---

EXHIBIT 11.2

Execution Copy



EVOLVING GOLD CORPORATION

and

MERIDIAN MINERALS CORP.





|EARN-IN AGREEMENT Made as of July 31,
      2006
|------------------------------------------------

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TABLE OF CONTENTS

|    | ARTICLE 1 INTERPRETATION                                   |   
|--- | ---------------------------------------------------------- | --
|    |                                                            |   
|1.1 | Defined Terms.                                             | 2 
|1.2 | Included Words                                             | 7 
|1.3 | Headings                                                   | 7 
|1.4 | References                                                 | 7 
|1.5 | Currency                                                   | 7 
|1.6 | Schedules                                                  | 8 
|1.7 | Governing Law                                              | 8 
|1.8 | Severability                                               | 8 
|    |                                                            |   
|    | ARTICLE 2 REPRESENTATIONS, WARRANTIES AND COVENANTS        |   
|    |                                                            |   
|2.1 | Representations and Warranties of Evolving                 | 8 
|2.2 | Representations and Warranties of Meridian Minerals        | 8 
|2.3 | Survival of Representations and Warranties                 | 8 
|2.4 | Covenants of Evolving (AHL and Golden Arc)                 | 9 
|2.5 | Covenants of Evolving (Underlying Agreement)               | 9 
|2.6 | Covenants of Evolving (Title Report)                       | 10
|2.7 | Covenants of the Participants                              | 10
|    |                                                            |   
|    | ARTICLE 3 GRANT AND EXERCISE OF EARN-IN                    |   
|    |                                                            |   
|3.1 | Grant of Earn-In                                           | 11
|3.2 | Requirements for Completion of Earn-In                     | 11
|3.3 | Withholding Taxes                                          | 12
|3.4 | Effect of Completion of Earn-In                            | 12
|3.5 | Termination of the Earn-In                                 | 12
|3.6 | Effect of Termination                                      | 13
|    |                                                            |   
|    | ARTICLE 4 EARN-IN PERIOD                                   |   
|    |                                                            |   
|4.1 | Right of Entry During Earn-in Period                       | 14
|4.2 | Obligations of Meridian Minerals During the Earn-in Period | 14
|4.3 | Obligations of Evolving During the Earn-in Period          | 16
|4.4 | Operations During the Earn-in Period                       | 16

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iii.

|     | ARTICLE 5 THE MANAGER                   |   
|---- | --------------------------------------- | --
|     |                                         |   
|5.1  | Appointment                             | 16
|5.2  | Powers and Duties of Manager            | 17
|5.3  | Standard of Care                        | 17
|     |                                         |   
|     | ARTICLE 6 JOINT VENTURE                 |   
|     |                                         |   
|6.1  | Formation of Joint Venture              | 17
|     |                                         |   
|     | ARTICLE 7 TRANSFERS                     | 18
|     |                                         |   
|7.1  | Limitations on Transfers                | 18
|7.2  | Prohibited Dispositions                 | 18
|     |                                         |   
|     | ARTICLE 8 FORCE MAJEURE                 |   
|     |                                         |   
|8.1  | Events                                  | 19
|8.2  | Effect of Intervening Events            | 19
|8.3  | Obligation to Remove Intervening Events | 19
|8.4  | Giving Notice                           | 19
|8.5  | Earn-In Requirements                    | 19
|     |                                         |   
|     | ARTICLE 9 CONFIDENTIAL INFORMATION      |   
|     |                                         |   
|9.1  | Confidential Information                | 19
|9.2  | Information in Public Domain            | 20
|9.3  | Request to Disclose                     | 20
|     |                                         |   
|     | ARTICLE 10 ARBITRATION                  |   
|     |                                         |   
|10.1 | Single Arbitrator                       | 20
|10.2 | Prior Notice                            | 20
|10.3 | No Agreement on the Arbitration         | 20
|10.4 | Conduct of Arbitration                  | 20
|10.5 | Alleged Default                         | 21
|     |                                         |   
|     | ARTICLE 11 NOTICE                       |   
|     |                                         |   
|11.1 | Method                                  | 21
|11.2 | Amending Addresses                      | 22

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iv.

|     | ARTICLE 12 AREA OF INTEREST                                 |   
|---- | ----------------------------------------------------------- | --
|     |                                                             |   
|12.1 | Limitation on Right to Acquire Mineral or Surface Interests | 22
|12.2 | Expansion of Rights                                         | 22
|12.3 | Acquisition within Area of Interest                         | 22
|12.4 | Notice of Rejection                                         | 23
|12.5 | Further Assurance                                           | 23
|12.6 | Non-Compliance Constitutes Default                          | 23
|12.7 | Other Activities and Interests                              | 23
|     |                                                             |   
|     | ARTICLE 13 GENERAL                                          |   
|     |                                                             |   
|13.1 | Entire Agreement                                            | 23
|13.2 | No Waiver of Breaches                                       | 23
|13.3 | No Partnership                                              | 24
|13.4 | Further Assurances                                          | 24
|13.5 | Manner of Payment                                           | 24
|13.6 | Enurement                                                   | 24
|13.7 | Special Remedies                                            | 24
|13.8 | Time of the Essence                                         | 25

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EARN-IN AGREEMENT

THIS EARN-IN AGREEMENT is entered into and made
effective as of August ______, 2006.

BETWEEN:

EVOLVING GOLD CORPORATION, a
corporation incorporated under the laws of the Canada, having its registered
office in Vancouver, British Columbia, Canada

(Evolving)

AND:

MERIDIAN MINERALS CORP., a
company incorporated under the laws of Delaware, having its principal offices in
Reno, Nevada

(Meridian Minerals)

WITNESSES THAT WHEREAS:

|A. | Pursuant to the terms and conditions of an Option and
      Royalty Agreement (the Option Agreement) dated March 22, 2004
      between Golden Arc Mining & Refining Inc. (Golden Arc) and
      AHL Holdings Ltd. (AHL), Golden Arc granted to AHL an option to
      purchase 100% of the right, title and interest in the unpatented mining
      claims listed in Schedule 2 to this Agreement, all of which are located in
      the County of Humboldt, State of Nevada, USA (the
  Claims);                                                                                                                       
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|B. | On December 3, 2004, AHL, together with its sole
      shareholder Golden Sands Exploration Inc., (Golden Sands) entered
      into an Option and Royalty Agreement with Evolving, as amended on January
      7, 2005, February 25, 2005, April 21, 2005, January 25, 2006, April 27,
      2006, June 16, 2006, and, as further amended and restated on July _______,
      2006 (the Underlying Agreement) pursuant to which AHL granted to
      Evolving the option to purchase 100% of the right, title and interest in
      the Claims acquired by AHL from Golden Arc in accordance with the Option
      Agreement;
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|C. | In keeping with the terms of the Underlying Agreement,
      Evolving has maintained exclusive possession and the right to explore and
      mine the Claims, free and clear of Encumbrances, other than Permitted
      Encumbrances;                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|D. | Pursuant to a Letter Agreement between Evolving and
      Meridian Gold Inc. (Meridian Gold) dated September 22, 2005,
      Evolving agreed to grant Meridian Gold an earn-in to acquire, directly or
      indirectly, an undivided 70% interest in Evolvings option to purchase
      100% of the right, title and interest in the Claims;                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|E. | Meridian Gold has assigned all of its rights and
      obligations under the Letter Agreement to Meridian Minerals;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|F. | Meridian Minerals has agreed to fund exploration and
      development activities on the Properties; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

---

2.

|G. | Evolving has agreed, that upon completion of the
      Payments, Expenditures and Committed Expenditures in accordance with
      Article 3 of this Agreement, 70% of the interest in the Claims will
      irrevocably be vested in Meridian Minerals and Evolving and Meridian
      Minerals shall establish between them a joint venture in respect of the
      Claims.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NOW THEREFORE in consideration of the premises and the
covenants, agreements, representations and warranties herein, the sufficiency of
which is hereby acknowledged, the parties hereto covenant and agree as
follows:

ARTICLE 1INTERPRETATION

1.1Defined
Terms.

As used in this Agreement, the
following terms have the following meanings:

Additional Property means any
Mineral Rights or Surface Rights within the Area of Interest that become subject
to the terms of this Agreement pursuant to Article 12.

Advance Royalty Payments means
advance royalty payments in accordance with Section 2.4(h) .

Affiliate means any person,
partnership, limited liability company, joint venture, corporation, or other
form of enterprise which Controls, is Controlled by, or is under common Control
with a Participant.

Agreement means this
Exploration and Acquisition Agreement, including all amendments and
modifications, and all schedules and exhibits, all of which are incorporated
herein by reference.

AHL means AHL Holdings
Ltd.

Anniversary Date means each or
any anniversary of December 3, 2004.

Area of Interest means the
area within a perimeter constituted by the outside boundaries of the Claims plus
any Additional Property, plus one mile.

Authorization means, with
respect to any Participant, any order, permit, approval, waiver, licence or
similar authorization of any governmental or public department, central bank,
commission, board, bureau, agency or instrumentality or stock exchange having
jurisdiction over the Participant, and includes any bond, deposit or other
security required by any order, permit, approval, waiver, licence or
authorization.

Budget means a detailed
estimate of all costs to be incurred and Expenditures to be made, and a schedule
of cash advances to be made, by the Participants with respect to a Program.

Business means the contractual
relationship of the Participants under this Agreement.

Business Day means any day of
the year, other than a Saturday, Sunday or any other day on which banks are
closed in Toronto, Ontario, Canada or in Reno, Nevada.

Commencement Date means
September 22, 2005, the date of the Letter Agreement.

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3.

Committed Expenditures has the
meaning ascribed to that term in Section 3.2.

Claims means the unpatented
mineral claims and applications for unpatented mineral claims described in
Schedule 2 of this Agreement, as they exist on the date of this Agreement and a
Claim is any of them.

Confidential Information means
all information, data, knowledge and know-how (including, but not limited to,
formulae, patterns, compilations, programs, devices, methods, techniques and
processes) that derive independent economic value, actual or potential, as a
result of not being generally known to, or readily ascertainable by, third
parties and which is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy, including without limitation all
analyses, interpretations, compilations, studies and evaluations of such
information, data, knowledge and know-how generated or prepared by or on behalf
of either Participant.

Control used as a verb means,
when used with respect to an entity, the ability, directly or indirectly through
one or more intermediaries, to direct or cause the direction of the management
and policies of such entity through: (i) the legal or beneficial ownership of
voting securities or membership interests; (ii) the right to appoint managers,
directors or corporate management; (iii) contract; (iv) an operating agreement;
(v) a voting trust; or (vi) otherwise; and, when used with respect to a person,
means the actual or legal ability to control the actions of another, through
family relationship, agency, contract or otherwise; and Control used as a noun
means an interest which gives the holder the ability to exercise any of the
foregoing powers.

Earn-In has the meaning set
out in Section 3.1.

Earn-In Period means the
period beginning with the Commencement Date and ending on the earliest of: (i)
the date upon which the Earn-In has been completed pursuant to Section 3.4 and
(ii) the date upon which the Option has been terminated.

Effective Date means the
effective date of this Agreement, as set forth in its opening language.

Encumbrance means any
mortgage, charge, pledge, hypothecation, security interest, assignment, lien
(statutory or otherwise), charge, title retention agreement or arrangement,
royalty, restrictive covenant or other claim or encumbrance of any nature,
whether or not capable of being registered against title.

Environmental Compliance means
actions performed during or after Operations to comply with the requirements of
all Environmental Laws or contractual commitments related to reclamation of the
Properties or other compliance with Environmental Laws.

