Document:

Employment Agreement between Killbuck Savings Bank Company and Diane S. Knowles

 EXHIBIT 10.3 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT entered into this 25th day of April, 2005, (“Effective Date”), by and between THE KILLBUCK SAVINGS BANK COMPANY and DIANE S. KNOWLES (the “Employee”).

 WHEREAS, the Employee has heretofore been employed by The Killbuck Savings Bank Company as Chief Financial Officer and is experienced in
all phases of the business of The Killbuck Savings Bank Company; and 
 WHEREAS, the parties desire by this agreement to set forth the
continuing employment relationship of The Killbuck Savings Bank Company and the Employee. 
 NOW, THEREFORE, it is AGREED as follows:

 1. Employment. The Employee is employed in the capacity as the Chief Financial Officer of The Killbuck Savings Bank Company. The
Employee shall render such administrative and management services to The Killbuck Savings Bank Company as are currently rendered and as are customarily performed by persons situated in a similar executive capacity. The Employee shall promote the
business of The Killbuck Savings Bank Company. The Employee’s other duties shall be such as the Board of Directors for The Killbuck Savings Bank Company may from time to time reasonably direct, including normal duties as an officer of The
Killbuck Savings Bank Company. 
 2. Base Compensation. The Killbuck Savings Bank Company agrees to pay the Employee during the Term
of this Agreement (as hereinafter defined at Section 5) a salary at the rate of at least $105,000.00 per annum, payable in cash not less frequently than monthly; provided, that the rate of such salary shall be reviewed by the Board of Directors
not less often than annually, and Employee shall be entitled to receive annually an adjustment at such percentage or in such an amount as the Board of Directors in its sole discretion may decide at such time. 
 3. Discretionary Bonus. The Employee shall be entitled to participate in an equitable manner with all other senior management employees of The
Killbuck Savings Bank Company in discretionary bonuses that may be authorized and declared by the Board of Directors to its senior management employees from time to time. No other compensation provided for in this Agreement shall be deemed a
substitute for the Employee’s right to participate in such discretionary bonuses when and as declared by the Board of Directors. 
 4.
(a) Participation in Retirement and Medical Plans. The Employee shall be entitled to participate in any plan of The Killbuck Savings Bank Company relating to pension, profit-sharing, or other retirement benefits and medical coverage or
reimbursement plans that The Killbuck Savings Bank Company may adopt for the benefit of its employees. Additionally, Employee’s dependent family shall be eligible to participate in medical and dental insurance plans sponsored by The Killbuck
Savings Bank Company with the cost of such premiums paid by The Killbuck Savings Bank Company. 

 (b) Employee Benefits; Expenses. The Employee shall be eligible to participate in any fringe
benefits which may be or may become applicable to The Killbuck Savings Bank Company’s senior management employees, including by example, participation in any stock option or incentive plans adopted by the Board of Directors of The Killbuck
Savings Bank Company and any other benefits which are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement. The Killbuck Savings Bank Company shall reimburse Employee for all reasonable
out-of-pocket expenses which Employee shall incur in connection with her service for The Killbuck Savings Bank Company. 
 5. Term.
The term of employment of Employee under this Agreement shall be for the period commencing on the Effective Date and ending one year thereafter. Additionally, on, or before, each annual anniversary date from the Effective Date, the term of
employment under this Agreement shall be extended for up to an additional one year period beyond the then effective expiration date upon a determination and resolution of the Board of Directors that the performance of the Employee has met the
requirements and standards of the Board, and that the Terms of such Agreement shall be extended. If at any time during the original term of this Agreement, or any extension thereof, discussions or negotiations take place which, if concluded by
agreement, would result in a change in control as defined in paragraph 12, the determination and resolution referred to above shall not be required, and this Agreement shall be deemed extended for a period of one (1) year beyond the then
effective expiration date. Such extension shall occur whether or not such discussions or negotiations actually resulted in an agreement. 
 6. Loyalty; Noncompetition. 
 (a) The Employee shall devote her full time and attention to the performance of her employment
under this Agreement. During the term of Employee’s employment under this Agreement, the Employee shall not engage in any business or activity contrary to the business affairs or interest of The Killbuck Savings Bank Company. 
 (b) Nothing contained in this Section 6 shall be deemed to prevent or limit the right of Employee to invest in the capital stock or other securities
of any business dissimilar from that of The Killbuck Savings Bank Company exceeding 4.9% of said Company. 
 7. Standards. The
Employee shall perform her duties under this Agreement in accordance with such reasonable standards expected of employees with comparable positions in comparable organizations and as may be established from time to time by the Board of Directors.

 8. Vacation and Sick Leave. At such reasonable times as the Board of Directors shall in its discretion permit, the Employee shall
be entitled, without loss of pay, to absent herself voluntarily from the performance of her employment under this Agreement, with all such voluntary absences to count as vacation time; provided that: 
 (a) The Employee shall be entitled to annual vacation leave in accordance with the policies as are periodically established by the Board of Directors for
senior management employees of The Killbuck Savings Bank Company. 
 (b) Employee shall not be entitled to accumulate unused vacation from
one fiscal year to the next, except to the extent authorized by the Board of Directors for senior management employees of The Killbuck Savings Bank Company. 

 (c) In addition to the aforesaid paid vacations, the Employee shall be entitled without loss of pay to
absent herself voluntarily from the performance of her employment with The Killbuck Savings Bank Company for such additional periods of time and for such valid and legitimate reasons as the Board of Directors in its discretion may determine.
Further, the Board of Directors shall be entitled to grant to the Employee a leave or leaves of absence with or without pay at such time or times and upon such terms and conditions as the Board of Directors in its discretion may determine.

 (d) In addition, the Employee shall be entitled to an annual sick leave benefit as established by the Board of Directors for senior
management employees of The Killbuck Savings Bank Company. In the event that any sick leave benefit shall not have been used during any year, such leave shall accrue to subsequent years to the extent authorized by the Board of Directors for
employees of The Killbuck Savings Bank Company. 
 9. Termination and Termination Pay. 
 The Employee’s employment under this Agreement shall be terminated upon any of the following occurrences: 
 (a) The death of the Employee during the term of this Agreement, in which event the Employee’s estate shall be entitled to receive the compensation
due the Employee through the last day of the third calendar month following the month in which Employee’s death shall have occurred. 
 (b) The Board of Directors may terminate the Employee’s employment at any time, but any termination by the Board of Directors other than termination for Just Cause, shall not prejudice the Employee’s right to compensation or other
benefits under the Agreement. The Employee shall have no right to receive compensation or other benefits for any period after termination for Just Cause. Termination for “Just Cause” shall include termination because of the Employee’s
personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar
offenses) or final cease-and-desist order, or material breach of any provision of the Agreement. 
 (c) Except as provided pursuant to
Section 12 herein, in the event Employee’s employment under this Agreement is terminated by the Board of Directors without Just Cause, The Killbuck Savings Bank Company shall be obligated to continue to pay the Employee the salary provided
pursuant to Section 2 herein, up to the date of termination of the Term (including any renewal term) of this Agreement and the cost of Employee obtaining all health, life, disability, and other benefits which the Employee would be eligible to
participate in through such date based upon the benefit levels substantially equal to those being provided Employee at the date of termination of employment. Notwithstanding the foregoing, in no event except as provided pursuant to Section 12
herein shall the Employee receive payment of her salary in accordance with Section 2 herein and the cost of applicable benefits for a period of more than twelve months from the date of termination of employment without Just Cause. To receive
compensation under this section, employee agrees not to be employed at any financial institution, which maintains offices within Holmes County while receiving such compensation. Such employment will result in employee forfeiting any remaining
compensation as described in this section. 
 (d) If the Employee is removed and/or permanently prohibited from participating in the conduct
of The Killbuck Savings Bank Company’s affairs by an order issued under Section 8 (e) (4) or 8 (g) (1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818 (e) (4) and (g) (1)), all
obligations of The Killbuck Savings Bank Company under this Agreement shall terminate, as of the effective date of the order, but the vested rights of the parties shall not be affected. 
 (e) If The Killbuck Savings Bank Company is in default (as defined in Section 3 (x) (1) of FDIA) all obligations under this Agreement
shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

 (f) All obligations under this Agreement shall be terminated, except as to the extent determined that
continuation of this Agreement is necessary for the continued operation of The Killbuck Savings Bank Company (i) by the Superintendent of the Division of Financial Institutions, or his designee, at the time that the Federal Deposit Insurance
Corporation (“FDIC”) or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of The Killbuck Savings Bank Company under the authority contained in Section 13 (c) of FDIA; or (ii) by
the Superintendent of the Division of Financial Institutions, or his designee, at the time that the Superintendent of the Division of Financial Institutions, or his designee, approves a supervisory merger to resolve problems related to operation of
The Killbuck Savings Bank Company or when The Killbuck Savings Bank Company is determined by the Superintendent of the Division of Financial Institutions to be in an unsafe or unsound condition. Any rights of the parties that have already vested,
however, shall not be affected by such action. 
 (g) The voluntary termination by the Employee during the term of this Agreement with the
delivery of no less than 60 days written notice to the Board of Directors, other than pursuant to Section 12 (b) in which case the Employee shall be entitled to receive only the compensation, vested rights, and all employee benefits up to
the date of such termination. 
 (h) Notwithstanding anything herein to the contrary, any payments made to the Employee pursuant to the
Agreement or otherwise, shall be subject to and conditioned upon compliance with 12 USC Sec. 1828 (k) and any regulations promulgated thereunder. 
 10. Suspension of Employment. If the Employee is suspended and/or temporarily prohibited from participating in the conduct of The Killbuck Savings Bank Company’s affairs by a notice served under
Section 8 (e) (3) or (g) (1) of the FDIA (12 U.S.C. 1818 (e) (3) and (g) (1)), The Killbuck Savings Bank Company’s obligations under the Agreement shall be suspended as of the date of service, unless
stayed by appropriate proceedings. If the charges in the notice are dismissed, The Killbuck Savings Bank Company may in its discretion (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended
and (ii) reinstate any of its obligations which were suspended. 
  

