Filed by Automated Filing Services Inc. (604) 609-0244 - Ireland Inc. - Exhibit 10.2






THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE BEING OFFERED AND SOLD IN
RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
UNLESS THEY ARE REGISTERED UNDER THE APPLICABLE PROVISIONS OF THE ACT OR ARE
EXEMPT FROM SUCH REGISTRATION. THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE SECURITIES
ADMINISTRATION OR REGULATORY AUTHORITY.

CONSULTANT NON-QUALIFIED STOCK OPTION AGREEMENT OF

IRELAND INC.
2441 West Horizon Ridge Parkway, Suite 100 
Henderson
NV 89052 
A Nevada Corporation

THIS AGREEMENT is made between IRELAND INC., a
Nevada corporation (hereinafter referred to as the "Company"), and R. Jerry
Falkner of 125 Piper Lane, Spicewood, TX, 8669 (hereinafter referred to as
the “Optionee”), a consultant of the Company, effective as of the 5th day of
November, 2007.

	1. 	
      Option Granted



The Company hereby grants the Optionee a non-qualified option
to purchase One Hundred Thousand (100,000) shares of the Company’s common
stock (the “Option Shares”) at a purchase price of $1.75 US per share for
a term commencing on the effective date of this Agreement and expiring at 5:00
pm (Pacific Time) on the 15th day of August, 2017 (the “Expiration Date”),
subject to termination as set forth herein. All options will be fully vested
upon execution of this Agreement.

	2. 	
      Time of Exercise of Option



The Optionee may exercise the option granted herein at any time
after the effective date of this Agreement until the Expiration Date.

	3. 	
      Method of Exercise



To exercise this option, the Optionee shall complete and
execute the form of Notice of Exercise attached as Schedule A to this Agreement,
or such other form of written notice acceptable to the Company, and shall
deliver such notice to the Company at its principal place of business. The
notice must be accompanied by a check or other method of payment acceptable to
the Company for the full amount of the purchase price.

	4. 	
      Restricted Securities Agreements of the
      Optionee




	 	(a) 	
      The Optionee acknowledges and agrees that the Company’s
      securities being offered to it under this Agreement are, or will be,
      “restricted securities” within the meaning of the Securities Act and will
      be issued to the Optionee in accordance with an exemption from the
      registration requirements of the Securities Act provided by Rule 506 of
      Regulation D of the Securities Act based on the representations and
      warranties of the Optionee in this Agreement.

	 	 	 
	 	(b) 	
      The Optionee agrees to resell the Company’s securities
      issued to it under this Agreement only pursuant to an effective
      registration under the Securities Act, or pursuant to an available
      exemption from the registration requirements of the Securities
  Act.

	 	 	 
	 	(c) 	
      The Optionee acknowledges and agrees, unless an effective
      registration statement has been filed with the Securities and Exchange
      Commission (the “SEC”) prior to the exercise of the option, that all
      certificates representing the Option Shares will be endorsed with the
      following legend in accordance with Regulation D of the Securities Act or
      such similar legend as deemed advisable by the lawyers for the Company to
      ensure compliance with the Securities Act:



“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN 




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OFFERED AND SOLD IN RELIANCE UPON
EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT. SUCH SECURITIES MAY
NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE
REGISTERED UNDER THE APPLICABLE PROVISIONS OF THE ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT.”

	5. 	
      Represenations and Warranties of the
    Optionee



The Optionee, covenants, represents and warrants to the Company
as follows, and acknowledges that the Company is relying upon such covenants,
representations and warranties in connection with granting of this option to the
Optionee and the sale and issuance of the Option Shares to the Optionee upon the
exercise of this option:

	 	(a) 	
      The Optionee represents and warrants to the Company that
      the Optionee is an "accredited investor" as defined in Rule 501 of
      Regulation D of the Securities Act.

	 	 	 
	 	(b) 	
      The Optionee is an investor in securities of companies in
      the development stage and acknowledges that it is able to fend for itself,
      can bear the economic risk of its investment, and has such knowledge and
      experience in financial or business matters such that it is capable of
      evaluating the merits and risks of the investment in the securities of the
      Company. The Optionee can bear the economic risk of this investment, and
      was not organized for the purpose of acquiring this option or the Option
      Shares.

	 	 	
       

	 	(c) 	
      The Optionee has had full opportunity to review the
      Company’s filings with the SEC pursuant to the Securities Exchange Act of
      1934, including the Company’s annual reports on Form 10-KSB, quarterly
      reports on Form 10-QSB, Current Reports on Form 8-K and additional
      information regarding the business and financial condition of the Company.
      The Optionee believes it has received all the information it considers
      necessary or appropriate for deciding whether to purchase the Company’s
      securities. The Optionee further represents that it has had an opportunity
      to ask questions and receive answers from the Company regarding the terms
      and conditions under which the Company’s securities are being offered to
      it and the business, properties, prospects and financial condition of the
      Company. The Optionee has had full opportunity to discuss this information
      with the Optionee’s legal and financial advisers prior to execution of
      this Agreement.




