Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - American Bonanza Gold Corp. - Exhibit 4.9

OPTION ASSIGNMENT AND AMENDING AGREEMENT

THIS AGREEMENT dated effective the 18th day of December,
2007.

AMONG:

CUSAC GOLD MINES LTD., a
corporation incorporated under 
the laws of the Province of British Columbia
with an office for 
business at Suite 1600 – 409 Granville Street, Vancouver,
British 
Columbia, V6C 1T2

(the “Assignor”)

AND:

HAWTHORNE GOLD CORP., a
corporation existing under the laws of 
the Province of British Columbia with
an office at Suite 1818 – 701 West 
Georgia Street, Vancouver, British
Columbia, V7Y 1C6

(the “Assignee”)

AND:

AMERICAN BONANZA GOLD CORP., a
corporation incorporated 
under the laws of the Province of British Columbia
with an office for 
business at Suite 305 – 675 West Hastings Street,
Vancouver, British 
Columbia, V6B 1N2

(the “Optionor”)

WHEREAS:

(A)          
The Optionor and the Assignor entered into a Mineral Property Option Agreement
dated June 7, 2007 (the “Option Agreement”), attached as Exhibit “A”
hereto;

(B)          
Pursuant to the Option Agreement, the Optionor granted the Assignor the
exclusive option (the “Option”) to acquire a 100% right, title and
interest in and to 46 contiguous mineral tenures comprising approximately 2,325
hectares located in the Liard Mining Division, Province of British Columbia,
which are more particularly described in Schedule “A” to the Option Agreement
(the “Taurus Property”);

(C)          
The Assignor wishes to assign the Option and all of the Assignor’s right, title
and interest in and to the Option Agreement to the Assignee; and

(D)          
The Optionor and the Assignor wish to amend the terms of payment as set out in
Subsection 4.2(a) of the Option Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in
consideration of $10.00, now paid by the Assignee to the Assignor and to the
Optionor, and the mutual covenants, agreements and premises herein contained and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties do hereby covenant and agree as follows:

PART 1
CONSENT AND ASSIGNMENT

Consent

1.1          
The Optionor hereby consents to the Assignor’s assignment of the Option to the
Assignee and all of the Assignor’s right, title and interest in and to the
Option Agreement and all benefits to be derived therefrom as of the day and year
first above written.

Assignment

1.2          
The Assignor hereby assigns the Option to the Assignee and all of its right,
title and interest in and to the Option Agreement and all benefits to be derived
therefrom subject to the observance and performance by the Assignee of the terms
and conditions of the Option Agreement on the part of the Assignor to be
performed, and the observance and performance of the terms and conditions of
this Option Assignment and Amending Agreement (the “Agreement”) on the
part of the Assignee and the Assignor to be performed (the
“Assignment”).

PART 2 
AMENDMENT

Amendment

2.1          
Subsection 4.2(a) of the Option Agreement is deleted in its entirety and
replaced with the following:

“4.2(a) pay to the Optionor a total of
Six Million Dollars ($6,000,000), in cash, in the amounts and at the times as
follows:

(i) One Million Dollars ($1,000,000)
on or before December 22, 2007;

(ii) an additional Two Million Dollars
($2,000,000) on or before June 22, 2008;

(iii) an additional One Million Five
Hundred Thousand Dollars ($1,500,000) on or before June 22, 2009; and

(iv) an additional One Million Five
Hundred Thousand Dollars ($1,500,000) on or before December 22, 2009;”

2.2          
Subsection 4.2(b) (ii) of the Option Agreement is deleted in its entirety and
replaced with the following:

“issue to the Optionor Two Hundred and
Fifty Thousand (250,000) common shares of the Assignee on December 22, 2008, of
which the Optionor can only sell 25,000 common shares in any given month,
subject to applicable resale restrictions; and”

2.3          
Subsection 4.4 of the Option Agreement is deleted in its entirety.

2.4          
Subsection 4.6 of the Option Agreement is deleted in its entirety.

2.5          
Any capitalized terms not otherwise defined herein shall have the meaning given
to them in the Option Agreement.

2.6          
The Option Agreement, amended as provided for herein, shall continue in full
force and effect.

PART 3
REPRESENTATIONS, WARRANTIES AND
COVENANTS

Assignor’s Representations, Warranties and Covenants

3.1          
The Assignor represents and warrants to and covenants with the Assignee and the
Optionor that:

(a) the Assignor has been duly
incorporated and validly exists as a corporation in good standing under the laws
of the Province of British Columbia and is lawfully authorized to hold mineral
tenures and real property in British Columbia;

(b) the Assignor has full corporate
power and capacity to enter into this Agreement and this Agreement has been
validly authorized, executed and delivered by the Assignor;

(c) the entering into and the
performance of this Agreement and the transactions contemplated herein will not
result in the violation of any of the terms and provisions of the constating
documents of the Assignor, any shareholders’ or directors’ resolutions, or of
any indenture, other agreement, written or oral, to which the Assignor may be
bound or to which it may be subject, or any judgment, decree, order, rule or
regulation of any court or administrative body by which the Assignor is bound,
or any statute or regulation applicable to the Assignor;

(d) the Option Agreement is a valid and
subsisting agreement;

(e) there are no current defaults or
acts by the Assignor under the Option Agreement which have or would permit the
Optionor to terminate the Option Agreement;

(f) to the best of knowledge of the
Assignor, the Taurus Property is free and clear of all liens, charges, and
encumbrances, except as set out in the Option Agreement;

(g) to the best of knowledge of the
Assignor, the Optionor is the beneficial owner of a 100% undivided interest in
and to the Taurus Property and has the right to dispose of and to give good
marketable title to the Assignor of a 100% right, title and interest in and to
the Taurus Property, free and clear of all liens, charges and encumbrances,
except as described in the Option Agreement; and

(h) there is no litigation, proceeding
or investigation pending or threatened against the Assignor or, to the best of
the knowledge of the Assignor, against the Optionor respecting the Option
Agreement or the Taurus Property, nor does the Assignor know, or have any
grounds to know after due inquiry, of any basis for any litigation, proceeding
or investigation which would affect the Option Agreement or the Taurus
Property.

Assignee’s Representations, Warranties and Covenants

3.2          
The Assignee represents, warrants and covenants with the Assignor and the
Optionor that:

(a) the Assignee has been duly
incorporated and validly exists as a corporation in good standing under the laws
of the Province of British Columbia and is lawfully authorized to hold mineral
tenures and real property in British Columbia;

(b) the Assignee has full corporate
power and capacity to enter into this Agreement and this Agreement has been
validly authorized, executed and delivered by the Assignee;

(c) the entering into and the
performance of this Agreement and the transactions contemplated herein will not
result in the violation of any of the terms and provisions of the constating
documents of the Assignee, any shareholders’ or directors’ resolutions, or of
any indenture, other agreement, written or oral, to which the Assignee may be
bound or to which it may be subject, or any judgment, decree, order, rule or
regulation of any court or administrative body by which the Assignee is bound,
or any statute or regulation applicable to the Assignee;

(d) the Assignee will be bound by the
Option Agreement and carry out all of the duties, rights and obligations of the
Assignor set out in the Option Agreement; and

(e) the Assignee will hold the Option
subject to the rights of the Optionors as if the Assignee had executed the
Option Agreement as a party of the first part.

Optionor’s Representations, Warranties and Covenants

3.3          
The Optionor represents, warrants and covenants with the Assignor and the
Assignee that:

(a) the Optionor has been duly
incorporated and validly exists as a corporation in good standing under the laws
of the Province of British Columbia and is lawfully authorized to hold mineral
tenures and real property in British Columbia;

(b) the Optionor has full corporate
power and capacity to enter into this Agreement and this Agreement has been
validly authorized, executed and delivered by the Optionor;

(c) the entering into and the
performance of this Agreement and the transactions contemplated herein will not
result in the violation of any of the terms and provisions of the constating
documents of the Optionor, any shareholders’ or directors’ resolutions, or of
any indenture, other agreement, written or oral, to which the Optionor may be
bound or to which it may be subject, or any judgment, decree, order, rule or
regulation of any court or administrative body by which the Optionor is bound,
or any statute or regulation applicable to the Optionor;

(d) the Option Agreement is a valid and
subsisting agreement;

(e) to the best of knowledge of the
Optionor, the Taurus Property is free and clear of all liens, charges, and
encumbrances, except as set out in the Option Agreement;

(f) the Optionor is the beneficial
owner of a 100% undivided interest in and to the Taurus Property and has the
right to dispose of and to give good marketable title to the Assignor of a 100%
right, title and interest in and to the Taurus Property, free and clear of all
liens, charges and encumbrances, except as described in the Option Agreement;
and

(g) there is no litigation,
environmental liability, proceeding or investigation pending or threatened
against the Optionor respecting the Option Agreement or the Taurus Property, nor
does the Assignor know, or have any grounds to know after due inquiry, of any
basis for any litigation, proceeding or investigation which would affect the
Option Agreement or the Taurus Property.

Waiver and Survival

3.4          
Each representation and warranty provided herein is for the exclusive benefit of
the party to or with whom or which it is given, and a misrepresentation or
breach of warranty may be waived by that party in whole or in part at any time
without prejudice to that party’s rights in respect of any other
misrepresentation or breach of the same or any other representation or warranty,
and the representations and warranties contained herein will survive the
execution hereof.

PART 4 
MISCELLANEOUS

Sections and Subheadings

4.1          
The headings of this Agreement are for convenience only, do not form a part of
this Agreement and are not intended to interpret, define or limit the scope,
extent or intent of this Agreement or any of its provisions.

Governing Law

4.2          
This Agreement will be governed by the laws of the Province of British Columbia
and the federal laws of Canada applicable therein and the parties hereby
irrevocably attorn to the Courts of the Province of British Columbia.

Notices

4.3          
All notices, requests, demands or other communications by the parties required
or permitted to be given by one party to another will be given in writing by
personal delivery, telecopy or by registered or certified mail, postage prepaid,
addressed, telecopied or delivered to such other party as follows:

	 	(a) 	if to the Assignor at: 
	 	 	 
	 	  	Suite 1600 – 409 Granville Street
  
	 	  	Vancouver, British Columbia, V6C 1T2
    
	 	 	 
	 	  	Attention: 	Chief Financial Officer 
	 	  	Facsimile: 	(604) 279-8605 
	 	 	 	 
	 	(b) 	if to the Assignee at: 
	 	 	 
	 	  	Suite 1818 – 701 West Georgia Street
    
	 	  	Vancouver, British Columbia, V7Y 1C6
    
	 	 	 
	 	  	Attention: 	Chief Financial Officer 
	 	  	Facsimile: 	(604) 629-0923 
	 	 	 	 
	 	  	with a separate copy to (which will
      not constitute notice hereunder): 
	 	 	 
	 	  	Lang Michener LLP 
	 	  	1055 West Georgia Street 
	 	  	Vancouver, British Columbia, V6E 4N7
    
	 	 	 
	 	  	Attention: 	Desmond Balakrishnan 
	 	  	Facsimile: 	(604) 893-2373 
	 	 	 	 
	 	(c) 	if to the Optionor at:

	 	Suite 305 – 675 West Hastings Street 
	 	Vancouver, British Columbia, V6B 1N2 
	 	 
	 	Attention: 	Giulio Bonifacio 
	 	Facsimile: 	(604) 676-2461 

or at such other address or telecopier number as may be given
by any party to the other in writing from time to time and such notices,
requests, demands or other communications will be deemed to have been received
when delivered, if personally delivered, on the date telecopied (with receipt
confirmed) if telecopied and received at or prior to 5:00 p.m. local time and if
not on the next business day (any day that is not Saturday, Sunday or a
statutory holiday in Vancouver, British Columbia) and if mailed, on the date
received as certified.

Time of the Essence

4.4          
Time will be of the essence of this Agreement and of every part hereof and no
extension nor variation of this Agreement will operate as a waiver of this
provision.

Assignability

4.5          
No party may assign this Agreement or any part hereof without the prior written
consent of the other party which consent may not be unreasonably withheld.
Subject to the foregoing, this Agreement will enure to the benefit of and be
binding upon the parties and their respective heirs, executors, administrators,
legal representatives, successors and assigns, but no other person.

Further Acts

4.6          
The parties shall do such further and other acts and execute such further and
other documents as may be necessary to carry out the true intent and purposes of
this Agreement fully and effectively.

Regulatory Approval

4.7          
This Agreement shall be subject to all necessary approvals of all securities
regulatory authorities having jurisdiction.

Entire Agreement

4.8          
This Agreement constitutes the entire agreement among the parties with respect
to all of the matters herein. This Agreement supersedes any and all agreements,
understandings and representations made among the parties prior to the date
hereof. This Agreement will not be amended except by a memorandum in writing
signed by all of the parties and any amendment hereof will be null and void and
will not be binding upon any party which has not given its consent as
aforesaid.

Invalidity

4.9          
In the event that any of the covenants, representations and warranties or any
portion of them contained in this Agreement are unenforceable or are declared
invalid for any reason whatsoever, such unenforceability or invalidity will not
affect the enforceability or validity of the remaining terms or portions thereof
contained in this Agreement and such unenforceable or invalid, covenant,
representation and warranty or covenant or portion thereof will be severable
from the remainder of this Agreement.

Counterparts

4.10          This
Agreement may be executed in counterparts, in original form or by electronic
facsimile, each of which will be deemed to be an original, and all of which
taken together will constitute a single instrument, with the same effect as if
the signatures thereto were upon the same instrument.

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

HAWTHORNE GOLD CORP.

	Per: 	/s/ signed 	 
	  	Authorized Signatory 	 
	 	 	 
	Per: 	/s/ signed 	 
	  	Authorized Signatory 	 

CUSAC GOLD MINES LTD.

	Per: 	/s/ signed 	 
	  	Authorized Signatory 	 
	 	 	 
	Per: 	/s/ signed 	 
	  	Authorized Signatory 	 

AMERICAN BONANZA GOLD CORP.

	Per: 	/s/ Giulio Bonifacio 	 
	  	Authorized Signatory 	 
	 	 	 
	Per: 	/s/ Catherine Tanaka 	 
	  	Authorized Signatory 	 

EXHIBIT “A”

MINERAL PROPERTY OPTION AGREEMENT

(SEE NEXT PAGE)Filed by Automated Filing Services Inc. (604) 609-0244 - American Bonanza Gold Corp. - Exhibit 4.10

OPTION AGREEMENT

BETWEEN

AGNICO-EAGLE MINES LIMITED 
AND
AMERICAN BONANZA
GOLD CORP.

VEZZA AND NOYON-NORTHWAY PROPERTIES

	Schedule A 	- 	Description of Mining Properties
  
	Schedule B 	- 	Expenditures 
	Schedule C 	- 	Joint Operating Agreement
  
	  	  	- 	Appendix I – Accounting Procedure 
	  	  	- 	Appendix II – NSR Royalty 
	Schedule D 	- 	Underlying Royalties

FRASER MILNER CASGRAIN LLP

OPTION AGREEMENT

This Agreement is effective as of November 15, 2007 between

AGNICO-EAGLE MINES LIMITED, a
corporation incorporated under the 
laws of Ontario

(hereinafter called “Agnico-Eagle
or “AEM”)

and

AMERICAN BONANZA GOLD
CORPORATION, a corporation 
incorporated under the laws of British
Columbia

(hereinafter called “BZA”)

THIS AGREEMENT WITNESSETH THE FOLLOWING:

A.      Agnico-Eagle is the beneficial
holder of the mining claims described in paragraph 1 of Schedule A, known
as the “Vezza Property”;

B.      BZA is the beneficial holder
of the mining claims described in paragraph 2 of  Schedule A, known
as the “Noyon-Northway Property”;

(the Vezza Property and the
Noyon-Northway Property are hereinafter collectively referred to as the
“Mining Properties”)

C.      Agnico-Eagle and BZA want to
advance the exploration and potential development of the Mining Properties in
joint venture with a view to bringing the Mining Properties or a portion thereof
into commercial production; and

D.      BZA has offered to
Agnico-Eagle the right to earn a 70% undivided ownership interest in the
Noyon-Northway Property and, after having earned such interest and transferred a
30% undivided ownership interest in the Vezza Property to BZA, to participate
with BZA in a joint operation for the purposes of further exploring and
developing the Mining Properties on the terms and subject to the conditions of
this Agreement.

NOW THEREFORE the parties agree as follows:

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 2 
	 	 

	1. 	
      INTERPRETATION 

	  	
       
	
       

	1.1 	
      Definitions. In this Agreement, the following
      terms shall have the meanings set out below. 

	  	
       
	
       

	(a) 	
      Affiliate shall have the meaning attributed
      to it in the Canada Business Corporations Act, as amended.
  

	  	
       
	
       

	(b) 	
      Agreement means this agreement, including
      the recitals and schedules, as amended, supplemented or restated from time
      to time. 

	  	
       
	
       

	(c) 	
      Confidential Information means all
      information provided to or acquired by a party, through or from another
      party, which is marked “Confidential” or is stated to be confidential or
      is by its nature intended to be confidential, and all analyses,
      compilations, data, studies, documents or other information prepared by a
      party or any other person containing or based upon, in whole or in part,
      any information provided to or acquired by a party, through or from
      another party, other than information which a party is able to establish:
      

	  	
       
	
       

		
      (1) 
	
      was readily available to the public at the time such
      information was made available to that party; 

	  	
       
	
       

		
      (2) 
	
      became readily available to the public after the time
      such information was made available to that party other than as a result
      of disclosure by a party in contravention of this Agreement; or 

	  	
       
	
       

		
      (3) 
	
      became available to a party on a non-confidential basis
      from a non-party provided such non-party was not bound by confidentiality
      obligations relating thereto. 

	  	
       
	
       

	(d) 	
      Expenditures means all costs, expenses and
      charges, direct or indirect, of or incidental to Mining Operations
      determined in accordance with generally accepted accounting principles.
      

	  	
       
	
       

	(e) 	
      Governmental Authority means the Government
      of Canada, the Government of Quebec or a municipal government, and any
      government agency, tribunal, commission or other authority exercising or
      purporting to exercise executive, legislative, judicial, regulatory or
      administrative functions of, or pertaining to, government. 

	  	
       
	
       

	(f) 	
      Joint Operating Agreement means the
      agreement appended hereto as Schedule C. 

	  	
       
	
       

	(g) 	
      Laws means all laws, statutes, regulations,
      treaties, judgments and decrees and, whether or not having the force of
      law, all official directives, rules, consents, approvals, authorizations,
      guidelines, orders and policies of any Governmental Authority.
  

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 3 
	 	 

	(h) 	
      Letter of Intent means the letter dated
      June 21, 2007 from Agnico-Eagle to BZA with regard to the Mining
      Properties.

	 	 	 
	(i) 	
      Lien means any prior lien, mortgage,
      charge, hypothec, claim, encumbrance, security interest, royalty or other
      right or interest attaching to or affecting the Mining Properties, whether
      registered or unregistered, and whether arising by agreement, statute or
      otherwise at law.

	 	 	 
	(j) 	
      Mineral Product means any and all ores (and
      concentrates derived therefrom) and minerals, precious and base, metallic
      and nonmetallic, in, on or under the Mining Properties which may lawfully
      be explored for, mined and sold.

	 	 	 
	(k) 	
      Mining Operations means every kind of work
      done in respect of the Noyon-Northway Property, or the Mineral Products
      while on the Noyon-Northway Property, by the Operator and which
      include:

	 	 	 
		(1) 	
      carrying out, or causing to be carried out, the work of
      assessment, line cutting, geophysical, geochemical and geological surveys,
      library research, data compilation, report preparation, studies and
      mapping, assaying and metallurgical testing, drilling, designing,
      examining, equipping, improving, surveying, trenching, shaft-sinking,
      raising, crosscutting and drifting, searching for, digging, trucking,
      sampling, working and procuring Mineral Products, staking and obtaining
      mining claims, mining leases or other exploitation titles and keeping the
      same in good standing, and doing all other work usually considered to be
      assessment, prospecting, exploration, development, pre-production, mining
      or reclamation work;

	 	 	 
		(2) 	
      paying wages, salaries, bonuses and benefits of
      individuals (including consultants and contractors) engaged in such work
      and in supplying food, lodging, transportation and other reasonable needs
      of such individuals;

	 	 	 
		(3) 	
      paying insurance premiums and assessments or premiums for
      workers' compensation insurance, contributions for unemployment insurance
      or other pay allowances or benefits customarily paid in the district to
      such individuals;

	 	 	 
		(4) 	
      making payments in respect of mining claims, mining
      leases and other exploitation titles and their renewal, taxes, rates,
      assessments or other charges levied by any Governmental Authority in
      respect of the Noyon-Northway Property;

	 	 	 
		(5) 	
      purchasing, leasing or renting plant, buildings,
      machinery, tools, appliances, equipment or supplies, and installing,
      erecting, detaching or removing any such assets on or from the
      Noyon-Northway Property; and

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 4 
	 	 

		(6) 	
      managing or supervising any work which is done in respect
      of the Noyon-Northway Property or in any other respects necessary or
      desirable to duly carry out such assessment, prospecting, exploration,
      development, pre-production, mining or reclamation work.

	 	 	 
	(l) 	
      Mining Properties means, collectively, the
      Vezza Property and Noyon-Northway Property.

	 	 	 
	(m) 	
      Northway Claim Block means mining claims
      4370861 to 4370865, 4370871 to 4370875, 4370881 to 4370885, 4370891 to
      4370895, 4370914 and 4370915, 4370921 to 4370925, 4370931 to 4370935,
      4370941 to 4370945, 4370951 to 4370955, 4370961 to 4370965, 4370971 to
      4370975, 4371541 to 4371545, 4371551 to 4371555, 4371561 to 4371665,
      4371571 to 4371575, 4371581 to 4371585, 4371591 to 4371595, 4371601 to
      4371605, 4371611 and 4371612, 4371621 to 4371625, 4371632 to 4371635,
      4371641 to 4371645, 4371651 to 4371655 and 4442741 to 4442745, forming
      part of the Noyon-Northway Property.

	 	 	 
	(n) 	
      Noyon Claim Block means mining claims
      5009811 to 5009828, 5009246 to 5009249, 5111078, 5111112, 5111149 to
      5111248 and 5111648 to 5111655, forming part of the Noyon-Northway
      Property.

	 	 	 
	(o) 	
      Noyon-Northway Property means the 227
      mining claims described in paragraph 2 of Schedule A, located in
      the Township of Noyon, Québec, held by BZA, and any claims added thereto
      pursuant to Section 7.3.

	 	 	 
	(p) 	
      Operator means the party appointed as the
      Operator in accordance with Section 3.1.

	 	 	 
	(q) 	
      Option is defined in Section 2.2.

	 	 	 
	(r) 	
      Option Period is defined in Section
    2.1.

	 	 	 
	(s) 	
      ($) means Canadian Dollars unless otherwise
    specified.

