Document:

ex10_6.htm

    
      

    

    Exhibit
10.6

     

    

      EXECUTION
VERSION

      

      [FORM
OF]

      

      

      NON-COMPETITION
AGREEMENT

      

      This
Non-Competition Agreement dated April ____, 2008 (the "Non-Competition
Agreement"), is by and among Rick’s Cabaret International, Inc., Texas
corporation, (“Rick’s”) and [Name] (“[Name]”).

      

      W
I T N E S S E T H:

      

      WHEREAS, the parties entered
into a Purchase Agreement dated March 4, 2008 (the “Purchase Agreement”),
between Jerry [Name] (“[Name]”), Kenneth Meyer (“Meyer”), Charles McClure
(“McClure”), Hotel Development-Texas, Ltd., a Texas limited partnership (“Hotel
Development”), HD Texas Management, LLC, a Texas limited liability company
(“HD”), DPC Holdings, LLC, a Texas limited liability company (“DPC”),
Illusions-Dallas Private Club, Inc., a not-for-profit Texas corporation
(“Illusions”), Rick’s Cabaret International, Inc., a Texas corporation
(“Rick’s), RCI Entertainment (Dallas), Inc., a Texas corporation (“Buyer”) and
RCI Holdings, Inc., a Texas corporation (“RCI”) pursuant to
which  pursuant to which Buyer would acquire 100% of the limited
partnership interest of Hotel Development (the “Partnership Interest”) and 100%
of the membership interest in HD (the “Membership Interest”) and pursuant to
which RCI would acquire the Real Property (the “Transaction”); and

      

      WHEREAS, Hotel Development
owns an adult entertainment cabaret known as “The Executive Club” (the “Club”),
located at 8550 North Stemmons Freeway, Dallas, Texas 75226 (the “Premises”);
and

      

      WHEREAS, the parties entered
into an Amendment to Purchase Agreement dated April __, 2008, to set aside an
aggregate of 10,500 of the Rick’s LLC Shares to be held by Robert D. Axelrod,
P.C. pursuant to an Escrow Agreement (the “Escrow Agreement”) ; and

      

      WHEREAS, pursuant to the terms
and condition of the Purchase Agreement, [Name] has agreed to sell to Buyer his
ownership interest in Hotel Development and HD and has agreed to sell to RCI his
ownership interest in DPC (the “Acquisition”); and

      

      WHEREAS, [Name] will benefit
from the Transaction; and

      

      WHEREAS, in connection with
the Transaction, Buyer, Rick’s and RCI, have agreed to pay [Name] cash and
certain other consideration, as more fully described in the Purchase Agreement;
and

      

      WHEREAS, Buyer, Rick’s and RCI
require that [Name] enter into this Non-Competition Agreement as a condition to
Buyer, Rick’s and RCI entering into the Transaction; and

      

      WHEREAS, [Name] agree to enter
into this Non-Competition Agreement in consideration of acts on the part of
Buyer, Rick’s and RCI  as contemplated by the Transaction;
and

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      WHEREAS, all terms not defined
herein shall have the meaning set forth in the Purchase Agreement, as
amended.

      

      NOW, THEREFORE, in
consideration of the premises, the closing of the Transaction and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

      

      1.           Covenants.  From
and after the date of this Non-Competition Agreement through and including the
five (5) year period immediately following the date of this Non-Competition
Agreement (such five (5) year period, the “Restricted Period”), [Name] shall not
compete with  Rick’s or any of Rick’s subsidiaries or affiliates,
Hotel Development or the Club, and shall not either individually or jointly,
directly or indirectly, whether for compensation or not, alone or in association
with any other person or entity, without the express written consent of
Rick’s:

      

      
        	
                 
      

              	
                (a)

              	
                Own
      or share in the earnings of, carry on, manage, operate, control, be
      engaged in, render services to, solicit customers for, participate in or
      otherwise be connected with, any business engaged in the operation of an
      establishment featuring live female nude or semi-nude entertainment in
      Dallas County, Tarrant County or any of the adjacent counties thereto;
      or

              

      

       

      
        
          	
                	
                  (b)

                	
                  Solicit
      or induce, or attempt to solicit or induce, any employee, independent
      contractor, or agent or consultant of Rick’s or the Club to leave his or
      her employment or terminate his or her agreement or relationship with
      Rick’s or the Club.

