**Exhibit      10.38**

**SALE      OF SHARES AND CLAIMS AGREEMENT**

**1      **
**PARTIES**

| 1.1 | The                parties to this agreement are – |
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| 1.1.1 | **Wits                Basin Precious Minerals                Inc;** |
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| 1.1.2 | **SSC                Mandarin Group Limited;                and** |
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| 1.1.3 | **China                Global Mining Resources                Limited.** |
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| 1.2 | The                parties agree as set out below. |
|-----|----------------------------------------------------|

**2      **
**INTERPRETATION**

| 2.1 | In                this agreement, unless inconsistent with or otherwise indicated by                the                context - |
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| 2.1.1 | **"the/this                agreement"**                means the agreement as set out herein together with all appendices                hereto; |
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| 2.1.2 | **"business                day"**                means a day which is not a Saturday, Sunday or a United States public                holiday; |
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| 2.1.3 | **"the                company"**                means China Global Mining Resources Limited, with registration number                1386052, a company duly incorporated in accordance with the laws                of the                British Virgin Islands, herein represented by Lee Sing Leung, Robin,                he                being duly authorised; |
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| 2.1.4 | **"the                subsidiary"**                means Maanshan Global Resources Limited, a company duly incorporated                in                accordance with the laws of the People's Republic of China and a                wholly                owned foreign enterprise of the company with its registered address                at                Hongqinanlu, Development District, Ma'anshan, Anhui                Province; |
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**1**

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| 2.1.5 | **"the                documents of title"**                means collectively |
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| 2.1.5.1 | the                share certificates in respect of the subject shares, together with                share                transfer forms in respect thereof duly completed in accordance with                the                articles of association of the company, indicating the purchaser                or his                nominee as the transferee of the subject shares and dated the effective                date; |
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| 2.1.5.2 | a                certified copy of a resolution of the directors of the company passed                in                accordance with the articles of association of the company approving                the                transfer of the subject shares in the name of the purchaser or its                nominee; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1.5.3 | the                written and signed cession of the claims in favour of the purchaser                or its                nominee; |
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| 2.1.6 | **"the                effective date"**                means the signature date; |
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| 2.1.7 | **"the                parties"**                means all the parties to this                agreement; |
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| 2.1.8 | **"the                purchaser"**                means Wits Basin Precious Minerals Inc. (OTCBB: WITM), a public company                duly incorporated in accordance with the laws Minnesota, United States                of                America, or its appointed nominee, herein represented by Stephen                David                King, he having been duly authorised                hereto; |
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| 2.1.9 | **"the                Seller"**                means SSC Mandarin Group Limited, with registration number 137917,                a                company duly incorporated in terms of the laws of the British Virgin                Islands, herein represented by Lee Sing Leung, Robin, he being duly                authorised thereto; |
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| 2.1.10 | **"the                signature date"**                means the date of signature of this agreement as identified on the                signature page; |
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**2**

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| 2.1.11 | **"the                subject claims"**                means any and all claims of whatsoever nature and howsoever arising                held                by the seller against the company as at the effective                date; |
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| 2.1.12 | **"the                subject shares"**                means 1 (one) ordinary par value share amounting to 100% (one hundred                percentum) of the company's issued share capital at the effective                date; |
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| 2.1.13 | any                reference to the singular includes the plural and *vice                versa*; |
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| 2.1.14 | any                reference to natural persons includes legal persons and *vice                versa*; |
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| 2.1.15 | any                reference to a gender includes the other                genders. |
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| 2.2 | If                any provision in a definition is a substantive provision conferring                rights                or imposing obligations on any party, effect shall be given to it                as if it                were a substantive clause in the body of the agreement notwithstanding                that it is only contained in the interpretation                clause. |
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| 2.3 | The                clause headings in this agreement have been inserted for convenience                only                and shall not be taken into account in its                interpretation. |
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| 2.4 | If                any period is referred to in this agreement by way of reference to                a                number of days, the days shall be reckoned exclusively of the first                and                inclusively of the last day unless the last day falls on a day other                than                a business day, in which case the last day shall be the next succeeding                business day. |
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| 2.5 | Words                and expressions defined in any sub-clause shall, for the purposes                of the                clause of which that sub-clause forms part, bear the meaning assigned                to                such words and expressions in that                sub-clause. |
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| 2.6 | This                agreement shall be governed by and construed and interpreted in accordance                with the laws of the United Sates of                America. |
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**3**

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**3      INTRODUCTION**

| 3.1 | It                is recorded that – |
|-----|-------------------------------------------------|

| 3.1.1 | the                seller is the owner of the subject shares and the subject                claims; |
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| 3.1.2 | the                purchaser wishes to acquire the subject shares and the subject claims                from                the seller and the seller is willing to dispose of the subject shares                and                the subject claims to the purchaser on the effective date, subject                to the                terms and conditions set out in this                agreement. |
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| 3.2 | The                parties accordingly agree as set out                herein. |
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**4**
**PURCHASE      AND SALE**

