Unassociated Document


    FALCON
MINES/FALCON GROUP CLAIMS

     

    LEASE
AGREEMENT – JOINT VENTURE OPTION

     

    Gentleman:

    


     

    The
following terms would include our Falcon Group Claims including the six (6)
patented claims and any additional claims that we file adjacent to or in our
immediate area, making sure that we are not staking on any private, deeded, or
ranch owned property (that was acquired thru State Selection from the united
States Government Act of Congress in 1880) and Barrick deeded properties that
basically surround our Falcon Group claims area.

     

     

    
      	
               
      

            	
              1)

            	
              A
      Joint Venture 50/50 agreement to be agreed upon after the completion of
      this lease agreement (or on completion of eight (8) or more drill holes
      that we both agree, the results warrant entering into a joint venture
      agreement), unless you terminate the lease prior to
      completion.

            


    

     

    
      	
               
      

            	
              2)

            	
              Minimum
      of four (4) drill holes to be drilled by November 30, 2011 with an
      additional minimum of four (4) drill holes to be drilled by November 30,
      2012, giving you two (2) full summers to do your soil samples and
      geophysics that you deem necessary. The drill holes should be to a depth
      of at least 3000ft., more or less, as warranted by your core samples, all
      under the supervision and decisions by your geologist. (Ronnie Long’s
      report in 2000 shows his geology for four(4) drill holes on the patented
      claims with our recommended fifth (5) hole adjacent to the Falcon adit,
      52ft. in, on the west wall where the enriched Gold seam is
      showing)

            


    

     

    
      	
               
      

            	
              3)

            	
              Forward
      to us all copies of all reports, soil samples, and geophysics on a monthly
      basis or as they are completed along with current and future plans that
      weather permits. (A copy of the soil and I.P. survey that was completed on
      the TECK claims to compare with our current evaluation of the Falcon
      claims)

            


    

     

    
      	
               
      

            	
              4)

            	
              We
      recommend that you use Ruby Dome Inc., a local construction and trucking
      company, (owned by one of the Falcon Group Claims holders), that is
      familiar with and has all of the necessary equipment to open and maintain
      the roads from Midas to the Falcon properties, including preparing drill
      pads, which is work they have done in the past for other mining companies.
      Also, to use Carlin trend for the necessary field survey work to G.P.S.
      the exact corners of the patented claims and the outside boundaries of the
      entire Falcon Group Claims on or before August 1,
  2011.

            


    

     

    
      
         


      

      
         


        
          

        

      

      
         


      

    


    
      	
               
      

            	
              5)

            	
              All
      contracted companies should furnish to you and us copies of their accident
      and the indemnification insurance for all work done by them including
      State and Federal compliance so that you and the Falcon Group Claims
      holders are protected.

            


    

     

    
      	
               
      

            	
              6)

            	
              No
      liens are to be placed on the properties or interest in this agreement is
      to be sold, without the prior consent of the signatories hereto, which
      cannot be unreasonably withheld.

            


    

     

    
      	
               
      

            	
              7)

            	
              Terms
      of this agreement will be from signing date and first payment, no later
      than January 28, 2011 and running to November 30, 2011 and the second term
      will be from November 30, 2011 to November 30, 2012. Option for a third
      term is negotiable prior to November 30, 2012 providing this agreement is
      in full force and effect.

            


    

     

    
      	
               
      

            	
              8)

            	
              Termination
      will be on thirty (30) days notice due to non-payment or any breach under
      the terms of this agreement with a fifteen (15) day grace
      period.

            


    

     

    
      	
               
      

            	
              9)

            	
              Payment
      schedule: Date of signing to November 30,
2011:

            


    

     

    $25,000
on or before January 28, 2011

    $25,000
on or before April 1, 2011

    $25,000
on or before August 1, 2011

     

    
      	
               
      

            	
              Second
      term from November 30, 2011 to November 30,
  2012:

            


    

     

    $50,000
on or before November 30, 2011 to November 30, 2012

    $50,000
on or before July 1, 2012

    $50,000
on or before September 1, 2012

     

    The
partial payments gives you time in between payment dates to enter into a joint
venture agreement if warranted by us, or for you to terminate the agreement if
you feel the exploration does not warrant your continuing.

     

    
      	
               
      

            	
              10)

            	
              Issuance
      to us of one million five hundred thousand (1,500,000) shares of six (6)
      month restricted stock in Ironwood Corporation, by January 28, 2011 and an
      additional one million five hundred thousand (1,500,000) shares of six (6)
      month restricted shares of stock in Ironwood Corporation, on November 30,
      2011, providing this agreement is in full force and
  effect.

            


    

     

    
      
         


      

      
         


        
          

        

      

      
         


      

    


    We will
file and pay for our annual assessment fees on our Falcon Group Claims with
notification to you prior to August 30, 2011 and August 30, 2012.

     

    We will
also remove existing stored, mined and accessible ore and tailings, at our
expense, to process in our mill and lab.

     

    


     

    
      	
               
      

            	
              Dated
      this 16th day of January, 2011.

            


    

     

    
      	
               
      

            	
              Falcon
      Patented Claims and Falcon Group
Claims

            


    

     

     

    
      	
               
      

            	
              /s/ Robert L.
      Wyllie                                                  
      

            


    

    
      	
               
      

            	
              Robert
      L. Wyllie, Individually and as Attorney In Fact for the Falcon Group
      Claims.

            


    

     

     

    
      	
               
      

            	
              Ironwood
      Corporation

            


    

     

     

    
      	
               
      

            	
              /s/ Behzad
      Shayanfar                                              
      

            


    

    
      	
               
      

            	
              Behzad
      Shayanfar, C.E.O.

            


    

     

    
      	
               
      

            	
              Dated
      this 25th day of January, 2011.