Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Searchlight Minerals Corp. - Exhibit 4.2

WARRANT CERTIFICATE NO. S-B-032 

THIS WARRANT AND THE SHARES OF COMMON STOCK ACQUIRABLE UPON
EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE. THIS WARRANT
MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE
UNITED STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND
WARRANTS HAVE BEEN REGISTERED UNDER THE ACT AND THE APPLICABLE SECURITIES
LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY
REGULATION S UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A
DAY AFTER THE LATER OF (I) March 21, 2007, AND (II) THE DATE THE ISSUER BECAME A
REPORTING ISSUER IN ANY PROVINCE OR TERRITORY. 

SEARCHLIGHT MINERALS CORP.
A NEVADA
CORPORATION
#120 - 2441 West Horizon Ridge Parkway
Henderson, NV
89052 

COMMON STOCK PURCHASE WARRANT CERTIFICATE 

MARCH 21, 2007 

	1. 	Issuance 

THIS IS TO CERTIFY THAT, for value received, D&D
SECURITIES COMPANY of 150 York Street, Suite 1716, Toronto, Ontario, M5H 3S5
(the “Holder”), shall have the right to purchase from SEARCHLIGHT MINERALS
CORP., a Nevada corporation (the “Corporation”), Seventy Five Thousand One
Hundred Seventy Five 75,175 fully paid and non-assessable shares of the
Corporation’s common stock (the “Shares”), subject to further adjustment as set
forth in Section 6 hereof, at any time until 5:00 P.M., Pacific time, on the
21st day of March, 2009 (the “Expiration Date”) at an exercise price
of $4.50 per share (the "Exercise Price").

	2. 	Exercise of Warrants

This Warrant is exercisable in whole or in partial allotments
at the Exercise Price per Share payable hereunder, payable in cash or by
certified or official bank check. Upon surrender of this Warrant Certificate
with the annexed Notice of Exercise Form duly executed, together with payment of
the Exercise Price for the Shares purchased, the Holder shall be entitled to
receive a certificate or certificates for the Shares so purchased. No fractional
shares shall be issued in connection with any exercise of this Warrant. In lieu
of the issuance of any fractional share, the Corporation shall round up or down
the fractional amount to the nearest whole number. 

	3. 	Reservation of Shares

The Corporation hereby agrees that at all times during the term
of this Warrant there shall be reserved for issuance upon exercise of this
Warrant such number of Shares as shall be required for issuance upon exercise of
this Warrant (the “Warrant Shares”).

	Searchlight Minerals Corp. 	2 
	Common Stock Purchase 	  
	Warrant
      Certificate No. S-B-032 	 
    

	4. 	Mutilation or Loss of Warrant
  

Upon receipt by the Corporation of evidence satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant, and (in the case
of loss, theft or destruction) receipt of reasonably satisfactory
indemnification, and (in the case of mutilation) upon surrender and cancellation
of this Warrant, the Corporation will execute and deliver a new Warrant of like
tenor and date and any such lost, stolen, destroyed or mutilated Warrant shall
thereupon become void. 

	5. 	Rights of the Holder

The Holder shall not, by virtue hereof, be entitled to any
rights of a stockholder in the Corporation, either at law or equity, and the
rights of the Holder are limited to those expressed in this Warrant and are not
enforceable against the Corporation except to the extent set forth herein. 

	6. 	Protection Against Dilution.
  

The Exercise Price and the number of shares which can be
purchased by the Holder upon the exercise of this Warrant shall be subject to
adjustment in the events and in the manner following: 

	 	(1) 	
      If and whenever the shares at any time outstanding shall
      be subdivided into a greater number or consolidated into a lesser number
      of shares, the Exercise Price shall be decreased or increased
      proportionately as the case may be; upon any such subdivision or
      consolidation, the number of shares which can be purchased upon the
      exercise of this warrant certificate shall be increased or decreased
      proportionately as the case may be.

	 	 	 
	 	(2) 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Corporation or in case of the
      consolidation, merger or amalgamation of the Corporation with or into any
      other company, this Warrant shall after such capital reorganization,
      reclassification of capital, consolidation, merger or amalgamation confer
      the right to purchase the number of shares or other securities of the
      Corporation or of the Corporation resulting from such capital
      reorganization, reclassification, consolidation, merger or amalgamation,
      as the case may be, to which the Holder of the shares deliverable at the
      time of such capital reorganization, reclassification of capital,
      consolidation, merger or amalgamation, upon the exercise of this Warrant
      would have been entitled. On such capital reorganization,
      reclassification, consolidation, merger or amalgamation appropriate
      adjustments shall be made in the application of the provisions set forth
      herein with respect to the rights and interest thereafter of the Holder of
      this Warrant so that the provisions set forth herein shall thereafter be
      applicable as nearly as may reasonably be in relation to any shares or
      other securities thereafter deliverable on the exercise of this Warrant.
      If a dispute shall at any time arise with respect to adjustments of the
      Exercise Price or the number of Warrant Shares purchasable upon the
      exercise of this Warrant, such disputes shall be conclusively determined
      by the auditors of the Corporation or if they are unable or unwilling to
      act, by such other firm of independent chartered accountants certified by
      the United States Public Company Accounting Oversight Board as may be
      selected by the directors and any such determination shall be conclusive
      evidence of the correctness of any adjustment made pursuant to subsection
      6(2) hereof and shall be binding upon the Corporation and the
    Holder.

	 	 	 
	 	(3) 	
      The rights of the Holder evidenced hereby are to purchase
      shares prior to or on the date set out on the face of this Warrant. If
      there shall, prior to the exercise of any of the rights evidenced hereby,
      be any reorganization of the authorized capital of the Corporation by way
      of consolidation, merger, subdivision, amalgamation or otherwise, or the
      payment of any stock dividends, then there shall automatically be an
      adjustment in either or both of the number of shares which may be
      purchased pursuant hereto or the price at which
such

	Searchlight Minerals Corp. 	3 
	Common Stock Purchase 	  
	Warrant
      Certificate No. S-B-032 	 
    

	 		
      shares may be purchased so that the rights evidenced
      hereby shall thereafter as reasonably as possible be equivalent to those
      originally granted hereby. The Corporation shall have the sole and
      exclusive power to make such adjustments as it considers necessary and
      desirable.

	 	 	 
	 	(4) 	
      The adjustments provided for herein in the subscription
      rights represented by this Warrant are
cumulative.

	7. 	Transfer to Comply with the Act and Other
      Applicable Securities Legislation 

This Warrant and the Warrant Shares have not been registered
under the Securities Act of 1933, as amended, (the "Act") and have been issued
to the Holder pursuant to Regulation S of the Act on the representations of the
Holder in a subscription agreement executed by the Holder in favor of the
Corporation. Neither this Warrant nor any of the Warrant Shares or any other
security issued or issuable upon exercise of this Warrant may be sold,
transferred, pledged or hypothecated in the absence of an effective registration
statement under the Act relating to such security or an opinion of counsel
reasonably satisfactory to the Corporation that registration is not required
under the Act. Each certificate for the Warrant, the Warrant Shares and any
other security issued or issuable upon exercise of this Warrant shall contain a
legend on the face thereof, in form and substance satisfactory to counsel for
the Corporation, setting forth the restrictions on transfer contained in this
Section. By acceptance of this certificate, the Holder acknowledges and agrees
that: 

	 	(1) 	
      The Holder will only sell the Warrants and the shares
      issuable upon exercise of the Warrants (the “Warrant Shares") only in
      accordance with the provisions of Regulation S of the Act, pursuant to
      registration under the Act, or pursuant to an available exemption from
      registration pursuant to the Act;

	 	 	 
	 	(2) 	
      The Corporation will refuse to register any transfer of
      the Warrants and the Warrant Shares not made in accordance with the
      provisions of Regulation S of the Act, pursuant to registration under the
      Act, or pursuant to an available exemption from registration;
and

	 	 	 
	 	(3) 	
      The Holder will not engage in hedging transactions except
      in accordance with the Act.

All certificates representing the Warrant Shares will be
endorsed with the following legend: 

	

    	
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY
      REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT
      BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT
      IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO
      AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING
      TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
      UNLESS IN COMPLIANCE WITH THE ACT. 
	

    
	 	
       
	 
	

    	
      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE
      THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [INSERT DATE
      OF DISTRIBUTION], AND (II) THE DATE THE ISSUER BECAME A
      REPORTING ISSUER IN ANY PROVINCE OR TERRITORY. 
	

