ex_10-17.htm


    
      

      

    

    Exhibit
10.17

     

    
      LOAN
AGREEMENT

      July 17,
2008

      


      Richard N. Jeffs (the
“Lender”) of Flat 1, 49 Pont Street, London, SW1X 0DB, advanced US$200,000 (the “Principal
Sum”) to Red Lake Exploration, Inc. (the “Borrower”) of 10168 Lawson Drive,
Richmond, British Columbia, V7E 5M3.  The Lender advanced the funds on
July 17, 2008.

       

      The
Borrower agrees to repay the Principal Sum on demand, together with interest
calculated and compounded monthly at the rate of 8% per year (the “Interest”)
from July 17, 2008..  The Borrower is liable for repayment for the
Principal Sum and accrued Interest and any costs that the Lender incurs in
trying to collect the Principal Sum and the Interest.

       

      The
Borrower will evidence the debt and its repayment of the Principal Sum and the
Interest with a promissory note in the attached form.

       

      
         

        
          
            
              
                	LENDER    	 	 	BORROWER	 
	Richard N.
      Jeffs  	 	 	Red Metal Resources
      Ltd.	 
	 	 	 	 	 
	Per:   	 	 	Per:	 
	 	 	 	 	 
	
                        /s/
      Richard N. Jeffs

                      	 	 	
                        
                          /s/
      Caitlin Jeffs

                        

                      	 
	
                        Richard
      N. Jeffs

                      	 	 	
                        Authorized
      Signatory

                      	 


              

            

                                                          

            
              
                
                

              

              
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      PROMISSORY
NOTE


       

      
        	Principal
      Amount:  US$200,000 	
                July 17,
      2008

              


      

       

      For value
received, Red Lake Exploration, Inc. (the “Borrower”) promises to pay on demand
to the order of Richard N. Jeffs (the “Lender”) the sum
of $200,000 lawful money of United States of America (the “Principal Sum”)
together with interest on the Principal Sum from July 17, 2008 (“Effective
Date”) both before and after maturity, default and judgment at the Interest Rate
as defined below.

      


      For the
purposes of this promissory note, Interest Rate means 8 per cent per
year.  Interest at the Interest Rate must be calculated and compounded
monthly not in advance from and including the Effective Date (for an effective
rate of 8.3% per annum calculated monthly), and is payable together with the
Principal Sum when the Principal Sum is repaid.

      


      The
Borrower may repay the Principal Sum and the Interest in whole or in part at any
time.

      


      The
Borrower waives presentment, protest, notice of protest and notice of dishonour
of this promissory note.

      


      
         

        
          
            
              
                	 	 	 	BORROWER	 
	 	 	 	Red
      Metal Resources Ltd.	 
	 	 	 	 	 
	 	 	 	Per:	 
	 	 	 	 	 
	
                         

                      	 	 	
                        /s/
      Caitlin Jeffs

                      	 
	
                         

                      	 	 	
                        
                          Authorized Signatory 

                        

                      	 


              



             

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