	 	 	 
	(t) 	
      Underlying Royalties means, collectively,
      (i) with respect to the Northway Claim Block, an aggregate 5% net smelter
      return royalty payable as to 0.82222% to Eastern Platinum Limited
      (formerly Jonpol Explorations Limited), as to 0.60556% to Perrex Resources
      Inc., as to 0.21666% to 559505 Ontario Limited, as to 0.35556% to Ronald
      J. Bradshaw, as to 1% to Baytex Energy Ltd. (formerly Morrison Minerals
      Limited), as to 1% to Energold Minerals Inc. and as to 1% to Cyprus Canada
      Inc.; and (ii) with respect to the Noyon Claim Block, a 2% net smelter
      return royalty payable to Cyprus Canada Inc., all as more fully described
      in Schedule D.

	 	 	 
	(u) 	
      Underlying Payment means the obligation of
      BZA under an Exploration Agreement with Option to Purchase dated
      July 17, 1998 (the “Original Agreement”), as amended by an
      Amendment to Exploration Agreement with Option to Purchase dated
      May 1, 2000

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 5 
	 	 

		
      (“Amending Agreement”), both entered into between
      Cyprus Canada Inc., as optionor, and International Taurus Resources Inc.,
      as optionee, to pay to Cyprus Canada Inc. $450,000 as follows: (i)
      $150,000 on achievement of commercial production (as defined in the
      Original Agreement); (ii) $150,000 on or before the day which is
      six months after the achievement of commercial production; and (iii)
      $150,000 on or before the first anniversary of the achievement of
      commercial production. 

	  	
       

	(v) 	
      Vezza Property means the 43 mining claims
      described in paragraph 1 of Schedule A, located in the Townships of
      Vezza and Noyon, Québec, held by Agnico-Eagle and any claims added thereto
      pursuant to Section 7.3. 

	  	
       

	1.2 	
      Extended Meanings. Unless otherwise specified,
      words importing the singular include the plural and vice versa. The term
      “including” means “including, without limitation” and the terms “include”
      and “includes” have similar meanings. 

	  	
       

	1.3 	
      Headings. The division of this Agreement into
      sections and subsections and the insertion of headings are for convenience
      of reference only and are not to affect the construction or interpretation
      of this Agreement. 

	  	
       

	1.4 	
      Entire Agreement. This Agreement constitutes the
      entire agreement between the parties hereto with respect to the subject
      matter hereof. It supersedes and revokes all previous writings and all
      proposals, negotiations, representations, agreements, commitments and
      communications between the parties, including, except as otherwise
      provided herein, the Letter of Intent. An amendment or variation of
      this Agreement shall only be binding upon a party if evidenced in writing
      and executed by that party. 

	  	
       

	1.5 	
      Governing Law. This Agreement shall be construed,
      interpreted and enforced in accordance with, and the respective rights and
      obligations of the parties shall be governed by, the laws of Ontario.
    

	  	
       

	1.6 	
      Schedules. The following schedules attached hereto
      form part of this Agreement: 

	 	Schedule A 	- 	Description of Mining Properties
  
	 	Schedule B 	- 	Expenditures 
	 	Schedule C 	- 	Joint Operating Agreement
  
	 	  	  	- 	Appendix I – Accounting Procedure 
	 	  	  	- 	Appendix II – NSR Royalty 
	 	Schedule D 	- 	Underlying Royalties

	2. 	
      EXPLORATION JOINT VENTURE

	 	 
	2.1 	
      Joint Venture. AEM and BZA hereby form an
      exploration joint venture to advance the exploration of the Noyon-Northway
      Property over a period of three (3) years (the “Option Period”)
      from the effective date of this Agreement.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 6 
	 	 

	2.2 	
      Grant of Option. Under the joint venture,
      Agnico-Eagle shall have the sole and exclusive right and option,
      exercisable in the manner described in Section 2.10 to acquire a 70%
      (subject to adjustment calculated in accordance with Section 2.6)
      undivided ownership interest in the Noyon-Northway Property, free and
      clear of all Liens (the “Option”), except for the Underlying
      Royalties, by contributing during the Option Period its share ($1,669,500)
      of the Expenditures described in Schedule B to be incurred in
      respect of the Noyon-Northway Property.

	 	 
	2.3 	
      Technical Data. Concurrent with the execution of
      this Agreement, BZA shall deliver, or cause to be delivered, to
      Agnico-Eagle all technical data, information, reports, maps, plans,
      samples, cores, drill logs, surveys and other information relating to the
      Noyon- Northway Property or work performed thereon in BZA’s possession or
      control. Agnico- Eagle shall deliver, or cause to be delivered to BZA all
      technical data, information, reports, maps, plans, samples, cores, drill
      logs, surveys and other information relating to the Vezza Property or work
      performed thereon in Agnico-Eagle’s possession or control, concurrently
      with exercising the Option.

	 	 
	2.4 	
      AEM Expenditure Obligations. Except for
      Agnico-Eagle’s share of the first year Expenditures ($374,500) that is
      firm and committed, Agnico-Eagle does not, and will not at any time
      thereafter, have any obligation to contribute its annual share of the
      Expenditures described in Schedule B or to exercise the Option, but
      Agnico-Eagle will not acquire any interest in the Noyon-Northway Property
      if it does not contribute all its shares of the Expenditures under
      Schedule B on or before the dates specified therein.

	 	 
	2.5 	
      AEM’s Failure to Contribute. Notwithstanding
      Section 2.4, if Agnico-Eagle fails to contribute its share of the
      Expenditures (or any portion thereof) described in Schedule B in a
      timely manner, BZA shall deliver a notice to Agnico-Eagle specifying such
      failure and Agnico-Eagle shall have 10 days following receipt of such
      notice to contribute such share (or the applicable portion thereof) or to
      pay BZA an amount equal to the applicable portion of such
    Expenditure.

	 	 
	2.6 	
      BZA Expenditure Obligations. Except for BZA’s
      share of the first year Expenditures ($160,500) that is firm and
      committed, BZA does not, and will not at any time thereafter, have any
      obligation to contribute its annual share of the Expenditures described in
      Schedule B and shall at no time before the third anniversary of the
      effective date of this Agreement have any obligation to contribute more
      than its annual share of expenditures specified in Schedule B, but
      failure by BZA to contribute its annual share set out on Schedule B
      shall entail dilution of its ownership interest percentage in the
      Mining Properties, calculated once both the exercise of the Option by
      Agnico-Eagle has occurred and either (i) BZA has contributed $715,500
      towards Expenditures, or (ii) the third anniversary of the effective date
      of this Agreement has occurred, in accordance with the following
      formula:

	 	AEM %: 	$	1,669,500 	 	 	 	 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 7
	 	 

	 	  	$	1,669,500 + BZA’s contribution
    	 	 	 	 
	 	  	 	 	 	 	 	 
	 	BZA %: 	 	BZA’s contribution 	 	 	 	 
	 	  	$	1,669,500 + BZA’s contribution
    	 	 	 	 

		
      (For example, should AEM contribute $1,669,500 in
      Expenditures and BZA $415,500, the parties’ respective ownership interest
      in the Mining Properties, upon exercise of the Option, will be: AEM
      80.072% ($1,669,500/$2,085,000) and BZA: 19.928%
      ($415,500/$2,085,000).

	 	 	 
	2.7 	
      BZA’s Commitment to Contribute. Subject to the
      limitation that after meeting its annual share of Expenditures under
      Schedule B BZA shall have no obligation to provide additional
      contributions towards Expenditures during a year, BZA must, within 10 days
      of receipt of notice that a work program and budget previously provided to
      BZA under Section 3.2 has been adopted by the Operator, give notice to the
      Operator committing to contribute its share of the Expenditures to be
      incurred on that work program. Should BZA fail to give notice within the
      prescribed period, it shall be entitled to receive a notice of default
      from the Operator and, if it has not remedied such default within 10 days
      following receipt of such notice, it shall be deemed to have elected not
      to contribute to such work program.

	 	 	 
	2.8 	
      Invoicing. The Operator shall be entitled to
      invoice BZA:

	 	 	 
		(1) 	
      no more frequently than monthly for its share of
      Expenditures incurred and paid by the Operator; or

	 	 	 
		(2) 	
      reasonably in advance of requirements for an advance of
      BZA’s share of Expenditures.

	 	 	 
		
      BZA shall pay to the Operator the amount invoiced, within
      10 days of receipt of the invoice.

	 	 	 
	2.9 	
      BZA’s Failure to Contribute. Notwithstanding
      Section 2.6, if BZA fails to contribute its committed share of the
      Expenditures specified in Schedule B in a timely manner,
      Agnico-Eagle shall deliver a notice to BZA specifying such failure and BZA
      shall have 10 days following receipt of such notice to make such
      contribution.

	 	 	 
	2.10 	
      Exercise of Option. Upon contributing all its
      shares of the Expenditures described in Schedule B, and subject to
      the delivery by Agnico-Eagle to BZA of notice as to its exercise of the
      Option and the transfer by Agnico-Eagle to BZA of a 30% undivided
      ownership interest in the Vezza Property, Agnico-Eagle will own, effective
      as of the date specified in such notice, a 70% undivided ownership
      interest in the Noyon-Northway Property. Following such transfers, the
      parties’ undivided ownership interest in the

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 8 
	 	 

		
      Mining Properties shall be: Agnico-Eagle: 70% and BZA:
      30%, respectively, subject to adjustment, if applicable, in accordance
      with and at the time provided for in Section 2.6.

	 	 	 
	2.11 	
      Underlying Royalties. Upon exercising the Option,
      Agnico-Eagle shall assume, to the extent of its ownership interest in the
      Mining Properties, the obligations of BZA in respect of the Underlying
      Royalties, and promptly execute and deliver all documents and take all
      action necessary or appropriate to give effect thereto.

	 	 	 
	2.12 	
      Joint Operation. If Agnico-Eagle exercises the
      Option, BZA and Agnico-Eagle shall establish a joint operation governed by
      the Joint Operating Agreement for the purposes of further exploring
      the Mining Properties and, if deemed warranted, of developing,
      constructing and operating a mine on the Mining Properties or a portion
      thereof. The Joint Operating Agreement shall become effective on
      the date at which Agnico-Eagle exercises the Option, and shall thereafter
      govern the relationship between the Parties with respect to subsequent
      Mining Operations on the Mining Properties.

	 	 	 
	2.13 	
      Transfer. Upon exercise by Agnico-Eagle of the
      Option in accordance with Section 2.10, BZA shall, at BZA's expense,
      execute and deliver all such documents, and take all such other action, as
      Agnico-Eagle may reasonably require in respect thereof,
  including:

	 	 	 
		(i) 	
      discharging in full all Liens affecting the
      Noyon-Northway Property with the exception of the Underlying Royalties,
      the Underlying Payment and any Liens attributable to Agnico-Eagle’s
      interest in, or activities on, the Noyon-Northway Property; and

	 	 	 
		(ii) 	
      delivering to Agnico-Eagle an affidavit signed by an
      officer of BZA to the effect that BZA is not a non-resident for the
      purposes of section 116 of the Income Tax Act (Canada) and sections
      1097 and following of the Taxation Act (Quebec).

	 	 	 
	2.14 	
      Targets outside RJ and A Zones. In addition to
      contributing $160,500 to the exploration programs conducted by the
      Operator during the Option Period, BZA shall incur a minimum of $214,500
      in additional exploration expenditures during the period commencing on
      April 1, 2007 and expiring at the end of the first year of the Option
      Period to test targets outside of the known RJ and A zones on the
      Noyon-Northway Property, which work began in April 2007. These
      expenditures shall not be part of the work program and budget submitted
      and managed by the Operator under Section 3.2. The provisions of Sections
      3.4, 3.7 and 3.8 shall apply, mutatis mutandis, to work done by BZA
      under this Section 2.14.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 9 
	 	 

	3. 	
      OPERATOR

	 	 
	3.1 	
      Operator. Upon execution of this Agreement,
      Agnico-Eagle shall be appointed as Operator for the carrying out of Mining
      Operations pursuant to this Agreement and shall continue to act as
      Operator during the subsistence of this Agreement.

	 	 
	3.2 	
      Work Programs. The Operator shall communicate its
      work program and budget to BZA at the beginning of each operating year of
      this Agreement. The work program shall contain a statement of the proposed
      Mining Operations and estimates of the Expenditures to be incurred. The
      parties shall consider the exploration program but final decision
      pertaining to the nature, scope and extent of the program shall be the
      sole responsibility of the Operator. By mutual agreement, the parties may
      increase the rate of expenditures described in Schedule B as they
      deem fit.

	 	 
	3.3 	
      Operator's Fee. While it acts as Operator in
      accordance with Section 3.2, Agnico-Eagle may charge in return for its
      head office overhead functions 10% of all costs of Mining Operations
      carried out by its employees and 5% of all costs of Mining Operations
      carried out under subcontract.

	 	 
	3.4 	
      Conduct of Mining Operations. The Operator shall
      carry out Mining Operations on the Mining Properties in a good and
      workmanlike manner in accordance with good practice in the Canadian mining
      industry, in compliance with applicable laws.

	 	 
	3.5 	
      Indemnity and Insurance. During the Option Period,
      the Operator will indemnify and save BZA harmless in respect of any and
      all costs, claims, liabilities and expenses arising out of the Operator’s
      activities on the Mining Properties and, without limiting the generality
      of the foregoing will, during the Option Period, carry, and will cause any
      of its independent contractors to carry, not less than $1 million in third
      party liability insurance in respect of operations conducted on the
      Property by or on behalf of the Operator, such insurance to be for the
      benefit of BZA and the Operator as their interests appear. The Operator
      will furnish evidence of such insurance to BZA upon request.

	 	 
	3.6 	
      Maintenance in Good Standing. The Operator shall
      maintain the Mining Properties in good standing by doing all work and
      filing all necessary assessment reports on or in respect of the Mining
      Properties according to the Mining Act (Quebec).

	 	 
	3.7 	
      Record-keeping. The Operator shall keep separate
      records, including separate financial records, relating to all
      Expenditures incurred by it on or in respect of the Mining Properties, and
      provide BZA with a quarterly accounting thereof. BZA will have the right
      on reasonable notice to the Operator from time to time to audit the books,
      records and accounts of the Operator pertinent to the incurring of
      Expenditures by it pursuant to this Agreement.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 10 
	 	 

	3.8 	
      Access to Data. The Operator shall furnish BZA
      with quarterly written reports of the Mining Operations performed on the
      Mining Properties. These reports shall show the results obtained and shall
      be accompanied by a statement of Expenditures and copies of pertinent
      plans, assay maps, diamond drill logs and other factual engineering data.
      The Operator will provide BZA with a summary report of all Mining
      Operations within 90 days of the conclusion of work.

	 	 
	4. 	
      REPRESENTATIONS AND WARRANTIES OF BZA

	 	 
	4.1 	
      Representations and Warranties. BZA acknowledges
      that Agnico-Eagle has entered into this Agreement in part in reliance upon
      representations and warranties made by BZA. BZA represents and warrants to
      Agnico-Eagle that BZA’s warranties and obligations shall continue and
      remain in effect during the term of this Agreement and thereafter as
      herein provided.

	 	 
	4.2 	
      Authority, etc. BZA has been duly incorporated and
      organized and is a subsisting corporation in good standing under the laws
      of British Columbia. BZA has the corporate right, power, authority and
      capacity to enter into this Agreement and perform BZA's obligations
      hereunder. BZA is qualified to carry on business in Quebec. The execution
      and delivery of this Agreement and the consummation of the transactions
      contemplated by this Agreement have been duly and validly authorized by
      BZA. BZA has not entered into any agreement or understanding other than
      this Agreement to sell, assign, convey, transfer or otherwise dispose of
      the Noyon-Northway Property or any portion thereof or interest therein.
      The execution, delivery and performance by BZA of BZA's obligations under
      this Agreement will not conflict with, or result in a breach of or default
      under, any agreement or other written instrument to which BZA is a party
      or by which BZA or BZA's assets are bound. BZA has duly executed and
      delivered this Agreement, which binds BZA in accordance with its terms.
      BZA's interest in the Noyon-Northway Property does not constitute all, or
      substantially all, of BZA’s assets.

	 	 
	4.3 	
      Ownership and Title. BZA is the sole holder of the
      Noyon-Northway Property, with good and marketable title thereto. To the
      best of BZA’s knowledge, information and belief, there is no pending or
      threatened adverse claim against, or challenge to, BZA's title to the
      Noyon-Northway Property nor is there any basis therefor.

	 	 
	4.4 	
      Absence of Liens. The Noyon-Northway Property is
      free and clear of all Liens and obligations or liabilities to others,
      including royalties or other payments in the nature of a royalty, adverse
      claims, orders or judgments (including any pending or threatened legal
      proceedings which might result in any such orders or judgments) and other
      interests of whatever nature or kind, recorded or unrecorded, except for
      the Underlying Royalties and the Underlying Payment. BZA shall remain
      solely responsible for, and shall assume payment of, all royalties, other
      than the Underlying Royalties, and other payments in the nature of a
      royalty, if any, affecting the Noyon-Northway Property as of the effective
      date of the Letter of Intent.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 11 
	 	 

	4.5 	
      Good Standing of Noyon-Northway Property. The
      mining claims comprising the Noyon-Northway Property have been validly and
      properly staked and recorded in accordance with the Mining Act
      (Quebec) and all applicable Laws, are in good standing and no taxes,
      assessments, fees, rentals or other charges are due in respect thereof,
      except for their renewal under the Mining Act (Quebec).

	 	 
	4.6 	
      Surface Rights. BZA is not aware of any action
      that has been taken or threatened by any Governmental Authority, owner,
      tenant, licensor, or occupier of any of the surface rights relating to the
      Noyon-Northway Property which would in any way encumber, limit, restrict
      or cause interference, in any material respect, with any Mining Operations
      which the Operator may carry out. There is no reason why the Operator may
      not have immediate and continuous access to all portions of the
      Noyon-Northway Property.

	 	 
	4.7 	
      Compliance with Laws. To the best of BZA’s
      knowledge, information and belief, after diligent inquiry, the
      Noyon-Northway Property complies with all applicable Laws.

	 	 
	4.8 	
      Environmental Matters. BZA is not aware, after
      diligent inquiry (1) of any spill, discharge, deposit, leak, emission or
      other release of any contaminant, pollutant, dangerous or toxic substance,
      hazardous waste or material substance on, into, under or affecting the
      Noyon-Northway Property; (2) that any such contaminant, pollutant,
      dangerous or toxic substance, hazardous waste or material substance may be
      stored in any type of container on, in or under the Noyon-Northway
      Property; and (3) of any outstanding notices, orders, assessments,
      directives, rulings or other documents issued in respect of the
      Noyon-Northway Property by any Governmental Authority.

	 	 
	4.9 	
      Hazardous Conditions. BZA has not excavated any
      mine shafts, mine openings nor workings nor open pits on the
      Noyon-Northway Property. To its knowledge, after diligent inquiry, there
      are no unprotected mine shafts, mine openings nor workings nor open pits
      on the Noyon-Northway Property. Agnico-Eagle assumes no responsibility
      hereunder for pre-existing environmental conditions remaining from
      operations conducted by BZA or previous holders of the Noyon-Northway
      Property prior to the date of the Letter of Intent.

	 	 
	4.10 	
      Rehabilitation and Restoration Work. BZA is not
      aware of any reclamation, rehabilitation, restoration, abandonment or
      protective obligations with respect to the Noyon-Northway Property or in
      respect of tailings located on the Noyon-Northway Property and resulting
      from mining operations done on the Noyon-Northway Property before the
      effective date of the Letter of Intent nor any basis for such
      obligations to arise in the future as a result of prior activity on the
      Noyon-Northway Property. Agnico-Eagle shall not be responsible for, and
      BZA shall assume the costs of, any reclamation, rehabilitation,
      restoration or protective obligations with respect to the Noyon-Northway
      Property or in respect of tailings located on the Noyon-Northway Property
      and resulting from Mining Operations done on the Noyon-Northway Property
      before the date of the Letter of
Intent.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 12 
	 	 

	4.11 	
      Assignment. Except with the prior written consent
      of Agnico-Eagle, BZA may not sell, assign, convey, transfer or otherwise
      dispose of BZA's rights or interest in the Noyon- Northway Property or
      this Agreement, or any part thereof, except in accordance with the
      following procedure:

	 	 	 
		(i) 	
      If BZA wishes to make a sale, assignment, conveyance,
      transfer or other disposition of all or part of its rights or interest in
      the Noyon-Northway Property or this Agreement, except to an Affiliate, BZA
      will first make an offer in writing (an “Offer”) to Agnico-Eagle to
      sell all or such part thereof as may be specified in the Offer (the
      “Offered Interest”) at the price and on the terms specified
      therein. Agnico-Eagle will have 45 days after receipt of the Offer to
      accept it in whole and, in the event of such acceptance, BZA will complete
      such sale, assignment, conveyance, transfer or other disposition to
      Agnico-Eagle at such price and on such terms.

	 	 	 
		(ii) 	
      If the Offer is not accepted by Agnico-Eagle within such
      period of 45 days, BZA will be free, for 60 days after the end of such
      45-day period, to sell, assign, convey, transfer or otherwise dispose of
      all (but not less than all) of the Offered Interest to another purchaser,
      on terms not more favourable to such purchaser than those contained in the
      Offer and subject to the execution and delivery by such purchaser of a
      written undertaking in favour of Agnico-Eagle, in form and substance
      satisfactory to Agnico-Eagle, to be bound by and to observe, perform and
      comply with the provisions of this Agreement as though such purchaser had
      been an original party hereto and to require any subsequent purchaser
      thereof to be similarly bound; provided, however, that if no sale,
      transfer, assignment or other disposition is effected within such 60-day
      period, this Section 4.11 shall once again apply and so on from time to
      time thereafter.

	 	 	 
	4.12 	
      Residency. BZA is not a non-resident for the
      purposes of section 116 of the Income Tax Act (Canada) and sections
      1097 and following of the Taxation Act (Quebec).

	 	 	 
	4.13 	
      Indemnification. BZA shall indemnify Agnico-Eagle
      and save it harmless from and against all suits, claims, demands,
      liabilities, losses and expenses which Agnico-Eagle may suffer, incur or
      sustain and which arise in respect of any act or thing done or omitted to
      be done by BZA in relation to the Noyon-Northway Property or this
      Agreement, including any breach or alleged breach of any Laws or any
      non-fulfillment of any obligation or agreement or any misrepresentation or
      breach of warranty by or of BZA contained in this Agreement. The foregoing
      rights of indemnification will survive the termination of this
      Agreement.

	 	 	 
	5. 	
      REPRESENTATIONS, WARRANTIES OF
  AGNICO-EAGLE

	 	 	 
	5.1 	
      Representations and Warranties. Agnico-Eagle
      acknowledges that BZA has entered into this Agreement in part in reliance
      upon representations and warranties made by

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 13 
	 	 

		 Agnico-Eagle. Agnico-Eagle represents and warrants to
        BZA that Agnico-Eagle’s warranties and obligations shall continue
        and remain in effect during the term of this Agreement and thereafter
        as herein provided.

	 	 
	5.2 	 Authority, etc. Agnico-Eagle has been duly incorporated
        and organized and is a subsisting corporation in good standing under the
        laws of Ontario. Agnico-Eagle has the corporate right, power, authority
        and capacity to enter into this Agreement and perform Agnico-Eagle's obligations
        hereunder. Agnico-Eagle is qualified to carry on business in Quebec. The
        execution and delivery of this Agreement and the consummation of the transactions
        contemplated by this Agreement have been duly and validly authorized by
        Agnico-Eagle. Agnico-Eagle has not entered into any agreement or understanding
        other than this Agreement to sell, assign, convey, transfer or otherwise
        dispose of the Vezza Property or any portion thereof or interest therein.
        The execution, delivery and performance by Agnico-Eagle of Agnico-Eagle's
        obligations under this Agreement will not conflict with, or result in
        a breach of or default under, any agreement or other written instrument
        to which Agnico-Eagle is a party or by which Agnico-Eagle or Agnico- Eagle's
        assets are bound. Agnico-Eagle has duly executed and delivered this Agreement,
        which binds Agnico-Eagle in accordance with its terms. Agnico-Eagle's
        interest in the Vezza Property does not constitute all, or substantially
        all, of Agnico-Eagle’s assets.

	 	 
	5.3 	 Ownership and Title. Agnico-Eagle is the sole
        holder of the Vezza Property, with good and marketable title thereto.
        To the best of Agnico-Eagle’s knowledge, information and belief,
        there is no pending or threatened adverse claim against, or challenge
        to, Agnico- Eagle's title to the Vezza Property nor is there any basis
        therefore.

	 	 
	5.4 	 Absence of Liens. The Vezza Property is free
        and clear of all Liens and obligations or liabilities to others, including
        royalties or other payments in the nature of a royalty, adverse claims,
        orders or judgments (including any pending or threatened legal proceedings
        which might result in any such orders or judgments) and other interests
        of whatever nature or kind, recorded or unrecorded. Agnico-Eagle shall
        remain solely responsible for, and shall assume payment of, all royalties
        and other payments in the nature of a royalty, if any, affecting the Vezza
        Property as of the effective date of the Letter of Intent.

	 	 
	5.5 	 Good Standing of Vezza Property. The mining claims
        comprising the Vezza Property have been validly and properly staked and
        recorded in accordance with the Mining Act (Quebec) and all applicable
        Laws, are in good standing and no taxes, assessments, fees, rentals or
        other charges are due in respect thereof, except for their renewal under
        the Mining Act (Quebec).

	 	 
	5.6 	 Surface Rights. Agnico-Eagle is not aware of
        any action that has been taken or threatened by any Governmental Authority,
        owner, tenant, licensor, or occupier of any of the surface rights relating
        to the Vezza Property which would in any way encumber, limit, restrict
        or cause interference, in any material respect, with any Mining Operations

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 14 
	 	 

		 which the Operator may carry out. There is
        no reason why the Operator may not have immediate and continuous access
        to all portions of the Vezza Property.

	 	 	 
	5.7 	 Compliance with Laws. To the best of
        Agnico-Eagle’s knowledge, information and belief, after diligent
        inquiry, the Vezza Property complies with all applicable Laws.

	 	 	 
	5.8 	 Environmental Matters. Agnico-Eagle
        is not aware, after diligent inquiry (1) of any spill, discharge, deposit,
        leak, emission or other release of any contaminant, pollutant, dangerous
        or toxic substance, hazardous waste or material substance on, into, under
        or affecting the Vezza Property; (2) that any such contaminant, pollutant,
        dangerous or toxic substance, hazardous waste or material substance may
        be stored in any type of container on, in or under the Vezza Property;
        and (3) of any outstanding notices, orders, assessments, directives, rulings
        or other documents issued in respect of the Vezza Property by any Governmental
        Authority.

	 	 	 
	5.9 	 Hazardous Conditions. Agnico-Eagle
        has excavated a mine shaft, mine openings and workings but no open pits
        on the Vezza Property. To its knowledge, after diligent inquiry, there
        are no unprotected mine shafts, mine openings nor workings nor open pits
        on the Vezza Property. BZA assumes no responsibility hereunder for pre-existing
        environmental conditions remaining from operations conducted by Agnico-Eagle
        or previous holders of the Vezza Property prior to the date of the Letter
        of Intent.

	 	 	 
	5.10 	 Rehabilitation and Restoration Work. Agnico-Eagle
        is not aware of any reclamation, rehabilitation, restoration, abandonment
        or protective obligations with respect to the Vezza Property or in respect
        of tailings located on the Vezza Property and resulting from mining operations
        done on the Vezza Property before the effective date of the Letter
        of Intent nor any basis for such obligations to arise in the future
        as a result of prior activity on the Vezza Property. BZA shall not be
        responsible for, and Agnico-Eagle shall assume the costs of, any reclamation,
        rehabilitation, restoration or protective obligations with respect to
        the Vezza Property or in respect of tailings located on the Vezza Property
        and resulting from Mining Operations done on the Vezza Property before
        the date of the Letter of Intent.

	 	 	 
	5.11 	 Assignment. Except with the prior written
        consent of BZA, Agnico-Eagle may not sell, assign, convey, transfer or
        otherwise dispose of Agnico-Eagle's rights or interest in the Vezza Property
        or this Agreement, or any part thereof, except in accordance with the
        following procedure:

	 	 	 
		(i) 	 If Agnico-Eagle wishes to make a sale, assignment, conveyance,
        transfer or other disposition of all or part of its rights or interest
        in the Vezza Property or this Agreement, except to an Affiliate, Agnico-Eagle
        will first make an offer in writing (an “Offer”) to BZA
        to sell all or such part thereof as may be specified in the Offer (the
        “Offered Interest”) at the price and on the terms specified
        therein. BZA will have 45 days after receipt of the Offer to accept it
        in whole and, in the

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 15 
	 	 

			event of such acceptance, Agnico-Eagle will complete
      such sale, assignment, conveyance, transfer or other disposition to BZA at
      such price and on such terms.
	 	 	 
		(ii) 	
      If the Offer is not accepted by BZA within such period of
      45 days, Agnico-Eagle will be free, for 60 days after the end of such
      45-day period, to sell, assign, convey, transfer or otherwise dispose of
      all (but not less than all) of the Offered Interest to another purchaser,
      on terms not more favourable to such purchaser than those contained in the
      Offer and subject to the execution and delivery by such purchaser of a
      written undertaking in favour of BZA, in form and substance satisfactory
      to BZA, to be bound by and to observe, perform and comply with the
      provisions of this Agreement as though such purchaser had been an original
      party hereto and to require any subsequent purchaser thereof to be
      similarly bound; provided, however, that if no sale, transfer, assignment
      or other disposition is effected within such 60-day period, this Section
      4.11 shall once again apply and so on from time to time
  thereafter.

	 	 	 
	5.12 	
      Residency. Agnico-Eagle is not a non-resident for
      the purposes of section 116 of the Income Tax Act (Canada) and
      sections 1097 and following of the Taxation Act (Quebec).

	 	 	 
	5.13 	
      Indemnification. Agnico-Eagle shall indemnify BZA
      and save it harmless from and against all suits, claims, demands,
      liabilities, losses and expenses which BZA may suffer, incur or sustain
      and which arise in respect of any act or thing done or omitted to be done
      by Agnico-Eagle in relation to the Vezza Property or this Agreement,
      including any breach or alleged breach of any Laws or any non-fulfillment
      of any obligation or agreement or any misrepresentation or breach of
      warranty by or of Agnico-Eagle contained in this Agreement. The foregoing
      rights of indemnification will survive the termination of this
      Agreement.

	 	 	 
	6. 	
      TERMINATION

	 	 	 
	6.1 	
      Termination. Agnico-Eagle may terminate this
      Agreement at any time after the end of the first year of the Option Period
      by delivering a 30-day prior notice of termination to BZA, in which event
      this Agreement shall terminate as of the date specified in such notice and
      BZA shall recover its original 100% ownership interest in the
      Noyon-Northway Property. This Agreement will also terminate:

	 	 	 
		(i) 	
      upon exercise of the Option in accordance with Section
      2.10;

	 	 	 
		(ii) 	
      10 days after receipt of the notice referred to in
      Section 2.5 if on or before such 10th day Agnico-Eagle has failed to incur
      an Expenditure (or the applicable portion thereof or to pay BZA an amount
      equal to the applicable portion of such Expenditure) referred to in
      Section 2.5; or

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 16 
	 	 

		(iii) 	
      if a party defaults under any terms or conditions of this
      Agreement on its part to be performed or observed and such party does not
      commence action to cure such default within 30 days after written notice
      thereof shall have been given to it by the other party and thereafter
      diligently prosecute such action to completion.

	 	 	 
	6.2 	
      Obligations on Termination. If this Agreement
      terminates prior to exercise of the Option:

	 	 	 
		(i) 	
      BZA will recover its original 100% undivided ownership
      interest in the Noyon- Northway Property;

	 	 	 
		(ii) 	
      Agnico-Eagle will fund the costs of such reclamation,
      rehabilitation, restoration or abandonment work as may be required to be
      performed under applicable Laws in respect of Mining Operations conducted
      on the Noyon-Northway Property by the Operator to the day of such
      termination or make such other provision therefor as is acceptable to BZA,
      acting reasonably;

	 	 	 
		(iii) 	
      Agnico-Eagle shall conduct all work required to maintain
      in good standing for a period of at least 180 days after the termination
      of this Agreement all those mineral tenures comprised in the
      Noyon-Northway Property that are in good standing on the date hereof;
      and

	 	 	 
		(iv) 	
      Agnico-Eagle shall, on request, provide BZA, at no cost
      to BZA, with a copy of all reports, maps, plans, drill logs and surveys of
      all work pertaining to the Noyon-Northway Property not previously provided
      to BZA by Agnico-Eagle under this Agreement. BZA shall be released from
      any obligation of confidentiality imposed under this Agreement or under
      law, including the common law, in respect of such information and any
      information provided to BZA under Sections 3.7 and 3.8 of this
      Agreement.

	 	 	 
	7. 	
      GENERAL

	 	 	 
	7.1 	
      Disclosure. Each party will take all necessary
      precautions to ensure that Confidential Information obtained from another
      party is kept confidential. Neither party may make any disclosure of such
      Confidential Information to any non-party to this Agreement (except to a
      party’s professional advisors or lenders or to potential investors, on a
      need to know basis) without the prior written consent of the party which
      provided the same except as may be required:

	 	 	 
		(i) 	
      to comply with stock market or securities commission
      rules or securities legislation applicable to a party;

	 	 	 
		(ii) 	
      by law or regulation to be made pursuant to legal
      process; or

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 17 
	 	 

		(iii) 	
      to be disclosed to any Governmental Authority to maintain
      the Mining Properties in good standing.

	 	 	 
	7.2 	
      Relationship of Parties. The parties acknowledge
      and agree that their rights, privileges, duties, obligations and
      liabilities are separate and not joint and are only such as are explicitly
      stated in this Agreement and no partnership, agency, fiduciary or
      confidential relationship of any kind exists now nor will hereafter come
      into existence, arise or be implied, or be deemed to exist, arise or be
      implied, by reason of any conduct, fact or circumstance whatsoever,
      including the provision, receipt or use by a party of Confidential
      Information.

	 	 	 
	7.3 	
      Area of Common Interest. If, during the Option
      Period, either party (or permitted assignee) beneficially acquires any
      interest in mining claims or other mineral interests within one kilometer
      of the boundary of the Northway-Noyon Property (excluding the mining
      claims or other mineral interests described in paragraph 1 of Schedule
      A), such mining claims or other mineral interests shall be included as
      part the Noyon-Northway Property on exercise of the Option or termination
      of this Agreement. If, during the Option Period, either party (or
      permitted assignee) beneficially acquires any interest in mining claims or
      other mineral interests within one kilometer of the boundary of the Vezza
      Property (excluding the mining claims or other mineral interests described
      in paragraph 1 of Schedule A), such mining claims or other mineral
      interests shall be included as part the Vezza Property on exercise of the
      Option or termination of this Agreement. This excludes property currently
      held by either party within one kilometer of the Mining Properties as of
      the date of this Agreement.

	 	 	 
	7.4 	
      Force Majeure. Notwithstanding anything herein
      contained to the contrary, if any party is prevented from or delayed in
      performing any obligation under this Agreement and such failure is
      occasioned by any cause beyond its reasonable control, including fire,
      power shortage, flooding, explosion, cave-in, landslide, adverse weather
      conditions, war, civil unrest, acts of God, governmental regulation,
      requirement or policy, inability to obtain or the non-issuance of any
      governmental approval, license, permit, undertaking or consent, action by
      indigenous peoples’ groups or any other cause (whether or not similar to
      any of the foregoing) beyond the control of such party or its
      representatives, agents, contractors or employees but excluding lack of
      finances, then, the time for the observance of the condition or
      performance of the obligation in question shall be extended for a period
      equivalent to the total period the cause of the prevention or delay
      persists or remains in effect regardless of the length of such total
      period. Any party hereto claiming suspension of its obligations as
      aforesaid shall promptly notify the other party to that effect and shall
      take all reasonable steps to remove or remedy the cause and effect of the
      force majeure described in the said notice insofar as it is reasonably
      able so to do and as soon as possible; provided that the terms of
      settlement of any labour disturbance or dispute, strike or lockout shall
      be wholly within the discretion of the party claiming suspension of its
      obligations by reason thereof and that party shall not be required to
      accede to the demands of its opponents solely to remedy or remove the
      force majeure thereby

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 18 
	 	 

		
      constituted. There shall be no obligation to remove or
      remedy a force majeure event resulting from any actions by indigenous
      peoples’ groups.

	 	 
	7.5 	
      Notice. All notices or other communications
      required or permitted under this Agreement shall be in writing and may be
      delivered personally, sent by prepaid mail or courier or by telecopier or
      e-mail to the following addresses of the
parties:

	 	AGNICO-EAGLE MINES LIMITED 	AMERICAN BONANZA GOLD CORP. 
	 	765, chemin de la Mine Goldex 	Suite 305 	  
	 	C.P. 87 	  	675 West Hastings Street 
	 	Val d’Or QC J9P 4N9 	Vancouver BC V6B 1N2 
	 	  	  	  	  
	 	Attention: 	Mr. Guy Gosselin 	Attention: 	Mr. Brian Kirwin 
	 	  	  	  	  
	 	Telephone : 	(819) 874-5980 	Telephone : 	(604) 688-7523 
	 	Telecopier : 	(819) 874-3318 	Telecopier : 	(604) 681-0122 
	 	  	  	  	  
	 	E-mail: 	guy.gosselin@agnico-eagle.com 	E-mail: 	bongold@intercomm.com 

		
      or to such addresses as each party may from time to time
      specify by notice. Any notice or communication, if delivered, shall be
      deemed to have been given and received upon delivery; if mailed, shall be
      deemed to have been given and received on the fifth business day following
      the date it is posted; if sent by courier, shall be deemed to have been
      given and received on the second business day following the date of
      shipping; and if sent by telecopier or e-mail, shall be deemed to have
      been given and received on the business day next following the date of
      transmission.

	 	 
	7.6 	
      Arbitration. Any dispute or conflict between the
      parties concerning this Agreement which cannot be settled by them shall be
      submitted firstly to a mutually agreeable mediator who will have no
      authority to bind the parties and, in the event that mediation efforts are
      unsuccessful, to a single arbitrator pursuant to the provisions of the
      Arbitration Act, 1991 (Ontario), or, if the parties cannot agree
      upon a single arbitrator, to three arbitrators, one appointed by
      Agnico-Eagle, one appointed by BZA and a third appointed by the
      arbitrators appointed by Agnico-Eagle and BZA. The arbitrator or
      arbitrators, as the case may be, may order any party to produce documents
      prior to the arbitration or to submit a witness to discovery. Arbitration
      proceedings shall take place in Toronto (Ontario) at such place as the
      arbitrator or arbitrators shall determine.

	 	 
	7.7 	
      No Waiver. No failure to exercise, and no delay in
      exercising, any right or remedy hereunder will be deemed to be a waiver of
      that right or remedy or the right to require the full performance thereof
      at any later time. No waiver of any breach hereof will be deemed to be a
      waiver of any subsequent breach thereof.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 19 
	 	 

	7.8 	
      Successors and Assigns. This Agreement ensures to
      the benefit of and binds the parties and their respective successors and
      permitted assigns.

	 	 
	7.9 	
      Further Assurances. Each party will from time to
      time promptly execute and deliver all further documents and take all
      further action necessary or appropriate to give effect to and perform the
      provisions and intent of this Agreement and to complete the transactions
      contemplated hereby.

	 	 
	7.10 	
      Counterparts. This Agreement and any amendment,
      supplement or restatement of any provision of this Agreement may be
      executed and delivered in any number of counterparts, each of which when
      executed and delivered shall be deemed to be an original and all of which
      together shall be deemed to constitute one and the same
  instrument.

	 	 
	7.11 	
      Time of essence. Time is of the essence of this
      Agreement. Any party shall be in default by the mere lapse of time for
      performing its obligations hereunder.

	 	 
	7.12 	
      Independent Legal Advice. BZA acknowledges that
      Agnico-Eagle advised BZA to seek independent legal advice in respect of
      this Agreement. BZA has either obtained such advice or waived its right to
      obtain such advice. BZA acknowledges that BZA has received no legal advice
      from Agnico-Eagle’s legal counsel. Agnico-Eagle acknowledges that BZA
      advised Agnico-Eagle to seek independent legal advice in respect of this
      Agreement. Agnico-Eagle has obtained such advice or waived its right to
      obtain such advice. Agnico-Eagle acknowledges that Agnico-Eagle has
      received no legal advice from BZA’s legal
counsel.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 20 
	 	 

The Parties have duly executed this Agreement.

	 	AGNICO-EAGLE MINES LIMITED 
	 	 
	 	/s/ Sean Boyd 
	 	Name: 	Mr. Sean Boyd 
	 	Title: 	Vice Chairman and Chief Executive Officer 
	 	 	 
	 	 	 
	 	I have authority to bind the Corporation
    
	 	 
	 	 
	 	AMERICAN BONANZA GOLD CORP. 
	 	 
	 	/s/ Brian Kirwin 
	 	Name: 	Mr. Brian Kirwin 
	 	Title: 	President & CEO 
	 	 	 
	 	 	 
	 	I have authority to bind the Corporation
    

SCHEDULE A
TO THE OPTION
AGREEMENT
BETWEEN
AGNICO-EAGLE AND
AMERICAN BONANZA GOLD CORP.
EFFECTIVE AS OF NOVEMBER 15,
2007

VEZZA AND NOYON-NORTHWAY PROPERTIES
(Townships of
Vezza and Noyon, Quebec)

	1. 	Vezza Property — Townships of Vezza and
      Noyon (43 claims) 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	4202394 	32F/12 	16.00 	1983-11-01 	2009-10-01 	1,706.91 	9
  
	4202395 	32F/12 	16.00 	1983-11-01 	2009-10-01 	21,766.70 	9 
	  	  	  	  	  	  	  
	4202401 	32F/12 	10.00 	1983-11-01 	2009-10-02 	0.00 	9 
	4202402 	32F/12 	7.00 	1983-11-01 	2009-10-02 	0.00 	9 
	4202403 	32F/12 	10.00 	1983-11-01 	2009-10-02 	18,041.81 	9 
	4202404 	32F/12 	16.00 	1983-11-01 	2009-10-02 	0.00 	9 
	4202405 	32F/12 	12.00 	1983-11-01 	2009-10-02 	0.00 	9 
	  	  	  	  	  	  	  
	4202411 	32F/12 	14.00 	1983-11-01 	2009-10-03 	2,879.98 	9 
	4202412 	32F/12 	16.00 	1983-11-01 	2009-10-03 	0.00 	9 
	4202413 	32F/12 	16.00 	1983-11-01 	2009-10-03 	59,200.73 	9 
	4202414 	32F/12 	12.00 	1983-11-01 	2009-10-03 	51,943.51 	9 
	4202415 	32F/12 	10.00 	1983-11-01 	2009-10-03 	0.00 	9 
	  	  	  	  	  	  	  
	4202421 	32F/12 	16.00 	1983-11-01 	2009-10-04 	0.00 	9 
	4202422 	32F/12 	16.00 	1983-11-01 	2009-10-04 	0.00 	9 
	4202423 	32F/12 	16.00 	1983-11-01 	2009-10-04 	37,030.18 	9 
	4202424 	32F/12 	16.00 	1983-11-01 	2009-10-04 	0.00 	9 
	4202425 	32F/12 	16.00 	1983-11-01 	2009-10-04 	0.00 	9 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 2 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	4202571 	32F/12 	16.00 	1983-11-01 	2009-10-05 	0.00
    	9
  
	4202572 	32F/12 	16.00 	1983-11-01 	2009-10-05 	0.00 	9 
	4202573 	32F/12 	16.00 	1983-11-01 	2009-10-05 	0.00 	9 
	4202574 	32F/12 	16.00 	1983-11-01 	2009-10-05 	0.00 	9 
	4202575 	32F/12 	16.00 	1983-11-01 	2009-10-05 	0.00 	9 
	  	  	  	  	  	  	  
	4202581 	32F/12 	16.00 	1983-11-01 	2009-10-06 	4,866.79 	9 
	4202582 	32F/12 	16.00 	1983-11-01 	2009-10-06 	4,866.79 	9 
	4202583 	32F/12 	16.00 	1983-11-01 	2009-10-06 	21,825.34 	9 
	4202584 	32F/12 	16.00 	1983-11-01 	2009-10-06 	4,866.79 	9 
	4202585 	32F/12 	16.00 	1983-11-01 	2009-10-06 	4,866.79 	9 
	  	  	  	  	  	  	  
	4202591 	32F/12 	16.00 	1983-11-01 	2009-10-07 	0.00 	9 
	4202592 	32F/12 	16.00 	1983-11-01 	2009-10-07 	0.00 	9 
	4202593 	32F/12 	16.00 	1983-11-01 	2009-10-07 	0.00 	9 
	4202594 	32F/12 	10.00 	1983-11-01 	2009-10-07 	0.00 	9 
	4202595 	32F/12 	10.00 	1983-11-01 	2009-10-07 	0.00 	9 
	  	  	  	  	  	  	  
	4232941 	32F/12 	16.00 	1984-10-10 	2009-08-31 	556.66 	9 
	4232942 	32F/12 	16.00 	1984-10-10 	2009-08-31 	0.00 	9 
	  	  	  	  	  	  	  
	4441811 	32F/12 	16.00 	1987-04-29 	2009-03-09 	1,532.46 	9 
	  	  	  	  	  	  	  
	4441831 	32F/12 	13.00 	1987-04-29 	2009-03-09 	0.00 	9 
	  	  	  	  	  	  	  
	4441851 	32F/12 	9.00 	1987-04-29 	2009-03-09 	8,230.55 	9 
	  	  	  	  	  	  	  
	4441871 	32F/12 	14.00 	1987-04-29 	2011-03-09 	207,618.65 	10 
	  	  	  	  	  	  	  
	4441881 	32F/12 	16.00 	1987-04-29 	2009-03-09 	0.00 	9 
	  	  	  	  	  	  	  
	4556941 	32F/12 	16.00 	1987-04-29 	2011-03-09 	237,339.49 	10 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 3 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 