                

        

      

      

      2.           Acknowledgments
and Agreements of [Name].  [Name]
acknowledges and agrees that:

      

      
        	
                 
      

              	
                (a)

              	
                Due
      to the nature of Rick’s business, the foregoing covenants place no greater
      restraint upon [Name] than is reasonably necessary to protect the business
      and goodwill of Rick’s;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                These
      covenants protect a legitimate interest of Rick’s and do not serve solely
      to limit Rick’s future competition;

              

      

      

      
        	
                 
      

              	
                (c)

              	
                This
      Non-Competition Agreement is not an invalid or unreasonable restraint of
      trade;

              

      

      

      
        	
                 
      

              	
                (d)

              	
                A
      breach of these covenants by [Name] would cause irreparable damage to
      Rick’s;

              

      

      

      
        	
                 
      

              	
                (e)

              	
                These
      covenants will not preclude [Name] from becoming gainfully employed
      following the closing of the Purchase
Agreement;

              

      

      

      
        	
                 
      

              	
                (f)

              	
                These
      covenants are reasonable in scope and are reasonably necessary to protect
      Rick’s business and goodwill and valuable and extensive trade which Rick’s
      has established through its own expense and
  effort;

              

      

      
        
           

        

        
          Non-Competition
Agreement - Page 2

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (g)

              	
                The
      signing of this Non-Competition Agreement is necessary as part of the
      consummation of the Transaction previously discussed;
  and

              

      

      

      
        	
                 
      

              	
                (h)

              	
                [Name]
      has carefully read and considered all provisions of this Non-Competition
      Agreement and agrees that all of the restrictions set forth are fair and
      reasonable and are reasonably required for the protection of the interests
      of Rick’s.

              

      

      

      3.           Remedies,
Injunction.  In the event of
an actual breach of any provisions of this Non-Competition Agreement by [Name],
[Name] agrees that Rick’s shall be entitled to a temporary restraining order,
preliminary injunction and/or permanent injunction restraining and enjoining
[Name] from violating the provisions herein.  Nothing in this
Non-Competition Agreement shall be construed to prohibit Rick’s from pursuing
any other available remedies for such breach or threatened breach, including the
recovery of damages from [Name].  [Name] further agrees that, for the
purpose of any such injunction proceeding, it shall be presumed that Rick’s
legal remedies would be inadequate and that Rick’s would suffer irreparable harm
as a result of any violation of the provisions of this Non-Competition Agreement
by [Name].

      

      4.           Severability.  In the event that
any of the provisions of this Non-Competition Agreement are held to be invalid
or unenforceable in whole or in part, those provisions to the extent enforceable
and all other provisions shall nevertheless continue to be valid and enforceable
as though the invalid or unenforceable parts had not been included in this
Non-Competition Agreement.  In the event that any provision relating
to the time period or scope of a restriction shall be declared by a court of
competent jurisdiction to exceed the maximum time period or scope such court
deems reasonable and enforceable, then the time period or scope of the
restriction deemed reasonable and enforceable by the court shall become and
shall thereafter be the maximum time period or the applicable scope of the
restriction.  [Name] further agrees that such covenants and/or any
portion thereof are severable, separate and independent, and should any specific
restriction or the application thereof, to any person, firm, corporation, or
situation be held to be invalid, that holding shall not affect the remainder of
such provisions or covenants.

      

      5.           General
Provisions.

      

      
        	
                 
      

              	
                (a)

              	
                Notices.  Any
      notices to be given hereunder by either party to the other may be effected
      either by personal delivery in writing or by mail, registered or
      certified, postage prepaid with return receipt requested or by a
      recognized overnight delivery service.  Mailed notices shall be
      addressed to the parties at the addresses set forth below, but each party
      may change their address by written notice in accordance with this
      Paragraph (a).  Notices delivered person­ally shall be
      deemed communicated as of actual receipt; mailed notices shall be deemed
      communicated as of three (3) days after mailing; and overnight delivery
      service shall be deemed delivered one (1) day after depositing with the
      overnight delivery service.

              

      

      

      
        	
                 
      

              	
                If
      to Rick’s, Buyer

              	
                Eric
      Langan, President

              

      

      
        	
                 
      

              	
                Or
      RCI:

              	
                10959
      Cutten Road

              

      

      Houston,
Texas 77066

      

        
          
             

          

          
            Non-Competition
Agreement - Page 3

            
              

            

          

          
             

          

        

      

       

      
        	
                 
      

              	
                With
      a copy to:

              	
                Mr.
      Robert D. Axelrod

              

      

      Axelrod,
Smith & Kirshbaum

      5300
Memorial Drive, Suite 700

      Houston,
Texas 77007

      

      
        	
                 
      

              	
                If
      to [Name]:

              	
                [Name]

              

      

      _______________________

      _______________________

      _______________________

      

      
        	
                 
      

              	
                With
      a copy to:

              	
                _______________________

              

      

      _______________________

      _______________________

      

      

      
        	
                 
      

              	
                (b)

              	
                Law Governing Non-Competition
      Agreement and Venue.  This Non-Competition Agreement
      shall be governed by, and construed in accordance with, the laws of the
      State of Texas, without regard to principles of conflict of
      laws.

