Document:

Osprey Ventures Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

PROPERTY OPTION AGREEMENT 

THIS AGREEMENT made and entered into effective as of the ___
day of August, 2010.

BETWEEN: 

  
    
      
        TAC GOLD, INC., a company with offices at Suite
          203 – 2780 Granville Street, Vancouver, British Columbia, V6H 3J3
        

        (the “Optionor”) 

      

    

  

OF THE FIRST PART 

AND: 

  
    
      
        OSPREY VENTURES INC., a company with offices
          at 8 Hart Avenue, 15 Floor, Flat D, Tsim Sha Tsui, Kowloon, K3 V7Y2V1
        

        (the “Optionee”) 

      

    

  

OF THE SECOND PART 

WHEREAS the Optionor has represented that it has an option (the
“Minquest Option”) to acquire an undivided 100% interest in the Property (as
hereinafter defined) subject only to a 3% net smelter royalty in favour of
Minquest Inc. (the “Royalty”) as more particularly detailed in that Property
Option Agreement between Minquest Inc. and TAC Capital Corp. (now TAC Gold
Corporation) dated August 4, 2009, as assigned to the Optionor by assignment
dated December 5, 2009 (together the, “Minquest Option Agreement”), a copy of
which is attached hereto as Schedule “B”; 

AND WHEREAS the Optionor now wishes to grant to the Optionee
the exclusive right and option to acquire an undivided 70% interest in and to
the Property on the terms and conditions hereinafter set forth; 

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration
of the premises, the mutual covenants herein set forth and the sum of One Dollar
($1.00) of lawful money of Canada now paid by the Optionee to the Optionor (the
receipt whereof is hereby acknowledged), the Parties hereto do hereby mutually
covenant and agree as follows: 

1.0                    
Interpretation 

1.1                    
The following words, phrases and expressions shall have the following meanings:

(a)         
 “Affiliate” means a company that is affiliated with another
company as described below; 

- 2 - 

A company is an “Affiliate” of another
company if: 

(i)           one
of them is the subsidiary of the other, or 

(ii)          each
of them is controlled by the same person; A company is “controlled” by a person
if: 

(iii)         voting
securities of the company are held, other than by way of security only, by or
for the benefit of that person, and 

(iv)          the
voting rights attached to those voting securities are entitled, if exercised, to
elect a majority of the directors of the company; 

A person beneficially owns securities
that are beneficially owned by: 

(v)           a
company controlled by that person, or 

(vi)          an
Affiliate of that person or an Affiliate of any company controlled by that
person; 

(b)          
“Business Day” means a day on which banks are open for business in Vancouver,
British Columbia; 

(c)          
“Commercial Production” means the milling and sale of ores, concentrates, metals
or other Mineral Products, which result from ore extracted from the Property, or
any portion thereof, but shall not include the milling from the purpose of
testing or milling by a pilot plant, or milling during an initial tune-up period
of a plant. The Property, or any portion thereof, shall be deemed, for all
purposes of the Agreement to have been placed in Commercial Production when the
production of ores, concentrates metals or other mineral products therefrom for
sale on a commercial basis has begun and the precise date shall be fixed as the
first date of the month immediately following the beginning of such production;

(d)          
“Environmental Claims” means any and all administrative, regulatory, or judicial
actions, suits, demands, claims, liens, notices of non-compliance or violation,
investigations, or proceedings relating in any way to any Environmental Law or
any permit issued under any Environmental Law, including, without limitation:

(i)          
any and all claims by government or regulatory authorities for enforcement,
clean-up, removal, response, remedial, or other actions or damages under any
applicable Environmental Law; and 

(ii)          any and
all claims by any third party seeking damages, contribution, indemnification,
cost recovery, compensation, or injunctive or other relief resulting from
hazardous materials, including any release of those claims, or arising from
alleged injury or threat of injury to human health or safety (arising from
environmental matters) or the environment; 

- 3 - 

(e)           “Environmental
Laws” means all requirements of the common law, civil code, or of environmental,
health, or safety statutes of any agency, board, or governmental authority
including, but not limited to, those relating to (i) noise, (ii) pollution or
protection of the air, surface water, ground water, or land, (iii) solid,
gaseous, or liquid waste generation, handling, treatment, storage, disposal, or
transportation, (iv) exposure to hazardous or toxic substances, or (v) the
closure, decommissioning, dismantling, or abandonment of any facilities, mines,
or workings and the reclamation or restoration of lands; 

