notice to or advance filing with any governmental agency or regulatory
      authority.

	 	 	 
	 	(c) 	
      Litigation: There are no suits or proceedings
      (including proceedings by or before any arbitrator, government commission,
      board, bureau or other administrative agency) pending or threatened
      against or affecting the Borrower.

	 	 	 
	 	(d) 	
      Compliance with Laws and Contracts: It is in
      compliance with all federal, provincial, state and local laws, statutes
      and regulations and all contracts, agreements and employee benefit plans
      applicable to it.

	 	 	 
	 	(e) 	
      Environmental Matters: It has obtained all
      permits, licenses and other authorizations which are required for its
      operations, business or assets under all applicable environmental laws and
      each is in material compliance with all environmental laws and all terms
      and conditions of all such permits, licenses and authorizations.

	 	 	 
	 	(f) 	
      Environmental Condition of Property: The real
      property, mining leases charters and other mining interests and all other
      properties and assets of the Borrower:

	 	(i) 	
      are not the subject of any outstanding orders from a
      government agency or otherwise alleging violation of any Environmental
      Laws; and

	 	 	 
	 	(ii) 	
      to the knowledge of the Borrower after due inquiry, no
      Contaminants have been Released at, on or under any Real
  Property.

	 	(g) 	
      Environmental Claims: There is no claim, action,
      prosecution or other proceeding of any kind pending or threatened against
      the real property, or the Borrower, or any of their respective assets or
      properties before any court or administrative agency which: (i) relates to
      any non-compliance with any environmental law; or (ii) relates to any
      release from its lands of a contaminant into the natural environment; or
      (iii) if adversely determined, might have a material adverse effect upon
      the financial condition or operations, and there are no circumstances of
      which it is aware which might give rise to any such proceeding which it
      has not fully disclosed to the Lender.

- 4 - 

	 	(h) 	
      Title to Assets: The Borrower has good, valid and
      marketable title to all of its assets and properties, as such assets and
      properties, are not subject to any security interests, liens, encumbrances
      and other interests of third parties.

	 	 	 
	 	(i) 	
      Taxes: The Borrower has filed all income tax
      returns which were required to be filed by it, has paid or made provision
      for payment of all taxes (including interest and penalties) which are due
      and payable by it, and the Borrower has provided adequate reserves for the
      payment of any tax, the payment of which is being contested by it, and all
      applicable property taxes for the real property, mining commissions,
      leases and other mining interests which are due and payable, have been
      paid as at the date hereof.

	 	 	 
	 	(j) 	
      Security Interests: Other than the Permitted
      Encumbrances, the Borrower has not granted to any third party, nor is it
      aware of any Security Interests held against it by any third
  party.

	 	 	 
	 	(k) 	
      True and Complete Disclosure: The information,
      reports, financial statements, exhibits, disclosure letters and schedules
      and verbal information furnished to the Lender in connection with the
      negotiation, preparation or delivery of this Letter Agreement when taken
      as a whole do not contain any untrue statement of material fact or omit to
      state any material fact necessary to make the statements herein or
      therein, in light of the circumstances under which they were made, not
      misleading.

	 	 	 
	 	(l) 	
      Issuance of the Securities: The issuance of the
      Securities as contemplated hereunder does not breach any applicable
      securities law, regulation violation order or other applicable legislation
      to which the Borrower is subject. Each of the Securities, when issued
      shall be duly and validly created and, issued as fully paid and
      non-assessable.

	8. 	
      The Lender shall be entitled to terminate the
      availability of the Facility if any of the following
  occur:

	 	(a) 	
      The Borrower breaches any representation or warranty
      given under this Letter Agreement and the same is not cured within thirty
      (30) days following written notice of such breach and a description
      thereof by the Lender.

	 	 	 
	 	(b) 	
      The Borrower fails to perform any covenant under this
      Letter Agreement and the same is not cured within thirty (30) days
      following written notice of such breach and a description thereof by the
      Lender.

