Exhibit 10.2
CONFIDENTIAL DEMAND LOAN
Date of Issuance: June 15, 2008
Borrower: Silver Bay Resources Inc. ("Silver Bay")
Lender: Xxxxxx Xxxxxxx
Structure: Demand Loan ("Loan")
Principal: $60,000 USD.
Period: No fixed term
Interest: Zero percent
Terms: Upon the mutual agreement of both the borrower and
lender, Silver Bay Resources Inc shall pay back in
full the principal owed.
Confidentiality: The parties agree to keep this term sheet and its
contents confidential and not to distribute it to, or
discuss it with, any third party (other than the
parties' legal and financial advisors, who shall be
informed of the confidential nature of this document)
without the prior express written consent of the
parties.
The undersigned parties hereby represent and warrant that this term sheet has
been duly authorized, executed and delivered.
By Silver Bay Resources Inc.
/s/ X. Xxxxxxx
--------------------------
Authorized Signatory