	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
      
	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 

	WORK 
SURPLUS 
($)
      

	NUMBER 
OF 
RENEWAL
      
S 

	  	  	  	  	  	  	  
	4716441 	32F/12 	1.80 	1988-11-15 	2009-09-30 	0.00 	9 
	  	  	  	  	  	  	  
	5072074 	32F/12 	16.00 	1990-11-20 	2008-11-19 	0.00 	8 
	  	  	  	  	  	  	  
	5072076 	32F/12 	9.00 	1990-12-18 	2008-12-17 	0.00 	8 

	2. 	Noyon-Northway Property — Township of Noyon
      (227 claims) 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	4370861 	26,
      19 	16.80 	1986-01-14 	2008-11-27 	0.00
    	9
  
	4370862 	25, 19 	16.51 	1986-01-14 	2008-11-27 	0.00 	9 
	4370863 	24, 19 	15.17 	1986-01-14 	2008-11-27 	0.00 	9 
	4370864 	23, 19 	17.62 	1986-01-14 	2008-11-27 	3,653.52 	9 
	4370865 	23, 18 	16.96 	1986-01-14 	2008-11-27 	18,709.91 	9 
	  	  	  	  	  	  	  
	4370871 	24, 18 	15.23 	1986-01-14 	2008-11-28 	0.00 	9 
	4370872 	25, 18 	15.97 	1986-01-14 	2008-11-28 	0.00 	9 
	4370873 	26, 18 	16.10 	1986-01-14 	2008-11-28 	0.00 	9 
	4370874 	26, 17 	16.21 	1986-01-14 	2008-11-28 	0.00 	9 
	4370875 	25, 17 	15.87 	1986-01-14 	2008-11-28 	0.00 	9 
	  	  	  	  	  	  	  
	4370881 	24, 17 	15.49 	1986-01-14 	2008-11-29 	0.00 	9 
	4370882 	23, 17 	16.76 	1986-01-14 	2008-11-29 	10,392.63 	9 
	4370883 	23, 16 	16.10 	1986-01-14 	2008-11-29 	80,338.09 	9 
	4370884 	24, 16 	15.51 	1986-01-14 	2008-11-29 	0.00 	9 
	4370885 	25, 16 	15.77 	1986-01-14 	2008-11-29 	0.00 	9 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 4 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	4370891 	26,
      16 	15.96 	1986-01-14 	2008-11-30 	0.00
    	9
  
	4370892 	26, 15 	17.28 	1986-01-14 	2008-11-30 	0.00 	9 
	4370893 	25, 15 	16.70 	1986-01-14 	2008-11-30 	0.00 	9 
	4370894 	24, 15 	16.80 	1986-01-14 	2008-11-30 	0.00 	9 
	4370895 	23, 15 	17.39 	1986-01-14 	2008-11-30 	38,078.30 	9 
	  	  	  	  	  	  	  
	4370914 	28, 11 	12.50 	1986-01-14 	2008-12-02 	0.00 	9 
	4370915 	27, 13 	11.54 	1986-01-14 	2008-12-02 	0.00 	9 
	  	  	  	  	  	  	  
	4370921 	23, 14 	16.40 	1986-01-14 	2008-12-01 	69,544.36 	9 
	4370922 	24, 14 	15.99 	1986-01-14 	2008-12-01 	0.00 	9 
	4370923 	25, 14 	15.93 	1986-01-14 	2008-12-01 	0.00 	9 
	4370924 	26, 14 	16.25 	1986-01-14 	2008-12-01 	0.00 	9 
	4370925 	26, 13 	15.77 	1986-01-14 	2008-12-01 	0.00 	9 
	  	  	  	  	  	  	  
	4370931 	25, 13 	14.67 	1986-01-14 	2008-12-02 	0.00 	9 
	4370932 	24, 13 	14.21 	1986-01-14 	2008-12-02 	43,826.78 	9 
	4370933 	23, 13 	13.12 	1986-01-14 	2008-12-02 	109,254.12 	9 
	4370934 	28, 10 	13.06 	1986-01-14 	2008-12-02 	38,239.12 	9 
	4370935 	28, 12 	12.38 	1986-01-14 	2008-12-02 	7,019.12 	9 
	  	  	  	  	  	  	  
	4370941 	24, 12 	13.66 	1986-01-14 	2008-11-27 	35,761.15 	9 
	4370942 	25, 12 	13.40 	1986-01-14 	2008-11-27 	0.00 	9 
	4370943 	26, 12 	13.69 	1986-01-14 	2008-11-27 	0.00 	9 
	4370944 	27, 12 	12.73 	1986-01-14 	2008-11-27 	0.00 	9 
	4370945 	27, 11 	14.23 	1986-01-14 	2008-11-27 	0.00 	9 
	  	  	  	  	  	  	  
	4370951 	26, 11 	14.50 	1986-01-14 	2008-11-28 	0.00 	9 
	4370952 	25, 11 	14.24 	1986-01-14 	2008-11-28 	28,579.65 	9 
	4370953 	24, 11 	14.41 	1986-01-14 	2008-11-28 	29,491.65 	9 
	4370954 	24, 10 	14.96 	1986-01-14 	2008-11-28 	193,682.65 	9 
	4370955 	25, 10 	15.15 	1986-01-14 	2008-11-28 	22,524.65 	9 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 5 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	  	  	  	  	  	  	  
	4370961 	26, 10 	15.06 	1986-01-14 	2008-11-29 	25,553.65 	9 
	4370962 	27, 10 	14.71 	1986-01-14 	2008-11-29 	0.00 	9 
	4370963 	27, 9 	13.99 	1986-01-14 	2008-11-29 	169,669.45 	9 
	4370964 	26, 9 	14.62 	1986-01-14 	2008-11-29 	0.00 	9 
	4370965 	25, 9 	14.69 	1986-01-14 	2008-11-29 	32,320.15 	9 
	  	  	  	  	  	  	  
	4370971 	24, 9 	15.26 	1986-01-14 	2008-11-30 	64,325.17 	9 
	4370972 	24, 8 	16.70 	1986-01-14 	2008-11-30 	6,394.17 	9 
	4370973 	25, 8 	20.04 	1986-01-14 	2008-11-30 	51,361.67 	9 
	4370974 	28, 8 	36.11 	1986-01-14 	2008-11-30 	31,976.67 	9 
	4370975 	28, 7 	45.77 	1986-01-14 	2008-11-30 	6,394.17 	9 
	  	  	  	  	  	  	  
	4371541 	23, 8 	14.02 	1986-01-14 	2008-12-03 	18,720.08 	9 
	4371542 	22, 8 	14.66 	1986-01-14 	2008-12-03 	17,220.08 	9 
	4371543 	21, 8 	14.56 	1986-01-14 	2008-12-03 	11,720.08 	9 
	4371544 	21, 9 	15.01 	1986-01-14 	2008-12-03 	12,720.08 	9 
	4371545 	22, 9 	15.48 	1986-01-14 	2008-12-03 	18,720.08 	9 
	  	  	  	  	  	  	  
	4371551 	23, 9 	14.56 	1986-01-14 	2008-12-04 	3,591.35 	9 
	4371552 	23, 10 	14.05 	1986-01-14 	2008-12-04 	7,341.35 	9 
	4371553 	22, 10 	14.89 	1986-01-14 	2008-12-04 	18,266.35 	9 
	4371554 	21, 10 	14.23 	1986-01-14 	2008-12-04 	5,841.35 	9 
	4371555 	21, 11 	14.03 	1986-01-14 	2008-12-04 	7,341.35 	9 
	  	  	  	  	  	  	  
	4371561 	22, 11 	15.20 	1986-01-14 	2008-12-05 	29,329.67 	9 
	4371562 	23, 11 	14.05 	1986-01-14 	2008-12-05 	9,629.67 	9 
	4371563 	23, 12 	13.20 	1986-01-14 	2008-12-05 	14,129.67 	9 
	4371564 	22, 12 	14.36 	1986-01-14 	2008-12-05 	14,129.67 	9 
	4371565 	21, 12 	13.89 	1986-01-14 	2008-12-05 	33,174.42 	9 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 6 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	4371571 	28,
      9 	12.99 	1986-01-14 	2008-12-06 	14,884.74 	9
  
	4371572 	27, 8 	14.73 	1986-01-14 	2008-12-06 	4,895.74 	9 
	4371573 	27, 14 	13.74 	1986-01-14 	2008-12-06 	50,375.74 	9 
	4371574 	21, 13 	13.03 	1986-01-14 	2008-12-06 	78,240.49 	9 
	4371575 	22, 13 	14.04 	1986-01-14 	2008-12-06 	4,895.74 	9 
	  	  	  	  	  	  	  
	4371581 	21, 20 	19.43 	1986-01-14 	2008-11-28 	28,667.65 	9 
	4371582 	22, 20 	16.45 	1986-01-14 	2008-11-28 	25,366.65 	9 
	4371583 	23, 20 	18.12 	1986-01-14 	2008-11-28 	5,917.65 	9 
	4371584 	23, 21 	18.02 	1986-01-14 	2008-11-28 	0.00 	9 
	4371585 	22, 21 	15.45 	1986-01-14 	2008-11-28 	28,641.65 	9 
	  	  	  	  	  	  	  
	4371591 	21, 21 	18.19 	1986-01-14 	2008-11-29 	51,891.65 	9 
	4371592 	20, 21 	14.99 	1986-01-14 	2008-11-29 	0.00 	9 
	4371593 	20, 22 	15.75 	1986-01-14 	2008-11-29 	8,041.30 	9 
	4371594 	21, 22 	19.22 	1986-01-14 	2008-11-29 	12,645.65 	9 
	4371595 	22, 22 	15.78 	1986-01-14 	2008-11-29 	32,971.65 	9 
	  	  	  	  	  	  	  
	4371601 	23, 22 	18.12 	1986-01-14 	2008-11-30 	11,963.30 	9 
	4371602 	23, 23 	17.88 	1986-01-14 	2008-11-30 	0.00 	9 
	4371603 	22, 23 	14.92 	1986-01-14 	2008-11-30 	22,504.95 	9 
	4371604 	21, 23 	18.60 	1986-01-14 	2008-11-30 	4,736.30 	9 
	4371605 	20,23 	16.92 	1986-01-14 	2008-11-30 	0.00 	9 
	  	  	  	  	  	  	  
	4371611 	23, 24 	18.25 	1986-01-14 	2008-12-01 	0.00 	9 
	4371612 	22, 24 	14.86 	1986-01-14 	2008-12-01 	0.00 	9 
	  	  	  	  	  	  	  
	4371621 	21, 15 	17.23 	1986-01-14 	2008-12-02 	17,700.64 	9 
	4371622 	21, 14 	16.15 	1986-01-14 	2008-12-02 	34,362.64 	9 
	4371623 	22, 14 	17.40 	1986-01-14 	2008-12-02 	34,694.64 	9 
	4371624 	22, 15 	17.87 	1986-01-14 	2008-12-02 	9,572.64 	9 
	4371625 	22, 16 	16.46 	1986-01-14 	2008-12-02 	252.64 	9 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 7 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	  	  	  	  	  	  	  
	4371632 	27, 15 	5.75 	1986-01-14 	2008-12-01 	31,536.94 	9 
	4371633 	20, 15 	16.16 	1986-01-14 	2008-12-01 	3,543.39 	9 
	4371634 	20, 16 	15.38 	1986-01-14 	2008-12-01 	12,205.89 	9 
	4371635 	21, 16 	16.77 	1986-01-14 	2008-12-01 	68,172.54 	9 
	  	  	  	  	  	  	  
	4371641 	22, 17 	16.65 	1986-01-14 	2008-12-03 	852.67 	9 
	4371642 	21, 17 	17.41 	1986-01-14 	2008-12-03 	25,677.17 	9 
	4371643 	20, 17 	15.54 	1986-01-14 	2008-12-03 	852.67 	9 
	4371644 	20, 18 	15.69 	1986-01-14 	2008-12-03 	14,214.67 	9 
	4371645 	21, 18 	17.16 	1986-01-14 	2008-12-03 	852.67 	9 
	  	  	  	  	  	  	  
	4371651 	22, 18 	16.12 	1986-01-14 	2008-12-04 	13,112.23 	9 
	4371652 	22, 19 	16.30 	1986-01-14 	2008-12-04 	21,025.23 	9 
	4371653 	21, 19 	17.29 	1986-01-14 	2008-12-04 	16,414.23 	9 
	4371654 	20, 19 	15.06 	1986-01-14 	2008-12-04 	464.23 	9 
	4371655 	20, 20 	16.86 	1986-01-14 	2008-12-04 	464.23 	9 
	  	  	  	  	  	  	  
	4442741 	21, 7 	15.66 	1987-11-24 	2008-11-23 	3,700.36 	9 
	4442742 	23, 7 	16.70 	1987-11-24 	2008-11-23 	2,200.36 	9 
	4442743 	24, 7 	15.47 	1987-11-24 	2008-11-23 	3,700.36 	9 
	4442744 	26, 8 	16.94 	1987-11-24 	2008-11-23 	3,700.36 	9 
	4442745 	27, 7 	22.70 	1987-11-24 	2008-11-23 	18,618.36 	9 
	  	  	  	  	  	  	  
	5009246 	17, 3 	14.09 	1993-12-13 	2009-12-12 	0.00 	7 
	5009247 	16, 3 	14.63 	1993-12-13 	2009-12-12 	0.00 	7 
	5009248 	15, 3 	12.31 	1993-12-13 	2009-12-12 	0.00 	7 
	5009249 	15, 4 	13.63 	1993-12-13 	2009-12-12 	0.00 	7 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 8 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	5009811 	14,
      14 	16.22 	1993-12-13 	2009-12-12 	0.00 	7
  
	5009812 	14, 15 	15.33 	1993-12-13 	2009-12-12 	0.00 	7 
	5009813 	14, 16 	16.31 	1993-12-13 	2009-12-12 	0.00 	7 
	5009814 	14, 17 	15.51 	1993-12-13 	2009-12-12 	0.00 	7 
	5009815 	14, 18 	15.20 	1993-12-13 	2009-12-12 	0.00 	7 
	5009816 	14, 19 	15.40 	1993-12-13 	2009-12-12 	0.00 	7 
	  	  	  	  	  	  	  
	5009820 	13, 14 	16.17 	1993-12-13 	2009-12-12 	0.00 	7 
	5009821 	13, 15 	15.31 	1993-12-13 	2009-12-12 	0.00 	7 
	5009822 	13, 16 	16.25 	1993-12-13 	2009-12-12 	0.00 	7 
	5009823 	13, 17 	15.27 	1993-12-13 	2009-12-12 	0.00 	7 
	5009824 	13, 18 	14.68 	1993-12-13 	2009-12-12 	0.00 	7 
	5009825 	13, 19 	15.62 	1993-12-13 	2009-12-12 	0.00 	7 
	  	  	  	  	  	  	  
	5111078 	20, 11 	15.19 	1993-10-13 	2009-10-12 	0.00 	7 
	  	  	  	  	  	  	  
	5111112 	20, 10 	15.86 	1993-10-13 	2009-10-12 	0.00 	7 
	  	  	  	  	  	  	  
	5111157 	19, 20 	16.19 	1993-08-04 	2009-08-03 	0.00 	7 
	5111158 	18, 20 	15.50 	1993-08-04 	2009-08-03 	0.00 	7 
	5111159 	20, 3 	15.42 	1993-08-04 	2009-08-03 	0.00 	7 
	5111160 	19, 3 	14.51 	1993-08-04 	2009-08-03 	0.00 	7 
	5111161 	18, 3 	14.45 	1993-08-04 	2009-08-03 	0.00 	7 
	5111162 	18, 4 	16.33 	1993-08-04 	2009-08-03 	0.00 	7 
	5111163 	19, 4 	16.32 	1993-08-04 	2009-08-03 	0.00 	7 
	5111164 	19, 12 	17.20 	1993-08-04 	2009-08-03 	0.00 	7 
	5111165 	18, 12 	16.78 	1993-08-04 	2009-08-03 	0.00 	7 
	5111166 	17, 12 	16.64 	1993-08-04 	2009-08-03 	0.00 	7 
	5111167 	16, 12 	16.91 	1993-08-04 	2009-08-03 	0.00 	7 
	5111168 	15, 12 	14.70 	1993-08-04 	2009-08-03 	0.00 	7 
	5111169 	20, 12 	17.16 	1993-08-04 	2009-08-03 	0.00 	7 
	5111170 	20, 13 	14.88 	1993-08-04 	2009-08-03 	0.00 	7 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 9 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	5111171 	19,
      13 	15.41 	1993-08-04 	2009-08-03 	0.00
    	7
  
	5111172 	18, 13 	15.31 	1993-08-04 	2009-08-03 	0.00 	7 
	5111173 	17, 13 	15.28 	1993-08-04 	2009-08-03 	2,049 	7 
	5111174 	20, 4 	16.77 	1993-08-04 	2009-08-03 	0.00 	7 
	5111175 	20, 5 	16.56 	1993-08-04 	2009-08-03 	0.00 	7 
	5111176 	19, 5 	16.70 	1993-08-04 	2009-08-03 	3,115 	7 
	5111177 	18, 5 	16.95 	1993-08-04 	2009-08-03 	2,372 	7 
	5111178 	17, 5 	16.32 	1993-08-04 	2009-08-03 	0.00 	7 
	5111179 	17, 4 	15.79 	1993-08-04 	2009-08-03 	0.00 	7 
	5111180 	16, 4 	16.42 	1993-08-04 	2009-08-03 	0.00 	7 
	5111181 	16, 5 	16.65 	1993-08-04 	2009-08-03 	0.00 	7 
	5111182 	15, 5 	14.48 	1993-08-04 	2009-08-03 	0.00 	7 
	5111183 	15, 6 	14.03 	1993-08-04 	2009-08-03 	0.00 	7 
	5111184 	15, 7 	14.07 	1993-08-04 	2009-08-03 	0.00 	7 
	5111185 	15, 8 	13.91 	1993-08-04 	2009-08-03 	0.00 	7 
	5111186 	16, 8 	16.14 	1993-08-04 	2009-08-03 	0.00 	7 
	5111187 	17, 8 	15.65 	1993-08-04 	2009-08-03 	0.00 	7 
	5111188 	18, 8 	15.59 	1993-08-04 	2009-08-03 	0.00 	7 
	5111189 	20, 7 	16.48 	1993-10-13 	2009-10-12 	0.00 	7 
	5111190 	19, 7 	17.08 	1993-10-13 	2009-10-12 	0.00 	7 
	5111191 	18, 7 	15.93 	1993-08-04 	2009-08-03 	0.00 	7 
	5111192 	17, 7 	15.80 	1993-08-04 	2009-08-03 	0.00 	7 
	5111193 	16, 7 	16.21 	1993-08-04 	2009-08-03 	0.00 	7 
	5111194 	19, 8 	16.22 	1993-08-04 	2009-08-03 	0.00 	7 
	5111195 	20, 8 	15.37 	1993-08-04 	2009-08-03 	0.00 	7 
	5111196 	20, 9 	15.45 	1993-08-04 	2009-08-03 	0.00 	7 
	5111197 	19, 9 	16.07 	1993-08-04 	2009-08-03 	0.00 	7 
	5111198 	18, 9 	15.60 	1993-08-04 	2009-08-03 	0.00 	7 
	5111199 	17, 9 	15.65 	1993-08-04 	2009-08-03 	0.00 	7 
	5111200 	16, 9 	15.49 	1993-08-04 	2009-08-03 	0.00 	7 
	5111201 	15, 9 	13.42 	1993-08-04 	2009-08-03 	0.00 	7 
	5111202 	15, 10 	13.57 	1993-08-04 	2009-08-03 	0.00 	7 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 10 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	5111203 	16,
      10 	15.79 	1993-08-04 	2009-08-03 	           0.00 	7
  
	5111204 	20, 6 	16.03 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111205 	19, 6 	16.62 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111206 	18, 6 	15.94 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111207 	17, 6 	15.71 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111208 	16, 6 	16.04 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111209 	17, 20 	16.27 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111210 	16, 20 	15.97 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111211 	15, 20 	14.63 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111212 	15, 19 	14.29 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111213 	16, 19 	15.88 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111214 	19, 18 	16.35 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111215 	19, 19 	16.38 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111216 	18, 19 	15.59 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111217 	17, 19 	16.08 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111218 	18, 18 	15.50 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111219 	17, 18 	15.67 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111220 	16, 18 	15.83 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111221 	15, 18 	14.12 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111222 	15, 17 	14.52 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111223 	16, 17 	16.06 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111224 	17, 16 	16.05 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111225 	16, 16 	16.44 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111226 	15, 16 	15.25 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111227 	15, 15 	14.30 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111228 	16, 15 	15.58 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111229 	20, 14 	15.88 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111230 	19, 14 	16.65 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111231 	19, 15 	15.93 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111232 	18, 15 	15.50 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111233 	17, 15 	15.60 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111234 	19, 16 	17.11 	1993-08-04 	2009-08-03 	           0.00 	7 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP.
	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Schedule A 	November 15, 2007 
	Vezza / Noyon-Northway Properties 	Page 11 
	 	 

	CLAIM # 

	LOCATION 
(COLUMN,
      
ROW) 
	AREA 
(HA) 

	REGISTRATION 
DATE
      
(YR, MONTH, 
DAY)
    	EXPIRY 
DATE 
(YR,
      MONTH, DAY) 
	WORK 
SURPLUS 
($)
    
	NUMBER 
OF 
RENEWAL
      
S 
	5111235 	18,
      16 	16.07 	1993-08-04 	2009-08-03 	           0.00 	7
  
	5111236 	19, 17 	16.27 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111237 	18, 17 	15.74 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111238 	17, 17 	15.77 	1993-08-04 	2009-08-03 	           0.00 	7 
	  	  	  	  	  	  	  
	5111243 	18, 14 	16.16 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111244 	16, 13 	16.16 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111245 	15, 13 	14.40 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111246 	15, 14 	15.13 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111247 	16, 14 	16.69 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111248 	17, 14 	16.16 	1993-08-04 	2009-08-03 	           0.00 	7 
	  	  	  	  	  	  	  
	5111648 	19, 11 	15.64 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111649 	18, 11 	15.22 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111650 	17, 11 	15.17 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111651 	16, 11 	15.95 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111652 	15, 11 	13.82 	1993-08-04 	2009-08-03 	           0.00 	7 
	5111653 	19, 10 	15.99 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111654 	18, 10 	15.31 	1993-10-13 	2009-10-12 	           0.00 	7 
	5111655 	17, 10 	14.95 	1993-10-13 	2009-10-12 	           0.00 	7 

SCHEDULE B
TO THE OPTION
AGREEMENT
BETWEEN
AGNICO-EAGLE AND
AMERICAN BONAZA GOLD CORP.
EFFECTIVE AS OF NOVEMBER 15,
2007

VEZZA AND NOYON-NORTHWAY PROPERTIES

EXPENDITURES

1.      Work Expenditures.
Expenditures on the Noyon-Northway Property and the dates on or before which
such Expenditures are to be incurred, are as follows: 

	  	 	AEM Contribution 	 	 	BZA Contribution 	 	 	Total Expenditures 	 
	  	 	(70%) 		 	(30%) 		 	  	 
	Year one 	$	 374,500 	 	$	160,500 	 	$	 535,000 	 
	Year two 	$	 595,000 	 	$	255,000 	 	$	 850,000 	 
	Year three 	$	 700,000 	 	$	300,000 	 	$	1,000,000 	 
	Total 	$	1,669,500 	 	$	715,500 	 	$	2,385,000 	 

2.      BZA’s Additional
Expenditures. In addition to contributing $160,500 to the work programs
conducted by the Operator during the Option Period, BZA shall incur a minimum of
$214,500 in additional exploration expenditures during the period commencing on
April 1, 2007 and expiring at the end of the first year of the Option Period to
test targets outside of the known RJ and A zones on the Noyon-Northway Property,
which work began in April 2007. These expenditures shall not be part of the work
program and budget submitted and managed by the Operator under Section 3.2 of
the Agreement. The provisions of Sections 3.4, 3.7 and 3.8 of the Agreement
shall apply, mutatis mutandis, to work done by BZA under Section 2.14 of
the Agreement.

