Common use of Letter of Guaranty Clause in Contracts

Letter of Guaranty. Letter of Guaranty No. --- (Cairo 200--) EGYPTIAN MIUNERAL RESOURCES AUTHORITY (EMRA). Gentlemen, The undersigned, National Bank of Egypt (or any bank operating in A.R.E. under the supervision of the Central Bank of Egypt and that has credit rating not less than that of A.R.E) as Guarantor, hereby guarantees to the EGYPTIAN MIUNERAL RESOURCES AUTHORITY (hereinafter referred to as “EMRA”) to the limit of ----------------------- U.S. Dollars ($ --------), the performance by “------------------------ ---“ (hereinafter referred to as “Company”) of its obligations required for Exploration operations to spend a minimum of ---------------- million U.S. Dollars ($------------------) during the initial two (2) year of the Exploration period under the Mining Exploration Agreement (hereinafter referred to as the “Agreement”) covering ----------------- Area---------------------- described in Annexes “A-1” of said Agreement, by and between the EMRA and THE Company, dated ------- . It is understood that this Guaranty and the liability of the Guarantor hereunder shall be valid for the term of the Mining Exploration Agreement plus six (6) months. In the event of a claim by EMRA of non-performance or surrender of the Agreement on the part of the Company prior to fulfilment of said minimum expenditure obligations under said Agreement, there shall be no liability on the undersigned Guarantor for payment to EMRA unless and until such liability has been established by written statement of EMRA setting forth the amount due under the Agreement. It is a further condition of this Letter of Guaranty that:

Letter of Guaranty. Letter of Guaranty No. --- (Cairo 200--) EGYPTIAN MIUNERAL MINERAL RESOURCES AUTHORITY (EMRA). Gentlemen, The undersigned, National Bank of Egypt (or any bank operating in A.R.E. under the supervision of the Central Bank of Egypt and that has credit rating not less than that of A.R.E) as Guarantor, hereby guarantees to the EGYPTIAN MIUNERAL MINERAL RESOURCES AUTHORITY (hereinafter referred to as “EMRA”) equals the rental value for the Exploitation license to guarantee the fulfilment of the conditions of the license, particularly the amounts due to the limit of ----------------------- U.S. Dollars ($ --------)EMRA, the performance by “------------------------ ---“ (hereinafter referred or to as “Company”) of its obligations required for Exploration operations reinstate things to spend a minimum of ---------------- million U.S. Dollars ($------------------) during the initial two (2) year of the Exploration period their original status in cases so requires, under the Mining Exploration Exploitation Agreement (hereinafter referred to as the “Agreement”) covering ----------------- Area---------------------- described in Annexes “A-1” of said Agreement, by and between the MINISTER, EMRA and THE the Company, dated ------- . It is understood that this Guaranty and the liability of the Guarantor hereunder shall be valid for the term of the Mining Exploration Exploitation Agreement plus six (6) months. In the event of a claim by EMRA of non-performance or surrender assignment of the Agreement on the part of the Company prior to fulfilment of said minimum expenditure obligations under said Agreement, there shall be no liability on the undersigned Guarantor for payment to EMRA unless and until such liability has been established by written statement of EMRA setting forth the amount due under the Agreement. It is a further condition of this Letter of Guaranty that:

Letter of Guaranty. Letter of Guaranty No. --- (Cairo 200--) EGYPTIAN MIUNERAL RESOURCES AUTHORITY (EMRA). Gentlemen, The undersigned, National Bank of Egypt (or any bank operating in A.R.E. under the supervision of the Central Bank of Egypt and that has credit rating not less than that of A.R.E) as Guarantor, hereby guarantees to the EGYPTIAN MIUNERAL RESOURCES AUTHORITY (hereinafter referred to as “EMRA”) to the limit of ----------------------- U.S. Dollars ($ --------), the performance by “------------------------ ---“ “ (hereinafter referred to as “Company”) of its obligations required for Exploration operations to spend a minimum of ---------------- million U.S. Dollars ($------------------) during the initial two (2) year of the Exploration period under the Mining Exploration Agreement (hereinafter referred to as the “Agreement”) covering ----------------- ----------- ------ Area---------------------- described in Annexes “A-1” of said Agreement, by and between the EMRA and THE Company, dated ------- . It is understood that this Guaranty and the liability of the Guarantor hereunder shall be valid for the term of the Mining Exploration Agreement plus six (6) months. In the event of a claim by EMRA of non-performance or surrender of the Agreement on the part of the Company prior to fulfilment of said minimum expenditure obligations under said Agreement, there shall be no liability on the undersigned Guarantor for payment to EMRA unless and until such liability has been established by written statement of EMRA setting forth the amount due under the Agreement. It is a further condition of this Letter of Guaranty that: