MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement made and executed by and

between:

GILDA ABUEL, BARDO BANDO, ELISEO MALTOS,JR., LOVENA MEJORADA,

RENE MALTOS, ERNESTO BANDO and TEODORICO CERNA, Filipinos, of
legal ages, married and residents of Mati, San Franciso, Agusan
del Sur, herein called the Grantors ;

- and -

GIL A. DALIGDIG, Filipino, of legal age and a resident of

Hubang, San Francisco, Agusan del Sur, herein referred to as the
Grantee ;

WITNESSETH:

WHEREAS, the First Party herein have executed a Special Power

of Attorney in favor of the Second Party pursuant to Doc. No. 481,
Page No. 97, Book No. LXVI, Series of 2009 of Notary Public, Atty.
Leon O. Montilla, Jr., which copy is attached hereto (Annex “A)
and made an integral party thereof ;

WHEREAS, the authority granted are specified and self

explanatory ;

WHEREAS, the intent of the said document is lawful and not

contrary to public policy for purposes of pyrites mining
operation;

NOW THEREFORE, for and in consideration of the foregoing

premises and the mutual covenants and stipulations hereinafter
contained, the parties agree and bind themselves to the following
terms and conditions :

1. CONFIRMATION – The Grantors hereby confirms and

verify the authority, power and rights as specified
in Annex “A” given to the Grantee ;

2. PAYMENT – The Grantee shall thereby bind himself to

give and deliver to the Grantors the amount of
Three Hundred Fifty (P350.00) per cubic meter of
the extracted ore and the payment shall be made
upon shipment.

IN WITNESS WHEREOF, the parties hereunto set their hands this

______ day of March 2010 at San Francisco, Agusan del Sur.

GILDA ABUEL BARDO BANDO

Grantor Grantor
CTC No. on CTC No. on
At At
 ELISEO MALTOS,JR. LOVENA MEJORADA
Grantor Grantor
CTC No. on CTC No. on
At At

RENE MALTOS ERNESTO BANDO

Grantor Grantor
CTC No. on CTC No. on
At At

TEODORICO CERNA GIL A. DALIGDIG

Grantor Grantee
CTC No. on CTC No. on
At At

Signed in the presence of:

___________________ ____________________

REPUBLIC OF THE PHILIPPINES )

PROVINCE OF AGUSAN DEL SUR )
MUNICIPALITY OF SAN FRANCISCO)SS

ACKNOWLEDGMENT

BEFORE ME, this ___ day of March 2010 at San Francisco,

Agusan del Sur, personally appeared the above-named persons
represented to me to be the same persons who executed the
foregoing instrument, and they acknowledged to me that the same
are their free acts and deeds.

The parties and their witnesses at the left margin of each

and every page have signed this instrument consisting of 3 pages
including this page hereof.

WITNESS MY HAND AND SEAL, the day, year and place above-
mentioned.

LEON O. MONTILLA, JR.

Notary Public
Until December 31, 2010
IBP Lifetime No. 03110
PTR No. 2966815 on 1-12-10
At Agusan del Sur
Roll No. 44691

Doc. No.
Page No.
Book No. 86
Series of 2010