              

      

      

      
        	
                 
      

              	
                (c)

              	
                Execution.  This
      Agreement may be executed in two or more counterparts, all of which when
      taken together shall be considered one and the same agreement and shall
      become effective when counterparts have been signed by each party and
      delivered to the other party, it being understood that both parties need
      not sign the same counterpart.  In the event that any signature
      is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
      format data file, such signature shall create a valid and binding
      obligation of the party executing (or on whose behalf such signature is
      executed) with the same force and effect as if such facsimile or “.pdf”
      signature page were an original
thereof.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                Contract Terms to be
      Exclusive.  This Non-Competition Agreement contains the
      sole and entire agreement between the parties and shall supersede any and
      all other agreements between the parties with respect to the agreement of
      [Name] not to compete with Rick’s.

              

      

      

      
        	
                 
      

              	
                (e)

              	
                Waiver or Modification
      Ineffective Unless in Writing.  It is further agreed that
      no waiver or modification of this Non-Competition Agreement or of any
      covenant, condition, or limitation herein contained shall be valid unless
      in writing and duly executed by the party to be charged therewith and that
      no evidence of any waiver or modification shall be offered or received in
      evidence in any proceeding or litigation between the parties hereto
      arising out of or affecting this Non-Competition Agreement, or the rights
      or obligations of any party hereunder, unless such waiver or modification
      is in writing, duly executed as
aforesaid.

              

      

      

      
        	
                 
      

              	
                (f)

              	
                Assignment.  The
      rights and benefits of Rick’s under this Non-Competition Agreement shall
      inure to the benefit of and be binding upon the successors and assigns of
      Rick’s.  The rights of [Name] hereunder are personal and
      nontransferable except that the rights and benefits hereof shall inure to
      the benefit of the heirs, executors and legal representatives of
      [Name].

              

      

      
        
           

        

        
          Non-Competition
Agreement - Page 4

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (g)

              	
                Binding
      Effect.  Except as otherwise provided herein, this
      Non-Competition Agreement shall be binding upon and inure to the benefit
      of the parties hereto and their respective successors and
      assigns.

              

      

      

      

      IN
WITNESS WHEREOF, this Non-Competition Agreement has been executed as of the
______ day of April, 2008.

      

      

      
        	 
      	
                RICK’S
      CABARET INTERNATIONAL, INC.

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	
                 

              
	 
      	 
      	
                Eric
      Langan, President

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 	
                 

              
	 
      	
                [Name],
      Individually

              

      

       

       

       Non-Competition Agreement -
Page 5ex10_36.htm

    
      

    

    Exhibit 10.36

    
       (Translated
from Portuguese)

      

      MEMORANDUM
OF UNDERSTANDING

      

      By this
present Agreement entered into by the parties:

      

      AURORA
GOLD MINERACAO LTDA, a company registered with CNPJ under no.
07.763.340/0001-50, with its Office at Av. das Américas, n° 700, Bl. 8, Lja.
215-A, parte, CEP 22640-100, Barra da Tijuca, Rio de Janeiro, RJ, in this act
represented by its attorney Luis Mauricio Ferraiuoli de Azevedo, Brazilian,
single, lawyer, registered with the Brazilian Bar Association (RJ) under no.
80412 and registered at CPF under no. 753.468.697-00, hereinafter referred to as
AURORA;

      

      LUIZA
LOPES DA SILVA, Brazilian, single, businessperson, bearer of ID card RG 1541442
SSP/PA, registered at CPF under no. 269.857.212-49, with address at Passagem
Clodison Borges, do Vale, no. 52, bairro N. Sa. do Perpetuo Socorro, Itaituba,
Pará, CEP 68180-100, hereinafter referred to as LICENSEE, and all parties
collectively referred to as CONTRACTING PARTIES.

      

      OBJECT:
Hereinafter referred to as “Garimpo Comandante Arara”, located in the
Municipality of Itaituba, Pará, made up of Applications for Mining Permissions
DNPM no. 853.785/93 to 853.839/93, held in the name of Maria Janete de Sousa
Santos, hereby present as Consenting Intervenor.

      

      A.
WHEREAS the LICENSEE acquired from the Consenting Intervenor the mineral rights
referring to the above-mentioned Applications for Mining Permit Processes, with
assured priority, by means of an instrument of assignment as per annex (Annex
A), hereinafter referred to as GARIMPO, which assignment has not yet been
registered with the DNPM.

      

      B.
WHEREAS AURORA is interested in acquiring the mineral rights of GARIMPO and for
such purpose wishes to explore its gold potential and if the assessment is
favourable, acquire the pertinent mineral rights and so shall have access to
information gathered on site by the LICENSEE who agrees to this, with the
knowledge that the work done is at AURORA’s expense and risk.

      

      C.
WHEREAS AURORA has the necessary technology to research, explore and
economically develop gold mineral reserves as well as means required to carry
out the development of those same activities in the GARIMPO.

