Exhibit 10.3

 

Addendum No. 3 to Upland Mining Lease

MHT 9400248

 

This Addendum is entered into by the State of Alaska, Department of Natural
Resources, Mental Health Trust Land Office (“TLO” or “Lessor”) and Talon Gold
Alaska, Inc. (Lessee).

 

The purpose of this Addendum is to modify the above referenced lease as follows:

 

(1)                                 Change in Legal Description: The legal
description of the Leased Area is modified pursuant to a lease expansion request
submitted to the TLO by the Lessee. The revised description of the Leased Area
is described in Attachment A to this Addendum.

 

(2)                                 Addition of new paragraph: Paragraph
25.(n) is added to the Lease, to read as follows:

 

25. (n) Additional Lease Acreage.

 

i)                                         If any of the land or mineral rights
situated within the outer boundaries of the Leased Area and that are currently
excluded from the Leased Area come under the control or ownership of the Trust
at any time during the term of this Lease, Lessor shall offer to add such land
or mineral rights, as applicable, to the Leased Area; and

 

ii)                                      Whenever Lessor or Lessee becomes aware
that lands or mineral rights have come under the ownership or control of the
Trust, as described in (i) above, that party shall deliver notice to the other
to that effect. Lessee shall have 30 days after receipt or delivery, as
applicable, of said notice in which to notify Lessor that it does not  wish to
add said lands or mineral rights, as applicable, to the Leased Area. If Lessee
does not timely reject the lands or mineral rights, as applicable, then said
lands or mineral rights, as applicable, shall be added to the Leased Area,
subject to conveyance (if necessary) to the Trust and the completion of the TLO
public notice process.

 

(3)                                 Effective Date of this Addendum: January 1,
2010.

 

All other terms and conditions of Upland Mining Lease MHT 9400248 remain in
effect.

 

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This Addendum is attached and made a part of MHT 9400248.

 

TALON GOLD ALASKA, INC.

 

 

 

 

 

 

 

Agreed:

 

/s/ [illegible]

 

 

Date:

January 26, 2010

 

 

 

 

Title: President

 

 

 

 

 

 

 

ALASKA MENTAL HEALTH TRUST

 

 

 

AUTHORITY

 

 

 

 

 

 

 

Approved:

 

/s/ Marcie Menefee

 

 

Date:

 

2.2.2010

 

 

Marcie Menefee

 

 

 

 

 

Acting Executive Director

 

 

 

 

 

Trust Land Office

 

 

 

 

2

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Attachment A

MHT 9400248

Description of Leased Area

 

T. 008 N., R. 004 W., FAIRBANKS MERIDIAN, ALASKA

 

SECTION 5: LOTS 1 THROUGH 7, INCLUSIVE, NE1/4NE1/4, S1/2NE1/4, N1/2SW1/4, SE1/4

SECTION 6: LOTS 1 THROUGH 12, INCLUSIVE, NE1/4SE1/4

SECTION 7: LOTS 1 THROUGH 9, INCLUSIVE, SW1/4NE1/4, E1/2NW1/4, E1/2SW1/4,
W1/2SE1/4, SE1/4SE1/4

SECTION 8: LOTS 1 THROUGH 7, INCLUSIVE, NE1/4, E1/2SE1/4

SECTION 17: LOTS 1 THROUGH 4, INCLUSIVE, NE1/4, S1/2

SECTION 18: LOTS 1 THROUGH 4, INCLUSIVE, E1/2, E1/2W1/2

SECTION 19: LOTS 1 THROUGH 4, INCLUSIVE, E1/2, E1/2W1/2

SECTION 20: ALL

SECTION 27: ALL

SECTION 28: ALL

SECTION 29: ALL

SECTION 30: LOTS 1 THROUGH 4, INCLUSIVE, E1/2, E1/2W1/2

SECTION 33: ALL

SECTION 34: ALL

EXCLUDING MINING CLAIMS RECORDED UNDER F-37589 , F-37596, F-43162, F-43163,
F-43706, F-45706 THROUGH F-45708„ F-60602 THROUGH F-60606, F-61269 THROUGH
F-61272, F-61380 THROUGH F-61383, F¬61385 THROUGH F-61389, F-61392, F-61499
THROUGH F-61501, , , F¬64359 AND F-64360, WHICH APPEAR TO FALL WITHIN SECTIONS 4
THROUGH 9, 17, 19, 28, AND 30 THROUGH 33;