	 	 	 
	 	(c) 	
      There occurs in relation to the assets property, business
      or corporate capacity of the Borrower or PubCo, any material adverse
      change that, in the reasonable opinion of the Lender impairs the ability
      of the Borrower or PubCo to repay any Advance or fulfill its obligations
      under this Letter Agreement.

	 	 	 
	 	(d) 	
      The Borrower or PubCo is sanctioned by any securities or
      regulatory authority or noted as a reporting issuer in default under any
      applicable securities legislation.

	 	 	 
	 	(e) 	
      Any securities or stock exchange regulatory authority or
      other tribunal, court or other entity determines that the Securities
      cannot be issued, are void or subject to escrow or any other impairment on
      the Lender's ability to freely trade the
Securities.

	9. 	
      The Lender represents and warrants to the Borrower that
      (A) the Lender has the requisite corporate power and authority to enter
      into and to consummate the transactions contemplated by this Letter
      Agreement, (B) this Letter Agreement constitutes the valid and binding
      obligation of the Lender enforceable in accordance with its terms except
      (i) as limited by applicable bankruptcy, insolvency, reorganization,
      moratorium and other laws of general application affecting enforcement of
      creditors’

- 5 - 

	10. 	
      rights generally and (ii) as limited by laws relating to
      the availability of specific performance, injunctive relief or other
      equitable remedies, (C) this Letter Agreement does not conflict with any
      of the Lender’s constituent instruments or any material agreement to which
      the Lender is a party, and (D) the Lender has sufficient capital to
      satisfy its obligations under this Letter Agreement. The Lender covenants
      and agrees that during the term of this Letter Agreement it will at all
      times maintain sufficient capital so that it can satisfy its obligations
      under this Letter Agreement to make Advances hereunder.

	 	 
	11. 	
      This Letter Agreement shall be governed by the laws of
      the State of New York and the parties irrevocably submit to the exclusive
      jurisdiction of the courts of the State of New York.

	 	 
	12. 	
      To the extent that any term provision or paragraph of
      this Letter Agreement is deemed unenforceable due to the operation of any
      statute, the common law, or the principles of equity, such term, provision
      or paragraph shall be severed from this Letter Agreement and the remainder
      of this Letter Agreement shall continue to be in full force and effect as
      if the severed term provision or paragraph had never been included
      herein.

	 	 
	13. 	
      The Borrower shall not be entitled to assign any of its
      rights under this Letter Agreement, except that it may assign its rights
      hereunder to PubCo.

	 	 
	14. 	
      The provision of paragraph 3 and 10 through 14 shall
      survive termination or expiry of this Letter Agreement.

	 	 
	15. 	
      The Borrower agrees to indemnify and hold harmless the
      Lender, its successors, assigns, directors, officers, employees and agents
      (each, an "Indemnitee") against any and all liabilities,
      obligations, losses, damages, penalties, claims, demands, actions, suits,
      judgments and any and all costs and expenses (including attorneys’ fees,
      disbursements and other charges) of whatsoever kind and nature imposed on,
      asserted against or incurred or suffered by any of the Indemnitees in any
      way relating to, or arising out of, or by reason of any investigation,
      litigation, or other proceedings including, for greater certainty, any
      foreign court, tribunal, governmental authority or other body (including
      any threatened investigation, litigation or other proceedings) relating to
      this Letter Agreement, or any agreement or proceeding resulting herefrom
      or therefrom.

This Letter Agreement may be accepted by the Borrower by
signing, dating and returning to the Lender by 5 p.m. May 11, 2010, the enclosed
copy of this letter. Failing such acceptance, this offer shall be of no further
force or effect. 

Yours very truly, 

AIBC International Corp.(SR)

By: /s/ William R.
Burdette                       
 
       William R. Burdette,
President 

Agreed to and accepted this 11th day of May, 2010. 

Minera Licancabur, S.A. 

