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• <br />• <br />• <br />Settlements &Release: <br />7/19/04 09:49 FAX 720 528 4 REGUS nrC <br />SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE <br />This Settlement Agreement and Mutual General Release (hereinafter, this "Agreement ") <br />is made and entered into on this day of March, 2004 by and between: Calais Resources, <br />Inc., a corporation organized under the laws of British Columbia ( "Calais "), Marlowe and Judy <br />Harvey ( "Mr. and Mrs. Harvey "), Aardvark Enterprises, Inc. ( "AEI "), Aardvark Agencies, Inc. <br />( "AAI "), White Cap Mines, Inc. ( "WCM "), Argus Resources, Inc. ( "Argus "), and Moran <br />Holdings. Mr. and Mrs. Harvey, AEI, AAI, WCM, Moran Holdings, and Argus are collectively <br />referred to as the "Harvey Parties "; Calais and the Harvey Partics are collectively referred to as <br />the "Parties." <br />The following section is not included: <br />a. Convertible Debentures. <br />b. Caribou Property Agreements. Two agreements recorded in the records of Boulder <br />County, Colorado, by which Calais has the right to redeem or reacquire certain of the <br />Caribou properties from AEI and/or AM. The two agreements, which each address <br />different properties, are dated March 26, 1999 (the "1999 Agreement," finally signed by <br />AM on August 9, 2000) and dated July 20, 2000 (the "2000 Agreement," finally signed <br />by AAI on July 20, 2000). The properties addressed by the two agreements are referred <br />to herein as the "1999 Properties" and the "2000 Properties," respectively. The 1999 <br />Agreement and the 2000 Agreement are attached as exhibits. As a result of the <br />agreements and the transactions leading to the agreements: <br />The following sections are not included: <br />RECITALS <br />c. Nevada Property Agreements. <br />d. Calais stock ownership. <br />2. intent to Resolve all Disputes, <br />Page 171 <br />aiuot <br />