MINERAL CLAIM OPTION AGREEMENT
THIS
AGREEMENT
made the
13th day of March, 2007
BETWEEN:
Lodestar
Mining Inc.,
a
corporation incorporated pursuant to the laws of the State of Delaware, having
its principal business address at
000
Xxxxx
Xxxxxxxxx Xxxxxx
Xxxxxxxxx,
XX 00000
(hereinafter
called "Lodestar")
-
and
-
Claim
Lake Nickel Inc. ,
a
corporation incorporated pursuant to the laws of the Province of Ontario, having
its principal business address at 000 Xxx Xx, Xxxxxxx, Xxxxxxx, Xxxxxx, X0X
0X0.
(hereinafter
called “Owner”)
RECITALS:
WHEREAS
Owner
owns certain Mineral Dispositions (as hereinafter defined) located
in
Xxxxxx
Twp. Lodestar is interested in acquiring a ten percent (10%) legal and
beneficial interest in such Mineral Dispositions (as hereinafter
defined).
Owner
is
prepared to grant Lodestar an option to acquire a ten percent (10%) legal and
beneficial interest in such Mineral Dispositions, all on and subject to the
terms and conditions hereinafter set forth.
NOW
THEREFORE,
in
consideration of the premises and the mutual obligations hereinafter described,
and intending to be legally bound, the parties agree as follows:
ARTICLE
I INTERPRETATION AND DEFINITIONS
Section
1.01 Definitions
As
used
in this Agreement, the following words and phrases have the following
meanings:
(a) “Encumbrances”
means
any and all liens, charges, mortgages, security interests, royalties and rights
of others;
(b) "Force
Majeure"
means
any event beyond a party's reasonable control including laws which prohibit
a
party's ability to comply with its obligations; action or inaction of civil
or
military authority; war, mining casualty; damage to or destruction of mine,
plant or facility; fire; explosion; power shortage, flood; insurrection; riot;
labor disputes; inability to obtain machinery or labor or supplies, litigation,
governmental regulations, actions by aboriginal peoples or environmentalists
and
acts of God or the Queen’s enemies, but does not include a party's inability
to make any payments required under this Agreement;
(c) “Mineral
Dispositions"
means
the claim units listed in Schedule "A" to this Agreement which were granted
by
the Government of Ontario and any mineral claims or other mineral interests
in
substitution for or replacement of such claim units in whole or in part obtained
by Owner at any time during the Option Period;
and
(e) "Option
Payments"
has the
meaning given that term by Section 2.01 abandonment or termination of the Option
in accordance with the terms and conditions of this Agreement.
(f) "Option
Period"
means
the period of time from the Effective Date to the exercise,
(d) "Option" has
the
meaning given that term by Section 2.01;
Section
1.02 Schedule
The
following schedule is attached to and forms part of this Agreement: (a) Schedule
"A" - List of Mineral Dispositions
Section
1.03 Entire
Agreement
This
Agreement and the attached schedules and all properly executed amendments are
hereinafter collectively referred to as this Agreement. This Agreement
constitutes the entire agreement between the parties and supersedes all previous
agreements and undertakings relating to the subject matter hereof. The parties
acknowledge that there are no agreements, undertakings, representations,
warranties or conditions collateral to this Agreement except as specifically
stated otherwise in this Agreement.
2
Section
1.04 Caption
and Headings
The
division of this Agreement into articles and sections and the insertion of
headings is for convenience of reference only and shall not affect the
interpretation of this Agreement. Any reference to a section or article shall
be
a reference to a section or article of this Agreement unless specifically stated
otherwise.
Section
1.05 Extended
Meanings
In
this
Agreement, where the context so requires or permits, the masculine gender shall
include the feminine and neuter genders, the plural shall include the singular
and vice versa, and the words "person" and "persons" shall include corporations,
partnerships, and all other entities of whatever description.
Section
1.06 Currency
In
this
Agreement all statements of and references to dollar amounts shall mean Canadian
dollars.
