INMOBILARIA MADEIRA S.A.

(GENERAL TRANSLATION Sep 2, 2004)

RENTING CONTRACT
The following contract RENTING CONTRACT is celebrated, in duplicate, containing the following clauses: FIRST: PARTIES: Mrs. Magdalena Orbe Leon de Davila, Passport no. Z-7575349, here forward will be known as THE RENTER and Minera Australiana C. LTDA. Here forward will be known as THE RENTEE represented by Mr. Robert Washer I.D. No: 171270298-2 as General Manager and as the Legal Representative. SECOND: ANTECEDENTS: Mrs. Magdalena Orbe Leon de Davila is owner of the property made up of a house 360 sq. m, two floors and three levels, with parking for three cars and a service area. It is located in Ultimas Noticias No.213 and Fray Joaquin Auz in the city of Quito, this property is the purpose of this Renting Contract. THIRD: MATTER: With the above mentioned antecedents, Mrs. Magadalena Orbe Leon de Davila, rents out the property in favor of the company Minera Austaliana described in the second clause, Antecedents, of this contract. FOURTH: USE: The property being rented will only be used for offices and is prohibited to be used for anything that is not expressively stated in this clause. It is also prohibited to introduce inflammable material, heavy bulks unless they are mining samples that do not exceed 50kg each and belongs to the company; other articles and dangerous substances that endanger the security of the property are also prohibited. FIFTH: SERVICES: The property being rented has electricity, water, and the following telephone lines with direct international calls: 251 905, 251 912, 254 137, 254 138, 466 972. The RENTEE promises to pay for these services on their due date during their time renting. SIXTH: RENTING CANON: The renting canon will be set in the amount in sucres equal to US$1.300 (one thousand three hundred American dollars) net after tax reductions of 2% (Retention tax and la Fuente de rigor) to be paid in the first five days of every month. The price will be calculated at the current exchange rate in the market. Also, the RENTEE promises to pay their corresponding amount for the Guard Service. SPECIAL CLAUSE: Minera Australiana accepts the canon price or renting pension stipulated mutually between the parties and therefore renounces the right regarding the fixing of the amount of rent of the property by the Renting Registry Office of Quito, whether it be higher or lower than that stipulated in this Contract, and likewise any other law that could be placed over the amount or rent of the renting prices. SEVENTH: TERM: The term of validity of this contract will be o one year renewable for both parties, starting from the first of November 1996, with 90 days of prior written notification be any of the parties if they wish not to renew the contract, if renewed it will understood for a further year of rent and so forth. If the parties agree to renew the contract the rent will be increased by 6% starting from November 1997. For future renewal the parties agree in writing the new amount for rent. If for some reason Minera Australiana leaves the property before the date of validity the RENTEE is obligated to pay the RENTER the amount of rent equivalent to three months for the anticipated termination.

EIGHTH: The state of the property, improvements and other expenses: The RENTEE states that they have received the property in perfect conditions with all the accessories according to the attached inventory list. The RENTEE, in the case of loss, breakage or ageing of any of the listed accessories promises to replace it with another or of the same type and quality of material and equipment, or should pay the RENTER in cash at the current market value of the good in Ecuador. The RENTEE is not allowed to make any modifications without the prior written consent by the RENTER. Any improvement to be carried out of any kind will be left to the benefit of the owner without any cost unless agreed differently. The RENTEE declares that the locative improvements according to the civil code, will be their sole responsibility. NINETH: The RENTEE is prohibited to paint and/or put up signs o change the color of the exterior or interior of the house without prior written approval by the RENTER. TENTH: SUBLETTING: It is prohibited for the RENTEE to sublet to any third party the rights corresponding to this contract that do not have any relation with the RENTEE. ELEVENTH: Causes for termination of the contract before the due date. The RENTER can terminate this contract before the due date, apart from the clauses stated in the current Leasing Law, for the following reasons: a) Lack of monthly payments b) Modifying the property without prior consent by the RENTER c) Change of property destination d) Subletting or other forms of rendering rights to third parties that have no relation with the RENTEE e) Infringement to the prohibition of introducing dangerous materials to the property. f) Lack of maintenance to the property. TWELFTH: Domicilio, Jurisdiction and duty. Both parties agree to jurisdiction and duty by the Leasing Judges and Tribunals of the Province of Pichincha, to resolve all differences or trials that could result from this contract, verbally and nominates the city of Quito in which case they renounce their domicilio. THIRTEENTH: Guarantee of this Contract. The RENTEE will give the RENTER the sum of USD$2.600 (two thousand six hundred American dollars) as guarantee of this contract on the date that this contract is signed. This amount will returned to the RENTEE at termination of this Contract prior to completion of Clause 8 and the payments of telephones, water and electricity consumed by the RENTEE up to the termination of this Contract. For the clauses stated above the parties sign this contract in duplicate, in Quito on the 31 October 1996. Robert Washer C.I. 171270298-2 Minera Australiana C. LTDA: Magdalena de Davila Passport No. Z-7575349