SCHEDULE C

TO THE OPTION AGREEMENT

  BETWEEN

  AGNICO-EAGLE MINES LIMITED

  AND

  AMERICAN BONANZA GOLD CORP.

  EFFECTIVE AS OF NOVEMBER 15, 2007

JOINT OPERATING AGREEMENT

TABLE OF CONTENTS

	1. 	INTERPRETATION 	1 
	2. 	FORMATION OF THE JOINT OPERATION 	7 
	3. 	INTERESTS 	7 
	4. 	MANAGEMENT COMMITTEE 	8 
	5. 	OPERATOR 	9 
	6. 	RIGHTS, DUTIES AND STATUS OF OPERATOR 	11 
	7. 	EXPLORATION PROGRAMS 	12 
	8. 	PREFEASIBILITY AND FEASIBILITY STUDIES 	14 
	9. 	PRODUCTION NOTICE 	14 
	10. 	ELECTION TO CONTRIBUTE TO MINE COSTS 	15 
	11. 	OPERATOR'S FEE 	16 
	12. 	MINE FINANCING 	16 
	13. 	CONSTRUCTION 	17 
	14. 	OPERATION OF THE MINE 	17 
	15. 	PAYMENT OF MINE COSTS 	18 
	16. 	DISTRIBUTION IN KIND 	18 
	17. 	SURRENDER OF INTEREST 	19 
	18. 	TERMINATION OF MINING OPERATIONS 	20 
	19. 	MINING PROPERTIES 	20 
	20. 	AREA OF COMMON INTEREST 	20 
	21. 	SURRENDER 	20 
	22. 	INFORMATION AND DATA 	21 
	23. 	LIABILITY OF THE OPERATOR 	21 
	24. 	INSURANCE 	22 
	25. 	RELATIONSHIP OF PARTIES 	22 
	26. 	PARTITION 	23 
	27. 	TAXATION 	23 
	28. 	FORCE MAJEURE 	23 
	29. 	RIGHT OF FIRST OFFER 	24 
	30. 	UNDERLYING ROYALTIES 	25 
	31. 	ARBITRATION 	26 
	32. 	NOTICE 	26 
	33. 	FURTHER ASSURANCES 	27 
	34. 	WAIVER 	27 
	35. 	AMENDMENTS 	27 
	36. 	TERM 	27 
	37. 	TIME OF ESSENCE 	28 
	38. 	SUCCESSORS AND ASSIGNS 	28 
	39. 	GOVERNING LAW 	28 

SCHEDULE C

TO THE OPTION AGREEMENT

  BETWEEN

  AGNICO-EAGLE MINES LIMITED

  AND

  AMERICAN BONANZA GOLD CORP.

  EFFECTIVE AS OF NOVEMBER 15, 2007

JOINT OPERATING AGREEMENT

1. INTERPRETATION

1.1. In this Agreement and Appendices I and II hereto the following
  words, phrases and expressions shall have the following meanings:

	(a) 	 Accounting Procedure means the procedure
        attached to this Agreement as Appendix I.

	 	 
	(b) 	 Affiliate shall have the meaning attributed
        to it in the Canada Business Corporations Act, as amended.

	 	 
	(c) 	 Agreement means this agreement, including
        the recitals and appendices, as amended, supplemented or restated from
        time to time.

	 	 
	(d) 	 Assets means all corporeal and incorporeal
        property, movable property, improvements and other property, including
        land, buildings and equipment but excluding the Mining Properties, acquired
        for or made to the Mining Properties under the Option Agreement or
        this Agreement in connection with the Mining Operations.

	 	 
	(e) 	 Commercial Production means the date upon
        which Minerals are first delivered to purchasers on a commercial basis
        (other than deliveries of Minerals in respect of pilot or test operations,
        sampling, assaying, metallurgical testing and evaluation of the minerals
        potential of the Mining Properties).

	 	 
	(f) 	 Completion Date means the date on which
        it is demonstrated to the satisfaction of the Management Committee that
        the preparing and equipping of the Mine for Commercial Production is complete.

	 	 
	(g) 	 Confidential Information means all information
        provided to or acquired by a party, through or from another party, which
        is marked "Confidential" or is stated to be confidential or is by its
        nature intended to be confidential, and all analyses, compilations, data,
        studies, documents or other information prepared by a party or any other
        person containing or based upon, in whole or in part, any information
        provided to or acquired by a party, through or from another party, other
        than information which a party is able to establish:

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 2 
	 	 

	 	(i) 	 was readily available to the public at the time such
        information was made available to that party;

	 	 	 
	 	(ii) 	 became readily available to the public after the time
        such information was made available to that party other than as a result
        of disclosure by a party in contravention of this Agreement; or

	 	 	 
	 	(iii) 	 became available to a party on a non-confidential basis
        from a non-party provided such non-party was not bound by confidentiality
        obligations relating thereto.

	(h) 	 Construction means every kind
        of work carried out during the Construction Period by the Operator in
        accordance with an approved Feasibility Study.

	 	 	 
	(i) 	 Construction Period means, unless
        the Production Notice is subsequently withdrawn, the period beginning
        on the date a Production Notice is given and ending on the Completion
        Date.

	 	 	 
	(j) 	 Costs means, except as to Prior
        Exploration Costs, all items of outlay and expense whatsoever, direct
        or indirect, with respect to Mining Operations, recorded by the Operator
        in accordance with this Agreement. Without limiting generality, the following
        categories of Costs shall have the following meanings:

	 	 	 
		(i) 	 Construction Costs means those Costs recorded
        by the Operator during the Construction Period, including the Operator's
        fee contemplated in Section 11;

	 	 	 
		(ii) 	 Exploration Costs means those Costs recorded
        by the Operator during the Exploration Period, including the Operator's
        fee contemplated in Section 11;

	 	 	 
		(iii) 	 Mine Costs means Construction Costs and
        Operating Costs;

	 	 	 
		(iv) 	 Operating Costs means those Costs recorded
        by the Operator subsequent to the Completion Date, including the Operator's
        fee contemplated in Section 11; and

	 	 	 
		(v) 	 Prior Exploration Costs means the amounts
        referred to in Subsection 3.2.

	 	 	 
	(k) 	 Exploration Period means the
        period beginning on the Operative Date and ending on the date an effective
        Production Notice is given.

	 	 	 
	(l) 	 Feasibility Study shall have
        the meaning ascribed thereto in National Instrument 43-101 (Standards
        of Disclosure for Mineral Projects), namely a comprehensive study
        of a

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 3 
	 	 

deposit in which all geological, engineering,
  operating, economic and other relevant factors are considered in sufficient
  detail that it could reasonably serve as the basis for a final decision by a
  financial institution to finance the development of the deposit for mineral
  production.

	(m) 	 Governmental Authority means
        the Government of Canada, the Government of Quebec or a municipal government,
        and any government agency, tribunal, commission or other authority exercising
        or purporting to exercise executive, legislative, judicial, regulatory
        or administrative functions of, or pertaining to, government.

	 	 
	(n) 	 Interest means an undivided
        ownership interest in the Mining Properties, the Assets and any Mine,
        expressed as a percentage, calculated, until the third anniversary of
        the Option Agreement, in the manner contemplated in Section 3, thereafter
        during the Exploration Period, subject to Subsection 3.3, in the manner
        contemplated in Section 7 and, subsequent to the Exploration Period, in
        the manner contemplated in Section 10.

	 	 
	(o) 	 Joint Operation shall have the
        meaning attributed to it in Subsection 2.1.

	 	 
	(p) 	 Laws means all laws (including
        principles of common and civil law), statutes, regulations, treaties,
        judgments and decrees and all official directives, rules, consents, approvals,
        authorizations, guidelines, orders and policies of any Governmental Authority
        having the force of law.

	 	 
	(q) 	 Lien means any lien, mortgage,
        charge, hypothec, claim, encumbrance, security interest or other right
        or interest attaching to or affecting property, whether registered or
        unregistered, and whether arising by agreement, statute or otherwise at
        law.

	 	 
	(r) 	 Management Committee means the
        committee established pursuant to Section 4.1.

	 	 
	(s) 	 Mine means the workings established
        and Assets acquired, including development headings, plant and concentrator
        installations, infrastructure, housing, airport and other facilities in
        order to bring the Mining Properties into Commercial Production in accordance
        with the Production Notice.

	 	 
	(t) 	 Minerals means any and all ores
        (and concentrates derived therefrom) and minerals, precious and base,
        metallic and nonmetallic, in, on or under the Mining Properties which
        may lawfully be explored for, mined and sold.

	 	 
	(u) 	 Mining Operations means every
        kind of work done by the Operator:

	 	 
		 (i) 
	on or in respect of the Mining Properties in accordance with a Program;
      or
	 	 
		 (ii) 
	if not provided for in a Program, unilaterally and in good faith to maintain
      the Mining Properties in good standing, to prevent waste or to otherwise

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 4 
	 	 

discharge any obligation which is imposed
  upon it pursuant to this Agreement and in respect of which the Management Committee
  has not given it directions;

including: (1) carrying out, or causing
  to be carried out, the work of assessment, line cutting, geophysical, geochemical
  and geological surveys, library research, data compilation, report preparation,
  studies and mapping, assaying and metallurgical testing, drilling, designing,
  examining, equipping, improving, surveying, trenching, shaft-sinking, raising,
  crosscutting and drifting, searching for, digging, trucking, sampling, working
  and procuring mineral products, ground or map staking and obtaining claims,
  mining leases or other exploitation titles and keeping the same in good standing
  and doing all other work usually considered to be assessment, prospecting, exploration,
  development, preproduction, mining or reclamation work; (2) paying wages, salaries,
  bonuses and benefits of individuals (including consultants and contractors)
  engaged in such work and in supplying food, lodging, transportation and other
  reasonable needs of such individuals; (3) paying insurance premiums and assessments
  or premiums for workers' compensation insurance, contributions for unemployment
  insurance or other pay allowances or benefits customarily paid in the district
  to such individuals; (4) making payments in respect of mining claims, mining
  leases and other exploitation titles and their renewal taxes, rates, assessments
  or other charges levied by a Governmental Authority in respect of the Mining
  Properties; (5) purchasing, leasing or renting plant, buildings, machinery,
  tools, appliances, equipment or supplies or incurring other capital expenses,
  and installing, erecting, detaching or removing any such Assets on or from the
  Mining Properties; (6) and managing or supervising any work which is done in
  respect of the Mining Properties or in any other respects necessary or desirable
  to duly carry out such assessment, prospecting, exploration, development, pre-production,
  mining or reclamation work.

	(v) 	 Mining Properties means, collectively,
        the Vezza and Noyon-Northway Properties contemplated by the Option
        Agreement that became subject to this Agreement on the Operative Date
        and any additional mineral properties added to the Mining Properties pursuant
        to the Option Agreement or this Agreement, or which the Parties
        agree in writing to add to this Agreement, the Minerals thereon, all information
        obtained from Mining Operations and those rights and benefits appurtenant
        to the Mining Properties that are acquired for the purpose of conducting
        Mining Operations.

	 	 
	(w) 	 Northway Claim Block means mining claims
        4370861 to 4370865, 4370871 to 4370875, 4370881 to 4370885, 4370891 to
        4370895, 4370914 and 4370915, 4370921 to 4370925, 4370931 to 4370935,
        4370941 to 4370945, 4370951 to 4370955, 4370961 to 4370965, 4370971 to
        4370975, 4371541 to 4371545, 4371551 to 4371555, 4371561 to 4371665, 4371571
        to 4371575, 4371581 to 4371585, 4371591 to 4371595, 4371601 to 4371605,
        4371611 and 4371612, 4371621 to 4371625, 4371632 to 4371635, 4371641 to
        4371645,

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 5 
	 	 

4371651 to 4371655 and 4442741 to 4442745,
  forming part of the Noyon-Northway Property;

	(x) 	 Noyon Claim Block means mining claims
        5009811 to 5009828, 5009246 to 5009249, 5111078, 5111112, 5111149 to 5111248
        and 5111648 to 5111655, forming part of the Noyon-Northway Property;

	 	 
	(y) 	 Noyon-Northway Property means the 227
        mining claims described in paragraph 2 of Schedule A to the Option
        Agreement, located in the Township of Noyon, Québec.

	 	 
	(z) 	 NSR Royalty shall have the meaning attributed
        to it in Appendix II to this Agreement.

	 	 
	(aa) 	 Operative Date means the date upon which
        this Agreement becomes effective pursuant to the terms of Section 2.10
        of the Option Agreement.

	 	 
	(bb) 	 Operator means the Party appointed as
        the Operator in accordance with Section 5.

	 	 
	(cc) 	 Option Agreement means the Option Agreement
        to which this Agreement is attached as Schedule C.

	 	 
	(dd) 	 Participant means a Party that is contributing
        to Exploration Costs or Mine Costs, as the case may be.

	 	 
	(ee) 	 Party or Parties means the
        Parties to this Agreement and their respective successors and permitted
        assigns which become Parties pursuant to this Agreement.

	 	 
	(ff) 	 Prefeasibility Study means a written study
        prepared by independent consultants under the Operator’s supervision
        at the direction of the Management Committee in such form and of such
        standard as may be required by the Management Committee, which shall include
        a preliminary evaluation of the commercial potential of an ore body within
        the limits of the Mining Properties, a preliminary engineering study (mining
        and exploitation methods, assessment of equipment, machinery and tools
        required) and a preliminary economical study (costs of capital, production
        schedule, annual estimated yield and budget).

	 	 
	(gg) 	 Prime Rate means the annual rate of interest
        publicly announced from time to time by The Toronto-Dominion Bank as being
        its reference rate then in effect for determining interest rates on Canadian
        Dollar denominated commercial loans made by it in Canada.

	 	 
	(hh) 	 Production Notice means a notice which
        is given to each of the Parties pursuant to Subsection 9.2.

	 	 
	(ii) 	 Proportionate Share means that share which
        is equal to a Party's percentage Interest.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 6 
	 	 

	(jj) 	 Simple Majority means a decision made
        by the Management Committee by a majority in excess of 50 percent of the
        votes entitled to be cast.

	 	 
	(kk) 	 Taxes means all imposts, royalties, duties,
        assessments and taxes (other than income and capital taxes) imposed upon
        or in connection with producing, transporting and selling Minerals, by
        any federal, state or local governmental entity or subdivision thereof.

	 	 
	(ll) 	 Underlying Royalties means, collectively,
        (i) with respect to the Northway Claim Block, an aggregate 5% net smelter
        return royalty payable as to 0.82222% to Eastern Platinum Limited (formerly
        Jonpol Explorations Limited), as to 0.60556% to Perrex Resources Inc.,
        as to 0.21666% to 559505 Ontario Limited, as to 0.35556% to Ronald J.
        Bradshaw as to 1% to Baytex Energy Ltd. (formerly Morrison Minerals Limited),
        as to 1% to Energold Minerals Inc. and as to 1% to Cyprus Canada Inc.;
        and (ii) with respect to the Noyon Claim Block, a 2% net smelter return
        royalty payable to Cyprus Canada Inc., all as more fully described in
        Schedule D to the Option Agreement.

	 	 
	(mm) 	 Underlying Payment means the obligation
        of BZA under an Exploration Agreement with Option to Purchase dated
        July 17, 1998 (“Original Agreement”), as amended by an

	 	 
		 Amendment to Exploration Agreement with Option to
        Purchase dated May 1, 2000 (“Amending Agreement”),
        both entered into between Cyprus Canada Inc., as optionor, and International
        Taurus Resources Inc., as optionee, to pay to Cyprus Canada Inc. $450,000
        as follows: (i) $150,000 on achievement of commercial production (as defined
        in the Original Agreement”); (ii) $150,000 on or before the day which
        is six months after the achievement of commercial production; and (iii)
        $150,000 on or before the first anniversary of the achievement of commercial
        production.

	 	 
	(nn) 	 Vezza Property means the 43 mining claims
        described in paragraph 1 of Schedule A to the Option Agreement,
        located in the Townships of Vezza and Noyon, Québec.

	 	 
	(oo) 	 Work Program or Program means
        the work plan and budget of Mining Operations conducted during the Exploration
        Period, including Prefeasibility Studies and Feasibility Studies, and
        adopted pursuant to Subsection 7.1.

	 	 
	(pp) 	 "$" means Canadian Dollars unless otherwise specified.

1.2. Extended Meanings. The words "section", "subsection",
  "paragraph", "subparagraph", "herein", "hereto" and "hereunder" refer to this
  Agreement. The words "this Agreement" or "the Agreement" include this Schedule
  C and every Appendix attached to this Schedule C.

1.3. Headings. The captions and the emphasis of the defined
  terms have been inserted for convenience and do not define the scope of any
  provision.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 7 
	 	 

1.4. Appendices. The following appendices attached hereto
  form part of this Agreement:

Appendix I - Accounting Procedure 

  Appendix II - NSR Royalty

2. FORMATION OF THE JOINT OPERATION

2.1. This Agreement comes into effect on the Operative Date.
  Under this Agreement, the Parties agree to participate in a joint operation
  (herein called the "Joint Operation") for the purpose of exploring the
  Mining Properties and, if deemed warranted, bringing the Mining Properties or
  a portion thereof into Commercial Production by establishing and operating a
  Mine in accordance with the terms and conditions of this Agreement.

3. INTERESTS

3.1. Except as otherwise provided herein, the Parties shall bear
  all Costs and all liabilities arising under this Agreement and shall own the
  Mining Properties, the Assets and any Mine all in proportion to their respective
  Interests.

3.2. Subject to adjustment as may be applicable under Section
  2.6 of the Option Agreement, on the Operative Date the respective Interests
  of the Parties in the Mining Properties shall be as follows: Agnico-Eagle: 70%
  and BZA: 30%, and the Parties shall be deemed to have expended as Prior Exploration
  Costs for the purpose of this Agreement the following amounts: Agnico-Eagle:
  $7,917,000 and BZA: $3,393,000, provided however that if Agnico-Eagle exercises
  the Option before the third anniversary of the effective date of the Option
  Agreement, BZA shall maintain its 30% Interest in the Mining Properties
  provided that it makes the contributions set out on Schedule B at the
  times set out on Schedule B to the Option Agreement.

3.3. After the Operative Date, Agnico-Eagle shall have 1 year
  to provide written notice to BZA of its election to increase by 10% its Interest
  in the Mining Properties by solely financing a Work Program in order to complete
  a Feasibility Study in respect of the Mining Properties. If Agnico-Eagle elects,
  under this Subsection 3.3, to increase its Interest in the Mining Properties,
  then:

	(a) 	 Agnico-Eagle shall re-imburse BZA for any contributions
        made by BZA in excess of its annual share of contributions set out on
        Schedule B to the Option Agreement;

	 	 
	(b) 	 the respective Interests of the Parties in the Mining
        Properties shall be as follows: Agnico-Eagle: 80% and BZA: 20%, subject
        to adjustment as may be applicable under Section 2.6 of the Option
        Agreement; and

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 8 
	 	 

	(c) 	 the Interests of the Parties shall thereafter be based
        upon the total of Prior Exploration Costs plus the Costs of the Feasibility
        Study.

	 	 
		 (For example, if Agnico-Eagle elected to earn an
        additional 10% ownership interest in the Mining Properties and expended
        $10,000,000 to complete a Feasibility Study, Agnico-Eagle would be deemed
        to have expended 80% ($17,048,000) and BZA 20% ($4,262,000) of the total
        expenditures ($21,310,000) on the Mining Properties, being the value of
        the work deemed to have been conducted upon exercise of the Option ($11,310,000)
        plus the costs related to the Feasibility Study ($10,000,000).

4. MANAGEMENT COMMITTEE

4.1. A Management Committee shall be established on or forthwith
  after the Operative Date. Except as herein otherwise provided, the Management
  Committee shall make all decisions in respect of Mining Operations.

4.2. Each Party shall forthwith appoint one representative and
  one alternate representative to the Management Committee. Both the representative
  and alternate representative may attend Management Committee meetings. The alternate
  representative may act for a Party's representative in his/her absence. Each
  Party’s representative shall be entitled to vote in its name at the Management
  Committee meetings.

4.3. The Operator shall call a Management Committee meeting at
  least once every 12 months, and, in any event within 30 days of being requested
  to do so by any representative.

4.4. The Operator shall give notice, specifying the time and
  place of, and the agenda for, the meeting, to all representatives at least fifteen
  (15) days before the time appointed for the meeting.

4.5. Notice of a meeting shall not be required if representatives
  of all the Parties are present and unanimously agree upon the agenda.

4.6. A quorum for any Management Committee meeting shall be present
  if the representatives of all Parties are present. If a quorum is present at
  the meeting, the Management Committee shall be competent to exercise all of
  the authorities, powers and discretions herein bestowed upon it hereunder. No
  business other than the election of a chairman, if any, and the adjournment
  or termination of the meeting shall be transacted at any meeting unless a quorum
  is present at the commencement of the meeting but the quorum need not be present
  throughout the meeting. If within half an hour from the time appointed for a
  meeting, a quorum is not present, the meeting shall, at the election of those
  representatives who are present:

	(a) 	 be dissolved; or

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 9 
	 	 

	(b) 	 be adjourned to the same place but on a date and at
        a time, to be fixed by the chairman of the meeting before the adjournment,
        which shall be not less than 14 days following the date for which the
        meeting was called.

