Document:

Exhibit
      10.39

     

    SALE
      OF SHARES AND CLAIMS AGREEMENT

     

    1
      PARTIES

     

    
      	
              1.1

            	
              The
                parties to this agreement are –

            

    

     

    
      	
              1.1.1

            	
              Wits
                Basin Precious Minerals
                Inc;

            

    

     

    
      	
              1.1.2

            	
              SSC
                Mandarin Group Limited;
                and

            

    

     

    
      	
              1.1.3

            	
              China
                Global Mining Resources
                Limited.

            

    

     

    
      	
              1.2

            	
              The
                parties agree as set out below.

            

    

     

    2
      INTERPRETATION

     

    
      	
              2.1

            	
              In
                this agreement, unless inconsistent with or otherwise indicated by
                the
                context –

            

    

     

    
      	
              2.1.1

            	
              "the/this
                agreement"
                means the agreement as set out herein together with all appendices
                hereto;

            

    

     

    
      	
              2.1.2

            	
              "business
                day"
                means a day which is not a Saturday, Sunday or a United States public
                holiday;

            

    

     

    
      	
              2.1.3

            	
              "the
                company"
                means China Global Mining Resources Limited, with registration number
                C.I.
                1110747, a company duly incorporated in accordance with the laws
                of Hong
                Kong, herein represented by Lee Sing Leung, Robin, he being duly
                authorised;

            

    

     

    
      	
              2.1.4

            	
              "the
                documents of title"
                means collectively –

            

    

     

    
      	
              2.1.4.1

            	
              the
                share certificates in respect of the subject shares, together with
                share
                transfer forms in respect thereof duly completed in accordance with
                the
                articles of association of the company, indicating the purchaser
                or his
                nominee as the transferee of the subject shares and dated the effective
                date;

            

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	
              2.1.4.2

            	
              a
                certified copy of a resolution of the directors of the company passed
                in
                accordance with the articles of association of the company approving
                the
                transfer of the subject shares in the name of the purchaser or its
                nominee;

            

    

    
    

     

    
      	
              2.1.4.3

            	
              the
                written and signed cession of the claims in favour of the purchaser
                or its
                nominee;

            

    

     

    
      	
              2.1.5

            	
              "the
                effective date"
                means the signature date;

            

    

     

    
      	
              2.1.6

            	
              "the
                parties"
                means all the parties to this
                agreement;

            

    

     

    
      	
              2.1.7

            	
              "the
                purchaser"
                means Wits Basin Precious Minerals Inc. (OTCBB: WITM), a public company
                duly incorporated in accordance with the laws Minnesota, United States
                of
                America, or its appointed nominee, herein represented by Stephen
                David
                King, he having been duly authorised
                hereto;

            

    

     

    
      	
              2.1.8

            	
              "the
                Seller"
                means SSC Mandarin Group Limited, with registration number 137917,
                a
                company duly incorporated in terms of the laws of the British Virgin
                Islands, herein represented by Lee Sing Leung, Robin, he being duly
                authorised thereto;

            

    

     

    
      	
              2.1.9

            	
              "the
                signature date"
                means the date of signature of this agreement as identified on the
                signature page;

            

    

     

    
      	
              2.1.10

            	
              "the
                subject claims"
                means any and all claims of whatsoever nature and howsoever arising
                held
                by the seller against the company as at the effective
                date;

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
              2.1.11

            	
              "the
                subject shares"
                means 1 (one) ordinary par value share amounting to 100% (one hundred
                percentum) of the company's issued share capital at the effective
                date;

            

    

    
    

     

    
      	
              2.1.12

            	
              any
                reference to the singular includes the plural and vice
                versa;

            

    

     

    
      	
              2.1.13

            	
              any
                reference to natural persons includes legal persons and vice
                versa;

            

    

     

    
      	
              2.1.14

            	
              any
                reference to a gender includes the other
                genders.

            

    

     

    
      	
              2.2

            	
              If
                any provision in a definition is a substantive provision conferring
                rights
                or imposing obligations on any party, effect shall be given to it
                as if it
                were a substantive clause in the body of the agreement notwithstanding
                that it is only contained in the interpretation
                clause.

            

    

     

    
      	
              2.3

            	
              The
                clause headings in this agreement have been inserted for convenience
                only
                and shall not be taken into account in its
                interpretation.