By: /s/ Jorge Osvaldo Orellana
Orellana              

       Jorge Osvaldo Orellana
Orellana, PresidentLatin America Ventures, Inc.: Exhibit 10.6 - Filed by newsfilecorp.com

Exhibit 10.6

(English Translation)

CONTRACTS No. CO-001/2008

"FIELD SUPPORT AND ADMINISTRATION AND DISPOSAL OF ENCAMPMENT "

In Calama, on July 1, 2008, between MINERA LICANCÁBUR S.A., RUT 76.009.516 -8, represented by its General Manager, Miguel Ramírez Cabezas, national identity card number 6.669.223 -K, both domiciled at La Pastora No. 121 Office 201, Las
Condes, Santiago, hereinafter "the Customer", "Minera Licancábur", party of the first part; and the party of the second part, the company CONTRATISTA EN GEOLOG¥A, MINER¥A Y CONSTRUCCIÓN JORGE ORELLANA E.I.R.L, RUT 76.458.450
-3, represented by its General Manager, Jorge Osvaldo Orellana Orellana, national identity card number 6.784.858 -6, both domiciled at Av. Latorre No. 2077, commune of Calama, Second Region, hereinafter indistinctly the "Contractor" or "Geominco";
it has been agreed as follows: 

ONE:

OBJECTIVE AND SCOPE

By this instrument, "Minera Licancábur" entrusts to Contractor the performance of the service named "Construction of copper cathode plant and service of geological sampling, evaluation and recognition of mining properties, in addition to
disposal of Encampments," hereinafter "The services". 

TWO:

GENERAL CONDITIONS

The contract does not give the Contractor the capacity of agent of Minera Licancábur in order to conduct, in its name, commercial or other operations. 

Minera Licancábur will be exempt from any commitment that is not expressly stated in this Contract. 

Any amendment or supplement subsequently added to this contract will have the form of Addendum that, numbered and signed by both parties, will be considered an integral part thereof. 

THREE:

TYPE OF CONTRACT

This Contract is of the General Service type, a modality with a series of unit prices tat include profits and overhead for a fixed monthly amount. 

This contract includes reimbursable expenses, validated after presentation of payment statements. 

FOUR:

TERM

The total term of this contract will be 24 months from July 1, 2008, so that its expiration date will be July 1, 2010. 

FIVE:  

PRICE AND AMOUNT OF THE CONTRACT 

For the complete, correct and timely performance of the agreed services, Minera Licancábur will pay to Contractor the following unit prices that include all direct and indirect costs, as well as overhead and profits associated to the
performance of the services hereunder, considering that Minera Licancábur will make only the contributions explicitly indicated as such in this contract. 

1

	
ITEM
		
DESCRIPTION OF THE SERVICE
		
Unit
		
Unit price ($)
	
	
1.
		
Construction and Implementation of Planta Ana María
		
 
		
 
	
	
1.1
		
Department of engineering and project preparation
		
Task/Month
		
6,473,200
	
	
1.2
		
Department of engineering and project preparation
		
Task/Day
		
400,722
	
	
1.3
		
Materials
		
Global
		
Variables
	
	
1.4
		
Equipment
		
Global
		
Variables
	
	
1.5
		
Machinery
		
Global
		
Variables
	
	
1.6
		
Fuels
		
Global
		
Variables
	
	
1.7
		
Maintenance of Equipment and Machinery
		
Global
		
Variables
	
	
1.8
		
Construction materials
		
Global
		
Variables
	
	
1.9
		
Sundry
		
Global
		
Variables
	
	
1.10
		
Encampment
		
Global
		
Variables
	
	
1.11
		
Fungibles
		
Global
		
Variables
	
	
1.12
		
Electric materials
		
Global
		
Variables
	
	
1.13
		
Tools
		
Global
		
Variables
	
	
1.14
		
Process
		
Global
		
Variables
	
	
2.
		