Section
1.07 Governing
Law
This
Agreement shall be interpreted in accordance with the laws of the province
of
Ontario and the federal laws of Canada as applicable therein.
Section
1.08 Severability
If
any
provision of this Agreement is found invalid, illegal, or incapable of
enforcement by any Court of competent jurisdiction, such provision shall
continue to be enforceable to the extent permitted by such Court against any
person(s) and in any circumstance(s) other than those to whom it has been found
invalid, illegal or incapable of enforcement.
Section
1.09 Amendments
No
amendments to this Agreement shall be of any force and effect unless executed
in
writing by all the parties to this Agreement.
3
ARTICLE
II GRANT AND EXERCISE OF OPTION
Section
2.01 Option
Owner
grants Lodestar a sole, exclusive, immediate and irrevocable option (the
"Option")
to
acquire a ten percent (10%) legal and beneficial interest in the Mineral
Dispositions free and clear of any and all Encumbrances by:
(a) Making
the following payment in Canadian dollars within the following time frames
(the
“Option
Payment”)
to
Owner:
(i) as
of the Effective Date
|
$
|
5,000.00
|
||
(b) At
Lodestar’s sole discretion, Lodestar may exercise the Option by making
exploration and development expenditures in relation to the Mineral Dispositions
in accordance with the following
schedule as stated in Canadian dollars in the aggregate:
(i) by
the first anniversary date the Effective Date
|
$
|
50,000.00
|
||
(i) by
the second anniversary of the Effective Date
|
$
|
75,000.00
|
||
(iii)by
the third anniversary of the Effective Date
|
$
|
100,000.00
|
Lodestar
may accelerate its expenditures on the Mineral Dispositions and these
expenditures shall then be credited toward subsequent anniversary work
commitments as set forth above.
Lodestar's
exploration and development expenditures shall include an administrative fee
equal to fifteen percent (15%) of all direct costs incurred by Lodestar in
conducting exploration and development including, but without limitation,
salaries and benefits. Any amounts expended by Sage in excess of any year's
minimum expenditure obligations may be applied, in Lodestar's discretion, to
the
scheduled minimum expenditure requirements for future years. Notwithstanding
anything herein contained and in addition to any other rights Lodestar may
have
under the circumstances, if exploration and development work intended to be
conducted on or for the benefit of the Mineral Dispositions is mistakenly
conducted outside the boundaries of the Mineral Dispositions as a consequence
of
it being subsequently discovered or determined by survey or otherwise that
the
boundaries of the Mineral are not located where the parties understood them
to
be on the Effective Date, such exploration and development work shall constitute
expenditures hereunder and Lodestar shall suffer no forfeiture with respect
to
any interest to be earned hereunder.
4
Section
2.02 Exercise
of Option
The
Option shall be automatically exercised upon Lodestar making the Option Payment
and satisfying all the obligations set forth in Section 2.01. Upon exercise
of
the Option in accordance with this Section, this Agreement shall become an
agreement for the transfer and assignment by Owner to Lodestar of a 10 percent
(10%) legal and beneficial interest in and to the Mineral Dispositions, free
and
clear of any and all Encumbrances save as set forth in Article III.
Section
2.03 No
Partial Interest
If
Lodestar fails to exercise the Option, it shall not be entitled to a partial
interest in the Mineral Dispositions of any description.
Section
2.04 Additional
Claims
Any
claims, patented, leased or unpatented acquired after the Effective Date by
the
Owner or Lodestar within two kilometers of the claims listed in Schedule “A”
shall become part of this Agreement and Schedule “A” of his Agreement shall be
periodically updated.
Section
2.05 Title
Immediately
following execution of this Agreement and in any event, on or before the
Effective Date, Owner will provide Lodestar with executed transfers of a ten
percent (10.00%) legal and beneficial interest in the Mineral Dispositions
in
registerable or recordable form. Such transfers shall be held in trust by
Lodestar and if this Agreement is terminated without Lodestar exercising the
Option such transfers shall be returned to Owner unused. If Lodestar exercises
the Option, it shall be entitled to register such transfers. During the Option
Period Lodestar shall be entitled to make such registrations as it considers
appropriate to indicate that it has an interest in the Mineral Dispositions
pursuant to this Agreement.
