GEOCOM RESOURCES INC.Geocom Resources • March 21st, 2006 • Geocom Resources Inc • Drilling oil & gas wells
This letter agreement sets out the principal terms pursuant to which Geocom Resources Inc. is prepared to enter into a definitive agreement (the "Formal Agreement") with Kinross Gold Corporation to establish an exploration venture in respect of Region X in southern Chile with an option to participate in subsequent acquisitions of mining rights in Region X (the "Region X Exploration Venture"). Although this letter agreement is binding on the parties, it is intended that the terms set forth herein will provide the basis upon which the parties will negotiate in good faith the Formal Agreement, which Formal Agreement will supersede this letter agreement. The following are the principal terms of the Region X Exploration Venture:
GEOCOM RESOURCES INC. Suite 413, 114 West Magnolia Street Bellingham, WA 98225 USAGeocom Resources • April 29th, 2003 • Geocom Resources Inc • Drilling oil & gas wells
We provide this letter to confirm that it is our intention to enter into a formal agreement (the "Formal Agreement") by which you will grant us and we will acquire an option to purchase a 75% working interest in the Property. We acknowledge that this letter (the "Letter of Intent") is an expression of intent only and that it does not result in the formation of a binding agreement between us other than in respect of paragraphs 7 and 8 which will be binding obligations on the parties in accordance with their terms. Instead, the purpose of this Letter of Intent is to establish a framework for the Financing and to serve as a guideline for preparing the Formal Agreement.