Construction and Implementation of Planta Filomena
		
 
		
 
	
	
2.1
		
Department of engineering and project preparation
		
Task/Month
		
6,473,200
	
	
2.2
		
Department of engineering and project preparation
		
Task/Day
		
400,722
	
	
2.3
		
Materials
		
Global
		
Variables
	
	
2.4
		
Equipment
		
Global
		
Variables
	
	
2.5
		
Machinery
		
Global
		
Variables
	
	
2.6
		
Fuels
		
Global
		
Variables
	
	
2.7
		
Maintenance of Equipment and Machinery
		
Global
		
Variables
	
	
2.8
		
Construction materials
		
Global
		
Variables
	
	
2.9
		
Sundry
		
Global
		
Variables
	
	
2.10
		
Encampment
		
Global
		
Variables
	
	
2.11
		
Fungibles
		
Global
		
Variables
	
	
2.12
		
Electric materials
		
Global
		
Variables
	
	
2.13
		
Tools
		
Global
		
Variables
	
	
2.14
		
Process
		
Global
		
Variables
	
	
3.
		
Geological supervision
		
 
		
 
	
	
3.1
		
Service of Geologists
		
Task/Month
		
5,735,327
	
	
..2
		
Service of Geologists
		
Task/Day
		
355,044
	
	
3.3
		
Geologist Assistant Service
		
Task/Month
		
1,688,631
	
	
3.4
		
Geologist Assistant Service
		
Task/Day
		
104,534
	
	
3.5
		
Draftsmen Service
		
Task/Month
		
1,043,949
	
	
3.6
		
Draftsmen Service
		
Task/Day
		
64,625
	
	
3.7
		
Operations Assistant
		
Month
		
1,321,723
	
	
3.8
		
Operations Assistant
		
Day
		
81,821
	
	
3.9
		
Topographic Control
		
Task/Month
		
4,280,910
	
	
3.10
		
Topographic Control
		
Task/Day
		
265,009
	
	
4.
		
Special Sampling Services
		
 
		
 
	
	
4.1
		
Specialized Sample Taker
		
Man/Month
		
1,057,480
	
	
4.2
		
Specialized Sample Taker
		
Man/Day
		
65,463
	
	
4.3
		
Sample handling (Sampling)
		
Man/Month
		
944,547
	
	
4.4
		
Sample handling (Sampling)
		
Man/Day
		
58,472
	
	
4.5
		
Team
		
month
		
6,049,865
	
	
4.6
		
Team
		
day
		
374,515
	
	
4.7
		
Sampling Administration
		
Monthly
		
5,789,157
	
	
5.
		
Transport of Samples and Materials
		
 
		
 
	
	
5.1
		
Laboratory - project distance from 0 to 25 km
		
Roundtrip
		
147,656
	
	
5.2
		
Laboratory - project distance from 26 to 50 km
		
Roundtrip
		
164,108
	
	
5.3
		
Laboratory - project distance from 51 to 150 km
		
Roundtrip
		
259,662
	
	
5.4
		
Laboratory - project distance from 51 to 150 km
		
Roundtrip
		
389,216
	
	
5.6
		
Laboratory - project distance from 151 to 350 km
		
Roundtrip
		
494,770
	
	
5.9
		
Laboratory - project distance from 351 to 550 km
		
Roundtrip
		
554,216
	
	
5.11
		
Laboratory - project distance from 751 to 950 km
		
Roundtrip
		
720,770
	
	
6.
		
Administration and Disposal of Encampments
		
 
		
 
	

2

	
6.1
		
Care and Food in Fixed Encampments
		
 
		
 
	
	
6.1
		
Cook/Encampment clerk
		

month
	

		
650,533
	
	
6.2.2
		
Care of the Encampment and Basic Maintenance
		
month
		
1,989,442
	
	
6.2.3
		
Care of Sample Cases and Basic Maintenance
		
month
		
2,154,320
	
	
7.
		