Notice of the adjourned meeting shall be given to the representatives
  of all Parties forthwith after the adjournment of the meeting. If at the adjourned
  meeting, a quorum is not present within half an hour from the time appointed,
  the representative or representatives present and entitled to attend and vote
  at the meeting, shall be a quorum.

4.7. The Management Committee shall decide every question submitted
  to it by a vote with each Party's representative entitled to vote being entitled
  to cast that number of votes which is equal to its Party's Interest percentage.
  The Management Committee shall make decisions by Simple Majority.

4.8. The representative of the Operator shall be the chairman
  and secretary of Management Committee meetings.

4.9. The secretary of the Management Committee meeting shall
  take minutes of that meeting and circulate copies thereof to each representative
  within 15 days following the meeting.

4.10. In lieu of considering any matter at a meeting, the Management
  Committee may act by instrument in writing signed by the representatives or
  alternate representatives of all Parties and any such instrument shall be conclusively
  deemed to be the act of the Committee.

4.11. Management Committee decisions made in accordance with
  this Agreement shall be binding upon all of the Parties.

4.12. Each Party shall bear the expenses incurred by its representative
  and alternative representative in attending meetings of the Management Committee.

4.13. The Management Committee may, by agreement of the representatives
  of all the Parties, establish such other rules of procedure, not inconsistent
  with this Agreement, as the Management Committee deems fit.

4.14. Reference in this Section to the "Parties" shall apply
  during the Exploration Period. After the date of a Production Notice this Section
  shall be read as if the word "Participant" appeared wherever the word "Party"
  appears.

5. OPERATOR

5.1. After the Operative Date, Agnico-Eagle shall be confirmed
  as Operator and shall continue to act as Operator until it resigns, its Interest
  is reduced to less than 50%, or an event contemplated in Subsection 5.4 shall
  occur.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 10 
	 	 

5.2. The Operator may resign as Operator on at least 90 days'
  prior notice to all Parties. The Management Committee shall thereupon select
  another Party to be Operator for the current year upon the 90th day after receipt
  of the Operator's notice of resignation.

5.3. The Operator whose Interest is reduced to less than 50%
  shall be replaced as Operator by the Party holding the highest Interest, which
  shall continue to act as Operator until it resigns or ceases to hold the highest
  Interest.

5.4. If any of the following events shall occur, namely:

	 	(i) 	 the Operator makes a general assignment for the benefit
        of its creditors;

	 	 	 
	 	(ii) 	 a petition to have the Operator adjudged a bankrupt,
        or a petition for reorganization or arrangement under any law relating
        to bankruptcy, is filed by or against the Operator, and such is not dismissed
        within 60 days;

	 	 	 
	 	(iii) 	 a trustee or receiver is appointed to take possession
        of substantially all of the Operator’s assets located within the
        limits of the Mining Properties, and possession is not restored to the
        Operator within 30 days;

	 	 	 
	 	(iv) 	 substantially all of the Operator’s assets located
        in or on the Mining Properties are attached, executed upon or otherwise
        judicially seized, and such attachment, execution or seizure is not discharged
        within 30 days;.

	 	 	 
	 	(v) 	 the Operator defaults under any terms or conditions
        of this Agreement on its part to be performed or observed and the Operator
        does not commence action to cure such default within 60 days after written
        notice thereof shall have been given to the Operator by the Management
        Committee or any party hereto and thereafter diligently prosecute such
        action to completion;

then, the non-Operator shall replace the Operator, unless the
  non-Operator is also subject to one of the circumstances enumerated in sub-paragraph
  (i) to (v) above, in which case the new Operator shall be designated jointly
  by the Parties.

5.5. The new Operator shall assume all of the rights, duties,
  liabilities and status of the previous Operator as provided in this Agreement.
  The new Operator shall have no obligation to hire any of the employees of the
  former Operator resulting from this change of Operator.

5.6. Upon ceasing to be Operator, the former Operator shall forthwith
  deliver to the person nominated for that purpose by the Management Committee,
  the custody of all Assets, Mining Properties, books, records and other property
  both movable and immovable relating to this Agreement.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 11 
	 	 

5.7. If the Operator resigns and no other Party consents to act
  as Operator the Joint Operation shall terminate and the provisions of Section
  18 shall apply mutatis mutandis.

6. RIGHTS, DUTIES AND STATUS OF OPERATOR

6.1. The Operator in its operations hereunder shall be deemed
  to be an independent contractor. The Operator shall not act or hold itself out
  as agent for any of the Parties nor make any commitments on their individual
  behalf unless specifically permitted by this Agreement or directed in writing
  by a Party.

6.2. Subject to any specific provision of this Agreement and
  subject to it having the right to reject any direction on reasonable grounds
  by virtue of its status as an independent contractor, the Operator shall perform
  its duties hereunder in accordance with the directions of the Management Committee
  and in accordance with this Agreement.

6.3. The Operator shall manage and carry out such Mining Operations
  as the Management Committee may direct and in connection therewith shall, in
  advance, if reasonably possible, notify the Management Committee of any change
  in Mining Operations which the Operator considers material and if it is not
  reasonably possible, the Operator shall notify the Management Committee as soon
  thereafter as is reasonably possible.

6.4. Subject to the direction of the Management Committee, the
  Operator shall have the sole and exclusive right and authority to manage and
  carry out all Mining Operations and to incur the Costs required for that purpose.
  In so doing the Operator shall, unless it obtains the approval of the Management
  Committee:

	(a) 	 comply with the provisions of all agreements and mining
        title documents under which the Mining Properties or Assets are held;

	 	 
	(b) 	 pay all Costs properly incurred promptly as and when
        due;

	 	 
	(c) 	 keep the Mining Properties and Assets free of all Liens
        (other than those, if any, in effect on the Operative Date or the creation
        of which is permitted pursuant to this Agreement) arising out of the Mining
        Operations and, in the event of any Lien being registered or any action
        to enforce a Lien being taken, proceed with diligence to contest or discharge
        the same;

	 	 
	(d) 	 with the authorization of the Management Committee,
        prosecute claims and, where a defence is available, defend litigation
        arising out of the Mining Operations, provided that any Participant may
        join in the defence at its own expense;

	 	 
	(e) 	 subject to Subsection 21.1, perform such assessment
        work or make payments in lieu thereof and pay such rentals, taxes or other
        payments and do all such other things as may

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 12 
	 	 

be necessary to maintain the Mining Properties
  in good standing, including ground or map staking and restaking mining claims,
  and applying for licences, claims, leases and other rights to and interests
  in the Minerals and their renewals;

	(f) 	 maintain accounts in accordance with the Accounting
        Procedure; provided that the judgment of the Operator as to matters related
        to the accounting, for which provision is not made in the Accounting Procedure,
        shall govern if the Operator's accounting practices are in accordance
        with accounting principles generally accepted in the mining industry in
        Canada; and

	 	 
	(g) 	 perform its duties and obligations hereunder in a sound
        and workmanlike manner, in accordance with sound mining and engineering
        practices, and in compliance with all applicable Laws of any Governmental
        Authority and this Agreement.

7. EXPLORATION PROGRAMS

7.1. Within 45 days following the Operative Date, the Operator
  shall prepare and submit to the Management Committee, which shall, if it deems
  fit, adopt same within 30 days following its receipt, a draft Program for the
  period ending December 31 of the then current year. Thereafter, the Operator
  shall prepare and submit before October 1 of each year to the Management Committee,
  which shall, if it deems fit, adopt same before November 1 following, a draft
  Program for the period commencing on the next January 1 and ending on December
  31 of the following year. The draft Program shall contain a statement in reasonable
  detail of the proposed Mining Operations and estimates of all Exploration Costs
  to be incurred. If the Operator fails to prepare and submit to the Management
  Committee a draft Program within the time frames prescribed, the non-Operator
  shall deliver a notice to the Operator specifying such failure and the Operator
  shall have 45 days following receipt of such notice to prepare and submit a
  draft Program to the Management Committee. If the Operator fails to prepare
  and submit such Program to the Management Committee within such additional time
  frame the non-Operator may prepare and submit such Program to the Management
  Committee within the following 45 days. If such Program is accepted, the non-Operator
  shall replace the Operator for the current year.

7.2. The Management Committee shall review the Program prepared
  and, if it deems fit, adopt the Program with such modifications, if any, as
  the Management Committee deems necessary. The Operator shall be entitled to
  an allowance for a Cost overrun of 10 percent in addition to any budgeted Exploration
  Costs and any Costs so incurred shall be deemed to be included in the Program,
  as adopted.

7.3. The Operator shall as soon as practicable notify the Management
  Committee of all exploration results as they become known and, if deemed appropriate
  by the Operator, prepare and submit to the Management Committee a revised draft
  Program for the current year taking into account such exploration results. The
  Management Committee shall review the 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 13 
	 	 

revised Program prepared and, if it deems fit, adopt the Program
  with such modifications, if any, as the Management Committee deems necessary.

7.4. The Operator shall forthwith submit the adopted Program
  to the Parties. Each Party must within (i) 90, (ii) 120 or (iii) 180 days of
  receipt of a Program adopted by the Management Committee for a total amount
  of (i) $1,000,000 or less, (ii) greater than $1,000,000 and less than or equal
  to $2,000,000 or (iii) greater than $2,000,000, respectively, give notice to
  the Operator committing to contribute its Proportionate Share, or some portion
  thereof, of the Exploration Costs incurred on that Program. A Party which fails
  to give notice within the prescribed period shall be entitled to receive a notice
  of default from the other Party and, if it has not remedied such default within
  10 days following receipt of such notice, it shall be deemed to have elected
  not to contribute to such Program.

7.5. If any Party elected not to contribute to a Program, the
  proportion to be contributed by the Parties who elected to contribute shall
  be increased pro rata, subject to the right any of them may have to elect not
  to contribute more than its Proportionate Share and the Interest of each Party
  shall be recalculated as provided in Subsection 7.9.

7.6. The Operator shall be entitled to invoice each Participant:

	(a) 	 no more frequently than monthly for its Proportionate
        Share of Exploration Costs committed to by that Participant pursuant to
        Section 7.4 incurred and paid by the Operator; or

	 	 
	(b) 	 reasonably in advance of requirements for an advance
        of that Participant’s Proportionate Share of Exploration Costs committed
        to by that Participant pursuant to Section 7.4.

Each invoice shall be signed by some responsible official of
  the Operator. Each Participant shall pay to the Operator the amount invoiced,
  within 30 days of receipt of the invoice. If a Participant protests the correctness
  of an invoice it shall nevertheless be required to make the payment subject
  to its right of refund.

7.7. If any Participant fails to pay its Proportionate Share
  committed to under Section 7.4 within the 30-day period referred to in Subsection
  7.6, the Operator may by notice demand payment. If no payment is made within
  the period of 30 days next succeeding the receipt of the demand notice, that
  Participant shall be deemed to have elected not to participate in the Program
  pursuant to Section 7.5, and the Participants’ Interest shall be adjusted
  in accordance with Section 7.9, except that the Interest of the Participants
  who contributed their Proportionate Share to the Program shall be entitled to
  include, in addition to their Proportionate Share of the Exploration Cost not
  contributed by the non-contributing Participant, a fee equal to 5% of their
  Proportionate Share of the Exploration Costs not contributed by the non-contributing
  Participant, as part of their contribution to Exploration Costs.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 14 
	 	 

7.8. If any Program is altered, suspended or terminated prematurely
  so that the Exploration Costs incurred on that Program as altered, suspended
  or terminated are less than 80 percent of the Exploration Costs originally proposed,
  any Party which elected not to contribute to that Program shall be given notice
  of the alteration, suspension or termination by the Operator and shall be entitled
  to contribute its Proportionate Share of the Exploration Costs incurred on that
  Program by payment thereof to the Operator within 30 days after receipt of the
  notice. If payment is not made by that Party within the 30 days aforesaid it
  shall forfeit its right to contribute to that Program without a demand for payment
  being required to be made thereafter by the Management Committee.

7.9. If a Party elected not to contribute to the Exploration
  Costs of any Program, then subject to Subsection 7.8, the Interest of that Party
  shall be decreased and the Interest of each Participant shall be increased so
  that, subject to Subsections 3.2 and 3.3, at all times during the Exploration
  Period the Interest of each Party will be that percentage which is equivalent
  to its Exploration Costs and Prior Exploration Costs expressed as a percentage
  of the Exploration Costs and Prior Exploration Costs of all Parties. The Party
  whose Interest has been reduced shall be entitled to receive details of and
  to contribute to future Programs to the extent of its then Interest. If the
  preceding provisions have the effect of reducing a Party's Interest to less
  than 10%, such Party shall be deemed to have forfeited its Interest to the Participants
  (if more than one then in proportion to their respective Interests) and that
  Party, in exchange, shall have the right to receive as sole remuneration and
  consideration a NSR Royalty defined, calculated and paid in the manner set forth
  in Appendix II to this Agreement.

8. PREFEASIBILITY AND FEASIBILITY STUDIES

8.1. A Prefeasibility Study and, subject to Subsection 3.3, a
  Feasibility Study shall only be prepared with the approval of the Management
  Committee. Such Studies shall be funded as separate Work Programs with the Costs
  incurred in preparing such Prefeasibility or Feasibility Study comprising Exploration
  Costs.

8.2. The Operator shall provide copies of the completed Prefeasibility
  and Feasibility Study to each of the Parties forthwith upon receipt. The Parties
  shall meet at reasonable intervals and times to review such Studies and, in
  the case of a Feasibility Study, discuss whether the establishing and bringing
  of a Mine into Commercial Production in conformity with the Feasibility Study
  is feasible or desirable.

9. PRODUCTION NOTICE

9.1. The Operator shall call a Management Committee meeting to
  consider the Feasibility Study for a date no sooner than 90 days after the Feasibility
  Study was provided to each of the Parties.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 15 
	 	 

9.2. The Management Committee shall consider each Feasibility
  Study prepared and may approve any Feasibility Study, with such modifications,
  if any, as it considers necessary or desirable. If a Feasibility Study is approved
  as aforesaid the Management Committee shall give a Production Notice to each
  of the Parties stating that the Management Committee intends that a Mine be
  established on title rights mentioned in the Feasibility Study with such modifications,
  if any, as may be necessary or desirable. Upon request the Operator shall meet
  with any of the Parties at mutually convenient times and places in order to
  discuss the planning, financing, scheduling and other matters relevant to bringing
  the Mine into production.

9.3. If within 120 days following the delivery of a positive
  Feasibility Study to the Parties no Notice of Production has been given, any
  Party holding an Interest of 20% or more may, during the next 90 days, give
  a Production Notice to the Parties. For purposes of this Agreement, a positive
  Feasibility Study is a Feasibility Study for any part of the Mining Properties
  which demonstrates a 15% internal rate of return from a Mine on the Mining Properties
  after tax and financing costs.

10. ELECTION TO CONTRIBUTE TO MINE COSTS

10.1. Each Party may within (i) 90, (ii) 120 or (iii) 270 days
  of receipt of a Production Notice for Mining Costs amounting to (i) $1,000,000
  or less, (ii) greater than $1,000,000 and less than or equal to $2,000,000 or
  (iii) greater than $2,000,000, respectively, give the Operator notice committing
  to contribute its Proportionate Share of the Mine Costs.

10.2. If any Party fails to give notice pursuant to Subsection
  10.1, the other Party shall give it a notice of its default and, if it has not
  remedied such default within 10 days following receipt of the notice, that Party
  shall be deemed to have forfeited its right to contribute to Mine Costs and
  shall suffer dilution and conversion of its Interest as provided in this subsection.
  Those Parties which elected to contribute as aforesaid may thereupon elect to
  increase their contribution to the Mine Costs (if more than one Party then in
  proportion to their respective Interests) by the amount which any Party has
  declined to contribute. If elections are made so that Mine Costs are fully committed:

	(a) 	 the Interest of each
        Participant shall be increased and that of each non-Participant shall
        be decreased so that the Interest of each Party at all times is that percentage
        which is equivalent to 

	  	  
	  

		 (i) 
	 the sum of its Exploration Costs,
        its Prior Exploration Costs and its contribution to Mine Costs; 

	  	  
	  

	  	 divided by 

	  	  
	  

		 (ii) 
	 the sum of the total Exploration
        Costs, Prior Exploration Costs and the total Mine Costs of all the Parties;
      

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 16 
	 	 

multiplied by

	 	(iii) 	 100

	(b) 	 if, at the Completion Date, the non-Participant's Interest
        as so diluted is less than 10%, that non-Participant shall be deemed to
        have assigned and conveyed its Interests to the Participants (if more
        than one then in proportion to their respective Interests) and in consideration
        therefor shall be entitled to receive as its sole remuneration and benefit
        in consideration of that assignment and conveyance, by way of royalty,
        a NSR Royalty defined, calculated and paid in the manner provided in Appendix
        II to this Agreement;

	 	 
	(c) 	 the Participants shall own and have a 100% undivided
        interest in the Assets whether acquired before or after the date the Production
        Notice was given.

10.3. If, after the calculation under Subsection 10.2, Mine Costs
  are not fully committed, the Production Notice shall be deemed to be withdrawn,
  subject to the Operator's right to prepare and submit a revised Production Notice
  to the Management Committee.

11. OPERATOR'S FEE

11.1. The Operator may charge the following sums in return for
  its head office overhead functions which are not charged directly:

	(a) 	 with respect to Programs: 10% of all Exploration Costs
        for work carried out by its employees and 5% of such Exploration Costs
        for work carried out under contract;

	 	 
	(b) 	 with respect to Mine development and Construction: 1%
        of all Capital Costs;

	 	 
	(c) 	 subsequent to the Completion Date: 2% of all Operating
        Costs.

11.2. The Operator shall submit monthly invoicing of its fees
  to the Management Committee.

12. MINE FINANCING

12.1. The contributions of the Participants toward the Mine Costs
  shall be individually and separately provided by them.

12.2. Solely in order to secure loans to meet their respective
  contributions toward the Mine Costs, the Participants shall each be entitled
  to pledge, hypothecate, mortgage, charge or otherwise encumber, as security
  for financing their respective contributions, the Mining Properties and Assets
  to the extent of their respective Interests: provided; however, that security
  shall not be given by any Party unless the proposed pledgee, mortgagee, holder
  of the hypothec, Lien or encumbrance (hereinafter called the "Chargee")
  first undertakes in writing with all the 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 17 
	 	 

other Participants, in form reasonably satisfactory to counsel
  for the Operator and binding upon the Chargee, that:

	(a) 	 the Chargee will not enter into possession
        or institute any proceedings for foreclosure or partition of an encumbering
        Participant's Interest and that that security shall be subject to the
        provisions of this Agreement;

	 	 	 
	(b) 	 the Chargee's remedies under that security
        shall be limited to the sale of the whole (but only of the whole) of the
        encumbering Participant's Interest held under that security to the other
        Participants (if more than one then in proportion to their respective
        Interests at that time) or, with their unanimous consent, to any one of
        them, or failing any sale as aforesaid, by a sale at a public auction
        to be held after 90 days' prior notice to the other Participants; provided,
        however, that, as a condition of the purchase, the purchaser shall covenant
        and agree with the Parties that it:

	 	 	 
		(i) 	 assumes all the obligations of the encumbering Participant
        in connection with this Agreement; and

	 	 	 
		(ii) 	 will be bound by this Agreement,

and prior to completing the purchase, delivers to the Parties
  notice to that effect in writing, in form reasonably satisfactory to counsel
  for the Operator.

13. CONSTRUCTION

13.1. Subject to Subsection 10.3, the Operator shall proceed
  with Construction with all reasonable dispatch after a Production Notice has
  been given. Construction shall be substantially in accordance with the Feasibility
  Study subject to any variations proposed in the Production Notice, and subject
  also to the right of the Operator to cause such other reasonable variations
  in Construction to be made as it deems advisable after approval by the Management
  Committee.

14. OPERATION OF THE MINE

14.1. Commencing with the Completion Date, all Mining Operations
  shall be planned and conducted and all estimates, reports and statements shall
  be prepared and made on the basis of an operating year, which, with the exception
  of the first operating year, shall be a calendar year.

14.2. With the exception of the first operating year, an operating
  plan for each operating year shall be submitted by the Operator to the Participants
  not later than September 30 in the year immediately preceding the operating
  year to which the operating plan relates. Each operating plan shall contain
  the following:

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 18 
	 	 

	(a) 	 a plan of the proposed Mining Operations;

	 	 
	(b) 	 a detailed estimate of all Mine Costs plus a reasonable
        allowance for contingencies;

	 	 
	(c) 	 an estimate of the quantity and quality of the ore to
        be mined and the Minerals to be produced; and

	 	 
	(d) 	 such other facts as may be necessary to reasonably illustrate
        the results intended to be achieved by the operating plan.

Upon request of any Participant the Operator shall meet with
  that Participant to discuss the operating plan and shall provide such additional
  or supplemental information as that Participant may reasonably require with
  respect thereto.

14.3. The Management Committee shall adopt each operating plan,
  with such changes as it deems necessary, by October 30 in the year immediately
  preceding the operating year to which the operating plan relates; provided,
  however, that the Management Committee may from time to time and at any time
  amend any operating plan.

15. PAYMENT OF MINE COSTS

15.1. The Operator may invoice each Participant for that Participant's
  Proportionate Share of Mine Costs incurred to the date of the invoice; or at
  the beginning of each month for an advance equal to that Participant's Proportionate
  Share of the estimated cash disbursements to be made during the month. Each
  Participant shall pay its Proportionate Share of the Mine Costs or the estimated
  cash disbursements as aforesaid to the Operator within 30 days after receipt
  of the invoice. If the payment or advance requested is not so made, the amount
  of the payment or advance shall bear interest calculated monthly not in advance
  from the 30th day after the date of receipt of the invoice thereof by the Participant
  at a rate equivalent to the Prime Rate plus two percent until paid.

16. DISTRIBUTION IN KIND

16.1. It is expressly intended that, upon implementation of any
  Production Notice hereunder, the Joint Operation shall be limited to the efficient
  production of Minerals from the Mining Properties and that, subject to the discharge
  of any Lien suffered by a Party to be created against the Mining Properties,
  each of the Parties shall be entitled to dispose of its Proportionate Share
  of ores returned after refining as it sees fit. Unless the Parties decide otherwise,
  each Participant shall take in kind its Proportionate Share of the ores returned
  and shall dispose thereof separately. Any costs and expenses incurred by reason
  of the Participants taking in kind and making separate dispositions shall be
  paid by each Participant directly and not through the Operator or Management
  Committee.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 19 
	 	 

16.2. If a Participant fails to take in kind, the Operator shall
  have the right, but not the obligation, for a period or time consistent with
  the minimum needs of the industry, but not to exceed one year, to purchase the
  Minerals for its own account or to sell such share as agent for the Participant
  at not less than the prevailing market price in the area. The Operator shall
  be entitled to deduct from proceeds of any sale by it for the account of the
  Participant reasonable expenses and commissions incurred in such a sale.