            

    

     

    
      	
              2.4

            	
              If
                any period is referred to in this agreement by way of reference to
                a
                number of days, the days shall be reckoned exclusively of the first
                and
                inclusively of the last day unless the last day falls on a day other
                than
                a business day, in which case the last day shall be the next succeeding
                business day.

            

    

     

    
      	
              2.5

            	
              Words
                and expressions defined in any sub-clause shall, for the purposes
                of the
                clause of which that sub-clause forms part, bear the meaning assigned
                to
                such words and expressions in that
                sub-clause.

            

    

     

    
      	
              2.6

            	
              This
                agreement shall be governed by and construed and interpreted in accordance
                with the laws of the United Sates of
                America.

            

    

     

    3
      INTRODUCTION

     

    
      	
              3.1

            	
              It
                is recorded that –

            

    

     

    
      	
              3.1.1

            	
              the
                seller is the owner of the subject shares and the subject
                claims;

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	
              3.1.2

            	
              the
                purchaser wishes to acquire the subject shares and the subject claims
                from
                the seller and the seller is willing to dispose of the subject shares
                and
                the subject claims to the purchaser on the effective date, subject
                to the
                terms and conditions set out in this
                agreement.

            

    

    
    

     

    
      	
              3.2

            	
              The
                parties accordingly agree as set out
                herein.

            

    

     

    
      
        4
          PURCHASE
          AND SALE

      

    

     

    With
      effect from the effective date the seller hereby sells the subject shares and
      the subject claims to the purchaser, who hereby purchases same from the seller,
      subject to the terms and conditions set out in this agreement.

     

    6 SHARE
      CAPITAL OF THE COMPANY

     

    
      	
              5.1

            	
              It
                is recorded that the company is duly registered with a share capital
                as
                follows:

            

    

     

    
      	
              5.1.1

            	
              an
                authorised share capital of HKD10,000 (ten thousand Hong Kong Dollars)
                divided into 10,000 (ten thousand) ordinary par value shares of HKD1,00
                (one Hong Kong Dollar) each; and

            

    

     

    
      	
              5.1.2

            	
              an
                issued share capital of HKD1,00 (one Hong Kong Dollar) divided into
                1
                (one) ordinary par value share of HKD1,00 (one United States
                Dollar).

            

    

     

    6
      PURCHASE PRICE

     

    The
      purchase price payable by the purchaser to the seller in respect of the subject
      shares and the subject claims shall be an amount of HKD10,000 (ten thousand
      Hong
      Kong Dollars), the receipt of which is hereby acknowledged.

     

    7
      PAYMENT OF PURCHASE PRICE

     

    It
      is
      recorded that the purchase price for the subject shares and the subject claims
      has been paid by the purchaser to the seller in cash.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    8
      WARRANTIES

     

    The
      seller warrants that on the effective date–

     

    
      	
              8.1

            	
              the
                company will not be under any obligations to issue any shares or
                debentures to any person, and no resolution will have been passed
                to
                increase its capital or to issue further shares or any
                debentures;

            

    

     

    
      	
              8.2

            	
              no
                person will have any lien or other preferential right in respect
                of the
                share capital of the company, nor will any person other than the
                seller
                have any claim to any of the subject shares in the
                company;

            

    

     

    
      	
              8.3

            	
              the
                company will not have declared any dividends which will not have
                been paid
                in full.

            

    

     

    
      	
              8.4

            	
              Except
                as set out above, the shares and claims are sold without any warranties
                of
                any nature, either express or
                implied.

            

    

     

    9
      DELIVERY AND CLOSING

     

    At
      10h00
      on the effective date, the parties shall meet at the address of the seller
      referred to in 13.2.1 below or at such other premises as agreed to between
      them.
      At that meeting the seller shall:

     

    
      	
              9.1

            	
              deliver
                to the purchaser or its nominee –

            

    

     

    
      	
              9.1.1

            	
              the
                share certificates in respect of the sale shares together with duly
                signed
                and currently dated share transfer forms in respect thereof duly
                completed
                in negotiable form;

            

    

     

    
      	
              9.1.2

            	
              a
                copy, of a resolution of the seller approving the transaction contemplated
                in terms of this agreement.

