MountainWest Resources Inc. C.MWR

Option Contract submitted to C 1036-2021

[MTStack]

At the Exhibition of Documents, the Option Contract dated May 20, 2011 was submitted. The Option Contract was provided both in Spanish and in English.
 
Here are some excerpts from the English version:
 
3.4          The Option Period may be extended for one year by:
 

1. Delivering to the Optionor written notice of the Optionee’s intention to extend the term of the Option (the “Notice of Option Extension”); and
2. within 10 days of the delivery of the Notice of Exercise, paying to the Optionor the Extension Gold Price of 2,000 troy ounces of gold.

….
 
[There were no extension or renewal agreements submitted.]
 
The Optioned Property:
 
11.          each of the mining claims forming the Optioned Property:
 
(a)          was and remains duly and validly issued to and in the sole name of the Optionor in full compliance with the laws of Chile;
(b)          is free and clear from any defects of any kind whatsoever;
(c)           does not cross the Chile-Argentine border;
(d)          is an exploitation mining claim; and
(e)          is free and clear of all Encumbrances;
 
12.          the Optionor is the sole registered and beneficial owner of the Optioned Property;
 
….
 
ARTICLE 8
EXPIRATION OR TERMINATION OF OPTION PURCHASE RIGHT OR THE OPTION BY OPTIONEE
 
8.1          In the event that the Optionor is unable to perform any of its obligations under this Agreement, then the Optionee may, at its sole election, elect:
 
(a)          to have the Optionor return to the Optionee, all funds provided by the Optionee to the Optionor; or
(b)          to have the Optionor deliver clear title to another mining property to the Optiionee, such mining property of merit having a value of at least equal to the funds advanced by the Optionee to the Optionor, including the Advances.
 
….
 
11.1        Without restricting any other obligation of the Optionor under this Agreement, the Optionor:
 
                Property:
 
(5)          until one year following the expiration, termination or exercise of the Option ensure that none of the Claims that are recorded in the name of the Optionor expire and that all of the Claims that are recorded in the name of the Optionor are kept recorded in the sole name of the Optionor until such time the Claims are transferred to the name of the Optionee in accordance with Article 4;
 
….
 
[You will be able to read the entire Option Contract on the Chilean Judicial website.  I’ll post the folio # as soon as it is assigned.]