Environmental Compliance Fund
has the meaning set out in the Section 2.14 of the Joint Venture Agreement,
annexed hereto as Schedule 3.

Environmental Laws means Laws
aimed at reclamation or restoration of the Properties; abatement of pollution;
protection of the environment; protection of wildlife, including endangered
species; ensuring public safety from environmental hazards; protection of
cultural or historic resources; management, storage or control of hazardous
materials and substances; releases or threatened releases of pollutants,
contaminants, chemicals or industrial, toxic or hazardous substances as wastes
into the environment, including without limitation, ambient air, surface water
and groundwater; and all other Laws relating to the manufacturing, processing,

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4.

distribution, use, treatment, storage,
disposal, handling or transport of pollutants, contaminants, chemicals or
industrial, toxic or hazardous substances or wastes.

Environmental Liabilities
means any and all claims, actions, causes of action, damages, losses,
liabilities, obligations, penalties, judgments, amounts paid in settlement,
assessments, costs, disbursements, or expenses (including, without limitation,
attorneys' fees and costs, experts' fees and costs, and consultants' fees and
costs) of any kind or of any nature whatsoever that are asserted against either
Participant, by any person or entity other than the other Participant, alleging
liability (including, without limitation, liability for studies, testing or
investigatory costs, cleanup costs, response costs, removal costs, remediation
costs, containment costs, restoration costs, corrective action costs, closure
costs, reclamation costs, natural resource damages, property damages, business
losses, personal injuries, penalties or fines) arising out of, based on or
resulting from: (i) the presence, release, threatened release, discharge or
emission into the environment of any hazardous materials or substances existing
or arising on, beneath or above the Properties and/or emanating or migrating
and/or threatening to emanate or migrate from the Properties to off-site
properties; (ii) physical disturbance of the environment; or (iii) the violation
or alleged violation of any Environmental Laws.

Expenditures means all costs
and expenses of whatever kind or nature actually spent or incurred by or on
behalf of Meridian Minerals since the Commencement Date (including, without
limitation, those described in Section 3.2) in the conduct of exploration,
development and evaluation activities on or in relation to the Properties
including, without limitation:

| | (i)   | in searching title and curing title defects;                                                                                                                                                                                                                                                                                                                                                                                                             
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (ii)  | in acquiring Additional Properties;                                                                                                                                                                                                                                                                                                                                                                                                                      
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (iii) | in holding the Properties in good standing (including any
      monies expended as required to comply with Laws, such as for the
      completion and submission of assessment work and filings required in
      connection therewith), in defending title to the Properties and for any
      payments to underlying property owners;                                                                                                                  
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (iv)  | in preparing for and in the application for and
      acquisition of environmental permits and other Authorizations necessary or
      desirable to commence and complete exploration, development and evaluation
      activities on the Properties;                                                                                                                                                                                                    
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (v)   | in doing geophysical and geological surveys, drilling,
      assaying and metallurgical testing, including costs of assays,
      metallurgical testing and other tests and analyses to determine the
      quantity and quality of minerals, water and other materials or
      substances;                                                                                                                                                             
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (vi)  | in acquiring services or facilities or the use thereof
      and for all parts, supplies and consumables, provided that any cost or
      expense paid or incurred in connection with properties or rights therein
      in which Evolving has an interest but which are required for the
      development of the Properties will be reasonably and in good faith
      allocated according to the benefit or potential benefit to the
      Properties;

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5.

| | (vii)  | for salaries and wages for employees assigned to
      exploration, development and evaluation activities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (viii) | the expenses of all persons engaged in work with respect
      to and for the benefit of the Properties including for their travel, food,
      lodging and other reasonable needs;                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (ix)   | payments to contractors or consultants for work done,
      services rendered or materials supplied;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (x)    | all taxes or other imposts levied against or in respect
      of the Properties or activities thereon and the cost of insurance premiums
      and performance bonds or other security; and                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (xi)   | an administrative charge equal to 3% of all Expenditures
      (other than Expenditures on capital assets). The parties agree that the
      administrative charge is intended to compensate Meridian Minerals for its
      home office overhead and general and administrative expenses incurred in
      managing the Project and is not intended to result in net profit to
      Meridian Minerals. The parties further agree that the administrative
      charge is subject to a right of review and dispute in accordance with the
      arbitration provisions of this Agreement by either Evolving or Meridian
      Minerals.

Golden Arc means Golden Arc
Mining & Refining Inc., and includes its affiliates, specifically but not
limited to, Harris Engineering and Mining Co. and H.E.M. Company.

Golden Sands means Golden
Sands Exploration Inc.

Initial Contribution means the
contribution of Payments, Expenditures and Committed Expenditures in accordance
with Article 3 of this Agreement.

Intervening Event has the
meaning set out in Section 8.1.

Joint Venture means the joint
venture formed in relation to the Project, as contemplated in Section 3.4 and as
more particularly described in Article 6.

Joint Venture Agreement means
the form of joint venture exploration and mine development agreement attached as
Schedule 3 to be entered into by the parties upon fulfilment of all obligations
of the Agreement.

Laws means applicable laws
including all statutes, codes, ordinances, decrees, rules, regulations,
municipal by-laws, judicial or arbitral or administrative or ministerial or
departmental or regulatory judgments, orders, decisions, rulings or awards,
policies, guidelines, and general principles of common and civil law and equity,
binding on or affecting the Person or Property referred to in the context in
which the word is used.

Letter Agreement means the
letter agreement dated September 22, 2005 between Evolving and Meridian Gold
that contemplated the parties entering into this Agreement.

Manager means the Participant
appointed as Manager under Section 5.1 to manage the Project.

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6.

Meridian Gold means Meridian
Gold Inc.

Meridian Claims has the
meaning set out in Section 6.1(c)

Meridian Minerals Meridian
Minerals Corp.

Mineral Reserves shall include
the terms proven mineral reserve and probable mineral reserve and shall have
the meanings ascribed to them in NI 43-101.

Mineral Resources shall
include the terms measured mineral resource, indicated mineral resource and
inferred mineral resource and shall have the meanings ascribed to them in NI
43-101.

Mineral Rights means interests
in minerals and rights to minerals including, without limitation, exploration
licenses, unpatented mineral claims, patented mineral claims and other forms of
mineral title, whether contractual, statutory or otherwise.

NSR Royaltymeans the two
percent (2.0%) in aggregate NSR Royalty payable pursuant to the Underlying
Agreement.

NI 43-101 means National
Instrument 43-101, entitled Standards of Disclosure for Mineral Projects, as
issued by the Canadian Securities Administrators, as it or its successor
instrument exists on the date of reference.

Operations has the meaning set
out in the Joint Venture Agreement annexed hereto as Schedule 3.

Option Agreement means an
Option and Royalty Agreement dated March 22, 2004 between Golden Arc and
AHL.

Payments means payments
payable by Meridian Minerals pursuant to Section 3.2.

Participant means Evolving or
Meridian Minerals or any permitted successor or assign of Evolving or Meridian
Minerals under this Agreement.

Permitted Encumbrances means
those Encumbrances listed in Schedule 4 hereto.

Person means a natural person,
partnership, limited liability partnership, corporation, joint stock company,
trust, unincorporated association, joint venture or other entity or governmental
entity, and pronouns have a similarly extended meaning.

Pre-feasibility Study means a
comprehensive study of the viability of a mineral project that has advanced to a
stage where the mining method, in the case of underground mining, or the pit
configuration, in the case of an open pit, has been established, and which, if
an effective method of mineral processing has been determined, includes a
financial analysis based on reasonable assumptions of technical, engineering,
operating, economic factors and the evaluation of other relevant factors which
are sufficient for a qualified person, acting reasonably, to determine if all or
part of the mineral resource may be classified as a mineral reserve.

Principal Areas means the
areas of the Properties known as the Winnemucca Mountain Property located in
Humboldt County, Nevada.

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7.

Program means a description in
reasonable detail of the activities to be carried out and the objectives to be
accomplished by the Manager for the relevant period.

Project means the project for
the exploration and development of the Properties.

Properties means the Claims
and any Additional Property.

Qualified Person has the
meaning ascribed to that term under NI 43-101.

Surface Rights means any
interest in any real property, whether freehold, leasehold, license, right of
way, easement or any other surface or other right in relation to real property,
and includes water rights or any interest therein, but does not include any
Mineral Rights.

Title Report means the Title
Report dated October 5, 2005 prepared by Sylvia J. Good, RPL, relating to the
Principal Areas.

Underlying Agreement means the
Option and Royalty Agreement dated December 3, 2004, as amended on January 7,
2005, February 25, 2005, April 21, 2005, January 25, 2006, April 27, 2006, June
16, 2006, and, as further amended and restated on July _____, 2006 between AHL,
Golden Sands and Evolving, annexed hereto as Schedule 7.

1.2Included
Words

****This
Agreement will be read with such changes in gender or number as the context will
require.

1.3Headings

****The
headings to the articles, paragraphs, parts or clauses of this Agreement are
inserted for convenience only and will not affect the construction hereof.

1.4References

****Unless
otherwise stated, a reference herein to a numbered or lettered article, section
or schedule refers to the article, section or schedule bearing that number or
letter in this Agreement. A reference to this Agreement, hereof,
hereunder, herein or words of similar meaning, means this Agreement
including the schedules hereto, together with any amendments thereof.

1.5Currency

****All
dollar amounts expressed herein, unless otherwise specified, refer to lawful
currency of the United States.

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8.

1.6Schedules

****The
following schedules are incorporated into this Agreement by reference:

| | Schedule 1 | Representations
      and Warranties              
| | ---------- | --------------------------------------------------
| | Schedule 2 | Claims                                            
| | Schedule 3 | Joint Venture
      Agreement                     
| | Schedule 4 | Permitted Encumbrances                            
| | Schedule 5 | Certificate of
      AHL Holdings Ltd.            
| | Schedule 6 | Certificate of Golden Sands
      Exploration Inc.
| | Schedule 7 | Underlying
      Agreement                        

1.7Governing
Law

****This
Agreement will be construed and governed by the laws in force in the State of
Nevada, and, except where matters are expressed herein to be subject to
arbitration, the courts of the State of Nevada will have exclusive jurisdiction
to hear and determine all disputes arising hereunder. This Section will not be
construed to affect the rights of a party to enforce a judgment or award outside
the State of Nevada. This Agreement is to be construed as an option only and
nothing therein shall obligate the optionee to do anything or pay any amount
except where expressly herein provided.

1.8Severability

****If
any provision of this Agreement is or becomes illegal, invalid or unenforceable,
in whole or in part, the remaining provisions will nevertheless be and remain
valid and subsisting and the said remaining provisions will be construed as if
this Agreement had been executed without the illegal, invalid or unenforceable
portion.

ARTICLE 2REPRESENTATIONS, WARRANTIES AND
COVENANTS

2.1Representations
and Warranties of Evolving

****Evolving
represents and warrants to Meridian Minerals the representations and warranties
set forth in Part A of Schedule 1 to this Agreement.

2.2Representations
and Warranties of Meridian Minerals

****Meridian
Minerals represents and warrants to Evolving the representations and warranties
set forth in Part B of Schedule 1 to this Agreement.

2.3Survival
of Representations and Warranties

****The
representations, warranties and covenants contained in this Agreement are
conditions on which the parties have relied in entering into this Agreement and
will survive the execution hereof. All representations, warranties and covenants
will terminate upon the exercise of the Earn-In. Each of Evolving and Meridian
Minerals will indemnify and save the other harmless from all loss, damage,
costs, actions and suits arising out of or in connection with any breach of any
representation, warranty, covenant, agreement or condition made by them and
contained in this Agreement. A party may waive any of such representations,
warranties, covenants, agreements or conditions in whole or in part at any

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9.

time without prejudice of its right in respect of any other
breach of the same or any other representation, warranty, covenant, agreement or
condition.

