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EXHIBIT 10.49

 

TERMINATION SETTLEMENT AND MUTUAL DISCHARGE AGREEMENT SUBSCRIBED ON ONE HAND BY A) HÉCTOR MANUEL CERVANTS SOTO PER HIS OWN RIGHT (THE PRINCIPAL) AND ON THE OTHER, B) AMERICAN METAL MINING, S. A. DE C. V., REPRESENTED IN THIS ACT BY RAMIRO TREVIZO GONZÁLEZ IN HIS PERSONALITY AS GENERAL PROXY (THE ASSIGNEE), JOINTLY NAMED “THE PARTIES”, IN ACCORDANCE WITH THE FOLLOWING PREVIOUS RECORDS, DECLARATIONS AND CLAUSES.

 

 

PREVIOUS RECORDS

 

 

I.

On the 25 th November 2008 PARTIES subscribed a Transfer of Mining Rights Contract by virtue of which, among other terms and conditions, the PRINCIPAL transferred in favor of the ASSIGNEE the title holding of mining rights specified in the Previous Records of said instrument, agreeing to receive in exchange as counterclaim the amount of $1’674,000.00 Dollars (One million six thousand seventy four Dollars 00/100 in currency of the United States of America), plus the corresponding Added Value Tax to be paid accordingly to the schedule of payments agreed upon for such a purpose (the CONTRACT ). Ordinary cpy of said instrument is attached to this present writing for purposes of clarity and certainty as Annex I ;

 

II.

For formality purposes the subscription of the CONTRACT by the PARTIES was ratified on the 25 th November 2008 before testimony of Mrs. Elsa Ordóñez Ordóñez, applicant to the office of Public Notary and ascribed to Notary Public number 28 of the Morelos Judicial  District, State of Chihuahua and acting in the stead of the Office’s Title Holder per his license, Felipe Colomo Castro, Attornet at Law, and instrument that was inscribed in the respective Act of volume XIV of the Book of Acts Out of Protocol under numeral 16,268 on the 25 th November 2008;

 

III.

Afterwards, on the 2 nd June 2009, PARTIES subscribed a Modifying Agreement by virtue of which, among other terms and conditions, it was convened to modify the amount of the established price in the CONTRACT as counterclaim for the transferred mining rights in favor of the ASSIGNEE and setting it on the amount of $2’000,000.00 Dollars (Two million Dollars 00/100 in currency of the United States of America), plus the corresponding Added Value Tax as well as the schedule of the respective payments. Ordinary copy of said instrument is attached to this present writing for purposes of clarity and certainty as Annex II ;

 

IV.

For formality purposes, the subscription of this CONTRACT by the PARTIES was ratified on the 15 th June 2009 before testimony of Mrs. Elsa Ordóñez Ordóñez, applicant to the office of Public Notary and ascribed to Notary Public number 28 of the Morelos Judicial  District, State of Chihuahua and acting in the stead of the Office’s Title Holder per his license, Felipe Colomo Castro, Attornet at Law, and instrument that was inscribed in the respective Act of volume XIV of the Book of Acts Out of Protocol under numeral 16,4620 also on the 15 th June 2009;

 

 

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V.

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