Document:

THIS
WARRANT AND THE SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND
THE WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON UNLESS IT IS
REGISTERED UNDER THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.  THE WARRANT MAY NOT BE EXERCISED WITHIN THE UNITED STATES
AND THE SECURITIES MAY NOT BE DELIVERED WITHIN THE UNITED STATES UPON EXERCISE
UNLESS REGISTERED UNDER THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.  FOR A PERIOD OF AT LEAST SIX MONTHS FROM THE DATE OF THIS
WARRANT, IT MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS
(OTHER THAN DISTRIBUTORS) UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT, OR
ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT IS
AVAILABLE.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING SHARES OF THE
ISSUER MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

    

    COMMON
STOCK PURCHASE WARRANT

    

    WHITE
MOUNTAIN TITANIUM CORPORATION

    (A NEVADA
CORPORATION)

    

    
      	
              CERTIFICATE
      NUMBER:  W-1

            	
              1,000,000
      WARRANTS

            

    

    

    This
certifies that for value received, Michael Kurtanjek or
registered assigns (the “Registered Owner”), is the owner of One million
(1,000,000) common stock purchase warrants (the “Warrants”), each of which
Warrants entitles the Registered Owner to purchase at any time during the period
expiring at 5:00 P.M. Mountain Time on December 31, 2015, (the “Exercise
Period”) one fully paid and non-assessable share of common stock, par value
$0.001 per share (the “Common Stock”), of White Mountain Titanium Corporation,
Inc., a Nevada corporation (the “Company”), upon payment of One Dollar and Fifty
Cents ($1.50) per share (the “Exercise Price”); provided, however, that the
exercise of the Warrants is subject to certain vesting requirements as set forth
herein; and further provided that the number of shares of the Common Stock
purchasable upon exercise of each Warrant may be increased or reduced and the
Exercise Price adjusted in the event of certain contingencies described
below.

    

    By
acceptance of this Warrant Certificate, the Registered Owner agrees to the
following terms and conditions:

    

    1.           Vesting.

    

    (a)           The
Warrants represented by this Warrant Certificate shall vest and become
exercisable only upon the occurrence of one of the following events and shall be
exercisable in full upon the first of such events to occur:

    

    i.           If
on or before June 30, 2011, the closing price of the common stock of the Company
is at least $2.00 per share for five (5) consecutive trading days as reported by
the principal trading market for the common stock.

    

    ii.         If
on or before December 31, 2012, the closing price of the common stock of the
Company is at least $2.50 per share for five (5) consecutive trading days as
reported by the principal trading market for the common stock.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    iii.        If
on or before December 31, 2015, the closing price of the common stock of the
Company is at least $3.00 per share for five (5) consecutive trading days as
reported by the principal trading market for the common stock.

    

    (b)          The
stock prices set forth above shall be subject to reasonable adjustment by the
Company upon the occurrence of an event set forth in Section 7
hereof.

    

    2.           Method of
Exercise.

    

    (a)           This
Warrant may be exercised by delivery of this Warrant Certificate and the duly
completed and executed form of election to purchase attached hereto setting
forth the number of Warrants to be exercised, together with
either:
 

    i.          A
certified check or bank check payable to the order of, or bank wire transfer to,
the Company in the amount of the full Exercise Price of the Common Stock being
purchased;

    

    ii.         Shares
of Common Stock of the Company already owned by the Registered Owner equal to
the exercise price with the Common Stock valued at its fair market value based
on the closing bid quotation for such stock on the close of business on the
trading day last preceding the date of the exercise of this Warrant, as reported
by the OTC Bulletin Board, or if not reported by the OTC Bulletin Board, then as
determined by the Company through any other reliable means of determination
available on the close of business on the trading day last preceding the date of
such exercise;

    

    iii.        Warrants
or other rights to purchase Common Stock valued at the amount by which the
closing bid quotations (as determined in accordance with
subsection 2(a)(ii) above) of the Common Stock subject to warrants or other
rights exceeds the exercise or purchase price provided on such warrants or
rights; or

    

    iv.        Cancellation
of debt owed by the Company to the Registered Owner, including debt incurred for
professional services rendered, employment relationships, or otherwise, upon
presentation of an invoice for services provided to the Company.

