AGREEMENT
This agreement, made on September 22, 1997 between Xx-Xxxx
Resource Corp., of X.X. Xxx 00, Xxxx Xxxx Xxxxxxxx, the British
Virgin Islands (hereinafter referred to as Party A) and PLR, Inc.
of Xxxxx 0 Xxx 00, Xxxxx Xxxx Xxxxxxxx, 00000 (hereinafter
referred to Party B).
WHEREAS, Party A represents and warranties that;
(1) Party A is a corporation duly registered under the laws of
the British Virgin Islands and that it is in good standing
and valid existence.
(2) Party A has the power and full authority to execute this
contract and none of its actions are subject to consent by
the Government of the British Virgin Islands or any other
party(s).
(3) This contract will be valid and binding upon execution by
both parties.
WHEREAS, Party B represents warranties that;
(1) Party B is a corporation duly registered under the laws of
the State of Delaware and is in good standing and valid
existence.
(2) Party B has the power and full authority to execute this
contract and none of its actions are subject to the consent
of the Government of the United States or any other
party(s).
(3) Party B has not debts or liabilities exceeding USD 5,000 at
the time of this contract and that no further debts or
liabilities will be incurred by the current Board of
Directors from the date of this agreement forward.
(4) This contract will become valid and binding upon execution
by both parties.
(5) That there are as of the date of this contract approximately
10,500,000 (ten million five hundred thousand) common shares
of the company's capital stock issued.
NOW THEREFORE, in consideration of mutual promises contained
herein the parties agree as follows,
WHEREBY,
Party A hereby agrees to sell and transfer to Party B 100% of its
interest in the Yuejinshan-Xianfengbei mineral property (property
#1 as defined in the attached "Schedule A"), in the Wandashan
mineralization zone of Heilongjian Province, the People's
Republic of China, for consideration of up to 15,000,000 (fifteen
million) but not less than 12,000,000 (twelve million) common
shares in the capital stock of Party B.
Party B hereby agrees to purchase 100% of Party A's interest in
the aforementioned property and shall pay to Party B up to
15,000,000 (fifteen million) but not less than 12,000,000 (twelve
million) common shares of the capital stock of Party B.
Party B hereby agrees to assume all obligations of Party A with
respect to the property including but not limited to; payment for
exploration permits and licenses, compensation for prior
geological work and out of pocket expenses incurred by Party A
plus the costs of all future exploration and development work.
CONDITIONS TO THIS AGREEMENT
Restrictions on the issuance of shares: Party B and its current
Board of Directors agree to not issue any shares, create any
options or otherwise alter its share structure in any way except
as provided for herein from the date of this contract forward.
TERMINATION
This contract may be terminated at the sole discretion of Party A
in the event that the consideration is not deliverable within a
reasonable time from the date of this contract.
APPLICABLE LAWS
This contract shall be governed by and construed in accordance
with the Laws of the Province of British Columbia, Canada.
IN WITNESS WHEREOF, Xx-Xxxx Resource Corp. and PLR, Inc. have
caused this contract to be executed this 23rd day of September
1997.
Xx-Xxxx Resources Corp.
Per: //ss [illegible]
Director
PLR, Inc.
Per: //ss Xxxxx Xxxxx
Director
