AGREEMENT
This Agreement is made and effective as of the date of signature hereof by
and between
XXXXXX XXX XXXX
herein represented by Ian Xxxxxx Xxxxxxx of 0 Xxxxxxxx Xxxxxx, Xxxxxxxx,
Xxxxxxxx of Namibia under Power of Attorney (hereinafter referred to as RGC)
and
GULF WESTERN TRADING Namibia (PTY) LTD a company having its registered office
at 0 Xxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx of Namibia (hereinafter referred to
as GWT)
WITNESSETH
WHEREAS RGC is the holder of 62 claims pegged on the farm Trokkopje 120 as
appears from Annexure A hereto, and
WHEREAS GWT is the holder of Prospecting Grant M46/3/1843 and is desirous of
incorporating an area which Includes the area of RGCs claims into its
Prospecting Grant, and
WHEREAS RGC Is prepared to abandon his claims in order to facilitate GWTB
application for the additional area to be Included In their Prospecting
Grant,
NOW THEREFORE IN CONSIDERATION OF THE MUTUAL UNDERTAKINGS OF THE PARTIES AND
OTHER GOOD AND VALUABLE CONSIDERATION THE RECEIPT AND SUFFICIENCY OF WHICH IS
ACKNOWLEDGED BY AND BETWEEN THE PARTIES, THE PARTIES HERETO AGREE AS
FOLLOWS:
1. The foregoing recitations are Incorporated herein as though fully set
forth in the body of this agreement.
2. GWT agrees to pay RGC the sum of N$30,000 thirty thousand NA$ upon
notification, duly certified by the Ministry of Mines and Energy of the
Republic of Namibia that he has abandoned his claims with the exception of
claim number 101 -and 102, and has lodged an application for a Prospecting
Grant on behalf of GWT
3. RGC undertakes to make available to GWT all the Prospecting data in
respect of the Farm Trokkopje 120 relating to the exploration work performed
by Elf Aquitaine in his possession, and to incorporate the results of the
same in a concise report.
4. GWT warrants and undertakes to pay RGC the further sum of N$l million
should mining operations be commenced on the farm Trokkopje 120.
5. RGC agrees to enter Into consulting contracts with GWT on an as-needed
basis to perform any and all services which he Is competent to perform and
which GWT requires In the continuing development and exploitation of the
subject Prospecting Grant on terms and conditions to be negotiated between
the parties and lo their mutual satisfaction,
6. GWT warrants and undertakes to make the terms and conditions of this
Agreement binding upon Its successors In title of the proposed Prospecting
Grant, if any.
THUS DONE AND SIGNED ON 13th. DAY OF May 1994
AT NICOSIA IN THE PRESENCE OF THE UNDERSIGNED
WITNESSES
AS WITNESS:
1. /s//s/
Authorised Signatory for and on behalf of
Xxxxxx Xxx Xxxx
THUS DONE AND SIGNED ON 13TH DAY OF MAY 1994
AT NICOSIA IN THE PRESENCE OF THE UNDERSIGNED
WITNESSES
AS WITNESS
1. /s/ /s/
Authorised
Signatory for and on behalf of Gulf Xxxxxx Trading
Namibia (PTY) LTD
