1
EXHIBIT 10.4
OPTION AGREEMENT
KRYSTAR INTERNATIONAL LTD. AND ENVIRO INDUSTRIAL TECHNOLOGIES, INC.
2
OPTION AGREEMENT
Dated May 8th, 2000
BETWEEN:
Krystar International Ltd. whose principal address is Management International
Xxxx. Xxxx Xxx Xxxxxx Xxxxxx, Xxxxxxx (hereinafter referred to as Krystar)
AND
Enviro Industrial Technologies Inc. whose principal address is 000 Xxxx 00xx
Xxxxxx, Xxx Xxxx, XX 00000
WHEREAS;
Krystar is the sole owner of claims located in Xxxxxx Township in North Eastern
Ontario more particularly described as the vermiculite claims. Krystar agrees
to option the attached claims in Appendix "A" to Enviro under the following
terms and conditions.
Enviro shall have 3 months free option from May 10th to July 10th, 2000
(extended to September 15, 2000) to carry out at their own due diligence
which will consist of a diamond drilling geological reports, financing,
marketing as a consideration for the 3 months option. Enviro agrees to
include expenditures of $61,500 Canadian plus all applicable government
taxes. Upon completion of the expenditures and completed there due
diligence Enviro has the rights to convert this option agreement into a
full purchase of all land claims in the attached schedule under the
following terms.
1. A cash settlement to Krystar in the amount of $200,000 Canadian
2. The granting of a Royalty to Krystar of 3% of net sales of vermiculite
3. Krystar has the right to market the vermiculite deposits under a marketing
agreement (attached schedule "B")
4. Krystar will retain the rights to the waste rock and tailings
5. An area of influence for a radius of 4 kilometres of the existing claims
shall be maintained for the protection of Enviro. Any vermiculite found by
either Enviro or Krystar shall be bound by this agreement.
3
Upon completion of the payment of $200,000 Canadian dollars, Krystar shall
transfer full title of all claims found in the attached appendix "A".
Krystar warrants the claims are free of all encumbrances and asbestos free.
In the event Enviro does not exercise this option agreement by
July 15, 2000 and pay the $200,000 Canadian to Krystar then this agreement
shall become null and void and Krystar shall retain full ownership with no
obligations to Enviro and Enviro shall have no further obligations to
Krystar except supplying a copy of all there Geological finding to Krystar.
Signed on this 15th day of September, 2000
Krystar International Ltd. Enviro Industrial Technologies Inc.
/s/ XXXXXXX /s/ XXXXXXX
__________________________ ____________________________________
Mr. Ed BlaXXXXX Mr. XXXXXXXXX
Director
/s/ XXXXXXX /s/ XXXXXXX
__________________________ ____________________________________
Witness Witness