      

      D.
WHEREAS the CONTRACTING PARTIES wish to enter into and celebrate an Agreement
for the Assignment and Transfer of Mineral Rights and Researches, and for such
purpose AURORA shall assist in obtaining research permits and, in order to
preserve the negotiation, the parties agree to execute this temporary Memorandum
of Understanding instrument, hereinafter referred to as MOU, and having as its
object the establishment of the right and obligations of the CONTRACTING PARTIES
among themselves and any third party, until a definitive Agreement is
celebrated.

      
        
           

        

        
          Page
1

          
            

          

        

        
           

        

      

      E.
WHEREAS AURORA, in order to maintain the negotiations and eventually celebrate a
definitive agreement based on this MOU, shall submit a technical due diligence
within 60 days.

      

      Therefore,
the CONTRACTING PARTIES have decided to enter into and celebrate this Memorandum
of Understanding which shall be subject to the following terms and
conditions:

      

      1 -
EVALUATION AND STATEMENT OF INTEREST

      

      1.1 - In
view of that specified in item B of this MOU, AURORA undertakes hereby to pay
the LICENSEE the sum of R$ 100.000,00 (one hundred thousand reals), as a deposit
to have the sole and exclusive right to duly and in detail appraise the GARIMPO,
of which R$ 20.000,00 (twenty thousand reals) are paid on the date of the
signing of this instrument, and therefore the LICENSEE hereby grants full,
general and irrevocable acquittance; R$ 40.000.00 (forty thousand reals) shall
be paid on 15.11.2006 and the remaining R$ 40.000,00 (forty thousand) shall be
paid on 15.12.2006.

      

      1.2 - The
payments called for in this MOU shall be made through a bank deposit in the
account of Luiza Lopes da Silva, account with Banco Bradesco, account no
023252-1, at Branch 0759-5, which the LICENSEE indicates to AURORA.

      

      1.3 - The
LICENSEE, as from the date of the execution hereof and within the period of 60
days, undertakes not to assign, transfer, encumber or lien the mineral rights
relating to the GARIMPO, who according to the terms and conditions set forth in
this instrument agrees to make available to AURORA, with exclusivity, to inspect
and examine all and any data it might have access to in regard to GARIMPO.
During this period, AURORA shall make site visits, examine the data and decide
to exercise its option to acquire the GARIMPO. In case AURORA decides to
exercise its option to acquire the GARIMPO, it shall notify the LICENSEE of its
decision at least five days prior to the expiration of the abovementioned
period.

      

      2 -
ASSIGNMENT AND TRANSFER OF RIGHTS

      

      2.1 - In
accordance with item 1.3 of this MOU, having AURORA notified the LICENSEE of its
interest to acquire the GARIMPO, the parties shall celebrate an “Agreement for
the Assignment and Transfer of Mineral Rights and Other Covenants”, which shall
establish the terms and conditions of assignment based on this MOU, and if the
respective research permits have already been granted, apply to the DNPM an
endorsement for the transfer of the mineral rights to AURORA, or another party
it may indicate, according to Annex B, all in accordance with the price
conditions established as follows:

      
        
           

        

        
          Page
2

          
            

          

        

        
           

        

      

      

      
        	
                Payment

              	
                Date

              
	
                a.
      R$ 40.000,00*

              	
                15.01.2007

              
	
                b.
      R$ 25.000,00**

              	
                15.03.2007

              
	
                c.
      US$ 60,000**

              	
                15.07.2008

              
	
                d.
      US$ 70,000**

              	
                15.07.2009

              
	
                e.
      US$ 500,000**

              	
                15.07.2010

              

      

      

      * The
payment of this instalment shall be made provided the LICENSEE confirms, through
certificate issued by the DNPM that the mineral rights all have priority and the
processes are duly registered without any vice which may impair
them.

      

      ** The
payment of the instalment(s) in questions shall be made provided survey
authorization for the mineral rights in question has been obtained and the
assignment of the mineral rights endorsed to AURORA. In case of delay, that is,
the conditions are not met by 15.03.07, the payment (b) shall be postponed, with
the rest to be made at the time intervals defined above and provided such
payment conditions are met.

      

      2.1.1 In
addition to the price herein established, AURORA shall pay to the LICENSEE a
monthly participation in the mining results which might be obtained in any of
the mineral rights in the GARIMPO, in a value equivalent to 1.5% (one and half
percent) of the monthly net results of the primary gold production, as defined
below in item 2.1.2.

      

      2.1.2 The
participation in the mining results shall be paid by the 10th (tenth) business
day of the month subsequent to the production month, and the payment shall be
made through a bank deposit as indicated above or as stipulated by the
LICENSEE.

      

      2.1.3 For
the purposes specified above, the production net result shall correspond to the
value of the gross revenue AURORA obtains from the sale of the gold produced and
originating from the GARIMPO, being deducted the values corresponding to (i)
transportation cost from the mine to the refinery; (ii) refining cost; (iii) any
and all direct taxes of any nature incurred with the sale of the gold; and (iv)
“financial compensation" as provided for in Law 7790 of December 28,
1989.

