TERMINATION AGREEMENT
Exhibit 10.1
This
TERMINATION AGREEMENT (this "Agreement") is entered into as of December 24, 2009
(the “Effective Date”), by and between XXXX XXXXX ("Xxxxx") and EVEREST
RESOURCES CORP., a Nevada
corporation ("Everest" and collectively with Sidhu, the “Parties”).
WHEREAS,
Sidhu has executed a declaration of trust, dated July 8, 2007, wherein he has
agreed to hold for Everest and deliver title to Everest, on Everest’s demand, a
certain mineral claim upon 471 contiguous acres of Crown mineral lands located
in British Columbia, Canada recorded in Sidhu’s name and granted by the province
of British Columbia in June 2006 (the “Mineral Right”) (the “Declaration of
Trust”); and
WHEREAS,
the Parties now wish to terminate the Declaration of Trust executed by Sidhu for
the benefit of Everest.
NOW,
THEREFORE, in consideration of the premises, and the mutual covenants and
agreements contained herein, the Parties do hereby agree as
follows:
The
Parties hereby terminate the Declaration of Trust. Upon such
termination, Everest shall waive any and all rights and interests granted to it
under the Declaration of Trust, and Sidhu shall own all right, title and
beneficial interest in the Mineral Right and solely be responsible for all
claims, costs, expenses and liabilities relating to the Mineral Right and the
Declaration of Trust and shall indemnify and hold harmless Everest from all
claims, costs, expenses and liabilities relating to the Mineral Right and/or the
Declaration of Trust.
/s/ Xxxx
Xxxxx
Xxxx
Xxxxx
EVEREST
RESOURCES CORP.
By: /s/ Xxxxx
Xxxxx
Xxxxx
Xxxxx
President
and Principal Executive Officer
