Common use of Options Granted Clause in Contracts

Options Granted. The Company hereby grants the Optionee non-qualified stock options to purchase an aggregate of Four Hundred Thousand (400,000) shares of the Company’s Common Stock exercisable at a price of $0.90 per share (the “Exercise Price”) for a term commencing on the vesting dates set out below (the “Vesting Date”) and expiring at 5:00 pm (Pacific Time) on the date that is five (5) years after the respective Vesting Date (the “Expiration Date”), subject to termination as set forth herein: (a) 100,000 The date that the Corporation has successfully completed the following two performance milestones, which date shall be reasonably determined by the Board of Directors: (i) completed installation of a new precious metals extraction circuit at the Corporation’s Columbus Project (the “Extraction Circuit”), and (ii) the Extraction Circuit has been satisfactorily operated for 30 consecutive working days.

Options Granted. The Company hereby grants the Optionee non-qualified stock options to purchase an aggregate of Four Eight Hundred Thousand (400,000800,000) shares of the Company’s Common Stock exercisable at a price of $0.90 per share (the “Exercise Price”) for a term commencing on the vesting dates set out below (the “Vesting Date”) and expiring at 5:00 pm (Pacific Time) on the date that is five (5) years after the respective Vesting Date (the “Expiration Date”), subject to termination as set forth herein: (a) 100,000 200,000 The date that the Corporation has successfully completed the following two performance milestones, which date shall be reasonably determined by the Board of Directors: (i) completed installation of a new precious metals extraction circuit at the Corporation’s Columbus Project (the “Extraction Circuit”), and (ii) the Extraction Circuit has been satisfactorily operated for 30 consecutive working days.

Options Granted. The Company hereby grants the Optionee non-qualified stock options to purchase an aggregate of Four Hundred Thousand (400,000) shares of the Company’s Common Stock exercisable at a price of $0.90 per share (the “Exercise Price”) for a term commencing on the vesting dates set out below (the “Vesting Date”) and expiring at 5:00 pm (Pacific Time) on the date that is five (5) years after the respective Vesting Date (the “Expiration Date”), subject to termination as set forth herein: (a) 50,000 Xxxxx 00, 0000 (x) 50,000 June 30, 2012 (c) 50,000 September 30, 2012 (d) 50,000 December 31, 2012 (e) 100,000 The date that the Corporation has successfully completed the following two performance milestones, which date shall be reasonably determined by the Board of Directors: (i) completed installation of a new precious metals extraction circuit at the Corporation’s Columbus Project (the “Extraction Circuit”), and (ii) the Extraction Circuit has been satisfactorily operated for 30 consecutive working days.