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Exhibit 10.48

VERBINA RESOURCES INC.Suite 301, 360 Bay Street,
Toronto, Ontario M5H 2V6

July 21, 2010

Xtra-Gold Mining Limited Suite 301 360 Bay Street
Toronto, Ontario M5H 2V6

ATTENTION: Paul Zyla

LETTER OF INTENT

Dear Sirs:

RE: Option on the Banso and Muoso Concessions, Ghana

Further to our recent negotiations regarding the above
referenced matter, this Letter of Intent will serve to confirm the principal
elements of the agreement achieved between us.

|1. | Option:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | Verbina Resources Inc. (Verbina) shall have the Option
      (the Option) to earn an interest from Xtra-Gold Mining Limited
      (Xtra-Gold) in the lode mining rights of the Banso and Muoso
      Concesssions, Ghana, as further described in Schedule A attached hereto
      (herein called the Concessions).                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | We understand that Xtra-Gold owns a 100% interest in the
      Concessions which are currently in the form of Prospecting Licences. We
      further understand, and we present this offer based upon our understanding
      that, upon converting the Prospecting Licenses to Mining Licenses
      Xtra-Gold will hold a 90% undivided right, title and interest in all of
      the Concessions free and clear of liens and encumbrances, the other 10%
      being owned by the Government of Ghana pursuant to applicable mining
      legislation. For greater certainty, the interests to be earned in the
      Concessions pursuant to the Option shall be an interest in Xtra-Golds
      interest in the Concessions and relate to lode mining rights only.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2. | Terms of Option:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

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| | (b) | Verbina shall have 150 days from the date hereof to
      complete due diligence and seek regulatory approval, and when Verbina
      provides notice to Xtra-Gold of satisfactory completion of its due
      diligence and receipt of regulatory approval, the date of such notice
      shall be called the Effective Date.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                 
| | (c) | In order to acquire an undivided 55% interest in
      Xtra-Golds interest in the Concessions, Verbina shall complete the
      following:                                                                                                                                                                                     

| | (i)   | remit cash payments to Xtra-Gold in the aggregate amount
      of US$300,000 consisting US$100,000 upon the Effective Date and US$200,000
      within 90 days of the Effective Date;                                                                
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                      
| | (ii)  | issue 1,000,000 fully paid and non-assessable common
      shares of Verbina to Xtra-Gold upon the Effective Date; and                                                                                                                               
| |       |                                                                                                                                                                                                                                                      
| | (iii) | incur a total of US$4,500,000 in exploration expenditures
      on the Concessions within five years of the Effective Date with US$500,000
      to be incurred in the first year from Effective Date and US$1,000,000 in
      each year thereafter.

| | (d) | Verbina shall have the right to accelerate the
      exploration expenditures at any time. Amounts expended on mineral
      exploration in excess of the prescribed amount in one period are to be
      applied to the requirement to make such expenditures in the subsequent
      period. Verbina shall also have the right to pay the amount of any
      prescribed exploration expenditure directly to Xtra-Gold at any time
      before the prescribed deadline rather than actually complete such
      exploration expenditures.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | (e) | Upon Verbina having exercised the Option and earned a 55%
      undivided legal and beneficial interest, Xtra-Gold shall execute and
      deliver to Verbina such transfer documentation as shall be effective to
      transfer and convey to Verbina such undivided legal and beneficial
      interest in Xtra-Golds interest in the Concessions which Verbina shall be
      entitled to register in the office of the mining recorder.                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | (f) | In addition to the grant by Xtra-Gold to Verbina of the
      right to earn a majority interest from Xtra-Gold in the Concessions on the
      terms and condition provided for herein which relates to lode mining
      rights, on the Effective Date Verbina will pay Xtra-Gold a further
      US$50,000 to acquire a 55% interest in the alluvial rights to the
      Concessions, and such purchase shall be subject to a definitive agreement
      to be entered into on or before the Effective Date.                              

