Document:

Schedule
of Collateral, Notes, Security Interests, and Ownership Interests

    July
7, 2009

    

    This Schedule of Collateral, Notes,
Security Interests, and Ownership Interests is created and executed pursuant to
the terms of the July 2009 Amended and Restated Security Agreement (the “ARSA”)
entered into by and between Nevada Gold & Casinos, Inc., as Maker (“NGC”),
and Louise H. Rogers as the Holder and Secured Party (“Rogers”) effective as of
July 7, 2009.  This Schedule is dated below and is deemed to amend and
replace any existing schedules of collateral between the
Parties.  This Schedule sets forth property of NGC and its related and
affiliate entities, namely, Gold Mountain Development, L.L.C. (“GMD”), CGC
Holdings, L.L.C. (“CGC”), Colorado Grande Enterprises, Inc. (“CGE”), and Nevada
Gold BVR, L.L.C. (“NGBVR”), all of which have granted, and by this Schedule do
grant, to Rogers a security interest according to the terms of the ARSA and
pursuant to applicable Commercial Pledge Agreements as additional collateral to
secure the payment of the Amended and Restated Promissory Note between Rogers
and NGC dated July 7, 2009, in the original principal sum of $6,000,000.00 (the
“Note”), together with all Notes, Guarantees, and other security instruments
relted to the Note.  For property that is held or owned by a person or
entity other than NGC, that party is identified by the term “DEBTOR” and its
company abbreviation.  All of the terms and conditions of the ARSA are
incorporated in this Schedule by reference for all purposes as though fully set
forth at length.  NGC, GMD, CGC, CGE, and NGBVR all authorize Rogers
to file, in paper or by electronic means, all UCC-1s and other appropriate forms
to give notice of and to perfect the security interests represented in this
Schedule in any and every jurisdiction in which Rogers deems it appropriate to
file.

    

    Column
headings in the Schedule below have the following meanings:

    

    Party – entries in this
column:  “NGC” – denotes that Nevada Gold & Casinos, Inc., as
Maker, is granting a security interest in the collateral described pursuant to
the ARSA: “DEBTOR” – denotes that a third party entity or person is granting a
security interest in the described collateral pursuant to the terms of a
Guaranty and a Commercial Pledge Agreement both executed pursuant to the terms
of the ARSA.  That third party is further identified by its company
abbreviation set forth above.

    

    Description of Collateral –
entries in this column describe the property that is being pledged as security
by that Party.

    

    Type of Interest Pledged –
entries in this column denote the nature of the property being
pledged.

    

    Required Consents – entries in
this column denote the waiver or consents required of a third party whose
ownership interest have been pledged and described under Description of
Collateral that must be obtained by NGC for the benefit of Rogers in order to
comply with the requirements of the ARSA for the creation of effective and
enforceable security interests in the collateral.  If this requirement
does not appear in this Schedule, then Rogers shall be deemed to have accepted
the collateral as represented in this Schedule as sufficient without further
waivers until and unless Rogers subsequently demands additional waivers or
consents pursuant to the provisions of the ARSA.

    

    
      
        
          
            	
                    Party

                  	
                    Description
      of Collateral

                  	
                    Type
      of Interest Pledged

                  	
                    Required
      Consents

                  
	
                    NGC

                  	
                    100%
      interest in CGC Holdings, L.L.C.

                  	
                    LLC
      Membership

                  	
                    See
      F.N. 1

                  
	
                    DEBTOR

                    (CGC)

                  	
                    All
      assets of CGC, including but not limited to furniture, fixtures, equipment
      (including but not limited to machinery, furniture, fixtures,
      manufacturing equipment, shop equipment, office equipment, parts, and
      tools, wherever located), inventory, cash, accounts, accounts receivable,
      contract rights, chattel paper, promissory notes, securities, and general
      intangibles (including but not limited to all copyrights, trademarks,
      service marks, patents, inventions, trade secrets, exclusive licenses,
      processes, systems, and goodwill), any and all after-acquired property,
      and any and all proceeds of any of CGC’s assets that now exist or that are
      subsequently acquired

                  	
                    All
      assets

                  	
                    See
      F.N. 1

                  

          

        

      

       

      
        
           

        

        
          Page
1 of 3

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                
                  	
                          NGC
      and DEBTOR (CGC)

                        	
                          100%
      interest in Colorado Grande Enterprises, Inc.

