Document:

Exhibit 10.1

                                 AMENDMENT NO. 6
                                       TO
                           LOAN AND SECURITY AGREEMENT

     Amendment No. 6 dated as of February 28, 2002 ("Amendment") to Loan and
Security Agreement originally dated as of December 28, 1999 and originally among
IEC ELECTRONICS CORP. ("IEC" or "Debtor") and IEC ELECTRONICS-EDINBURG, TEXAS
INC. ("IEC-Edinburg") and HSBC BANK USA, as Agent ("Agent") and HSBC BANK USA
("HSBC Bank") and GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital") as lenders
(collectively, the "Lenders").

                                   BACKGROUND

     1. Debtor, Agent and Lenders entered into a Loan and Security Agreement
dated as of December 28, 1999 and Amendment Nos. 1, 2, 3, 4 and 5 thereto dated
as of March 30, 2000, December 1, 2000, April 24, 2001, December 21, 2001, and
February 15, 2002 respectively (collectively, the "Agreement"). On or about
January 27, 2000, IEC-Edinburg merged into IEC leaving IEC as the sole Debtor
under the Agreement. All capitalized terms not otherwise defined herein shall
have the meanings set forth in the Agreement.

     2. Debtor has requested that Agent and Lenders consider extending the term
of the Agreement through March 15, 2002.

     3. In response to Debtor's request and subject to all of the terms and
conditions set forth herein, the Agent and the Lenders are willing to make
certain amendments to the Agreement as set forth below on the conditions set
forth below.

     NOW, THEREFORE, Debtor, the Agent and the Lenders for good and valuable
consideration, receipt of which is hereby acknowledged, and in contemplation of
the foregoing, hereby agree as follows:

     A. Conditions. The amendments and waivers contained herein shall be granted
upon satisfaction of the following terms and conditions:

     1. Debtor shall have executed, and shall have caused IEC Electronics, S. de
R.L. de C.V. ("IEC-Mexico") and IEC Electronics Foreign Sales Corporation
("IEC-FSC") to have executed, this Amendment to indicate their consent hereto,
and four executed duplicate originals of this Agreement shall have been
delivered to Agent.

     2. Debtor shall promptly provide to Agent and the Lenders:

        (a) Copies of any and all agreements between the Debtor or any affiliate
            of Debtor ("Affiliate") and any party including any real estate
            brokers, consultants or investment bankers concerning the business
            or assets of Debtor or any Affiliate.

        (b) A copy of any judgment obtained by Debtor against Acterna
            Corporation arising from a lawsuit in New York State Supreme Court,
            and, if requested by Agent, an assignment of such judgment, in favor
            of the Agent for the benefit of the Lenders, in form and content
            acceptable to counsel to the Agent.

        (c) Upon receipt thereof, a copy of any purchase offer for the sale of
            any real estate of Debtor or any Affiliate, and if requested by
            Agent, an assignment, in favor of the Agent for the benefit of the
            Lenders, of the proceeds of any accepted purchase offer.

        (d) A copy of any leases and guaranties entered into by Debtor,
            IEC-Edinburgh or IEC-Mexico with respect to the facility of IEC-
            Mexico located in Mexico.

                                  Page 3 of 6

<PAGE>

     3. Debtor's continuing agreement, evidenced by Debtor's signature on this
Amendment, that Debtor will: (i) cooperate with Getzler & Company, Inc.
("Getzler") so that Getzler may review Debtor's business and business plan in
order to report thereon to Agent's counsel and the Lenders; (ii) permit Getzler
to access Debtor's places of business and its books and records in order to
complete such review and report; (iii) reimburse the Agent or its counsel, upon
demand, for the cost and expenses of Getzler; and (iv) promptly advise in
writing any professionals engaged by Debtor or its Affiliates to advise Debtor
or its Affiliates with respect to their business or financial prospects,
including, without limitation, Lincoln Partners LLC (individually, an
"Investment Banker" and collectively, the "Investment Bankers"), and provide a
duplicate original thereof to Agent, that Debtor (a) consents to Agent and the
Lenders communicating with such Investment Bankers for the purpose of being
advised by, discussing with, such Investment Bankers, the Investment Bankers'
timeline, process, recommendations and proposals for any asset sales, or the
refinancing of Debtor's indebtedness, or for the recapitalization of Debtor or
any Affiliate, or any other plans for increasing Debtor's equity, reducing the
indebtedness of Debtor and its Affiliates, or otherwise improving the financial
condition or business of Debtor and its Affiliates, and (b) requests such
Investment Bankers to provide such information to the Agent and the Lenders.