            

    

     

    10
      CONFIDENTIALITY

     

    The
      parties agree not to disclose details of this agreement or any other matter
      in
      relation to the transactions set out in this agreement to any third party at
      any
      time and further undertake not to make any public announcement relating to
      the
      matters contemplated herein without the prior written approval of the seller
      and
      the purchaser first being had and obtained and which approval shall not be
      unreasonably withheld.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    11
      RISK AND BENEFIT

     

    
      	
              11.1

            	
              All
                risk in and benefit to the subject shares and subject claims shall
                pass to
                the purchaser on the effective
                date.

            

    

     

    
      	
              11.2

            	
              Ownership
                of the subject shares and subject claims shall pass to the purchaser
                with
                effect from the effective date.

            

    

     

    12
      BREACH

     

    Should
      any party ("the
      party in default")
      breach
      any material term, condition, undertaking, warranty or representation contained
      in this agreement and fail to remedy such breach within seven days (or such
      reasonable longer period as the parties may agree on) after receipt of a written
      notice from any of the other parties ("the
      innocent party/ies"),
      requiring such breach to be remedied, then, without prejudice to any other
      rights that it may have in terms hereof or in law, the innocent party/ies shall
      be entitled to forthwith cancel this agreement on written notice thereof to
      the
      party in default.

     

    13
      NOTICES AND DOMICILIA

     

    
      	
              13.1

            	
              The
                parties choose as their domicilia
                citandi et executandi
                their respective addresses set out in this clause for all purposes
                arising
                out of or in connection with this agreement at which addresses all
                processes and notices arising out of or in connection with this agreement,
                its breach or termination may validly be served upon or delivered
                to the
                parties.

            

    

     

    
      	
              13.2

            	
              For
                purposes of this agreement the parties' respective addresses shall
                be
                –

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
              13.2.1

            	
              the
                seller at Suite 3015, 301F, One International Finance Centre, 1 Harbour
                View Street, Central, Hong Kong;

            

    

     

    facsimile
      number ~ +852 2504 3232;

     

    
      	
              13.2.2

            	
              the
                purchaser at 900 IDS Center 80 South 8. Street Minneapolis, MN 55402,
                United States for attention Mr. Mark D.
                Dacko,

            

    

     

    facsimile
      number ~ +1 612 395 5276;

     

    
      	
              13.2.3

            	
              the
                company at Suite 3015, 301F, One International Finance Centre, 1
                Harbour
                View Street, Central, Hong Kong;

            

    

     

    facsimile
      number ~ +852 2504 3232,

     

    or
      at
      such other address of which the party concerned may notify the other/s in
      writing provided that no street address mentioned in this sub-clause shall
      be
      changed to a post office box or poste restante.

     

    
      	
              13.3

            	
              Any
                notice given in terms of this agreement shall be in writing and shall
                –

            

    

     

    
      	
              13.3.1

            	
              if
                delivered by hand be deemed to have been duly received by the addressee
                on
                the date of delivery;

            

    

     

    
      	
              13.3.2

            	
              if
                transmitted by facsimile be deemed to have been received by the addressee
                on the day following the date of despatch, unless the contrary is
                proved.

            

    

     

    
      	
              13.4

            	
              Notwithstanding
                anything to the contrary contained or implied in this agreement,
                a written
                notice or communication actually received by one of the parties from
                another including by way of facsimile transmission shall be adequate
                written notice or communication to such
                party.

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    14
      WHOLE AGREEMENT

     

    This
      agreement constitutes the whole agreement between the parties as to the subject
      matter hereof and no agreements, representations or warranties between the
      parties regarding the subject matter hereof other than those set out herein
      are
      binding on the parties.

     

    15
      VARIATION

     

    No
      addition to or variation, consensual cancellation or novation of this agreement
      and no waiver of any right arising from this agreement or its breach or
      termination shall be of any force or effect unless reduced to writing and signed
      by all the parties or their duly authorised representatives.

     

    16
      RELAXATION

     

    No
      latitude, extension of time or other indulgence which may be given or allowed
      by
      any party to the other parties in respect of the performance of any obligation
      hereunder, and no delay or forbearance in the enforcement of any right of any
      party arising from this agreement, and no single or partial exercise of any
      right by any party under this agreement, shall in any circumstances be construed
      to be an implied consent or election by such party or operate as a waiver or
      a
      novation of or otherwise affect any of the party's rights in terms of or arising
      from this agreement or preclude any such party from enforcing at any time and
      without notice, strict and punctual compliance with each and every provision
      or
      term hereof.