2.4Covenants
of Evolving (AHL and Golden Arc)

****Evolving
covenants and agrees that concurrent with entering into of this Agreement, it
will deliver to Meridian Minerals, a certificate executed by AHL in the form
attached as Schedule 5 and a certificate executed by Golden Arc in the form
attached as Schedule 6.

2.5Covenants
of Evolving (Underlying Agreement)

****Evolving
covenants and agrees that forthwith after execution of this Agreement it shall
continue fulfilling its obligations pursuant to Section 3.2 the Underlying
Agreement in order to maintain its 100% interest in the Claims. Evolving
shall:

| | (a) | on or before December 31, 2007 issue and deliver to
      Golden Sands 500,000 common shares in the capital of Evolving;
| | --- | ------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                         
| | (b) | make advance royalty payments (the Advance Royalty
      Payments) to AHL pursuant to the following schedule:         
| |     |                                                                                                                         
| |     | (i)                                                                                                                     
| |     |                                                                                                                         
| |     | (ii)                                                                                                                    
| |     |                                                                                                                         
| |     | (iii)                                                                                                                   
| |     |                                                                                                                         
| | (c) | by July 13, 2006, or as soon as possible
    thereafter:                                                                
| |     |                                                                                                                         
| |     | (i)                                                                                                                     
| |     |                                                                                                                         
| |     | (ii)                                                                                                                    
| |     |                                                                                                                         
| |     | (iii)                                                                                                                   

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10.

| | (d) | deliver by June 30, 2009 to AHL a written notice that all
      things set out in Subsection 3.2 of the Underlying Agreement have been
      completed within the time frames set out therein and that Evolving elects
      to exercise the Option (the Notice of
Exercise).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2.6Covenants
of Evolving (Title Report)

****Evolving
covenants and agrees that, as recommended in the Title Report, it shall within
sixty (60) days of the Effective Date of this Agreement, obtain a legal opinion
as to efficacy of Quitclaim Deed dated February 27, 2004 from Harris Engineering
& Mining Co. (HEM Co.) to Golden Arc.

2.7Covenants
of the Participants

****The
Participants covenant and agree as follows:

| | (a) | The NSR Royalty, subject to 2.5(d), as required by the
      Underlying Agreement, will be payable to AHL for so long as the
      Participants and/or their successors and assign hold any interest in the
      Claims;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (b) | Payment of the NSR Royalty will be made quarterly within
      30 days after the end of each yearly quarter based upon a year commencing
      on the 1st day of January and expiring on the 31st day of December in any
      year in which ore is produced or removed from the Claims. Within 60 days
      after the end of each year for which the NSR Royalty is payable, the
      records relating to the calculation of the NSR Royalty for such year will
      be audited by the Participants and any adjustments in the payment of the
      NSR Royalty will be made forthwith after completion of the audit. All
      payments of the NSR Royalty for a year will be deemed final and in full
      satisfaction of all obligations of the Participants in respect thereof if
      such payments or calculations thereof are not disputed by AHL within 60
      days after receipt by AHL of the said audit statement. The Participants
      will maintain accurate records relevant to the determination of the NSR
      Royalty. Meridian Minerals acknowledges that, in accordance with the
      Underlying Agreement, AHL or its authorized agent, shall be permitted the
      right to examine such records at all reasonable times;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (c) | The determination of the NSR Royalty is based on the
      premise that production will be developed solely on the Claims except that
      the Participants will have the right to commingle ore mined from the
      Claims with ore mined and produced from other properties provided the
      Participants will adopt and employ reasonable practices and procedures for
      weighing, sampling and assaying, in order to determine the amounts of
      products derived from, or attributable to ore mined and produced from the
      Claims. The Participants will maintain accurate records of the results of
      such sampling, weighing and analysis with respect to any ore mined and
      produced from the Claims. Meridian Minerals acknowledges that, in
      accordance with the Underlying Agreement, AHL or its authorized agents
      will be permitted the right to examine at all reasonable times such
      records pertaining to commingling of ore or to the calculation of Net
      Smelter Returns;                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (d) | The Participants shall have the right at any time to
      purchase up to 100% of the NSR Royalty on the Claims by paying to AHL the
      sum of $1,000,000 for each one of the two percentage points of the NSR
      Royalty on the Claims; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

---

11.

| | (e) | As AHL is responsible for paying a royalty to Golden Arc
      under the Option Agreement, each of the Participants will use its best
      efforts with AHL to ensure that payments of royalty under this Agreement
      to AHL, will also be paid by AHL to Golden Arc to the extent necessary to
      ensure that the royalty payments of AHL to Golden Arc are kept in good
      standing.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ARTICLE 3GRANT AND EXERCISE OF
EARN-IN

3.1Grant
of Earn-In

****Evolving
hereby grants to Meridian Minerals the sole and exclusive earn-in (the
Earn-In) in accordance with this Article 3, to acquire indirectly an
undivided 70% interest in the option granted to Evolving pursuant to the
Underlying Agreement, which option grants to Evolving the right to purchase 100%
of the right, title and interest in and to the Claims, free and clear of all
Encumbrances.

3.2Requirements
for Completion of Earn-In

****To
complete the Earn-In, subject to the terms and conditions of this Agreement,
Meridian Minerals must:

| | (a) | on or before the following dates while the Agreement
      remains in effect, as a condition precedent to maintaining the Agreement
      in effect, make the following payments (the Payments)
      representing a cumulative total of US$500,000 to Evolving:                
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                   
| |     | (i)                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                   
| |     | (ii)                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                   
| |     | (iii)                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                   
| |     | (iv)                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                   
| | (b) | on or before December 31, 2006, subject to Article 8,
      Meridian Minerals will, in addition to the Payments and Expenditures
      described in 3.2(a) and 3.2(c) fund Expenditures aggregating US$500,000
      (the Committed Expenditures); and                          
| |     |                                                                                                                                                                                                                                                                                   
| | (c) | on or before the following dates, make the following
      Expenditures (which amounts do not include the Payments) while, and as a
      condition precedent to, maintaining the Agreement in effect, which
      Expenditures will represent a cumulative total of US$3,500,000:
| |     |                                                                                                                                                                                                                                                                                   
| |     | (i)                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                   
| |     | (ii)                                                                                                                                                                                                                                                                              

****Expenditures
and Committed Expenditures in any period referred to in Section 3.2 in excess of
the amounts specified may be carried over to the subsequent period or periods.
Meridian Minerals

---

12.

expressly agrees to allocate a minimum of seventy-five percent
(75%) of all yearly Expenditures to technical work to be conducted on the
Claims. All Payments (save and except for the payment indicated in section
3.2(a)(i)) and Expenditures are not to be considered irrevocable obligations of
Meridian Minerals.

3.3Withholding
Taxes

****Meridian
Minerals shall be entitled to withhold 10% of any and all present or future U.S.
federal, state or local taxes, levies, imposts, duties, fees, assessments,
deductions, charges or withholdings, and all liabilities with respect thereto
(Taxes) from fees payable pursuant to Subsection 3.2(a) if and to the
extent that Meridian Minerals is required by applicable tax statutes or
regulations.

****In
the event Meridian Minerals withholds Taxes from amounts payable pursuant to
Subsection 3.2(a), it shall pay to the appropriate taxing authority, in a timely
manner, the full amount of Taxes and other amounts it has withheld. To the
extent Evolving claims that it is not subject to tax or exempt from withholding,
Evolving shall execute forthwith the appropriate Internal Revenue Service or
other taxing authority tax forms or filings and provide them to Meridian
Minerals. In the event such forms are not received by Meridian Minerals thirty
(30) days before such payment is to be made by Meridian Minerals, Meridian
Minerals shall withhold and remit any applicable tax. To the extent Meridian
Minerals withholds such taxes, Meridian Minerals shall provide any tax
information filing as required by statute or regulation to indicate that such
taxes were remitted and paid on behalf of Evolving.

3.4Effect
of Completion of Earn-In

****Upon
Meridian Minerals having incurred the Initial Contribution in accordance with
Section 3.2:

| | (a) | the Earn-In will have been successfully completed without
      further action by the parties;                 
| | --- | ---------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                
| | (b) | Meridian Minerals will be the legal and beneficial owner
      of 70% of Evolvings interest in the Claims; and
| |     |                                                                                                                
| | (c) | the Joint Venture will be formed pursuant to Article
      6.                                                  

3.5Termination
of the Earn-In

****The
Earn-In will terminate if:

| | (a) | Meridian Minerals does not comply with the requirements
      of Section 3.2 within the time periods set out therein;                                                                                                                                                                                     
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                           
| | (b) | at any time, during the term of the Agreement, Meridian
      Minerals delivers notice to Evolving that it wishes to terminate the
      Earn-In, whereupon the Earn-In will terminate 60 days thereafter;
  or                                                                                           
| |     |                                                                                                                                                                                                                                                                                                           
| | (c) | at any time, during the term of the Agreement, Evolving
      ceases to maintain its interest in the Claims or there is a dispute of a
      material nature as between Evolving and AHL, Meridian Minerals
      obligations in connection with this Agreement will forthwith cease and
      terminate.

---

13.

****If
any Participant (a Defaulting Party) is in default of any requirement
herein set forth (including any provision of Article 3 of this Agreement) the
Participant affected by such default will give written notice to the Defaulting
Party specifying the default and the Defaulting Party will not lose any rights
under this Agreement, unless within 30 days after the giving of notice of
default by the affected Participant the Defaulting Party has not cured or
diligently commenced to cure the default by the appropriate performance and if
the Defaulting Party fails within such period to cure or diligently commence to
cure any such default, the affected Participant will be entitled to seek any
remedy it may have on account of such default.

****The
Defaulting Party will pay all expenses relating to the Notice of Default,
including, but not restricted to, all legal expenses relating to the Notice of
Default. The Defaulting Party will pay such expenses within 10 days of the
written demand for the payment of such expenses.

3.6Effect
of Termination

****Upon
termination of the Earn-In pursuant to Section 3.4 Meridian Minerals will have
no further right to acquire any interests in the Claims and no further
obligations hereunder, except the following:

| | (a) | to leave the Properties in a safe and orderly condition
      and, with respect to activities carried out thereon by Meridian Minerals
      during the Earn-in Period, in accordance with all applicable Environmental
      Laws and permits, and without any outstanding work orders or directions
      related to any Environmental Liabilities requiring any work, repairs,
      construction or capital expenditures with respect to the
  Properties;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (b) | to deliver at no cost to Evolving or its designee, at a
      designated location in Nevada:                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (c) | if requested to do so by Evolving, within a period of 90
      days following such termination, to remove from the Properties all
      temporary structures, plant, equipment, machinery, tools, appliances and
      supplies erected, installed or brought upon the Properties by or on behalf
      of Meridian Minerals; and                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (d) | together with Evolving, perform any other covenants under
      the Agreement required to be performed upon termination and observe and
      perform their confidentiality and other obligations pursuant to Article
      9.                                                                                                                                                                                                                                

---

14.

