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MINERAL PROPERTY OPTION
AGREEMENT
This Agreement
dated for reference the 11 th day of June, 2008
Between:
KEYSER
RESOURCES INC.
61 Sherwood
Circle NW
Calgary,
Alberta
T3R
1R3
(“
Keyser ”)
And:
BEARCLAW
CAPITAL CORP.
1155 boulevard
René Lévesque ouest
Bureau
2500
Montréal, Québec
H3B
2K4
(“
Bearclaw ”)
Keyser and
Bearclaw have agreed to enter into an agreement
(“Agreement”) whereby Keyser would acquire the right to
option and explore the Rey Lake Property
(“Property”), which upon signing of this agreement is
intended to be a binding agreement on the parties
hereto.
Bearclaw
warrants that it owns the Property (MTO Tenure Number 510210) 100%
and that the Property is in good standing with the BC Ministry of
Energy, Mines and Petroleum Resources until June 9, 2016 and that
the Property is free of any liens or encumbrances.
Keyser wishes
to enter into an agreement whereby Keyser or designated trustee may
acquire a 90% interest in Bearclaw’s wholly-owned Property on
the following terms:
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Keyser may
acquire a 90% interest in the Property by making exploration
expenditures totalling $ 150,000 and paying $ 12,500 cash to
Bearclaw by September 30, 2010 as follows:
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The $ 150,000
in optional exploration expenditures will be staged as
follows:
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$ 5,000 by
December 31, 2008
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A further $
25,000 by September 30, 2009; and
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A further $
120,000 (cumulative $ 150,000) by September 30, 2010
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All exploration
work is to be filed as assessment work to the maximum amount
permissible, with any excess being credited to Bearclaw’s PAC
account
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The $ 12,500 in
cash payments will staged as follows:
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A further $
7,500 by September 30, 2009
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Upon fulfilling
the above obligations, Keyser will have earned a 90% interest in
the Property. Bearclaw’s 10% interest is a fully
carried interest through to production.
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If Keyser does
not complete its earn-in and does not vest a 90% interest, all
technical data in whatever format will be forwarded to Bearclaw
within 30 days of the notification of withdrawal.
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Keyser agrees
to provide prompt notice of any results from exploration on the
property and further Bearclaw shall have the right at any time upon
reasonable notice to inspect the property and all technical
data.
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