    

	Searchlight Minerals Corp. 	4 
	Common Stock Purchase 	  
	Warrant
      Certificate No. S-B-032 	 
    

In addition, the Holder will comply with all other applicable
securities legislation in addition to the Act to which the Holder is subject in
selling or transferring any Warrants or Warrant Shares and the Corporation may
refuse to register any sale or transfer not in compliance with such other
securities legislation. 

	8. 	Payment of Taxes 

The Corporation shall not be required to pay any tax or other
charge imposed in connection with the exercise of this Warrant or a permissible
transfer involved in the issuance of any certificate for shares issuable under
this Warrant in the name other than that of the Holder, and in any such case,
the Corporation shall not be required to issue or deliver any stock certificate
until such tax or other charge has been paid or it has been established to the
Corporation’s satisfaction that no such tax or other charge is due. 

	9. 	Notices 

Any notice required or permitted hereunder shall be given in
writing and shall be deemed effectively given upon, (a) by personal delivery or
telecopy, or (b) one business day after deposit with a nationally recognized
overnight delivery service such as Federal Express, with postage and fees
prepaid, addressed to each of the other parties thereunto entitled at the
following addresses, or at such other addresses as a party may designate by
written notice to each of the other parties hereto. 

	CORPORATION: 	SEARCHLIGHT MINERALS CORP. 
	  	Attention: Ian R. McNeil, President 
	  	#120 - 2441 West Horizon Ridge Parkway 
	  	Henderson, NV 89052 
	  	Tel: (702) 939-5247 
	  	Fax: (702) 939-5249 
	  	  
	with a copy to: 	O’NEILL LAW GROUP PLLC 
	  	Attention: Conrad Y. Nest 
	  	435 Martin Street, Suite 1010 
	  	Blaine, Washington 98230 
	  	Fax: (360) 332-2291 
	  	  
	HOLDER: 	At the address set forth above.

	10. 	Governing Law 

This Warrant shall be deemed to be a contract made under the
laws of the State of Nevada and for all purposes shall be governed by and
construed in accordance with the laws of the State of Nevada applicable to
contracts to be made and performed entirely within the State of Nevada. 

IN WITNESS WHEREOF, the Corporation has caused this
Warrant to be duly executed and delivered by its duly authorized officer. 

SEARCHLIGHT MINERALS CORP. 
by its authorized
signatory: 

_________________________________
Carl S. Ager, Secretary
and Treasurer 

NOTICE OF EXERCISE FORM 

	TO: 	SEARCHLIGHT MINERALS CORP. 
	  	A Nevada Corporation (the “Corporation”)
  

Dear Sirs: 

The undersigned (the “Warrantholder”) hereby exercises the
right to purchase and hereby subscribes for shares of the common stock of
SEARCHLIGHT MINERALS CORP. (the “Shares”) referred to in the Common Stock
Purchase Warrant Certificate No. S-B-032 surrendered herewith according to the
terms and conditions thereof and herewith makes payment by cash, certified check
or bank draft of the purchase price in full for the Shares in accordance with
the Warrant. 

Please issue a certificate for the shares being purchased as
follows in the name of the Warrantholder: 

	NAME: 	 
	                                                                                                  
    	  (Please Print)
	  	 
	ADDRESS: 	 
	 	 
	 	 

The Warrantholder represents and warrants to the Corporation
that: 

	(a) 	
      The Warrantholder has not offered or sold the Shares
      within the meaning of the United States Securities Act of 1933 (the
      “Act”);

	 	 
	(b) 	
      The Warrantholder is acquiring the Shares for its own
      account for investment, with no present intention of dividing my interest
      with others or of reselling or otherwise disposing of all or any portion
      of the same;

	 	 
	(c) 	
      The Warrantholder does not intend any sale of the Shares
      either currently or after the passage of a fixed or determinable period of
      time or upon the occurrence or non-occurrence of any predetermined event
      or circumstance;

	 	 
	(d) 	
      The Warrantholder has no present or contemplated
      agreement, undertaking, arrangement, obligation, indebtedness or
      commitment providing for or which is likely to compel a disposition of the
      Shares;

	 	 
	(e) 	
      The Warrantholder is not aware of any circumstances
      presently in existence which are likely in the future to prompt a
      disposition of the Shares;

	 	 
	(f) 	
      The Shares were offered to the Warrantholder in direct
      communication between the Warrantholder and the Corporation and not
      through any advertisement of any kind;

	 	 
	(g) 	
      The Warrantholder has the financial means to bear the
      economic risk of the investment which it hereby agrees to
  make;

	(h) 	
      This subscription form will also confirm the
      Warrantholder’s agreement as follows:

	 	 	 
		(i) 	
      The Warrantholder will only sell the Shares in accordance
      with the provisions of Regulation S of the Act pursuant to registration
      under the Act, or pursuant to an available exemption from registration
      pursuant to the Act;

	 	 	 
		(ii) 	
      The Corporation will refuse to register any transfer of
      the Shares not made in accordance with the provisions of Regulation S of
      the Act, pursuant to registration under the Act, or pursuant to an
      available exemption from registration;

	 	 	 
		(iii) 	
      The Warrantholder will not engage in hedging transactions
      except in accordance with the Act;

	 	 	 
		(iv) 	
      The certificates representing the Shares will be endorsed
      with the following legend:

	 	 	 
			
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE
      BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE
      ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
      TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S,
      PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS
      INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
      THE ACT.

	 	 	 
			
      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT
      IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [INSERT DATE OF
      DISTRIBUTION], AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN
      ANY PROVINCE OR TERRITORY.

	 	 	 
		(v) 	
      The Warrantholder is not a U.S. Person, as defined in
      Regulation S of the Act.

Please deliver a share certificate in respect of the common
shares referred to in the warrant certificate surrendered herewith but not
presently subscribed for, to the Warrantholder. 

DATED this ____ day of _______________, ____________ .

	Signature of Warrantholder: 	 
	 	 
	 	 
	Name of Warrantholder: 	 
	 	 
	 	 
	Address of Warrantholder:Filed by Automated Filing Services Inc. (604) 609-0244 - Searchlight Minerals Corp. - Exhibit 10.1

March 21, 2007 

AGENCY AGREEMENT 

Searchlight Minerals Corp.
2441 W. Horizon Ridge
Parkway,
Suite 120
Henderson, NV 
89052 

	Attention: 	Mr. Ian McNeil 

Dear Sirs: 

We understand that Searchlight Minerals Corp. (the
“Corporation”) proposes to issue up to 2,333,333 Units of the Corporation
at a subscription price of US$3.00 per unit (“Unit”), each Unit
consisting of (i) one common share in the capital of the Corporation (each a
“Common Share” and collectively, the “Common Shares”), (ii) one
half of one common share purchase warrant (each a “Warrant” and
collectively, the “Warrants”), each whole Warrant exercisable into one
additional common share of the Corporation (each a “Warrant Share” and
collectively, the “Warrant Shares”) for a period of twenty four months
from the Closing Date (defined below) at a price of US$4.50 per share; provided,
however, that if the average closing price of the Common Shares exceeds US$6.50
for twenty consecutive trading days, the Corporation shall have the option (the
“Call”) to accelerate the expiry of the Warrants to the thirtieth day following
the date on which notice is provided by the Corporation of such accelerated
expiry, which notice must be given within one trading day of the twentieth
consecutive date in which the Common Shares traded above US$6.50 per share. The
Common Shares and Warrants are referred to hereinafter as the “Offered
Securities”. Notwithstanding anything to the contrary in this Agreement, the
Corporation agrees not to exercise its Call right hereunder until such time as
the Registration Statement (defined below) registering the resale of the Offered
Securities is declared effective by the United States Securities and Exchange
Commission. 

     As used herein, the term
“Subject Securities” includes the Offered Securities, the Warrant Shares,
the Broker’s Warrant (defined below) and the common shares underlying the
Broker’s Warrant (the “BW Shares”). 

     Subject to the terms and
conditions set forth below, the Corporation hereby appoints D&D Securities
Company (“D&D”) as the Agent (the “Agent”) of the Corporation
in the Selling Jurisdictions (defined below) to solicit, on a reasonable best
efforts basis, offers to purchase the Offered Securities, and the Agent hereby
agrees to act in such capacity. It is understood and agreed that the Agent is
under no obligation to purchase any Offered Securities, although it may
subscribe for and purchase Offered Securities if it so desires. 