                        	
                          Common
      Stock

                        	
                          See
      F.N. 1

                        
	
                          DEBTOR
      (CGE)

                        	
                          All
      assets of CGE, including but not limited to furniture, fixtures, equipment
      (including but not limited to machinery, furniture, fixtures,
      manufacturing equipment, shop equipment, office equipment, parts, and
      tools, wherever located), inventory, cash, accounts, accounts receivable,
      contract rights, chattel paper, promissory notes, securities, and general
      intangibles (including but not limited to all copyrights, trademarks,
      service marks, patents, inventions, trade secrets, exclusive licenses,
      processes, systems, and goodwill), any and all after-acquired property,
      and any and all proceeds of any of CGE’s assets that now exist or that are
      subsequently acquired

                        	
                          All
      assets

                        	
                          See
      F.N. 1

                        
	
                          NGC

                        	
                          100%
      interest in Nevada Gold BVR, L.L.C.

                        	
                          LLC
      Membership

                        	
                          None

                        
	
                          DEBTOR
      (NGBVR)

                        	
                          All
      assets of NGBVR, including but not limited to furniture, fixtures,
      equipment (including but not limited to machinery, furniture, fixtures,
      manufacturing equipment, shop equipment, office equipment, parts, and
      tools, wherever located), inventory, cash, accounts, accounts receivable,
      contract rights, chattel paper, promissory notes, securities, and general
      intangibles (including but not limited to all copyrights, trademarks,
      service marks, patents, inventions, trade secrets, exclusive licenses,
      processes, systems, and goodwill), any and all after-acquired property,
      and any and all proceeds of any of NGBVR’s assets that now exist or that
      are subsequently acquired

                        	
                          All
      assets

                        	
                          None

                        
	
                          DEBTOR
      (NGBVR)

                        	
                          Contractual
      financial obligation of B.V. Oro, L.L.C., to pay Nevada Gold BVR, L.L.C.,
      the amount of $4,000,000 dated November 25, 2008

                        	
                          Payee’s
      interest

                        	
                          None

                        
	
                          DEBTOR
      (NGBVR)

                        	
                          Nevada
      Gold BVR, L.L.C.’s distributions from its 5% carried interest in the Class
      B membership interest in Buena Vista Development Company,
      L.L.C.

                        	
                          Distributions
      from 5% carried interest

                        	
                          None

                        
	
                          NGC

                        	
                          100%
      interest in NG Washington, L.L.C.

                        	
                          LLC
      Membership

                        	
                          See
      F.N. 2

                        
	
                          NGC

                        	
                          100%
      interest in Gold Mountain Development, L.L.C.

                        	
                          LLC
      Membership

                        	
                          None

                        
	
                          DEBTOR
      (GMD)

                        	
                          All
      assets of GMD, including but not limited to furniture, fixtures, equipment
      (including but not limited to machinery, furniture, fixtures,
      manufacturing equipment, shop equipment, office equipment, parts, and
      tools, wherever located), inventory, cash, accounts, accounts receivable,
      contract rights, chattel paper, promissory notes, securities, and general
      intangibles (including but not limited to all copyrights, trademarks,
      service marks, patents, inventions, trade secrets, exclusive licenses,
      processes, systems, and goodwill), any and all after-acquired property,
      and any and all proceeds of any of GMD’s assets that now exist or that are
      subsequently acquired

                        	
                          All
      assets

                        	
                          None

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
2 of 3

        
          

        

      

      
         

      

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        DEBTOR

                                        (GMD)

                                      	
                                        Deed
      of trust for all real property owned by Gold Mountain Development, L.L.C.,
      and/or assignment of the proceeds of any sale of the GMD real
      property

                                      	
                                        Deed
      of trust in real property, NGC’s and DEBTOR’s interest in the proceeds
      from any sale of the real property

                                      	
                                        None

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    F.N.
1:       The pledge of the ownership interest
in CGC Holdings, L.L.C., and Colorado Grande Enterprises, Inc., subjects Rogers
to the jurisdiction of the gaming authorities of the State of Colorado and
Rogers may be required to submit background information to these gaming
authorities for purposes of determining her suitability for
ownership.  Any transfer of the ownership interest in CGC Holdings,
L.L.C., or Colorado Grande Enterprises, Inc., will subject the transferee to the
jurisdiction of the gaming authorities of the State of Colorado, and the
transferee may be required to obtain gaming licenses from these
authorities.

    

    F.N.
2:  Any transfer of the Membership Interest of NG Washington, L.L.C.,
through foreclosure or otherwise, will subject the transferee to the
jurisdiction of the gaming authorities of the State of Washington, and the
transferee may be required to obtain gaming licenses or suitability findings
from these authorities.

