ex108.htm


    Exhibit
10.8


     

     

    


    TERMINIATION OF MPLOYMENT
AGREEMENT

    


    


    THIS AGREEMENT made as of this
22nd day of May, 2008

    


    BETWEEN:

    


    Aultra Gold Inc. (Canada), a
British Columbia corporation, having a head office at PO Box 1049 Jacksonville,
Oregon, 97530

    


    (the
"Company")

    


    OF
THE FIRST PART

    


    AND:

    


    Mr. Rauno Perttu, of 2816
Upper Applegate Road,

    Jacksonville
OR 97530

    


    (the
"Employee")

    


    OF
THE SECOND PART

    


    WHEREAS:

    


    A.     Both parties had
previously agreed to an Employment Agreement with an effective date of January
31, 2006

    


    B.     The Company has had insufficient funds
to pay Mr. Perttu on a regular and ongoing basis from January 31, 2006 until May
22, 2008;

    


    NOW THEREFORE in consideration
of the premises and mutual covenants herein contained, the parties hereto agree
as follows:

    


    


    1.   PRIOR
SERVICES

    
      	
              1.1

            	
              LOCATION OF WORK – It is
      mutually agreed that all work performed by Mr. Perttu for the Company was
      performed in the United States which the location of Mr. Perttu and the
      Company’s properties.  It is mutually agreed that no work was
      performed in Canada

            


    

    


    
      	
              1.2

            	
              PRIOR PAYMENTS – It is
      mutually agreed that for US tax purposes all prior payments made by the
      Company to Mr. Perttu will be considered as payments to a consultant and
      not an employee.

            


    

    


    
      	
              1.3

            	
              PRIOR ACCURALS – It is
      mutually agreed that the Company’s lack of funds forced Mr. Perttu to
      obtain compensation elsewhere and Mr. Perttu wish to relieve the Company
      of a portion of its obligation to pay him for his prior services so to
      obtain a greater equity incentive as part of a new compensation agreement.
      In addition Mr. Perttu estimates that he spent approximately 75% of his
      time on Company business and not the 100% as originally anticipated due to
      the Company’s lack of funds.  According Mr. Perttu hereby agrees
      to cancel $65,000 of accrued compensation in consideration of obtaining a
      new employment contract

            


    

    


    


    2.   TERMINATION
OF CONTRACT

    
      	
              2.1

            	
              Termination date – It is
      mutually agreed that the employment contract with an effective date of
      January 31, 2006 is hereby terminated with an effective date of March 31,
      2008.

            


    

    


    
      	
              2.1

            	
              Termination is mutual –
      It is mutually agreed that the employment contract is mutually
      terminated

            


    

    


    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    


     

    3.   GENERAL
PROVISIONS

    


    
      	
              3.1

            	
              Governing Law –
      Consistent with the initial agreement this Agreement shall be governed by
      and construed in accordance with the laws of the Province of British
      Columbia, and the parties agree to submit to the jurisdiction of the
      courts of British Columbia with respect to any legal proceedings arising
      herefrom.

            


    

    


    
      	
              3.2

            	
              Notice - Any notice
      required or permitted to be given under this Agreement shall be in writing
      and may be delivered personally or by prepaid registered post addressed to
      the parties at the above mentioned addresses or at such other address of
      which notice may be given by such party. Any notice shall be deemed to
      have been received, if personally delivered, on the date of delivery, and
      if mailed as aforesaid, then on the fourth business day following the day
      of mailing.

            


    

    


    
      	
              3.3

            	
              Assignment - This
      Agreement may not be assigned in whole or in part by either of the
      parties.

            


    

    


    IN WITNESS WHEREOF the parties
have executed this Agreement as of the day and year first above
written.

    


    Aultra
Gold, Inc. (Canada)

    


     

    _______________________________

    Authorized
Signatory

    


    


    
      	
              SIGNED,
      SEALED & DELIVERED

              by
      Rauno Perttu in the presence of:

              ___________________________________

              Signature
      of Witness

               

              Name:
      __________________________________

              Address:
      ________________________________   

              _______________________________________

               

               

              Occupation:
      ______________________________  

            	
              )

              )

              )

              )

              )  
       

              )   Rauno Perttu

              )

              )

              )

              )

              )

              )