     Capitalized terms in this
agreement have the meaning set out in the subscription agreement for Units --
Non-US Residents Only (the “Subscription Agreement”), a copy of which has
been provided to the Agent. 

     The terms and conditions relating
to the purchase and sale of the Offered Securities are as follows: 

1

	1. 	Units 

The material attributes and characteristics of the Units shall
be substantially as described in the Subscription Agreement.

	2. 	The Offering

	 	(a) 	
      Sale on Exempt Basis. The Agent will use its
      reasonable best efforts to arrange for purchasers (the
      “Purchasers”) for the Offered Securities in Ontario, Alberta, and
      British Columbia (the “Selling Jurisdictions”) in connection with
      the Offering. The sale of the Offered Securities to Purchasers in the
      Selling Jurisdictions is to be effected in a manner in each of the Selling
      Jurisdictions that is in compliance with all applicable securities laws
      and is exempt from the prospectus requirements of the securities acts,
      regulations, rules and policies promulgated thereunder. Each Purchaser of
      the Offered Securities, beneficial Purchaser or person or individual
      forming part of a group acting as a Purchaser shall purchase on the basis
      of one of the exemption representations appearing in the Subscription
      Agreement, and no such trade will be made in any manner which requires the
      Corporation to deliver to the Purchaser any document which constitutes an
      “offering memorandum” under any applicable securities laws.

	 	 	 	 
	 	(b) 	
      Compensation. Subject to regulatory approval, the
      Corporation agrees to pay to the Agent at the Closing Time (as defined
      herein) an aggregate fee (the “Fee”) in cash, equal to 7.5% of the
      gross proceeds from the sale of the Offered Securities, in consideration
      of the services to be rendered by the Agent in connection with the
      Offering, which services shall include:

	 	 	 	 
	 		(i) 	
      acting as Agent of the Corporation to solicit, on a
      reasonable best efforts basis, offers to purchase the Offered
      Securities;

	 	 	 	 
	 		(ii) 	
      assisting in the preparation of the form of Subscription
      Agreements to be entered into by the Corporation and each of the
      Purchasers; and

	 	 	 	 
	 		(iii) 	
      advising the Corporation with respect to the private
      placement of the Offered Securities.

In addition, the Corporation agrees to
issue at Closing, a Broker’s Warrant (the “Broker’s Warrant”), which will
be evidenced by a certificate issued to the Agent (a “Broker’s Warrant
Certificate”), exercisable into 75,175 Common Shares. The Broker’s Warrants
will be exercisable at a price of US$4.50 per Common Share for a period ending
on the date which is twenty four months following the issue and sale of the
Offered Securities. 

Finally, the Corporation agrees to pay
to the Agent, at the Closing Time, a corporate finance fee in the amount of
US$65,000.00. 

In connection with the issuance of the
Broker’s Warrant, the Agent acknowledges, represents and warrants to the
Corporation as follows: (i) that the Agent (A) was not offered the Broker’s
Warrant in the United States (B) did not execute or deliver this Agreement and
will not exercise the Broker’s Warrant in the United States; (ii) that the
Broker’s Warrant has not been, and will not be, registered under the U.S.
Securities Act or applicable state securities laws and that the Broker’s Warrant
may not be exercised in the United States, or for the account or benefit of a
“U.S. person” (as that term is used in 

2

Regulation S under the U.S. Securities
Act, as defined below) in the United States, nor may the Broker’s Warrant or BW
Shares issuable upon the exercise of Broker’s Warrant be offered or sold in the
United States, unless the Broker’s Warrant and the BW Shares have been
registered under the U.S. Securities Act and the applicable securities
legislation of any such state or an exemption from registration under the U.S.
Securities Act and any applicable state securities laws is available; (iii) that
the Agent is not a “U.S. person” (as that term is used in Regulation S under the
U.S. Securities Act) and is not acquiring the Broker’s Warrant or BW Shares for
the account or benefit of a “U.S. person” and (iv) that, until such time as it
is no longer required by U.S. Securities Act, the certificates representing the
Broker’s Warrant shall bear a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE AND THE SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE
REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH
THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE
ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS
WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A PERSON
IN THE UNITED STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING
SHARES HAVE BEEN REGISTERED UNDER THE ACT AND THE APPLICABLE SECURITIES
LEGISLATION OF ANY STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS
AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S
UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE
DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF: (I) MARCH 13, 2007, AND (II)
THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY”

The Agent and the Corporation agree
that the Corporation and the Corporation’s agents will refuse to register any
transfer of the Broker’s Warrant or the BW Shares not made in accordance with
the provisions of Regulation S of the U.S. Securities Act, pursuant to
registration under the U.S. Securities Act or pursuant to an available exemption
from registration under the U.S. Securities Act. 

For greater certainty, the services
provided by the Agent in connection herewith shall not be subject to Goods and
Services Tax provided for in the Excise Tax Act (Canada) and taxable
supplies will be incidental to the exempt financial services provided. 

3. Representations, Warranties and Covenants of the
Agent - The Agent covenants, represents and warrants to the Corporation
that: (i) it will comply with all applicable securities legislation of the
Selling Jurisdictions in connection with the Offering; (ii) subject to the right
of the Agent to solicit or 

3

procure subscriptions for the Offered Securities through a
qualified registrant so as not to require registration thereof or filing of a
prospectus or registration statement with respect thereto in a jurisdiction
other than the Selling Jurisdictions, it will not solicit or procure
subscriptions for the Offered Securities so as to require registration thereof
or filing of a prospectus or registration statement with respect thereto under
the laws of any jurisdiction other than that of the Selling Jurisdictions; (iii)
it will obtain from each Purchaser an executed Subscription Agreement, as
applicable, and all applicable undertakings and forms required by securities
legislation in the Selling Jurisdictions in a form reasonably acceptable to the
Corporation and to the Agent relating to the transactions herein contemplated;
(iv) it will not advertise the proposed sale of the Offered Securities in
printed public media, radio, television or telecommunications, including
electronic display; (v) it will not provide or make available to prospective
Purchasers any document or material which would constitute an Offering
Memorandum as defined in applicable securities legislation; (vi) it is
registered under the securities legislation of a jurisdiction of Canada as a
"dealer", other than a limited market dealer registered under the Securities
Act (Ontario); (vii) it will conduct all offers and sales of the Subject
Securities in accordance with the provisions of Rule 903 of Regulation S under
the United States Securities Act of 1933 (the “U.S. Securities Act”),
pursuant to registration of the Subject Securities under the U.S. Securities
Act, or pursuant to an available exemption from the registration requirements of
the U.S. Securities Act; and (viii) it will not to engage in hedging
transactions with regard to the Subject Securities unless such hedging
transactions are conducted in compliance with the U.S. Securities Act.. 

4. Representations and Warranties of the
Corporation - The Corporation represents and warrants to the Agent and
acknowledges that the Agent is relying upon such representations and warranties,
as follows: 

	 	(a) 	
      the Corporation has been duly incorporated, amalgamated
      or continued and is validly subsisting under the laws of Nevada;

	 	 	 	 
	 	(b) 	
      other than Clarkdale Metals Corp. and Clarkdale Minerals
      LLC (collectively, the “Subsidiaries”), the Corporation has no
      active or material Subsidiary, as such term is defined in the
      Securities Act (Ontario);

	 	 	 	 
	 	(c) 	
      with respect to the Corporation and each of the
      Subsidiaries, except to the extent that any violation or other matter
      referred to in this subparagraph does not have a material adverse effect
      on the business, financial condition, assets, properties, liabilities or
      operations of the Corporation or each of the Subsidiaries (the
      “Property”)

	 	 	 	 
	 		(A) 	
      the Corporation and its Subsidiaries are not in violation
      of any applicable federal, state or local laws, regulations, orders,
      government decrees or ordinances with respect to environmental, health or
      safety matters (collectively, “Environmental Laws”);

	 	 	 	 
	 		(B) 	
      the Corporation and its Subsidiaries have operated its
      business at all times and have received, handled, used, stored, treated,
      shipped and disposed of all contaminants without violation of
      Environmental Laws;

	 	 	 	 
	 		(C) 	
      the Corporation and its Subsidiaries have had no spills,
      releases, deposits or discharges of hazardous or toxic substances,
      contaminants or wastes into the earth, air or into any body of water or
      any municipal or other sewer or drain water systems that have not been
      remedied;

4

	 		(D) 	
      no orders, directions or notices have been issued and
      remain outstanding pursuant to any Environmental Laws relating to the
      business or assets of the Corporation and its Subsidiaries;