(f)           “Facilities”
means all mines and plants, including without limitation, all pits, shafts,
adits, haulageways, raises and other underground workings, and all buildings,
plants, facilities, and other structures, fixtures, and improvements, and all
other property, whether fixed or moveable, as the same may exist at any time in,
or on the Property and relating to the operator of the Property as a mine or
outside the Property if for the exclusive benefit of the Property only; 

(g)          
“Force Majeure” means an event beyond the reasonable control of the Optionee
that prevents or delays it from conducting the activities contemplated by this
Agreement other than the making of payments referred to in Section 2.0 herein.
Such events shall include but not be limited to acts of God, war, insurrection,
action or inaction of governmental or regulatory agencies, inability to obtain
any environmental, operating or other permits or approvals, authorizations or
consents, fire, strikes, lockouts or other industrial disturbances,
non-availability of materials, equipment or transportation, and inclement
weather conditions; 

(h)          
“Option” means the option granted by the Optionor to the Optionee to acquire an
undivided 70% right, title and interest in and to the Property as more
particularly set forth in Section 2.0; 

(i)          
“Joint Venture Agreement” means that joint venture agreement to be entered into
between the Optionor and the Optionee following exercise of the Option as
contemplated by Section 2.4 hereof; 

(j)          
“Mineral Products” means the commercial end products derived from operating the
Property or any part thereof as a mine; 

(k)          
“Mining Operations” includes: 

(i)           every
kind of work done on or with respect to the Property or the Mineral Products by
or under the direction of the Optionee; and 

(ii)          without
limiting the generality of the foregoing, includes the work of assessment,
environmental, geophysical, geochemical, geological, land, and airborne surveys,
studies, assessments and mapping, investigating, testing, drilling, designing,
examining equipping, improving, surveying, shaft sinking, raising, cross-cutting
and drifting, searching for, digging, trucking, sampling, assaying, working and
procuring minerals, ores and metals, in surveying and bringing any mineral
claims to lease or patent, in doing all other work usually 

- 4 - 

considered to be prospecting,
acquisition of mineral claims, access or surface rights, exploration,
development, preparation of a feasibility study, mining work, installation,
erection, or construction, and operation of Facilities, milling, concentration,
bonification or ores and concentrates, as well as the separation and extraction
of Mineral Products, and reclamation or remediation; 

(l)           “Option
Period” means the period commencing on the Effective Date and ending on the
earlier of the date on which the Option is exercised or this Agreement is
terminated; 

(m)          
“Property” means the mineral interests described in Schedule A as they may be
augmented pursuant to Part 17 of the Minquest Option Agreement or reduced under
Part 12 of the Minquest Option Agreement, and all mining leases and other mining
interests derived therefrom, and a reference herein to a mineral claim comprised
in the Property includes any mineral leases or other interests into which such
mineral claim may have been converted and Property includes all Property Rights;
and 

(n)          
“Property Rights” means all licenses, permits, easements, rights-of-way, surface
or water rights and other rights, approvals obtained by either of the parties
either before or after the date of this Agreement and necessary or desirable for
the development of the Property, or for the purpose of placing the Property into
production or continuing production therefrom. 

1.2                    
Any heading, caption or index hereto shall not be used in any way in construing
or interpreting any provision hereof. 

1.3                     Whenever
the singular or masculine or neuter is used in this Agreement, the same shall be
construed as meaning plural or feminine or body politic or corporate or vice
versa, as the context so requires. 

