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Desert Pacific Exploration, Inc.

1680 Greenfield Drive Tel (775) 825-8215 Reno, NV 89509 USA Fax (775) 825-8216

April 9, 2012

Mr. Brent Welke,
President, CEO,
All American Gold Corp.
700 North High School Road, Suite 203,
Indianapolis, IN 46214

Re: Letter Agreement. “Essex” property, White Pine County, Nevada. Unpatented
mining claims: TC #35-40, BLM serial #’s NMC 709646-709650; TC #15, 17, 33-35,
41-45, BLM serial #’s NMC 1029892-1029901.

Dear Sir:

The following non-binding Letter of Intent (LOI) sets out the general terms and
conditions for the agreement between Desert Pacific Exploration, Inc. (Lessor)
and All American Gold Corp. (Lessee) for the “Essex” mineral property located in
White Pine County, Nevada, U. S. A.

Form of Agreement Mining Lease     Term 20 years with automatic extensions so
long as conditions of the lease are met.     Production Royalties 3.0% Net
Smelter Return (NSR)

Non-refundable Reimbursement of holding costs US $ 2,500.00

Advance Royalties Upon Execution US $ 20,000.00   1st Anniversary US $ 25,000.00
  2nd Anniversary US $ 30,000.00   3rd Anniversary US $ 40,000.00   4thAnniv. &
thereafter US $ 50,000.00       Adjusted to annual changes in the consumer price
index (CPI) with 2016 as the base year. CPI payments apply to payments beginning
with the 4th anniversary.

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Royalty Buydown US $5 million for 1.5% NSR.     Share Distributions 100,000
shares due on each of the first 4 anniversaries

Performance Requirements Federal and state mining claim maintenance fees will be
reimbursed to Lessor by Lessee by June 1 for any year in which this agreement is
maintained in good standing.     Reclamation Lessee shall fully bond and perform
all required reclamation work on the Property as required by Federal, State, and
Local law for disturbances resulting from Lessee’s activities on the Property.

Assignment Freely assignable by either party so long as Assignee accepts terms
and conditions of the Lease in writing.     Interest Area One mile from the
outside perimeter of the Essex claim boundary for new claims located either by
Lessor or Lessee.

New Staking Lessee to pay for locating and recording an additional 20 to 25
unpatented claims, contiguous with the existing claim block, following execution
of this document.     Exclusivity Lessor agrees to an exclusive period of time
in which negotiations will only be conducted with Lessee. This period will
commence on execution of this letter agreement and continue until May 10, 2012.
The Lessee acknowledges that this exclusivity is given by the Lessor for an
initial reimbursement of annual claim fees paid by Lessor for 2012.

If the above terms and conditions are acceptable, please acknowledge by signing
in the space provided below and return one copy. This LOI provides an informal
acknowledgement of the terms and conditions under which a formal and more
comprehensive agreement, incorporating these general terms can be prepared.

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Sincerely,
Desert Pacific Exploration, Inc.

/s/ “Herb Duerr”

Herb Duerr
President
hduerr@sbcglobal.net
C. 775-771-1420

Agreed and accepted to this 9th day of April, 2012

/s/ “Gaspar R. Gonzalez”

By:    Gaspar R. Gonzalez Treasurer     All American Gold Corp. Title  

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