	 	 	 	 
	 		(E) 	
      the Corporation and its Subsidiaries have not failed to
      report to the proper federal, state, local or other political subdivision,
      government, department, commission, board, bureau, agency or
      instrumentality, domestic or foreign the occurrence of any event which is
      required to be so reported under Environmental Laws;

	 	 	 	 
	 		(F) 	
      the Corporation and its Subsidiaries hold all licenses,
      permits and approvals required under any Environmental Laws in connection
      with the operation of its business and the ownership and use of its
      assets, all such licenses, permits and approvals are in full force and
      effect, and except for (A) notifications and conditions of general
      application to assets of the type owned by the Corporation or its
      Subsidiaries, and (B) notifications relating to reclamation, remediation
      or similar obligations under Environmental Laws, the Corporation and its
      Subsidiaries have not received any notification pursuant to any
      Environmental Laws that any work, repairs, construction or capital
      expenditures are required to be made by it as a condition of continued
      compliance with any Environmental Laws, or any licence, permit or approval
      issued pursuant thereto, or that any licence, permit or approval referred
      to above is about to be reviewed, made subject to limitation or
      conditions, revoked, withdrawn or terminated; and

	 	 	 	 
	 		(G) 	
      Except as allowed by law, the Property has not, does not,
      and will not contain any chemical or other substance that is prohibited,
      limited or regulated by law, or that might pose a hazard to health or
      safety (including, but not limited to, asbestos, asbestos-containing
      materials, radon gas, urea formaldehyde foam insulation and
      polychlorinated biphenyls; or any other substance deemed to be a
      “hazardous material,” “toxic substance,” “hazardous substance,” “hazardous
      waste” or “solid waste (collectively “Hazardous Substances”), by,
      without limiting the generality of the foregoing, the United States
      Environmental Protection Agency or in the Resource Conservation and
      Recovery Act of 1976, the Comprehensive Environmental Response,
      Compensation and Liability Act of 1980, the Hazardous Materials
      Transportation Act, the Clean Air Act, the Clean Water Act, the Safe
      Drinking Water Act, the National Environmental Policy Act of 1969, the
      Superfund Amendment and Reauthorization Act of 1986 and Title III of the
      Superfund Amendment and Rehabilitation Act, Nevada Revised Statutes
      Chapter 40 and Chapter 459, or any and all regulations promulgated under
      any such law; or any and all similar or successor laws.

	 	 	 	 
	 	(d) 	
      Each of the Corporation and the Subsidiaries has all
      requisite corporate capacity, power and authority to carry on its business
      as now conducted and as presently proposed to be conducted by it and to
      own, lease and operate its assets and the Corporation has all requisite
      corporate power and authority to carry out the provisions of this
      Agreement, the Subscription Agreements and to undertake the Offering and
      all other transactions contemplated herein;

	 	 	 	 
	 	(e) 	
      the authorized capital of the Corporation consists of
      400,000,000 common shares of which 89,151,666 common shares and no
      preferred shares are issued and outstanding as at the date hereof, and all
      of the Corporation’s issued and outstanding shares are fully paid and non-
      assessable;

5

	 	(f) 	
      the minutes of the Directors’ and Shareholders’ meetings
      of the Corporation as provided to Agent’s counsel are true and correct and
      contain all the resolutions of the directors and shareholders as of the
      date hereof;

	 	 	 
	 	(g) 	
      other than pursuant to the provisions of this Agreement,
      as of the date of this Agreement, no person, firm, corporation or other
      entity holds any securities convertible or exchangeable into securities of
      the Corporation or now has any agreement, warrant, option, right or
      privilege (whether preemptive or contractual) being or capable of becoming
      an agreement, option or right for the purchase, subscription or issuance
      of any unissued shares, securities (including convertible securities) or
      warrants of the Corporation other than 18,941,003 outstanding warrants and
      3,945,700 stock options issued to directors, officers, employees and key
      consultants of the Corporation under the Corporation’s stock option
      plan;

	 	 	 
	 	(h) 	
      each of this Agreement, the Subscription Agreements,
      Broker’s Warrants and Warrants (collectively, the “Transaction
      Documents”) have been, or will be, upon execution thereof, duly
      authorized, executed and delivered by the Corporation and constitute, or
      will constitute when executed, a legal, valid and binding obligation of
      the Corporation enforceable in accordance with its terms except that: (i)
      the enforcement thereof may be limited by bankruptcy, insolvency and other
      laws affecting the enforcement of creditors’ rights generally, (ii) rights
      of indemnity, contribution and waiver of contribution thereunder may be
      limited under applicable law; and (iii) equitable remedies, including,
      without limitation, specific performance and injunctive relief, may be
      granted only in the discretion of a court of competent
  jurisdiction;

	 	 	 
	 	(i) 	
      the Corporation is not in default or breach of, and the
      execution and delivery of, and the compliance with the terms of, the
      Transaction Documents will not result in a material breach of, and does
      not and will not create a state of facts which, after notice or lapse of
      time or both, will result in a breach of, and does not and will not
      conflict with: (i) any material statute, rule or regulation applicable to
      the Corporation; (ii) any of the terms, conditions or provisions of the
      constating documents or by-laws or resolutions of the Corporation; (iii)
      any material trust indenture, agreement, instrument, lease or other
      document (“Material Contract”) to which the Corporation is a party
      or by which the Corporation is a party or will be contractually bound as
      of the Closing Time; or (iv) any material judgment, decree or order
      binding on the Corporation, or any of its assets;

	 	 	 
	 	(j) 	
      all Material Contracts to which the Corporation or any of
      its Subsidiaries is a party are in good standing and in full force and
      effect unamended and no material default or breach exists in respect of
      any of them on the part of any of the parties to them and no event has
      occurred which, after the giving of notice or the lapse of time or both
      would constitute such a default or breach and which would have a material
      adverse effect on the Corporation; the foregoing includes all the
      presently outstanding Material Contracts entered into by the Corporation
      in the course of carrying out its operations and all operations related
      thereto;

	 	 	 
	 	(k) 	
      the audited annual financial statements of the
      Corporation as at and for the year ended December 31, 2005 and the
      unaudited financial statements of the Corporation for the period ending
      September 30, 2006 (collectively, the “Financial Statements”),
      delivered to the Agent (i) are, in all material respects, consistent with
      the books and records of the Corporation on a consolidated basis; (ii)
      contain and reflect all material adjustments for the fair presentation of
      the consolidated results of operations and the financial condition of the
      business of the Corporation for the periods covered thereby in accordance
      with generally accepted accounting principles in the United States,
      consistently applied; and (iii) present fully, fairly and correctly, the
      consolidated material assets and financial condition of
  the

6

	 		
      Corporation as at the date thereof and the results of
      operations and the changes in financial position for the period then
      ended;

	 	 	 
	 	(l) 	
      except as otherwise disclosed in the Corporation’s public
      filings with the United States Securities and Exchange Commission, there
      has not been any material change in the consolidated assets, liabilities
      or obligations (absolute, contingent or otherwise) of the Corporation from
      the position set forth in the Financial Statements and there has not been
      any adverse material change in the business, operations, capital or
      condition (financial or otherwise) or results of the operations of the
      Corporation since September 30, 2006; and since that date and except as
      publicly disclosed, there have been no material facts, transactions,
      events or occurrences which could reasonably be expected to materially
      adversely affect the capital, assets, liabilities (absolute, accrued,
      contingent or otherwise), business, operations or condition (financial or
      otherwise) or results of the operations of the Corporation;

	 	 	 
	 	(m) 	
      other than as disclosed to the Agent, there are no
      actions, suits, proceedings or inquiries, including, to the best of the
      Corporation’s knowledge, pending or threatened against or affecting the
      Corporation or any of the Subsidiaries claiming an amount in excess of
      $50,000 in the aggregate, at law or in equity or before or by any federal,
      provincial, municipal or other governmental department, commission, board,
      bureau, agency or instrumentality which in any way could reasonably be
      expected to materially adversely affect the capital assets, liabilities
      (absolute, accrued, contingent or otherwise), business, operations or
      condition (financial or otherwise) or results of the operations of the
      Corporation (on a consolidated basis) or any of the material properties or
      assets of the Corporation or any of the Subsidiaries and the Corporation
      and each of the Subsidiaries has no knowledge of any existing ground on
      which any such suit, proceeding or inquiry might be commenced with any
      reasonable likelihood of success;