2.0                    
Option 

2.1                     The
Optionor hereby grants to the Optionee the sole exclusive right and option to
earn an undivided 70% interest in the Property, subject to the Royalty,
exercisable by the Optionee:

(a)          
making all the payments on behalf of the Optionor due to Minquest under the
Minquest Option Agreement; 

(b)          
incurring all such Exploration Expenditures (as that term is defined under the
Minquest Option Agreement) on or before the time for incurring such Exploration
Expenditures pursuant to the Minquest Option Agreement and in this regard the
Optionee shall have sole conduct of the operations on the Property as they
relate to the incurring of such Exploration Expenditures; 

(c)           paying
to the Optionor an amount equal to the market value of the common shares of TAC
Gold Corporation issuable from time to time to Minquest Inc. under the Minquest
Option Agreement concurrent with the Optionor causing the issuance of such 

- 5 - 

shares to Minquest Inc. For the
purposes of this section the market value of any such common shares of TAC Gold
Corporation to be issued to Minquest Inc. shall be calculated using the average
closing price of the common shares of TAC Gold Corporation on the CNSX (or such
other market as the shares then trade) for the ten trading days preceding the
date of issue. For certainty hereunder, nothing shall obligate the Optionor to
cause any such shares to be issued to Minquest Inc. unless the Optionee shall
have paid the Optionor the market value of such shares as contemplated hereby.
The obligations of the Optionee in this regard may be satisfied, at the
Optionee’s sole discretion, in respect of any such payment by the issuance to
the Optionor of such number of shares of the Optionee as have a market value
equal to the amount of the payment then due. In this regard the market value of
any such shares of the Optionee shall be calculated using the average closing
price of the shares of the Optionee on the OTCBB (or such other market as the
shares then trade) for the ten trading days preceding the date of issue; 

(d)          
placing the Property into Commercial Production and funding the costs thereof;

2.2                     Upon
the Optionee having satisfied the conditions set forth in subsection 2.1, the
Optionee shall be deemed to have exercised the Option and shall have acquired an
undivided 70% right, title and interest in and to the Property, subject to the
Royalty, and the Optionor will deliver to the Optionee a duly executed transfer
in registrable form of an undivided 70% right, title and interest in and to the
Property in favour of the Optionee, subject to the Royalty, which the Optionee
will be entitled to register against title to the Property. 

2.3                    
During the currency of this Agreement and the Option, the Optionor will: 

(a)          
not do any act or thing which would or might in any way adversely affect the
rights of the Optionee hereunder to earn up to an undivided 70% interest in the
Property; 

(b)          
not relinquish or abandon all or any part of its interest in the Minquest Option
or the Property other than in circumstances where it gives the Optionee the
first right to acquire same; 

(c)          
not mortgage, pledge or encumber the Property after the Effective Date without
the Optionor’s prior written consent, which may not be unreasonably withheld;

(d)          
promptly make available to the Optionee and its representatives, during normal
business hours, all reports, records, data, maps, information, accounts and
files in the possession of the Optionor relating to the Property, and permit the
Optionee and its representatives at its own expense to take abstracts therefrom
and make copies thereof; and 

(e)           indemnify
and save the Optionee harmless from any and all claims, proceedings, suits,
actions made or brought against it as a result of Mining Operations done by the
Optionor on or with respect to the Property prior to the entering into of the
Joint Venture Agreement. 

- 6 - 

2.4                    
Upon exercise of the Option, the Optionee and Optionor will enter into a joint
venture agreement on such terms as the parties, acting reasonably and in good
faith, shall negotiate providing for the further joint development of the
Property, which agreement shall provide that the party with the largest interest
in the Property shall be the initial Operator of the joint venture and shall
provide that any further costs related to the Property shall be borne by the
Optionee and Optionor pro rata in accordance with their interest in the
Property. Without limiting the generality of the foregoing, the joint venture
agreement shall be based substantially on the form of Mining Joint Venture
Agreement most recently published by the Continuing Legal Education Society of
British Columbia. 

3.0                    
Assignment 

3.1                    
During the term of the Option, either party may sell, transfer, assign, or
otherwise dispose of its interest in this Agreement or its right or interest in
the Property provided that it has first obtained the consent in writing of the
other party, such consent not to be unreasonably withheld. It will be a
condition of any assignment under this Agreement that such purchaser or assignee
shall agree in writing to be bound by the terms of this Agreement, to perform
all the obligations of the selling party to be performed under this Agreement,
and to subject any further sale, transfer or other disposition of such interest
in the Property and this Agreement or any portion thereof to the restrictions
contained in this subsection 3.1. 