      

      2.1.4
AURORA is entitled to the right to redeem the payment obligation on the
participation in the mining results, item 2.1.1, upon payment of the equivalent
in local currency to US$ 1,000,000 (one million US dollars).

      

      2.2   The
LICENSEE hereby shall, under the terms of this instrument and in the best form
of the law, permit AURORA to execute in the GARIMPO for an initial period of 2
(two) months as from the date of this MOU, and an additional 42 (forty-two)
months in case the GARIMPO is acquired, assessment work and geological survey
which it deems necessary to ascertain the existence of possible primary deposits
which may be economically explored. It should be noted that during the
geological assessment of the GARIMPO, the LICENSEE may develop works therein
provided that work in the said mining site does not interfere with AURORA’s
research activities.

      
        
           

        

        
          Page
3

          
            

          

        

        
           

        

      

      2.3
Regarding the ownership, the LICENSEE declares to be the legitimate and sole
owner of the areas comprising the GARIMPO, and therefore, the mining results,
right to rental or any indemnifications are included in the prices established
in clause 2.1 above. In case of absence of authorizations or eventual problems
with access or title to the surface areas, these shall be resolved by the
LICENSEE, and in the absence of a solution, AURORA is authorized to resolve such
matters and shall deduct all and any cost incurred from the values due to the
LICENSEE.

      

      2.4 For
such purpose, the LICENSEE agrees to the best of its ability to provide AURORA
with technical, legal and operational support, as well as undertake to endeavour
its best efforts to obtain the registration of the above assignment within the
shortest period possible and assist in any way possible for the success of the
surveys and for reaching the objectives hereby proposed, with AURORA being
responsible for the financial expenses incurred to obtain such
results.

      

      2.5
AURORA may, after the registration of the assignment and transfer of rights,
transfer to any third parties the mineral rights granted to it under this
Agreement, provided there is an inclusion of a clause in this
regard.

      

      2.6 At
any time, AURORA shall be entitled to terminate this MOU and withdraw from the
GARIMPO, by means of a notice, fax, cable or advice to the LICENSEE to this
effect, being henceforth free of any and all payment commitments yet to be due.
If AURORA decides to exercise its option to terminate the Agreement, it shall
deliver to the LICENSEE in due course a detailed technical report which shall
include all and any information gathered to date.

      

      2.7 Each
of the CONTRACTING PARTIES herein shall be liable for any and all environmental
damages resulting from their activities carried out in the GARIMPO. In this
regard, the LICENSEE is responsible for the environmental damages caused to the
GARIMPO up to the signing of this agreement. In case of non-compliance of such
obligations, AURORA is authorized to provide for eventual recovery work,
deducting the expenses incurred from the amounts payable according to above item
2.1.

      

      2.8 At
any time during the period of this MOU, AURORA may exercise the right referred
to in clause 1.3 above by means of an express notification to the LICENSEE in
this regard from which the transfer of the mineral rights shall be effected and
the definitive agreement signed within 5 (five) days, and for this purpose the
LICENSEE and the Consenting Intervenor hereby grant powers to the representative
of AURORA to enable him to submit the respective transfer to the DNPM, according
to annex C.

      
        
           

        

        
          Page
4

          
            

          

        

        
           

        

      

      3.
CONFIDENTIALITY

      

      3.1 The
terms of this Agreement as well as all and any technical and financial
information referring to the GARIMPO constitute confidential information of the
CONTRACTING PARTIES and shall not be disclosed, divulged or made known to any
third party or published without previous written consent of the non-disclosing
party. Exception to the confidentiality obligation will be the case in which any
of the CONTRACTING PARTIES needs to disclose said information as a result of it
being linked to the stock market and disclosure is required by law.

      

      4.
COMMUNICATION

      

      4.1 Any
notice and communication related to the GARIMPO shall be given in writing and
shall be deemed to be effectively given upon personal delivery, or by registered
letter or upon receipt of transmission by fax or cable, provided there is an
acknowledgement of receipt.

      

      5.
REPRESENTATIONS AND WARRANTIES

      

      5.1 Each
of the PARTIES herein represents and warrants to each other that:

      

      a. They
have the power, capacity and authority to enter into and perform the Agreement
and all transactions contemplated herein;

      b. There
are no provisions in their By-laws, statutes or agreements of which they are a
party or object which may prevent the celebration and execution of this
Agreement;

      c. The
celebration of the Agreement shall not result in a default under any agreement
or instrument to which the PARTIES are a party, as well as shall not infringe
any applicable laws, regulations, suits, decree or rule which they might obey or
any arrangement, waiver, or agreement of which it is a party;

      

      5.2 The
LICENSEE hereby declares and guarantees that:

      

      a. The
Applications for Mining Permission have assured priority.

      b. There
are no pending liabilities, warranties, pledge, or any other obligations which
might significantly in any way interfere with the mineral rights object of the
Agreement, and said rights are free and clear of any claims, liens or
encumbrances;

      c. In
respect of item 2.1 with regard to the mineral rights herein referred to, there
are no contractual obligations in respect to royalties, finder’s fee and/or any
other contribution to any landowners, occupiers or third parties;

      d. There
are no pending environmental liabilities.