     

    17
      COSTS

     

    Each
      party shall bear its own costs in respect of the negotiation, drafting and
      implementation of this agreement. All stamp duty, if any, shall be borne and
      paid by the purchaser.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
              SIGNED
                at ________________________________________

            	 	as
              of _________________________________________
	 	 	 	 
	
              AS
                WITNESS:

            	 	 	 
	 	 	 	 
	 	 	 	
              WITS
                BASIN PRECIOUS

            
	 	 	
              For: 

            	
              MINERALS
                INC

            
	 	 	 	 
	 	 	 	 
	
              (Name
                of witness in print)

            	 	Duly
              Authorised
	 	 	 	 
	
              SIGNED
                at ________________________________________

            	 	as
              of _________________________________________
	 	 	 	 
	
              AS
                WITNESS:

            	 	 	 
	 	 	 	 
	 	 	 	
              SSC
                MANDARIN GROUP

            
	 	 	
              For: 

            	
              LIMITED

            
	 	 	 	 
	 	 	 	 
	
              (Name
                of witness in print)

            	 	Duly
              Authorised
	 	 	 	 
	
              SIGNED
                at ________________________________________

            	 	as
              of _________________________________________
	 	 	 	 
	
              AS
                WITNESS:

            	 	 	 
	 	 	 	 
	 	 	 	
              CHINA
                GLOBAL MINING

            
	 	 	
              For: 

            	
              RESOURCES
                LIMITED

            
	 	 	 	 
	 	 	 	 
	
              (Name
                of witness in print)

            	 	Duly
              Authorised

    

     

    
      
        
        

      

      
        9Exhibit
        10.40

      SALE
        OF SHARES AND CLAIMS AGREEMENT

       

      1 PARTIES

       

      
        	
                1.1

              	
                The
                  parties to this agreement are -

              

      

       

      
        	
                1.1.1

              	
                Wits
                  Basin Precious Minerals Inc;

              

      

       

      
        	
                1.1.2

              	
                SSC
                  Mandarin Financial Services Limited;
                  and

              

      

       

      
        	
                1.1.3

              	
                SSC
                  Mandarin Africa (Proprietary) Limited.

              

      

       

      
        	
                1.2

              	
                The
                  parties agree as set out below.

              

      

       

      2 INTERPRETATION

       

      
        	
                2.1

              	
                In
                  this agreement, unless inconsistent with or otherwise indicated
                  by the
                  context -

              

      

       

      
        	
                2.1.1

              	
                "the/this
                  agreement"
                  means the agreement as set out herein together with all appendices
                  hereto;

              

      

       

      
        	
                2.1.2

              	
                “business
                  day”
                  means a day which is not a Saturday, Sunday or a United States
                  public
                  holiday;

              

      

       

      
        	
                2.1.3

              	
                “the
                  collaboration agreement”
                  means the collaboration agreement entered into on 4 August 2006
                  between
                  the company and the and Kumba Iron Ore Limited, a indirect subsidiary
                  of
                  Anglo American plc; 

              

      

       

      
        	
                2.1.4

              	
                “the
                  company”
                  means SSC Mandarin Africa (Proprietary) Limited, with registration
                  number
                  1998/010265/07, a private company duly incorporated in accordance
                  with the
                  laws of the Republic of South Africa, herein represented by Nick
                  Venter,
                  he being duly authorised;

              

      

       

      
        	
                2.1.5

              	
                "the
                  documents of title"
                  means collectively –

              

      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        	
                2.1.5.1

              	
                the
                  share certificates in respect of the subject shares, together with
                  share
                  transfer forms in respect thereof duly completed in accordance
                  with the
                  articles of association of the company, indicating the purchaser
                  or his
                  nominee as the transferee of the subject shares and dated the effective
                  date; 

              

      

       

      
        	
                2.1.5.2

              	
                a
                  certified copy of a resolution of the directors of the company
                  passed in
                  accordance with the articles of association of the company approving
                  the
                  transfer of the subject shares in the name of the
                  purchaser;

              

      

       

      
        	
                2.1.5.3

              	
                the
                  written and signed cession of the claims in favour of the
                  purchaser;

              

      

       

      
        	
