EXPLORATION AGREEMENT WITH
OPTION TO FORM JOINT VENTURE
(ANGEL WINGS PROJECT)
THIS EXPLORATION AGREEMENT WITH OPTION TO FORM JOINT VENTURE
(ANGEL WINGS PROJECT) (the “Agreement”) is made effective this 15 th day of May, 2007 (the
“Effective Date”) by and between MIRANDA U.S.A., INC., a Nevada corporation (“Miranda”); and
WHITE BEAR RESOURCES INC., a British Columbia corporation (“White Bear”).
Miranda controls the “Angel Wings” group of eighty-seven (87) unpatented lode
mining claims situated in Elko County, Nevada. The claims are more particularly described on
Exhibit A attached hereto.
The claims are subject to a “Mining Lease” dated October 17, 2005 between Greg and Heidi
Kuzma as Owners and Miranda U.S.A. Inc. as Lessee. A copy of the Kuzma Lease is attached hereto
as Exhibit B. The Kuzma Lease has been modified by a “First Amendment to Mining Lease” dated
December 19, 2006. A copy of the First Amendment is attached hereto as Exhibit C.
These claims and leasehold interest, together with all ores, minerals, surface and mineral
rights, and the right to explore for, mine, and remove the same, and all water rights and
improvements, easements, licenses, rights-of-way and other interests appurtenant thereto, shall be
referred to collectively as the “Property.”
White Bear wishes to acquire an interest in the Property by making certain cash
payments and stock distributions to Miranda and funding a work program on the Property pursuant
to Section 1.1 of this Agreement.
Following completion of the work program and satisfaction of the terms and
conditions of Section 1.1 of this Agreement, White Bear and Miranda may form a Joint Venture for
further exploration and development of the Property.
THEREFORE, the parties have agreed as follows:
1.1 Option to Earn 60% Interest . Miranda hereby grants to White Bear the exclusive
option to earn an undivided sixty percent (60%) interest in the Property by f