Section
2.06 Default
If
Lodestar fails to meet any option payments and/or advance royalty payments
as
set forth herein, it will have 60 days from the date of notification by Owner
of
such default (that notification to be sent by registered mail) to make the
payment. If payment is not received, the option granted herein shall be at
an
end and Lodestar will return all transfers held, or transfer the Mineral
Dispositions to Owner leaving the Mineral Dispositions with a minimum of two
years of assessment credits. Lodestar will have no other right to the Mineral
Dispositions and shall retain no interest therein and shall have no further
or
other liabilities or obligations pursuant to this Agreement.
5
Owner
agrees that it will be liable to Lodestar for all damages incurred as a result
of the Owner’s failure to perform its obligations or makes any
misrepresentations. Owner will be liable to Lodestar for all direct, indirect,
special, incidental or consequential damages, including lost income and lost
revenue.
ARTICLE
IV OWNER'S REPRESENTATIONS AND WARRANTIES
Section
4.01 Representations
and Warranties
Owner
represents and warrants to and in favor of Lodestar as follows and acknowledges
and agrees that Lodestar is relying upon the representations and warranties
herein contained in entering into this Agreement:
(a)
|
The
execution of this Agreement and the compliance with its provisions
by
Owner does not breach or contravene any provision of any license,
permit,
agreement or privilege of Owner pursuant to which consent necessary
or
which has not been obtained;
|
(b)
|
The
location of each of the Mineral Dispositions upon the ground conforms
to
the description appearing on records in the appropriate recording
office,
and the Mineral Dispositions were properly located according to the
laws
of Ontario and will be in good standing for at least ninety (90)
days
after the execution and delivery of this
Agreement;
|
(c)
|
There
are no reclamation liabilities in connection with the Mineral dispositions
and, in particular, there are no obligations to monitor or clean
up any
pre-existing mine sites or mine waste dumps;
|
(d)
|
Owner
is, and at the time of transfer to Lodestar, Owner will be, the recorded
holder and beneficial owner of all of the mineral claims comprising
the
Property free and clear of all encumbrances, liens, charges and claims
of
other, and no taxes or rentals are due in respect of any thereof.
Upon
exercise of the Option by Lodestar, Lodestar will acquire a ten percent
(10.00%) undivided legal and beneficial interest in the Mineral
Dispositions free and clear of any and all
Encumbrances;
|
(e)
|
No
person has any right or agreement, option, understanding,
prior commitment or privilege capable of becoming an agreement for
the
purchase or acquisition from Owner of any interest in the Mineral
Dispositions;
|
6
(f) |
All
tax rates and assessment work required to maintain the Mineral
Dispositions in full force and effect have been paid and performed
as of
the execution of this Agreement;
|
(g)
|
There
are no royalties or other latent interest in the Mineral Dispositions
owing to any other parties, except that there is a 1% N.S.R. interest
owing to vendors of the Xxxxxx property ( Xxxxxx Xxxxxxx, Xxxxxxx
Xxxxx
and Xxxxxx Xxxxxx) to Claim Lake Nickel, which may be purchased for
$500,000 at any time.
|
(h)
|
There
are no pending or threatened actions, suits, claims or proceedings
affecting the Mineral Dispositions;
|
(i)
|
All
rules, regulations and orders relating to the Mineral Dispositions,
including environmental laws, have been complied
with;
|
(j) |
Claim
Lake Nickel is not a party to any actual judicial or administrative
procedure which is materially adverse to this
Agreement;
|
(k)
|
Claim
Lake Nickel does not have any undisclosed relationship or agreement
with
any other group or company that may be interested in acquiring the
Mineral
Claims;
|
(l) |
They
are not non-resident of Canada within the meaning of the Income
Tax Act
(Canada);
|
(m) |
Owner
is legally entitled to hold the property and the Property
Rights.
