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OFFICER NON-QUALIFIED STOCK OPTION AGREEMENT
OFIRELAND INC.A Nevada Corporation

THIS AGREEMENTis made between IRELAND INC., a
Nevada corporation (hereinafter referred to as the "Company"), and DAVID Z.
STRICKER, JR.of 10279 Queensbury Avenue, Las Vegas, NV 89135 (hereinafter
referred to as the Optionee), an officer of the Company, effective as of March
8, 2010 (the Grant Date).

1.          
Options Granted.The Company hereby grants the Optionee non-qualified stock
options to purchase an aggregate of Two Hundred Thousand (200,000)shares
of the Companys Common Stock at the exercise prices per share set below (the
Exercise Price) for a term commencing on the vesting dates set out below (the
Vesting Date) and expiring at 5:00 pm (Pacific Time) on the expiration dates
set out below (the Expiration Date), subject to termination as set forth
herein:

|(a) | Options to purchase an aggregate of 200,000shares
      of the Corporations common stock vesting on the dates and in the amounts,
      exercisable at the price of $0.82per share, and expiring on the
      dates, each as set out below, subject to the Compensation Committee of the
      Companys Board of Directors, or if there are no active members of the
      Compensation Committee, a majority of the Companys Board of Directors not
      including the Optionee, determining that the Optionee has, from the Grant
      Date to the respective vesting dates set out below, reasonably fulfilled
      his duties and obligations as an officer of the Company, the options will
      vest on the following schedule:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Number of
    Exercise PriceOptions to Vest
    Per Share
    Vesting Date
    Expiration Date25,000
    $0.82
    March 31, 2010
    March 30, 201525,000
    $0.82
    June 30, 2010
    June 29, 201525,000
    $0.82
    September 30, 2010
    September 29, 201525,000
    $0.82
    December 31, 2010
    December 30, 201525,000
    $0.82
    March 31, 2011
    March 30, 201625,000
    $0.82
    June 30, 2011
    June 30, 201625,000
    $0.82
    September 30, 2011
    September 29, 201625,000
    $0.82
    December 31, 2011
    December 30, 2016


No option may be exercised unless the option has vested. The
vesting of all options will be cumulative. All options which have not vested
will terminate on the date of termination of the options in accordance with this
Agreement.

2.          
Method of Exercise.The options may be exercised to the extent they have
vested and become exercisable and not yet been forfeited or terminated by
written notice delivered to the Company at its principal place of business,
stating the number of shares for which the option is being exercised. The notice
must be accompanied by a check or other methods of payment acceptable to the
Plan Administrator for the amount of the purchase price, and comply with all the
requirements of the Companys 2007 Stock Incentive Plan dated March 27, 2007, a
copy of which has been provided to the Optionee.

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

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4.          
Adjustments for Reorganizations and Recapitalizations.If there shall, prior
to the exercise of any of the options provided for by this Agreement, be any
stock dividend, stock split, spin-off, combination or exchange of shares,
recapitalization, merger, consolidation, distribution to stockholders (other
than a normal cash dividend) or other change in the Companys corporate or
capital structure that results in (a) the Companys outstanding shares of common
stock (or any securities exchanged therefore or received in their place) being
exchanged for a different number or kind of securities of the Company or any
other corporation, or (b) new, different or additional securities of the Company
or of any other corporation being received by the holders of shares of the
Companys common stock, then there shall automatically be an adjustment in
either the number of shares which may be purchased pursuant hereto, the type of
shares which may be purchased pursuant hereto or the price at which such shares
may be purchased, or any combination thereof, so that the rights evidenced
hereby shall thereafter as reasonably as possible be equivalent to those
originally granted hereby. The Company shall have the sole and exclusive power
to make such adjustments as it considers necessary and desirable.

5.          
Transfer of the Options.During the Optionee's lifetime, the options shall
be exercisable only by the Optionee. The options shall not be transferable by
the Optionee other than by the laws of descent and distribution upon the
Optionee's death. In the event of the Optionee's death during the term of this
Agreement, the Optionee's personal representatives may exercise any portion of
the options that remains vested and unexercised at the time of the Optionee's
death, provided that any such exercise must be made, if at all, during the
period within six (6) months after the Optionee's death, and subject to the
option termination date specified in Section 7.