|3. | Operatorship:
|-- | -------------

| | (a) | Verbina shall act as operator during the Option period and shall be
      responsible for all work permits, environmental compliance, payment of
      contractors, insurance and other matters relating to work carried out on
      the Concessions and shall indemnify and save harmless Xtra-Gold against
      any claims or liability with respect to such matters. All work done by Verbina on the Property shall be done in accordance with
      good mining practice and in compliance with applicable laws. Xtra-Gold
      shall provide assistance to Verbina in acquiring all relevant permits.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) | During the Option period, Verbina shall provide to and review its
      exploration and development plans with Xtra-Gold and Xtra-Gold shall be
      provided an opportunity to comment and provide input with respect to
      prospective exploration and development programs. Decisions regarding
      exploration and development of the Concessions shall be determined by a
      three person committee, comprising two representatives of Verbina and one
      representative of Xtra-Gold (the Management Committee).
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (c) | Verbina as operator may charge up to 15.0% for management fees which
      shall be applied as part of the exploration expenditures. All HST Input
      Tax Credits for monies expended during the exploration phases of this
      contract shall be for the account of Verbina.                                                                                                                                                                                                                                                  

|4. | Joint Venture:
|-- | --------------

| | (a) | In the event that Verbina exercises the Option by completing the
      exploration expenditures as required above, a joint venture (the Joint
      Venture) will be formed for the further exploration and development of
      the Concessions. Under the Joint Venture each party shall have the right
      to participate in the Joint Venture and the corresponding obligation to
      fund further exploration and development of the Property (the
      "Participating Interest"). The Participating Interest, at the time of the
      formation of the Joint Venture shall be:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Verbina: 55%, and Xtra-Gold: 45%.

The parties deemed expenditures upon formation of the Joint
Venture shall be as follows:

Verbina: US$5,000,000 Xtra-Gold:
US$4,090,909

It is understood that this formula shall apply to both
Xtra-Gold and Verbina equally. Should either Xtra-Gold or Verbina not advance
its respective proportional share of the joint-venture costs in accordance with
the terms thereof, the percentage of the non-contributing party will be reduced
accordingly in accordance with the terms of the formal option and joint venture
agreement.

Both parties acknowledge that under applicable mining
legislation the Government of Ghana holds a 10% interest in all Mining Leases
and the percentages above represent the respective percentages of the remaining
90% interest.

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| | (b) | The formal option and joint venture agreement shall include the
      following terms:
| | --- | --------------------------------------------------------------------------------------

| |  | (i)   | decisions regarding further exploration and development
      of the Concessions will be determined by a three person Management
      Committee, including two representatives appointed by the operator and one
      representative appointed by the non-operator.                                                                            
| |  | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |       |                                                                                                                                                                                                                                                                                                                                                  
| |  | (ii)  | exploration and development budgets will be determined
      and signed off by the Management Committee, at which time both parties
      then have one hundred and twenty (90) days to provide funds toward the
      project or be diluted;                                                                                                    
| |  |       |                                                                                                                                                                                                                                                                                                                                                  
| |  | (iii) | if one party declines or fails to provide all or part of
      its required funding (based upon its then proportionate legal and
      beneficial interest), the other party can increase its funding to the
      amount budgeted and increase its percentage ownership in the Concessions
      in proportion to the additional funds provided;
| |  |       |                                                                                                                                                                                                                                                                                                                                                  
| |  | (iv)  | upon formation of the Joint Venture, Verbina shall
      continue to be the operator of the Joint Venture so long as it maintains
      at least a majority participating interest;                                                                                                                                                              
| |  |       |                                                                                                                                                                                                                                                                                                                                                  
| |  | (v)   | standard dilution will apply to the Joint Venture as
      follows:                                                                                                                                                                                                                                                                              

|Participating |   | Contribution to Total Costs by a Party
|------------- | - | --------------------------------------
|Interest of a | = | (including deemed expenditures)       
|Party         |   | Contribution to Total Costs by        
|              |   | all parties (including deemed         
|              |   | expenditures)                         