    

    Executed
this 7th day of
July, 2009.

    

    Maker:

    

    Nevada
Gold & Casinos, Inc.

    

    
      
        
          	
                  By:

                	
                  /s/
      Robert B. Sturges

                
	 
      	
                  Robert
      B. Sturges, Chief Executive
Officer

                

        

      

    

    

    Other Pledging
Parties:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Gold
      Mountain Development, L.L.C.

                                  	 
      	
                                    CGC
      Holdings, L.L.C.

                                  
	 
      	 
      	 
      	 
      	 
      
	
                                    By:

                                  	
                                    /s/
      Robert B. Sturges

                                  	 
      	
                                    By:

                                  	
                                    /s/
      Robert B. Sturges

                                  
	 
      	
                                    Robert
      B. Sturges, Manager

                                  	 
      	 
      	
                                    Robert
      B. Sturges, Manager

                                  
	 
      	 
      	 
      	 
      	 
      
	
                                    Colorado
      Grande Enterprises, Inc.

                                  	 
      	
                                    Nevada
      Gold BVR, L.L.C.

                                  
	 
      	 
      	 
      	 
      	 
      
	
                                    By:

                                  	
                                    /s/
      Robert B. Sturges

                                  	 
      	
                                    By:

                                  	
                                    /s/
      Robert B. Sturges

                                  
	 
      	
                                    Robert
      B. Sturges, President

                                  	 
      	 
      	
                                    Robert
      B. Sturges,
Manager

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
3 of 3COLLATERAL ASSIGNMENT OF
NOTES, CONTRACTUAL RIGHTS,

    SECURITY INTERESTS, AND
OWNERSHIP INTERESTS

    

    This Collateral Assignment of Notes,
Contractual Rights, Security Interests, and Ownership Interests (“Collateral
Assignment”) is entered into by and between Nevada
Gold & Casinos, Inc., a Nevada corporation (“NGC”), on behalf of
itself and its wholly owned subsidiaries, Gold
Mountain Development, L.L.C., a Colorado limited liability company
(“GMD”), CGC Holdings,
L.L.C., a Nevada limited liability company (“CGC”), Colorado
Grande Enterprises, Inc., a Colorado corporation (“CGE”), and Nevada
Gold
BVR, L.L.C., a Nevada limited liability company (“NGBVR”); and Louise H. Rogers,
an individual, as her separate property (“Rogers”), as of July 7,
2009.

    

    Recitals

    

    Pursuant to the Amended and Restated
Promissory Note (the “July 2009 Note”) and the July 2009 Amended and Restated
Security Agreement (the “July 2009 ARSA”), both dated April 27, 2009
(collectively referred to as the “July 2009 Loan Documents”), Rogers agreed to
loan to NGC and NGC agreed to borrow from Rogers the total principal amount of
$6,000,000.00 and that the July 2009 Note would be secured by certain Collateral
(as defined in the July 2009 Loan Documents).

    

    Pursuant to the July 2009 ARSA between
NGC, GMD, CGC, CGE, and NGBVR and Rogers, the Collateral (as defined in the July
2009 ARSA) includes, among other items, any and all notes receivable and/or cash
flow rights granted to NGC from GMD, CGC, CGE, and NGBVR.

    

    NGC (or one of its wholly-owned
subsidiaries) is the present owner and holder of those certain Promissory Notes
and Security Agreements and Contractual Rights described in Exhibit A attached
to this Collateral Assignment and incorporated by reference in this Collateral
Assignment for all purposes as if fully set forth at length (and as shall be
modified and/or amended from time to time) and that are collectively referred to
as the “Collateral Notes.”  The Collateral Notes are part of the
“Collateral” as defined in the July 2009 ARSA.

    

    NGC is the present owner of certain
ownership interests in subsidiary entities and third party entities as described
in Exhibit B attached to this Collateral Assignment and incorporated by
reference in this Collateral Assignment for all purposes as if fully set forth
at length (and that shall be updated from time to time) and that are
collectively referred to as the “Ownership Interests.”  The Ownership
Interests are also part of the “Collateral” as defined in the July 2009
ARSA.

    

    Rogers and NGC desire to execute this
Collateral Assignment to confirm the collateral assignment of all of NGC’s
rights, title, and interest in and to the Collateral Notes to Rogers as security
for the payment of all Obligations (as defined in the July 2009
ARSA).

