ASSIGNMENT AGREEMENT
THIS AGREEMENT dated for reference July 20, 1999, is BETWEEN WET COAST CAPITAL
CORPORATION, a British Columbia company, of Xxxxx 000, 0000 Xxxx Xxxxxx Xxxxxx,
Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0, and fax (000)000-0000 ("Wet Coast"); AND
XXXXXXX LAKE MINERALS, INC., a Nevada company, of Xxxxx 0000, 000 Xxxxxxx
Xxxxxx, Xxxxxxxxx, X.X., X0X 0X0, and fax (000)000-0000 ("Xxxxxxx").
WET COAST has an option (the "Option") to purchase an undivided 100% interest in
the CP 1-12 mineral claims, Nicola Mining Division, British Columbia, Canada
(the "Property") by an agreement dated July 20, 1999, attached as Schedule A to
this agreement (the "Option Agreement") and has agreed to assign its entire
interest in the Option Agreement to Xxxxxxx; so IN CONSIDERATION of the recitals
and valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties agree that:
1. The definitions in the recitals are part of this agreement.
2. This agreement is effective on July 20, 1999 (the "Effective Date").
3. Wet Coast irrevocably assigns its entire interest in the Option
Agreement to Xxxxxxx as of the Effective Date for US$10,000 (the
"Price").
4. Wet Coast represents and warrants that it may assign the Option
Agreement and that it has granted no other party any right to acquire
any of its interest in the Option Agreement.
5. Wet Coast represents and warrants that it has made the CDN$7,500 option
payment referred to in paragraph 3(b) of the Option Agreement.
6. Xxxxxxx acknowledges that in order to exercise the Option, it is
required to finance the work program on the Property referred to in
paragraph 3(a) of the Option Agreement.
7. Xxxxxxx acknowledges that this agreement was prepared by Jeffs &
Company, Law Corporation, on behalf of and solely for Wet Coast, and
that it may contain terms and conditions onerous to Xxxxxxx. Xxxxxxx
expressly acknowledges that Wet Coast has given Xxxxxxx adequate time
to review this agreement and to seek and obtain independent legal
advice, and represents to Wet Coast that it has in fact sought and
obtained independent legal advice and is satisfied with all of the
terms and conditions of this agreement.
8. This agreement contains the entire agreement between the parties and
supersedes all earlier representations, understandings and agreements,
whether written or oral, express or implied, that might have lead to
the parties making this agreement.
9. The parties will sign any document and do anything within their power
that is necessary to implement the terms of this agreement.
10. Time is of the essence of this agreement and of any amendments to this
agreement unless it is expressly waived in the amendment.
11. This agreement is governed by the laws of British Columbia and must be
litigated in the
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courts of British Columbia.
12. This agreement enures to the benefit of and is binding on the parties
and their respective successors and permitted assigns.
13. This agreement may be executed in any number of separate counterparts
and may be delivered to the parties by fax, and the counterparts
together are deemed to be one original document.
THE PARTIES' SIGNATURES below are evidence of their agreement.
WET COAST CAPITAL CORPORATION
Per:
/S/ "XXXX XXXXX"
---------------------------------
Authorized Signatory
XXXXXXX LAKE MINERALS, INC.
Per:
/S/ "XXXXX XXXX"
---------------------------------
Authorized Signatory