    

    (b)          Upon
receipt of this Warrant Certificate with the exercise form duly executed,
together with payment in full of the aggregate Exercise Price of the shares of
Common Stock to be purchased, the Company shall make deliver of certificates
evidencing the total number of shares of Common Stock issuable upon such
exercise, in such names and denominations as are required for delivery to, or in
accordance with the instructions of the Registered Owner.  Such Common
Stock certificates shall be deemed to be issued, and the person to whom such
shares of Common Stock are issued of record shall be deemed to have become a
holder of record of such shares of Common Stock, as of the date of the surrender
of such Warrant Certificate and payment of the Exercise Price, whichever shall
last occur; provided, that if the books of the Company with respect to the
transfer of Common Stock are then closed, such shares shall be deemed to be
issued, and the person to whom such shares of Common Stock are issued of record
shall be deemed to have become a record holder of such shares, as of the date on
which such transfer books of the company shall next be open (whether before, on,
or after the expiration of the applicable Warrant Exercise
Period).  If this Warrant Certificate shall be surrendered for
exercise within any period during which the transfer books for the Company’s
common stock or other securities purchasable upon the exercise of Warrants are
closed for any reason, the Company shall not be required to make deliver of
certificates for the securities purchasable upon such exercise until the date of
the reopening of said transfer books.

    
      
         

      

      
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    (c)           Subject
to subsection 2(b), if less than all the Warrants evidenced by this Warrant
Certificate are exercised upon a single occasion, a new Warrant Certificate for
the balance of the Warrants not so exercised shall be issued and delivered to,
or in accordance with transfer instructions properly given by, the Registered
Owner, until the expiration of the applicable Warrant Exercise
Period.

    

    (d)           All
Warrant Certificates surrendered upon exercise of Warrants shall be
canceled.

    

    3.           Expiration of
Warrant.  Upon the expiration of the Warrant Exercise Period,
each Warrant will, respectively, expire and become void and of no
value.

    

    4.           Taxes.  The
Registered Owner shall pay all documentary, stamp or similar taxes and other
government charges that may be imposed with respect to the issuance or transfer
of the Warrants, or the issuance, transfer or delivery of any shares of Common
Stock upon the exercise of the Warrants.

    

    5.           Mutilated or Missing Warrant
Certificates.  If this Warrant Certificate is mutilated, lost,
stolen, or destroyed, the Company may, on such terms as to indemnity or
otherwise as it may in its discretion impose (which shall, in the case of a
mutilated Warrant Certificate, include the surrender thereof), and upon receipt
of evidence satisfactory to the Company of such mutilation, loss, theft, or
destruction, issue a substitute Warrant Certificate. Applicants for substitute
Warrant Certificates shall comply with any reasonable regulations (and pay any
reasonable charges) prescribed by the Company.

    

    6.           Reservation of
Shares.  For the purpose of enabling the Company to satisfy its
obligation to issue Common Stock upon the exercise the Warrants represented by
this Warrant Certificate, the Company shall at all times reserve and keep
available, free from preemptive rights, out of the aggregate of its authorized
but unissued Common Stock, the full number of shares which may be issued upon
the exercise of these Warrants; such shares of Common Stock shall upon issuance
be fully paid, nonassessable, and free from all taxes, liens, charges, and
security interests with respect to the issuance thereof.

    

    7.           Adjustments.  If,
prior to the exercise of these Warrants, the Company shall have effected one or
more stock split-ups, stock dividends or other increases or reductions of the
number of shares of its Common Stock outstanding without receiving reasonable
compensation therefor in money, services, or property, the number of shares of
Common Stock subject to the Warrants shall, (i) if a net increase shall have
been effected in the number of outstanding shares of Common Stock, be
proportionately increased, and the cash consideration payable per share shall be
proportionately reduced, and, (ii) if a net reduction shall have been effected
in the number of outstanding shares of Common Stock, be proportionately reduced
and the cash consideration payable per share be proportionately
increased.

    

    
      	
               
      

            	
              8.

            	
              Notice to Registered
      Owners.

            

    

     

    (a)           Upon
any adjustment as described in Section 6 hereof, the Company shall, within
twenty (20) days thereafter, cause written notice setting forth the details of
such adjustment, the method of calculation, and the facts upon which such
calculation is based, to be given to the Registered Owner as of the record date
applicable thereto.

