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Exhibit 10.12
 
LOAN AGREEMENT
February 11, 2009

Richard N. Jeffs (the “Lender”) of 4 Montpelier Street, Suite 521, London,
SW71EE, advanced US$25,000 (the “Principal Sum”) to Red Metal Resources Ltd.
(the “Borrower”) of 195 Park Avenue, Thunder Bay, Ontario, P7B 1B9.  The Lender
advanced the funds on February 11, 2009
 
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 February 11, 2009.  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 
 
Name
   
Authorized Signatory
 

                                                              
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PROMISSORY NOTE
 

Principal Amount:  US$25,000 
February 11, 2009

 
For value received Red Metal Resources Ltd., (the “Borrower”) promises to pay on
demand to the order of Richard N. Jeffs (the “Lender”) the sum of $25,000 lawful
money of United States of America (the “Principal Sum”) together with interest
on the Principal Sum from February 11, 2009 (“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 
 

 
 
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