|
(n) |
Claim
Lake Nickel Inc. is a corporation incorporated pursuant to the laws
of the
Province of Ontario, is validly existing and in good standing under
the
laws of the Province of Ontario, and has all requisite corporate
power and
authority to conduct its business as it is currently conducted. Owner
has
the full corporate power and authority to execute and deliver this
Agreement, to perform its obligations under this Agreement, and to
carry
out the transactions contemplated by this Agreement. The execution,
delivery and performance thereof and thereunder by Owner have been
duly
authorized by all necessary corporate action under the laws of the
Province of Ontario. Owner has the requisite legal capacity to execute
this Agreement that it is party to and to perform its obligations
thereunder.
|
7
o) |
Upon
performing proper due diligence, to the best of Owner’s
knowledge, no
contaminant, pollutant, dangerous or toxic substance, hazardous waste
or
material substance is stored in any type of container on, in or under
the
Mineral Dispositions;
|
and
(p) |
There
are no outstanding notices, orders, assessments, directives, rulings
or
other documents issued in respect of the Mineral Dispositions by
any
governmental authority.
|
Section
4.02 Survival
Owner
acknowledges that its representations and warranties contained in Section 4.01
are continuing and survive the execution of this Agreement.
Section
4.03 Indemnity
Owner
will indemnify and save harmless Lodestar from all losses, damages, costs,
actions, and suits, whether direct or indirect arising out of or in connection
with any breach by Owner of any representation, and warranty contained in this
Agreement.
ARTICLE
V EXPLORATION AND DEVELOPMENT ACTIVITIES
Section
5.01 Right
to Explore and Develop; Owner’s Covenants
Owner
grants to Lodestar's employees, directors, officers, agents, representatives
and
contractors the exclusive right to enter upon the property comprising the
Mineral Dispositions for the purpose of exploration, development, mining and
such other operations as Lodestar considers necessary during the Option Period,
the nature, manner and extent of which operations will be in Lodestar's sole
and
unfettered discretion. Owner covenants and agrees that during the term of this
Agreement, Owner will:
a)
not do
any act, or fail to do any act which it is required to do under this Agreement
or otherwise, which would result in the Mineral Dispositions, or any part
thereof not being free and clear of any and all Encumbrances including those
pursuant to environmental laws, of any kind whatsoever;
b)
will
not deal at any time with the Mineral Dispositions or any interest therein
which
would or might affect in any way the rights of Lodestar hereunder to acquire
the
Mineral Dispositions free and clear of any and all Encumbrances;
8
c)
provide copies of all data associated with previous work conducted by Owner
on
the Mineral Dispositions and allow Lodestar to examine all records, files,
data
and drill core in Owner’s possession relating to the Mineral
Dispositions
Section
5.02 Conduct
of Exploration and Development of Work
Lodestar
shall perform its exploration and development work on the property comprising
the Mineral Dispositions in accordance with good mining practice and shall
comply with all applicable laws, regulations, orders and ordinances of any
governing authority.
Section
5.03 Installation
of Equipment
Lodestar
may install, maintain, replace and remove any and all mining machinery,
equipment. tools, and facilities which it may desire to use in connection with
its exploration and development activities on the property comprising the
Mineral Dispositions. Upon termination of this Agreement for any reason,
Lodestar shall have a period of twelve (12) months following such termination
to
enter onto the property comprising the Mineral Dispositions and remove its
equipment at its sole cost and expense,
failing
which, unless prevented by acts of force majeure, such equipment shall become
the property of Owner.