Reference Items
		
 
		
 
	
	
7.1
		
Installation of Fixed and Itinerant Encampments
		
 
		
 
	
	
7.1.1
		
Transporte of Container (any type)
		
 
		
 
	
	
7.1.1.1
		
Portion 0 - 50 km
		
event
		
203,448
	
	
7.1.1.2
		
Portion 51 -150 km.
		
event
		
362,208
	
	
7.1.1.3
		
Portion 151 - 300 km.
		
event
		
600,112
	
	
7.1.1.4
		
Portion 301 - 450 km.
		
event
		
800,150
	
	
7.1.2
		
Lease with installation and dismantling
		
 
		
 
	
	
7.1.2.1
		
Bathroom Container
		
event
		
1,879,248
	
	
7.1.2.2
		
Kitchen Container
		
event
		
1,299,480
	
	
7.1.2.3
		
Container Type 3
		
event
		
772,632
	
	
7.1.2.4
		
Container Type 4
		
event
		
622,104
	
	
7.1.2.5
		
Container Type 5
		
event
		
699,720
	
	
7.1.2.6
		
Container Type 6
		
event
		
330,456
	
	
7.1.2.7
		
General elements
		
event
		
775,572
	
	
8.
		
Professional and other services
		
 
		
 
	
	
8.0
		
Occupational Risk and Environmental Prevention
		
visit
		
1,976,370
	
	
8,2
		
Occupational Risk and Environmental Prevention
		
visit
		
128,464
	
	
9.
		
Overhead in fixed sum, Monthly
		
 
		
 
	
	
9.1
		
Overhead in fixed sum, monthly
		
month
		
8,044,487
	

The total maximum estimated amount of the contract, to date, is $ 717,710,244 (Seven hundred seventeen million seven hundred ten thousand two hundred forty-four pesos). 

Since this contract operates at the exclusive request of Minera Licancábur through Work Orders, this amount is only for reference and indicative, so that the Contractor will not be entitled to an indemnity, compensation or claims if services
are not performed in this amount or even if no service is performed, since this does not in any case guarantee or imply any acquired right in its favor. 

SIX:

PAYMENT TERMS

The Contractor shall submit Monthly Payment Statements, duly signed by the Supervisor of the Contractor to Minera Licancábur, backed by a summary that will include all services performed in the period. The Payment Statements will be delivered
to Minera Licancábur the second business day following the close of the monthly period, corresponding to day 25th (twenty-fifth) day of each month. The Payment Statements will be numbered sequentially from No. 1.

The Payment Statements will be delivered and submitted for the review and approval of the Contract Administrator of Minera Licancábur, who will have a maximum of 5 (five) business days to accept or reject the Payment Statement. If it is
rejected, the Contractor will redo the Payment Statement, make the corresponding corrections or add the missing documentation and submit it again for the approval of the Contract Administrator, who this second time will have a maximum term of 3
(three) business days for its approval. 

Once the Payment Statement is approved by the Contract Administrator, the Contractor will issue and submit the corresponding invoice. The invoice must be presented at the Central Office of Minera Licancábur, located at La Pastora 121 office
201. Once the invoice is received in accordance with the procedure established in this clause, the invoice will be paid within 15 (fifteen) business days from receipt of the invoice properly issued in accordance with the Payment Statement approved
by the Contract Administrator.

The Contractor may request that the invoice be paid by electronic transfer of funds to the account previously communicated in writing to the Contract Administrator.

According to Law 19.983, which governs the transfer and gives executive merit to the copy of the invoice, Minera Licancábur will have a maximum of 30 (thirty) consecutive days from the date of receipt of the invoice to accept or reject the
content of
this document.

3

Minera Licancábur may deduct from payment statements, administratively and without any type of court action, any amount owed to it by the Contractor either from discounts or from damage caused to the property or assets of Minera
Licancábur, its customers or shareholders. 

Without prejudice to the above, Minera Licancábur will have the right to withhold and/or discount, in full or in part, any payment of the Contractor for discounts, for work poorly done – which in the opinion of the Contract administrator
is not in a condition to be approved – or at the request of the Retirement, Labor Inspection or other Institutions. 

SEVEN:

REQUEST FOR SERVICES

During the term of the Contract, the services will be requested from the Contractor by Work Orders (WOs) as the demand caused by the progress of the Customer Program, which will have fluctuating volumes. There will be two types of Work Orders: 

a) The first type of WO is with opening of a job and will be sent at least 10 (ten) consecutive days in advance. 

b) The second type of WO will be orders for additional and occasional services included in an already established task

and will be sent at least 5 (five) days in advance.