	 	11.	Disability. If the Employee shall become disabled or incapacitated to the extent that she is unable to perform her duties hereunder, by reason of medically determinable
physical or mental impairment, as determined by a doctor engaged by the Board of Directors, Employee shall nevertheless continue to receive the compensation and benefits provided under the terms of this Agreement in accordance with The Killbuck
Savings Bank Company’s disability policy, as in effect on the date she becomes disabled. Such benefits noted herein shall be reduced by any benefits otherwise provided to the Employee during such period under the provisions of disability
insurance coverage in effect for The Killbuck Savings Bank Company’s employees. Thereafter, Employee shall be eligible to receive benefits provided by The Killbuck Savings Bank Company under the provisions of disability insurance coverage in
effect for The Killbuck Savings Bank Company’s employees. Upon returning to active full-time employment, the Employee’s full compensation as set forth in this Agreement shall be reinstated as of the date of commencement of such activities.
In the event that the Employee returns to active employment on other than a full-time basis, then her compensation (as set forth in Section 2 of this Agreement) shall be reduced in proportion to the time spent in said employment, or as shall
otherwise be agreed to by the parties at the discretion of the Board of Directors. 

 12. Change in Control. 
 (a) Notwithstanding any provision herein to the contrary, in the event of the involuntary termination of Employee’s employment during the Term of
this Agreement following any change in control of The Killbuck Savings Bank Company, absent Just Cause, Employee shall be paid an amount equal to the product of 2.00 times the Employee’s “base amount” as defined in Section 280G
(b) (3) of the Internal Revenue Code of 1986, as amended (the “Code”) and regulations promulgated thereunder. Said sum shall be paid, at the option of employee, either in one (1) lump sum within thirty (30) days of such
termination discounted to the present value of such payment using as the discount rate the “prime rate” as published in the Wall Street Journal Eastern Edition as of the date of such payment minus 100 basis points, or in periodic payments
over the next 24 months or the remaining term of this Agreement whichever is less, as if Employee’s employment had not been terminated, and such payments shall be in lieu of any other future payments which the Employee would be otherwise
entitle to receive under Section 9 of this Agreement. Notwithstanding the forgoing, all sums payable hereunder shall be reduced in such manner and to such extent so that no such payments made hereunder when aggregated with all other payments to
be made to the Employee by The Killbuck Savings Bank Company shall be deemed an “excess parachute payment” in accordance with Section 280G of the Code and be subject to the excise tax provided at Section 4999(a) of the Code. The
term “control” shall refer to the ownership, holding or power to vote more than 25% of the Holding Company’s voting stock, the control of the election of a majority of The Killbuck Savings Bank Company’s directors, or the
exercise of a controlling influence over the management or policies of The Killbuck Savings Bank Company by any person or by persons acting as a group within the meaning of Section 13(d) of the Securities Exchange Act of 1934. The term
“person” means an individual other than the Employee, or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed
herein. 
 (b) Notwithstanding any other provision of this Agreement to the contrary, Employee may voluntarily terminate her employment
during the Term of this Agreement following a change in control of The Killbuck Savings Bank Company, and Employee shall thereupon be entitled to receive the payment described in Section 12(a) of this Agreement, upon the occurrence, or within
one hundred eighty (180) days thereafter, of any of the following events, which have not been consented to in advance by the Employee in writing: (i) if Employee would be required to move her personal residence or perform her principal
executive functions more than thirty-five (35) miles from the Employee’s primary office as of the signing of this Agreement; (ii) if in the organizational structure of The Killbuck Savings Bank Company, Employee would be required to
report to a person or persons other than the Board of The Killbuck Savings Bank Company; (iii) if The Killbuck Savings Bank Company should fail to maintain Employee’s base compensation in effect as of the date of the Change in Control and
the existing employee benefits plans, including material fringe benefit, stock option and retirement plans, except to the extent that such reduction in benefit programs is part of an overall adjustment in benefits for all employees of The Killbuck
Savings Bank Company and does not disproportionately adversely impact the Employee; (iv) if Employee would be assigned duties and responsibilities other than those normally associated with her position as referenced at Section 1, herein;
(v) if Employee would not be elected or re-elected to the Board of Directors of The Killbuck Savings Bank Company or (vi) if Employee’s responsibilities or authority have in any way been diminished or reduced. 
 13. Successors and Assigns. 
 (a) This
Agreement shall inure to the benefit of and be binding upon any corporate or other successor of The Killbuck Savings Bank Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all
of the assets or stock of The Killbuck Savings Bank Company. 

 (b) Since The Killbuck Savings Bank Company is contracting for the unique and personal skills of the
Employee, the Employee shall be precluded from assigning or delegating her rights or duties hereunder without first obtaining the written consent of The Killbuck Savings Bank Company. 
 14. Amendments. No amendments or additions to this Agreement shall be binding upon the parties hereto unless made in writing and signed by both
parties, except as herein otherwise specifically provided. 
 15. Applicable Law. This Agreement shall be governed by all respects
whether as to validity, construction, capacity, performance or otherwise, by the laws of the State of Ohio, except to the extent that Federal law shall be deemed to apply. 
 16. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. 
 17. Arbitration. Any controversy or claim arising out of or
relating to this Agreement, or the breach thereof, shall be settled by arbitration in accordance with the rules then in effect of the district office of the American Arbitration Association (“AAA”) nearest to the home office of The
Killbuck Savings Bank Company, and judgment upon the award rendered may be entered in any court having jurisdiction thereof, except to the extent that the parties may otherwise reach a mutual settlement of such issue. The Killbuck Savings Bank
Company shall reimburse Employee for all reasonable costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, following the delivery of the decision of the arbitrator finding in favor of the
Employee. Further, the settlement of the dispute to be approved by the Board of Directors of The Killbuck Savings Bank Company may include a provision for the reimbursement by The Killbuck Savings Bank Company to the Employee for all reasonable
costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, or the Board of Directors of The Killbuck Savings Bank Company may authorize such reimbursement of such reasonable costs and expenses
by separate action upon a written action and determination of the Board of Directors following settlement of the dispute. 
 18. Entire
Agreement. This Agreement together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire Agreement between the parties hereto subject to the Laws of the State of Ohio. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and first hereinabove written. 
  

							
	 Signed in presence of
	 		 	THE KILLBUCK SAVINGS BANK COMPANY
		 		 		 	
	 /s/ Kenneth E. Taylor
	 		 	By: 1.	 	 /s/ Richard L. Fowler

	Witness as to 1	 		 		 	Richard L. Fowler, Chairman
		 		 		 	Board of Directors
	 /s/ Dean J. Mullet
	 		 		 	
	Witness as to 1	 		 		 	
		 		 		 	 EMPLOYEE

				
	 /s/ Kenneth E. Taylor
	 		 	By: 2.	 	 /s/ Diane S. Knowles

	Witness as to 2	 		 		 	Diane S. Knowles, Chief Financial Officer
		 		 		 	
	 /s/ Dean J. Mullet
	 		 		 	
	Witness as to 2Silver Dragon Resources Inc.: Exhibit 10.1 - Prepared by TNT Filings Inc.

 

ASSET PURCHASE AGREEMENT 

THIS AGREEMENT made as of 16th
day of March, 2006 

B E T W E E N: 

  SINO SILVER CORP., a
  corporation incorporated under the laws of the State of Nevada, (hereinafter
  called the "Seller") 

OF THE FIRST PART; 

  and - 

  
  SANHE SINO-TOP RESOURCES AND TECHNOLOGIES,
  LTD., a limited liability company and joint venture
  organized and existing under the laws of the People's Republic of China,
  

  (hereinafter called "Sino-Top") 

OF THE SECOND PART; 

  SILVER DRAGON RESOURCES INC., a
  corporation incorporated under the laws of the State of Delaware, 

  (hereinafter called the "Buyer") 

OF THE THIRD PART. 

ARTICLE 1 

INTERPRETATION 

Section 1.01 Definitions 

Whenever used in this
Agreement, unless there is something in the subject matter or context
inconsistent therewith, the following words and terms shall have the respective
meanings ascribed to them in this Section 1.01: 

"Agreement"
means this Asset Purchase Agreement and all instruments supplemental hereto or
in amendment or confirmation hereof; "hereof", "hereto" and "hereunder" and
similar expressions mean and refer to this Agreement and not to any particular
Article or Section; "Article" or "Section" means and refers to the specified
article or section of this Agreement; 

"Business Day" means any day,
other than a Saturday, Sunday or statutory or civic holiday in the Province of
Ontario or in the United States; 

"U.S. Closing"
means the completion of the sale to, and purchase by the Buyer of, the Purchased
Assets hereunder by the transfer and delivery of all required closing documents
and the payment of the portion of the Purchase Price as required pursuant to
Section 2.02(b); 

"Final Closing"
means the completion of the sale to, and purchase by the Buyer of, the Purchased
Assets hereunder by the transfer and delivery of documents of title thereto and
the payment of the Purchase Price therefore as contemplated hereby; 

"U.S. Closing Date" means the
20th day of May, 2006 or such other Business Day as the Parties may agree as the
date upon which the U.S. Closing shall take place; 

"Closing Time"
means 2:00 o'clock in the afternoon on the U.S Closing Date or the Final Closing
Date (as the case may be) or such other time on such dates as the Parties may
agree as the time at which the Closing shall take place; 

"Parties" means the Seller,
Sino-Top and the Buyer collectively, and "Party" means any one of them; 

"Payment" has the meaning
ascribed thereto in Section 2.02 of this Agreement; 

"Person"
includes an individual, corporation, partnership, joint venture, trust,
unincorporated organization, the Crown or any agency or instrumentality thereof
or any other juridical entity; 

"Purchase Price" means the
purchase price to be paid by the Buyer to the Seller for the Purchased Assets as
provided in Section 2.01 hereof; 

"Purchased Assets" means the
following, as more particularly described in Schedule "B": 

  (a) Sino-Top
  Shares - a sixty percent (60%) equity interest in Sanhe Sino-Top Resources and
  Technologies, Ltd. ("Sino-Top"); 

  
  (b) Contracts - all right, title and interest of the Seller in, to and under,
  and the full benefit of a certain Joint Venture Contract made as of the 27th
  day of January 2005, a copy of which is set out in Schedule "H". 