ARTICLE 4EARN-IN PERIOD

4.1Right of Entry During Earn-in Period

****Throughout
the Earn-in Period, Meridian Minerals and its Affiliates, employees, agents and
independent contractors will have the right in respect of the Properties to:

| | (a) | enter thereon;                                                                                                                                                                                                                                                                                                                       
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                      
| | (b) | have exclusive and quiet possession thereof;                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                      
| | (c) | do such prospecting, exploration, development and/or
      other mining work thereon and thereunder as Meridian Minerals in its sole
      discretion may determine to be advisable including, without limitation,
      the removal of ores, minerals and metals from the Properties, but only for
      the purpose of testing; and
| |     |                                                                                                                                                                                                                                                                                                                                      
| | (d) | bring upon and erect upon the Properties such facilities
      as Meridian Minerals may deem advisable.                                                                                                                                                                                                                              

****Meridian
Minerals rights pursuant to this Section will at all times be subject to any
restrictions that may be required by the Laws and to a right of entry in favour
of Evolving and AHL to observe the results of the exploration work, so long as
Evolvings and AHLs right of entry is at its sole risk and expense and so long
as it does not unduly interfere with Meridian Minerals activities.

4.2Obligations
of Meridian Minerals During the Earn-in Period

****Meridian
Minerals covenants and agrees that during the Earn-in Period:

| | (a) | Meridian Minerals will do all such things required to
      keep the Claims in good standing, including, but not restricted to, paying
      all fees and taxes relating to the Claims and by the doing and filing of
      all necessary work;                                                                                                                                                             
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                             
| | (b) | Meridian Minerals will keep the Claims free and clear of
      all liens, charges and encumbrances arising from the Meridian Minerals
      operations hereunder and making all other payments which may be necessary
      in that regard, it being understood that Meridian Minerals may
      subsequently contest any such lien, charge or encumbrance;                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                                             
| | (c) | Meridian Minerals will permit Golden Sands and AHL or
      their representatives, duly authorized by it in writing, at their own risk
      and expense, access at all reasonable times to the Claims, but subject to
      reasonable advance notice to Meridian Minerals, and access to all records
      prepared by Meridian Minerals in connection with work done or with respect
      to the Claims;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                             
| | (d) | Meridian Minerals will prepare a technical report in
      accordance with National Instrument 43-101 by a qualified person on the
      Claims and deliver that technical report to Evolving and Golden Sands
      within 90 days of each December 31 of the term of this Agreement and, in
      the event that Meridian Minerals terminates this Agreement within 90 days
      of such termination;    

---

15.

| | (e) | Meridian Minerals will prepare an exploration expenditure
      report relating to exploration on the Claims and deliver that exploration
      expenditure report to Evolving and Golden Sands within 90 days of each
      December 31 of the term of this Agreement and, in the event that Meridian
      Minerals terminates this Agreement within 90 days of such
    termination;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (f) | Meridian Minerals shall make available for review by
      Evolving and Golden Sands during normal business hours, for a period of
      one month after the delivery to Evolving and Golden Sands of each
      Exploration Expense Report, backup invoices, statements and the like
      verifying such Exploration Expense promptly upon Evolving and Golden Sands
      written request. Each Exploration Expense Report will be deemed complete
      and accurate if such calculations in such report are not disrupted in
      writing by Evolving and Golden Sands within 60 days following receipt by
      Evolving and Golden Sands of such Exploration Expense Report. In the event
      that Evolving and Golden Sands dispute any amount (the Disputed
      Amount) set out in the Exploration Expense Report, all such costs
      incurred by Meridian Minerals in respect of the dispute including, the
      cost of any audit or other review will be paid by Evolving and Golden
      Sands to Meridian Minerals, [unless such audit or other review
      discloses that the reported Disputed Amount is an amount exceeding 5% of
      the amount determined by such audit or review in which case, Meridian
      Minerals will bear the full expenses of Meridian Minerals and Evolving and
      Golden Sands];
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (g) | Meridian Minerals will prepare updates relating to the
      exploration of the Claims and deliver such updates to Evolving and Golden
      Sands within 30 days of each end of quarter for the term of this
      Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (h) | Meridian Minerals will provide Evolving and Golden Sands
      with copies of all monthly reports prepared by Meridian Minerals
      pertaining to the Claims within 15 days of each end of month for the term
      of this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (i) | Meridian Minerals will conduct all work on or with
      respect to the Claims in a careful and minerlike manner and in compliance
      with all applicable Laws;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (j) | Meridian Minerals will, prior to commencing any work on
      the Claims, obtain general liability insurance in an amount of not less
      than $2,000,000;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (k) | Meridian Minerals will indemnify and save Golden Sands
      and Evolving harmless from any and all claims, suits, actions liabilities
      and expenses made or brought against it as a result of work done by
      Meridian Minerals or with respect to the Property; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (l) | In the event that Meridian Minerals terminates the
      Earn-In, Meridian Minerals will ensure that the Claims will be
      unencumbered with respect to any exploration work conducted on the claims
      by Meridian Minerals or any of its employees, agents or contractors, and
      that the Claims will remain unencumbered with respect to any exploration
      work conducted on the Claims by Meridian Minerals or any of this
      employees, agents or contractors for a period of at least 12 months from
      the date of such termination.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

---

16.

4.3Obligations
of Evolving During the Earn-in Period

****Evolving
covenants and agrees that during the Earn-in Period:

| | (a) | Evolving will cause its Affiliates to fulfill the
      obligations of Evolving under this Agreement including the obligations
      under this Article 4 and the obligations as set out in Section 2.4 of this
      Agreement;                                                                                          
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                           
| | (b) | Evolving will not, and will cause its Affiliates not to,
      create, suffer or allow to exist with respect to the Claims mortgages,
      pledges, liens, embargoes, prohibitions, purchase option, contract of sale
      and other encumbrances and clouds on title, including any lease, license
      or litigation;
| |     |                                                                                                                                                                                                                                                                                                                           
| | (c) | Evolving will not, and will cause its Affiliates not to,
      sell, transfer, assign, or grant to any third party any right, title or
      interest in, or any right to acquire any such interest in, all or any part
      of the Claims; and                                                                          
| |     |                                                                                                                                                                                                                                                                                                                           
| | (d) | Evolving will not, and will cause its Affiliates not to
      relinquish, amend, modify or vary any rights as granted to it pursuant to
      the Underlying Agreement without the express prior written consent of
      Meridian Minerals.                                                                              

4.4Operations During the Earn-in Period

| | (a) | Until Meridian Minerals has completed its Initial
      Contribution, Meridian Minerals shall have the sole right to determine the
      nature, timing, scope, extent and method of all Operations without any
      obligation to prepare Programs and Budgets for review, comment or approval
      by Evolving, or to obtain the approval or consent of Evolving. In
      conducting such Operations, Meridian Minerals shall be entitled, but shall
      not be obligated, to exercise any of the applicable powers of the Manager
      in Section 5.2. For all such Operations, Meridian Minerals shall provide
      for accrual of reasonably anticipated Environmental Compliance expenses,
      which shall constitute Expenditures hereunder, and upon completion of its
      Initial Contribution and the entering into of a Joint Venture with
      Evolving, Meridian Minerals shall transfer any accrued but unexpended
      amounts to the Environmental Compliance Fund established in accordance
      with the Joint Venture Agreement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (b) | Evolving shall provide Meridian Minerals with written
      notice of any exceptions it may have to the statement of anticipated
      Environmental Compliance expenditures submitted to it as provided above
      within three (3) months after receipt of the statement. Failure to provide
      such notice within the three (3) month period shall constitute acceptance
      by Evolving of the stated Expenditures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

ARTICLE 5THE MANAGER

5.1Appointment

****The
parties hereby appoint Meridian Minerals as the Manager with overall management
responsibility for operations. Meridian Minerals hereby agrees to serve as the
Manager during the Earn-In Period.

---

17.

5.2Powers
and Duties of Manager

****Subject
to the terms and provisions of this Agreement, the Manager shall have the
following powers and duties, which shall be discharged in accordance with
adopted Programs and Budgets:

| | (a) | the Manager shall conduct, manage, direct and control
      operations, including exploration operations and the preparation of
      proposed Programs and Budgets;                                                                                                                                                                                                                                                                                          
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (b) | the Manager shall make all Expenditures necessary to
      carry out adopted Programs;                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (c) | the Manager shall: (i) purchase or otherwise acquire all
      materials, supplies, equipment, water, utility and transportation services
      required for operations, such purchases and acquisitions to be made on the
      best terms available; (ii) obtain such customary warranties and guarantees
      as are available in connection with such purchases and acquisitions; and
      (iii) keep the Properties free and clear of all Encumbrances;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (d) | the Manager shall: (i) make or arrange for all payments
      required by leases, licenses, permits, contracts and other agreements
      related to the operations; (ii) pay all taxes, assessments and like
      charges; and (iii) do all other acts reasonably necessary to maintain the
      Properties; and                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (e) | the Manager shall undertake all other activities
      reasonably necessary to fulfill the foregoing.                                                                                                                                                                                                                                                                                                                                                         

5.3Standard
of Care

****The
Manager shall conduct all operations in good, workmanlike and efficient manner
using the skill and judgement, and exercising such degree of care and skill, as
would reasonably be exercised by an experienced mining company carrying on
operations of the nature and scope contemplated by this Agreement.

ARTICLE 6JOINT VENTURE

6.1Formation of Joint Venture

****Upon
Meridian Minerals satisfying its obligations pursuant to Article 3 and the
successful completion of the Earn-In:

| | (a) | Meridian Minerals and Evolving will be deemed to have
      formed a Joint Venture for the purpose of carrying out the Project and all
      such acts which are necessary or appropriate, directly or indirectly,
      to:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                             
| |     | (i)                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                             
| |     | (ii)                                                                                                                                                                                                                        

---

18.

| | (iii) | prepare and pay for a Pre-feasibility Study on the
      Properties and deliver such Pre-feasibility Study to Golden Sands by June
      30, 2009; and
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                       
| | (iv)  | carry out any other activity in connection with or
      incidental to any of the foregoing.                                                          

| | (b) | Evolving will contribute all of the Claims and Properties
      to the Joint Venture.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (c) | Meridian Minerals will contributed claims MUC 1 to 46,
      together with claims MUC 71 to 168, as described in Schedule 2 (the
      Meridian Claims), to the Joint Venture.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (d) | Meridian Minerals and Evolving will be deemed to have
      entered into the Joint Venture Agreement in the form set forth in Schedule
      3, adopting the requisite tax statutes and regulations in effect at that
      time to maximize the value of the project to each respective party, and
      each of them will execute and deliver such form of agreement to the other.
      Provided that all parties agree to do so, the Joint Venture may be
      structured other than as a joint venture agreement, but any such
      arrangement will be on the same terms, mutatis mutandis, as set out in the
      Joint Venture Agreement, with only those changes as are required to give
      effect to the different form of agreement or organizational
    structure.

ARTICLE 7TRANSFERS

7.1Limitations
on Transfers

****Unless
permitted under and in accordance with this Agreement neither Evolving nor
Meridian Minerals will transfer, convey, assign, mortgage or grant an option in
respect of or grant a right to purchase or in any manner transfer, alienate or
otherwise dispose of (in this Article, whether as a noun or verb and in any
form, Transfer) its interest in any of the Properties, or transfer or
assign any of its rights under this Agreement. Without prejudice to the
aforementioned, Meridian Minerals is expressly authorized to assign totally or
partially its interest in the Properties or assign any of its rights under this
Agreement to any affiliate of Meridian Minerals Corp., which affiliate shall
assume in such assignment all and each of the obligations of Meridian Minerals
undertaken by virtue of this Agreement.

7.2Prohibited
Dispositions

****A
party is prohibited from Transferring its interest in any of the Properties or
any of its rights under this Agreement or the Underlying Agreement, unless such
Transfer occurs when such party is not in default of any of its covenants and
agreements herein contained and it has received the consent of the other party
hereunder to such Transfer, which consent may be withheld in its sole
discretion.