                2.1.6

              	
                “the
                  effective date”
                  means the signature date;

              

      

       

      
        	
                2.1.7

              	
                "the
                  parties"
                  means all the parties to this
                  agreement;

              

      

       

      
        	
                2.1.8

              	
                "the
                  purchaser"
                  means
                  Wits Basin Precious Minerals Inc. (OTCBB: WITM),
                  a
                  public company duly incorporated in accordance with the laws Minnesota,
                  United States of America, or its appointed nominee, herein represented
                  by
                  Stephen David King, he having been duly authorised hereto;

              

      

       

      
        	
                2.1.9

              	
                "the
                  Seller"
                  means SSC Mandarin Financial Services Limited, with registration
                  number
                  C.I.
                  641254,
                  a
                  company duly incorporated in terms of the laws of Hong Kong, herein
                  represented by Lee
                  Sing Leung, Robin,
                  he being duly authorised thereto;

              

      

       

      
        	
                2.1.10

              	
                “the
                  signature date”
                  means the date of signature of this agreement as identified on
                  the
                  signature page;

              

      

       

      
        	
                2.1.11

              	
                “the
                  subject claims”
                  means any and all claims of whatsoever nature and howsoever arising
                  held
                  by the seller against the company as at the effective
                  date;

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
                2.1.12

              	
                "the
                  subject shares"
                  means 40 (forty) ordinary par value shares amounting to 40% (forty
                  percentum) of the company’s issued share capital at the effective
                  date;

              

      

       

      
        	
                2.1.13

              	
                any
                  reference to the singular includes the plural and vice
                  versa;

              

      

       

      
        	
                2.1.14

              	
                any
                  reference to natural persons includes legal persons and vice
                  versa;

              

      

       

      
        	
                2.1.15

              	
                any
                  reference to a gender includes the other
                  genders.

              

      

       

      
        	
                2.2

              	
                If
                  any provision in a definition is a substantive provision conferring
                  rights
                  or imposing obligations on any party, effect shall be given to
                  it as if it
                  were a substantive clause in the body of the agreement notwithstanding
                  that it is only contained in the interpretation
                  clause.

              

      

       

      
        	
                2.3

              	
                The
                  clause headings in this agreement have been inserted for convenience
                  only
                  and shall not be taken into account in its
                  interpretation.

              

      

       

      
        	
                2.4

              	
                If
                  any period is referred to in this agreement by way of reference
                  to a
                  number of days, the days shall be reckoned exclusively of the first
                  and
                  inclusively of the last day unless the last day falls on a day
                  other than
                  a business day, in which case the last day shall be the next succeeding
                  business day.

              

      

       

      
        	
                2.5

              	
                Words
                  and expressions defined in any sub-clause shall, for the purposes
                  of the
                  clause of which that sub-clause forms part, bear the meaning assigned
                  to
                  such words and expressions in that
                  sub-clause.

              

      

       

      
        	
                2.6

              	
                This
                  agreement shall be governed by and construed and interpreted in
                  accordance
                  with the laws of the United Sates of
                  America.

              

      

       

      3 INTRODUCTION

       

      
        	
                3.1

              	
                It
                  is recorded that –

              

      

       

      
        	
                3.1.1

              	
                the
                  seller is the owner of the subject shares and the subject claims;
                  

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                3.1.2

              	
                the
                  purchaser wishes to acquire the subject shares and the subject
                  claims from
                  the seller and the seller is willing to dispose of the subject
                  shares and
                  the subject claims to the purchaser on the effective date, subject
                  to the
                  terms and conditions set out in this
                  agreement.

              

      

       

      
        	
                3.2

              	
                The
                  parties accordingly agree as set out
                  herein.

              

      

       

      4 PURCHASE
        AND SALE

       

      With
        effect from the effective date the seller hereby sells the subject shares
        and
        the subject claims to the purchaser, who hereby purchases same from the seller,
        subject to the terms and conditions set out in this agreement.

       

      
        
          5
            SHARE CAPITAL OF THE COMPANY

        

      

       

      
        	
                5.1

              	
                It
                  is recorded that the company is duly registered with a share capital
                  as
                  follows :

              

      

       

      
        	
                5.1.1

              	
                an
                  authorised share capital of R1000,00 (one thousand Rand) divided
                  into 1000
                  (one thousand) ordinary par value shares of R1,00 (one Rand) each;
                  and
                  

              

      

       

      
        	
                5.1.2

              	
                an
                  issued share capital of R100,00 (one hundred Rand) divided into
                  100 (one
                  hundred) ordinary par value shares of R1,00 (one Rand)
                  each.