    

    (b)           If
the Company proposes to enter into any reorganization, reclassification, sale of
all or substantially all of its assets, consolidation, merger, dissolution,
liquidation, or winding up, the Company shall give notice of such fact at least
twenty (20) days prior to such action to the Registered Owner, which notice
shall set forth such facts and indicate the effect of such action (to the extent
such effect may be known at the date of such notice) on the Exercise Price and
the kind and amount of the shares or other securities and property deliverable
upon exercise of the Warrants.  Failure of the Company to give notice
shall not invalidate any corporate action taken by the Company.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    9.           No Fractional Warrants or
Shares.  The Company shall not be required to issue fractions
of Warrants upon the reissue of Warrants, any adjustments as described in
Section 6 hereof, or otherwise; but the Company in lieu of issuing any such
fractional interest, shall round up or down to the nearest full
Warrant.  If the total Warrants surrendered for exercise would result
in the issuance of a fractional share of Common Stock, the Company shall not be
required to issue a fractional share but rather the aggregate number of shares
issuable shall be rounded up or down to the nearest full share.

    

    10.         Rights of Registered
Owner.  The Registered Owner, as such, shall not have any
rights of a shareholder of the company, either at law or equity, and the rights
of the Registered Owner, as such, are limited to those rights expressly provided
in this Warrant Certificate. The Company may treat the Registered Owner in
respect of any Warrant Certificate as the absolute owner thereof for all
purposes notwithstanding any notice to the contrary.

    

    11.         Transfer and
Assignment.  Until the Warrants are fully vested, this Warrant
Certificate shall not be transferable and assignable, in whole or in part, by
the Registered Owner. Thereafter, this Warrant Certificate shall be freely
transferable, in whole or in part, by the Registered Owner.  Any
permitted transfer or assignment shall be effected by the Registered Owner (i)
completing and executing the form of assignment at the end hereof and (ii)
surrendering this Warrant Certificate with such duly completed and executed
assignment form for cancellation, accompanied by funds sufficient to pay any
transfer tax, at the principal executive office of the Company; whereupon the
Company shall issue, in the name or names specified by the Holder (including the
Holder) a new Warrant Certificate or Certificates of like tenor with appropriate
legends restricting transfer under the Securities Act of 1933, as amended (the
“Act”) and representing in the aggregate rights to purchase the same number of
Shares as are purchasable hereunder.  Prior to due presentment for
transfer or assignment hereof, the Company may treat the Registered Owner as the
absolute owner hereof and of each Warrant represented hereby (notwithstanding
any notations of ownership or writing hereon made by anyone other than a duly
authorized officer of the Company) for all purposes and shall not be affected by
any notice to the contrary.

    

    12.         Exchange of Warrant
Certificate.  This Warrant Certificate, when surrendered at the
principal executive office of the Company by the Registered Owner in person or
by attorney duly authorized in writing, may be exchanged for any other Warrant
Certificate of different denominations, of like tenor and representing in the
aggregate the right to purchase a like number of shares.

    

    13.         Compliance with Securities
Laws.  This Warrant may not be exercised or sold, transferred,
assigned, or otherwise disposed of at any time by the Registered Owner unless
the transaction is registered under the Act or, in the opinion of the Company
(which may in its discretion require the Registered Owner to furnish it with an
opinion of counsel in form and substance satisfactory to it), such exercise,
sale, transfer, assignment, or other disposition does not require registration
under the Act and a valid exemption is available under applicable federal and
state securities laws.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

               IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly
executed by its officer thereunto duly authorized effective the 7th day of
February, 2010.

    

    
      
        	
                White
      Mountain Titanium Corporation

              
	 
      	 
      
	
                By

              	
                /s/ Brian Flower

              
	 
      	
                Brian
      Flower, Executive
Chairman

              

      

    

    
      
         

      

      
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    EXERCISE
FORM

    

    The
undersigned Registered Owner hereby irrevocably elects to exercise _______
Warrants represented by this Warrant Certificate, and to purchase the shares of
Common Stock of the Company issuable upon the exercise of such Warrants, and
requests that certificates for such shares shall be issued in the name
of:

    

    ________________________________

    ________________________________

    ________________________________

    ________________________________

    (Please
print or type name and address)

    

    and be
delivered to:

    ________________________________

    ________________________________

    ________________________________

    ________________________________

    (Please
print or type name and address)

    

    Please
insert social security or other identifying
number:  _______________________

    

    And, if
such number of Warrants shall not be all of the Warrants evidenced by the
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of and delivered to, the Registered Owner at
the address stated below.