Section
5.04 Lodestar
Specific Rights
During
the term of this Agreement, Lodestar, its employees, agents and independent
contractors shall have the right to:
(a)
|
to
do such work and conduct such programs on and under the real property
subject to the Mineral Dispositions as Lodestar shall,
in its sole discretion,
from time to time deem advisable;
|
(b)
|
to
remove from the real property subject to the Mineral Dispositions
such
materials for analysis and testing as Lodestar shall,
in it sole discretion,
deem advisable; and Lodestar agrees to the NSR being applicable to
a bulk
sample and the bulk sample is defined as a maximum of 10 tonnes or
as
defined in accordance with the Mining Act;
and
|
(c) |
to
have possession of the Mineral Dispositions from the Effective Date
and
thereafter during the
term of this
Agreement.
|
9
ARTICLE
VI
LODESTAR'S
OBLIGATIONS
Section
6.01 Drill
Logs Assays and Maps
During
the term of this Agreement, Lodestar shall maintain all customary drill logs,
exploration information, assays, maps, metallurgical studies and other
information relating to exploration and development activities it engages in
on
the Mineral Dispositions and
provide copies to Owner in accordance with this Agreement; however, Lodestar
agrees that it will not make any gross misrepresentation or provide fraudulent
statements.
Section
6.02 Semiannual
Progress Reports
During
the Option Period, Lodestar shall provide Owner with semiannual informal
progress reports, which include drill logs, exploration information, assays
etc.
and a full report of its activities annually. After the option has been
exercised, Lodestar shall provide a full report of its activities annually.
These reports shall be kept confidential by Owner and shall not be used for
press releases or dissemination of information of Owner.
10
Section
6.03 Environmental
Matters
Lodestar
shall indemnify and save harmless Owner and its directors, officers, employees,
agents, representatives (collectively the “Indemnified Parties”) from and
against any claims, losses, demands, judgments, liabilities, expenses, damages,
fines, charges, costs (including legal costs incurred on a solicitor and own
client basis) and losses (collectively “Losses”) suffered by any of the
Indemnified Parties in connection with, as a result of or arising out of the
performance of any obligations imposed by any laws directly or indirectly
relating to the environment (including reclamation, remediation or closure),
the
taking of steps by or on behalf of any of the Indemnified Parties to protect
against or in connection with the remediation (including reclamation or closure)
of any harm, damage, degradation or adverse effect on the environment
(collectively “Environmental Harm”), or any liability of any of the Indemnified
Parties for any Environmental Harm, insofar as such performance, taking of
steps
or liability may directly or indirectly relate to any of the Mineral
Dispositions or arise from Lodestar’s interest in or activities pursuant to this
Agreement. However, Lodestar shall not indemnify, save harmless, or make any
such representations in regard to any work engaged in by the Owner that is
for
the sole benefit of the owner, or that is for the benefit of both the Owner
and
Lodestar, or any work in which Lodestar may be considered a “passive”
participant. Lodestar, and its directors, officers, employees, agents, and
representatives shall be indemnified and saved harmless by Owner with respect
to
work on the Mineral Dispositions by Owner prior to the Effective Date, and
the
foregoing provisions of this section shall, in that regard, apply mutatis
mutandis.
For
greater certainty and without limitation, no termination of this Agreement
shall
disentitle any of the Indemnified Parties from obtaining indemnification from
Lodestar or Owner pursuant of this section.
Section
6.04 Filing
of Assessment Work
During
the Option Period, Lodestar will submit all assessment eligible work completed
on the Mineral Dispositions for assessment credits and the credits will be
applied to these Mineral Dispositions.
11
ARTICLE
VII ASSIGNMENTS
Section
7.01 Assignments
Both
parties may assign their rights and obligations under this Agreement and their
interests in the Mineral Dispositions at any time on the condition that the
proposed assignee enters into an agreement to and in favor of the non-assigning
party to be bound by all of the terms and conditions of this Agreement.
ARTICLE
VIII TERMINATION
Section
8.01 Lodestar
Right to Terminate
Lodestar
shall have the right to terminate this Agreement and its interest in the Mineral
Dispositions at any time upon written notice to Owner. Upon termination Owner
shall be entitled to retain all payments made by Lodestar to such date and
Lodestar will provide Owner with copies of all data, maps, assays and reports
pertaining to the Mineral Dispositions that are in the possession or under
the
control of Lodestar. Upon termination of this Agreement, Lodestar shall
surrender possession of the Mineral Dispositions to Owner and shall have no
further obligations under this Agreement other than to satisfy any accrued
obligations or liabilities.
