GUARANTY AGREEMENT
Exhibit
99.3
For
consideration to be received in connection with the performance of the Mine
Lease Agreement among Pacific Copper Corp. (“Guarantor”) and Sociedad Pacific
Copper Chile Limitada (“Limitada”) Guarantor does hereby unconditionally
guarantee to Limitada, its successors and assigns (1) full and timely
payment of all amounts due pursuant to the lease of certain mining claims
identified as the “La Guanaca” claims (the “La Guanaca Lease”) and
(2) performance of all of the other obligations of Limitada under the La
Guanaca Lease, collectively being referred to herein as the
"Obligations".
This
Guaranty is a guaranty of payment and not of collection, is absolute and
unconditional and shall be unaffected by any other guaranty or security which
Limitada may obtain or by any amendment to or extension or renewal of the La
Guanaca Lease or the assignment by Limitada of its interest in the La Guanaca
Lease and shall be effective whether or not Limitada under the La Guanaca Lease
shall have pursued any of its remedies, whether at law, in equity or pursuant
to
the La Guanaca Lease.
This
Guaranty shall constitute a continuing guaranty independent of and in addition
to any other security, collateral, or guaranty held by Limitada for the
Obligations or any part thereof. The Guarantor’s liability hereunder shall be
immediate and absolute and shall not be conditioned or contingent upon the
pursuit, exercise or prosecution by Limitada of any rights it may have under
the
La Guanaca Lease.
The
Guarantor hereby agrees to indemnify Limitada and hold it harmless from and
against any and all losses, expenses and damages incurred by Limitada in
connection with or as a result of the assertion of any and all claims arising
pursuant to the Obligations.
This
Guaranty may not be changed except by written agreement signed by the Guarantor
and Limitada. If any provision of this Guaranty is declared unenforceable or
invalid in whole or in part for any reason, the remaining provisions shall
continue to be effective.
IN
WITNESS WHEREOF, Guarantor has executed this Guaranty as of the 28th
day of
December, 2007.
By: /s/
Xxxxxxxx Xxxxxx
Xxxxxxxx
Xxxxxx
Corporate
Secretary
