EXHIBIT 10.2
MINERAL PROPERTY LEASE AND OPTION AGREEMENT
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EXHIBIT 10.2
MINERAL PROPERTY LEASE AND OPTION AGREEMENT
This Agreement dated April 8, 2005
BETWEEN:
CHINA NETTV HOLDINGS INC., a Nevada company with offices at
536-999 Canada Place, Vancouver, British Columbia, V6C 3E2
Fax: (604) 641-1377
(herein called "China Net")
AND:
Xi Hua MINGING
DEVELOPMENT INC., a Chinese corporation with a
business addresses at Jin Zhu West Road # 75, Lhasa, Tibet,
China
(herein called "Xihua")
WHEREAS:
A. Xihua holds valid exploration permits (the "Permits", copies of which are
attached hereto as Schedule "A") issued by
Tibet Office of Ministry of Land and
Recourses , covering mineral property located in Tibet,
China Know as
Donggapu
as more particularly described in Schedule
"B" attached hereto (the "Property").
B. China Net intends to secure, and Xihua intends to grant, a leasehhold
interest in the Property for the purpose of
exploration and
investigation, and
an option for China Net to earn an 60%
interest in the Property, all pursuant to
the terms and conditions of this
Agreement.
NOW THEREFORE THIS AGREEMENT WITNESSETH THAT for valuable consideration, the
receipt and sufficiency of which is hereby
acknowledged,
the Parties do
hereby
mutually covenant and agree as follows:
1.
Lease and Option:
1.1 In
consideration
of China Net
entering into this Agreement, Xihua
agrees hereby to grant to China Net an exclusive leasehold interest in
the Property so that China Net may, during the term of this
Agreement,
conduct geological and exploratory work on the Property,
pursuant to a
work plan to be agreed upon between the Parties.
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1.2 Xihua
further grants an exclusive option (the "Option") to China Net
to
earn an 60% interest in each of the Property, subject to the terms and
conditions hereunder,
such option to be
exercisable
by China Net in
writing any time during the term of this Agreement.
1.3 Xihua
shall not, during the
term of this Agreement, lease, transfer,
assign, mortgage or
sell any of its
interest in the
Property to any
third party, and shall
not conduct any geological and exploratory work
on the Property, except with prior written consent from China
Net.
2.
Incorporation of an Operating Company
Upon the exercise
of the Option by China
Net, China Net may,
at its
option, decide to incorporate an operating company in China to develop
the
Property.
If China Net opts to form a Joint Venture Company under Chinese laws,
then Xihua shall hold a 40% interest and China Net shall hold an
60% of
interest in the Joint
Venture Company,
with terms and
conditions of
such Joint Venture Company to be specified in a definitive
agreement.
3.
China Net Obligations
3.1 China Net
shall perform the following in relation to the Property:
With regard to
Dongapu Deposit, China Net shall incur exploration
expenditures totalling
no less than USD$350,000 within 12 months from
the date of this
Agreement and no less
than the previous year
in the
second year.
3.2 For
greater clarity, China
Net shall, when
advised by Xihua, make the
prescribed minimum
payments payable under
applicable
Chinese mining
regulations