    Agreement

    

    For good and valuable consideration,
the receipt and sufficiency of which are acknowledged and confessed by Rogers
and NGC, NGC, by its signature on this Collateral Assignment, transfers,
assigns, pledges, sells, grants, and conveys to Rogers the Collateral
Notes, together with all attendant liens, rights, titles, assignments, and
interests (including security interests) pertaining to or arising from the
Collateral Notes, as security for the Obligations, together with all proceeds,
increases, substitutions, products, offspring, accessions, and attachments to
them.  NGC agrees to deliver the original of each of the Collateral
Notes to Sharon E. Conway, counsel for Rogers, at 2441 High Timbers, Suite 410,
The Woodlands, Texas, 77380-1052, where they shall be held in a safe deposit box
until the Obligations are paid in full, are replaced with new documents, or a
Default (as defined in the July 2009 Loan Documents, as amended)
occurs.  Exhibit A shall be updated from time to time as loans are
repaid and new loans are obtained pursuant to the Collateral described in the
July 2009 ARSA.

    

    Also for good and valuable
consideration, the receipt and sufficiency of which are acknowledged and
confessed by Rogers and NGC, NGC, by its signature on this Collateral
Assignment, transfers,
assigns, pledges, sells, grants, and conveys to Rogers the Ownership
Interests, together with all attendant liens, rights, titles, assignments, cash
flow rights, and interests (including security interests) pertaining to or
arising from the Ownership Interests, but none of their respective
obligations, as security for the Obligations, together with all proceeds,
increases, substitutions, products, offspring, accessions, and attachments to
them.  NGC agrees to deliver the originals of the Ownership Interests,
along with stock powers or powers of attorney, to Sharon E. Conway, counsel for
Rogers, at 2441 High Timbers, Suite 410, The Woodlands, Texas, 77380-1052, where
they shall be held in a safe deposit box until the Obligations are paid in full,
are replaced with new documents, or a Default (as defined in the July 2009 Loan
Documents, as amended) occurs.  Exhibit B contains a list of all of
NGC’s ownership interests in subsidiaries and/or third party entities that
currently have assets and this list shall be updated from time to time as
additional ownership interests are obtained pursuant.  In the
instances where no stock certificates or units representing ownership exist,
this Collateral Assignment shall constitute the actual assignment of NGC’s
rights of its ownership interest in those entities to Rogers.

    

    
      
        
        

      

      
        Page
1 of 5

        
          

        

      

      
        
        

      

    

    

    NGC owns all or a percentage of several
entities that as of the date of this Collateral Assignment have no assets, and
it may form new entities in the future.  NGC’s ownership interests in
those entities have not been assigned as of the date of this Collateral
Assignment.  However, in the event that any of NGC’s existing entities
or future formed entities acquires any assets at any time that any amounts are
due and owing by NGC under the July 2009 Loan Documents that are not financed by
third parties, then NGC agrees that Rogers has a first lien on each and every
ownership interest and that NGC shall immediately upon the acquisition by the
entity of any asset deliver to Rogers a stock power, power of attorney, and/or
an updated Exhibit B, as applicable and as requested by counsel for Rogers, to
include the entity in the Ownership Interests pledged under this Collateral
Assignment.  This is a continuing Obligation (as defined in the July
2009 ARSA) of NGC as long as any funds are due and owing to Rogers under the
July 2009 Loan Documents.

    

    Executed to be effective as of July 7,
2009.

    

    
      
        
          
            
              	 	
                      Maker:

                    
	 	 
      
	 	
                      Nevada
      Gold & Casinos,
Inc.

                    

            

          

        

      

    

     

    
      
        
          
            
              	 	
                      By:

                    	
                      /s/
      Robert B. Sturges

                    
	 	 
      	
                      
                        Robert
      B. Sturges, Chief Executive Officer

                      

                    
	 	 
      	 
      
	 	 
      	
                      Date
      of
      Signature:                 7-7-09

                    

            

          

        

      

    

     

    
      
        
          
            	
                    Additional
      Debtors:

                  	 	 
      
	 
      	 	 
      
	
                    Gold
      Mountain Development, L.L.C.

                  	 	
                    CGC
      Holdings, L.L.C.

                  

          

        

      

    

     

    
      
        
          
            
              
                
                  	 	
                          By:

                        	
                          /s/
      Robert B. Sturges

                        	 
      	
                          By:

                        	
                          /s/
      Robert B. Sturges

                        
	 	 
      	
                          
                            Robert
      B. Sturges, Manager

                          

                        	 
      	 
      	
                          
                            Robert
      B. Sturges, Manager

                          

                        
	 	 
      	 
      	 
      	 
      	 
      
	 	 
      	
                          Date
      of
      Signature:                 7-7-09

                        	 
      	 
      	
                          Date
      of
      Signature:                 7-7-09

                        

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      	 	
                              Colorado
      Grande Enterprises, Inc.