      

      5.2.1 In
case it is shown that the mineral rights are not priority in their totality or
in case some irregularity is found in the instruction of the processes, proven
by means of the certificate referred to in item 2.1, the LICENSEE undertakes to
reimburse to AURORA the amounts which already have been paid as a result of this
agreement, in which case this agreement is then rescinded.

      
        
           

        

        
          Page
5

          
            

          

        

        
           

        

      

      5.2.2 In
case AURORA is impeded from proceeding to the transformation of the mineral
rights into survey permits and from transferring them to AURORA, either due to
impediment caused by the Consenting Intervenor or by any other reason which is
not caused solely and exclusively by AURORA, the LICENSEE undertakes to
reimburse AURORA all amounts which already have been paid as a result of this
agreement, in which case this agreement is then rescinded.

      

      6.
AMENDMENTS AND PREVIOUS EVENTUAL AGREEMENTS AND DISPOSITIONS

      

      6.1 This
MOU represents and comprises all the understanding and commitments agreed
amongst the CONTRACTING PARTIES, and replaces or overlaps any and all previous
agreements and negotiations, verbal or written, with regard to the issues herein
addressed.

      

      6.2 By
this MOU the signatories, their successors and any assignees are obliged to
comply with the terms and conditions set forth herein.

      

      6.3 This
MOU shall not be amended, in its parts or as a whole, except when previously
agreed upon by the CONTRACTING PARTIES, and provided that such changes are done
upon a written consent, executed and signed by the representative of each
party.

      

      6.4 No
tolerance by any of the CONTRACTING PARTIES with regard to any future defaults
in the compliance of this instrument shall constitute an amendment or novation
of the conditions agreed upon herein.

      

      6.5 This
MOU and its annexes, which after being signed by the CONTRACTING PARTIES and the
witnesses will make an integral part of this instrument, represent the whole
agreement entered into by the Parties, and shall govern and regulate their
activities, according to the terms and conditions set forth hereto.

      

      6.6 The
terms set forth in this agreement are valid and binding and shall regulate and
govern the business amongst the CONTRACTING PARTIES, until a definitive
Agreement is executed which is expected to occur by 31.12.2006.

      

      6.7 The
CONTRACTING PARTIES declare and warrant that they grant an extrajudicial,
executive power to this MOU, with full force, according to the terms established
in item II, article 621 of the Code of Civil Procedure, with the reading given
in Act 8953/94.

      

      7.
GOVERNING LAW AND DISPUTE RESOLUTION

      

      7.1 This
agreement shall be governed by the laws of Brazil.

      

      7.2 The
Parties hereby agree that any and all dispute arising from this agreement shall
be resolved at the Main Court of Rio de Janeiro, with exclusion of any other,
prevailing over any other.

      
        
           

        

        
          Page
6

          
            

          

        

        
           

        

      

      However,
the parties are entitled to resolve any dispute by means of arbitration at the
court of the capital of Rio de Janeiro.

      

      IT
WITNESS WHEREOF, the parties execute this instrument in 3 (three) counterparts
of identical tenor and form, in the presence of the witnesses below, who also
subscribe this instrument, for all legal effect.

      

      Rio de
Janeiro, November 01, 2006

      

      
        	
                (Signature)

              
	
                AURORA
      GOLD MINERAÇÃO LTDA.

              
	 
      
	
                (Signature)

              
	
                LUIZA
      LOPES DA SILVA

              
	 
      
	
                Consenting
      Intervenor:

              
	
                (Signature)

              
	
                Maria
      Janete de Sousa Santos

              
	 
      
	 
      
	
                Witnesses:

              
	
                1)
      (Signature)

              
	
                2)
      (Signature)

              

      

      

      

      Notary
Public stamp and seal, signed 10NOV2006, authenticating the signature of Luiza
Lopes da Silva and Maria Janete de Sousa Santos.

      

      

      Notary
Public stamp and seal, signed 17NOV2006, authenticating the signature of Luis
Mauricio Ferraiuoli de Azevedo.

