$0.91 Uses in Grant of Option Clause

Grant of Option from Stock Option Agreement

THIS STOCK OPTION AGREEMENT (this "Option Agreement") is made as of October 1, 2010, by and between SEARCHLIGHT MINERALS CORP., a Nevada corporation (the "Company"), and Martin B. Oring (the "Holder").

Grant of Option. The Company does hereby grant to the Holder, and the Holder does hereby accept, the right and option (the "Option") to purchase, at the discretion of the Holder in accordance with the terms, and subject to the conditions provided for herein, 300,000 Shares (the "Shares") of Stock at the exercise price of $0.91 per Share, such price being equal to the Fair Market Value of the Stock.