              

      

       

      6 PURCHASE
        PRICE 

       

      The
        purchase price payable by the purchaser to the seller in respect of the subject
        shares and the subject claims shall be an amount of $400,000 (four hundred
        thousand United States Dollars).

       

      7 PAYMENT
        OF PURCHASE PRICE

       

      It
        is
        recorded that the purchase price for the subject shares and the subject claims
        has been paid by the purchaser to the seller in cash.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      8 WARRANTIES

       

      The
        seller warrants that on the effective date -

       

      
        	
                8.1

              	
                the
                  company will not be under any obligations to issue any shares or
                  debentures to any person, and no resolution will have been passed
                  to
                  increase its capital or to issue further shares or any
                  debentures;

              

      

       

      
        	
                8.2

              	
                no
                  person will have any lien or other preferential right in respect
                  of the
                  share capital of the company, nor will any person other than the
                  seller
                  have any claim to any of the subject shares in the
                  company;

              

      

       

      
        	
                8.3

              	
                the
                  company will not have declared any dividends which will not have
                  been paid
                  in full.

              

      

       

      
        	
                8.4

              	
                Except
                  as set out above, the shares and claims are sold without any warranties
                  of
                  any nature, either express or
                  implied.

              

      

       

      
        
          9
            DELIVERY AND
            CLOSING

        

      

       

      At
        10h00
        on the effective date, the parties shall meet at such premises as agreed
        to
        between them. At that meeting the seller shall:

       

      
        	
                9.1

              	
                deliver
                  to the purchaser –

              

      

       

      
        	
                9.1.1

              	
                the
                  share certificates in respect of the sale shares together with
                  duly signed
                  and currently dated share transfer forms in respect thereof duly
                  completed
                  in negotiable form;

              

      

       

      
        	
                9.1.2

              	
                a
                  copy of a resolution of the seller approving the transaction contemplated
                  in terms of this agreement.

              

      

       

      
        
          10
            CONFIDENTIALITY

        

      

       

      The
        parties agree not to disclose details of this agreement or any other matter
        in
        relation to the transactions set out in this agreement to any third party
        at any
        time and further undertake not to make any public announcement relating to
        the
        matters contemplated herein without the prior written approval of the seller
        and
        the purchaser first being had and obtained and which approval shall not be
        unreasonably withheld. 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      11 RISK
        AND BENEFIT

       

      
        	
                11.1

              	
                All
                  risk in and benefit to the subject shares and subject claims shall
                  pass to
                  the purchaser on the effective
                  date.

              

      

       

      
        	
                11.2

              	
                Ownership
                  of the subject shares and subject claims shall pass to the purchaser
                  with
                  effect from the effective date.

              

      

       

      12 BREACH

       

      Should
        any party (“the
        party in default”)
        breach
        any material term, condition, undertaking, warranty or representation contained
        in this agreement and fail to remedy such breach within seven days (or such
        reasonable longer period as the parties may agree on) after receipt of a
        written
        notice from any of the other parties (“the
        innocent party/ies”),
        requiring such breach to be remedied, then, without prejudice to any other
        rights that it may have in terms hereof or in law, the innocent party/ies
        shall
        be entitled to forthwith cancel this agreement on written notice thereof
        to the
        party in default.

       

      13 NOTICES
        AND DOMICILIA

       

      
        	
                13.1

              	
                The
                  parties choose as their domicilia
                  citandi et executandi
                  their respective addresses set out in this clause for all purposes
                  arising
                  out of or in connection with this agreement at which addresses
                  all
                  processes and notices arising out of or in connection with this
                  agreement,
                  its breach or termination may validly be served upon or delivered
                  to the
                  parties.

