CANCELLATION OF PROMISSORY NOTES
AND
STOCK POWER
THE UNDERSIGNED, in connection with the memorialization of the joint venture between the undersigned parties, hereby acknowledge and agree to the following:
(a)
All promissory notes entered into by and between any of the undersigned parties (the “Notes”) are permanently cancelled, and, subject to paragraph (b) below, all payments obligations are hereby fully satisfied.
(b)
As full and complete payment of the Notes, Dourave Mineracao e Exploracao Mineral Ltda., an entity organized under the laws of Brazil (“Dourave Brazil”), hereby assigns, conveys, delivers, and transfers, by it signature below, one-third (1/3rd) of the issued and outstanding shares of capital stock (the “Shares”) which Dourave Brazil owns in Dourave-Bullion Mineracao e Exploracao Mineral LTDA., a business entity organized under the laws of Brazil (the “Subsidiary”) to Bullion Monarch Mining, Inc., a Utah corporation. Dourave country-regionplaceBrazil does hereby irrevocably constitute and appoint the current, respective officers of the Subsidiary as attorneys-in-fact to transfer said Shares on the books and records of the Subsidiary, with full power of substitution in the premises.
DATED this 29th day of June, 2010.
|
DOURAVE MINERACAO E EXPLORACAO MINERAL LTDA., a business entity organized under the laws of country-regionBrazil and the state of placePara
By:/s/Sergio Aquino Name: Sergio Aquino Title: Director |
Dourave Mining and Exploration Inc.,
a corporation organized under the laws of country-regionplaceCanada
By:/s/Ruari McKnight
Name: Ruari McKnight
Title: Director / VP Exploration
BULLION MONARCH MINING, INC., a StateplaceUtah corporation
By:/s/R. Don Morris
Name: R. Don Morris
Title: President
DOURAVE-BULLION, LLC, a StateplaceUtah limited liability company
By:/s/R. Don Morris
R. Don Morris
Title: Manager