17. SURRENDER OF INTEREST

17.1. Any Party not in default hereunder may, at any time upon
  notice, surrender its entire Interest to the other Parties by giving those Parties
  notice of its intention to do so, which notice of surrender shall:

	(a) 	 indicate a date for surrender not less than
        30 days after the date on which the notice is given;

	 	 	 
	(b) 	 contain an undertaking that the surrendering
        Party will

	 	 	 
		(i) 	 satisfy its Proportionate Share, based on its then Interest,
        of all obligations and liabilities which arose at any time prior to the
        date of surrender;

	 	 	 
		(ii) 	 pay its Proportionate Share, based on its then Interest,
        of the Costs of rehabilitating the Mine site and of reclamation as at
        the date of surrender; and

	 	 	 
		(iii) 	 hold in confidence, for a period of two years from date
        of surrender, all Confidential Information and data which it acquired
        pursuant to this Agreement;

	 	 	 
	(c) 	 be accompanied by an irrevocable and unconditional
        letter of credit, a security or guarantee policy issued on behalf of the
        other Parties by a bank, a savings and credit union or a trust company
        or a company legally authorized to act in that quality guaranteeing the
        execution of the obligations contemplated in paragraphs (b)(i) and (b)(ii)
        of this Subsection 17.1.

17.2. Upon the surrender of its entire Interest as contemplated
  in Subsection 17.1 and upon delivery of a release in writing, in form acceptable
  to counsel for the Operator, releasing the other Parties from all claims and
  demands hereunder, the surrendering Party shall be relieved of all obligations
  or liabilities hereunder except for those which arose or accrued or were accruing
  due on or before the date of the surrender.

17.3. A Party to whom a notice of surrender has been given as
  contemplated in Subsection 17.1 may elect, by notice within 90 days to the Party
  which first gave the notice, to 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 20 
	 	 

accept the surrender, in which case Subsections 17.1 and 17.2
  shall apply, or to join in the surrender. If all of the Parties join in the
  surrender that Joint Operation shall be terminated in accordance with Section
  18.

18. TERMINATION OF MINING OPERATIONS

18.1. The Operator, with the consent of the Participants, may
  at any time terminate all Mining Operations permanently.

18.2. The Operator shall thereupon remove, sell and dispose of
  such Assets, other than structures affixed to the underground workings and the
  shafts of the Mine, if any, as may be removed and disposed of profitably and
  such other Assets as the Operator may be required to remove pursuant to applicable
  environmental and mining Laws. The disposal price shall be the best price obtainable
  and the net revenues from the sale shall be divided between the Participants
  in proportion to their respective Interests.

18.3. On termination of Mining Operations the Participants shall
  pay the Costs of rehabilitation of the Mine site and of reclamation as may be
  required by the applicable environmental and mining Laws in proportion to their
  respective Interests.

19. MINING PROPERTIES

19.1. Title to the Mining Properties shall be held by the Parties
  in proportion to their Interests as adjusted from time to time. Each of the
  Parties shall have the right to receive from the Operator, forthwith upon making
  demand therefor, such documents as it may reasonably require to confirm its
  Interest.

20. AREA OF COMMON INTEREST

20.1. If any Party (or permitted assignee) beneficially acquires
  any interest in mining claims or other mineral interests within one kilometre
  of the boundary of the Mining Properties, such mining claims or other mineral
  interests shall be included in the Mining Properties. This excludes property
  held any Party within one kilometre of the Mining Properties as of the date
  of the Option Agreement.

21. SURRENDER

21.1. Notwithstanding Subsection 6.4(e), the Operator shall be
  entitled, at any time and from time to time, to surrender all or any part of
  the Mining Properties or to permit the same to lapse, but only upon first either
  obtaining the consent of the Participants, or giving 60 days' prior notice of
  its intention to do so to the other Parties. In this latter event, the Parties,
  other than the Operator, shall be entitled to receive from the Operator, on
  request prior to the date of the surrender or lapse, a conveyance of that portion
  of the Mining Properties intended for surrender 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 21 
	 	 

or lapse, together with copies of any plans, assay maps, diamond
  drill records and factual engineering data in the Operator's possession and
  relevant thereto. Any part of the Mining Properties so acquired shall cease
  to be subject to this Agreement.

22. INFORMATION AND DATA

22.1. At all times during the subsistence of this Agreement the
  duly authorized representatives of each Participant shall, at its and their
  sole risk and expense and at reasonable intervals and times, have access to
  the Mining Properties and to all technical records and other factual engineering
  data and information relating to the Mining Properties which are in the possession
  of the Operator.

22.2. During the Exploration Period while Programs are being
  carried out the Operator shall furnish the Participants with quarterly progress
  reports, except for quarters during which no Program is carried out, and with
  a final report on conclusion of each Program. However, the Operator shall furnish
  the Participants with reports as soon as practicable in the event that information
  material from a securities prospective is obtained during the performance of
  any Program. The final report shall show the Mining Operations performed and
  the results obtained and shall be accompanied by a statement of Costs and copies
  of pertinent plans, assay maps, diamond drill records and other factual engineering
  data. During the Construction Period the Operator shall provide monthly progress
  reports to the Participants, which reports shall include information on any
  changes or developments affecting the Mine that the Operator considers are material.

22.3. All information and data concerning or derived from the
  Mining Operations shall be kept confidential and, except to the extent required
  by law, by regulation of any Securities Commission or Stock Exchange, or in
  connection with the filing of a prospectus or statement of material facts by
  any Party or any of its Affiliates, shall not be disclosed to any person other
  than the Party's professional advisors or lenders or potential investors on
  a need-to-know basis, or to an Affiliate without the prior consent of all the
  Participants, which consent shall not unreasonably be withheld.

22.4. The text of any news releases or other public statements
  which a Party desires to make with respect to the Mining Properties shall be
  made available to the other Parties prior to publication. The other Parties
  shall have the right to suggest changes therein within 24 hours from receipt
  after which the Party which submits the news release or public statement shall
  have the right to release it.

23. LIABILITY OF THE OPERATOR

23.1. Subject to Subsection 23.2, each Party shall indemnify
  and save the Operator harmless from and against any loss, liability, claim,
  demand, damage, expense, injury and death 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 22 
	 	 

(including legal fees) resulting from any acts or omissions of
  the Operator or its officers, employees or agents.

23.2. Notwithstanding Subsection 23.1, the Operator shall not
  be indemnified or held harmless by any of the Parties for any loss, liability,
  claim, demand, damage, expense, injury or death (including legal fees) resulting
  from the negligence or wilful misconduct of the Operator or its officers, employees
  or agents.

23.3. An act or omission of the Operator or its officers, employees
  or agents done or omitted to be done:

	(a) 	 if specifically provided for, or contemplated in, a
        Program or Production Notice approved by the Management Committee or the
        Parties;

	 	 
	(b) 	 with the concurrence of the Management Committee; or

	 	 
	(c) 	 unilaterally and in good faith by the Operator to protect
        life or property;

shall be deemed not to be negligence or wilful misconduct.

23.4. The obligation of the other Parties to indemnify and save
  the Operator harmless pursuant to Subsection 23.1 shall be in proportion to
  their Interest as at the date that the loss, liability, claim, demand, damage,
  expense, injury or death occurred or arose.

23.5. The Operator shall not be liable to any other Party nor
  shall any Party be liable to the Operator in contract or otherwise for special
  or consequential damages, including loss of profits or revenues.

24. INSURANCE

24.1. Commencing on the Operative Date, the Parties shall agree
  upon the type and extent of insurance coverage which should be placed. The Operator
  shall thereupon place and maintain such insurance with a reputable insurer or
  insurers such insurance, if any, as the Parties may have agreed. The Operator
  shall, upon the written request of any Participant, provide it with evidence
  of that insurance.

24.2. Subsection 24.1 shall not preclude any Party from placing,
  for its own account, insurance for greater or other coverage than that placed
  by the Operator.

25. RELATIONSHIP OF PARTIES

25.1. The rights, duties, obligations and liabilities of the
  Parties shall be several and not joint nor joint and several, it being the express
  purpose and intention of the Parties that their respective Interests shall be
  held in undivided ownership.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 23 
	 	 

25.2. Nothing herein contained shall be construed as creating
  a partnership or an association of any kind or as imposing upon any Party any
  partnership or association duty, obligation or liability upon any other Party
  hereto.

25.3. Each party will take all necessary precautions to ensure
  that Confidential Information obtained from another party is kept confidential.
  Neither party may make any disclosure of such Confidential Information to any
  non-party to this Agreement (except to a party’s professional advisors
  or lenders or to potential investors, on a need to know basis) without the prior
  written consent of the party which provided the same except as may be required:

	 	(i) 	 to comply with stock market or securities commission
        rules or securities legislation applicable to a party;

	 	 	 
	 	(ii) 	 by law or regulation to be made pursuant to legal process;
        or

	 	 	 
	 	(iii) 	 to be disclosed to any Governmental Authority to maintain
        the Mining Properties in good standing.

25.4. No Party shall, except when required by this Agreement
  or by applicable Laws, suffer or permit to be used, directly or indirectly,
  the name of any other Party for any purpose related to the Mining Properties.

26. PARTITION

26.1. Each of the Parties hereto waives, during the term of this
  Agreement, any right to partition the Mining Properties, the Assets or any part
  thereof and no Party shall seek or be entitled to partition the Mining Properties
  or the Assets whether by way of physical partition, judicial sale or otherwise
  during the term of this Agreement.

27. TAXATION

27.1. All Costs incurred hereunder shall be for the account of
  the Party or Parties making or incurring the same (if more than one then in
  proportion to their respective Interests) and each Party on whose behalf any
  Costs have been incurred shall be entitled to claim all tax benefits, write-offs
  and deductions with respect thereto.

28. FORCE MAJEURE

28.1. Notwithstanding anything herein contained to the contrary,
  if any Participant is prevented from or delayed in performing any obligation
  under this Agreement and such failure is occasioned by any cause beyond its
  reasonable control, including fire, power shortage, flooding, explosion, cave-in,
  landslide, inability to obtain personnel, equipment, fuel or supplies, equipment
  failure, adverse weather conditions, war, civil unrest, acts of God, governmental

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 24 
	 	 

regulation, requirement or policy, inability to obtain or the
  non-issuance of any governmental approval, licence, permit, undertaking or consent,
  action by indigenous peoples’ groups or any other cause (whether or not
  similar to any of the foregoing) beyond the control of such party or its representatives,
  agents, contractors or employees but excluding lack of finances (in this Section
  28 called a "force majeure"), then, subject to Subsection 28.2, the time
  for the observance of the condition or performance of the obligation in question
  shall be extended for a period equivalent to the total period the cause of the
  prevention or delay persists or remains in effect regardless of the length of
  such total period.

28.2. Any Party hereto claiming suspension of its obligations
  as aforesaid shall promptly notify the other Parties to that effect and shall
  take all reasonable steps to remove or remedy the cause and effect of the force
  majeure described in the said notice insofar as it is reasonably able so to
  do and as soon as possible; provided that the terms of settlement of any labour
  disturbance or dispute, strike or lockout shall be wholly within the discretion
  of the Party claiming suspension of its obligations by reason thereof and that
  Party shall not be required to accede to the demands of its opponents solely
  to remedy or remove the force majeure thereby constituted. There shall be no
  obligation to remove or remedy a force majeure event resulting from any actions
  by indigenous peoples’ groups.

28.3. The extension of time for the observance of conditions
  or performance of obligations as a result of force majeure shall not relieve
  the Operator from its obligations to keep the Mining Properties in good standing.

29. RIGHT OF FIRST OFFER

29.1. During the subsistence of this Agreement, none of the Parties
  shall pledge, hypothecate, mortgage, charge or otherwise encumber, sell, assign,
  or in any other manner dispose of or attempt to dispose of all or any part of
  its Interest except as provided in Sections 12 or 17 and as hereinafter provided
  in this Section 29. A Party wishing to sell or dispose of all or a portion of
  its Interest (in this Section 29 called the "Disposing Party") may, upon
  notice to all the Participants:

	(a) 	 sell, as contemplated in Subsection 29.2, all or any
        portion thereof to the Participants who elect to purchase the same (if
        more than one then in proportion to their respective Interests) or, if
        the Participants elect not to purchase, to a third Party; or

	 	 
	(b) 	 sell to an Affiliate of the Disposing Party; provided,
        however, the Disposing Party shall remain liable for the obligations of
        the Affiliate and that the sale to the Affiliate be subject to the Affiliate
        entering into an agreement with the remaining Participants whereby it
        agrees to be bound by the provisions of this Agreement. Upon an Affiliate
        ceasing to be an Affiliate of the Disposing Party, the Affiliate shall
        transfer its Interest to the Disposing Party or to another Affiliate of
        the Disposing Party and the transferee shall

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 25 
	 	 

enter into an agreement with the remaining
  Participants whereby it agrees to be bound by the provisions of this Agreement.

29.2. A Disposing Party will, prior to disposing of the Interest
  other than to an Affiliate, first offer to sell the Interest to the Participants
  for a cash consideration but upon such other terms and conditions as the Disposing
  Party deems fit. If, within 45 days of the Disposing Party's offer to sell,
  the Participants elect not to purchase the Interest upon those terms and conditions,
  the Disposing Party will be free to dispose of that Interest to a third Party
  at any time within six months of the Participants' election but only for a cash
  consideration, or for some consideration other than cash, provided that the
  fair cash equivalent of any non-cash consideration be equal to or greater than
  the cash consideration stated in the Disposing Party's offer to sell to the
  Participants, and upon the same or no more favourable terms and conditions as
  the offer to sell to the Participants; provided, however, that the sale of the
  Interest to the third Party shall be subject to the third Party entering into
  an agreement with the Participants whereby it agrees to be bound by the provisions
  of this Agreement. Any Interest not disposed of by the Disposing Party as aforesaid
  will remain subject to the provisions of this subsection.

29.3. Upon the Participants or a third Party acquiring all or
  a portion of the Disposing Party's Interest, the Participants or the third Party
  will be deemed to have acquired a corresponding portion of the Disposing Party's
  Exploration Costs and Mine Costs. Subject to the execution of the agreement
  contemplated in Subsection 29.2, the third Party will be entitled to all the
  rights and benefits accruing, and be subject to the obligations attributable,
  to the Interest which it has purchased from the Disposing Party, including the
  right to participate in any further Exploration Costs and Mine Costs and the
  right to have its Interest increased or reduced in the same manner as the Disposing
  Party in the event the third Party does not participate in Exploration Costs
  and Mine Costs.

30. UNDERLYING ROYALTIES

30.1. The Underlying Royalties and Underlying Payment shall be
  determined and paid in the manner provided in the agreements pursuant to which
  such royalties and payment were set up, copies of which are appended as Schedule
  D to the Option Agreement.

30.2. The Participants shall be responsible for the payment of
  the Underlying Royalties and Underlying Payment in proportion to their respective
  Interests. If a non-Participant’s Interest, further to dilution under Subsection
  7.9 or 10.2, is converted into a right to receive a Net Smelter Return Royalty,
  the remaining Participants shall assume full responsibility, to the exclusion
  of the non-Participant, for the payment of the Underlying Royalties and Underlying
  Payment.

30.3. BZA shall remain solely responsible for all royalties,
  other than the Underlying Royalties and Underlying Payment, and other payments
  in the nature of a royalty, if any, affecting the Noyon-Northway Property as
  of the effective date of the Option Agreement.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 26 
	 	 

31. ARBITRATION

31.1. Any dispute or conflict between the parties concerning
  this Agreement which cannot be settled by them shall be submitted firstly to
  a mutually agreeable mediator who will have no authority to bind the parties
  and, in the event that mediation efforts are unsuccessful, to a single arbitrator
  pursuant to the provisions of the Arbitration Act, 1991 (Ontario), or,
  if the parties cannot agree upon a single arbitrator, to three arbitrators,
  one appointed by Agnico-Eagle, one appointed by BZA and a third appointed by
  the arbitrators appointed by Agnico-Eagle and BZA. The arbitrator or arbitrators,
  as the case may be, may order any party to produce documents prior to the arbitration
  or to submit a witness to discovery. Arbitration proceedings shall take place
  in Toronto (Ontario) at such place as the arbitrator or arbitrators shall determine.

31.2. Resorting to arbitration shall not prevent the Parties
  from directly petitioning a Court having jurisdiction for injunctive relief
  or special recourses.

31.3. The arbitration tribunal shall have the power to make determinations
  with respect to the costs, expenses and fees it may incur. The Parties waive
  their right to contest any decision of the arbitration tribunal in this regard
  and agree to pay any amounts so determined upon demand.

31.4. Unless the arbitration award provides otherwise, the arbitration
  costs shall be shared equally by the Parties. The Parties shall assume their
  own costs, expenses and fees irrespective of the arbitration award.

32. NOTICE

32.1. All notices or other communications required or permitted
  under this Agreement shall be in writing and may be delivered personally, sent
  by prepaid mail or courier or by telecopier or e-mail to the following addresses
  of the Parties:

	AGNICO-EAGLE MINES LIMITED 	 	AMERICAN BONANZA GOLD CORP. 
	765, chemin de la mine Goldex 	 	Suite 305 	  
	C.P. 87 	  	 	675 West Hastings Street 
	Val d’Or QC J9P 4N9 	 	Vancouver BC V6B 1N2 
	  	  	 	  	  
	Attention: 	Mr. Guy Gosselin 	 	Attention: 	Mr. Brian Kirwin 
	  	  	 	  	  
	Telephone : 	(819) 874-5980 	 	Telephone : 	(604) 688-7523 
	Telecopier : 	(819) 874-3318 	 	Telecopier : 	(604) 681-0122 
	  	  	 	  	  
	E-mail: 	guy.gosselin@agnico-eagle.com 	 	E-mail: 	bongold@intercomm.com 

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 27 
	 	 

or to such addresses as each Party may from time to time specify
  by notice. Any notice or communication, if delivered, shall be deemed to have
  been given and received upon delivery; if mailed, shall be deemed to have been
  given and received on the fifth business day following the date it is posted;
  if sent by courier, shall be deemed to have been given and received on the second
  business day following the date of shipping; and if sent by telecopier or e-mail,
  shall be deemed to have been given and received on the business day next following
  the date of transmission.

33. FURTHER ASSURANCES

33.1. The Parties shall, upon request, execute and cause to be
  executed all documents, and do and cause to be done all things, necessary or
  useful, to give full effect to the letter and spirit of this Agreement. After
  the Operative Date, each Party shall have the right, at its own expense, to
  register this Agreement against the Mining Properties. 

34. WAIVER

34.1. No waiver of any breach of this Agreement shall be binding
  unless evidenced in writing executed by the Party against whom charged. Any
  waiver shall extend only to the particular breach so waived and shall not limit
  any rights with respect to any future breach.

35. AMENDMENTS

35.1. Except for those provisions, if any, of the Option Agreement
  specifically incorporated herein by reference, this Agreement constitutes the
  entire agreement between the Parties hereto with respect to the subject matter
  hereof. It supersedes and revokes all previous writings and all proposals, negotiations,
  representations, agreements, commitments and communications between the Parties.
  An amendment or variation of this Agreement shall only be binding upon a Party
  if evidenced in writing and executed by that Party.

36. TERM

36.1. Unless earlier terminated by agreement of all Parties having
  an Interest or as a result of one Party acquiring a 100% Interest and a 100%
  interest in the proceeds of production, the Joint Operation and this Agreement
  shall remain in full force and effect for so long as any Party has any right,
  title or interest in the Mining Properties. Termination of the Agreement shall
  not, however, relieve any Party from any obligations theretofore accrued but
  unsatisfied, its obligation with respect to the rehabilitation of the Mine site
  nor from its obligations with respect to payment of the NSR Royalty.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 28 
	 	 

37. TIME OF ESSENCE

37.1. Time is of the essence of this Agreement. Any Party shall
  be in default by the mere lapse of time for performing its obligations hereunder.

38. SUCCESSORS AND ASSIGNS

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

39. GOVERNING LAW

39.1. This Agreement shall be construed, interpreted and enforced
  in accordance with, and the respective rights and obligations of the parties
  shall be governed by, the Laws of Ontario.

	AGNICO-EAGLE MINES LIMITED / AMERICAN BONANZA GOLD CORP. 	FRASER MILNER CASGRAIN LLP 
	Option Agreement – Vezza / Noyon-Northway Properties
    	November 15, 2007 
	Schedule C – Joint Operating Agreement 	Page 29 
	 	 

The Parties have duly executed this Agreement.

	 	AGNICO-EAGLE MINES LIMITED 
	 	 
	 	/s/ Sean Boyd 
	 	 
	 	Name: 	Mr. Sean Boyd 
	 	Title: 	Vice Chairman and Chief Executive Officer 
	 	 	 
	 	I have authority to bind the Corporation
    
	 	  	  
	 	 	 
	 	AMERICAN BONANZA GOLD CORP. 
	 	 
	 	/s/ Brian Kirwin 
	 	  	  
	 	Name: 	Brian Kirwin 
	 	Title: 	President & CEO 
	 	 	 
	 	I have authority to bind the Corporation
    

APPENDIX I

TO SCHEDULE C TO THE OPTION AGREEMENT

  BETWEEN

  AGNICO-EAGLE AND AMERICAN BONANZA GOLD CORP.

  EFFECTIVE AS OF NOVEMBER 15, 2007

ACCOUNTING PROCEDURE

TABLE OF CONTENTS

	1. 	INTERPRETATION 	1 
	2. 	STATEMENTS AND BILLINGS 	2 
	3. 	DIRECT CHARGES 	3 
	4. 	PURCHASE OF MATERIAL 	5 
	5. 	DISPOSAL OF MATERIAL 	6 
	6. 	INVENTORIES 	6 
	7. 	ADJUSTMENTS 	7 

APPENDIX I

TO SCHEDULE C TO THE OPTION AGREEMENT

  BETWEEN

  AGNICO-EAGLE AND AMERICAN BONANZA GOLD CORP.

  EFFECTIVE AS OF NOVEMBER 15, 2007

ACCOUNTING PROCEDURE

	1. 	 INTERPRETATION

1.1              
  In this Appendix I capitalized terms shall have the meaning ascribed to them
  in the Agreement. In addition, the following words, phrases and expressions
  shall have the following meanings:

	(a) 	 "Agreement" means the Joint Operating Agreement
        to which this Accounting Procedure is attached as Appendix I.

	 	 
	(b) 	 "Count" means a physical inventory count.

	 	 
	(c) 	 "Employees" means those employees of the Operator
        who are assigned to and directly engaged in the conduct of Mining Operations,
        whether on a full-time or part-time basis.

	 	 
	(d) 	 "Employee Benefits" means the Operator's costs
        of holiday, vacation, sickness, disability benefits, field bonuses, paid
        to and the Operator's cost of established plans for employee's group life
        insurance, hospitalization, pension, retirement and other customary plans
        maintained for the benefit of Employees and Personnel, as the case may
        be, which costs may be charged as a percentage assessment on the salaries
        and wages of Employees or Personnel, as the case may be, on a basis consistent
        with the Operator's cost experience.