	 	(d) 	
      The Optionee acknowledges that the offering of the
      Company’s securities being made to the Optionee has not been reviewed by
      the SEC and that such securities are being, and will be, issued by the
      Company pursuant to exemptions from registration requirements of the
      Securities Act.

	 	 	
       

	 	(e) 	
      The Optionee understands that the Company’s securities
      being offered to it are characterized as "restricted securities" under the
      Securities Act inasmuch as they are being acquired from the Company in a
      transaction not involving a public offering and that under such laws and
      applicable regulations such securities may be resold without registration
      under the Securities Act only in certain limited circumstances. In this
      connection, the Optionee represents that it is familiar with SEC Rule 144,
      as presently in effect, and understands the resale limitations imposed
      thereby and by the Securities Act.

	 	 	
       

	 	(f) 	
      The Optionee is acquiring the Company’s securities for
      investment purposes for the Optionee's own account, not as a nominee or
      agent, and not with a view to the resale or distribution of any part
      thereof, and that the Optionee has no present intention of selling,
      granting any participation in, or otherwise distributing the same. The
      Optionee does not have any contract, undertaking, agreement or arrangement
      with any person to sell, transfer or grant participations to such person
      or to any third person, with respect to any of the Company’s securities
      being offered to it under this Agreement.

	 	 	
       

	 	(g) 	
      An investment in the Company is highly speculative and
      only persons who can afford the loss of their entire investment should
      consider investing in the Company and its securities. The Optionee is
      financially able to bear the economic risks of an investment in the
      Company.







- 3 -

	 	(h) 	
      The Optionee recognizes that the purchase of the
      Company’s securities involves a high degree of risk in that the Company is
      in the early stages of development of its business and may require
      substantial financing in the near future.

	 	 	 
	 	(i) 	
      The Optionee is not aware of any advertisement of the
      Company’s securities being offered to it.

	 	 	 
	 	(j) 	
      This Agreement has been duly authorized, validly executed
      and delivered by the Optionee.




	6. 	
      Capital Adjustments



The existence of this option shall not affect in any way the
right or power of the Company or its stockholders to: (1) make or authorize any
or all adjustments, recapitalizations, reorganizations, or other changes in the
Company's capital structure or its business; (2) enter into any merger or
consolidation; (3) issue any bonds, debentures, preferred or prior preference
stocks ahead of or affecting the common stock or the rights thereof, (4) issue
any securities convertible into any common stock, (5) issue any rights, options,
or warrants to purchase any common stock, (6) dissolve or liquidate the Company,
(7) sell or transfer all or any part of its assets or business, or (8) take any
other corporate act or proceedings, whether of a similar character or
otherwise.

	7. 	
      Reorganization, Merger, Amalgamation and
      Consolidation



If there shall, prior to the exercise of any of the options
provided for by this Agreement, be any reorganization of the authorized capital
of the Company by way of consolidation, merger, subdivision, amalgamation or
otherwise, or the payment of any stock dividends, then there shall automatically
be an adjustment in either or both of the number of shares which may be
purchased pursuant hereto or the price at which such shares may be purchased so
that the rights evidenced hereby shall thereafter as reasonably as possible be
equivalent to those originally granted hereby. The Company shall have the sole
and exclusive power to make such adjustments as it considers necessary and
desirable.

In the event of a complete liquidation of the Company or a
merger, reorganization, or consolidation of the Company with any other
corporation in which the Company is not the surviving corporation, or the
Company becomes a wholly-owned subsidiary of another corporation, any
unexercised options granted under this Agreement shall be deemed cancelled
unless the surviving corporation in any such merger, reorganization, or
consolidation elects to assume the options under this Agreement or to issue
substitute options in place thereof; provided, however, that notwithstanding the
foregoing, if such options would be cancelled in accordance with the foregoing,
the Optionee shall have the right exercisable during a ten-day period ending on
the fifth day prior to such liquidation, merger, or consolidation to exercise
such option in whole or in part without regard to any installment exercise
provisions in this Agreement.

	8. 	
      Transfer of this Option



Notwithstanding any other provision of this Agreement, except
with the prior written consent of the Company, this option shall be exercisable
only by the Optionee and shall not be transferable by the Optionee other than by
the laws of descent and distribution upon the Optionee’s death. In the vent of
the Optionee’s death during the term of this Agreement, the Optionee’s personal
representatives may exercise any portion of this option that remains vested and
unexercised at the time of the Optionee’s death.

	9. 	
      Rights as Shareholder



The Optionee will not be deemed to be a holder of any shares
pursuant to the exercise of this option until he or she pays the option price
and a stock certificate is delivered to him or her for those shares. No
adjustment shall be made for dividends or other rights for which the record date
is prior to the date the stock certificate is delivered.




- 4 -

	10. 	
      General Provisions




	 	(a) 	
      The Company shall not be required to pay any tax or other
      charge imposed in connection with the exercise of this option or a
      permissible transfer involved in the issuance of any certificate for
      shares issuable under this option in the name other than that of the
      Optionee, and in any such case, the Company shall not be required to issue
      or deliver any stock certificate until such tax or other charge has been
      paid or it has been established to the Company’s satisfaction that no such
      tax or other charge is due.