    

     IMPORTANT:
The name of the person exercising this Warrant must correspond with the name of
the Registered Owner written on the face of this Warrant Certificate in every
particular, without alteration or any change whatever, unless it has been
assigned by completing the Assignment form below.

    

    
      
        	
                Dated:  ________________
      , 20___

              	
                ____________________________________

              
	 
      	
                Signature
      of Registered Owner

              
	 
      	
                ____________________________________

              
	 
      	
                ____________________________________

              
	 
      	
                ____________________________________

              
	 
      	
                (Please
      Print Address)

              

      

    

    
      
         

      

      
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    ASSIGNMENT
FORM

    

    FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto:

    

    ________________________________

    ________________________________

    ________________________________

    ________________________________

    (Please
print or type name and address)

    

    Please
insert social security or other identifying number:
_______________________

    

    ________________
of the Warrants represented by this Warrant Certificate, and hereby irrevocably
constitutes and appoints any officer of the Company or its transfer agent and
registrar as lawful Attorney to transfer this Warrant Certificate on the books
of the Company, with full power of substitution in the
premises.

    

    
      
        	
                Dated:  ________________
      , 20___

              	
                ____________________________________

              
	 
      	
                Signature
      of Registered Owner

              

      

    

    
      
         

      

      
        7Management
Services Agreement

    

    This Management Services Agreement (the
“Agreement”) is entered into effective the 1st day of
January 2010 (the “Effective Date”), by and between White Mountain Titanium
Corporation, a Nevada corporation (“WMTC”), and 0834406 BC Ltd., a corporation
created under the laws of British Columbia, Canada (the “Service
Provider”).

    

    RECITALS:

    

    A.           WMTC,
through its wholly owned Chilean subsidiary, owns a rutile mineral property
known as the Cerro Blanco project located in Region III of Chile and is or
proposes to carry on mining operations on the project.

    

    B.           WMTC
had previously entered into a management service agreement dated September 8,
2006, as subsequently amended (the “Original Agreement”), with C. E. Jenkins,
the owner of the Service Provider herein (the “Original Service
Provider”).

    

    C.           Under
the Original Agreement the Original Service Provider performed services as Chief
Financial Officer (“CFO”) of WMTC.

    

    D.           The
Original Agreement expired on September 1, 2009, and was continued on a
month-to-month basis through December 31, 2009.

    

    E.           WMTC,
wishing to continue the services of the Original Service Provider under a
successor management services agreement with duties and compensation unchanged
from the Original Agreement.

    

    G.           WMTC
proposes now to engage the Service Provider, an entity owned and controlled by
the Original Service Provider, under the terms of this Agreement to provide the
continued services of the Original Service Provider.

    

    NOW, THEREFORE, in consideration of the
mutual terms and conditions set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

    

    1.
           Services and
Duties.

    

    a.           Management and
Administrative Services.  Service Provider shall provide
approximately 50% of one man person’s available time to WMTC-related issues,
including, but not limited to, the following:

    

    
      	
               
      

            	
              ·

            	
              Prepare,
      or supervise the preparation of, WMTC’s quarterly and annual financial
      statements in conformity with U.S. Generally Accepted Accounting
      Standards.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              ·

            	
              Prepare,
      or supervise the preparation of, the MD&A sections and other financial
      information for WMTC’s quarterly and annual reports to be filed with the
      U.S. Securities and Exchange Commission on Forms 10-QSB and 10-KSB,
      respectively (the “SEC Reports”).

            

    

    

    
      	
               
      

            	
              ·

            	
              Prepare
      annual operating budgets as well as monthly cash flow and variance reports
      for distribution to the board of
directors.

