MEMORANDUM OF UNDERSTANDINGYukon Gold Corp Inc • September 23rd, 2009 • Metal mining
This memorandum of understanding (the “MOU”) sets forth the agreement between Yukon Gold Corporation, Inc. (“Yukon Gold”) on the one hand and Bellhaven Copper and Gold, Inc. (“Bellhaven”) and Minera Cerro Quema S.A., a private company organized under the laws of Panama (“Minera”) that owns the Cerro Quema gold project in Panama as more particularly detailed in Schedule “C” hereto (the “Cerro Quema Project”) on the other hand concerning the granting to Yukon Gold of an option (the “Option to Purchase”) to acquire 75% of Minera through a combination of the purchase of certain outstanding shares of Minera owned by Bellhaven and the purchase of certain shares from the treasury of Minera. Upon exercise of the Option to Purchase Yukon Gold would own 75% of the outstanding shares of Minera and Bellhaven would hold the remaining 25%. All dollar amounts herein are references to U.S. Dollars. The parties agree as follows.