Section
8.02 Partial
Termination
Lodestar
shall have the right to partially surrender any of the Mineral Dispositions
in
accordance with the following:
(a) Lodestar
shall give Owner a least fifteen (15) days written notice of its intention
to
surrender any particular Mineral Disposition. If Owner elects to maintain such
Mineral Disposition, Lodestar will execute such documents as are required to
transfer such Mineral Disposition to Owner; and
(b)
Owner
shall concurrently execute and deliver modified transfer documents for purposes
of Section 2.05.
Section
8.03 Assessment
Credits
In
the
event that Lodestar exercises its rights to terminate this Agreement and
surrenders all or any of the Mineral Dispositions to Owner in accordance with
Sections 8.01 or 8.02, Lodestar shall ensure that there are sufficient
assessment credits relating to the surrendered Mineral Dispositions to maintain
them in good standing for a period of at least two years from the date that
Lodestar gives notice to Owner of such termination and surrender.
12
ARTICLE
IX FORCE MAJEURE
Section
9.01 Suspension
of Obligation
If
Lodestar is prevented by Force Majeure from timely performance of any of its
obligations under this Agreement such failure shall be excused and the period
for performance and the Option Period shall be extended for an additional period
of time equal to the duration of such Force Majeure. Upon the occurrence and
upon the termination of a Force Majeure, Lodestar shall promptly notify Owner
in
writing, Lodestar shall use reasonable efforts to remedy any Force Majeure,
but
shall not hereunder be obligated to contest the validity of any law or
regulation, nor any action or inaction of any civil or military
authority.
ARTICLE
X MISCELLANEOUS
Section
10.01 Notices
Any
notice under this Agreement will be given in writing, by delivery in person
to a
named representative or by mail or facsimile, properly addressed to each party.
A notice given will be deemed given only when received by the party to whom
such
notice is directed; except that any notice given by facsimile properly addressed
to the party to whom given shall be deemed given to and received by the party
to
whom directed 48 hours after such notice is successfully faxed or five days
after it is mailed. Each party's address will be the following until such party
specifies another address by written notice:
To
Lodestar:
Mr.
Xxx XxXxxxxx
|
Lodestar
Mining, Incorporated
|
000
Xxxxxxxxx Xxxxx
|
Xxxxxxx,
XX Xxxxxx
|
X0X
0X0
Telephone
000.000.0000
|
13
To
Owner
: Attention: Xx. Xxxxxx Xxxxxxxxxx
At: |
Claim
Lake Nickel Inc.
|
000
Xxx
Xxxxxx
Xxxxxxx,
XX X0X 0X0
Tel.
000-000-0000 Fax. 000-000-0000
Section
10.02 Payments
Payments
shall be made by cheque made payable to the Owner drawn on a Canadian chartered
bank and mailed to the Owner at the address indicated in Section
10.01.
Section
10.03 Other
Interests The
rights and obligations of the parties under this Agreement are strictly limited
to the subject matter of this Agreement. Each of the parties shall have the
free
and unrestricted right to enter into, conduct and benefit from any and all
other
business ventures of any kind whatsoever, whether or not competitive with the
activities undertaken under this Agreement, without disclosing such activities
to the other party or inviting or allowing the other party to participate
therein.
Section
10.04 Relationship
of Parties
This
Agreement is not intended to create any partnership between the parties of
fiduciary obligations of any
description.
Section
10.05 Successors
and Assigns
This
Agreement shall be binding upon and enure to the benefit of the respective
successors and permitted assigns of the Parties.