Section 1.02 Gender and Number 

In this Agreement, words importing the singular
include the plural and vice versa and words importing gender include all
genders. 

Section 1.03 Entire Agreement 

This Agreement, including Schedules
"A" to "K" hereto, together with the agreements and other documents to be
delivered pursuant hereto, constitute the entire agreement between the Parties
pertaining to the subject matter hereof and supersede all prior agreements,
understandings, negotiations and discussions, whether oral or written, of the
Parties and there are no warranties, representations or other agreements between
the Parties in connection with the subject matter hereof except as specifically
set forth herein and therein. No supplement, modification or amendment to this
Agreement and no waiver of any provision of this Agreement shall be binding on
any Party unless executed by such Party in writing. No waiver of any of the
provisions of this 

- 2 - 

Agreement shall be deemed or shall constitute a waiver of any other provision
(whether or not similar) nor shall such waiver constitute a continuing waiver
unless otherwise expressly provided. 

Section 1.04 Article and Section Headings 

Article and Section headings
contained herein are included solely for convenience, are not intended to be
full or accurate descriptions of the content thereof and shall not be considered
part of this Agreement. 

Section 1.05 Schedules 

The following Schedules are an integral part of this
Agreement: 

Schedule "A" - Seller's Attorney's
Escrow Agreement 

Schedule "B" - Description of Purchased Assets 

Schedule "C" - Consent of Majority of Sino-Top Shareholders 

Schedule "D" - Consent of Chinese Authorities 

Schedule "E" - Properties 

Schedule "F" - Equity Ownership of Sino-Top 

Schedule "G" - Sino-Top Financial Statements 

Schedule "H" - Contracts of Sino-Top 

Schedule "I" - Leases of Sino-Top 

Schedule "J" - Buyer's Attorney's Escrow Agreement 

Schedule "K" - Buyer's Commitment on investment to Sino-Top in 2006 

Section 1.06 Applicable Law 

This Agreement shall be governed by
and construed in accordance with the laws of the Province of Ontario and the
federal laws of Canada applicable therein and shall be treated, in all respects,
as an Ontario contract. Each Party hereto irrevocably attorns to and submits to
the non-exclusive jurisdiction of the Courts of Ontario with respect to any
matter arising hereunder or related hereto. 

Section 1.07 Currency 

Unless otherwise indicated, all dollar amounts
referred to in this Agreement are in United States funds. 

Section 1.08 Tender 

Any tender of documents or money
hereunder may be made upon the Parties or their respective counsel and money may
be tendered by official bank draft drawn upon an American chartered bank or by
negotiable cheque payable in United States funds and certified by a United
States bank or trust company. 

- 3 - 

ARTICLE 2 

Purchase and Sale of Purchased Assets 

Section 2.01 Purchase and Sale of Purchased Assets 

Upon and subject to
the terms and conditions hereof, the Seller shall sell, transfer, assign and set
over to the Buyer and the Buyer shall purchase and acquire from the Seller on
the Final Closing Date the Purchased Assets for the following (the "Purchase
Price"): 

(a) the sum of SIX
HUNDRED AND FIFTY THOUSAND DOLLARS ($650,000.00), payable in accordance with
Section 2.02 hereof; 

(b)
FOUR MILLION (4,000,000) restricted common shares of the Buyer (the "Shares")
delivered to the Seller's Attorney on the US Closing date, to be held in escrow
pursuant to the terms of the Seller's Attorney's Escrow Agreement attached
hereto as Schedule "A". 

The Buyer shall be
permitted to direct that the Sino-Top Shares be recorded in the name of the
Buyer's wholly-owned Chinese Subsidiary (the "Buyer's Subsidiary"), if so
requested by the Buyer. 

All pending payments
pursuant to the Venture Agreement dated April 14, 2005 between the Buyer and the
Seller are suspended pending the Final Closing, after which all such payments
shall be waived. 

Section 2.02 Payment 

Upon and subject to the terms and
conditions hereof, the Buyer agrees to pay the Seller for the Purchased Assets
as follows: 

(a)
Payment by delivery at the signing of this Agreement of a certified cheque or
bank draft in the amount of ONE HUNDRED AND FIFTY THOUSAND DOLLARS ($150,000.00)
("Initial Payment") payable to the Seller, or as the Seller may otherwise
direct, which is non refundable in the event of the termination of this
Agreement but shall be subject to Section 7.02 in the event of such termination;

(b)
Payment by delivery on the U.S. Closing of a certified cheque or bank draft in
the amount of ONE HUNDRED THOUSAND DOLLARS ($100,000.00) payable to the Seller
or as the Seller may otherwise direct (the "Second Payment"). ; 

(c)
Payment by delivery on the Final Closing date of a certified cheque or bank
draft in the amount of FOUR HUNDRED THOUSAND DOLLARS ($400,000.00) payable to
the Seller, or as the Seller may otherwise direct; 

Section 2.03 Payment Obligation to Sino-Top 

Upon and subject to the terms and conditions hereof,
the Buyer agrees to loan the Seller (the "Loan") for the Sino-Top payment
obligation due March 30, 2006 as follows: 

- 4 - 

Payment by delivery on or before
March 30, 2006 directly to Sino-Top of a certified cheque, bank draft or wire
transfer in the amount of TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($250,000.00)
(the "Sino-Top Payment") to be secured by the share certificate representing
250,000 shares of the Buyer currently held by Seller (the "Collateral Share
Certificate"), such security to be delivered to the Buyer's Attorneys in escrow
at the time of the signing of this Agreement, to be held by them pursuant to the
terms of the escrow agreement attached hereto as Schedule "J" ("Buyer's
Attorneys' Escrow Agreement"). Upon the Final Closing, the Loan shall be
forgiven. 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

Section 3.01 Representations And Warranties Of The Seller

The Seller hereby
represents and warrant to the Buyer as follows and acknowledges that the Buyer
is relying on these representations and warranties in entering into this
Agreement and the transactions contemplated under this Agreement: 

(a)
Corporate Status. Seller is a corporation duly organized, validly
existing and in good standing under the laws of the State of Nevada, and has the
requisite power and authority to own or lease its properties and to carry on its
business as now being conducted. 

(b)
Power and Authority. Seller has the power and authority to execute and
deliver this Agreement, to perform its obligations hereunder and to consummate
the transactions contemplated hereby. At the U.S. Closing Seller will have
received all required shareholder approval and taken all corporate action
necessary to authorize the execution and delivery of this Agreement, the
performance of its obligations hereunder and the consummation by it of the
transactions contemplated hereby. 

(c)
Enforceability. This Agreement has been duly executed and delivered by
the Seller and upon approval by Seller's shareholders, will constitute a legal,
valid and binding obligation of Seller, enforceable against Seller in accordance
with its terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors' rights generally and general equitable principles regardless of
whether such enforceability is considered in a proceeding at law or in equity.

(d)
No Violation. The execution and delivery of this Agreement by Seller and
Sino-Top, the performance by Seller of its obligations hereunder and the
consummation by Seller of the transactions contemplated by this Agreement will
not (a) contravene any provision of the articles of incorporation or bylaws of
Seller, (b) subject to approvals of certain Chinese authorities as more
particularly set out in Schedule "D", violate or conflict with any law, statute,
ordinance, rule, regulation, decree, writ, injunction, judgment or order of any
governmental authority or of any arbitration award that is applicable to,
binding upon or enforceable against Seller or Sino-Top, (c) conflict with,
result in any breach of, or constitute a default (or an event that would, with
the passage of time or the giving of notice or both, constitute a default)
under, or give rise to a right to terminate, amend, modify, abandon or
accelerate, any contract or agreement that is applicable to, binding upon or
enforceable against Seller, or (d) result in or require the creation or
imposition of any lien upon or with respect to any of the property or assets of
Seller. 

- 5 - 

(e)
No Commissions. The Seller has not incurred any obligation for any
finder's or broker's or agent's fees or commissions or similar compensation in
connection with the transactions contemplated by this Agreement. 

(f)
Ownership of Sino-Top Interest. The Seller owns the Sino-Top Shares
pursuant to the terms of the Sino-Top Joint Venture Contract (as hereinafter
defined), and confirms that the Sino-Top Shares have not been pledged in any
manner whatsoever and are free and clear of any and all liens, mortgages,
charges, hypothecs, claims, security interests, encumbrances and rights of any
other person, corporation or entity whatsoever) other than those arising under
Chinese law or by virtue of the Joint Venture Contract or the Articles of
Association. 

