--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Exhibit 10.17
 
LOAN AGREEMENT
July 17, 2008

Richard N. Jeffs (the “Lender”) of Flat 1, 49 Pont Street, London, SW1X 0DB,
advanced US$200,000 (the “Principal Sum”) to Red Lake Exploration, Inc. (the
“Borrower”) of 10168 Lawson Drive, Richmond, British Columbia, V7E 5M3.  The
Lender advanced the funds on July 17, 2008.
 
The Borrower agrees to repay the Principal Sum on demand, together with interest
calculated and compounded monthly at the rate of 8% per year (the “Interest”)
from July 17, 2008..  The Borrower is liable for repayment for the Principal Sum
and accrued Interest and any costs that the Lender incurs in trying to collect
the Principal Sum and the Interest.
 
The Borrower will evidence the debt and its repayment of the Principal Sum and
the Interest with a promissory note in the attached form.
 
 

LENDER         BORROWER   Richard N. Jeffs       Red Metal Resources Ltd.      
      Per:        Per:            
/s/ Richard N. Jeffs
   
/s/ Caitlin Jeffs
 
Richard N. Jeffs
   
Authorized Signatory
 

                                              
1

--------------------------------------------------------------------------------

 
PROMISSORY NOTE

 

Principal Amount:  US$200,000 
July 17, 2008

 
For value received, Red Lake Exploration, Inc. (the “Borrower”) promises to pay
on demand to the order of Richard N. Jeffs (the “Lender”) the sum of $200,000
lawful money of United States of America (the “Principal Sum”) together with
interest on the Principal Sum from July 17, 2008 (“Effective Date”) both before
and after maturity, default and judgment at the Interest Rate as defined below.

For the purposes of this promissory note, Interest Rate means 8 per cent per
year.  Interest at the Interest Rate must be calculated and compounded monthly
not in advance from and including the Effective Date (for an effective rate of
8.3% per annum calculated monthly), and is payable together with the Principal
Sum when the Principal Sum is repaid.

The Borrower may repay the Principal Sum and the Interest in whole or in part at
any time.

The Borrower waives presentment, protest, notice of protest and notice of
dishonour of this promissory note.

 

      BORROWER         Red Metal Resources Ltd.                   Per:          
 
 
   
/s/ Caitlin Jeffs
 
 
   
Authorized Signatory 
 

 
2