14
Section
10.06 Confidentiality
During
the term of this Agreement, All information, data, reports, records, feasibility
studies and test results relating to the Property and the activities of Sage
or
any other party thereon and the terms and conditions of this Agreement, all
of
which will hereinafter be referred to as “confidential
information”,
will
be treated by the Owner as confidential and will not be disclosed to any person
not a Party to this Agreement, except as required by law or in the following
circumstances:(a) the
Owner
may disclose confidential information to its auditors, legal counsel,
institutional lenders, brokers, underwriters and investment bankers, provided
that such non-party users are advised of the confidential nature of the
confidential information, undertake to maintain the confidentiality thereof
and
are strictly limited in their use of the confidential information to those
purposes necessary for such non-party users to perform the services for which
they were retained by the Owner;
(b)the
Owner may disclose confidential information where that disclosure is necessary
to comply with its disclosure obligations and requirements under any securities
law, rules or regulations or stock exchange listing agreements, policies or
requirements or in relation to proposed credit arrangements, provided that
the
proposed disclosure is limited to factual matters and that the Owner will have
availed itself of the full benefits of any laws, rules, regulations or
contractual rights as to disclosure on a confidential basis to which it may
be
entitled; or (c)with the written consent of Lodestar, such consent not to be
unreasonably withheld. Any confidential information that becomes part of the
public domain by no act or omission in breach of this Section 10.06 will cease
to be confidential information for the purposes of this Section
10.06.
Section
10.07 Arbitration
In
the
event of any dispute between the parties with respect to this Agreement or
any
matter governed by this Agreement which the parties are unable to resolve,
the
matter shall be decided by arbitration as follows:
The
party
desiring arbitration shall nominate one arbitrator and shall notify the other
party of such nomination and the other party shall within 30 days after
receiving such notice nominate one arbitrator and the two arbitrators shall
select an umpire to act jointly with them. If these arbitrators shall be unable
to agree upon the selection of such umpire, the umpire shall be designated
by
any Justice of a court of competent jurisdiction in the Province of Ontario.
If
the party receiving the notice of nomination of an arbitrator by the party
desiring arbitration fails within this 30 day period to nominate an arbitrator,
the arbitrator nominated by the party desiring arbitration may proceed alone
to
determine the dispute. Any decision reached pursuant to this section shall
be
final and binding upon the parties. Insofar as they do not conflict with the
provisions hereof, the provisions of The
Arbitration Act
(Ontario), as amended from time to time, shall be applicable.
15
IN
WITNESS WHEREOF the
parties make this Agreement effective as
of the
date first above written.
Signed:
/s/ Xxx XxXxxxxx
|
|
Name:
Xxx XxXxxxxx
|
|
Title:
CEO & Director
|
|
Claim
Lake Nickel Inc.
|
|
Signed:
/s/ Xx. Xxxxxx Xxxxxxxxxx
|
|
Name:
Xx. Xxxxxx Xxxxxxxxxx
|
|
Title:
President
|
16
SCHEDULE
"A" List of Mineral Dispositions
Attached
to and forming part of the Xxxxxx Twp Claims Option Agreement between Lodestar
and Claim Lake Nickel Inc. dated 13th
day of
March, 2007.
17
APPENDIX
A;
LIST
OF CLAIMS
MINERAL
DISPOSITIONS OPTIONED BY LODESTAR MINING, INC.
Mineral
claim identifications
Township/
Area
|
Claim
Number
|
Recording
Date
|
HUTT
|
3000799
|
2002-Apr-04
|
HUTT
|
3000800
|
2002-Apr-04
|
HUTT
|
3009494
|
2004-Feb-02
|
HUTT
|
4209099
|
2006-Feb-02
|
XXXXXX
|
1024341
|
1991-Feb-27
|
XXXXXX
|
1024342
|
1991-Feb-27
|
XXXXXX
|
1024344
|
1991-Feb-27
|
XXXXXX
|
1024345
|
1991-Feb-27
|
XXXXXX
|
1117915
|
1991-Feb-27
|
XXXXXX
|
1117916
|
1991-Feb-27
|
XXXXXX
|
3000801
|
2002-Apr-04
|
XXXXXX
|
3018387
|
2007-Jan-26
|
XXXXXX
|
4200178
|
0000-Xxx-00
|
XXXXXX
|
4200190
|
0000-Xxx-00
|
XXXXXX
|
4210495
|
2007-Feb-02
|
18