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GOLDEN MATRIX GROUP, INC. & XPLORATION, INC.
CANCELLATION AND RELEASE AGREEMENT

THIS CANCELLATION AND RELEASE AGREEMENT (“Agreement”), is entered into this 25th
day of May 2016, by and between Golden Matrix Group, Inc. (formerly known as
Source Gold Corp.), (“GMGI”, “Company”), and Xploration, Inc. (“Xploration”).

WHEREAS, GMGI currently owes Three Hundred Thousand Six Hundred Fifty One
($300,651) to Xploration pursuant to the Convertible Notes described below.  The
Convertible Notes have conversion features and carry interest rates from 8% to
12% per year.

WHEREAS, on or around February 22, 2016, GMGI entered into an Asset Purchase
Agreement and a subsequent change of management took place.

WHEREAS, the Company is in the early stages of restructuring, changing the
direction of the business the Company is engaged in, and moving the Company
forward in a positive manner.

WHEREAS, the Board of Directors of the Company feels it to be in the best
interest of the Company and the Shareholders to reduce the outstanding debt of
the Company incurred by the previous management.

WHEREAS, on May 25, 2016, Xploration agreed to cancel all of the Convertible
Notes listed below and to release any remaining obligation the Company may have
to Xploration pursuant to those Convertible Notes listed below.

THEREFORE, it is hereby agreed by both the Company, and Xploration, that the
outstanding Notes totaling $300,651 owed to Xploration and pursuant to the
Convertible Notes listed below, by the Company, shall be cancelled, and no
further obligations of the Company, under the Notes listed below, are
contemplated.

XPLORATION
#
Amount
($)
Origination
Date
Interest Rate
($) Total Principal & Interest
Xploration
58
140,000
11/1/15
12.00%
154,637
Xploration
63
140,000
11/1/15
8.00%
146,014
TOTAL
       
300,651

FURTHER, it is agreed by both the Company and Xploration that Xploration shall
release all future claims to subsequent conversions of the Notes listed above,
the Company will have no further obligation to Xploration under those
Convertible Notes and Xploration shall be forever barred from seeking further
conversions or claiming obligations of the Company under the Convertible Notes.

 
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The undersigned do hereby acknowledge receipt, review, understanding and
agreement with this Cancellation and Release Agreement.

/s/Anthony Goodman                                  May 26, 2016
_________________________________                                                                                      ______________________
Anthony Goodman,
President                                                                                                     
 Date                      
Golden Matrix Group, Inc.

/s/Jon Fullenkamp                                         May 26, 2016
_________________________________                                                                                     _____________________
Jon Fullenkamp,
President                                                                                                            
 Date
Xploration, Inc.

 

 
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