3.2                    
The provisions of subsection 3.1 of this Agreement will not prevent either party
from entering into an amalgamation or corporate reorganization which will have
the effect in law of the amalgamated or surviving company possessing all the
property, rights and interests and being subject to all the debts, liabilities
and obligations of each amalgamating or predecessor company. 

3.3                    
Notwithstanding subsection 3.1, each party may freely assign its rights under
this Agreement (including its rights in respect of the Option) to an Affiliate,
provided that where the assignee ceases to be an Affiliate, the rights under
this Agreement will automatically be transferred back to the party. Where a
party assigns its rights under this Agreement to an Affiliate, it shall notify
the other party of such assignment within ten (10 days) of the assignment. 

4.0                    
Termination 

4.1                    
This Agreement shall forthwith terminate in circumstances where: 

(a)          
the Optionee fails to make the payments required in Section 2.1 of this
Agreement; 

(b)           the
Optionee gives thirty (30) days notice of termination to the Optionor which it
shall be at liberty to do at any time after the execution of this Agreement;

(c)          
the parties mutually agree in writing. 

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5.0                    
Representations, Warranties and Covenants of the Optionor 

5.1                    
The Optionor represents, warrants and covenants to and with the Optionee as
follows: 

(a)           the
Optionor is a company duly organized validly existing and in good standing under
the laws of the State of Nevada; 

(b)           the
Optionor has full power and authority to carry on its business and to enter into
this Agreement and any agreement or instrument referred to or contemplated by
this Agreement; 

(c)           neither
the execution and delivery of this Agreement, nor any of the agreements referred
to herein or contemplated hereby, nor the consummation of the transactions
hereby contemplated conflict with, result in the breach of or accelerate the
performance required by, any agreement to which he is a party; 

(d)           to
the knowledge of the Optionor, all taxes, assessment, rentals, levies, or other
payments relating to the Property required to be made to any federal, state, or
municipal government instrumentality have been made; 

(e)           during
the period of the Minquest Option the Property has been operated substantially
in accordance with all applicable and Environmental Laws and, to the knowledge
of the Optionor there are no environmental conditions existing in the Property
to which any material remedial action is required or any material liability has
or may be imposed under applicable Environmental Laws; 

(f)          
the Optionor has not received from any government instrumentality any notice of
or communication relating to any actual or alleged Environmental Claims, and
there are no outstanding work orders or actions required to be taken relating to
environmental matters respecting the Property or any operations carried out on
the Property; 

(g)          
the Minquest Option is in good standing and the Optionor has the exclusive right
to enter into this Agreement and all necessary authority to transfer an
undivided 70% interest in the Property, subject to the Royalty, in accordance
with the terms of this Agreement and subject to the exercise of the Minquest
Option; 

(h)           with
the exception of the Royalty and the rights of Minquest under the Minquest
Option, no person, firm or corporation has any proprietary or possessory
interest in the Property other than the Optionor, and no person, firm or
corporation is entitled to any royalty or other payment in the nature of rent or
royalty on any Mineral Products removed from the Property; 

(i)           to
the knowledge of the Optionor, there are no actions, suits, investigations or
proceedings before any court, arbitrator, administrative agency or other
tribunal or governmental authority, whether current, pending or threatened,
which directly or indirectly relate to or affect the Property or the interests
of the Optionor therein nor is the 

- 8 - 

Optionor aware of any acts that would
lead it to suspect that the same might be initiated or threatened; 

(j)           other
than the Minquest Option there are no outstanding agreements or options to
purchase or otherwise acquire the Property or any portion thereof or any
interest therein; and 

(k)           upon
request by the Optionee, and at the sole cost of the Optionee, the Optionor
shall deliver or cause to be delivered to the Optionee copies of all available
maps and other documents and make available to Optionee all information and data
in its possession or control respecting the Property. 