(g)
Sino-Top Consent. The Seller shall provide written consent to this
Agreement by the Majority of the "Sino-Top Shareholders" as defined in S. 8.1 of
the Joint Venture Contract dated January 27, 2005 between the Seller and
Sino-Top (the "Sino-Top Joint Venture Contract"), such consent to include a
certificate of the President of Sino-Top confirming that the Seller has
fulfilled all of its obligations pursuant to the Sino-Top Joint Venture Contract
up to and including the date of such consent. A copy of such consent is attached
hereto as Schedule "C". 

(h)
Representations Regarding Sino-Top. The Seller is up-to-date and in good
standing with respect to all of its obligations pursuant to the Sino-Top Joint
Venture Contract including, without limitation, all capital contributions
required to be made by the Seller. The Seller confirms that its next capital
contribution in the sum of $250,000.00 is required to be made to Sino-Top no
sooner that March 20, 2006, and the final capital contribution in the sum of
$250,000.00 required to be made by the Seller is due in March 2007. 

(i)
Representations Regarding the Properties. Sino-Top has validly renewed
its exploration licenses/rights on the properties as more particularly described
in Schedule "E", (the "Properties") all such rights (the "Property Rights")
being valid up to and including the dates indicated on Schedule E, and all
required government permits have been validly issued and are in good standing
pursuant to the laws of the Government of the People's Republic of China.
Sino-Top has exclusive exploratory rights with respect to the Properties
pursuant to the laws of the Government of China, free and clear of all liens,
disputes, claims and encumbrances. 

(j)
Title to Purchased Assets. The Seller is and, on Final Closing, the Buyer
shall become, the absolute beneficial owner of the Sino-Top Shares, free and
clear of any title defects, mortgages, pledges, hypothecs, security interests,
deemed trusts, liens, charges, encumbrances or rights or claims of others of any
kind whatsoever and is exclusively entitled to possess and dispose of the same,
free and clear pledges, whatsoever sively
entitled and is exclu dispose to the same, subject to the
provisions of the Joint Venture Agreement, Articles of Association and
applicable law. 

- 6 - 

(k)
No Options. No person other than the Buyer has any agreement or option or
any right capable of becoming an agreement or option for the purchase from the
Seller of any of the Purchased Assets. 

(l)
Absence of Conflicting Agreements. The Seller is not a party to, bound or
affected by or subject to any indenture, mortgage, lease, agreement, instrument,
charter or by-law provision, statute, regulation, order, judgment, decree or law
which would be violated, contravened or breached by, or under which any default
would occur as a result of the execution and delivery by it of this Agreement.

(m)
Material Contracts. Except for the contracts listed in Schedule "H" (the
"Contracts"), the Seller is not a party to or bound by any material contract or
commitment whether oral or written which affect, in any way, the Purchased
Assets. The Contracts are all in good standing and in full force and effect
unamended and no material default or breach exists. 

(n)
No Actions. To our knowledge Sino-Top is in compliance with all laws and
regulations applicable to it and its business and there are no (i) actions,
suits, claims, investigations or legal, administrative or arbitration
proceedings pending or threatened against either the Seller or Sino-Top which
affect, in any material way, the Purchased Assets, or (ii) judgments, decrees,
injunctions or orders of any court, governmental authority or arbitrator against
either the Seller or Sino-Top which affect, in any way, the Purchased Assets;

(o)
As of the date hereof and as of the U.S. Closing Date, 100% of the equity
ownership interests of Sino-Top are owned by the Sino-Top Shareholders and the
Seller as reflected in Schedule "F". Other than as set forth in the Sino-Top
Venture Contract, there are no options, warrants or other securities exercisable
for, convertible into, or exchangeable for, equity ownership interests of
Sino-Top or any subscriptions, agreements or commitments for Sino-Top to issue
any equity ownership interests of Sino-Top, nor any voting agreements,
preemptive rights, rights of first refusal or redemption rights with respect to
the equity ownership interests of Sino-Top; 

(p)
The only approvals required of any governmental agency or body with respect to
any transaction contemplated by this Agreement, and with respect to Sino-Top's
rights with respect to the Properties are set forth on Schedule "D"; 

(q)
The financial statements of Sino-Top as of December 31, 2004 and for the year
then ended and as of September 30, 2005 (the "Sino-Top Financial Statements")
are attached hereto as Schedule "G"; the Sino-Top Financial Statements fairly
present the financial position of Sino-Top at the dates thereof and the results
of operations for the periods then ended; Seller shall deliver to Buyer prior to
the U.S. Closing, audited financial statements of Sino-Top for the year ended
December 31, 2005, which shall be prepared in accordance with U.S. Generally
Accepted Accounting Principles ("GAAP") and will fairly present the financial
position of Sino-Top at the date thereof and the results of operations for the
period then ended; 

- 7 - 

(r)
Sino-Top has accurately prepared and timely filed all tax returns which are
required to be filed by it, and has paid all taxes shown to be due and payable
on said returns or on any assessment made against it or any of its property or
assets by any taxing authority which are due and payable; 

(s)
Schedule "I" sets forth and describes all leases or agreements to lease under
which Sino-Top leases any real property, and Sino-Top is not in default of any
of its material obligations under any lease; 

(t)
Sino-Top is the owner of and has good and marketable title to all of its
properties and assets set forth on the Sino-Top Financial Statements and all
assets acquired by Sino-Top since September 30, 2005, free and clear of all
mortgages, charges, pledges, security interests, liens, claims or demands of any
nature whatsoever ("Encumbrances"), except those which may have been incurred in
the ordinary course of business; 

(u)
Sino-Top has no liabilities except for liabilities set forth on the Sino-Top
Financial Statements or which have arisen after September 30, 2005 in the
ordinary course of business; 

(v)
Sino-Top has set forth on Schedule "H" any and all material contracts including
without limitation, those related to the Property Rights set forth below,
whether written or oral, to which it is a party, and Sino-Top is not, nor is any
party thereto, in breach or default thereunder; 

(w)
Sino-Top owns or validly holds all licenses, franchises, permits, approvals,
authorizations and registrations that are necessary for it to own, lease or
operate its properties and assets and to conduct its business as now conducted
and its business has been and is being conducted in material compliance with all
such licenses, franchises, permits, approvals, authorizations and registrations;

(x)
Since December 31, 2005, Sino-Top has not engaged in any transaction not in the
ordinary curse of business, nor has it entered into any agreement requiring the
payment of more than $5,000 in the aggregate), nor has it granted any license or
sublicense of any of its Property Rights and has taken such action as is
necessary to preserve and maintain all such Property Rights 

Section 3.02 Representations and Warranties of the Buyer

The Buyer hereby represents and
warrant to the Seller as follows and acknowledges that the Seller is relying on
these representations and warranties in entering into this Agreement and the
transactions contemplated under this Agreement: 

- 8 - 

(a)
Corporate Status. Buyer is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware, and has the
requisite power and authority to own or lease its properties and to carry on its
business as now being conducted. 

(b)
Power and Authority. Buyer has the power and authority to execute and
deliver this Agreement, to perform its obligations hereunder and to consummate
the transactions contemplated hereby. 

(c)
Enforceability. This Agreement has been duly executed and delivered by
the Buyer constitutes a legal, valid and binding obligation of Buyer,
enforceable against Buyer in accordance with its terms, except as the same may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors' rights generally and
general equitable principles regardless of whether such enforceability is
considered in a proceeding at law or in equity. 

(d)
Violation. The execution and delivery of this Agreement by Buyer, the
performance by Buyer of its obligations hereunder and the consummation by Buyer
of the transactions contemplated by this Agreement will not (a) contravene any
provision of the certificate of incorporation or bylaws of Buyer, (b) violate or
conflict with any law, statute, ordinance, rule, regulation, decree, writ,
injunction, judgment or order of any governmental authority or of any
arbitration award that is applicable to, binding upon or enforceable against
Buyer, (c) conflict with, result in any breach of, or constitute a default (or
an event that would, with the passage of time or the giving of notice or both,
constitute a default) under, or give rise to a right to terminate, amend,
modify, abandon or accelerate, any contract or agreement that is applicable to,
binding upon or enforceable against Buyer, (d) result in or require the creation
or imposition of any lien upon or with respect to any of the property or assets
of Buyer. 

(e) Buyer Shares.
The Shares, when issued to Seller as provided herein, will be duly issued, fully
paid and non-assessable. 

(f) SEC Filings.
Since January 1, 2005, Buyer has filed with the United States Securities and
Exchange Commission ("SEC") all material forms, statements, reports and other
documents (including all exhibits, amendments and supplements thereto) required
to be filed by Buyer under the Securities Exchange Act of 1934, as amended
("Exchange Act"), collectively the "Exchange Act Documents", all of which
complied in all material respects with the applicable requirements of the
Exchange Act. As of their respective dates, none of the Exchange Act Documents
contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made not misleading. 

(g) Buyer's
commitment. Buyer promises to complete investments to Sino-Top in 2006
according to the amount of investment and time table in Schedule "K". 

- 9 - 

Section 3.03 Commission 

Each Party represents and warrants to
the other Party that no Person is entitled to a brokerage commission, finder's
fee or other like payment in connection with the purchase and sale contemplated
hereby. 

Section 3.04 Disclosure. 

None of the foregoing
representations, warranties and statements of fact contains any untrue statement
of material fact or omits to state any material fact necessary to make any such
representation, warranty or statement not misleading to a prospective purchaser
of the Purchased Assets seeking full information concerning the matters which
are the subject of such representations, warranties and statements. 

ARTICLE 4 

OTHER COVENANTS OF THE PARTIES 

Section 4.01 Investment Representations. 

(a)
The Seller is a sophisticated investor and has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and
risks of an investment in the Shares. 

(b)
The Seller is acquiring the Shares for its own account and not with a view
toward distribution in a manner that would violate the Securities Act of 1933,
as amended ("Securities Act"). 

