MINERA TECK COMINCO S.A. DE C.V.Memorandum of Understanding • November 15th, 2005 • Fronteer Development Group Inc • Mining & quarrying of nonmetallic minerals (no fuels) • British Columbia
Further to our recent conversations on the above subject, this memorandum of understanding (the “Agreement”) sets out the understanding between Minera Teck Cominco S.A. de C.V. (“TCM”) and Fronteer de Mexico, S.A. de C.V. (“Fronteer”) whereby Fronteer will have an option to acquire a 100% undivided interest in each of TCM’ s San Pedro and Clara properties located in Mexico, subject only to a back-in right and royalty reserved to TCM with respect to each property. Minera Teck Cominco S.A. de C.V. is a wholly owned subsidiary of Teck Cominco Limited a Canadian corporation and Fronteer de Mexico, S.A. de C.V. is a wholly owned subsidiary of Fronteer Development Group Inc. a Canadian corporation. The San Pedro and Clara properties consist of those licences more fully described and shown on the map, both attached hereto as Schedule “A1” (“San Pedro”) and Schedule “A2” (“Clara”) (individually a “Property” and collectively the “Properties”).