              

      

       

      
        	
                13.2

              	
                For
                  purposes of this agreement the parties’ respective addresses shall
                  be –

              

      

       

      
        	
                13.2.1

              	
                the
                  seller at Suite 3015, 30/F, One International Finance Centre,
                  1 Harbour View Street, Central, Hong
                  Kong;

              

      

       

      facsimile
        number ~ +852 2504 3232;

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	
                13.2.2

              	
                the
                  purchaser at 900 IDS Center 80 South 8th
                  Street Minneapolis, MN 55402, United States for attention Mr. Mark
                  D. Dacko,

              

      

       

      facsimile
        number ~ +1 612-395-5276;

       

      
        	
                13.2.3

              	
                the
                  company at 170 Oxford Road, Melrose, Johannesburg;

              

      

       

      facsimile
        number ~ +27 11 380 3111,

       

      or
        at
        such other address of which the party concerned may notify the other/s in
        writing provided that no street address mentioned in this sub-clause shall
        be
        changed to a post office box or poste restante.

       

      
        	
                13.3

              	
                Any
                  notice given in terms of this agreement shall be in writing and
                  shall –

              

      

       

      
        	
                13.3.1

              	
                if
                  delivered by hand be deemed to have been duly received by the addressee
                  on
                  the date of delivery;

              

      

       

      
        	
                13.3.2

              	
                if
                  transmitted by facsimile be deemed to have been received by the
                  addressee
                  on the day following the date of
                  despatch,

              

      

       

      unless
        the contrary is proved.

       

      
        	
                13.4

              	
                Notwithstanding
                  anything to the contrary contained or implied in this agreement,
                  a written
                  notice or communication actually received by one of the parties
                  from
                  another including by way of facsimile transmission shall be adequate
                  written notice or communication to such
                  party.

              

      

       

      14 WHOLE
        AGREEMENT

       

      This
        agreement constitutes the whole agreement between the parties as to the subject
        matter hereof and no agreements, representations or warranties between the
        parties regarding the subject matter hereof other than those set out herein
        are
        binding on the parties.

       

      15 VARIATION

       

      No
        addition to or variation, consensual cancellation or novation of this agreement
        and no waiver of any right arising from this agreement or its breach or
        termination shall be of any force or effect unless reduced to writing and
        signed
        by all the parties or their duly authorised representatives.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      16 RELAXATION

       

      No
        latitude, extension of time or other indulgence which may be given or allowed
        by
        any party to the other parties in respect of the performance of any obligation
        hereunder, and no delay or forbearance in the enforcement of any right of
        any
        party arising from this agreement, and no single or partial exercise of any
        right by any party under this agreement, shall in any circumstances be construed
        to be an implied consent or election by such party or operate as a waiver
        or a
        novation of or otherwise affect any of the party’s rights in terms of or arising
        from this agreement or preclude any such party from enforcing at any time
        and
        without notice, strict and punctual compliance with each and every provision
        or
        term hereof.

       

      17 COSTS

       

      Each
        party shall bear its own costs in respect of the negotiation, drafting and
        implementation of this agreement. All stamp duty, if any, shall be borne
        and
        paid by the purchaser.

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

    

    
      	
              SIGNED
                at _______________________________________

            	 	
              as of
                ________________________________________

            
	 	 	 	 
	
              AS
                WITNESS:

            	 	 	 
	 	 	 	 
	 	 	 	
              WITS
                BASIN PRECIOUS

            
	 	 	
              For:  

            	
              MINERALS
                INC

            
	 	 	 	 
	 	 	 
	
              
                (Name
                  of witness in print)

              

            	 	
              Duly
                Authorised

            
	 	 	 	 
	
              SIGNED
                at _______________________________________

            	 	
              as of ________________________________________

            
	 	 	 	 
	
              AS
                WITNESS:

            	 	 	 
	 	 	 	 
	 	 	 	
              SSC
                MANDARIN FINANCIAL

            
	 	 	
              For:

            	
              SERVICES
                LIMITED

            
	 	 	 	 
	 	 	 
	
              
                (Names
                  of witness in block letters)

              

            	 	
              Duly
                authorised

            
	 	 	 	 
	
              SIGNED
                at _______________________________________

            	 	
              as of
                _________________________________________

            
	 	 	 	 
	
              AS
                WITNESS:

            	 	 	 
	 	 	 	 
	 	 	 	
              SSC
                MANDARIN AFRICA

            
	 	 	
              For:

            	
              (PROPRIETARY)
                LIMITED

            
	 	 	 	 
	 	 	 
	
              (Names
                of witness in block letters)

            	 	
              Duly
                authorised

            

    

     

    
      
        
        

      

      
        9

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