Blue Sky Petroleum Inc.: Exhibit 10.1 - Filed by newsfilecorp.com






ASSIGNMENT OF OPTION

THIS ASSIGNMENT dated for reference the 13th day of August,
2012

BETWEEN:

Blue Sky Petroleum Inc. of 3702
South Virginia Street 
Suite G12 – 401, Reno, Nevada 89502

(herein called the "Assignor")

AND:

Timber Wolf Gold Inc. of 3702
South Virginia Street 
Suite G12 – 401, Reno, Nevada 89502

(herein called the "Assignee")

AND:

Gino Chitaroni of Portage Bay
Road, PO Box 271 
Cobalt, Ontario, Canada, P0J 1C0

("Chitaroni")

WHEREAS:

A.                    
The Assignor and Chitaroni entered into an option agreement dated July 25, 2010,
attached hereto as Exhibit “A” (the “Option Agreement”) wherein the Assignor
acquired an exclusive option from Assignee to an undivided 100% right, title and
interest in and to the Proteus Property located near Cobalt, Ontario, Canada as
set out in Schedule "A" of the Option Agreement (the "Property").

B.                    
The Assignor wishes to assign to the Assignee all of Assignor's right, title and
interest in and to the Property in accordance with the terms of this agreement
(the "Assignment") and Chitaroni approves of such assignment.

C.                    
Subject to the completion of the obligations of the Assignor under this
Assignment, the Assignor and the Assignee wish to assign the Option Agreement to
the Assignee with no further obligations to the Assignor hereunder.

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

1.                    
The Assignor hereby absolutely and unconditionally forever assigns, transfers
and sets over unto the Assignee all of the Assignor's right, title and interest
in and to the Option Agreement and all benefits and advantages to be derived
therefrom; and the full benefit of all covenants and agreements on the part of
the Assignor, or any third parties with respect to the Option Agreement; with
full power and authority to collect payment on the Property and the interest
accrued thereon, or enforce, demand, collect, sue for breach of any said
warranty, guarantee, indemnity or covenant or for specific performance of any
said warranty, guarantee, indemnity or covenant contained in
the Option Agreement or any instrument of Assignor given in support thereof, in
the name of the Assignor.




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2.                    
The Assignor warrants to the Assignee that:

	 	(a) 	
      the Assignor has not assigned all or any part of its
      interest in any of the Option Agreement and has not granted any options,
      interests or other rights in to the Option Agreement;

	 	 	 
	 	(b) 	
      no payment is required to be made to any person in order
      for the Assignee to enjoy the full benefit of the Option Agreement;
    and

	 	 	 
	 	(c) 	
      none of the Option Agreement or any instrument of the
      Assignor given in support thereof have been amended, modified, terminated
      or surrendered nor has the Assignor waived any of its rights
      thereunder.



3.                    
In consideration of this Assignment, the Assignee has agreed to accept all of
Assignor's right, title and interest in and to the Option Agreement from the
Assignee, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged the Assignor for itself, and for its agents,
servants, successors and assigns, does hereby remise, release and forever
discharge the Assignor from any and all manner of actions, causes of action,
suits, debts, due accounts, bonds, covenants, contracts, claims, demands,
damages, costs, expenses and any and all legal obligations and compensation of
whatsoever kind and howsoever arising and whether known or unknown, suspected or
unsuspected and which the Assignor had or now has or which its agents, servants,
successors and assigns hereafter can, shall or may have, arising out of or in
connection with this Assignment and including, but not limited to any and all
agreements, arising from or pertaining thereto.

4.                    
The Assignor will at all times hereafter execute and deliver, at the request of
the Assignee, all such further documents, deeds and instruments, and will do and
perform all such acts as may be necessary or desirable to give full effect to
the intent and meaning of this Assignment.

5.                    
Each of the parties to this Assignment acknowledges that such party has read
this document and fully understands the terms of this Assignment, and
acknowledges that this Assignment has been executed voluntarily after either
receiving independent legal advice, or having been advised to obtain independent
legal advice and having elected not to do so

6.                    
This Assignment will enure to the benefit of the Assignee and their successor
and assign, and will be binding upon the Assignor and its successors and
assigns.

7.                    
This Assignment will be governed by and construed in accordance with the laws in
force in the State of Nevada and the parties submit to the non-exclusive
jurisdiction of the courts of State of Nevada in any proceedings pertaining to
the Option Agreement or this Assignment.

8.                    
This Assignment may be executed in any number of counterparts with the same
effect as if all parties hereto had all signed the same document. All
counterparts will be construed together and will constitute one and the same
agreement.




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

BLUE SKY PETROLEUM INC.

	Per: 	/s/ Patrick Laferriere 	 
	  	Authorized Signatory 	 


TIMBER WOLF GOLD INC.

	Per: 	/s/ Authorized Signatory 	 
	  	Authorized Signatory 	 


GINO CHITARONI

	/s/ Gino
      Chitaroni