| |  | (vi)   | in the event that the operator determines not to propose
      a project program or fails to do so within 6 months of completion of the
      previous project program, the non-operator can propose and operate a
      project program;                             
| |  | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |        |                                                                                                                                                                                                                                                                       
| |  | (vii)  | in the event that a partys participating interest is
      reduced to a 5% participating interest, its interest shall be converted to
      a 2% NSR, one half of which (1%), can be acquired at any time by the other
      party for a payment of US$2,500,000; and
| |  |        |                                                                                                                                                                                                                                                                       
| |  | (viii) | for greater certainty, a party does not have the right to
      contribute at a later date and recoup an interest in the joint venture
      when that party fails to contribute to a project program.                                                                

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|5. | Assessment Work:
|-- | ----------------

| | (a) | Both during the Option period and after formation of the
      Joint Venture, the operator will file all standard reports required to
      maintain the Concessions in good standing forthwith after completion of
      any work, and supply Xtra-Gold with a copy of all geological data, reports
      or other information obtained during the course of the work program.
      During the Option period, Verbina shall be responsible to maintain the
      Concessions in good standing.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (b) | In the event that the Option terminates, Verbina shall
      ensure that the Concessions are in good standing for a minimum of 12
      months from the date of termination of the Option.                                                                                                                                                                                                                                                                                                      

|6. | Access to:
|-- | ----------

| | (a) Information:                                                                                                                                                                                                                                                                                                                                                                                                      
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                       
| | Upon the execution of this Letter of Intent, Xtra-Gold
      provide to Verbina reasonable access to all information, documents, data,
      drill logs, and drill core in its possession and control with respect to
      the Concessions. If the Option terminates, Verbina shall return all such
      material to Xtra-Gold.                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (b) Property                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                       
| | Upon the execution of this Letter of Intent, Xtra-Gold
      will permit Verbina all reasonable surface access to the Concessions.
      Verbina shall have the right to erect, bring and install all such
      buildings, machinery equipment and supplies on the Concessions as it shall
      reasonably deem necessary and proper, provided it complies with all
      applicable laws and governmental policies.

|7. | Press Release:                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | All press releases regarding the Concessions shall be
      subject to prior approval by Xtra- Gold and Verbina and, for this purpose,
      the parties shall respond to such a request for approval within two
      business days of notice thereof.                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|8. | Governed by the Laws of Ontario:                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The Letter of Intent shall be governed by the laws of the
      State of Nevada.                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|9. | Definitive Documentation:                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The parties may enter into a formal agreement containing
      more detailed provisions for with respect to the Option and Joint Venture,
      but preserving the principles of the agreement herein contained. However,
      until such agreement is completed, or if no such agreement is made, the
      provisions herein shall have full effect, shall be enforceable against the parties and shall govern the operation of the
      matters herein.

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|    |                                                                                                                                                                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10. | Arbitration:                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                            
|    | Any disputes under this Agreement shall be submitted to
      binding arbitration consisting of a panel of three arbitrators, one
      arbitrator appointed by each of the parties with a third arbitrator
      appointed by the parties' two designated arbitrators, with all costs of
      such arbitrator to be borne by the unsuccessful party(ies).

Should you agree that this Letter of Intent accurately recites
the principal elements of the agreement reached between us, please sign the
duplicate copy and return it to our offices immediately by telefax with original
to follow by courier.

Yours very truly,

Verbina Resources Inc.

Per:/s/ Kevin C. Swanborough Kevin C. Swanborough
Authorized signatory

Agreement with the terms recited herein is hereby
acknowledged this 21stday of July, 2010:

Xtra-Gold Resources Corp.

Per:/s/ Peter Minuk Peter Minuk Authorized
Signatory

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Schedule "A"

DESCRIPTION OF CONCESSIONS

[insert]

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