            

    

    

    
      	
               
      

            	
              ·

            	
              Establish
      and maintain disclosure controls and procedures (as defined in U.S.
      Securities Exchange Act Rules 13a-15(e) and 15d-15(e)) in order to (i)
      ensure that material information relating to WMTC, including its
      consolidated subsidiaries, is made known to management by others within
      those entities, particularly during the period in which any SEC Report is
      being prepared; (ii) evaluate the effectiveness of WMTC’s disclosure
      controls and procedures and present in its SEC Reports the conclusions
      about the effectiveness of the disclosure controls and procedures, as of
      the end of the period covered by such report based on such evaluation; and
      (iii) report in any SEC Report any change in WMTC’s internal control over
      financial reporting that has materially affected, or is reasonably likely
      to materially affect, WMTC’s internal control over financial
      reporting.

            

    

    

    
      	
               
      

            	
              ·

            	
              Disclose
      to WMTC’s auditors and the audit committee all significant deficiencies
      and material weaknesses in the design or operation of internal controls
      over financial reporting which are reasonably likely to adversely affect
      the ability of WMTC to record, process, summarize and report financial
      information and any fraud, whether or not material, that involves
      management or other employees who have a significant role in WMTC’s
      internal control over financial
reporting.

            

    

    

    
      	
               
      

            	
              ·

            	
              Perform
      such other related functions as directed by the President or Executive
      Chairman or as customarily performed by a chief financial
      officer.

            

    

    

    b.           Performance of
Duties.  All services provided by the Service Provider
hereunder shall be performed in a timely manner and in accordance with good and
standard professional practice.

    

    c.           Conflicts of
Interest.  During the term of this Agreement neither the
Service Provider nor any affiliate shall carry on or be engaged in or concerned
with or advise in the operating of any other business or enterprise which is in
conflict with their obligations under this Agreement or in competition with WMTC
or its subsidiary.

    

    2.     
      Compensation and
Reimbursable Expenses.

    

    a.           Monthly
Fee.  In consideration of the services provided by Service
Provider, WMTC shall pay to the Service Provider US$6,900 per month plus
reimbursable out of pocket expense - both being subject to Goods and Services
Tax in Canada (“GST”), with the monthly fee amount prorated for any partial
month of service.  Payments hereunder shall be made on or before the
fifteenth (15th) day of
the calendar month following the month in which such services were
provided.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    b.           Office Space and Support
Services Expense.  Service Provider will provide WMTC with the
use of an office at the offices of WMTC for the times he performs the services
set forth herein at the WMTC offices.

    

    3.        
   Term and
Renewal.  The term of this Agreement shall be for a period of
five years from January 1, 2010, through December 31, 2015 (the “Original Expiration Date”),
unless it is terminated earlier as provided herein.  Beginning on the
Original Expiration Date, and on each anniversary thereafter, unless it is
terminated earlier as provided herein or WMTC delivers written notice to the
Service Provider of its intention not to extend the Agreement at least three (3)
months before the Original Expiration Date or each anniversary date thereafter,
the term of this Agreement shall automatically be extended for additional
one-year terms.  The restrictive covenants in paragraph 6 hereof shall
survive the termination of this Agreement.

    

    4.   
        Termination.

    

    a.           Termination Without
Cause.  Either WMTC or the Service Provider may terminate this
Agreement at any time without cause (as defined below), provided that it gives
written notice of termination to the other party at least three (3) months
before the date of such termination.

    

    b.           Termination For
Cause.  WMTC shall be entitled at any time, with or without
prior notice, to terminate this Agreement for cause, in which case no
compensation or other fees (other than such fees that have already been earned
by Service Provider) shall be payable to the Service Provider after such
termination.  “Cause” means the Service Provider or its principals’,
affiliates, agents’, employees’ or representatives’ (i) gross negligence in the
performance or non-performance of any material duties to WMTC; (ii) commission
of any material criminal act or fraud or of any act that affects adversely the
reputation of WMTC; (iii) habitual neglect of Service Provider’s duties that are
required to be performed under this Agreement; (iv) dishonesty; or (v) gross
misconduct.  Such termination shall not prejudice any other remedy
under law or equity of WMTC and the failure of WMTC to terminate Service
Provider when cause exists shall not constitute the waiver of WMTC’s right to
terminate this Agreement at a later time.  Termination under this
paragraph shall be considered for cause for purposes of this
Agreement.