(c)
The Seller understands that the Shares have not been registered under the
Securities Act. The Seller agrees that it will not sell or otherwise dispose of
any of the Shares unless such sale or other disposition has been registered
under the Securities Act or is exempt from registration under the Securities Act
and has been registered or qualified or is exempt from registration or
qualification under applicable state securities laws. The Seller acknowledges
that, until such time as the Shares have been registered under the Securities
Act or otherwise may be sold pursuant to Rule 144 under the Securities Act
("Rule 144") without any restriction as to the number of securities as of a
particular date that can then be immediately sold, the certificates evidencing
the Shares may bear a restrictive legend in substantially the following form:

  
    THE SECURITIES REPRESENTED BY THIS
    CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE
    ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID
    ACT UNLESS SOLD PURSUANT TO RULE 144 OF SAID ACT OR UNLESS THE SECURITIES
    ARE OTHERWISE SOLD, TRANSFERRED OR ASSIGNED IN COMPLIANCE WITH ALL
    APPLICABLE SECURITIES LAWS. 

  

- 10 - 

Section 4.02 Actions to Satisfy Closing Conditions 

Each of the Parties hereto hereby
agrees to take all such commercially reasonable actions as are within its power
to control, and to use commercially reasonable efforts to cause other actions to
be taken which are not within its power to control, so as to ensure compliance
with any conditions set forth in this Agreement which are for the benefit of any
other Party hereto. 

Section 4.03 Access for Investigation 

The Buyer shall be
entitled to conduct, prior to the U. S. Closing, a due diligence review of the
assets, properties, books, records, business, operations, and financial
condition of Sino-Top (hereinafter referred to as "Due Diligence Review"). The
Seller and Sino-Top and their respective officers, employees and agents shall
facilitate such review by the Buyer and its representatives (including its
attorneys, accountants and consultants) and shall furnish all information as may
be reasonably requested by such reviewing party, and shall afford such reviewing
party and its representatives an opportunity to examine such books, records and
properties of Sino-Top as may be requested. 

ARTICLE 5 

INDEMNIFICATION 

Section 5.01 Obligation to Indemnify 

Each party hereto agrees to indemnify
and hold harmless the other party hereto and its officers, directors, employees,
affiliates and agents from, against and in respect of, the full amount of any
and all liabilities, damages, claims, deficiencies, fines, assessments, losses,
taxes, penalties, interest, costs and expenses, including, without limitation,
reasonable fees and disbursements of counsel (collectively, "Indemnifiable
Damages"), arising from, relating to, caused by (whether in whole or in part),
in connection with, or incident to any breach, inaccuracy or violation of any of
the representations, warranties, covenants or agreements of such indemnifying
party contained in this Agreement, in any schedule or exhibit to this Agreement,
or in any certificate delivered by such indemnifying party in connection with
this Agreement on the Closing Date. 

Section 5.02 Survival of Representations and Warranties 

Each of the representations and
warranties made by any party hereto in this Agreement or pursuant hereto shall
survive after the Final Closing Date for a period of 2 years. Notwithstanding
any knowledge of facts determined or determinable by any party by investigation,
each party shall have the right to fully rely on the representations,
warranties, covenants and agreements of the other party contained in this
Agreement or in any other documents or papers delivered in connection herewith.
However, any representation or warranty known to be false by a Party prior to
the Final Closing shall not survive such Final Closing. Each representation,
warranty, covenant and agreement of any party contained in this Agreement is
independent of each other representation, warranty, covenant and agreement. 

- 11 - 

Section 5.03 Third Party Actions 

With respect to each claim made by a
third party for which an Indemnified Party (as hereinafter defined) seeks
indemnification under this Article 5 (a "Third Party Claim"), the Indemnified
Party shall give prompt notice to the Indemnifying Party (as hereinafter
defined) of the Third Party Claim, provided that failure to give such notice
promptly shall not relieve or limit the obligations of the Indemnifying Party
except to the extent the Indemnifying Party has been materially prejudiced
thereby (and such failure to notify the Indemnifying Party will not relieve the
Indemnifying Party from any other liability it may have to the Indemnified
Party). The Indemnifying Party will have the right to defend the Indemnified
Party against any Third Party Claim with counsel of the Indemnifying Party's
choice reasonably satisfactory to the Indemnified Party so long as and to the
extent that (a) the Indemnifying Party notifies the Indemnified Party in
writing, within fifteen (15) days after receipt from the Indemnified Party of
notice of the claim, that the Indemnifying Party will indemnify and defend the
Indemnified Party and agrees in writing to provide such defense and
indemnification, from and against any Indemnifiable Damages with respect to
which such Indemnified Party is entitled to indemnification and defense under
Section 5.01 hereof that the Indemnified Party may suffer resulting from,
arising out of, relating to, in the nature of, or caused by the claim; (b) the
claim seeks the recovery of solely money damages and does not contain a claim
for an injunction, specific performance, a declaration of rights or other
equitable relief; (c) the Indemnifying Party conducts the defense of the claim
actively and diligently; and (d) representation of both the Indemnified Party
and the Indemnifying Party by the counsel selected by the Indemnifying Party
would not create an actual or potential conflict of interest between the
Indemnified Party and the Indemnifying Party. In all other cases, the
Indemnified Party shall be entitled to retain its own separate counsel and
control the defense of the Third Party Claim, all at the sole cost and expense
of the Indemnifying Party. If there is a conflict of interest, however, that
would prevent counsel for the Indemnifying Party from also representing the
Indemnified Party as reasonably determined by the Indemnified Party, then the
Indemnified Party shall have the right to select separate counsel, at the
Indemnifying Party's sole cost and expense, to participate in the defense of
such action on behalf of the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to so assume the
defense thereof, the Indemnifying Party will not be liable to the Indemnified
Party pursuant to the provisions of this Article 5 for the related counsel and
paralegal fees and expenses subsequently incurred by the Indemnified Party in
connection with the defense thereof, unless (i) the Indemnified Party shall have
employed counsel in accordance with the provisions of this paragraph, (ii) the
Indemnifying Party shall not have employed counsel reasonably satisfactory to
the Indemnified Party to represent the Indemnified Party within a reasonable
time after notice of the commencement of the action, or (iii) the Indemnifying
Party has not authorized the employment of counsel for the Indemnified Party at
the expense of the Indemnifying Party. Notwithstanding anything to the contrary
in this Agreement, the Indemnifying Party shall have no right to settle or
compromise, without the prior written consent of the Indemnified Party, any
action or claim to the extent the settlement or compromise provides for any
injunctive or other equitable relief against the Indemnified Party other than
monetary damages, or does not include as an unconditional term thereof the
providing to the Indemnified Party by the third party of a release, in form and
substance acceptable to the Indemnified Party, of all liability in respect of
such claim. Nothing stated herein shall otherwise affect the Indemnifying
Party's obligation to pay the Indemnified Party any Indemnifiable Damages
pursuant to the provisions of this Article 5. The Indemnified Party shall
reasonably cooperate with the Indemnifying Party in the defense of any
action or claim assumed by the Indemnifying
Party in accordance with the terms hereof and shall make available to the
Indemnifying Party such information as the Indemnifying Party reasonably
requests in connection with any such defense. For purposes of this Article 5, an
"Indemnified Party" shall mean a party claiming defense or indemnification under
this Article 5 and an "Indemnifying Party" shall mean a party from whom defense
or indemnification is sought under this Article 5. With regard to any Third
Party Claims for which indemnification is payable hereunder, such
indemnification shall be paid by the Indemnifying Party upon the earliest to
occur of:

- 12 - 

(a) the entry of a judgment against the Indemnified Party and
the expiration of any applicable appeal period, or if earlier, ten (10) days
prior to the date that the judgment creditor has the right to execute the
judgment; (b) the entry of a non-appealable judgment or final appellate decision
against the Indemnified Party; (c) a settlement of the claim; or (d) with
respect to indemnities for tax liabilities, upon the issuance of any binding
resolution by a taxation authority. Notwithstanding the foregoing, expenses of
counsel to the Indemnified Party shall be reimbursed on a solicitor-client basis
by the Indemnifying Party. All indemnification claims not paid when due shall
bear interest at a rate equal to the lesser of 10% per annum or the highest rate
permitted by law. 

Section 5.04 Right to Indemnification Not Affected by
Knowledge or Waiver 

The right to indemnification, payment
of Indemnifiable Damages or other remedy based upon breach of representations,
warranties, covenants, agreements or obligations or otherwise will not be
affected by any investigation conducted (or not conducted) with respect to, or
knowledge acquired (or capable of being acquired) at any time, whether before or
after the execution and delivery of this Agreement or the Closing Date, with
respect to the accuracy or inaccuracy of or compliance with any such
representation, warranty, covenant, agreement or obligation. The waiver of any
condition based on the accuracy of any representation or warranty, or on the
performance of or compliance with any covenant, agreement or obligation, will
not affect the right to indemnification, payment of Indemnifiable Damages or
other remedy based on such representations, warranties, covenants, agreements
and obligations. 

Section 5.05 
Notwithstanding anything in this Article 5 to the contrary, Seller and Buyer
shall not be entitled to indemnification with respect to a breach of any
representation or warranty unless the amount of such claim or claims, in the
aggregate, exceed one hundred thousand dollars ($100,000) (each, a "Permitted
Claim") and neither Party shall be entitled to indemnification or damages for
any amount in excess of three million six hundred fifty thousand dollars
($3,650,000). 