****Notwithstanding
any other provision of this Article 7, neither Evolving or its Affiliates may
Transfer any of their interest under this Agreement or the Underlying Agreement
prior to the completion of the Earn-In without the consent of Meridian Minerals,
which consent may be withheld by Meridian Minerals in its sole discretion.

---

19.

ARTICLE 8FORCE MAJEURE

8.1Events

****Notwithstanding
any other provisions contained herein, a party will not be liable for its
failure to perform any of its obligations nor will it lose any of its rights
under this Agreement due to a cause beyond its control including, but not
limited to: acts of God, acts of war, terrorism, fire, flood, explosion,
strikes, lockouts or other industrial disturbances or civil disturbance, Laws,
inability to obtain any Authorizations (where the party seeking to invoke the
provisions of this Article has taken all commercially reasonable steps to obtain
the necessary Authorizations), non-availability of materials or transportation,
and protests, demonstrations or other events causing work stoppages by
environmental lobbyists, political or ethnic groups (each an Intervening
Event).

8.2Effect
of Intervening Events

****All
time limits imposed by this Agreement will be extended by a period equivalent to
the period of delay resulting from an Intervening Event described in this
Article 8.

8.3Obligation to Remove Intervening Events

****A
party relying on the provisions of this Article 8 will take all commercially
reasonable steps to eliminate any Intervening Event and its effects hereunder
and, if possible, will perform its obligations under this Agreement as far as
practical, but nothing herein will require such party to settle or adjust any
labour dispute or to question or to test the validity of any Law or to complete
its obligations under this Agreement if an Intervening Event renders completion
impossible.

8.4Giving
Notice

****A
party relying on the provisions of this Article 8 will give notice to the other
party forthwith upon the occurrence of the Intervening Event and forthwith after
the end of the period of delay when such Intervening Event has been eliminated
or rectified.

8.5Earn-In Requirements

****For
the purposes of this Article 8, the inability of the Meridian Minerals to
conduct planned work on any of the Properties, by reason of an Intervening Event
(including, without limitation, the inability to obtain all Authorizations
necessary for drilling on the Properties and/or the non-availability of
equipment where all reasonable steps have been taken to obtain the necessary
Authorizations and/or equipment) will be deemed to be an Intervening Event with
respect to the funding of Expenditures necessary to maintain and exercise the
Earn-In. Each of the deadlines specified in Article 3 for the completion of
Expenditures will be extended by the length of the Intervening Event. Meridian
Minerals will immediately take all commercially reasonable steps to eliminate
any such Intervening Event and its effects, as contemplated in Section 8.3.

ARTICLE 9CONFIDENTIAL
INFORMATION

9.1Confidential
Information

****Except
as specifically otherwise provided for herein, all information obtained
hereunder will be

---

20.

confidential and notwithstanding any termination of this
Agreement, neither of the parties will disclose or permit the disclosure of such
information or the terms of this Agreement, or use or permit the use of such
information other than for the activities contemplated hereunder, as required by
any Laws or by the rules and regulations of any regulatory authority or stock
exchange having jurisdiction, or with the written consent of the other party,
such consent not to be unreasonably withheld.

9.2Information
in Public Domain

****The
provisions of this Article 9 do not apply to information that is in or becomes
part of the public domain other than through a breach of the terms hereof.

9.3Request
to Disclose

****Where
a request is made for permission to disclose confidential information hereunder,
a reply thereto will be made within three Business Days after receipt of such
request, failing which the party requesting will be entitled as if consent had
been given to disclose such information in the limited circumstances specified
in such request.

ARTICLE 10ARBITRATION

10.1Single
Arbitrator

****Subject
to the express provision of this Agreement, any matter required or permitted to
be referred to arbitration hereunder or in dispute hereunder will be determined
by arbitration under the Rules of Arbitration of the International Chamber of
Commerce by arbitrators appointed in the State of Nevada under those Rules (in
this Article, the Rules).

10.2Prior
Notice

****Any
party may refer any such matter to arbitration by written notice to the other
party and, within 10 Business Days after receipt of such notice, the parties
will agree on the appointment of an arbitrator. No person will be appointed as
an arbitrator hereunder unless such person is, by a combination of education and
experience qualified to adjudicate the matter in dispute and agrees in writing
to act.

10.3No
Agreement on the Arbitration

****If
the parties cannot agree on a single arbitrator as provided in Section 10.2, or
if the person appointed is unwilling or unable to act, either party may submit
the matter to arbitration before a single arbitrator appointed in accordance
with the Rules.

10.4Conduct
of Arbitration

****Except
as specifically provided in this Article 10, an arbitration hereunder will be
conducted in English in accordance with the Rules. The arbitrator will fix a
time and place in the State of Nevada for the purpose of hearing the evidence
and representations of the parties and will preside over the arbitration and
determine all questions of procedure not provided for under the Rules or this
Article 10. After hearing any evidence and representations that the parties may
submit, the arbitrator will make an award and reduce the same to writing and
deliver one copy thereof to each of the parties. The decision of the arbitrator
will be made within 45 days after the completion of all hearings, subject to any
reasonable delay

---

21.

due to unforeseen circumstances. The expense of the arbitration
will be paid as specified in the award. The award of the single arbitrator will
be final and binding upon each of the parties.

10.5Alleged
Default

****If
a party is alleged to be in default of any requirement herein, the other party
may give written notice to the party in default specifying the default. In such
event the party in default will not lose any rights under this Agreement unless,
within 30 days after the receipt of the notice of default the defaulting party
has failed to take reasonable steps to cure the default by the appropriate
performance or has failed to dispute the notice of default by arbitration under
this Article 10. Neither party will lose any rights under this Agreement during
the period when they are disputing, in good faith, a notice of default. If a
notice of default is not so disputed, the party delivering such notice will be
entitled to seek any remedy it may have on account of such default pursuant to
this Agreement or under any Law.

ARTICLE 11NOTICE

11.1Method

****Each
notice, demand or other communication required or permitted to be given under
this Agreement will be in writing and will be delivered or sent by facsimile
transfer or some other similar form of telecommunication addressed as
follows:

If to Evolving at:

Evolving Gold
CorporationSuite 1200, 1188 West Georgia Street Vancouver, British
Columbia V6E 4A2

with a copy to:

Lang Michener LLPBarristers
& Solicitors P.O. Box 11117, Royal Centre 1500  1055 West Georgia
Street Vancouver, British Columbia V6E 4N7

Fax: (604) 685-7084

Attention: Desmond Balakrishnan

If to Meridian Minerals at:

Meridian Minerals Corp.9670
Gateway Drive Suite 200 Reno, Nevada 89511-8997

Fax: (775) 850-3733

---

22.

The date of receipt of such notice, demand or other
communication will be the date of delivery thereof if delivered and, if given by
facsimile transfer or some other form of electronic communication, will be
deemed to have been given and received on the day on which it was sent, unless
it was sent after 5:00 p.m. local time of the recipient, in which case it will
be deemed given and received on the next Business Day.

11.2Amending
Addresses

****Either
party may at any time and from time to time notify the other party in writing in
accordance with this Article 11 of a change of address for the purposes of this
Agreement.

ARTICLE 12AREA OF INTEREST

12.1Limitation
on Right to Acquire Mineral or Surface Interests

****No
party may acquire, nor will it permit any Affiliate to acquire, any Mineral
Rights or Surface Rights located wholly or in part within one mile of the Area
of Interest or any Mineral Rights adjacent thereto (the Additional
Property) unless the acquisition is made subject to the terms of this
Agreement and the acquiring party, or the party whose Affiliate made the
acquisition, complies with the provisions of this Article.

12.2Expansion
of Rights

****During
the Earn-in Period, Meridian Minerals will acquire any Surface Rights over the
area of a Claim and any Mineral Rights adjacent to a Claim that the Manager
reasonably believes are necessary or advisable to further the exploration or
development of that Claim. Any such acquisition will constitute an
Expenditure.

12.3Acquisition
within Area of Interest

****If
during the Earn-in Period either Participant or an Affiliate of either
Participant acquires Mineral Rights or Surface Rights in the Area of Interest
other than under Section 12.2, then forthwith after completing the acquisition:

| | (a) | if the acquiring party is Meridian Minerals or an
      Affiliate of Meridian Minerals, Meridian Minerals will have such Mineral
      Rights or Surface Rights registered or recorded in the name of or
      transferred to AHL; or                                                                                                                                                                                                                                                                                                                                                                                                   
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (b) | if the acquiring party is Evolving or an Affiliate of
      Evolving, Evolving will give written notice thereof to Meridian Minerals
      setting out the location of the Mineral Rights or Surface Rights,
      including all information known to Evolving or the acquiring party about
      the same, the costs of acquisition and all other pertinent details
      relating thereto, and upon receipt of such notice, Meridian Minerals will
      have a period of 15 days to decide whether the Mineral Rights or Surface
      Rights in question or any portion thereof will be transferred to AHL for
      their cost; and
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (c) | any Mineral Rights or Surface Rights registered or
      recorded in the name of or transferred AHL pursuant to this Section 12.3
      will thereafter form a part of the Properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                  

---

23.

12.4Notice
of Rejection

If, within the 15-day period
referred to in Section 12.3(b), Meridian Minerals does not notify Evolving that
Mineral Rights or Surface Rights must be transferred to AHL, then it will be
deemed to have consented to the acquisition by the acquiring party of the
Mineral Rights or Surface Rights not so transferred and the same may thereafter
be held or dealt with by the acquiring party and Evolving free of the terms and
conditions of this Agreement. The terms of this Article 12 will continue to
apply with respect to any future acquisitions of Mineral Rights or Surface
Rights within the Area of Interest until all obligations of the Underlying
Agreement have been fulfilled and title to the Claims has been validly
transferred to Evolving.

12.5Further
Assurance

****Each
of the parties hereto will execute and deliver or cause to be executed and
delivered such further documents and instruments and give such further
assurances as the other may reasonably require to evidence and give effect to
any acquisition and/or transfer of a mineral interest as provided in this
Article.

12.6Non-Compliance
Constitutes Default

****Non-compliance
with the provisions of this Article by any acquiring party which is an Affiliate
of a Participant will constitute a default under this Agreement by such
Participant.

12.7Other
Activities and Interests

****This
Agreement and the rights and obligations of the parties hereunder are strictly
limited to the Properties and any Additional Property Claims located within the
Area of Interest. Each party will have the free and unrestricted right to enter
into, conduct and benefit from business ventures of any kind whatsoever, whether
or not competitive with the activities undertaken pursuant hereto, without
disclosing such activities to the other party or inviting or allowing the other
to participate.

ARTICLE 13GENERAL

13.1Entire
Agreement

****This
Agreement and the schedules hereto constitute the entire agreement between the
parties hereto and supersedes and replaces the Letter Agreement and any other
agreement or arrangement, whether oral or written, express or implied, statutory
or otherwise heretofore existing between the parties in respect of the subject
matter of this Agreement. This Agreement may not be amended or modified except
by an instrument in writing signed by each of the parties hereto.

13.2No
Waiver of Breaches

****No
consent or waiver expressed or implied by either party in respect of any breach
or default by the other in the performance by such other of its obligations
hereunder will be deemed or construed to be a consent to or a waiver of any
other breach or default.

---

24.

13.3No
Partnership

****Nothing
herein will constitute or be taken to constitute the Participants as partners or
create any fiduciary relationship between them.

