| (1) | China Global Mining Resources      Limited (“Company”), a corporation      duly established in British Virgin Island;and |
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| (2) | Mr. LU Benzhao address:      No. 204, Builidng 17, Liyuan Village, Huashuan District, Maanshan, Anhui      Province ID No.340505195112240018 (“Consultant”). |
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|   | WHEREAS, |
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| (A) | The      Company has entered into certain equity transfer transactions in relation      to XNS, Sudan and Zhaoyuan (“Equity Transfers”) with      the Consultant through one of its subsidiaries in China (“Subsidiary”) to acquire      certain businesses of iron ore mining, processing and sale of ironstone      and iron ore powder (“Businesses”). |
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| (B) | The      Company is willing to engage the Consultant and the Consultant is willing      to provide the Company with consulting services for the operation and      further development of theBusinesses. |
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| 7.1 | During      the Non-Competition Period, neither the Consultant nor the Company, shall      use, disclose, publish or otherwise disseminate any Confidential      Information (as defined herein) to any person, firm, company, association      or other entity for any reason or purpose whatsoever, except as necessary      for the performance of his duties for the Company, the Subsidiary and any      of their affiliates.  For purpose hereof, “Confidential      Information” includes |
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|   | (i) | any      and all information that has been created, discovered, or developed by, or      otherwise become known to the Company, the Subsidiary and/or any of their      affiliates (including, without limitation, information created,      discovered, developed or made known to the Company, the Subsidiary and/or      any of their affiliates by the Consultant arising out of his Services to      the Company, the Subsidiary and/or any of their affiliates) or in which      property rights have been or may be assigned or otherwise conveyed to the      Company, the Subsidiary and/or any of their affiliates, which information      has commercial value to the Company, the Subsidiary and/or any of their      affiliates and is treated by the Company, the Subsidiary and/or any of      their affiliates as confidential, is confidential and proprietary      information belonging solely to the Company, the Subsidiary and/or any of      their affiliates, their business or the business of any of their      customers, their business plans and projects, computer programs, know-how,      improvements, marketing plans, pricing, strategies, forecasts budgets,      projections, developments, manufacturing information, technical and      engineering information, information regarding procurement, sale      activities, mining, site selection, processing, credit and financial data,      customer lists, trade secrets, patents, copyrights and all other      inventions, ideas, original works or authorships and discoveries whether      patentatable, copyrightable or not, which are created and learned by or      accessible to their employees in connection with their provision of      services to the Company, the Subsidiary and/or any of their affiliates;      and |
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|   | (ii) | any      and all information relating to the existence of this Agreement and/or the      subject matter of this Agreement. |
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| 7.2 | No      Party shall disclose any Confidential Information to any third party      without the prior written approval of the other Party except if required      by applicable laws and to their professional  advisors. |
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| 8. | Notice |
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| If      to the Consultant: | Mr.      LU Benzhao |
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|   | Address:  No.      204, Builidng 17, Liyuan Village, Huashuan District, Maanshan, Anhui      Province /phone 86-555-3123063 /fax |
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| If      to the Company: | King,      Stephen D. |
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|   | 4243      Dunwoody Club Drive, Suite 103, Atlanta, GA, 30350 USA/Phone +1 (678) 222      0291/Fax +1 (678) 222 0475 |
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|   | Attn:  Mr.      King, Stephen D |
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|   | And: |
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|   | William      B. Green |
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|   | Four      Seasons Place, 8 Finance Street Central, Hong Kong / Phone (852) 9339 8557      / Fax (852) 3196 8609 |
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|   | Attn:  Mr.      William B, Green |
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| 9. | Prior      Agreement |
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| 18.1 | The      parties shall comply with any and all applicable laws, rules and      regulations of the governmental authorities of both the Peoples Republic      of China and Hong Kong concerned for performing the said services in this      Agreement. |
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| 18.2 | The      parties shall not issue any press releases or make any other similar      publications with respect to this Agreement without first consulting with,      and obtaining the prior written approval of the other    party. |
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| 18.3 | Consultant      agrees to indemnify the Company for any violation by Consultant of section      18.1 requirements in performing services pursuant to this      Agreement. |
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| By:  | /s/ Stephen D.      King                                                                                      |
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| Name:     | Mr.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Title:    | CEO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| By:  | /s/ Mr. LU      Benzhao                                                                                  |
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| Name:     | Mr.      LU Benzhao                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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| 1. | Provide      strategic advice to the CEO and board of directors of the Company and      Subsidiary with respect to the operation and development of the      Businesses; |
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| 2. | Carry      out the decision made by the board of directors of the Company and the      Subsidiary in relation to theBusinesses. |
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| 3. | Assist      on the communication and consultation with the local Chinese authorities      to ensure that all the approvals, permits, renewals and extensions      required by law are obtained, maintained and in effect for the operation      and development of the Businesses; |
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| 4. | Report      and provide information to the Board of Directors of the Company and      Subsidiary on a timely bases relating to each communication and      consultation (formally or informally) with the local Chinese      authorities; |
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| 5. | Attend      strategy meeting as requested by the CEO or Chairman of the board of      directors of the Company and subsidiary;and |
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| 6. | Achieve      the following targets in relating to the Equity Transfers to receive the      Upfront Payment and retain the Surety Deposit under this      Agreement: |
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|        | · | The      Equity Transfers are approved and registered by the relevant Chinese      authorities; |
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|   | · | All      the obligations of the Consultant under the Equity Transfers have been      fulfilled. |

| 7. | To      receive the Annual Payments in accordance with the provisions of Clauses      3.2, 3.3 and 3.4: |
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| (i) | A      Surety Deposit in HK dollars (which amount is subject to valid receipt)      has already been paid to the Consultant under an Equity and Asset Transfer      Heads of Agreement dated 4 May, 2007 (“Surety      Deposit”); |
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| (ii) | US$10.21      million shall be credit against the Surety Deposit (subject to valid      receipt) first, and the balance shall be paid on next business day after      the closing date of the Equity Transfers, (“First      Payment”).  If the next business day is bank holiday, the      First Payment shall be made the next business day after the bank      holiday. |
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| (iii) | The      balance shall be paid by Dec 31, 2009. (“Second Payment”),      conditional on the Equity Transfers having been  closed. |
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| (iv) | Up      to 50 million shares of Wits Basin Precious Minerals Ltd. (“WB Shares”) will be      delivered to the Consultant within 30 months following the closing date of      the Equity Transfers to the extent that, if, through his      Services, |
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|   | (a) | the      Consultant has caused one of the Company’s subsidiaries, Sudan Co., to      produce 200,000 ton iron ore concentrate with Fe 62% ±1% (“Qualified Product”)      every 6 months (“6-month      Period”), 10 million WB Shares, subject to the guarantee that Sudan      Co. produces 1 million ton Qualified Product during the period from Jan 1,      2009 to Jun 30, 2011, will be delivered to the Consultant at the end      of every 6-month Period,; or |
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|   | (b) | the      Consultant has caused Sudan Co., to produce 1 million ton Qualified      Product during the period from Jan 1, 2009 to Jun 30, 2011, but without      achieving 200,000 ton Qualified Product in one or more 6-month Period, the      Company will also deliver the rest undelivered WB Shares of the 50 million      WB Shares to the Consultant by Jun 302011. |
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