**5**
**SHARE      CAPITAL OF THE COMPANY**

| 5.1 | It                is recorded that the company is duly registered with a share capital                as                follows |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| 5.1.1 | an                authorised share capital of USD50,000 (fifty thousand United States                Dollars) divided into 50,000 (fifty thousand) ordinary par value                shares of                USD1,00 (one United States Dollar) each;                and |
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| 5.1.2 | an                issued share capital of USD1,00 (one United States Dollar) divided                into 1                (one) ordinary par value share of USD1,00 (one United States                Dollar). |
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**6**
**      PURCHASE PRICE**

**4**

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**7      PAYMENT OF PURCHASE PRICE**

**8**
**      WARRANTIES**

| 8.1 | the                company will not be under any obligations to issue any shares or                debentures to any person, and no resolution will have been passed                to                increase its capital or to issue further shares or any                debentures; |
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| 8.2 | no                person will have any lien or other preferential right in respect                of the                share capital of the company, nor will any person other than the                seller                have any claim to any of the subject shares in the                company; |
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| 8.3 | the                company will not have declared any dividends which will not have                been paid                in full. |
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| 8.4 | Except                as set out above, the shares and claims are sold without any warranties                of                any nature, either express or                implied. |
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**9**
**      DELIVERY AND CLOSING**

| 9.1 | deliver                to the purchaser or its nominee – |
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| 9.1.1 | the                share certificates in respect of the sale shares together with duly                signed                and currently dated share transfer forms in respect thereof duly                completed                in negotiable form; |
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| 9.1.2 | a                copy of a resolution of the seller approving the transaction contemplated                in terms of this agreement. |
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**5**

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**10      CONFIDENTIALITY**

**11**
**      RISK AND BENEFIT**

| 11.1 | All                risk in and benefit to the subject shares and subject claims shall                pass to                the purchaser on the effective                date. |
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| 11.2 | Ownership                of the subject shares and subject claims shall pass to the purchaser                with                effect from the effective date. |
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**12**
**      BREACH**

**"the      party in default"**
**"the      innocent party/ies"**

**13**
**      NOTICES AND DOMICILIA**

| 13.1 | The                parties choose as their *domicilia                citandi et executandi*                their respective addresses set out in this clause for all purposes                arising                out of or in connection with this agreement at which addresses all                processes and notices arising out of or in connection with this agreement,                its breach or termination may validly be served upon or delivered                to the                parties. |
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**6**

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| 13.2 | For                purposes of this agreement the parties' respective addresses shall                be                – |
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| 13.2.1 | the                seller at Suite 3015, 30/F, One International Finance Centre, 1 Harbour                View Street, Central, Hong Kong; |
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| 13.2.2 | the                purchaser at 900 IDS Center 80 South 8. Street Minneapolis, MN 55402,                United States for attention Mr. Mark D.                Dacko, |
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| 13.2.3 | the                company at P.O. Box 957, Offshore Incorporations Centre, Road Town,                Tortola, British Virgin Islands; |
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| 13.3 | Any                notice given in terms of this agreement shall be in writing and shall                – |
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| 13.3.1 | if                delivered by hand be deemed to have been duly received by the addressee                on                the date of delivery; |
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| 13.3.2 | if                transmitted by facsimile be deemed to have been received by the addressee                on the day following the date of despatch, unless the contrary is                proved. |
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| 13.4 | Notwithstanding                anything to the contrary contained or implied in this agreement,                a written                notice or communication actually received by one of the parties from                another including by way of facsimile transmission shall be adequate                written notice or communication to such                party. |
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**7**

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**14**
**      WHOLE AGREEMENT**

**15**
**      VARIATION**

**16**
**      RELAXATION**

**1**
**7      COSTS**

**8**

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| SIGNED                at _______________________________________ |   | as of                ________________________________________  |
|------------------------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                             |   |                                                                |   |
| AS                WITNESS:                                       |   |                                                                |   |
|                                                             |   |                                                                |   |
|                                                             |   |                                                                | **WITS                BASIN PRECIOUS** |
|                                                             |   | For:                                                                | **MINERALS                INC.** |
|                                                             |   |                                                                |   |
|                                                             |   |                                                                |
| (Name                of witness in print)                        |   | Duly                Authorised                                      |
|                                                             |   |                                                                |   |
| SIGNED                at _______________________________________ |   | as of ________________________________________            |
|                                                             |   |                                                                |   |
| AS                WITNESS:                                       |   |                                                                |   |
|                                                             |   |                                                                |   |
|                                                             |   |                                                                | **SSC                MANDARIN GROUP** |
|                                                             |   | For:                                                                | **LIMITED** |
|                                                             |   |                                                                |   |
|                                                             |   |                                                                |
| (Name                of witness in print)                        |   | Duly                Authorised                                      |
|                                                             |   |                                                                |   |
| SIGNED                at _______________________________________ |   | as of                _________________________________________ |
|                                                             |   |                                                                |   |
| AS                WITNESS:                                       |   |                                                                |   |
|                                                             |   |                                                                |   |
|                                                             |   |                                                                | **CHINA                GLOBAL MINING** |
|                                                             |   | For:                                                 | **RESOURCES                LIMITED** |
|                                                             |   |                                                                |   |
|                                                             |   |                                                                |
| (Name                of witness in print)                        |   | Duly                Authorised                                      |

**9**

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