13.4Further
Assurances

****The
parties will promptly execute or cause to be executed all documents, deeds,
conveyances and other instruments of further assurance which may be reasonably
necessary or advisable to carry out fully the intent of this Agreement or to
record wherever appropriate the parties respective interests hereunder from
time to time including the interests of the Evolving or Meridian Minerals in any
of the Properties,

13.5Manner
of Payment

****Cash
payments to be made to any party hereunder may be made by cheque or bank draft
delivered to such party at its address for notice purposes as provided herein,
or by electronic transfer of funds for the account of such party at such bank or
banks in Canada or the United States as such party may designate from time to
time by written notice. Such bank or banks will be deemed the agent of the
designating party for the purposes of receiving, collecting and receipting such
payment.

13.6Enurement

****This
Agreement will enure to the benefit of and be binding upon the parties and their
respective successors and permitted assigns.

13.7Special
Remedies

****Each
of the parties agrees that its failure to comply with the covenants and
restrictions set out in any of Articles 7, 9 and 12 would constitute an injury
and damage to the other party impossible to measure monetarily and, in the event
of any such failure, the other party will, in addition and without prejudice to
any other rights and remedies at law or in equity, be entitled to injunctive
relief restraining, enjoining or specifically enforcing the provisions of
Article 7, Article 9 or Article 12, as the case may be, and any party intending
to breach the provisions of Article 7, Article 9 or Article 12 hereby waives any
defence it may have in law to such injunctive or equitable relief.

---

25.

13.8Time
of the Essence

****Time
is of the essence in the performance of each obligation under this
Agreement.

IN WITNESS WHEREOFthe parties have executed this
Earn-In Agreement.

EVOLVING GOLD CORPORATION, by
its authorized signatory:

By:   */s/ Warren McIntyre*

MERIDIAN MINERALS CORP.,by its
authorized signatory:

By:   */s/ Signed*

---

SCHEDULE 1

> to the Earn-In Agreement made as of <*> between
>               EVOLVING GOLD CORPORATION and MERIDIAN MINERALS CORP.

REPRESENTATIONS AND WARRANTIES

Part A. Representations and Warranties of Evolving

| |     | Evolving represents and warrants to Meridian
  that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (a) | To the knowledge of Evolving, AHL is the sole beneficial
      owner of a 100% interest in the Winnemucca Claims, located in Humboldt
      County, Nevada (the Claims) and has all necessary authority to
      convey to Evolving its 100% interest in the Claims in accordance with the
      terms of the Underlying Agreement.                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (b) | Evolving has exclusive possession and the right to
      explore the Claims.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (c) | Evolving has not, and to the knowledge of Evolving, AHL
      has not, since the date of the Underlying Agreement created, suffered or
      allowed to exist in respect of the Claims, mortgages, pledges, liens,
      embargoes and clouds on title, including any lease, license or
      litigation.                                                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (d) | Evolving, nor any Affiliate of Evolving, and to the
      knowledge of Evolving, neither AHL nor any Affiliate of AHL, has sold,
      transferred, assigned or granted to any third party any right, title or
      interest in, or any right to acquire any such interest in, all or any of
      the Claims and without limiting the generality of the foregoing, none of
      them have entered into and there are not any agreements or options to
      grant or convey any interest in the Properties or to pay any royalties
      with respect to the Properties except for AHLs obligation to pay
      royalties to Golden Arc in accordance with the Option Agreement.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (e) | All necessary acts have been done to keep the Claims in
      good standing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (f) | the Claims comprised in the Properties have been duly and
      validly located, staked and recorded and issued pursuant to all applicable
      laws and regulations and are in good standing; all activities on or in
      relation to the Properties up to the date hereof have been in compliance
      with all Laws including all Environmental Laws; and no conditions exist
      which could give rise the making of a remediation order or similar order
      in respect of the Properties or which could subject Meridian Minerals to
      liability including any Environmental Liabilities;                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (g) | Evolving and its Affiliates have full power and absolute
      authority to grant to Meridian Minerals and its Affiliates the rights
      provided in the Agreement and has received all written Authorization or
      approvals required to grant the rights and to enter into and perform the
      Agreement;                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (h) | the execution and delivery of the Agreement and the
      exercise by Evolving or its Affiliates of the rights granted under the
      Agreement will not conflict with or be in contravention of any law,
      regulation or order of any government,
government                                                                                                                                                                                                                                                                                                                                                                                                                  

---

2.

| |     | department or other competent authority or conflict with
      rights of third parties or result in a breach of or default under any
      agreement or other instrument or obligation to which any Affiliate is a
      party or by which any Affiliate or the Properties may be bound;                                                                 
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                          
| | (i) | the Agreement will constitute a legal, valid and binding
      obligation of Evolving;                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                          
| | (j) | there are not any suits, actions, prosecutions,
      investigations or proceedings, actual, pending or threatened, against or
      affecting Evolving or that relates to or has an adverse effect on the
      Properties;                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                          
| | (k) | all taxes, rates or other levies or every nature and kind
      heretofore levied against the Properties have been fully paid and
      satisfied;                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                          
| | (l) | all expenditures, payments and issuances of securities in
      Evolvings capital stock required pursuant to the Underlying Agreement
      securing Evolvings interest in the Claims are in good standing. To date,
      the following payments and issuances of securities have been made by
      Evolving:                                        
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (i)                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (iii)                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (iv)                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (v)                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (vi)                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (vii)                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                          
| |     | (viii)                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                          
| | (m) | Evolving has caused the filing of an application under
      Rule 15c2-11 of the United States Securities Exchange Act of 1934, has
      caused such filing to be accepted by the National Association of
      Securities Dealers and has caused the commencement of trading of the
      shares of Evolving on the United States Bulletin Board;
  and

---

3.

| | (n) | Evolving has made all payments required to AHL for their
      reasonable legal expenses relating to (a) the quiet title action and (b)
      the various breaches of the Underlying Agreement by Evolving and the
      resulting amendments of the Underlying Agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Part B . Representations and Warranties of Meridian
Minerals

| |     | Meridian Minerals represents and warrants to Evolving
      that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | (a) | Meridian Minerals has been duly incorporated and validly
      exists as a corporation in good standing under the laws of the State of
      Delaware;                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | (b) | Meridian Minerals has full power and absolute authority
      to enter into the Agreement and has received all written Authorizations or
      approvals required to grant the rights and to enter into and perform the
      Agreement;                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | (c) | the execution and delivery of the Agreement and the
      exercise by Meridian Minerals of the rights granted under the Agreement
      will not conflict with or be in contravention of any law, regulation or
      order of any government, government department or other competent
      authority or conflict with rights of third parties or result in a breach
      of or default under any agreement or other instrument of obligation to
      which Meridian Minerals is a party or by which Meridian Minerals may be
      bound; and
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | (d) | the Agreement will constitute a legal, valid and binding
      obligation of Meridian Minerals.                                                                                                                                                                                                                                                                                                                                                                                                                                                   

---

SCHEDULE 2

> to the Earn-In Agreement made as of <*> between
>               EVOLVING GOLD CORPORATION and MERIDIAN MINERALS CORP.

CLAIMS

Description:

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM #1
    733156
    AHL Holdings Ltd.
    01/04/1996
    Active
    September 1, 2006WM #2
    405978
    AHL Holdings Ltd.
    04/11/1987
    Active
    September 1, 2006WM #3
    733157
    AHL Holdings Ltd.
    01/04/1996
    Active
    September 1, 2006WM #4
    405980
    AHL Holdings Ltd.
    04/11/1987
    Active
    September 1, 2006WM #5
    733158
    AHL Holdings Ltd.
    01/04/1996
    Active
    September 1, 2006WM #6
    405982
    AHL Holdings Ltd.
    04/11/1987
    Active
    September 1, 2006WM #8
    405983
    AHL Holdings Ltd.
    04/11/1987
    Active
    September 1, 2006WM #10
    405984
    AHL Holdings Ltd.
    04/11/1987
    Active
    September 1, 2006Golden West #6
    733140
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #7
    733141
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #8
    733142
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #9
    733143
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #10
    733144
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #11
    733145
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #12
    733146
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #13
    733147
    AHL Holdings Ltd.
    01/02/1996
    Active
    September 1, 2006Golden West #14
    733148
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006Golden West #15
    733149
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006Golden West #16
    733150
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006


---

2.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateGolden West #17
    733151
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006Golden West #18
    733152
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006Golden West #19
    733153
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006Amended Golden West Frac A
    733154
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006Amended Golden West Frac B
    733155
    AHL Holdings Ltd.
    01/03/1996
    Active
    September 1, 2006T&C #1
    479032
    AHL Holdings Ltd.
    05/08/1988
    Active
    September 1, 2006T&C #2
    479033
    AHL Holdings Ltd.
    05/08/1988
    Active
    September 1, 2006T&C #3
    479034
    AHL Holdings Ltd.
    05/08/1988
    Active
    September 1, 2006TJ#12
    155540
    AHL Holdings Ltd.
    04/02/1980
    Active
    September 1, 2006TJ#14
    733159
    AHL Holdings Ltd.
    01/04/1996
    Active
    September 1, 2006TJ#15
    733160
    AHL Holdings Ltd.
    01/04/1996
    Active
    September 1, 2006TJ#16
    155544
    AHL Holdings Ltd.
    04/04/1980
    Active
    September 1, 2006TJ#17
    155545
    AHL Holdings Ltd.
    04/04/1980
    Active
    September 1, 2006TJ#18
    155546
    AHL Holdings Ltd.
    04/04/1980
    Active
    September 1, 2006TJ#19
    155547
    AHL Holdings Ltd.
    04/02/1980
    Active
    September 1, 2006TJ#29
    155557
    AHL Holdings Ltd.
    04/04/1980
    Active
    September 1, 2006TJ#30
    155558
    AHL Holdings Ltd.
    04/17/1980
    Active
    September 1, 2006TJ#34
    155562
    AHL Holdings Ltd.
    04/17/1980
    Active
    September 1, 2006


---

3.

ADDITIONAL CLAIMS Description:

Claim Name
    BLM Serial No.
    Registered **Owner**
    Location Date
    Status
    Expiry DateWM 101
    NMC887954
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 102
    NMC887955
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 103
    NMC887956
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 104
    NMC887957
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 105
    NMC887958
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 106
    NMC887959
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 107
    NMC887960
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 108
    NMC887961
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 109
    NMC887962
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 110
    NMC887963
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 111
    NMC887964
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 112
    NMC887965
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 113
    NMC887966
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 114
    NMC887967
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 115
    NMC887968
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 116
    NMC887969
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 117
    NMC887970
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 118
    NMC887971
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 119
    NMC887972
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 120
    NMC887973
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 121
    NMC887974
    AHL Holdings Ltd.
    11/13/2004
    Active
    September 1, 2006WM 122
    NMC887975
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 123
    NMC887976
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006


---

4.

Claim Name
    BLM Serial No.
    Registered **Owner**
    Location Date
    Status
    Expiry DateWM 124
    NMC887977
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 125
    NMC887978
    AHL Holdings Ltd.
    11/10/2004
    Active
    September 1, 2006WM 126
    NMC887979
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 127
    NMC887980
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 128
    NMC887981
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 129
    NMC887982
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 130
    NMC887983
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 131
    NMC887984
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 132
    NMC887985
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 133
    NMC887986
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 134
    NMC887987
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 135
    NMC887988
    AHL Holdings Ltd.
    12/10/2004
    Active
    September 1, 2006WM 136
    NMC894073
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 137
    NMC894074
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 138
    NMC894075
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 139
    NMC894076
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 140
    NMC894077
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 141
    NMC894078
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 142
    NMC894079
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 143
    NMC894080
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 144
    NMC894081
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 145
    NMC894082
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 146
    NMC894083
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 147
    NMC894084
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006


---

5.