    

    5.    
       Termination upon
Change of Control.  In the event of termination upon a change
of control of WMTC, the following provisions shall apply:

    

    a.           “Termination
Upon Change of Control” means:

    

    (i)           any
termination of the engagement of the Service Provider by WMTC without cause
during the period commencing on or after the date that WMTC first publicly
announces a definitive agreement that would result in a Change of Control (as
defined below), even though still subject to approval by WMTC’s stockholders and
other conditions and contingencies; or

    
      
         

      

      
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    (ii)          any
resignation by the Service Provider based on a diminution of responsibilities
where (1) such diminution of responsibilities occurs during the period
commencing on or after the date that WMTC first publicly announces a definitive
agreement that would result in a Change of Control (as defined below), even
though still subject to approval by WMTC’s stockholders and other conditions and
contingencies, and ending on the date which is twelve (12) months following the
Change of Control, and (2) such resignation occurs within one-hundred and twenty
(120) days following such diminution of responsibilities.

    

    b.           The
term “Termination Upon Change of Control” shall not include any other
termination, including a termination of the Service Provider (i) by WMTC for
cause; (ii) by WMTC as a result of the disability of a party; (iii) as a result
of the death of the party; or (iv) as a result of the voluntary termination of
the engagement by the party for reasons other than a diminution of
responsibilities.

    

    c.           “Change
of Control” means:

    

    (i)           any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), other than a trustee or
other fiduciary holding securities of WMTC under an employee benefit plan of
WMTC, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under
the Exchange Act), directly or indirectly, of securities of WMTC representing
30% or more of (A) the outstanding shares of common stock of WMTC or (B) the
combined voting power of WMTC’s then-outstanding securities;

    

    (ii)          WMTC
is party to a merger or consolidation, or series of related transactions, which
results in the voting securities of WMTC outstanding immediately prior thereto
failing to continue to represent (either by remaining outstanding or by being
converted into voting securities of the surviving or another entity) at least
fifty (50%) percent of the combined voting power of the voting securities of
WMTC or such surviving or other entity outstanding immediately after such merger
or consolidation;

    

    (iii)         the
sale or disposition of all or substantially all of WMTC’s assets (or
consummation of any transaction, or series of related transactions, having
similar effect);

    

    
      
        	
              	
                (iv)

              	
                there
      occurs a change in the composition of the Board of Directors of WMTC
      within a two-year period, as a result of which fewer than a majority of
      the directors are incumbent
directors;

              

      

    

    

    (v)         the
dissolution or liquidation of WMTC; or

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (vi)         any
transaction or series of related transactions that has the substantial effect of
any one or more of the foregoing.

    

    d.           In
the event of termination upon a Change of Control, the Service Provider shall
receive the following compensation:  (i) immediate payment of a
severance amount equal to three (3) times the highest annual base cash
compensation paid the Service Provider; (ii) the immediate vesting of any
outstanding unvested options, warrants, or other convertible instruments; (iii)
the pro rata amount of any bonuses for which the Service Provider is eligible;
(iv) the extension of the exercise period of any options, warrants, or other
convertible instrument for at least six months following such
termination.

    

    6.           Confidential
Information.  The Service Provider recognizes and acknowledges
that certain information, including, but not limited to, information pertaining
to the financial condition of WMTC, its systems, methods of doing business,
agreements with customers or suppliers, or other aspects of the business of WMTC
or which are sufficiently secret to derive economic value from not being
disclosed (hereinafter “Confidential Information”) may be made available or
otherwise come into the possession of the Service Provider or PVM by reason of
this engagement with WMTC.  Accordingly, the Service Provider agrees
that neither it nor its principals, affiliates, agents, employees, or
representatives will (either during or after the term of this engagement with
WMTC) disclose any Confidential Information to any person, firm, corporation,
association, or other entity for any reason or purpose whatsoever or make use to
their personal advantage or to the advantage of any third party, of any
Confidential Information, without the prior written consent of
WMTC.  The Service Provider shall, upon termination of this
engagement, return to WMTC, and shall cause its principals, affiliates, agents,
employees, and representatives to return to WMTC, all documents which reflect
Confidential Information (including copies thereof).  Notwithstanding
anything heretofore stated in this paragraph, the Service Provider’s obligations
under this Agreement shall not, after termination of Service Provider’s
engagement with WMTC, apply to information which has become generally available
to the public without any action or omission of the Service Provider (except
that any Confidential Information which is disclosed to any third party by an
employee or representative of WMTC who is authorized to make such disclosure
shall be deemed to remain confidential and protectable under this
provision).