	 	 	 
	 	(n) 	
      the Corporation and each of the Subsidiaries, and any
      predecessor corporation, have filed all necessary tax returns and notices
      required to be filed by them and the Corporation and each of the
      Subsidiaries is not aware of any tax deficiencies or interest or penalties
      accrued or accruing, or alleged to be accrued or accruing, thereon with
      respect to itself where, in any of the above cases, it could reasonably be
      expected to result in any material adverse change in the capital, assets,
      liabilities (absolute, accrued, contingent or otherwise), business,
      operations or condition (financial or otherwise), prospects or results of
      operations of the Corporation (on a consolidated basis);

	 	 	 
	 	(o) 	
      no order ceasing or suspending trading in securities of
      the Corporation or prohibiting the sale of securities by the Corporation
      has been issued that remains outstanding and, to its knowledge, no
      proceedings for this purpose have been instituted, are pending,
      contemplated or threatened by any securities commission or self-regulatory
      organization, the Corporation is not in default of any material
      requirement of any applicable securities legislation and, the Corporation
      is entitled to avail itself of the applicable prospectus exemptions
      available under such securities legislation in respect of the trades in
      its securities to Purchasers as contemplated in this Agreement;

	 	 	 
	 	(p) 	
      the Corporation has no reason to believe that the
      Engineering Report by Arrakis, Inc. and Richard T. Hewlett dated May 24,
      2005, has been prepared other than in accordance with industry standards
      required by state and federal law;

	 	 	 
	 	(q) 	
      the Corporation has not, directly or indirectly, declared
      or paid any dividend or declared or made any other distribution on any of
      its securities of any class, or, directly or
indirectly,

7

	 		
      redeemed, purchased or otherwise acquired any of its
      securities or agreed to do any of the foregoing;

	 	 	 
	 	(r) 	
      the representations, warranties and covenants made by the
      Corporation in the Subscription Agreements are, or will be, true and
      correct as of the date at which it are made and on the Closing
  Date;

	 	 	 
	 	(s) 	
      the Corporation has full corporate power and authority to
      issue the Subject Securities on the applicable Closing Date, the Common
      Shares will be duly and validly authorized, allotted and issued as fully
      paid and non-assessable, the Warrants will be duly and validly authorized
      and issued, and the Broker’s Warrant will be validly authorized and
      issued;

	 	 	 
	 	(t) 	
      the Corporation and, if applicable, each of the
      Subsidiaries has sufficiently provided for an adequate reserve related to
      present or future abandonment and related costs;

	 	 	 
	 	(u) 	
      the information and statements filed with the applicable
      securities regulators as at the date hereof, relating to the Corporation
      and each of the Subsidiaries are true, correct, and complete and do not
      contain any misrepresentation, as of the respective dates of such
      information or statements, and no material change has occurred in relation
      to the Corporation or any of the Subsidiaries which is not disclosed in
      the documents filed with the applicable securities regulators, and the
      Corporation has not filed any confidential material change reports which
      continue to be confidential;

	 	 	 
	 	(v) 	
      the Corporation is a “reporting company”, being an issuer
      that has a class of securities registered under Section 12(b) or Section
      12(g) of the Securities Exchange Act of 1934 or is required to file
      reports under Section 13(a) or 15(d) of the Securities Exchange Act of
      1934 not in default of applicable securities legislation, and is not, to
      the best of its knowledge, in material default of securities legislation
      or subject to any cease trade order or other restriction on the transfer
      of its securities;

	 	 	 
	 	(w) 	
      no authorization, approval or consent of any court or
      United States federal or state governmental authority or agency is
      necessary in connection with the sale of the Offered Securities as
      contemplated hereunder, except such as may be required under U.S.
      securities laws, including, without limitation the Securities Act of 1933,
      as amended, or the rules and regulations promulgated thereunder or state
      securities laws;

	 	 	 
	 	(x) 	
      Pacific Stock Transfer Company at its principal office in
      500 E. Warm Springs, Suite 240, Las Vegas, Nevada 89119, is the duly
      appointed registrar and transfer agent of the Corporation with respect to
      the common shares;

	 	 	 
	 	(y) 	
      to the knowledge of the Corporation, no insider of the
      Corporation has a present intention to sell any securities of the
      Corporation held by it;

	 	 	 
	 	(z) 	
      any and all operations of the Corporation have been
      conducted in accordance with good industry practices and in material
      compliance with applicable laws, rules, regulations, orders and directions
      of government and other competent authorities;

	 	 	 
	 	(aa) 	
      subject to the rights granted to it under the various
      option agreements referred to in the Corporation’s public filings and the
      conditions of applicable regulatory permits, the Corporation and each of
      the Subsidiaries has all right, title and interest to all of its
      properties, all of the resources on its properties including the
      irrevocable right to produce and sell all material resources extracted
      from its properties (for the purpose of this clause, the foregoing is
      referred to as the “Interest”), subject always to applicable laws
      and regulation, and does

8

	 		
      represent and warrant that, other than liens arising in
      the ordinary course of business, (i) the Corporation and each of the
      Subsidiaries has not alienated or encumbered the Interest or any part or
      portion thereof; (ii) the Corporation and each of the Subsidiaries has not
      committed and is not aware of there have been committed any act or
      omission whereby the Interest or any part or portion thereof may be
      cancelled, terminated or otherwise impacted; and (iii) the Interest is now
      free and clear of all liens, conversion rights, encumbrances and other
      claims of third parties whatsoever;

	 	 	 
	 	(bb) 	
      the Corporation has caused its employees or consultants,
      on an ongoing basis, in connection with the day-to-day operation of its
      business, to review all documents, correspondence and other material
      relating to its properties;

	 	 	 
	 	(cc) 	
      other than the Agent, there is no person, firm or company
      acting or purporting to act at the request of the Corporation, who is
      entitled to any brokerage or finder’s fee in connection with the
      transactions contemplated herein and in the event that any person, firm or
      company acting or purporting to act for the Corporation at the request of
      the Corporation establishes a claim for any fee from the Agent, the
      Corporation covenants to indemnify and hold harmless the Agent with
      respect thereto and with respect to all costs reasonably incurred in the
      defence thereof;

	 	 	 
	 	(dd) 	
      there is not, in the bylaws or articles of the
      Corporation or in any agreement, mortgage, note, debenture, indenture or
      other instrument or document to which the Corporation is a party, any
      restriction upon or impediment to the declaration or payment of dividends
      by the directors of the Corporation or the payment of dividends by the
      Corporation to the holders of its common shares;

	 	 	 
	 	(ee) 	
      the Corporation has not withheld, and will not withhold
      from the Agent, any facts relating to the Corporation or to the offering
      of the Offered Securities that would reasonably be considered material to
      a prospective purchaser of the Offered Securities; and

	 	 	 
	 	(ff) 	
      the Due Diligence Session Responses provided at the
      Pre-Closing Due Diligence Session dated the 21st day of
      February, 2007 were true and correct in all material respects as at the
      time such responses were given and will remain so as at the Closing Time.
      “Due Diligence Session Responses” means the responses of the Company at
      the Pre-Closing Due Diligence Session excluding the portion of such
      responses which are forward-looking or relate to projections or forecasts.
      “Pre-Closing Due Diligence Session” means the oral due diligence sessions
      held prior to closing of the Offering, for which the Agent and Agent’s
      counsel distributed a list of written questions to be answered at such due
      diligence session (which list may be augmented by additional questions
      posed at a due diligence session) by the Company’s senior management,
      auditors, independent engineers and other experts as requested by the
      Agent.