      
        
           

        

        
          Page
7

          
            

          

        

        
           

        

      

      Annex
A

      Copy of
the assignment of rights between Maria Janete and Luiza Lopes

      
        
           

        

        
          Page
8

          
            

          

        

        
           

        

      

      Annex
B

      

      TO THE
DIRECTOR OF THE NATIONAL DEPARTMENT OF MINERAL PRODUCTION (DNPM)

      

      DNPM no.
853.785/93

      

      MARIA
JANETE DE SOUSA SANTOS, Brazilian, bearer of ID card no. 2708157 SSP/PA,
registered at CPF under no. 495.878.542-68,  through her attorney,
hereinafter referred to as ASSIGNOR, and AURORA GOLD MINERACAO LTDA, a company
registered with its Office at Av. das Américas, n° 700, Bl. 8, Lja. 215-A,
parte, CEP 22640-100, Barra da Tijuca, Rio de Janeiro, RJ, in this act
represented by its attorney Luis Mauricio Ferraiuoli de Azevedo, Brazilian,
single, lawyer, registered with the Brazilian Bar Association (RJ) under no.
80412 and registered at CPF under no. 753.468.697-00, hereinafter referred to as
ASSIGNEE, hereby inform and request the following:

      

      On
________, the ASSIGNOR, applicant of the above-mentioned mineral rights,
executed with the ASSIGNEE an “Agreement of Assignment of Mineral Rights”,
transferring to the latter the aforesaid mineral rights, in accordance with the
document submitted to this DNPM as per annex I. Therefore, the parties hereby
present resolve to apply for the filing and registry of the requests for
assignment and registration of the transfer.

      

      We
remain,

      Requesting
your approval,

      

      Belém,
______________

      

      
        	
                (Signature)

              
	
                MARIA
      JANETE DE SOUSA SANTOS

              
	
                Pp
      Luiza Lopes da Silva

              
	 
      
	
                (Signature)

              
	
                AURORA
      GOLD MINERAÇÃO LTDA.

              

      

       

      Notary
Public stamp and seal, signed 10NOV2006, authenticating the signature of Luiza
Lopes da Silva.

      
        
           

        

        
          Page
9

          
            

          

        

        
           

        

      

      PRIVATE
AGREEMENT FOR THE ASSIGNMENT AND TRANSFER OF MINERAL RIGHTS AS
FOLLOWS:

      

      By this
private agreement and as prescribed by law, the parties: Maria Janete de Sousa
Santos, Brazilian, bearer of ID card no. 2708157 SSP/PA, registered at CPF under
no. 495.878.542-68, hereinafter referred to as ASSIGNOR, and AURORA GOLD
MINERACAO LTDA, a company registered with its Office at Av. das Américas, n°
700, Bl. 8, Lja. 215-A, parte, CEP 22640-100, Barra da Tijuca, Rio de Janeiro,
RJ, in this act represented by its attorney Luis Mauricio Ferraiuoli de Azevedo,
Brazilian, single, lawyer, registered with the Brazilian Bar Association (RJ)
under no. 80412 and registered at CPF under no. 753.468.697-00, hereinafter
referred to as ASSIGNEE.

      

      WHEREAS
the ASSIGNOR is the titleholder of Research Authorization process DNPM no.
853.785/93, hereinafter referred to as Mineral Rights, which are free and clear
of any claims, liens or encumbrances.

      

      WHEREAS
the ASSIGNOR wishes to assign to the ASSIGNEE the Mineral Rights, and the latter
being in agreement with such transfer, the Parties agree to execute this
Agreement of Assignment and Transfer of Mineral Rights, in accordance with the
following clauses and conditions:

      

      1. By
this present private agreement entered into, and as prescribed by law, the
ASSIGNOR assigns and transfer to the ASSIGNEE the Mineral Rights, as they are in
fact assigned and transferred, in a definitive manner.

      

      2. It is
up to the ASSIGNEE to verify with the DNPM the correctness, validity and legal
status of the Mineral Rights now being assigned, and it is agreed that this
present instrument will automatically loose any legal effect with regard to any
of the Mineral Rights which for any reason is denied or declined by the DNPM,
and as such nothing shall be alleged against the ASSIGNOR, and the parties shall
mutually endeavour their best efforts to obtain the registration of the
assignment now being agreed upon.

      

      3. It is
the responsibility of the ASSIGNEE, independently of the registration of the
Mineral Rights referred to herein, to pay all and any taxes or
expenses.

      

      4. The
ASSIGNOR hereby grants the ASSIGNEE, with regard to the Mineral Rights, full
representation powers with the DNPM - National Department of Mineral Production,
the Ministry of Mines and Energy, the State Secretary for Environment of the
State of Pará, and IBAMA - The Brazilian Institute of Environmental and
Renewable Natural Resources, with full powers to request and apply for the
registration of the assignment, provide declarations and clarifications, to
sign, present or withdraw any document, to meet requirements, make payments,
receive the corresponding receipts, to ratify or rectify, or to compromise as
well as to practice any and all acts necessary for the good compliance of the
powers herein granted.

      

      5. This
present instrument is irrevocable and the signatories, their heirs or
successors, are obliged to comply with the terms and conditions set forth
herein, and any previous document signed between the parties with the object
being the assignment and transfer of the Mineral Rights referred to herein shall
be null and void.