     4. Debtor agrees to provide to the Agent and the Lenders promptly upon
receipt thereof (i) a copy of any revisions to its term sheet, or any
replacement term sheet, from Congress Financial Corp. ("CF") for the revolving
credit facility for which the Debtor has applied; (ii) a copy of any commitment
letter issued by CF to Debtor, or any other term sheet commitment for financing
received from any other lender; and (iii) a satisfactory consent letter from the
Debtor to the Agent and the Lenders allowing the Agent and the Lenders to review
and discuss with CF, or such other lender, the status, nature and timing of such
proposed or committed financing.

     5. On or before March 15, 2002, the Debtor shall execute and deliver to
Agent, a satisfactory Assignment of Leases and Rents covering the Debtor's
facility in Arab, Alabama, and a true, correct and complete copy of all leases
in effect with respect to the Arab Facility.

     B. Amendments. Debtor, the Agent and the Lenders agree that upon Debtor's
appropriate satisfaction of, or agreement to, the conditions set forth in
Section A above, the Agreement and the Schedule are amended in the following
respects:

        1. Section 2.1(a) and (b) of the Agreement are hereby deleted in their
entirety and replaced by the following:

        "2.1(a) REVOLVING CREDIT. Each Lender severally, but not jointly, agrees
        subject to the terms of this Agreement, but in their sole discretion, to
        lend their Pro-Rata Share of the maximum amount of Advances ("Maximum
        Limit") at any one time outstanding as set forth in Item 1 of the
        Schedule. Between the Debtor and any Lender, nothing in this Agreement
        or the Schedule shall obligate any Lender to make any Advance to Debtor
        except in the sole discretion of Lender.

        (b) REQUESTS FOR AN ADVANCE. From time to time, Debtor may make a
        written or oral request for an Advance, so long as the sum of the
        aggregate principal balance of outstanding Advances to Debtor and the
        requested Advance does not exceed the Borrowing Capacity, and each
        Lender shall determine in its sole discretion whether to make such
        requested Advance, but will not make any Advance if (i) the Borrowing
        Capacity would be exceeded; (ii) there has occurred an Event of Default
        or an event which, with notice or lapse of time or both, would
        constitute an Event of Default; or (iii) the representations and
        warranties contained in this Agreement and in the other Transaction
        Documents are not true and correct on the date such requested Advance is
        to be made as though made on and as of such date. Notwithstanding any
        other provision of this Agreement, Agent may from time to time reduce
        the percentages applicable to the Receivables Borrowing Base and
        Inventory Borrowing Base as they relate to amounts of IEC Borrowing
        Capacity if Agent determines, in its reasonable judgment, that there has
        been a material change in circumstances related to any or all
        Receivables or Inventory of Debtor from those circumstances in existence
        and known to Agent on or prior to the date of Amendment No. 6 to this
        Agreement, or in the financial or other condition of Debtor. Each oral
        request for an Advance shall be conclusively presumed to be made by a
        person authorized by Debtor to do so, and the making of the Advance to
        Debtor as herein provided shall conclusively establish Debtor's
        obligation to repay the Advance. In no event shall a Lender be obligated
        to fund more than its Pro-Rata Share of any requested Advance."

                                  Page 4 of 6

<PAGE>

     2. Item 1 of the Schedule to the Agreement is hereby deleted in its
entirety as of the date hereof and replaced by the following:

        "1. Borrowing Capacity 1.1(e))
            Borrowing Capacity at any time shall be the net amount determined by
        taking the lesser of the following amounts:

        (A) The applicable Maximum Limit of $5,000,000;

                                       or

        (B) The amount equal to the sum of the IEC Borrowing Capacity (as
        defined below)

        and subtracting from the lesser of (A) and (B) above, the sum of (a)
        banker's acceptances, plus (b) letters of guaranty, plus (c) Letters of
        Credit.

            'IEC Borrowing Capacity' at any time shall be the amount equal to
        the sum of:

            (i) up to 85% of the IEC Receivables Borrowing Base; and

            (ii)the amount of the IEC Inventory Borrowing Base; provided
                however, for calculation purposes, in no event shall the amount
                of the IEC Inventory Borrowing Base be greater than $1,500,000.

            Nothing herein shall detract from the discretionary nature of any
        Advances requested, or made, under this Agreement."