6.0                     Representations,
Warranties and Covenants of the Optionee 

6.1                    
The Optionee represents, warrants and covenants to and with the Optionor that:

(a)           the
Optionee is a company duly organized validly existing and in good standing under
the laws of Colorado; 

(b)           the
Optionee has full power and authority to carry on its business and to enter into
this Agreement and any agreement or instrument referred to or contemplated by
this Agreement; 

(c)           neither
the execution and delivery of this Agreement, nor any of the agreements referred
to herein or contemplated hereby, nor the consummation of the transactions
hereby contemplated conflict with, result in the breach of or accelerate the
performance required by, any agreement to which it is a party; 

(d)          
the execution and delivery of this Agreement and the agreements contemplated
hereby will not violate or result in the breach of the laws of any jurisdiction
applicable or pertaining thereto or of its constating documents;

(e)          
this Agreement constitutes a legal, valid and binding obligation of the
Optionee; and 

(f)           during
the Option Period, and subject to the obligation of the Optionee to cause the
Optionor to issue shares to Minquest Inc. from time to time under the Minquest
Option Agreement, the Optionor will keep the Property and the Minquest Option in
good standing, free and clear of all liens, charges and encumbrances, will carry
out all Mining Operations on the Property in a miner-like fashion and will
obtain all necessary licenses and permits. 

7.0                    
Indemnity and Survival of Representations 

7.1                     The
representations and warranties hereinbefore set out are conditions on which the
parties have relied in entering into this Agreement and shall survive the
acquisition of any interest in the Property by the Optionee and each of the
parties will indemnify and save the other harmless from all loss, damage, costs,
actions and suits arising out of or in connection with any 

- 9 - 

breach of any representation, warranty, covenant, agreement or
condition made by them and contained in this Agreement. 

8.0                    
Confidentiality 

8.1                     The
parties hereto agree to hold in confidence all information obtained in
confidence in respect of the Property or otherwise in connection with this
Agreement other than in circumstances where a party has an obligation to
disclose such information in accordance with applicable securities legislation,
in which case such disclosure shall only be made after consultation with the
other party. 

9.0                     Notice

9.1                     All
notices, consents, demands and requests (in this Section 9.0 called the
“Communication”) required or permitted to be given under this Agreement shall be
in writing and may be delivered personally or may be sent by facsimile or other
electronic means or may be forwarded by first class prepaid registered mail to
the parties at their addresses first above written. Any Communication delivered
personally or sent by facsimile or other electronic means shall be deemed to
have been given and received on the second Business Day next following the date
of sending. Any Communication mailed as aforesaid shall be deemed to have been
given and received on the fifth Business Day following the date it is posted,
addressed to the parties at their addresses first above written or to such other
address or addresses as either party may from time to time specify by notice to
the other; provided, however, that if there shall be a mail strike, slowdown or
other labour dispute which might affect delivery of the Communication by mail,
then the Communication shall be effective only if actually delivered. 

10.0                 Further
Assurances 

10.1                   Each
of the parties to this Agreement shall from time to time and at all times do all
such further acts and execute and deliver all further deeds and documents as
shall be reasonably required in order fully to perform and carry out the terms
of this Agreement. 

11.0                  
Entire Agreement 

11.1                   The
parties hereto acknowledge that they have expressed herein the entire
understanding and obligation of this Agreement and it is expressly understood
and agreed that no implied covenant, condition, term or reservation, shall be
read into this Agreement relating to or concerning any matter or operation
provided for herein. 

12.0                  
Proper Law and Arbitration 

12.1                   This
Agreement will be governed by and construed in accordance with the laws of the
Province of British Columbia and the laws of Canada applicable therein. All
disputes arising out of or in connection with this Agreement, or in respect of
any defined legal relationship associated therewith or derived therefrom, shall
be referred to and finally resolved by a sole arbitrator by arbitration under
the rules of The Commercial Arbitration Act of British Columbia. 

- 10 - 

13.0                     Enurement

13.1                    
This Agreement will enure to the benefit of and be binding upon the parties
hereto and their respective successors and permitted assigns. 

14.0                    
Default 

14.1                    
Notwithstanding anything in this Agreement to the contrary if any party (a
“Defaulting Party”) is in default of any requirement (other than as set forth in
Section 2.0) herein set forth, the party affected by such default shall give
written notice to the Defaulting Party specifying the default and the Defaulting
Party shall not lose any rights under this Agreement, unless thirty (30) days
after the giving of notice of default by the affected party, the Defaulting
Party has failed to take reasonable steps to cure the default by the appropriate
performance, and if the Defaulting Party fails within such period to take
reasonable steps to cure any such default, the affected party shall be entitled
to seek any remedy it may have on account of such default including, without
limiting, termination of this Agreement. 

