Advisory Services Agreement
This Advisory Services Agreement is made as of the 1st day of July, 2007 between Industrial Minerals, Inc. a company
incorporated under the laws of the State of Delaware, having a business address at 2904 South Sheridan Way, Suite 100,
Oakville, Ontario L6J 7L7 (“IMI”), and Mr. David Michaud , Businessman, having an address at Conde de la Vega 194, Dept 302,
Chacarilla, Lima, Peru, 33 (the “Advisor”).
WHEREAS, the Advisor has experience in metallurgical research, process engineering at mines and mineral processing with
particular expertise in industrial minerals;
AND WHEREAS, IMI requires such experience and expertise at its Bissett Creek mine in Northern Ontario;
AND WHEREAS, the Advisor is willing to provide advisory services to IMI as hereinafter set out;
NOW, THEREFORE, in consideration of the mutual covenants and provisions herein contained, the Advisor and IMI agree
1. Advisory Services.
The Advisor shall as and when requested by IMI during reasonable business hours, furnish the Company with his best
advice, information, judgment and knowledge with respect to mineral processing, process engineering, metallurgical research
and mining technology and development at IMI’s Bissett Creek Mine in Northern Ontario. In particular, the Advisor shall:
2. Conduct of Services.
The Advisor shall dedicate such reasonable time and efforts as may be required in order to fulfil its obligations hereunder.
The Advisor represents and warrants to IMI that it shall provide the services described herein in a cooperative fashion,
promptly, efficiently in accordance with standards of quality acceptable to IMI acting reasonably, and in a good and
3. Advisor’s Remuneration and Expenses.
In consideration of the satisfactory performance by the Advisor of the obligations set out in this Advisory Services
Agreement IMI shall award and grant the Ad