    

    7.           Independent
Contractor.  Service Provider agrees that in performing this
Agreement, the Service Provider is acting as an independent contractor and not
as an employee or agent of WMTC.  As an independent contractor, the
Service Provider shall not be eligible for any benefits which WMTC may provide
to its employees.  All persons, if any, hired by Service Provider to
perform this Agreement, including, but not limited to, the Original Service
Provider, shall be employees of the Service Provider and shall not be construed
as employees or agents of WMTC in any respect.  The Service Provider
shall be responsible for all taxes, insurance and other costs and payments
legally required to be withheld or provided in connection with Service
Provider’s performance of this Agreement, including without limitation, all
withholding taxes, worker’s compensation insurance, and similar
costs.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    8.      
     Miscellaneous
Provisions.

    

    a.           Notice.  All
notices required or permitted hereunder shall be in writing and shall be deemed
effective: (1) upon personal delivery; (2) when sent by facsimile at the number
set forth below; or (3) in the case of delivery by internationally recognized
overnight delivery service, when received, addressed as follows:

    

    If to
WMTC to:

    

    Augusto Leguia 100, Officina
812

    Las
Condes, Santiago

    Chile

    Attn:  Michael
P. Kurtanjek, President

    FAX:  (56 2)
657-1809

    

    With a
copy (which shall not constitute notice) to:

    

    Ronald N. Vance

    Attorney at Law

    1656 Reunion Avenue

    Suite 250

    Salt Lake City,
UT  84095

    FAX:  (801)
446-8803

    

    If to the
Service Provider, to:

    

    443 West
15th
Street

    North
Vancouver, BC

    Canada  V7M
1S7

    Attn:  C.
E. Jenkins

    FAX: _______________________________

    

    or to
such other address or addresses, or facsimile number or numbers, as either party
shall designate to the other in writing from time to time by like
notice.

    

    b.           Attorneys’
Fees.  If any legal action or other proceeding is brought for
the enforcement of this Agreement, or because of an alleged dispute, breach,
default, or misrepresentation in connection with any of the provisions of this
Agreement, the successful or prevailing party or parties will be entitled to
recover reasonable attorneys’ fees and other costs incurred in that action or
proceeding, in addition to any other relief to which it or they may be
entitled.

    

    c.           Additional
Remedies.  The Service Provider acknowledge and agree that, in
the event either such party shall violate any of the restrictions of Section 6
hereof, WMTC will be without adequate remedy at law and will therefor be
entitled to enforce such restrictions by temporary or permanent injunctive or
mandatory relief obtained in an action or may have at law or in equity, and the
Service Provider hereby consents to the jurisdiction of such court for such
purpose, provided that reasonable notice of any proceeding is given, it being
understood that such injunction shall be in addition to any remedy which WMTC
may have at law or otherwise.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    d.           Entire Agreement;
Modification; Waiver.  This Agreement constitutes the entire
agreement between or among the parties pertaining to the subject matter
contained in it and supersedes all prior and contemporaneous agreements,
representations, and understandings of the parties.  No supplement,
modification, or amendment of this Agreement will be binding unless executed in
writing by all the parties or the applicable parties to be bound by such
amendment.  No waiver of any of the provisions of this Agreement will
constitute a waiver of any other provision, whether or not similar, nor will any
waiver constitute a continuing waiver.  No waiver will be binding
unless executed in writing by the party making the waiver.

    

    e.           Survival of Covenants,
Etc.  All covenants, representations and warranties made herein
shall survive the making of this Agreement and shall continue in full force and
effect for a period of two years from the termination date of this Agreement, at
the end of which period no claim may be made with respect to any such covenant,
representation, or warranty unless such claim shall have been asserted in
writing to the indemnifying party during such period.

    

    f.           Assignment.  This
Agreement, as it relates to the engagement of Service Provider, is a personal
contract and the rights and interests of the Service Provider hereunder may not
be sold, transferred, assigned, pledged or hypothecated, without the prior
written consent of WMTC, which consent may be withheld for any
reason.  Notwithstanding the foregoing, the Service Provider may,
without the prior consent of WMTC, add PVM as additional service provider
hereunder at any time PVM becomes a wholly owned subsidiary of the Service
Provider, so long as PVM agrees to be bound by the terms of this Agreement as a
Service Provider, and thereafter the compensation payable pursuant to Section
2(a) hereof shall be paid to PVM.