	5. 	
      Covenants of the Corporation - The
      Corporation further agrees to do as follows:

	 	 	 
		(a) 	
      the covenants made by the Corporation in the Subscription
      Agreements will be complied with fully;

	 	 	 
		(b) 	
      permit the Agent and its counsel to participate fully in
      the preparation of the Transaction Documents and allow the Agent and its
      counsel to conduct all due diligence which the Agent may reasonably
      require;

	 	 	 
		(c) 	
      forthwith after the Closing (as hereinafter defined),
      file such documents as may be required under the applicable securities
      laws of the Selling Jurisdictions relating to the
private

9

	 		
      placement of the Units which, without limiting the
      generality of the foregoing, shall include a Form 45-106F1 in Ontario,
      Alberta and British Columbia;

	 	 	 
	 	(d) 	
      complete the distribution of the Offered Securities in
      compliance with the requirements of applicable securities legislation in
      the Selling Jurisdictions;

	 	 	 
	 	(e) 	
      to use its best efforts to maintain its status as a
      reporting company not in default of applicable securities laws, in all
      jurisdictions where it is presently a reporting company, and as a
      corporation in good standing under applicable corporate laws, until
      December 31, 2008 provided that the foregoing shall not restrict the
      ability of the Corporation to complete a merger, sale, acquisition or
      other similar transaction, one of the results of which is that the
      Corporation ceases to be a reporting issuer in any or all of such
      jurisdictions;

	 	 	 
	 	(f) 	
      to use its best efforts to file with the US Securities
      and Exchange Commission a registration statement on Form SB-2 registering
      for resale at the option of the subscribers of the Units, the common stock
      underlying the Units, the Broker’s Warrant and the BW Shares (the
      “Registration Statement”) and have the registration statement
      declared effective within 120 days of the Closing of the
  Offering;

	 	 	 
	 	(g) 	
      Prior to commencing any operations, Searchlight Minerals
      Corp. will obtain all necessary permits and post all reclamation and
      surety bonds required by the Federal Surface Management Regulations
      promulgated by the Department of the Interior, and the reclamation and
      permitting regulations promulgated by the Nevada Division of Environmental
      Protection, Bureau of Mining Regulation and Regulation, Nevada
      Administrative Code, or any and all similar or successor
    regulations.

6. Conditions of Closing - The purchase and sale
of the Offered Securities shall be subject to the following conditions, which
conditions may be waived in writing in whole or in part by the party entitled to
the benefit thereto: 

	 	(a) 	
      the Corporation and the Agent having complied fully with
      all applicable securities laws, regulations, rules and policies
      promulgated thereunder required to be complied with prior to the Closing
      Time in connection with the Offering;

	 	 	 	 
	 	(b) 	
      the Agent, having received an opinion of counsel to the
      Corporation in a form satisfactory to the Agent, acting reasonably, with
      respect to such matters as the Agent may reasonably request relating to
      the Offering of the Offered Securities and the Subject Securities
      including, without limitation, that:

	 	 	 	 
	 		(i) 	
      each of the Corporation and the Subsidiaries have been
      duly incorporated, amalgamated or continued and are validly subsisting and
      have all requisite corporate power and authority to carry on their
      business as now conducted by them and to own their properties and assets
      and the Corporation and each of Subsidiaries is registered (where such
      registration is required) to carry on its business under the laws of each
      jurisdiction in which it carries on its business, as now conducted by it,
      and to own its properties and assets;

	 	 	 	 
	 		(ii) 	
      the Corporation has full corporate power and authority to
      enter into the Transaction Documents and to perform its obligations set
      out herein and therein, and the Transaction Documents have been duly
      authorized, executed and delivered by the Corporation and constitute
      legal, valid and binding obligations of the Corporation enforceable
      against the Corporation in accordance with its

10

respective terms, subject to the
qualification that such validity, binding effect and enforceability may be
limited by: 

	 	a. 	
      applicable bankruptcy, insolvency, moratorium,
      reorganization or other laws affecting creditors’ rights
  generally;

	 	 	 
	 	b. 	
      equitable remedies, including, the remedies of specific
      performance and injunctive relief, being available only in the discretion
      of the applicable courts;

	 	 	 
	 	c. 	
      the statutory and inherent powers of a court to grant
      relief from forfeiture, to stay execution of proceedings before it and to
      stay execution on judgments;

	 	 	 
	 	d. 	
      the applicable laws regarding limitations of
    actions;

	 	 	 
	 	e. 	
      enforceability of provisions which purport to sever any
      provision which is prohibited or unenforceable under applicable law
      without affecting the enforceability or validity of the remainder of such
      document, as would be determined only in the discretion of the
    courts;

	 	 	 
	 	f. 	
      enforceability of the provisions exculpating a party from
      liability or duty otherwise owed by it may be limited under applicable
      law; and

	 	 	 
	 	g. 	
      that rights to indemnify, contribution and waiver under
      this Agreement may be limited or unavailable under applicable
  law.

	 	(iii) 	
      the execution and delivery of the Transaction Documents
      and the fulfillment of the terms thereof by the Corporation, and the
      performance of and compliance with the terms of the Transaction Documents
      by the Corporation do not and will not result in a breach of, or
      constitute a default under, and do not and will not create a state of
      facts which, after notice or lapse of time or both, will result in a
      breach of or constitute a default under, any applicable laws which are
      material to the Corporation, or any term or provision of the articles,
      by-laws or any mortgage, note, indenture, contract, agreement, instrument,
      lease or other document to which the Corporation is a party or by which it
      are bound on the Closing Date, of which such counsel is aware, or any
      judgment, decree, order, statute, rule or regulation applicable to the
      Corporation, of which such counsel is aware, which default or breach might
      reasonably be expected to materially adversely affect the capital, assets,
      liabilities (absolute, contingent or otherwise), business, operation or
      condition (financial or otherwise) prospects or results of the operation
      of the Corporation (on a consolidated basis); 

	 	 	
       

	 	(iv) 	
      the certificates representing the Offered Securities have
      been approved and adopted by the directors of the Corporation and comply
      with all legal requirements relating thereto; 

	 	 	
       

	 	(v) 	
      the issuance and distribution of the Offered Securities
      by the Corporation to the purchasers and Broker’s Warrant to the Agent is
      exempt from the prospectus and registration requirements of the Selling
      Jurisdictions and no documents are required to be filed (other than
      specified forms accompanied by requisite filing fees), or proceedings to
      be taken or approvals, permits, consents or authorizations to be obtained
      in any of the Selling Jurisdictions to permit such issuance and
  

11

	 		
      distribution of the Offered Securities, other than first
      trade and re-sale restrictions;

	 	 	 	 
	 	(vi) 	
      the authorized and issued capital of the Corporation,
      and, in addition to the foregoing, a favourable opinion of counsel to the
      Corporation in a form satisfactory to the Agent, acting reasonably,
      regarding:

	 	 	 	 
	 		a. 	
      compliance with all applicable securities legislation
      including, without limitation, the receipt of all necessary regulatory
      approvals (including, without limitation, the conditional approval of
      regulatory authorities) relating to the distribution of the Subject
      Securities;

	 	 	 	 
	 		b. 	
      the first trade in the Subject Securities and the nature
      and duration of re- sale restrictions applicable thereto;

	 	 	 	 
	 		c. 	
      the common shares being listed and posted for trading;
      and

	 	 	 	 
	 		d. 	
      as to all other legal matters relating to the creation,
      issuance, sale and delivery of the Subject Securities as Agent’s counsel
      may reasonably request;

	 	 	 	 
	 	(vii) 	
      the Corporation’s Interest has been created under
      agreements that are legally binding and enforceable in accordance with
      their terms.

It is understood that the respective
counsel may rely on the opinions of local counsel acceptable to them as to
matters governed by the laws of the Selling Jurisdictions and on certificates of
officers of the Corporation. It is further understood that Agent’s counsel may
rely on the opinion of the Corporation's counsel as to matters which
specifically relate to the Corporation and the issuance of the Offered
Securities;

	 	(c) 	
      the Agent having received a certificate of the
      Corporation dated the Closing Date, addressed to the Agent and signed on
      the Corporation’s behalf by its President, Chief Executive Officer or
      Chief Financial Officer certifying that:

	 	 	 	 
	 		(i) 	
      the Corporation has complied with and satisfied all terms
      and conditions of this Agreement and the Subscription Agreements on its
      part to be complied with or satisfied at or prior to the Closing Time, and
      where applicable, other than those which have been waived by the
    Agent;

	 	 	 	 
	 		(ii) 	
      the representations and warranties of the Corporation set
      forth in this Agreement and, where applicable, the Subscription Agreements
      are true and correct at the Closing Time, as if made at such
  time;

	 	 	 	 
	 		(iii) 	
      no event of a nature referred to in subparagraphs 12(b),
      (c), (e), (f) or (g) has occurred or to the knowledge of such officer is
      pending, contemplated or threatened;

	 	 	 	 
	 		(iv) 	
      the Corporation has made and/or obtained, on or prior to
      the Closing Time, all necessary filings, approvals, consents and
      acceptances of applicable regulatory authorities and under any applicable
      agreement or document to which the Corporation is a party or by which it
      is bound in respect of the execution and delivery of this agreement and
      the Subscription Agreements, the offering and sale

12

	 		  
	of the Offered Securities, the issuance of the Broker’s
        Warrant and the consummation of the other transactions contemplated hereby,
        and

	 	 	 	 
	 		(v) 	 such other matters as may be reasonably requested by
        the Agent or Agent’s Counsel;

	 	 	 	 
	 	(d) 	 evidence satisfactory to the Agent that the
        Corporation has obtained all necessary regulatory approvals for the issuance
        of the Subject Securities, subject only to the filing of any documents
        and payment of any fees which may be required;

	 	 	 	 
	 	(e) 	 definitive certificates representing the Subject
        Securities registered in such name or names as the Agent shall notify
        the Corporation in writing of not less than 48 hours prior to the Closing
        Time (or such shorter time as the Corporation may agree to) and provided
        such certificates registered in such names may, subject to receipt by
        the Corporation of a satisfactory indemnity, be delivered in advance of
        the Closing Date to the Agent or such other parties in such locations
        as the Agent may direct and the Agent and the Corporation may agree upon;

	 	 	 	 
	 	(f) 	 payment of the Agent’s compensation provided
        for in section 2(b);

	 	 	 	 
	 	(g) 	 the Corporation having received duly completed
        and executed Subscription Agreements including any applicable Exhibits;
        and

	 	 	 	 
	 	(h) 	 the Corporation having received the aggregate
        subscription price in respect of the Offered Securities so subscribed
        for.