	 	 
	(e) 	 "Field Offices" means the necessary sub-office
        or sub-offices in each place where a Program or Construction is being
        conducted or a Mine is being operated.

	 	 
	(f) 	 "Government Contributions" means the costs or
        contributions made by the Operator pursuant to assessments imposed by
        governmental authority which are applicable to the salaries or wages of
        Employees or Personnel, as the case may be.

	 	 
	(g) 	 "Joint Account" means the books of account maintained
        by the Operator to record all costs, expenses, credits and other transactions
        arising out of or in connection with the Mining Operations.

	 	 
	(h) 	 "Material" means the movable personal property,
        equipment and supplies acquired or held, at the direction or with the
        approval of the Management Committee, for use in the Mining Operations
        and, without limiting generality, more particularly "Controllable Material"
        means such Material which is ordinarily classified as Controllable Material,
        as

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix I – Accounting Procedure 	Page 2 
	 	 

		 that classification is determined or approved by the
        Management Committee, and controlled in mining operations.

	 	 
	(i) 	 "Personnel" means those management, supervisory,
        administrative, clerical and other personnel of the Operator normally
        associated with the Supervision Offices whose salaries and wages are charged
        directly to the Supervision Office in question.

	 	 
	(j) 	 "Reasonable Expenses" means the reasonable expenses
        of Employees or Personnel, as the case may be, for which those Employees
        or Personnel may be reimbursed under the Operator's usual expense account
        practice; including any relocation expense necessarily incurred in order
        to properly staff the Mining Operations if the relocation is approved
        by the Management Committee.

	 	 
	(k) 	 "Supervision Offices" means the Operator's offices
        or departments within the Operator's offices from which the Mining Operations
        are generally supervised.

	2. 	 STATEMENTS AND BILLINGS

2.1               
  The Operator shall, by invoice, charge each Participant with its proportionate
  share of Exploration Costs and Mine Costs in the manner provided in Section
  7 and 15 of the Agreement respectively.

2.2               
  The Operator shall deliver, with each invoice rendered for Costs incurred a
  statement indicating:

	(a) 	 all charges or credits to the Joint Account relating
        to Controllable Material in detail; and

	 	 
	(b) 	 all other charges and credits to the Joint Account summarized
        by appropriate classifications indicative of the nature of the charges
        and credits.

2.3               
  The Operator shall deliver with each invoice for an advance of Costs a statement
  indicating:

	(a) 	 the estimated Exploration Costs or, in the case of Mine
        Costs, the estimated cash disbursements, to be made during the next succeeding
        month;

	 	 
	(b) 	 the addition thereto or subtraction therefrom, as the
        case may be, made in respect of Exploration Costs or Mine Costs actually
        having been incurred in an amount greater or lesser than the advance which
        was made by each Participant for the penultimate month preceding the month
        of the invoice; and

	 	 
	(c) 	 the advances made by each Participant to date and the
        Exploration Costs or Mine Costs incurred to the end of the penultimate
        month preceding the month of the invoice.

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix I – Accounting Procedure 	Page 3 
	 	 

	3. 	 DIRECT CHARGES

	 	 
	3.1 	 The Operator shall charge the Joint Account with the
        following items:

	(a) 	 Contractor's Charges: All proper costs
        relative to the Mining Operations incurred under contracts entered into
        by the Operator with third parties.

	 	 	 	 	 
	(b) 	 Labour Charges:

	 	 	 	 	 
		(i) 	 The salaries and wages of Employees in an
        amount calculated by taking the full salary or wage of each Employee multiplied
        by that fraction which has as its numerator the total time for the month
        that the Employee was directly engaged in the conduct of Mining Operations
        and as its denominator the total normal working time for the month of
        the Employee;

	 	 	 	 	 
		(ii) 	 the field bonuses paid to Employees;

	 	 	 	 	 
		(iii) 	 the Reasonable Expenses of the Employees;
        and

	 	 	 	 	 
		(iv) 	 Employee Benefits and Government Contributions
        in respect of the Employees in an amount proportionate to the charge made
        to the Joint Account in respect to their salaries and wages.

	 	 	 	 	 
	(c) 	 Office Maintenance:

	 	 	 	 	 
		(i) 	 The cost or a pro rata portion of the cost,
        as the case may be, of maintaining and operating the Offices. The basis
        for charging the Joint Account for Office maintenance costs shall be as
        follows:

	 	 	 	 	 
			(A) 	 the expense of maintaining and operating Field
        Offices, less any revenue therefrom; and

	 	 	 	 	 
			(B) 	 that portion of maintaining and operating
        the Supervision Offices which is equal to:

	 	 	 	 	 
				(1) 	 the anticipated total operating expenses of the Supervision
        Offices;

	 	 	 	 	 
					 divided by

	 	 	 	 	 
				(2) 	 the anticipated total staff man days for the Employees
        whether in connection with the Mining Operations or not;

	 	 	 	 	 
					 multiplied by

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix I – Accounting Procedure 	Page 4 
	 	 

	 	(3) 	 the actual total time spent on the Mining
        Operations by the Employees expressed in man days.

	 	(ii) 	 Without limiting the generality of the foregoing,
        the anticipated total operating expenses of the Supervision Offices shall
        include:

	 	 	 	 
	 		(A) 	 the salaries and wages of the Operator's Personnel which
        have been directly charged to those Offices;

	 		(B) 	 the field bonuses paid to the Operator's Personnel;

	 		(C) 	 the Reasonable Expense of the Personnel; and

	 		(D) 	 Employee Benefits and Government Contributions in respect
        of the Personnel.

	 	 	 	 
	 	(iii) 	 The Operator shall make an adjustment in respect
        of the Office Maintenance cost forthwith after the end of each Operating
        Year upon having determined the actual operating expenses and actual total
        staff man days referred to in clause 3.1 (c) (i) (B) of this Appendix
        I.

	(d) 	 Material: Material purchased or furnished
        by the Operator for use on the Mining Properties as provided under Section
        4 of this Appendix I.

	 	 	 
	(e) 	 Transportation Charges: The cost of
        transporting Employees and Material necessary for the Mining Operations.

	 	 	 
	(f) 	 Service Charges:

	 	 	 
		(i) 	 The cost of services and utilities procured from outside
        sources other than services covered by paragraph 3.1 (a) of this Appendix
        I. The cost of consultant services shall not be charged to the Joint Account
        unless the retaining of the consultant is approved in advance by the Management
        Committee.

	 	 	 
		(ii) 	 Use and service of equipment and facilities furnished
        by the Operator as provided in Subsection 4.5 of this Appendix I.

	 	 	 
	(g) 	 Damages and Losses to Joint Property:
        All costs necessary for the repair or replacement of Assets made necessary
        because of damages or losses incurred by fire, flood, storm, theft, accident
        or other cause. The Operator shall furnish each Participant with written
        particulars of the damages or losses incurred as soon as practicable after
        the damage or loss has been discovered. The proceeds, if any, received
        on claims against any policies of insurance in respect of those damages
        or losses shall be credited to the Joint Account.

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix I – Accounting Procedure 	Page 5 
	 	 

	(h) 	 Legal Expense: All costs of handling,
        investigating and settling litigation or recover the Assets, including
        attorney's fees, court costs, costs of investigation or procuring evidence
        and amounts paid in settlement or satisfaction of any litigation or claims;
        provided, however, that, unless otherwise approved in advance by the Management
        Committee, no charge shall be made for the services of the Operator's
        legal staff or the fees and expenses of outside solicitors.

	 	 	 
	(i) 	 Taxes: All taxes, duties or assessments
        of every kind and nature (except income taxes) assessed, levied upon,
        or credited upon or in connection with the Mining Properties, the Mining
        Operations thereon, or the production therefrom, which have been paid
        or received by the Operator for the benefit of the parties.

	 	 	 
	(j) 	 Insurance: Net premiums paid for:

	 	 	 
		(i) 	 such policies of insurance on or in connection with
        the Mining Operations as may be required to be carried by law; and

	 	 	 
		(ii) 	 such other policies of insurance as the Operator may
        carry for the protection of the parties in accordance with the Agreement;
        and

	 	 	 
		 the applicable deductibles in event of an
        insured loss.

	 	 	 
	(k) 	 Rentals: Fees, rentals and other similar
        charges required to be paid for acquiring, recording and maintaining permits,
        mineral licences, claims and mining leases and rentals and royalties which
        are paid as a consequence of the Mining Operations.

	 	 	 
	(l) 	 Permits: Permit costs, fees and other
        similar charges which are assessed by various governmental agencies.

	 	 	 
	(m) 	 Other Expenditures: Such other costs
        and expenses which are not covered or dealt with in the foregoing provisions
        of this Subsection 3.1 of this Appendix I as are incurred with the approval
        of the Management Committee for the necessary and proper conduct of the
        Mining Operations or as may be contemplated in the Agreement.

	4. 	 PURCHASE OF MATERIAL

		

4.1                Subject
  to Subsection 4.4 of this Appendix I the Operator shall purchase all Materials
  and procure all services required in the Mining Operations.

4.2               
  Materials purchased and services procured by the Operator directly for the Mining
  Operations shall be charged to the Joint Account at the price paid by the Operator
  less all discounts actually received.

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix I – Accounting Procedure 	Page 6 
	 	 

4.3               
  So far as it is reasonably practical and consistent with efficient and economical
  operations, the Operator shall purchase, furnish or otherwise acquire only such
  Material and Assets as may be required for immediate use. The Operator shall
  attempt to minimize the accumulation of surplus stocks of Material.

4.4               
  Any Participant may sell Material or services required in the Mining Operations
  to the Operator for such price and upon such terms and conditions as the Management
  Committee may approve.

4.5               
  Notwithstanding the foregoing provisions of this Section 4, the Operator shall
  be entitled to supply for use in connection with the Mining Operations equipment
  and facilities which are owned by the Operator and to charge the Joint Account
  with such reasonable Costs which is commensurate with the ownership and use
  thereof.

	5. 	 DISPOSAL OF MATERIAL

5.1               
  The Operator, with the approval of the Management Committee, may, from time
  to time, sell any Material which has become surplus to the foreseeable needs
  of the Mining Operations for the best price and upon the most favourable terms
  and conditions available.

5.2               
  Any Participant may purchase from the Operator any Material which may from time
  to time become surplus to the foreseeable needs of the Mining Operations for
  such price and upon such terms and conditions as the Management Committee may
  approve.

5.3               
  Upon termination of the Agreement, the Management Committee may approve the
  division of any Material held by the Operator at that date. The division may
  be between the Participants in kind or be taken by a Participant in lieu of
  a portion of its proportionate share of the net revenues received from the disposal
  of the Assets and Mining Properties. If the division be in lieu to a Participant
  it shall be for such price and on such terms and conditions as the Management
  Committee may approve.

5.4               
  The net revenues from the sale of any Material to third parties or to a Participant
  shall be credited to the Joint Account.

	6. 	 INVENTORIES

6.1              
  The Operator shall maintain records of Material in reasonable detail and records
  of Controllable Material in detail.

6.2              
  The Operator shall perform Counts from time to time at reasonable intervals
  and in connection therewith shall give notice of its intention to perform a
  Count to each Participant at least 30 days in advance of the date set for performing
  the Count. Each Participant shall be entitled to be represented at the performing
  of a Count upon giving notice thereof to the Operator

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix I – Accounting Procedure 	Page 7 
	 	 

within 20 days of the Operator's notice. A Participant who is
  not represented at the performing of the Count shall be deemed to have approved
  the Count as taken.

6.3              
  Forthwith after performing a Count, the Operator shall reconcile the inventory
  with the Joint Account and provide each Participant with a statement listing
  the overages and shortages. The Operator shall not be held accountable for any
  shortages of inventory except such shortages as may have arisen due to a lack
  of diligence on the part of the Operator.

	7. 	 ADJUSTMENTS

7.1              
  Payment of any invoice by a Participant shall not prejudice the right of the
  Participant to protest the correctness of the statement supporting the payment;
  provided, however, that all invoices and statements presented to each Participant
  by the Operator during any Operating Year shall conclusively be presumed to
  be true and correct upon the expiration of 12 months following the end of the
  Operating Year to which the invoice or statement relates, unless within that
  12 month period that Participant gives notice to the Operator making claim on
  the Operator for an adjustment to the invoice or statement.

7.2              
  The Operator shall not adjust any invoice or statement in favour of itself after
  the expiration of 12 months following the end of the Operating Year to which
  the invoice or statement relates.

7.3              
  Notwithstanding Subsections 7.1 and 7.2 of this Appendix I, the Operator may
  make adjustments to an invoice or statement which arise out of a physical inventory
  of Material or Assets.

7.4              
  A Participant shall be entitled upon notice to the Operator to request that
  the independent external auditors of the Operator provide that Participant with
  their opinion that any invoice or statement delivered pursuant to the Agreement
  in respect of the period referred to in Subsection 7.1 of this Appendix I has
  been prepared in accordance with this Agreement.

7.5              
  The time required for giving the audit opinion contemplated in Subsection 7.1
  of this Appendix I shall not extend the time for the making of exception to
  and making claim on the Operator for adjustment as provided in Subsection 7.1
  of this Appendix I.

7.6              
  The cost of the auditors opinion referred to in Subsection 7.4 of this Appendix
  I shall be solely for the account of the Participant requesting the auditor's
  opinion, unless the audit disclosed a material error adverse to that Participant,
  in which case the cost shall be solely for the account of the Operator.

APPENDIX II

  TO SCHEDULE C TO THE OPTION AGREEMENT

  BETWEEN

  AGNICO-EAGLE AND AMERICAN BONANZA GOLD CORP.

  EFFECTIVE AS OF NOVEMBER 15, 2007

NSR ROYALTY

APPENDIX II

  TO SCHEDULE C TO THE OPTION AGREEMENT

  BETWEEN

  AGNICO-EAGLE AND AMERICAN BONANZA GOLD CORP.

  EFFECTIVE AS OF NOVEMBER 15, 2007

NSR ROYALTY

	1. 	 INTERPRETATION

1.1              
  In this Appendix II capitalized terms shall have the meaning ascribed to them
  in the Agreement. In addition, the following terms have the meanings
  set out below.

	(a) 	 Agreement means the Joint
        Operating Agreement to which this Appendix II is appended.

	 	 	 
	(b) 	 Net Smelter Return shall mean
        the actual proceeds received by the Operator from any mint and/or smelter
        and/or refinery and/or reduction works and/or other purchaser in respect
        of the sale of ores, metals, concentrates or other minerals from the Mining
        Properties, after deducting therefrom to the extent they were actually
        incurred and/or were not deducted by such mint and/or smelter and/or refinery
        and/or reduction works and/or other purchaser in computing payment, the
        following:

	 	 	 
		(i) 	 any treatment and/or smelting and/or refining charges
        and/or tolling, including any such costs from a custom smelter, any penalties
        or other charges for impurities, including metal losses or deductions
        in respect of metals not paid for;

	 	 	 
		(ii) 	 all actual transportation costs for ores, metals, concentrates
        or other minerals from the Mining Properties to any such mint and/or smelter
        and/or refinery and/or reduction works and/or other purchaser including
        any such costs to any ultimate buyer of metals and including storage and
        handling costs, purchaser's charges for preparation, treatment, refining,
        assaying, weighing, and sampling, marketing fees or costs, brokerage fees
        or costs, and all other costs incurred by Operator after the ores, metals,
        concentrates or other minerals leave the Mining Properties;

	 	 	 
		(iii) 	 any insurance charges on all such ores, metals, concentrates
        or other minerals including marine insurance and chatterer’s liability
        insurance;

	 	 	 
		(iv) 	 all appropriate charges of such mint, smelter, refinery,
        reduction works or other purchaser and any sales, excise, production,
        import, export and other Taxes and levies, including mining taxes on such
        ores, metals, concentrates or other minerals (but excluding income taxes);

	 	 	 
		(v) 	 notwithstanding the foregoing, in the event that ores
        or minerals are processed at a milling facility owned or controlled or
        sub-contracted by the Operator, then any transportation or handling or
        related costs from the Mining Properties to such milling facility shall
        not be deductible in calculating the NSR. However, any

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix II – Net Smelter Return Royalty 	Page 2 
	 	 

such costs incurred on concentrates
  or metals produced from such ores or minerals at such facility and delivered
  to any mint and/or smelter and/or refinery and/or reduction works and/or other
  purchaser shall be deductible as herein provided.

	(c) 	 Participant means a Party which contributes
        to Mine Costs in accordance with Section 10 of the Agreement.

	 	 
	(d) 	 Recipient means a Party whose Interest
        was diluted to less than 10% in accordance with Sections 7.9 or 10.2 of
        the Agreement resulting in the conversion of its Interest into
        a right to receive a NSR Royalty in the manner set forth in this Appendix
        II.

	 	 
	(e) 	 NSR Royalty means, subject to Section
        2.5 of this Appendix II, a net smelter royalty equal to 1% of the Net
        Smelter Return.

	2. 	 THE NSR ROYALTY

2.1              
  Vesting. If a non-Participant's Interest, further to dilution under Sections
  7.9 or 10.2 of the Agreement, is reduced to less than 10%, such Interest
  shall then be converted into a right to receive the NSR Royalty.

2.2              
  Property Right. The Participants acknowledge and agree that (i) the NSR
  Royalty is a property right and creates an interest in the Mining Properties
  that runs with the Mining Properties and such interest shall be applicable to
  the Participants and their successors and the permitted assigns of the Mining
  Properties, and (ii) the NSR Royalty shall attach to any amendments, relocations
  or conversions of any mining claim comprising the Mining Properties.

2.3              
  Payment. The NSR Royalty shall not be payable until following the commencement
  of Commercial Production, and shall be paid to the Recipient quarterly within
  60 days after the end of each calendar quarter, commencing with the first December
  31 following the commencement of Commercial Production.

2.4              
  Audit. The Participants shall maintain true and correct records of all
  products mined, processed and sold and all proceeds otherwise received from
  the Mining Properties, and the Recipient shall have the right to audit such
  records following quarterly reporting periods at the Participants’ offices
  during normal business hours upon reasonable prior notice, provided such audit
  is conducted by the Recipient or by an accounting firm of recognized standing,
  at least one of whose members is a member of the Canadian Institute of Chartered
  Accountants. The Participants shall make available all books and records, refinery
  statements, and other invoices, receipts and records necessary for purposes
  of such audit, and shall make available work space and copying facilities, or
  permit the Recipient and its representatives to install copying facilities for
  use in connection with its audit activities. Any adjustments resulting from
  such audit shall be made promptly after completion thereof. The Recipient shall
  also have the right, at its own

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix II – Net Smelter Return Royalty 	Page 3 
	 	 

expense, to carry out an audit of mine property boundaries for
  the purpose of verifying the location of and production of all products mined
  from the Mining Properties.

2.5              
  Purchase Right. The Participants may at any time after the Completion
  Date, in proportion to their respective Interests, purchase 50% of the 1% NSR
  Royalty, namely a 0.5% NSR Royalty, by giving to the Recipient written notice
  to this effect, together with payment in an amount of $1,000,000. Upon receipt
  of such notice and coincident with such payment, the Recipient shall execute
  and deliver to the Participants such instruments, in registrable form, as the
  Participants may reasonably require to evidence the purchase of 50% of the NSR
  Royalty.

2.6              
  Termination. The NSR Royalty shall cease to be payable on the earlier
  of the date when the Participants: 

	(i) 	 permanently cease to process Minerals; or

	 	 
	(ii) 	 shall have purchased 100% of the NSR Royalty.

	3. 	 FIRST REFUSAL RIGHT

3.1              
  First Refusal. Except with the prior written consent of the Participants,
  the Recipient may not sell, assign, convey, transfer or otherwise dispose of
  the Recipient's rights or interests in the NSR Royalty, or any part thereof,
  except in accordance with the following procedure.

	 	(i) 	 If the Recipient wishes to make a sale, assignment,
        conveyance, transfer or other disposition of all (but not less than all)
        of the NSR Royalty (the « Offered Interest »), except
        to an Affiliate, the Recipient shall first make an offer in writing (an
        « Offer ») to the Participants, in proportion to their
        respective Interest, to sell the Offered Interest at a price and otherwise
        on such terms as may be specified in the Offer. The Participants shall
        have 45 days after receipt of such notice to accept the Offer in whole
        (but not in part) by notice in writing to the Recipient and, in the event
        of such acceptance, the Recipient shall be obliged to complete such sale,
        assignment, conveyance, transfer or other disposition to the Participant
        at the price and on the terms stated in the Offer.

	 	 	 
	 	(ii) 	 If the Offer is not accepted by the Participants within
        such period of 45 days, the Recipient shall be free, for 60 days after
        the end of such 45-day period, subject to section 3.1 (iii) of this Appendix
        II, to sell, assign, convey, transfer or otherwise dispose of all (but
        not less than all) of the Offered Interest, to another purchaser, at a
        price and otherwise on terms and conditions not more favourable to such
        purchaser than those contained in the Offer; provided, however, that if
        no sale, transfer, assignment or other disposition is effected within
        such 60 day period, the provisions of this Appendix II shall once again
        apply and so on from time to time thereafter.

	Option Agreement 	FRASER MILNER CASGRAIN LLP 
	Vezza / Noyon-Northway Properties 	November 15, 2007 
	Schedule C – Joint Operating Agreement 	  
	Appendix II – Net Smelter Return Royalty 	Page 4 
	 	 

	 	(iii) 	 No sale, transfer, assignment or other disposition to
        a purchaser pursuant to section 3.1 (ii) of this Appendix II may be completed
        unless, as a condition thereof, such purchaser shall have first executed
        and delivered an undertaking in favour of the Participants, in form and
        substance satisfactory to the Participants, to be bound by the provisions
        of this Appendix II, including section 3.1 of this Appendix II, and to
        require any subsequent purchaser thereof to be similarly bound.

	4. 	 COMMINGLING

4.1              
  Commingling. The Participants will have the right to commingle Minerals
  from the Mining Properties with metallurgically consistent Minerals mined or
  removed from other properties owned by the Participants or any Affiliate thereof,
  either before or after concentration or beneficiation and before or after the
  commencement of Commercial Production, and to process such Minerals at a common
  processing plant, whether located on or off the Mining Properties, provided
  that the Participants shall adopt and employ reasonable practices and procedures
  for weighing, determination of moisture content, sampling and assaying such
  Minerals for metal content and impurities and recording such data and utilize
  reasonably accurate recovery factors in order to determine the amount of economically
  recoverable products derived from such Minerals. In addition, comparable procedures
  may be used by the Participants to apportion among the commingled Minerals any
  penalties imposed by a purchaser. The Participants shall maintain accurate records
  of the results of such sampling, weighing and analysis and the Recipient shall
  be permitted the right, at all reasonable times and at its own cost, to observe
  such practices and procedures and to examine such records relating to any commingling
  of Minerals.

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