 

T. 008 N., R. 005 W., FAIRBANKS MERIDIAN, ALASKA

 

SECTION 1: LOTS 1 THROUGH 5, INCLUSIVE, N1/2, N1/2SW1/4

SECTION 2: LOT 1, NI/2, SW1/4, N1/2SE1/4, SW1/4SE1/4

SECTION 3: ALL

SECTION 10: LOTS 1 THROUGH 4, INCLUSIVE, N1/2, W1/2SW1/4

SECTION 11: LOTS 1 THROUGH 10, INCLUSIVE, NE1/4SE1/4, S1/2SE1/4

SECTION 12: LOTS 1 THROUGH 8, INCLUSIVE, NE1/4, E1/2SE1/4

SECTION 13: ALL

SECTION 14: LOT 1, NE1/4, E1/2NW1/4, SW1/4NW1/4, S1/2

SECTION 15: LOTS 1 THROUGH 8, INCLUSIVE, NW1/4NW1/4, SE1/4SW1/4, SE1/4

SECTION 16: LOTS 1 AND 2, N1/2, SW1/4, W1/2SE1/4

SECTION 21: ALL

SECTION 22: LOTS I THROUGH 4, INCLUSIVE, N1/2NE1/4, E1/2NW1/4, SW1/4NW1/4,
SW1/4, W1/2SE1/4, SE1/4SE1/4

 

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SECTION 23: LOTS 1 AND 2, E1/2, E1/2NW1/4, SW1/4

SECTION 24: ALL

SECTION 25: LOTS 1 THROUGH 9, INCLUSIVE, N1/2NE1/4, E1/2NW1/4, NE1/4SW1/4,
S1/2SW1/4

SECTION 26: LOTS 1 THROUGH 5, INCLUSIVE, WI/2E1/2, W1/2

SECTION 27: ALL

SECTION 28: ALL

SECTION 33: ALL

SECTION 34: ALL

EXCLUDING MINING CLAIM RECORDATIONS F-37580 THROUGH F-37585„ , F-55452 THROUGH
F-55471, F-61249, F-61250, F-61256 THROUGH F-61270, F-61273 THROUGH F-61278,
F-61322 THROUGH F¬61379, F-61381, F-61382, F-61477, F-61498, F-61693TROUGH
F-61700, F¬616703, F-616704, F-616706, F-61708 THROUGH F-61714, , F-63466, AND ,
WHICH APPEAR TO FALL WITHIN SECTIONS THROUGH 16, 21 THROUGH 26, 28, 29, 35, AND
36; T. 009 N., R. 004 W., FAIRBANKS MERIDIAN, ALASKA

 

T. 009 N., R. 004 W., FAIRBANKS MERIDIAN, ALASKA

 

SECTION 31, 32, AND 33: ALL;

EXCLUDING U.S. MINERAL SURVEY NOS. 1609 AND 1641, EXCLUDING MINING CLAIM
RECORDATIONS F-61279 THROUGH F-61315, F-61389 THROUGH F-61396, F-61399, F-61400,
F-61402 THROUGH F-61420, F-61478 THROUGH F-61494, F-61502 THROUGH F-61508,
F-63461, F-63462, F¬74190, AND F-74191, WHICH APPEAR TO FALL WITHIN SECTIONS 14,
16, 20, 21, 27 THROUGH 29, AND 31 THROUGH 33;

 

ALSO EXCLUDING FROM ALL OF THE ABOVE, THE FOLLOWING MINING CLAIMS:

 