7. Closing -The purchase and sale of the Offered
Securities (the “Closing”) shall be completed in one or more closings at
the offices of Stikeman, Graham, Keeley & Spiegel LLP in Toronto, Ontario,
the first of which shall be at 10:00 a.m. (Toronto time) (the
“Closing Time”) on March 21, 2007 and/or such later dates as the
Corporation and the Agent may agree (the “Closing Date”). 

     At the Closing Time, the
Corporation shall deliver to the Agent on behalf of the Purchasers certificates
representing the Offered Securities duly registered as the Agent may direct
against delivery to the Corporation by the Agent of duly executed Subscription
Agreements, related undertakings and declarations required by applicable
regulatory authorities and payment of the purchase price with respect to the
proceeds of the Offering. At Closing, the Corporation will deliver a cheque or
cheques to the Agent in payment of Agent’s commissions and the legal fees and
expenses of Agent’s counsel. For greater certainty, the payment of the Fee,
legal fees and expenses payable hereunder will be paid out of general working
capital. 

8. Expenses - Whether or not Closing occurs, the
Corporation shall pay all reasonable costs, fees and expenses of or incidental
to the performance of the obligations under this Agreement including, without
limitation: (i) the cost related to issuing the Subject Securities in the
Selling Jurisdictions; (ii) the cost of registration, countersignature and
delivery of the Subject Securities; (iii) the reasonable fees and expenses of
the Corporation' s auditors, independent engineers and counsel; (iv) the
reasonable legal fees of Ontario counsel employed by the Agent (exclusive of GST
and reasonable disbursements); and (v) the reasonable costs and expenses of the
Agent. Such amounts payable to the Agent shall be paid by the Corporation at the
Closing Time to the Agent in respect of reasonable expenses and fees incurred to
such date and in respect of expenses and fees incurred after the Closing Time,
or within three business days of the Agent providing notice of its right to
terminate this agreement pursuant to Section 12 hereof. 

13

	9. 	
      Material Changes - If after the date hereof
      until the Closing Date:

	 	 	 
		(a) 	
      there occurs any material change or material changes
      (actual, proposed or prospective) in respect of the Corporation;

	 	 	 
		(b) 	
      there occurs any change in any material fact in respect
      of the Corporation;

that would require the issuance of a material change report
and/or news release pursuant to the securities laws of the Selling
Jurisdictions, 

the Corporation shall: 

	 	(i) 	
      promptly notify the Agent, in writing, providing full
      particulars of any such change;

	 	 	 
	 	(ii) 	
      file or cause to be filed with reasonable promptness, and
      in any event within any statutory limitation period therefor, any document
      required to be filed with any regulatory body having jurisdiction and
      comply with all requirements of any applicable securities legislation of
      such jurisdiction, to qualify the distribution of the Subject
      Securities.

     The Corporation shall in good
faith discuss with the Agent any change in circumstances (actual, proposed or
prospective) in respect of which there is reasonable doubt whether written
notice should be given to the Agent pursuant to this section and shall consult
the Agent with respect to the form and content of any document required to be
filed pursuant to this paragraph. 

     In this Agreement, the terms
“material change”, “material fact”, “misrepresentation” and “distribution”
include the respective meanings ascribed thereto in the Securities Act
(Ontario). 

10. Indemnities - The Corporation hereby
covenants and agrees to protect, indemnify and hold harmless the Agent and/or
any of its respective affiliates and each of the directors, officers, employees,
partners, counsel and agents of the Agent (hereinafter referred to as the
"Personnel") harmless from and against any and all expenses, losses
(other than loss of profits), claims, actions, damages or liabilities, whether
joint or several (including the aggregate amount paid in reasonable settlement
of any actions, suits, proceedings, or claims), and the reasonable fees and
expenses of its counsel that may be incurred in advising with respect to and/or
defending any claim that may be made against the Agent and/or Personnel, to
which the Agent and/or the Personnel may become subject or otherwise involved in
any capacity under any statute or common law or otherwise insofar as such
expenses, losses, claims, damages, liabilities or actions arise out of or are
based, directly or indirectly, upon the performance of professional services
rendered to the Corporation by the Agent and the Personnel hereunder or
otherwise in connection with the matters referred to in this Agreement,
provided, however, that this indemnity shall not apply to the extent that a
court of competent jurisdiction in a final judgment that has become
non-appealable shall determine that: 

	 	(i) 	
      the Agent and/or the Personnel have been grossly
      negligent or dishonest or have committed any fraudulent act in the course
      of such performance;

	 	 	 
	 	(ii) 	
      the expenses, losses, claims, damages or liabilities, as
      to which indemnification is claimed, resulted from the gross negligence,
      dishonesty or fraud referred to in (i); or

	 	 	 
	 	(iii) 	
      in the event that the Agent breaches any material
      provision of this Agreement or material applicable
law.

14

     The Corporation agrees that in
case any legal proceeding shall be brought against the
Corporation and/or the Agent by any governmental commission of regulatory
authority or any stock exchange or other entity having regulatory authority,
either domestic or foreign, and/or should the Corporation and/or the Agent
and/or any Personnel of the Agent be investigated or required to testify in
connection therewith or required to respond to procedures designed to discover
information regarding or in connection with, or by reason of the performance of
professional services rendered to the Corporation by the Agent, the Agent shall
have the right to employ its own counsel in connection therewith, and
other than the occurrence of any of the events itemized in (i), (ii) and (iii)
above, the reasonable fees and expenses of such counsel as well as the
reasonable costs (including an amount to reimburse the Agent for time spent by
the Personnel in connection therewith) and out of pocket expenses incurred by
the Personnel in connection therewith shall be paid by the Corporation as it
occur. 

     Promptly after receipt of notice
of the commencement of any legal proceeding against the Agent or any of the
Personnel or after receipt of notice of the commencement of any investigation,
which is based, directly or indirectly upon any matter in respect of which
indemnification may be sought from the Corporation, the Agent will notify the
Corporation in writing of the commencement thereof and, throughout the course
thereof, will provide copies of all relevant documentation to the Corporation,
will keep the Corporation advised of the progress thereof and will discuss with
the Corporation all significant actions proposed. No admission of liability and
no settlement of any proceeding or claim shall be made without the consent of
the Corporation and the Agent, such consent not to be unreasonably withheld.

     The indemnity and contribution
obligations of the Corporation shall be in addition to any liability which the
Corporation may otherwise have, shall extend upon the same terms and conditions
to the Personnel of the Agent and shall be binding upon and enure to the benefit
of any successors, assigns, heirs and personal representatives of the
Corporation, the Agent and any of the Personnel of the Agent. The foregoing
provisions shall survive the completion of professional services rendered under
this Agreement. 