ARTICLE 6 

CONDITIONS PRECEDENT TO THE PERFORMANCE BY THE PARTIES 

OF THEIR OBLIGATIONS UNDER THIS AGREEMENT 

Section 6.01 Buyer's Conditions 

The obligation of the Buyer to
complete the purchase of the Purchased Assets hereunder shall be subject to the
satisfaction of, or compliance with, at or before the Final Closing, each of the
following conditions precedent (each of which is hereby acknowledged to be
inserted for the exclusive benefit of the Buyer and may be waived by it in whole
or in part): 

- 13 - 

(a)
This Agreement and the transfer of the Sino-Top Shares from the Seller to the
Buyer or its subsidiary have been approved by the competent commerce bureau in
the People's Republic of China ("Approval Authority"), without any additional or
different conditions being imposed which are not agreed to by the parties in
writing; 

(b)
Appropriate documents have been issued or approved by appropriate Chinese
governmental authorities, reflecting that the Buyer or its subsidiary has become
a new shareholder of Sino-Top holding 60% of the equity interests of Sino-Top,
without any additional or different conditions being imposed which are not
agreed to by the parties in writing; 

(c)
The representations and warranties of the Seller and Sino-Top contained in this
Agreement shall be true and correct at and as of the U.S. Closing Date and the
Final Closing with the same force and effect as though made at and as of such
time. The Seller shall have performed and complied with all of its obligations
required by this Agreement to be performed or complied with at or prior to the
U.S. Closing Date and the Final Closing. The Seller shall have delivered to the
Buyer a certificate, dated as of the U.S. Closing Date and the Final Closing,
duly signed by the Seller's and Sino-Top's respective presidents or chief
executive officers, certifying that such respective representations and
warranties are true and correct and that all such obligations have been
performed and complied with; 

(d)
Between the date hereof and the Final Closing, (i) there shall have been no
material adverse change in or to Sino-Top or any of its properties, assets or
business and (ii) there shall have been no adverse legislative or regulatory
change affecting in any material adverse way Sino-Top or any of its properties,
assets or business, and there shall have been delivered to the Buyer
certificates to that effect, dated the U.S. Closing Date and the Final Closing
and signed by the respective president or chief executive officer of the Seller
and Sino-Top; 

(e)
The Seller shall have delivered to the Buyer the following with respect to
itself and with respect to Sino-Top (i) copies of their charter documents as in
effect immediately prior to the U. S. Closing Date and Final Closing, and (ii)
copies of resolutions adopted by their respective board of directors and
shareholders authorizing the transactions contemplated by this Agreement; 

(f)
The Seller has provided to the Buyer a true and correct copy of (a) the
documents, consents, certificates, licenses and registrations as set out in
Schedule "D", (b) a certificate of good standing of the Seller issued by the
Secretary of State of the State of its incorporation as of a date not more than
ten (10) days prior to the U.S. Closing Date, and (c) such further and other
documentation as reasonably requested by the Buyer or its counsel, including a
release of obligation under the Venture Agreement of the Parties at the Final
Closing; 

(g)
There shall not be pending or threatened any action or proceeding by or before
any court or other governmental body that shall seek to restrain, prohibit,
invalidate or collect damages arising out of the transactions contemplated by
this Agreement, and that, in the reasonable judgment of the Buyer, makes it
inadvisable to proceed with the transactions contemplated hereby;

- 14 - 

(h)
Sino-Top and the Seller shall have received consents to the transactions
contemplated hereby and waivers of rights to terminate or modify any material
rights or obligations of Sino-Top from any person or entity from whom such
consent or waiver is required under any contract, permit or license to which
Sino-Top or the Properties are bound as of a date not more than ten (10) days
prior to the Final Closing Date; 

(i)
The Seller shall have delivered to the Buyer audited financial statements of
Sino-Top for the twelve month period ended December 31, 2005, such audit to be
performed by GHP Horwath P.C. in conformity with GAAP and the rules and
regulations of the SEC and unaudited quarterly financial statements as of a date
within 30 days of the end of each quarter; and 

(j)
The Seller shall have complied with all reasonable due diligence requests
including but not limited to delivery to the Buyer of all geological and
technical data related to any of the Properties described herein as well as maps
and surveys. 

Section 6.02 Seller's Conditions 

The obligation of the
Seller to complete the sale of the Purchased Assets hereunder shall be subject
to the satisfaction of, or compliance with, at or before the Closing Time, each
of the following conditions precedent (each of which is hereby acknowledged to
be inserted for the exclusive benefit of the Seller and may be waived in whole
or in part). 

(a)
Between the date hereof and the U.S. and Final Closing Dates, there shall have
been no material adverse change in or to Buyer or any of its properties, assets
or business; all representations and warranties shall be true on the U.S.
Closing Date and Final Closing Date and Buyer shall have performed its
obligations pursuant to this Agreement and there shall have been delivered to
the Seller a certificate to that effect, dated the U.S. Closing Date and Final
Closing Date and signed by the President of Buyer. 

(b)
The Buyer shall have delivered to Seller the following: (i) copies of its
Charter documents as in effect immediately prior to the U.S. Closing Date, (ii)
copies of resolutions adopted by its Board of Directors authorizing the
transactions contemplated by the Agreement; (iii) a good standing certificate as
of a date not more than 10 days prior to the U,S. Closing Date and (iv) such
further and other documentation as reasonably requested by the Seller or its
counsel. 

(c)
There shall not be pending or threatened any action or proceeding by or before
any court or other governmental body that shall seek to restrain, prohibit,
invalidate, or collect damages arising out of the transactions contemplated by
this Agreement, and that, in the reasonable judgment of Seller, makes it
inadvisable to proceed with the transactions contemplated hereby. 

- 15 - 

(d) Seller shall
receive the Shares and the Payment specified in Section 2.02(b) on the U.S.
Closing Date. 

(e) Seller shall
receive the Payment specified in Section 2.02(c) on the Final Closing Date.

ARTICLE 7 

TERMINATION 

Section 7.01 This Agreement may be
terminated prior to the Final Closing Date solely by: 

(a) the mutual
written consent of the Parties; 

(b)
the Buyer (i) as a result of Seller's breach of a material representation,
warranty or covenant or (ii) if the Final Closing does not occur within ninety
(90) days from the U.S. Closing Date; or 

(c)
the Seller (i) as a result of Buyer's breach of a material representation,
warranty or covenant or (ii) if the Final Closing does not occur within one
hundred and eighty (180) days from the U.S. Closing Date. 

Section 7.02 Upon
termination for any reason, the Shares and the Collateral Share Certificate held
in escrow by the Seller's and Buyer's attorneys respectively shall be promptly
released to Buyer. In addition, the Initial Payment ($150,000) and 50% of the
Second Payment ($50,000) shall be applied to cash payments required to be made
by the Buyer under the Venture Agreement dated April 14, 2005 between the Buyer
and the Seller, and all obligations under such Venture Agreement shall remain
effective. Furthermore, the Sino-Top Payment ($250,000) made by the Buyer
pursuant to Section 2.03 and the other 50% of the Second Payment ($50,000) shall
be returned to the Buyer within 5 business days of the termination. In the event
that the aforesaid payment is not returned to the Buyer accordingly, the Buyer's
attorneys shall be authorized to release the Collateral Share Certificate to the
Buyer in full satisfaction of said payment and neither party shall have any
other obligation, or indebtedness to the other under this Agreement. 

Section 7.03 If this
Agreement is terminated prior to the Final Closing Buyer shall fully cooperate
and take any and all reasonably commercial measures at Seller's expense to
reflect the Seller's ownership interest in the Sino-Top Shares pursuant to the
applicable provisions of Chinese law. 

- 16 - 

ARTICLE 8 

GENERAL PROVISIONS 

Section 8.01 Notices 

All notices, requests, demands,
claims, and other communications hereunder shall be in writing and shall be
delivered by certified or registered mail (first class postage pre-paid),
guaranteed overnight delivery, or facsimile transmission if such transmission is
confirmed by delivery by certified or registered mail (first class postage
pre-paid) or guaranteed overnight delivery, to the following addresses and fax
numbers (or to such other addresses or fax numbers which such party shall
designate in writing to the other party): 

  
  	if to the Seller:	Sino Silver Corp.
	 	310 Riverside Drive
	 	Suite 2301
	 	New York, NY 10025
	 	Attention: David Bikerman, President
	 	Fax:(860) 434-7718
	 	 
	with a copy to:	Akerman Senterfitt
	 	One S.E. 3rd Ave., 28th Floor
	 	Miami, Florida 33131
	 	Attn.: Leonard H. Bloom, Esquire
	 	Fax: (305) 374-5095
	 	 
	if to the Sino-Top:	Sanhe Sino-Top Resources and Technologies,
      LTD.
	 	North Jingha Road 45, Yanjiao Economic
      Development Zone,
	 	Sanhe City Hebei Province, 065201, P.R.
      China
	 	Attn: Mr. Liang Li Minn
	 	Fax: 86-10-61597354
	 	 
	 	 
	if to Silver Dragon:	Silver Dragon Resources, Inc.
	 	1121 Steeles Avenue West
	 	Suite 803 Toronto, Ontario, Canada M2R3W7
	 	Attn: Marc Hazout, President
	 	Fax: (416) 661-9510
	 	 
	with a copy to:	Garfin Zeidenberg LLP
	 	5255 Yonge Street
	 	Suite 800
	 	Toronto, Ontario, Canada M2N 6P4
	 	Attn: Stephen M. Cohen
	 	Fax: (416) 512-9992

  

- 17 - 

Notice shall be deemed given on the
date sent if sent by facsimile transmission and on the date delivered (or the
date of refusal of delivery) if sent by overnight delivery or certified or
registered mail. 