ADL 330941, ADL 330942, ADL 330943, ADL 330946, ADL 330947, ADL 330948, ADL
330951, ADL 330952, ADL 330953, ADL 330954, ADL 330957, ADL 330958, ADL 330959,
ADL 330960, ADL 330963, ADL 330964, ADL 330965, ADL 330970, ADL 330971, ADL
330972, ADL 330977, ADL 338477, ADL 338478, ADL 338481, ADL 338482, ADL 338483,
ADL 338487, ADL 338488, ADL 338489, ADL 338490, ADL 338497, ADL 338498, ADL
338499, ADL 338500, ADL 338501, ADL 338511, ADL 338512, ADL 338513, ADL 338520,
ADL 338521, ADL 338522, ADL 347945, ADL 347946, ADL 347949, ADL 347950, ADL
347951, ADL 347952, ADL 347953, ADL 347957, ADL 347958, ADL 347959, ADL 347960,
ADL 347961, ADL 347969, ADL 347970, ADL 347971, ADL 347972, ADL 347973, ADL
347974, ADL 347975, ADL 353555, ADL 353556, ADL 353557, ADL 353558, ADL 353559,
ADL 353560, ADL 353561, ADL 353562, ADL 353563, ADL 353564, ADL 353565, ADL
355559, ADL 361326, ADL 361327, ADL 361328, ADL 361330, ADL 361332, ADL 361333,
ADL 361334, ADL 361335, ADL 361366, ADL 558105, ADL 558106, ADL 558814, ADL
559056, ADL 559057, ADL 559058, ADL 559059, ADL 559060, ADL 338479, ADL 338480,
ADL 338484, ADL 338485, ADL 338486, ADL 338491, ADL 338492, ADL 338493, ADL
338494, ADL 338495, ADL 338496, ADL 338503, ADL 338504,

 

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ADL 338505, ADL 338506, ADL 338507, ADL 338508, ADL 338509, ADL 338510, ADL
338514, ADL 338515, ADL 338516, ADL 338517, ADL 338518, ADL 338519, ADL 347955,
ADL 347956, ADL 347962, ADL 347963, ADL 347964, ADL 347965, ADL 347966, ADL
347967, ADL 347968, ADL 347976, ADL 347977, ADL 347978, ADL 347979, ADL 347980,
ADL 348802, ADL 348803, ADL 348804, ADL 348805, ADL 348806, ADL 348807, ADL
348808, ADL 348809, ADL 348810, ADL 348811, ADL 348812, ADL 348813, ADL 348814,
ADL 348815, ADL 348816, ADL 348817, ADL 348818, ADL 348819, ADL 348820, ADL
348821, ADL 348822, ADL 348823, ADL 348824, ADL 348825, ADL 348826, ADL 348827,
ADL 348828, ADL 348829, ADL 348830, ADL 348831, ADL 348832, ADL 361329, ADL
361331, ADL 361349, ADL 361350, ADL 361351, ADL 361352, ADL 361353, ADL 361354,
ADL 361355, ADL 361356, ADL 361357, ADL 361358, ADL 361359, ADL 361360, ADL
361361, ADL 361362, ADL 361363, ADL 361364, ADL 361365, ADL 505036, ADL 506391,
ADL 506392, ADL 532022, ADL 532026, ADL 535710, ADL 535711, ADL 535712, ADL
535713, ADL 535714, ADL 535715, ADL 535716, ADL 538220, ADL 538221, ADL 538222,
ADL 538223, ADL 538224, ADL 538225, ADL 538226, ADL 538227, ADL 538230, ADL
538231, ADL 538232, ADL 538233, ADL 538234, ADL 538235, ADL 539877, ADL 539878,
ADL 539879, ADL 555900, ADL 556252, ADL 558604, ADL 558605, ADL 558606, ADL
558607, ADL 559157, ADL 570259, ADL 570260, ADL 570261, ADL 570262, ADL 570263,
ADL 570264, ADL 570265, ADL 570266, ADL 570267, ADL 570268, ADL 570269, ADL
570270, ADL 570271, ADL 570272, ADL 570273, ADL 570274, ADL 570275, ADL 570276,
ADL 570277, ADL 570278, ADL 570279, ADL 570280, ADL 570281, ADL 570282, ADL
570283, ADL 570284, ADL 570285, ADL 361365, ADL 361366, ADL 361367, ADL 361368,
ADL 330936, ADL 330937, ADL 330938, ADL 330939, AND ADL 330940;

 

CONTAINING 9970.00 ACRES, MORE OR LESS.

 

ACCORDING TO THE SURVEY PLATS ACCEPTED BY THE UNITED STATES DEPARTMENT OF THE
INTERIOR, BUREAU OF LAND MANAGEMENT IN ANCHORAGE, ALASKA ON NOVEMBER 5, 1987 AND
JANUARY 7, 1991.

 

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