                            	 
      	Nevada
      Gold BVR, L.L.C.
	 	 
      	 
      	 
      	 
      	 
      
	 	
                              By:

                            	
                              /s/
      Robert B. Sturges

                            	 
      	
                              By:

                            	
                              /s/
      Robert B. Sturges

                            
	 	 
      	
                              
                                Robert
      B. Sturges, President

                              

                            	 
      	 
      	
                              
                                Robert
      B. Sturges, Manager

                              

                            
	 	 
      	 
      	 
      	 
      	 
      
	 	 
      	
                              Date
      of
      Signature:                 7-7-09

                            	 
      	 
      	
                              Date
      of
      Signature:                 7-7-09

                            

                    

                  

                

              

            

          

        

      

    

    

    
      
        
        

      

      
        Page
2 of 5

        
          

        

      

      
        
        

      

    

    

    
      
        
          	
                  Secured
      Party:

                	 
      	 
      
	 
      	 
      	 
      
	
                  /s/
      Louise H. Rogers

                	 
      	
                  Date
      of
      Signature:                 7-7-09

                
	
                  Louise
      H. Rogers, as
      her Separate Property

                	 
      	 
      
	
                  2512
      Alta Mira

                	 
      	 
      
	
                  Tyler,
      Texas  75701-7301

                	 
      	 
      

        

      

    

     

    
      
        
        

      

      
        Page
3 of 5

        
          

        

      

      
        
        

      

    

     

    Exhibit
A

    Loan Documents and Contract
Rights

    

    Loans as of July 7, 2009:

    

    
      
        
          	
                  Party

                	
                  Description
      of Collateral

                	
                  Type
      of Interest Pledged

                	
                  Required
      Consents

                
	
                  NGBVR

                	
                  Contractual
      financial obligation of B.V. Oro, L.L.C., to pay Nevada Gold BVR, L.L.C.,
      the amount of $4,000,000 dated November 25, 2008

                	
                  Payee’s
      interest

                	
                  none

                
	
                  NGBVR

                	
                  Nevada
      Gold BVR, L.L.C.’s distributions from its 5% carried interest in the Class
      B membership interest in Buena Vista Development Company,
      L.L.C.

                	
                  Distributions
      from 5% carried interest

                	 
      

        

      

    

    

    
      
        
        

      

      
        Page
4 of 5

        
          

        

      

      
        
        

      

    

    

    Exhibit
B

    Ownership
Interests

    

    Ownership
Interests as of July 7, 2009:

    

    
      
        	
                Party

              	
                Description
      of Collateral

              	
                Type
      of Interest Pledged

              	
                Required
      Consents

              
	
                NGC

              	
                100%
      interest in CGC Holdings, L.L.C.

              	
                LLC
      Membership

              	
                See
      F.N. 1

              
	
                NGC
      and CGC

              	
                100%
      interest in Colorado Grande Enterprises, Inc.

              	
                Common
      Stock

              	
                See
      F.N. 1

              
	
                NGC

              	
                100%
      interest in Nevada Gold BVR, L.L.C.

              	
                LLC
      Membership

              	
                None

              
	
                NGC

              	
                100%
      interest in NG Washington, L.L.C.

              	
                LLC
      Membership

              	
                See
      F.N. 2

              
	
                NGC

              	
                100%
      interest in Gold Mountain Development, L.L.C.

              	
                LLC
      Membership

              	
                None

              

      

    

    

    F.N.
1:           The pledge
of the ownership interest in CGC Holdings, L.L.C., and Colorado Grande
Enterprises, Inc., subjects Rogers to the jurisdiction of the gaming authorities
of the State of Colorado and Rogers may be required to submit background
information to these gaming authorities for purposes of determining her
suitability for ownership.  Any transfer of the ownership interest in
CGC Holdings, L.L.C., or Colorado Grande Enterprises, Inc., will subject the
transferee to the jurisdiction of the gaming authorities of the State of
Colorado, and the transferee may be required to obtain gaming licenses from
these authorities.

    

    F.N.
2:  Any transfer of the Membership Interest of NG Washington, L.L.C.,
through foreclosure or otherwise, will subject the transferee to the
jurisdiction of the gaming authorities of the State of Washington, and the
transferee may be required to obtain gaming licenses or suitability findings
from these authorities.

    

    
      
        
        

      

      
        Page
5 of 5

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