Claim Name
    BLM Serial No.
    Registered **Owner**
    Location Date
    Status
    Expiry DateWM 148
    NMC894085
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 149
    NMC894086
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 150
    NMC894087
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 151
    NMC894088
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 152
    NMC894089
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 153
    NMC894090
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 154
    NMC894091
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 155
    NMC894092
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 156
    NMC894093
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 157
    NMC894094
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 158
    NMC894095
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 159
    NMC894096
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 160
    NMC894097
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 161
    NMC894098
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 162
    NMC894099
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 163
    NMC894100
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 164
    NMC894101
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 165
    NMC894102
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 166
    NMC894103
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 167
    NMC894104
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 168
    NMC894105
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 169
    NMC894106
    AHL Holdings Ltd.
    2/2/2005
    Active
    September 1, 2006WM 170
    NMC894107
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 171
    NMC894108
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006


---

6.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM 172
    NMC894109
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 173
    NMC894110
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 174
    NMC894111
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 175
    NMC894112
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 176
    NMC894113
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 177
    NMC894114
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 178
    NMC894115
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 179
    NMC894116
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 180
    NMC894117
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 181
    NMC894118
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 182
    NMC894119
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 183
    NMC894120
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 184
    NMC894121
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 185
    NMC894122
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 186
    NMC894123
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 187
    NMC894124
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 188
    NMC894125
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 189
    NMC894126
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 190
    NMC894127
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 191
    NMC894128
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 192
    NMC894129
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 193
    NMC894130
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 194
    NMC894131
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 195
    NMC894132
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006


---

7.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM 196
    NMC894133
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 197
    NMC894134
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 198
    NMC894135
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 199
    NMC894136
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 200
    NMC894137
    AHL Holdings Ltd.
    2/3/2005
    Active
    September 1, 2006WM 201
    NMC894138
    AHL Holdings Ltd.
    2/4/2005
    Active
    September 1, 2006WM 202
    NMC894139
    AHL Holdings Ltd.
    2/4/2005
    Active
    September 1, 2006WM 203
    NMC894140
    AHL Holdings Ltd.
    2/4/2005
    Active
    September 1, 2006WM 204
    NMC894141
    AHL Holdings Ltd.
    2/4/2005
    Active
    September 1, 2006WM 206
    NMC917492
    AHL Holdings Ltd.
    11/19/2005
    Active
    September 1, 2006WM 207
    NMC917493
    AHL Holdings Ltd.
    11/19/2005
    Active
    September 1, 2006WM 208
    NMC917494
    AHL Holdings Ltd.
    11/19/2005
    Active
    September 1, 2006WM 217
    NMC908910
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 218
    NMC908911
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 219
    NMC908912
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 220
    NMC908913
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 221
    NMC908914
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 222
    NMC908915
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 223
    NMC908916
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 224
    NMC908917
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 225
    NMC908918
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 226
    NMC908919
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 227
    NMC908920
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 228
    NMC908921
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006


---

8.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM 229
    NMC908922
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 230
    NMC908923
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 231
    NMC908924
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 232
    NMC908925
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 233
    NMC908926
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 234
    NMC908927
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 235
    NMC908928
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 236
    NMC908929
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 237
    NMC908930
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 238
    NMC908931
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 239
    NMC908932
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 240
    NMC908933
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 241
    NMC908934
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 242
    NMC908935
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 243
    NMC908936
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 244
    NMC908937
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 245
    NMC908938
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 246
    NMC908939
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 247
    NMC908940
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 248
    NMC908941
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 249
    NMC908942
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 250
    NMC908943
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 251
    NMC908944
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 252
    NMC908945
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006


---

9.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM 253
    NMC908946
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 254
    NMC908947
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 255
    NMC908948
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 256
    NMC908949
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 257
    NMC908950
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 258
    NMC908951
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 259
    NMC908952
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 260
    NMC908953
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 261
    NMC908954
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 262
    NMC908955
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 263
    NMC908956
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 264
    NMC908957
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 265
    NMC908958
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 266
    NMC908959
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 267
    NMC908960
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 268
    NMC908961
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 269
    NMC908962
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 270
    NMC908963
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 271
    NMC908964
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 272
    NMC908965
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 273
    NMC908966
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 274
    NMC908967
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 275
    NMC908968
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 276
    NMC908969
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006


---

10.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM 277
    NMC908970
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 278
    NMC908971
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 279
    NMC908972
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 280
    NMC908973
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 281
    NMC908974
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 282
    NMC908975
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 283
    NMC908976
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 284
    NMC908977
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 285
    NMC908978
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 286
    NMC908979
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 287
    NMC908980
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 288
    NMC908981
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 289
    NMC908982
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 290
    NMC908983
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 291
    NMC908984
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 292
    NMC908985
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 293
    NMC908986
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 294
    NMC908987
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 295
    NMC908988
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 296
    NMC908989
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 297
    NMC908990
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 298
    NMC908991
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 299
    NMC908992
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 300
    NMC908993
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006


---

11.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM 301
    NMC908994
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 302
    NMC908995
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 303
    NMC908996
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 304
    NMC908997
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 305
    NMC908998
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 306
    NMC908999
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 307
    NMC909000
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 308
    NMC909001
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 309
    NMC909002
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 310
    NMC909003
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 311
    NMC909004
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 312
    NMC909005
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 313
    NMC909006
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 314
    NMC909007
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 315
    NMC909008
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 316
    NMC909009
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 317
    NMC909010
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 318
    NMC909011
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 319
    NMC909012
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 320
    NMC909013
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 321
    NMC909014
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 322
    NMC909015
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 323
    NMC909016
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 324
    NMC909017
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006


---

12.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateWM 325
    NMC909018
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 326
    NMC909019
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 327
    NMC909020
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 328
    NMC909021
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 329
    NMC909022
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 330
    NMC909023
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 331
    NMC909024
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 332
    NMC909025
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 333
    NMC909026
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 334
    NMC909027
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 335
    NMC909028
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 336
    NMC909029
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 337
    NMC909030
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 338
    NMC909031
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 339
    NMC909032
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 340
    NMC909033
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 341
    NMC909034
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 342
    NMC909035
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 343
    NMC909036
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 344
    NMC909037
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 345
    NMC909038
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 346
    NMC909039
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006WM 347
    NMC909040
    AHL Holdings Ltd.
    9/1/2005
    Active
    September 1, 2006


---

13.

|(1) | The unpatented mining claims will become void in 90 days
      from the date of location if the filing and recording are not timely. If
      they are timely, the claims will be in good standing until September 1,
      2006. If the federal annual maintenance fees for the assessment year 2005
      to 2006 are paid on or before September 1, 2006, the claims will remain in
      good standing until September 1, 2007. Otherwise, the claims will become
      void on September 1, 2006.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

MERIDIAN CLAIMS MUC 1-48 and MUC 71-168

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateMUC 1
    NMC 898601
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 2
    NMC 898602
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 3
    NMC 898603
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 4
    NMC 898604
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 5
    NMC 898605
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 6
    NMC 898606
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 7
    NMC 898607
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 8
    NMC 898608
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 9
    NMC 898609
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 10
    NMC 898610
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 11
    NMC 898611
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 12
    NMC 898612
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 13
    NMC 898613
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 14
    NMC 898614
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 15
    NMC 898615
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 16
    NMC 898616
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 17
    NMC 898617
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 18
    NMC 898618
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 19
    NMC 898619
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 20
    NMC 898620
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 21
    NMC 898621
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 22
    NMC 898622
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 23
    NMC 898623
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 24
    NMC 898624
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 25
    NMC 898625
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 26
    NMC 898626
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 27
    NMC 898627
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 28
    NMC 898628
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 29
    NMC 898629
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 30
    NMC 898630
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 31
    NMC 898631
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 32
    NMC 898632
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 33
    NMC 898633
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 34
    NMC 898634
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 35
    NMC 898635
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 36
    NMC 898636
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 37
    NMC 898637
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 38
    NMC 898638
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 39
    NMC 898639
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 40
    NMC 898640
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 41
    NMC 898641
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 42
    NMC 898642
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006


---

2.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateMUC 43
    NMC 898643
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 44
    NMC 898644
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 45
    NMC 898645
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 46
    NMC 898646
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 71
    NMC 898647
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 72
    NMC 898648
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 73
    NMC 898649
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 74
    NMC 898650
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 75
    NMC 898651
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 76
    NMC 898652
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 77
    NMC 898653
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 78
    NMC 898654
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 79
    NMC 898655
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 80
    NMC 898656
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 81
    NMC 898657
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 82
    NMC 898658
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 83
    NMC 898659
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 84
    NMC 898660
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 85
    NMC 898661
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 86
    NMC 898662
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 87
    NMC 898663
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 88
    NMC 898664
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 89
    NMC 898665
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 90
    NMC 898666
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 91
    NMC 898667
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 92
    NMC 898668
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 93
    NMC 898669
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 94
    NMC 898670
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 95
    NMC 898671
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 96
    NMC 898672
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 97
    NMC 898673
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 98
    NMC 898674
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 99
    NMC 898675
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 100
    NMC 898676
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 101
    NMC 898677
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 102
    NMC 898678
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 103
    NMC 898679
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 104
    NMC 898680
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 105
    NMC 898681
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 106
    NMC 898682
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 107
    NMC 898683
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 108
    NMC 898684
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 109
    NMC 898685
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 110
    NMC 898686
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 111
    NMC 898687
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006


---

3.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateMUC 112
    NMC 898688
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 113
    NMC 898689
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 114
    NMC 898690
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 115
    NMC 898691
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 116
    NMC 898692
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 117
    NMC 898693
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 118
    NMC 898694
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 119
    NMC 898695
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 120
    NMC 898696
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 121
    NMC 898697
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 122
    NMC 898698
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 123
    NMC 898699
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 124
    NMC 898700
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 125
    NMC 898701
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 126
    NMC 898702
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 127
    NMC 898703
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 128
    NMC 898704
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 129
    NMC 898705
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 130
    NMC 898706
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 131
    NMC 898707
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 132
    NMC 898708
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 133
    NMC 898709
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 134
    NMC 898710
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 135
    NMC 898711
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 136
    NMC 898712
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 137
    NMC 898713
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 138
    NMC 898714
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 139
    NMC 898715
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 140
    NMC 898716
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 141
    NMC 898717
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 142
    NMC 898718
    Meridian Mineral Corporation
    03/16/2005
    Active
    September 1, 2006MUC 143
    NMC 898719
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 144
    NMC 898720
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 145
    NMC 898721
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 146
    NMC 898722
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 147
    NMC 898723
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 148
    NMC 898724
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 149
    NMC 898725
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 150
    NMC 898726
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 151
    NMC 898727
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 152
    NMC 898728
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 153
    NMC 898729
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 154
    NMC 898730
    Meridian Mineral Corporation
    03/17/2005
    Active
    September 1, 2006MUC 155
    NMC 898731
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 156
    NMC 898732
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 157
    NMC 898733
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006


---

4.

Claim Name
    BLM Serial No.
    Registered Owner
    Location Date
    Status
    Expiry DateMUC 158
    NMC 898734
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 159
    NMC 898735
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 160
    NMC 898736
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 161
    NMC 898737
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 162
    NMC 898738
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 163
    NMC 898739
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 164
    NMC 898740
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 165
    NMC 898741
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 166
    NMC 898742
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 167
    NMC 898743
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006MUC 168
    NMC 898744
    Meridian Mineral Corporation
    03/15/2005
    Active
    September 1, 2006


---

SCHEDULE 3

> to the Earn-In Agreement made as of <*> between
>               EVOLVING GOLD CORPORATION and MERIDIAN MINERALS CORP.

