Wolverine Explorations Inc: Exhibit 10.3 - Filed by newsfilecorp.com






DEBT SETTLEMENT AGREEMENT

THIS AGREEMENT, made and dated for reference the ____ day
of ________, 2009.

	BETWEEN: 
		WOLVERINE EXPLORATION
      INC., a company duly incorporated pursuant to the laws of the
      State of Nevada and having an office at 4055 McLean Road, Quesnel, BC, V2J
      6V5. 	 
	                                       	 
	 	 	 
	                                       	(hereinafter called the “Company”) 	 
	             
                         
                         
                         
                         
                         
                         
                         
                         
                         
             OF THE FIRST PART 
	AND: 
	                                     	[CREDITOR], of [address] 	 
	 	 	 
	                                       	(hereinafter called the “Creditor”) 	 
	             
                         
                         
                         
                         
                         
                         
                         
                         
                         OF
      THE SECOND PART 


WHEREAS:

A.                
The Company is indebted to the Creditor in the amount of USD $[x] as of the date
hereof (the Debt”); and

B.                
The Creditor has agreed to accept common shares in the capital stock of the
Company in lieu of payment of the debt. 

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the premises and of the covenants, conditions and provisos
herein contained, and other good and valuable consideration, the parties hereto
agree as follows:

1.                 The
Creditor hereby agrees to accept, subject to paragraph 2 hereof, [x] fully paid
and non-assessable common shares in the capital of the Company (the “Shares”) in
lieu of payment of the Debt by the Company at a deemed issuance price of USD
$0.03 per Share.

2.                 The
Creditor acknowledges that the issuance of the Shares as contemplated by
paragraph 1 of this Agreement is subject to compliance with applicable
securities laws. Further, the Creditor acknowledges that the certificates
representing the Shares will contain a restrictive legend inhibiting the ability
of the Creditor to trade such shares until the expiry of a six month hold
period. 




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3.                 This
Agreement shall enure to the benefit of and be binding upon the parties hereto
and their respective heirs, successors and assigns.

4.                 This
Agreement shall be governed, construed and enforced according to the laws of the
Province of British Columbia and is subject to the exclusive jurisdiction of the
courts of the Province of British Columbia.

5.                 The
parties agree to execute such further documents and assurances as may be
required to effect the intent hereof.

6.                 The
Creditor agrees to abide by the provisions of applicable securities laws in the
disposition of any Shares of the Company acquired pursuant to this
Agreement.

7.                 The
Creditor and the Company may execute this Agreement in two or more counterparts,
each of which is deemed to be an original and all of which constitute one
agreement, effective as of the date first above written.

WOLVERINE EXPLORATION INC.

_______________________
Lee Costerd


_______________________
[Creditor]