      
        
           

        

        
          Page
10

          
            

          

        

        
           

        

      

      6. The
Parties hereby agree that any and all dispute arising from this agreement shall
be resolved at the Main Court of the city of Rio de Janeiro, with the waiver of
any other, prevailing over any others.

      

      IN
WITNESS WHEREOF, the parties execute this instrument in 3 (three) counterparts
of identical tenor and form, in the presence of the witnesses below, who also
subscribe this instrument.

      

      

      Belém,
______________

      

      

      
        	
                 (Signature)

              	
                (Signature)

              
	
                MARIA
      JANETE DE SOUSA SANTOS

              	
                AURORA
      GOLD MINERAÇÃO LTDA

              
	
                Pp
      Luiza Lopes da Silva

              	 
      
	 
      	 
      
	 
      	 
      
	
                Witnesses:

              	 
      
	
                1)
      (Signature)

              	
                 2)
      (Signature)

              
	
                Soraya
      Ferraz

              	
                Bruna
      Wandermurem

              

      

      

      Notary
Public stamp and seal, signed 10NOV2006, authenticating the signature of Luiza
Lopes da Silva.

      
        
           

        

        
          Page
11

          
            

          

        

        
           

        

      

      Annex
C

      

      SUB-ASSIGNMENT
OF POWER OF ATTORNEY

      

      LUIZA
LOPES DA SILVA, Brazilian, single, businessperson, bearer of ID card no. 1541442
SSP/PA, registered at CPF under no. 269.857.212-49, with address at Passagem
Clodison Borges, do Vale, no. 52, bairro N. Sa. do Perpetuo Socorro, Itaituba,
Pará, CEP 68180-100, attorney of Maria Janete de Sousa Santos, Brazilian, bearer
of ID card no. 2708157 SSP/PA, registered at CPF under no. 495.878.542-68,
sub-assigns the powers received in favour of Luis Mauricio Ferraiuoli de
Azevedo, Brazilian, single, lawyer, registered with the Brazilian Bar
Association (RJ) under no. 80.412 and registered at the CPF under no.
753.468.697-00, granting him powers to represent her in the condition of
titleholder of certain mineral rights in areas located in the Municipality of
Itaituba, Para, comprised of Requests for Mining Permit DNPM no. 853.785/93 to
853. 839/93, with ample and general powers to check, obtain copies, receive,
transfer and/or assign, either with or without payment, withdraw, renounce, meet
requirements, apply for transformation into the system of survey authorization,
including act at the National Department of Mineral Production (DNPM), the
Ministry of Mines and Energy, the Brazilian Institute of Environmental and
Renewable Natural Resources, SECTAM, and in any other agency of the Public
Federal, State and Municipal Administration, Notary Public Offices in general,
with powers also to sub-assign this present Power of Attorney, which, therefore,
is signed in an irrevocable manner.

      

      
        	
                Belem,
      November 01, 2006

              
	 
      
	
                (Signature)

              
	
                LUIZA
      LOPES DA SILVA

              

      

      

      Notary
Public stamp and seal, signed 10NOV2006, authenticating the signature of Luiza
Lopes da Silva.

      
        
           

        

        
          Page
12

          
            

          

        

        
           

        

      

      POWER OF
ATTORNEY

      

      MARIA
JANETE DE SOUSA SANTOS, Brazilian, bearer of ID card no. 2708157 SSP/PA,
registered at CPF under no. 495.878.542-68, hereby appoints as her attorney Luis
Mauricio Ferraiuoli de Azevedo, Brazilian, single, lawyer, registered with the
Brazilian Bar Association (RJ) under no. 80412 and registered at CPF under no.
753.468.697-00, granting him powers to represent her in the condition of
titleholder of certain mineral rights in areas located in the Municipality of
Itaituba, Para, comprised of Requests for Mining Permit DNPM no. 853.785/93 to
853. 839/93, with ample powers to take all necessary steps to receive, transfer
and assign, whether free or in payment, the Requests for Mining Permits and the
Survey Requests, who may apply whatever is necessary, including request for
transformations of the same requests into Mineral Research Licenses, as well as
visit, and contact the NATIONAL DEPARTMENT OF MINERAL PRODUCTION (DNPM), the
Ministry of Mines and Energy, the Brazilian Institute of Environmental and
Renewable Natural Resources, SECTAM, and any federal, state and municipal
agencies, Notary Public offices, with powers also to sub-assign this Power of
Attorney which, therefore, is signed in an irrevocable manner.

      

      
        	
                Belem,
      November 01, 2006

              
	 
      
	
                (Signature)

              
	
                MARIA
      JANETE DE SOUSA SANTOS

              

      

      

      Notary
Public stamp and seal, signed 10NOV2006, authenticating the signature of Maria
Janete de Sousa Santos.

       

    
      Page
13

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