6.          
Changes in Control.

|(a) | Notwithstanding any other provision in this Agreement to
      the contrary, all unvested options outstanding under this Agreement shall
      immediately vest and become exercisable upon a Change in
Control.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                 
|(b) | Change in Control means any of the following
    events:                                                                                                                                                      
|    |                                                                                                                                                                                                                 
|    | (i)                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                 
|    | (ii)                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                 
|    | (iii)                                                                                                                                                                                                           

7.          
Termination of Option.

|(a) | The Optionees right to exercise any options that have
      vested and are exercisable shall terminate on the earliest of the
      following dates:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                      
|    | (i)                                                                                                                                                  

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| | (ii)  | Subject to subsections (c) and (d) below, the date which
      is thirty (30) days from the date on which the Optionee ceases to act as
      an officer of the Company or any subsidiary of the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (iii) | In the event of the termination of the Optionee as an
      officer of the Company or any subsidiary of the Company as a result of a
      breach of the Optionees obligations to the Company or any subsidiary of
      the Company, or as a result of any dishonesty, fraud, misconduct, the
      unauthorized use or disclosure of confidential information or trade
      secrets, or conviction or confession of a crime punishable by law (except
      minor violations) (each of which being a termination for Cause), the
      earliest date on which the Optionee is notified by the Company of such
      termination; and
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (iv)  | The date which is six (6) months from the date of the
      Optionees death or the date the Optionee is determined by the Company to
      be unable to perform his or her duties as an officer of the Company or any
      subsidiary of the Company as a result of any mental or physical disability
      that is expected to result in death or that is expected to last for a
      continuous period of twelve (12) months or more (the Disability
      Determination Date).                                                                                                                                                    

|(b) | The Optionees right to exercise any options that have
      not vested and are not exercisable shall terminate on the earliest of the
      following dates:                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(c) | For purposes of this Section 7, the Optionee will be
      deemed not to have ceased to act as an officer of the Company or any
      subsidiary of the Company (the Original Position) if the Optionee
      continues to act as an employee, officer, director or consultant of the
      Company or a subsidiary of the Company in some other capacity immediately
      upon ceasing to act in the Original Position.                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(d) | Also notwithstanding the forgoing, if the Optionee dies
      after he or she ceases to be an officer of the Company or any subsidiary
      of the Company for reasons other than a termination for Cause or for
      disability in accordance with the above, the Optionees right to exercise
      any options that have vested and are exercisable on the date the Optionee
      ceases to be an officer of the Company or any subsidiary of the Company
      shall terminate on the earliest of the Expiration Date and the date which
      is six (6) months after the date of death.

|8.  | Rights as Shareholder.The Optionee will not be
      deemed to be a holder of any shares pursuant to the exercise of these
      options until he or she pays the option price and a stock certificate is
      delivered to him or her for those shares. No adjustment shall be made for
      dividends or other rights for which the record date is prior to the date
      the stock certificate is delivered.                                                                                 
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.  | Integration with the Companys 2007 Stock Incentive
      Plan.All of the terms and conditions of the Companys 2007 Stock
      Incentive Plan, a copy of which has been provided to the Optionee, are
      specifically made a part of this Agreement and shall control with regard
      to the interpretation or construction of any provision that is
      inconsistent herewith. This Agreement will be governed by and construed in
      accordance with the laws of the State of Nevada.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|10. | Withholding Taxes.The Optionee authorizes the
      Company to withhold from any payments due to the Optionee by the Company,
      whether pursuant to this Agreement or otherwise, any amounts required to
      be withheld and remitted by the Company on account of any income and
      employment taxes resulting from this
Agreement.                                                                                                                                                      

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|11. | Miscellaneous.
|--- | --------------
|    |               
|    | (a)           
|    |               
|    | (b)           
|    |               
|    | (c)           
|    |               
|    | (d)           

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the 8th day of March, 2010.

|IRELAND INC.                      | 
|--------------------------------- | 
|by its authorized signatory:      | 
|                                  | 
|                                  | 
|                                  | 
|/s/ Douglas
      D.G. Birnie     | 
|DOUGLAS D.G. BIRNIE,              | 
|CHIEF EXECUTIVE OFFICER           | 
|                                  | 
|                                  | 
|OPTIONEE:                         | 
|                                  | 
|                                  | 
|                                  | 
|/s/ David Z.
      Strickler, Jr. | 
|SIGNATURE OF OFFICER              | 
|                                  | 
|                                  | 
|DAVID Z.
      STRICKER, JR.      | 
|NAME OF OFFICER                   | 
|                                  | 
|10279 Queensbury
      Avenue     | 
|ADDRESS                           | 
|                                  | 
|Las Vegas, NV
      89135         | 
|                                  | 
|                                  | 
|200,000                           | 
|NUMBER OF OPTIONS                 | 

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