11. Contribution - If for any reason (other than
the occurrence of any of the events itemized in Section 10(i), (ii) and (iii)
above), the foregoing indemnification is unavailable to the Agent and/or any of
the Personnel or insufficient to hold any or all of them harmless, then the
Corporation shall contribute to the amount paid or payable by the Agent and/or
any of the Personnel as a result of such expense, loss, claim, damage or
liability in such proportion as is appropriate to reflect not only the
relative benefits received by the Corporation on the one hand and the Agent on
the other hand but also the relative fault of the Corporation and the Agent
and/or any of the Personnel as well as any relevant equitable considerations
provided that the Corporation shall in any event contribute to the amount paid
or payable by the Agent and/or any of the Personnel as a result of such expense,
loss, claim, damage or liability and any excess of such amount over the amount
of the fees received by the Agent hereunder pursuant to this Agreement. Any
party entitled to contribution will, promptly after receiving notice of
commencement of any claim, action, suit or proceeding against such party in
respect of which a claim for contribution may be made against another party or
parties under this section, notify such party or parties from whom contribution
may be sought. In no case shall such party from whom contribution may be sought
be liable under this Agreement unless such notice shall have been provided, but
the omission to so notify such party shall not relieve the party from whom
contribution may be sought from any other obligation it may have otherwise than
under this section except and only to the extent that the failure to notify such
party materially prejudices its ability to defend against such claim. The right
to contribution provided in this section shall be in addition to and not in
derogation of any other right to contribution which the Agent and/or any of the
Personnel or the Corporation may have by statute or otherwise by law. 

12. Termination Rights - In addition to any other
remedies which may be available to the Agent, the Agent shall be entitled to
terminate and cancel, without any liability on its part, all of its obligations
under this Agreement and the obligations of any person whom the Agent has
solicited to purchase the Offered 

15

Securities, who has executed a Subscription Agreement, by
notice in writing to that effect delivered to the Corporation prior to the
Closing Time if: 

	 	(a) 	
      the Agent is not satisfied in its sole discretion, acting
      reasonably, with the results of all or any portion of its due diligence
      review and investigations of the Corporation;

	 	 	 
	 	(b) 	
      there is in the sole opinion of the Agent, acting
      reasonably, a material change or change in material fact or new material
      fact or an undisclosed material fact or material change which might be
      expected to have a material adverse effect on the business, affairs,
      profitability or prospects of the Corporation on a consolidated basis or
      on the market price or value of the Offered Securities;

	 	 	 
	 	(c) 	
      there should develop, occur or come into effect any
      occurrence of national or international consequence, or any action, law or
      regulation, inquiry, or other occurrence of any nature whatsoever which,
      in the sole opinion of the Agent acting reasonably, seriously affects, or
      may seriously affect, the financial markets or the business of the
      Corporation, or the market price or value of the Offered Securities or
      other securities of the Corporation;

	 	 	 
	 	(d) 	
      the state of the financial markets is such that in the
      sole opinion of the Agent, acting reasonably, it would be unprofitable to
      offer or continue to offer the Offered Securities for sale;

	 	 	 
	 	(e) 	
      there is an inquiry, action, suit, proceeding or
      investigation (whether formal or informal instituted or announced or
      threatened) in relation to the Corporation, or any one of the
      Corporation's directors, officers or principal shareholders which in the
      opinion of the Agent, acting reasonably, operates to prevent the
      distribution of the Subject Securities;

	 	 	 
	 	(f) 	
      any order to cease trading in the securities of the
      Corporation is made, threatened or announced by a competent securities
      regulatory authority; or

	 	 	 
	 	(g) 	
      the Corporation is in breach of a material term,
      condition, or covenant of this Agreement, the Subscription Agreements or
      any material representation or warranty given by the Corporation in this
      Agreement is or becomes false.

     If the Agent terminates this
Agreement pursuant to this section there shall be no further liability on the
part of the Agent or of the Corporation to the Agent except in respect of any
liability which may have arisen or may thereafter arise under sections 10, 11 or
13 hereof. 

     The right of the Agent to
terminate its obligations under this Agreement is in addition to such other
remedies as it may have in respect of any default, act or failure to act of the
Corporation in respect of any of the matters contemplated by this Agreement.

13. Breach of Agreement - All terms and
conditions of this Agreement to be performed or satisfied by the Corporation
shall be constituted as conditions and any breach of, or failure by the
Corporation to comply with, any term or condition of this Agreement shall
entitle the Agent, acting reasonably, on behalf of the Purchasers of the Offered
Securities, to terminate its respective obligations to purchase the Offered
Securities by notice to that effect given to the Corporation prior to the
Closing Time. In the event of any such termination, there shall be no further
liability on the part of the Corporation or the Agent except in respect of any
liability which may have arisen or may thereafter arise under sections 10, 11 or
13 hereof. The Agent may waive, in whole or in part, or extend the time for
compliance with, any terms and conditions without prejudice to its rights in
respect of any other terms and conditions or any other or subsequent breach or
non-compliance provided, however, that any waiver or extension must be in
writing and signed by the Agent in order to be binding upon it. 

16

14 Right of First Refusal – If the Offering is
completed, the Corporation shall grant a right of first refusal (the
“Right of First Refusal”) to the Agent to act as underwriter or agent in
respect of any subsequent public offering or private placement of equity in
Canada (or, with respect to an offering in the United States, provided at the
time D&D is registered under the laws of the United States as a
broker-dealer) by the Corporation, or any of its subsidiaries or affiliates for
a period of eighteen (18) months from Closing (the “Right of First Refusal
Term”), subject to the Agent and the Corporation, acting reasonably,
agreeing on the terms and conditions thereof.

15. Notices - Any notice under this Agreement
shall be given in writing and either delivered or telecopied to the party to
receive such notice at the address or telecopy numbers indicated below: 

	 	to the Corporation: 
	 	  
	 	Searchlight Minerals Corp. 
	 	2441 W. Horizon Ridge Parkway, 
	 	Suite 120 
	 	Henderson, NV 
	 	89052 
	 	USA 
	 	  
	 	Attention: Mr. Ian McNeil 
	 	  
	 	Fax: (702) 451-4939 
	 	  
	 	with a copy to: 
	 	  
	 	O’Neill Law Group PLLC 
	 	435 Martin Street, Suite 1010 
	 	Blaine, WA 98230 
	 	  
	 	Fax: (360) 332-2291 
	 	  
	 	Attention: Mr. Stephen F.X. O’Neill 
	 	  
	 	to the Agent: 
	 	  
	 	D&D Securities Company 
	 	150 York Street, Suite 1716 
	 	Toronto, Ontario 
	 	M5H 3S5 
	 	  
	 	Attention: Mr. Robert F. Rose 
	 	  
	 	Fax: (416) 363-3316 
	 	  
	 	with a copy to: 
	 	  
	 	Stikeman, Graham, Keeley & Spiegel LLP
  
	 	220 Bay Street, Suite 700 
	 	Toronto, Ontario 
	 	M5J 2W4 

17

Attention: Mr. Robert Spiegel 

Fax: (416) 365-1813 

or such other address or telecopy number as such party may
hereafter designate by notice in writing to the other party. If a notice is
delivered, it shall be effective from the date of delivery; and if such notice
is telecopied (with receipt confirmed), it shall be effective on the business
day following the date such notice is telecopied. 

16. Survival - All representations, warranties,
and agreements of the Corporation contained herein or contained in any document
submitted pursuant to this Agreement or in connection with the purchase of the
Offered Securities shall survive the purchase of the Offered Securities by the
Purchasers and shall continue in full force and effect unaffected by any
subsequent disposition of the Offered Securities, for a period of one year from
the Closing, and the Agent shall not be limited or prejudiced by any
investigation made by or on behalf of the Agent in the course of the
distribution of the Offered Securities. 

17. Entire Agreement - The provisions herein
contained, including, but not limited to, all representations and warranties
incorporated herein by reference, constitute the entire agreement between the
parties hereto and supersede all previous communications, representations,
understandings and agreements between the parties with respect to the subject
matter hereof, whether verbal or written. 

18. Counterparts - This Agreement may be executed
in any number of counterparts and by fax all of which when taken together shall
be deemed to be one and the same document and not withstanding its actual date
of execution shall be deemed to be dated as of the date first above written.

19. General - The Agreement shall be governed by
and interpreted in accordance with the laws of the State of Nevada and time
shall be of the essence hereof. 

20. Currency - Unless otherwise indicated, all
dollar amounts referred to in this Agreement are in lawful money of the United
States of America. 

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK 

18

     If the above is in accordance
with your understanding, please sign and return to the Agent a copy of this
letter, whereupon this letter and your acceptance shall constitute a binding
agreement between the Corporation and the Agent. 

	 	D&D SECURITIES COMPANY 
	 	 
	 	Per: 

The above offer is hereby accepted and agreed to as of the date
first above written. 

	 	SEARCHLIGHT MINERALS CORP. 
	 	  
	 	  
	 	  
	 	  
	 	Per:
    
	 	           
       President 

19

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