4th of August, 2008
Simonov Stepan, hereinafter referred to as the "Contractor", from
one party, and
the company Planet Resources Corp, represented by the Director
hereinafter referred to as the "Customer", from the other party, have
Contract hereinafter referred to as the "Contract" on the
1. SUBJECT OF THE CONTRACT
1.1. The Customer
assigns and the
aimed at locating
mining sites with tailings or refuse of mining and processing
industry (technogenic deposits) and determination of possibilities
of extracting fine, extra-fine and fine-dispersed gold from such
2. TERRITORY OF RESEARCH
2.1. Research shall be carried out in the territory of the Russian
3. CONSULTING TASKS
3.1. Consulting tasks (the "Consulting") shall be carried out
prospective business subject(s) with special permits for use of
activity within the boundaries of their sites for
purpose of minerals mining.
site(s), with available tailings or refuse of mining and
that contain economic
of gold with
potential gold content of 200kg.
3.1.3. Taking samples
and performing tests with view of estimating content and
concentration of fine,
fine-dispersed gold in
refuse of mining
and processing industry (technogenic deposits).
3.1.4. Providing a
complete cost schedule in connection with the extraction of
fine gold from the selected site(s) and transportation to the point
3.1.5. Obtaining agreement for each mining site, whereby the
licensee will allow
Planet Resources, Inc. or their whole owned subsidiary to extract
fine gold from
site. The extracted gold will remain in possession of the
license holder in
return for payment
equal to market price of gold at the time
of extraction less 20% discount).
4. DUTIES OF THE CONTRACTOR
4.1. The Contractor shall:
4.1.1. Begin the
research within 30
days after the written
assignment by the
the research documents
executed agreements (the "Research Results") to the Customer.
4.1.3. Attach a
detailed and complete report on all the issues pertinent to the
4.1.4. Ensure complete
of the information received from the
Customer if third parties are involved in the research.
4.2. Within 90 days
after completion of the Consulting, specified by this
signing the Statement of transfer of Research Results the
Contractor shall provide Research Results regarding the Consulting
in the part 3 of the Contract.
5. DUTIES OF THE CUSTOMER
5.1. The Customer shall:
the Contractor with written assignment 30 days prior to
commencement of the Consulting.
5.1.2. Upon the Contractor's request, provide the latter with all the
information necessary for efficient research.
5.1.3. Accept the Research Results and pay the Contractor.
6. PROCEDURES OF
CARRYING OUT THE CONSULTING AND TRANSFERRING THE RESULTS
6.1. The Contractor shall independently manage the Consulting.
6.2. The Contractor shall