Section 8.02 Entire Agreement; No Third Party Beneficiaries

This Agreement (including the
exhibits and schedules attached hereto) and the certificates delivered on the
Closing Dates pursuant hereto, contain the entire understanding of the parties
hereto in respect of their respective subject matters and supersede all prior
(oral or written) agreements, understandings, representations and warranties
between or among the parties with respect to such subject matters. The exhibits
and schedules constitute a part hereof as though set forth in full above. This
Agreement is not intended to confer upon any person or entity, other than the
parties hereto, any rights or remedies hereunder. Each party hereto agrees that,
except for the statements, representations and warranties contained in this
Agreement and any exhibit, schedule or document attached hereto and any
certificate delivered on the Effective Date pursuant hereto. Neither party
hereto makes any other statements, representations or warranties (whether in
writing or otherwise) that the other is entitled to rely upon, and each hereby
disclaims any other statements, representations or warranties (whether in
writing or otherwise) made by each party hereto or any of the officers,
directors, employees, agents, financial and legal advisors or other
representatives of such party with respect to the preparation, execution and
delivery of this Agreement and any exhibit, schedule or document attached
hereto, notwithstanding the delivery or disclosure to the other or the other's
representatives of any documentation or other information (whether oral or
written) with respect to any one or more of the foregoing. 

Section 8.03 Transaction Costs 

Except as otherwise provided in this
Agreement, the parties hereto shall pay their own fees and expenses, including
their own counsel fees, incurred in connection with this Agreement or any
transaction contemplated hereby. 

Section 8.04 Amendment; Waiver 

This Agreement may not be modified,
amended, supplemented, cancelled or discharged, except by written instrument
executed by all parties hereto. No failure to exercise, and no delay in
exercising, any right, power or privilege under this Agreement shall operate as
a waiver, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude the exercise of any other right, power or
privilege. No waiver of any breach of any provision shall be deemed to be a
waiver of any preceding or succeeding breach of the same or any other provision,
nor shall any waiver be implied from any course of dealing between the parties
hereto. No extension of time for performance of any obligations or other acts
hereunder or under any other agreement shall be deemed to be an extension of the
time for performance of any other obligations or any other acts. The rights and
remedies of the parties under this Agreement are in addition to all other rights
and remedies, at law or equity, that they may have against each other. 

Section 8.05 Binding Effect; Assignment 

The rights and obligations of this Agreement shall
bind and inure to the benefit of the parties hereto and their respective
successors and assigns. Nothing expressed or implied herein shall be construed
to give any other person or entity any legal or equitable rights hereunder. This
Agreement and/or the rights and obligations under this Agreement may not be
assigned by either party hereto without the prior written consent of the other
party hereto; provided that Sino Silver may assign this Agreement and/or its
rights and obligations hereunder to any successor to its business who/which
agrees to assume its obligations hereunder. Any other purported assignment of
rights or obligations in violation of this Agreement is void.

- 18 - 

Section 8.06 Counterparts 

This Agreement may be executed in any
number of counterparts, each of which shall be an original but all of which
together shall constitute one and the same instrument. A telecopy signature of
any party hereto shall be considered to have the same binding legal effect as an
original signature. Both English and Chinese versions of this Agreement shall be
same meaning and have the same binding legal effect. 

Section 8.07 Interpretation 

The headings contained in this
Agreement and on the schedules are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement or the
schedules. Whenever the words "include," "includes" or "including" are used in
this Agreement, they shall be deemed to be followed by the words "without
limitation." Terms defined in the singular shall have a comparable meaning when
used in the plural, and vice versa. As used in this Agreement, the neuter gender
shall also denote the masculine and feminine, and the masculine gender shall
also denote the neuter and feminine, where the context so permits. 

Section 8.08 Governing Law 

This Agreement shall be governed pursuant to the laws
of the of Province of Ontario and the Federal laws of Canada. 

Section 8.09 Severability 

If any provision of this Agreement is
determined to be invalid, illegal or unenforceable, the remaining provisions of
this Agreement shall remain in full force, if the essential terms and conditions
of this Agreement for each party hereto remain valid, binding and enforceable.

Section 8.10 Construction 

The parties hereto agree and
acknowledge that they have jointly participated in the negotiation and drafting
of this Agreement. In the event of an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto and no presumptions or burdens of proof shall arise
favoring any party hereto by virtue of the authorship of any of the provisions
of this Agreement. Any reference to any federal, provincial, state, local, or
foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. If
any party hereto has breached any representation, warranty, or covenant
contained herein in any respect, the fact that there exists another
representation, warranty, or covenant relating to the same subject matter
(regardless of the relative levels of specificity) which the party has not
breached shall not detract from or mitigate the fact that the party is in breach
of the first representation, warranty, or covenant. 

- 19 - 

Section 8.11 Equity Transfer Agreement 

The parties agree to enter into a simple Equity Transfer
Agreement forthwith following the signing of this Agreement, in order to
facilitate the approval of this transaction in China.

{Signatures On Following Page} 

 

                
              
            
          
        
      
    
  

 

 

- 20 - 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered as of the
day and year first above written. 

  	SILVER DRAGON RESOURCES INC.
	 
	By:
	Name: Marc Hazout
	Title: President
	I have authority to bind the Corporation
	 
	 
	SINO SILVER CORP.
	 
	By:
	Name: David Bikerman
	Title: President
	I have authority to bind the Corporation
	 
	 
	SANHE SINO-TOP RESOURCES AND
	TECHNOLOGIES, LTD.
	 
	By:
	Name: Liang Limin
	Title: Director
	I have authority to bind the Corporation

 

- 21 - 

SCHEDULE "A" 

Seller's Attorney's Escrow Agreement 

SEE ATTACHED 

 

 

 

 

 

 

- 22 - 

SCHEDULE "B" 

Description of Purchased Assets 

1. Sino-Top Shares -
a sixty percent (60%) equity interest in Sanhe Sino-Top Resources and
Technologies, Ltd. 

2. Contracts - all
right, title and interest of the Seller in, to and under, and the full benefit
of the Sino-Top Joint Venture Contract, a list of which is set forth in Schedule
H. 

 

 

 

 

 

- 23 - 

SCHEDULE "C" 

Consent of Sino-Top and its Shareholders

SEE ATTACHED

 

 

 

 

 

- 24 - 

SCHEDULE "D" 

Consents of Chinese Authorities 

1. Approval and
Approval Certificate from local Approving Authority (Provincial Department of
Commerce) to approve the Equity Transfer Agreement, the Amended Joint Venture
Contract and the Articles of Association; 

2. Obtain new
Business License issued by State Administration of Industry and Commerce;

3. Obtain
Post-Equity Transfer Registrations. 

 

 

 

 

- 25 - 

SCHEDULE "E" 

Properties* 

	1. AOBAOTUGOUNAO
	Right Owner	Sanhe Sino Top Resource and Technology Ltd.
	Exploring Agency	North China Geological Prospecting Bureau
    General Exploration Agency
	Location	Gaoyingzi Village, Muxinai Town, Keshiketeng,
    Chifeng, Inner Mongolia
	 	 
	2. SHIDIDONGGOU	 
	Right Owner	Sanhe Sino Top Resource and Technology Ltd.
	Exploring Agency	North China Geological Prospecting Bureau
    General Exploration Agency
	Location	Hongguang Town, Keshiketeng County, Chifeng,
    Inner Mongolia
	 	 
	3. ZHUANXINHU	 
	Right Owner	Sanhe Sino Top Resource and Technology Ltd.
	Exploring Agency	North China Geological Prospecting Bureau
    General Exploration Agency
	Location	Guandi Town, Keshiketeng County, Chifeng,
    Inner Mongolia
	 	 
	4. LIANGDI	 
	Right Owner	Sanhe Sino Top Resource and Technology Ltd.
	Exploring Agency	North China Geological Prospecting Bureau
    General Exploration Agency
	Location	Xindi Town, Keshiketeng County, Chifeng,
    Inner Mongolia
	 	 
	5. DADI	 
	Right Owner	Hebei Hua Guan Science and Technology Park
    Co. Ltd.
	Exploring organization	North China Geological Prospecting Bureau
    General Exploration Agency
	Location	Reshui Town, Keshiketeng County, Chifeng
    City, Inner Mongolia
	 
	6. LAOPANDAO BEIHOU
	Right Owner	Hebei Hua Guan Science and Technology Park
    Co. Ltd.
	Exploring organization	North China Geological Prospecting Bureau
    General Exploration Agency
	Location	Xindi Town, Keshiketeng County, Chifeng City,
    Inner Mongolia

- 26 - 

	* See attached
    for license numbers and specific locations for each listed property.
	 	 	 