These WO may include one or more districts. The form of the WO will be by unit prices (the amount will be indicated in the WO will be a reference), and it will expressly state: 

	
Issue date of the WO

	
Service requested

	
Location of the performance of the service

	
Starting date of the service

	
Estimated ending date of the service

	
Contributions of Minera Licancábur (if any)

	
Observations or additional requests

	
Term for the beginning of the service

Minera Licancábur reserves the right to terminate the WO in advance, with mere written notice given to the Contractor at least 15 (fifteen) days in advance for WO of 1 month or longer, 5 (five) days for bi-weekly WO and 3 (three) days before
the start of activities for daily WO. 

In the event of early termination of the WO, Minera Licancábur will pay the Contractor only for the services actually and correctly performed, without payment of the non-performed balance of the WO. 

EIGHT:

DISCOUNTS

Minera Licancábur may apply discounts to the payments of the Contractor on the grounds and conditions below.

The acts or omissions actually or potentially affecting the lives of individuals, or which may severely affect the quality of service and performance of the construction and mining exploration will be considered gross negligence. The acts or
omissions affecting the timeliness and reliability of service will be considered moderately severe. The acts or omissions which may mean minor losses for Minera Licancábur will be considered slight negligence. 

NINE:   

CONTRACTOR’S LABOR RESPONSIBILITIES 

It is the obligation of the Contractor to fully comply with all obligations assigned to it by law, as an employer of the staff employed in the performance of the work relating to the contract. The Contractor will be directly and solely responsible
for all consequences of any nature arising from breach of those obligations.

Any fine or monetary penalty, or compensation of any kind that the Contractor must pay paid because of omission or breach of the obligations will therefore be borne solely by the Contractor. In the event that Minera Licancábur is forced to
make any disbursement of these amounts, it is expressly provided that it will be entitled to reimbursement of the sums due, deducting the
payment them from the Contractor's Payment Statements, and also being entitled to deduct them from any sums owed by Minera Licancábur to the Contractor.

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In the event that Minera Licancábur is sued directly, secondarily or jointly by employees or former employees of the Contractor or a Subcontractor or their beneficiaries thereof, in labor, civil or other action, the Contractor will be
obligated to reimburse all expenses incurred by Minera Licancábur in this situation.

It is expressly stated that the will of the parties is to sign a service contract governed by the rules of the Civil Code, so it cannot be considered a contract governed by the Labor Code.

In compliance with the provisions of the Labor Code, and particularly those related to Article 64, 64a and 209 of that Code, Minera Licancábur will have broad authority to monitor the implementation of the work and audit the labor and welfare
obligations of all types affecting the Contractor and its Subcontractor(s) in respect of their staff, and may require certifications of compliance, make withholdings and in general exercise all other powers stipulated by the labor law in force. The
Contractor and its subcontractors are required to give all facilities for such audit and prove timely full compliance with the labor and welfare obligations in the manner required from it. Additionally, the Contractor also

undertakes to comply with the provisions of the "Special Regulations for Contractor Companies for the implementation of Safety and Occupational Health Management System under Article 66a of Law 16.744.

Minera Licancábur will not be liable for any accident, illness or disability that may be suffered by the Contractor’s personnel during the performance of the services, which is the sole responsibility of Geominco.

Furthermore, Minera Licancábur will be entitled, if it is forced to make any disbursement in connection with a dispute or a court ruling due to joint or subsidiary liability, pursuant to the law in force, to obtain reimbursement of sums due,
deducting them from unpaid Payment Statements to Contractor, and may also deduct them from any sums owed by Minera Licancábur to the Contractor, even if they originate from another contract of the same contractor with Minera
Licancábur.

TEN: 

SAFETY, OCCUPATIONAL HEALTH AND ENVIRONMENT

10.1 Legal compliance 

The Contractor must strictly comply with all rules, regulations and laws in force in the country. Any omission in this regard will be under the exclusive liability of the Contractor. In particular, the Contractor must comply with all legal and
regulatory rules governing mining activities, such as: 

	
  Law No. 16.744 on "Work Accidents and Occupational Diseases " and its additional regulations.
  