	 	 	 
	 	(b) 	
      Time shall be of the essence of this Agreement.

	 	 	 
	 	(c) 	
      This Agreement will be governed by and construed in
      accordance with the laws of the State of Nevada and each of the parties
      hereto irrevocably attorns to the jurisdiction of the courts of the State
      of Nevada.

	 	 	 
	 	(d) 	
      Any notice to be given under this Agreement shall be duly
      and properly given if made in writing and delivered to telecopied to the
      addressee at the address as set out on page one of this Agreement. Any
      notice given as aforesaid shall be deemed to have been given or made on,
      if delivered, the date on which it was delivered or, if telecopied, on the
      next business day after it was telecopied. Any party hereto may change its
      address for notice from time to time by providing notice of such change to
      the other party hereto in accordance with the foregoing.

	 	 	 
	 	(e) 	
      This Agreement may be executed in one or more
      counter-parts, each of which so executed shall constitute and original and
      all of which together shall constitute one and the same
  agreement.



IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the 5th day of November, 2007.

IRELAND INC. 
by its authorized signatory:

/s/ Douglas D.G. Birnie
DOUGLAS D.G. BIRNIE

PRESIDENT

/s/ R. Jerry Falkner
R. JERRY
FALKNER




SCHEDULE A TO THE NON-QUALIFIED STOCK OPTION AGREEMENT
BETWEEN 
IRELAND INC. AND R. JERRY FALKNER
Dated for reference as
of the 5th day of November, 2007.

NOTICE OF EXERCISE FORM

	TO: 	IRELAND INC. 


A Nevada Corporation (the
“Company”)

Dear Sirs:

The undersigned (the “Subscriber”) hereby exercises
  the right to purchase and hereby subscribes for ___ shares (the “Shares”)
  of the common stock of IRELAND INC. referred to in the Consultant Non-Qualified
  Stock Option Agreement between the Company and R. Jerry Falkner, dated effective
  as of the 5th of November, 2007 (the “Option Agreement”), according
  to the terms and conditions thereof and herewith makes payment by cash, certified
  check or bank draft of the purchase price in full for the Shares in accordance
  with the Option Agreement.

Please issue a certificate for the shares being purchased as
follows in the name of the Subscriber:

	 	NAME: 	 
	 	                                                                                                   	 (Please Print) 
	 	  	 
	 	ADDRESS: 	 
	 	 	 


The Subscriber represents and warrants to the Company that:

	 	(a) 	
      The Subscriber has not offered or sold the Shares within
      the meaning of the United States Securities Act of 1933 (the
      “Securities Act”);

	 	 	 
	 	(b) 	
      The Subscriber is acquiring the Shares for its own
      account for investment, with no present intention of dividing its interest
      with others or of reselling or otherwise disposing of all or any portion
      of the same;

	 	 	 
	 	(c) 	
      The Subscriber does not intend any sale of the Shares
      either currently or after the passage of a fixed or determinable period of
      time or upon the occurrence or non-occurrence of any predetermined event
      or circumstance;




	 	(d) 	
      The Subscriber has no present or contemplated agreement,
      undertaking, arrangement, obligation, indebtedness or commitment providing
      for or which is likely to compel a disposition of the
  Shares;




	 	(e) 	
      The Subscriber is not aware of any circumstances
      presently in existence which are likely in the future to prompt a
      disposition of the Shares;








	 	(f) 	
      The Shares were offered to the Subscriber in direct
      communication between the Subscriber and the Company and not through any
      advertisement of any kind;

	 	 	 
	 	(g) 	
      The Subscriber has the financial means to bear the
      economic risk of the investment which it hereby agrees to make;

	 	 	 
	 	(h) 	
      This subscription form will also confirm the Subscriber’s
      agreement as follows:




	 	(i) 	
      the Shares have not been registered under the Securities
      Act or applicable state “Blue Sky” laws and, therefore, the Shares may not
      be resold, transferred or hypothecated without the registration of the
      Shares, or an opinion of counsel satisfactory to the Company to the effect
      that such registration is not necessary.

	 	 	 
	 	(ii) 	
      Only the Company can take action to register the Shares
      under the Securities Act or applicable state securities law or to comply
      with the requirements for an exemption under the Securities Act or
      applicable state securities law.

	 	 	 
	 	(iii) 	
      The certificates representing the Shares will be endorsed
      with the following legend:



“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION D
PROMULGATED UNDER THE SECURITIES ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR
SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT.”

	 	(iv) 	
      The Subscriber is an “accredited investor”, as defined in
      Rule 501 of Regulation D of the Securities Act.



Please deliver a share certificate in respect of the common
shares referred to in the Option Agreement surrendered herewith but not
presently subscribed for, to the Subscriber.

	DATED this 	____
      day of ________________,___.	 	 
	 	 	 	 
	  	Signature of Subscriber: 	_______________________________ 	  
	 	 	 	 
	    	Name
      of Subscriber:	_______________________________ 	 
	 	 	 	 
	  	Address of Subscriber: 	_______________________________