	7.
    YUANLINZIBEISHAN
	Right
    Owner	Hebei Hua Guan
    Science and Technology Park Co. Ltd.
	
    Exploring organization	North China
    Geological Prospecting Bureau General Exploration Agency
	
    Location	Tongxing Town,
    Keshiketeng County, Chifeng, Inner Mongolia
	 	 
	8.
    SAIHANAOBAO	 
	Right
    Owner	North China
    Geological Prospecting Bureau General Exploration Agency
	
    Exploring organization	North China
    Geological Prospecting Bureau General Exploration Agency
	
    Location	Reshuit Town,
    Keshiketeng County, Chifeng, Inner Mongolia
	 	 	 
	9.
    ERBAHUO	 
	Right
    Owner	North China
    Geological Prospecting Bureau General Exploration Agency
	
    Location	Maoshandong Town,
    Wengniute County, Chifeng, Inner Mongolia

 

 

- 27 - 

	
    SCHEDULE "F"
	 	 
	Equity
    Ownership of Sino-Top
	 	 
	1.	ZHOU, Lin, Chinese citizen, ID
    No.132821196411020529, holds 31.2% of Sino Top
	 	 
	2.	DUAN, Huanchun, Chinese citizen, ID No.
    131082196612010819, holds 4.8% of Sino Top
	 	 
	3.	SHI, Zhongmei, Chinese citizen, ID No.
    132821196410270526, holds 1.6% of Sino Top
	 	 
	4.	ZHANG, Hongliang, Chinese citizen, ID No.
    132821560916053, holds 0.8% of Sino Top
	 	 
	5.	YANG, Wen, Chinese citizen, ID No.
    132821581225051, holds 0.8% of Sino Top
	 	 
	6.	YANG, Guofu, Chinese citizen, ID No.
    132821370427051, holds 0.8% of Sino Top

 

- 28 - 

SCHEDULE "G" 

Sino-Top Financial Statements 

SEE ATTACHED 

 

 

 

 

- 29 - 

SCHEDULE "H" 

Contracts of Sino-Top 

 

	
    
    Signing date
	
    
    Name
	
    
    Contracting party
	
    
    Remarks

	
    Sep 30, 2003
	
    
    Exploration Right Cooperation
	
    
    North China Geological
	
     

	
     
	
    Agreement
	
    Prospecting
    Bureau General
	
     

	
     
	
     
	
    Exploration
    Agency
	
     

	
    
    Sep. 30, 2003
	
    Exploration
    Right Cooperation
	
    Beijing Asikelai
    Bio-
	
     

	
     
	
    
    Agreement
	
    
    Engineering Ltd.
	
     

	
    
    Oct 17, 2003
	
    
    Cooperation Agreement
	
    Inner Mongolia
    Xingye
	
    
    terminated

	
     
	
     
	
    
    Mineral Ltd.
	
     

	
    Oct 28, 2003
	
    
    Exploration Right Cooperation
	
    
    Hebei Hua Guan Science and
	
     

	
     
	
    Agreement
	
    Technology Park
    Ltd.
	
     

	
    June 8, 2004
	
    
    Dazuozishan Exploration
	
    Zhou Yaozhen
	
     

	
     
	
    Right transfer
    Agreement
	
     
	
     

	
    June 8, 2004
	
    
    Naizishan Exploration Right
	
    Zhou Yaozhen
	
     

	
     
	
    Transfer
    Agreement
	
     
	
     

	
    June 10, 2004
	
    Geological
    Drilling Agreement
	
    
    Chifeng Songnan Geological
	
    
    Terminated on

	
     
	
     
	
    
    Exploration Co.
	
    
    July 6, 2004

	
    Jan 26 2004
	
    
    Xiaoluojiagou Exploraiton
	
    Feng Jun
	
     

	
     
	
    
    Right Transfer Agreement
	
     
	
     

	
    
    Sep 10, 2004
	
    Paoshouyingzi
    Exploration
	
    
    Li Zhenjiang
	
     

	
     
	
    
    Right Transfer Agreement
	
     
	
     

	
    Sep 10, 2004
	
    
    Mining Right Registration
	
    Li Zhenjiang
	
     

	
     
	
    
    Cooperation Agreement
	
     
	
     

	
    Oct 20, 2004
	
    
    Naizishan, Dazuozishan,
	
    Gao Xuedong
	
     

	
     
	
    
    Paoshouyingzi Geophysics
	
     
	
     

	
     
	
    
    Work Agreement
	
     
	
     

	
    Nov. 29, 2004
	
    Mining Rights
    Ownership
	
    
    North China Geological
	
     

	
     
	
    
    Confirmation Letter
	
    
    Prospecting Bureau General
	
     

	
     
	
     
	
    
    Exploration Agency, Hebei
	
     

	
     
	
     
	
    
    Hua Guan Science and
	
     

	
     
	
     
	
    
    Technology Park Ltd., Beijing
	
     

	
     
	
     
	
    
    Asikelai Bio-Engineering Ltd.
	
     

	
    Dec 6, 2004
	
    
    Dazuozishan and Naizishan
	
     
	
     

	
     
	
    
    Exploration right transfer
	
    
    Jiang Wencheng
	
     

	
     
	
    
    agreement
	
     
	
     

- 30 - 

SCHEDULE "I" 

Leases of Sino-Top 

Sino Top leases a total office area of 410 square meters from
North China Geological Prospecting Bureau General Exploration Agency at a price
of 150 RMB per square meter per year (excluding water, heating and electricity
charges). The term of the lease is from January 1, 2003 to December 31, 2007.
The location is the office building on the right front side of North China
Geological Prospecting Bureau General Exploration Agency. 

 

 

 

 

- 31 - 

SCHEDULE "J" 

Buyer's Attorney's Escrow Agreement 

SEE ATTACHED 

 

 

 

 

 

- 32 - 

SCHEDULE "K" 

Buyer's Commitment
on investment to Sino-Top in 2006 

Buyer promises to invest, at least, 10,749,502 RMB to Sino-Top in 2006. The
investment items as following: 

	1. Debts of the Company in 2005	662,000 RMB
	2. Company's basic running cost
    in 2006	1,877,200 RMB
	3. Minimum keeping costs for 6
    properties of the Company	1,659,300 RMB
	4. Investment on focused property
    - Erbahuo Silver Mine	4,058,030 RMB
	    (1)
    Exploration investment in Erbahuo	2,520,030 RMB
	Costs for licences and permission	1,538,000 RMB
	5. Investment on 2 emphasized
    properties	2,492,972 RMB
	    (1) Saihanaobao	 	1,565,432 RMB
	Zhuanxinhu	 	927,540 RMB
	 	 	 
	 	Total: 10,749,502
    RMB
	 	(about $1,343,687)
	 	 	 
	Time table of investments
    promised by the Buyer:	 
	 	 	 
	1. March 30, 2006	$ 250,000	 
	2. May 20, 2006	$ 96,000	 
	3. July 31, 2006	$ 300,000	 
	4. Remaining investment
    ($697,000) shall be paid in equal monthly instalments from August to
    December 20, 2006).

 

- 33 - 

SANHE SINO-TOP RESOURCES & TECHNOLOGIES, LTD.

UNANIMOUS WRITTEN CONSENT 

of the 

BOARD OF DIRECTORS 

IN LIEU OF A SPECIAL MEETING 

March 16, 2006 

The undersigned, being and
constituting all of the directors of SANHE SINO-TOP RESOURCES & TECHNOLOGIES,
LTD., a limited liability company and joint venture organized and existing under
the laws of the People's Republic of China ("Sino-Top"), hereby take the
following actions and adopt the following resolutions. 

RESOLVED,
that as required under Section 8.1 of the Joint Venture Contract dated January
27, 2005 between Sino-Top, Sino-Top Shareholders (as defined in the Joint
Venture Contract) and Sino Silver Corp., a Nevada corporation ("Sino Silver"),
the undersigned directors consent to Sino Silver transferring its entire 60%
interest in Sino-Top to Silver Dragon Resources Inc., a corporation incorporated
under the laws of the State of Delaware ("Silver Dragon"), pursuant to the terms
of the Asset Purchase Agreement dated March 16, 2006 among Sino Silver, Sino-Top
and Silver Dragon. 

[SIGNATURES TO FOLLOW ON NEXT PAGE] 

 

 

- 34 - 

The undersigned directors have executed this Unanimous Written Consent in
Lieu of a Special Meeting as of the date first written above. 

  	DIRECTORS:
	 
	 	 
	 	 
	
      Ian Park	 
	 	 
	 	 
	 	 
	 	 
	
      Duan Huanchun	 
	 	 
	 	 
	 	 
	 	 
	
      Randall Martin	 
	 	 
	 	 
	 	 
	 	 
	
      Liang Limin	 
	 	 
	 	 
	 	 
	 	 
	
      Jiao Wensheng	 

 

- 35 - 

SANHE SINO-TOP RESOURCES & TECHNOLOGIES, LTD.

WRITTEN CONSENT 

of the 

SHAREHOLDERS 

IN LIEU OF A SPECIAL MEETING 

March 16, 2006 

The undersigned, being and
constituting all of the shareholders ("Sino-Top Shareholders") of SANHE SINO-TOP
RESOURCES & TECHNOLOGIES, LTD., a limited liability company and joint venture
organized and existing under the laws of the People's Republic of China
("Sino-Top"), hereby take the following actions and adopt the following
resolutions. 

RESOLVED,
that as required under Section 8.1 of the Joint Venture Contract dated January
27, 2005 between Sino-Top, Sino-Top Shareholders (as defined in the Joint
Venture Contract) and Sino Silver Corp., a Nevada corporation ("Sino Silver"),
the undersigned Sino-Top Shareholders consent to Sino Silver transferring its
entire 60% interest in Sino-Top to Silver Dragon Resources Inc., a corporation
incorporated under the laws of the State of Delaware ("Silver Dragon"), pursuant
to the terms of the Asset Purchase Agreement dated March 16, 2006 among Sino
Silver, Sino-Top and Silver Dragon, and furthermore, we waive our first right of
refusal to purchase such interest from Sino Silver. 

[SIGNATURES TO FOLLOW ON NEXT PAGE] 

 

 

- 36 - 

The undersigned Sino-Top Shareholders have executed
this Written Consent in Lieu of a Special Meeting as of the date first written
above. 

  	SHAREHOLDERS:	 
	 	 
	 	 
	
      Zhou Lin	 
	 	 
	 	 
	 	 
	
      Duan Huanchun	 
	 	 
	 	 
	 	 
	
      Shi Zhongmei	 
	 	 
	 	 
	 	 
	
      Zhang Hongliang	 
	 	 
	 	 
	 	 
	
      Yang Wen	 
	 	 
	 	 
	 	 
	
      Yang Guofu	 

 

- 37 -

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