	
  Law No. 20.123 on "Subcontracting and Temporary Services " of the Ministry of Labor.
  

	
  Supreme Decree No. 76 "Regulation on the safety and health in the workplace in construction, sites or services” of the
Ministry of Labor.

	
  Supreme Decree No. 72 "Mining Safety Regulation " of the Ministry of Mining.
  

	
  Labor Code, Article 184 et seq. on "Workers’ Protection.”
  

	
  Law No. 18.290 "Traffic Law. “
  

	
  Law No. 19.300 "Basic Environmental Provisions Law " and its regulations
  

10.2 

Experts in Risk Prevention and Environment

The performance of the activities contracted will require the support of Professionals in Risk Prevention, one of them in the Sernageomin B category or higher, and the other a Technician in Risk Prevention of the Health service or higher, full time
and working exclusively for the contract, dedicated to control in: 

a) The application of the Matrix for Identification of Hazards, Evaluation and Control of the Contractor’s Risks in each task. 

b) Implementation of the Safety and Occupational Health program, Risk Control Procedures and of the Environmental Plan (including residue management and disposal) of the service. 

c) Control of safety and environment of the Contractor and of the Drilling Contractor, according to the type and duration of the
services requested. 

5

The obligations of these professionals include: 

	
To advise the Contractor’s Supervisor in the preparation of work procedures, especially critical work, such as for example “vehicle driving.” 

	
To advise the Contractor in matters of risk control, promoting the best practices in the matter.

	
To offer training in risk control matters.

	
To investigate all incidents or accidents reported.

	
To prepare the result reports on the company’s risk control in the contract to be filed with the appropriate external
agencies.

	
To ensure the performance of the Operational Risk Plan and Environmental Management Plan

	
To control the safety management of the Contractor Companies, developing a monthly record of compliance and
enforcement of safety standards and environmental management.

	
To give periodic talks, procedures, observations and inspections.

	
To continuously improve the performance of the personnel and of the Equipment.

	
To constantly supervise and inspect the sites, ensuring at least 
their participation at the beginning and closing of each task, and a weekly visit to each of them, lasting 1 day, except on sites with 15 or more workers of the Contractor (considering shifts and counter-shifts) in which case the weekly visits will be increased to 3 full days on site. Noncompliance
with this point will be considered “gross negligence.” 

	
To deliver monthly progress reports about the performance of the commitments of the Environmental Management Plan and Risk Control Plan. 

	
To deliver to the Contractor’s personnel all safety tools needed according to the type and duration of the services requested. Make periodic surveys and deliver the replacement tools necessary. 

These Risk Prevention Experts will have their own transportation and cell phones so as to be located at all times 

ELEVEN:  

 

 

CONFIDENTIALITY AND INTELLECTUAL PROPERTY 

Intellectual property to the work developed by the Contractor and its personnel under this contract will be transferred automatically to Minera Licancábur, at all times, and the latter will be authorized to extend, modify or terminate the
work without any additional payment to the Contractor and its staff. 

The Contractor undertakes not to disclose or use administrative, financial, operational, geological or other data provided to it or that he may learn in connection with the contract and that may affect the interests of Minera Licancábur, its
customers or shareholders. The same obligation extends to the staff of the Contractor. 

All documents, reports and in general any background that Minera Licancábur delivers or provides to the Contractor are the exclusive property of Minera Licancábur and may not be used for any purpose other than that provided in this
contract. The background and documents must be returned at the end of the contract.

The Contractor may not publish or make public any matter related to the contract or engage in conferences or talks on such matters, or conduct visits of third parties to the facilities of Minera Licancábur without the prior permission of the
Contract Administrator. Contravention of this provision will be qualified by Minera Licancábur and, according to their severity, may mean for the Contractor for the early termination of the contract, without prejudice to any legal action
Minera Licancábur may decide to file. 