JOINT VENTURE EXPLORATION AND MINE DEVELOPMENT
AGREEMENT

---

SCHEDULE 4

> to the Earn-In Agreement made as of <*> between
>               EVOLVING GOLD CORPORATION and MERIDIAN MINERALS CORP.

PERMITTED ENCUMBRANCES

Sections
    Serial Number
    Date of Grant
    Description12
    Nev 049536
    8-24-1959
    ROW for microwave site (see MTP
      supplement), expires 8- 23-2009.12,13
    Nev 016829
    3-7-1960
    ROW for buried transmission line
      to Nevada Bll microwave station, 100' width, indefinite term.12
    Nev 015378
    3-25-1960
    ROW for radio tower site; MTP
      supplement indicates on same land as N 52752, N 7673, N 4692, N 3651, and
      N 1865; indefinite term.12,13
    Nev 050081
    4-7-1960
    ROW for telephone and telegraph
      line, 40' width, expires 4- 6-2010.8
    Nev 058610
    9-18-1962
    ROW for OG pipeline, 50' width.12
    Nev 066216
    8-19-1965
    ROW for telephone and telegraph
      line, 20' width, expires 8- 17-2015.12
    N 1865
    3-26-1968
    ROW for Winnemucca Mountain
      communication site; MTP supplement indicates on same land as Nev 015378, N
      52752, N 7673, N 4692, N 3651; expires 3-25-2018.12
    N 3651
    12-9-1969
    ROW for radio repeater
      communications site; MTP supplement indicates on same land as Nev 015378,
      N 52752, N 7673, N 4692, and N 1865, expires 12-8-2019.12
    N 7673
    2-22-1974
    ROW for radio repeater site, MTP
      supplement indicates on same land as Nev 015378, N 52752, N 3651, N 4692,
      and N 1865, expires 2-21-2024.12
    N 12896
    2-7-1977
    ROW for transmission line, 26'
      width, expires 2-6-2007.12
    N 52752
    6-26-1990
    ROW for communication site, MTP
      supplement indicates on same land as Nev 015378, N 3651, N 7673, N 4692,
      and N 1865, expires 6-25-2020.12
    N 53293
    11-14-1990
    ROW for communication site, see
      MTP supplement, expires 11-13-2020.12
    N 54033
    3-27-1991
    ROW for communication site, see
      MTP supplement, expires 3-26-2041.12
    N 53973
    5-29-1991
    ROW for communication site, MTP
      supplement indicates on same land as N 55149, N 54337, expires 5-28-2021.12
    N 54337
    7-26-1991
    ROW for communication site, MTP
      supplement indicates on same land as N 55149, N 53973, expires 7-25-2021.12
    N 55149
    12-16-1991
    ROW for communication site for
      NPR station, MTP supplement indicates on same land as N 54337, N 53973,
      expires 12-15-2021.12,13, (16?)
    N 60191
    10-12-1995
    ROW for fiberoptic cable, width
      varies, expires 10-11- 2045. The SRP indicates it also affects the
      W1/2SW1/4 of Section 16, but this is not depicted on the MTH


---

SCHEDULE 5

> to the Earn-In Agreement made as of <*> between
>               EVOLVING GOLD CORPORATION and MERIDIAN MINERALS CORP.

CERTIFICATE

|TO:     | EVOLVING GOLD CORPORATION  
|------- | ---------------------------
|AND TO: | MERIDIAN MINERALS CORP.    
|AND TO: | FRASER MILNER CASGRAIN LLP:

AHL Holdings Ltd. (AHL) understands that Evolving Gold
Corporation (Evolving) and Meridian Mineral Corp. (Meridian)
are negotiating an agreement (the Meridian Earn-In Agreement) regarding
the possible acquisition by Meridian of a portion of the option granted by AHL
and Golden a Sands Exploration Inc. (Golden Sands) to Evolving under an
option agreement dated December 3, 2004, as amended on January 7, 2005, as
further amended on February 25, 2005, as further amended on April 21,2005, as
further amended on January 26, 2006, as further amended on April 27, 2006, as
further amended on June 16, 2006 and as further amended and restated on June
___, 2006 (the Amended and Restated Evolving Option Agreement).

This certificate is provided to the addressees to provide
certain comfort to the addressees.

AHL hereby certifies that:

| | (a) | Subject to the terms of the option agreement dated March
      22, 2004 between AHL and Golden Arc Mining & Refining Inc. (the
      Underlying Golden Arc Option Agreement), AHL is the sole
      registered owner and AHL and Golden Sands are the sole beneficial owners
      of all of the Claims, as defined in the Amended and Restated Evolving
      Option Agreement excepting the Golden Arc Claims (as defined in the
      Amended and Restated Evolving Option Agreement) in which case AHL is the
      sole registered owner and Golden Arc has represented to AHL that it is the
      sole beneficial owner, and AHL and Golden Sands have all necessary
      authority to convey to Evolving a 100% interest in the Claims in
      accordance with the terms of the Amended and Restated Evolving Option
      Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (b) | AHL and its Affiliates (as defined in the Amended and
      Restated Evolving Option Agreement) have not created, suffered or allowed
      to exist in respect of the Claims any mortgages, pledges, liens, embargoes
      and clouds on title, including any lease, license or litigation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (c) | AHL and its Affiliates have not sold, transferred,
      assigned or granted to any third party any right,title or interest
      in, or any right to acquire any such interest in, all or any of the
      Claims. Without limiting the generality of the foregoing, AHL or its
      Affiliates have not entered into and there are not any agreements or
      options to grant or convey any interest in the Claims or to pay any
      royalties with respect to the Claims except for Evolvings obligation to
      pay royalties to AHL in accordantce with the terms of the Amended and
      Restated Evolving Option Agreement and AHLs obligations to pay royalties
      to Golden Arc in accordance with the Underlying Golden Arc Option
      Agreement.                                                                        

---

2.

| | (d) | AHL hereby acknowledges that Evolving is negotiating the
      Meridian Earn-In Agreement and although AHL has not reviewed the Meridian
      Earn-In, AHL confirms that the entering into of the Meridian Earn-In
      Agreement will not be a breach of the restrictions found in Section 8.1
      and 8.2 of the Amended and Restated Option Agreement.                                                                                                                                                        
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (e) | AHL has entered into the Amended and Restated Evolving
      Option Agreement and confirms that all of the representations and
      warranties contained in the Amended and Restated Evolving Option Agreement
      relating to AHL are true and correct in all material respects on the date
      hereof, except to the extent that such representations and warranties
      speak as of an earlier date, in which event such representations and
      warranties arc true and correct as of such earlier date.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (f) | AHL confirms that the Option (as defined in the Amended
      and Restated Evolving Option Agreement) is in good standing.                                                                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (g) | AHL confirms that the option granted to AHL in the
      Underlying Golden Arc Option Agreement is in good standing and in full
      force and effect.                                                                                                                                                                                                                                                                                                                                                              

DATED as of this ___day of August, 2006.

AHL HOLDINGS LTD

By:

_________________________________________Alec Lenec,
President

---

SCHEDULE 6

> to the Earn-In Agreement made as of <*> between
>               EVOLVING GOLD CORPORATION and MERIDIAN MINERALS CORP.

CERTIFICATE

|TO:     | EVOLVING GOLD CORPORATION 
|------- | --------------------------
|AND TO: | MERIDIAN MINERALS CORP.   
|AND TO: | FRASER MILNER CASGRAIN LLP

Golden Sands Exploration Inc.. (Golden Sands)
understands that Evolving Gold Corporation (Evolving) and Meridian
Mineral Corp. (Meridian) are negotiating an agreement (the Meridian
Earn-In Agreement) regarding the possible acquisition by Meridian of a
portion of the option granted by AHL and Golden Sands to Evolving under an
option agreement dated December 3, 2004, as amended on January 7, 2005, as
further amended on February 25, 2005, as further amended on April 21, 2006, as
further amended on January 26, 2006, as further amended on April 27, 2006, as
further amended on June 16, 2006 and as further amended and restated on June
___, 2006 (the Amended and Restated Evolving Option Agreement).

This certificate is provided to the addressees to provide
certain comfort to the addressees.

Golden Sands hereby certifies that:

| | (a) | Subject to the terms of the option agreement dated March
      22, 2004 between AHL Holdings Ltd. (AHL) and Golden Arc Mining
      & Refining Inc. (Golden Arc) (the Underlying Golden Arc
      Option Agreement), AHL is the sole registered owner and AHL and
      Golden Sands are the sole beneficial owners of all of the Claims, as
      defined in the Amended and Restated Evolving Option Agreement excepting
      the Golden Arc Claims (as defined in the Amended and Restated Evolving
      Option Agreement) in which case AHL is the sole registered owner and
      Golden Arc has represented to AHL that it is the sole beneficial owner,
      and AHL and Golden Sands have all necessary authority to convey to
      Evolving a 100% interest in the Claims.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (b) | Golden Sands and its Affiliates (as defined in the
      Amended and Restated Evolving Option Agreement) have not created, suffered
      or allowed to exist in respect of the Claims any mortgages pledges, liens,
      embargoes and clouds on title, including any lease, license or
      litigation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (c) | Golden Sands and its Affiliates have not sold,
      transferred, assigned or granted to any third party any right title or
      interest in, or any right to acquire any such interest in, all or any of
      the Claims Without limiting the generality of the foregoing, Golden Sands
      or it Affiliates have not entered into and there are not any agreements or
      options to grant or convey any interest in the Claims or to pay any
      royalties with respect to the Claims except for Evolvings obligation to
      pay royalties to AHL in accordance with the terms of the Amended and
      Restated Evolving Option Agreement and AHLs obligations to pay royalties
      to Golden Arc in accordance with the Underlying Golden Arc Option
      Agreement.    

---

4.

| | (d) | Golden Sands hereby acknowledges that Evolving is
      negotiating the Meridian Earn-In Agreement and although Golden Sands has
      not reviewed the Meridian Earn-In Agreement, AHL confirms that the
      entering into of the Meridian Earn- In Agreement will not be a breach of
      the restrictions found in Section 8.1 and 8.2 of the Amended and Restated
      Option Agreement                                                                                                                                                      
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (e) | Golden Sands has entered into the Amended and Restated
      Evolving Option Agreement and confirms that all of the representations and
      warranties contained in the Amended and Restated Evolving Option Agreement
      relating to AHL and Golden Sands are true and correct in all material
      respects on the date hereof, except to the extent that such
      representations and warranties speak as of an earlier date, in which event
      such representations and warranties are true and correct as of such
      earlier date.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (f) | Golden Sands confirms that the Option (as defined in the
      Amended and Restated Evolving Option Agreement) is in good
  standing.                                                                                                                                                                                                                                                                                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (g) | Golden Sands confirms that the option granted to AHL in
      the Underlying Golden Arc Option Agreement is in good standing and in full
      force and effect.                                                                                                                                                                                                                                                                                                                                                                                     

DATEDas of this ___ day of August, 2006.

GOLDEN SANDS EXPLORATION
INC.

By:

______________________________________Alec Lenec,
President

---

SCHEDULE 7

> to Earn-In Agreement made as of <*> between
>               EVOLVING GOLD CORPORATION and MERIDIAN MINERALS CORP.

UNDERLYING AGREEMENT

---