15.0                    
Technical Data 

15.1                    
In circumstances where this Agreement is terminated prior to exercise of the
Option Date, the Optionee shall deliver over to the Optionor all technical data
and other documents and information then in its possession respecting the
Property. 

16.0                    
Payment 

16.1                    
All references to monies hereunder shall be in U.S. funds. 

17.0                    
Option Only 

17.1                    
This is an option only and nothing herein contained shall be construed as
obligating the Optionee to do any acts or make any payments hereunder, and any
act or acts or payment or payments as shall be made hereunder shall not be
construed as obligating the Optionee to do any further act or make any further
payment or payments. 

18.0                    
Supersedes Previous Agreements 

18.1                    
This Agreement supersedes and replaces all previous oral or written agreements,
memoranda, correspondence or other communications between the parties hereto
relating to the subject matter hereof. 

IN WITNESS WHEREOF the Parties hereto have duly executed this
Agreement as of the ___ day of August, 2010, to take effect as of the date first
above written. 

TAC GOLD, INC. 

 

Per:  
___________________________________
         
Authorized Signatory 

OSPREY VENTURES, INC. 

 

Per:  
___________________________________
         
Authorized Signatory 

SCHEDULE “A” 

to that Option Agreement between TAC Gold, Inc. and Osprey
Ventures, Inc. 
made effective ______________, 2010 (the “Option Agreement”)

The Property 

Belleville Property 

List of Unpatented Mining Claims 

Located in Sections 9, T4N R34E, Mineral County, Nevada 

	CLAIM NAME 	CLAIMANT’S NAME 	NMC NUMBER 
	 	  	  
	BVW 1 	MinQuest Inc. 	1003638 
	BVW 2 	MinQuest Inc. 	1003639 
	BVW 3 	MinQuest Inc. 	1003640 
	BVW 4 	MinQuest Inc. 	1003641 
	BVW 5 	MinQuest Inc. 	1003642 
	BVW 6 	MinQuest Inc. 	1003643 
	BVW 7 	MinQuest Inc. 	1003644 
	BVW 8 	MinQuest Inc. 	1003645 
	BVW 9 	MinQuest Inc. 	1003646 
	BVW 10 	MinQuest Inc. 	1003647 

SCHEDULE “B” 

to that Option Agreement between TAC Gold, Inc. and Osprey
Ventures, Inc. made 
effective ______________, 2010 (the “Option Agreement”)

Minquest Option Agreement 

See Next PageOsprey Ventures Inc.: Exhibit 10.3 - Filed by newsfilecorp.com

TAC GOLD CORPORATION
Suite 203 2780 Granville Street

Vancouver, British Columbia, V6H 3J3

August 6, 2010

Osprey Ventures, Inc. 
Business Address 
8 Hart Avenue,
15 Floor, Flat D 
Tsim Sha Tsui 
Kowloon, K3 V7Y2V1 

Attention: President

Dear Sir/Madam:

	Re: 	Iowa Canyon Property

This letter will serve to confirm our agreement wherein, for
good and valuable consideration, the receipt and sufficiency of which is
acknowledged by us, TAC Gold Corporation (“TAC”) hereby agrees that, for a
period of 12 months commencing from the date hereof, should TAC receive a bona
fide offer to acquire any or all of TAC’s interest in that mineral property
located in Ladner County, Nevada, commonly known as the Iowa Canyon Property
(the “Property”) or should TAC otherwise propose to sell, transfer or assign any
or all of its interest in the Property, TAC shall first offer such interest to
Osprey Ventures, Inc. (“Osprey”) on terms no less favourable to Osprey than
those otherwise proposed.

Accepting the above accurately details your understanding of
our agreement in this regard could you please execute this letter where
indicated and return same at your earliest convenience.

	TAC GOLD COPORATION 
	 
	Per: 	 
    	 
	                   	Authorized Signatory 
	 	 
	 	 
	Acknowledged and agreed this to ____ day of _______,
      2010. 
	 
	 
	OSPREY VENTURES, INC. 
	Per: 	 
    	 
		Authorized Signatory

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