    

    g.           Binding on
Successors.  This Agreement will be binding on, and will inure
to the benefit of, the parties to it and their respective heirs, legal
representatives, successors, and assigns.

    

    h.           Governing Law and
Venue.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Utah, U.S.A., without reference to the
choice of law principals thereof.  The parties hereto irrevocably
submit to the jurisdiction of the Courts of the State of Utah, U.S.A., located
in Salt Lake County and the United States District Court of Utah in any action
arising out of or relating to this Agreement, and hereby irrevocably agree that
all claims in respect of such action may be heard and determined in such state
or federal court.  The parties hereto irrevocably waive, to the
fullest extent they may effectively do so, the defense of an inconvenient forum
to the maintenance of such action or proceeding.  The parties further
agree, to the extent permitted by law, that final and unappealable judgment
against any of them in any action or proceeding contemplated above shall be
conclusive and may be enforced in any other jurisdiction within or outside the
United States by suit on the judgment, a certified copy of which shall be
conclusive evidence of the fact and amount of such judgment.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    i.         
  Rights Are
Cumulative.  The rights and remedies granted to the parties
hereunder shall be in addition to and cumulative of any other rights or remedies
either may have under any document or documents executed in connection herewith
or available under applicable law.  No delay or failure on the part of
a party in the exercise of any power or right shall operate as a waiver thereof
nor as an acquiescence in any default nor shall any single or partial exercise
of any power or right preclude any other or further exercise thereof or the
exercise of any other power or right.

    

    j.        
   Severability.  If
any provision of this Agreement is held invalid or unenforceable by any court of
final jurisdiction, it is the intent of the parties that all other provisions of
this Agreement be construed to remain fully valid, enforceable, and binding on
the parties.

    

    k.           Drafting.  This
Agreement was drafted with the joint participation of the parties and/or their
legal counsel.  Any ambiguity contained in this Agreement shall not be
construed against any party as the draftsman, but this Agreement shall be
construed in accordance with its fair meaning.

    

    l.           Headings.  The
descriptive headings of the various paragraphs or parts of this Agreement are
for convenience only and shall not affect the meaning or construction of any of
the provisions hereof.

    

    m.          Number and
Gender.  Wherever from the context it appears appropriate, each
term stated in either the singular or the plural shall include the singular and
the plural, and pronouns stated in either the masculine, the feminine, or the
neuter gender shall include the masculine, feminine, and neuter.

    

    n.           Counterparts; Facsimile
Execution.  This Agreement may be executed in any number of
counterparts and all such counterparts taken together shall be deemed to
constitute one instrument.  Delivery of an executed counterpart of
this Agreement by facsimile or email shall be equally as effective as delivery
of a manually executed counterpart of this Agreement.  Any party
delivering an executed counterpart of this Agreement by facsimile or email also
shall deliver a manually executed counterpart of this Agreement, but the failure
to deliver a manually executed counterpart shall not affect the validity,
enforceability, or binding effect of this Agreement.

    

    o.           Full
Knowledge.  By their signatures, the parties acknowledge that
they have carefully read and fully understand the terms and conditions of this
Agreement, that each party has had the benefit of counsel, or has been advised
to obtain counsel, and that each party has freely agreed to be bound by the
terms and conditions of this Agreement.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, each of the parties
hereto has executed this Agreement the respective day and year set forth
below.

    

    
      
        	 
      	
                White
      Mountain Titanium Corporation

              
	 
      	 
      
	
                Date:  February
      7, 2010

              	
                By

              	
                /s/Michael P. Kurtanjek

              
	 
      	 
      	
                Michael
      P. Kurtanjek, President

              
	 
      	 
      
	 
      	
                0834406
      BC Ltd.

              
	 
      	 
      
	
                Date:  February
      7, 2010

              	
                By

              	
                /s/ C.E. Jenkins

              
	 
      	 
      	
                C.
      E. Jenkins, Principal

              

      

    

    
      
         

      

      
        9

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