Letter of Intent February 24, 2009Candev Resource Exploration, Inc. • June 18th, 2009 • Metal mining
This letter confirms our agreement on the principal terms and conditions pursuant to which Candev Resource Exploration, Inc. (“Candev”) will receive from Yale Resources Ltd. (“Yale”) a 50% interest and an option to earn a further 30% interest in the Dos Naciones property located in Sonora State, Mexico, more particularly described in Schedule “B” attached hereto (the “Property”). Each party understands and agrees that preparation and execution of a definitive agreement is required, containing the terms set forth in Schedule "A" and such additional terms as Yale and Candev might agree following good faith negotiation. This Letter of Intent is intended to be non-binding with respect to the matters discussed in Schedule "A", except for Sections 2, 5, and 6, which are intended to be binding. This Letter of Intent may be executed in one or more counterparts, each of which shall be deemed an original for all purposes.