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The obligations set forth in this clause will remain in force indefinitely after the end of the contract. 

TWELVE: 

ACCEPTANCE AND RELEASE OF THE CONTRACT 

At the end of the term of the contract, the sole and final acceptance of the service will take place, entering it in minutes enclosed with a final settlement of the amounts owed.

Subsequently, Minera Licancábur will prepare and manage the signing of the release of the contract, which will show the last payment due. 

THIRTEEN:

FORCE MAJEURE

The term force majeure or act of God means the event or fact referred to in Article 45 of the Civil Code, i.e., the unexpected fact, beyond the control of the parties, which cannot be resisted and which prevents the performance of the obligation.

In the occurrence of a fact qualified as force majeure or act of God, each party must absorb its own costs for the damage incurred.

The party affected by an act of God or force majeure may not be exempted from its obligations, if any of the following circumstances occurs:

	
Where the act of God or force majeure occurs during a default on the obligations of the affected party.

	
When the event or its consequences
invoked as act of God or force majeure was caused by the act or omission of the
affected party or by its agents, employees or other persons connected with it, such as subcontractors or consultants.

	
When the law attributes responsibility to the respective party for the act of God or force majeure.

	
When the party has exposed itself to the damage through its own fraud, omission or negligence or failed to take the
measures that would have been reasonably necessary to prevent the impact of the act of God or force majeure.

In the occurrence of the act of God or force majeure, the affected party must inform the other as soon as possible and must take all reasonable steps to reduce the damage thereof. Moreover, if due to the act of God or force majeure, either party is
unable to meet its obligations, it may request the other the immediate termination of the contract without compensation for damage.

The conflicts and the effects caused by them between the contractor and its staff or between the contractor and its subcontractors or suppliers or between the subcontractors and their respective staff or suppliers will not be considered cause of
force majeure or act of God. Furthermore, strikes, walkouts or lockouts of the staff of the contractor or of the subcontractors or suppliers will also not be considered cause of force majeure or act of God; in this case, Exploraciones Mineras will
have the right to terminate the contract immediately and without notice, if these facts cause the paralysis or delay of the work, all pursuant to clause seventeen of this contract. 

FOURTEEN:

DOMICILE AND JURISDICTION

For all legal and contractual purposes, the parties establish their domicile in the city of Santiago and agree to submit to the jurisdiction of its ordinary courts of law.

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FIFTEEN:

IDENTITY AND COUNTERPARTS OF THE CONTRACT

The identity of the parties is not included, because it is mutually known by the parties.

The parties sign this instrument in two identical counterparts, one being kept by Minera Licancabur, and the other by the Contractor. 

They sign for the record:

	[signature and fingerprint] 

[handwritten] 6-784-858-6 

    
Jorge Osvaldo Orellana Orellana
FOR CONTRATISTA EN GEOLOG¥A, MINER¥A Y CONSTRUCCIÓN JORGE ORELLANA E.I.R.L
    
	[signature and fingerprint] 

Miguel Patricio Ramirez Cabezas 

    
FOR MINERA LICANCABUR S.A.

SIGNED BY JORGE OSVALDO ORELLANA ORELLANA IDENTITY CARD NUMBER 6.784.858 -6, FOR CONTRATISTA EN GEOLOG¥A, MINER¥A Y CONSTRUCCIÓN JORGE ORELLANA E.I.R.L AND BY MIGUEL PATRICIO RAMIREZ CABEZAS IDENTITY CARD 6.669.223 -K
FOR MINERA LICANCABUR S.A., I CERTIFY, CALAMA, JUNE 18, 2009.

[signature] 

PATRICIO HERNAN CATHALIFAUD MOROSO 

NOTARY PUBLIC 

THIRD NOTARY OFFICE EL LOA CALAMA 

[stamp] 

PATRICIO HERNAN CATHALIFAUD MOROSO 

NOTARY PUBLIC 

3RD NOTARY OFFICE 

CALAMA 

 

 

 Miguel Patricio Ramírez Cabezas PP. 

 MINERA LICANCÁBUR S.A. 

8

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