     3. Item 18(g) of the Schedule to the Agreement is hereby deleted in its
entirety and replaced with the following new text:

        "(g) Pricing Grid - Advances and Term Loan. The applicable rates of
     interest to be charged during each time period listed below for each Prime
     Rate Loan and Libor Loan made or outstanding hereunder as an Advance or
     under the Term Note are listed below:

                                 PRICING GRIDS

        A. ADVANCES
           Period               Prime Rate Option       Libor Rate Option

           2/28/02 - 3/15/02    Prime Rate plus 1%      None

        B. TERM LOAN
           Period               Prime Rate Option       Libor Rate Option

           2/28/02 - 3/15/02    Prime Rate plus 11/4%   None

     4. Item 32 of the Schedule to the Agreement is hereby deleted in its
entirety and replaced with the following new text:

        "Initial Term: To expire on March 15, 2002
        Renewal Term: NONE"

     5. Debtor acknowledges that Debtor intends to refinance the Advances and
the Term Loans under the Agreement with one or more different lenders on or
before the expiration of the Initial Term as amended herein, and agrees that,
upon such payment of the Advances under the Agreement, the Term Notes of the
Debtor dated December 28, 1999 in favor of the Lenders become due and payable by
the terms thereof since such financing would not come from internally generated
funds in the ordinary course of business.

                                  Page 5 of 6

<PAGE>

     D. Reaffirmations.

        1. The Agreement, except as specifically modified hereby, shall remain
in full force and effect and Debtor hereby reaffirms the Agreement, as modified
by this Amendment, and all collateral and other documents executed and delivered
to Agent and the Lenders in connection with the Agreement.

        2. IEC-Mexico and IEC-FSC, by their execution hereof, consent hereto and
hereby reaffirm the execution and delivery of their respective Guaranties dated
December 28, 1999 and each agrees that its respective guaranty shall continue in
full force and effect and shall be applicable to all indebtedness, obligations
and liabilities of Debtor to Agent and the Lenders, including without
limitation, all indebtedness evidenced by or arising under the Agreement, as
modified by this Amendment.

     E.      Other Provisions.

        1. Debtor agrees to pay on demand by Agent all expenses of Agent,
including without limitation, fees and disbursements of counsel for Agent, in
connection with the transactions contemplated by this Amendment, the
negotiations for and preparation of this Amendment and any other documents
related hereto, and the enforcement of the rights of Agent and the Lenders under
the Agreement as amended by this Amendment.

        2. This Amendment shall be governed by and construed under the internal
laws of the State of New York, as the same may from time to time be in effect,
without regard to principles of conflicts of law.

        Agreed to as of the date first set forth above.

IEC ELECTRONICS CORP.                   HSBC BANK USA, as Agent
as Debtor

By:   /s/ Richard L. Weiss              By:  /s/ Vincent J. Harper
   ________________________________     _________________________________
   Richard L. Weiss, Vice President        Vincent J. Harper
   and Chief Financial Officer             First Vice President

GENERAL ELECTRIC CAPITAL                HSBC BANK USA, as a Lender
CORPORATION, as a Lender

By:  /s/ Donald J. Cavanagh             By:  /s/ Vincent J. Harper
     ____________________________       ________________________________
Name:    Donald J. Cavanagh                Vincent J. Harper
         Duly Authorized Signatory         First Vice President

CONSENTED TO AND AGREED AS OF THIS 28th DAY OF FEBRUARY, 2002.

IEC ELECTRONICOS, S. de R.L. de C.V.    IEC ELECTRONICS FOREIGN SALES
as Guarantor                            CORPORATION, as Guarantor

By:  /s/ Richard L. Weiss               By: /s/ Richard L. Weiss
   ________________________________     ________________________________
   Richard L. Weiss, Director              Richard L. Weiss, Vice President
                                           and Chief Financial Officer

                                  Page 6 of 6

BFLO Doc. No. 1175702.3<PAGE>
THIS MINING LEASE

is made the 29th day of June, 2001 between THE GOVERNMENT OF THE REPUBLIC OF
GHANA (hereinafter called "the Government") acting by Dr. KWAKU AFRIYIE, the
Minister of Lands, Forestry and Mines (hereinafter called "the Minister") of
the one part and BOGOSO GOLD LIMITED having its registered office at NO. 32
AKOSOMBU ROAD, AIRPORT RESIDENTIAL AREA, P.O. BOX 16075, AIRPORT POST OFFICE,
ACCRA, GHANA (hereinafter called "the Company") of the second part:

WHEREAS:

The Government is desirous of developing its mineral resources in such manner
as will ensure that the maximum possible benefits accrue to the nation from the
exploitation of minerals and has agreed to grant the Company a Mining Lease on
the terms and conditions hereinafter following:

NOW THIS AGREEMENT WITNESSETH that:

1.   GRANT OF MINING RIGHTS

     (a)  The Government hereby grants to the Company mining rights to ALL that
          piece of land described in the schedule hereto and more particularly
          delineated on the Plan attached and shown edged red (hereinafter
          called "the Lease Area") together with mines, beds, seams veins,
          channels and strata of gold and associated mineral substances lying
          and being within and under the surface to a 200 metre depth from
          surface which corresponds with a depth of 150.7 metre below the sea
          level using CENTRAL SHAFT PILLAR 1 with coordinates: X - 84378.45, Y -
          148029.06, Z - 49.63 as bench mark, for a term of thirty (30) years
          from the date of this Agreement. Such term shall be renewable from
          time to time in accordance with the Minerals and Mining Law, 1986,
          PNDC. 153;

     (b)  The Government hereby grants to the Company the exclusive rights to
          work, develop and produce gold and associated mineral
<PAGE>
          substances in the Lease Area for the said term of thirty (30) years
          (including, the processing, storing and transportation of ore and
          materials together with the rights and powers reasonably incidental
          thereto) subject to the provisions of this Agreement;

     (c)  The Company shall not, however, conduct any operations in a sacred
          area and shall not, without the prior consent in writing of the
          Minister conduct any operations:

          (i)  within 50 yards of any building, installation, reservoir of dam,
               public road, railway or area appropriated for railway;

          (ii) in an area occupied by a market, burial ground cemetery or
               Government office, or situated within a town or village or set
               apart for, used, appropriated or dedicated to a public purpose.

     (d)  The Company shall commence commercial production of gold within two
          (2) years from the date of this Mining Lease.

     (e)  The Company shall conduct its operations in a manner consistent with
          good commercial mining practices so as not to interfere unreasonably
          with vegetation in the Lease Area or with the customary rights and
          privileges of persons to farm, hunt and snare game, gather firewood
          for domestic purposes or to collect snails.

     (f)  The public shall be permitted at their sole risk to use without
          charge, any road constructed by the Company in the Lease Area, in a
          manner consistent with good mining practices, safety and security,
          provided that such use does not unreasonably interfere with the
          operations of the Company hereunder and provided also that such
          permission shall not extend to areas enclosed for mining operations.

     (g)  Nothing contained in this Agreement shall be deemed to confer any
          rights on the Company conflicting with provisions contained in the
          Minerals and Mining Law, 1986, P.N.D.C.L. 153 or to permit the
<PAGE>
               Company to dispense with the necessity of applying for and
               obtaining any permit or authorization which the Company may be
               required by law or regulation to obtain in respect of any work or
               activity proposed to be carried out hereunder.

     2.   GRANT OR RIGHTS TO THIRD PARTIES IN THE MINING AREA:

          (a)  Subject to satisfactory arrangements between the Government and
               the Company, the Government shall grant the first option to the
               Company to work minerals other than gold discovered in the Lease
               Area.

          (b)  Failing such satisfactory arrangements between the Government and
               the Company, the Government reserves the right to grant licenses
               to third parties to prospect for or to enter into agreements for
               the production of minerals other than gold in the Lease Area,
               provided that any such activity shall not unreasonably interfere
               with the rights granted to the Company hereunder.

     3.   POWER OF GOVERNMENT TO EXCLUDE PARTS OF THE MINING AREA:

          (a)  The Government may by reasonable notice in writing to the Company
               exclude from the Lease Area, at any time and from time to time,
               any part which may be required for any stated public purposes
               whatsoever, provided that:

               (i)   The parts so excluded shall not have a surface area in the
                     aggregate greater than ten percent of the Lease Area.

               (ii)  Any parts of the Lease Area so excluded shall continue to
                     form part of the Lease Area subject to this Agreement
                     except that no mining operations shall be conducted on the
                     parts so excluded.

               (iii) No part of the Lease Area shall be so excluded in respect
                     of which the Company shall have given prior notice
                     specifying that such part is required for mining operations
                     hereunder or

<PAGE>
                     on which active operations have commenced or are in
                     progress (such as digging, construction, installation or
                     other works related to gold mining) but, in lieu thereof, a
                     part equal in area to any such part shall be excluded for
                     such public purposes; and

               (iv)  The Government shall not take to itself or grant to third
                     parties the right to mine gold from any part so excluded.

          (b)  The company shall be relieved of all liabilities or obligations
               hereunder in respect of any part excluded under this paragraph
               except liabilities or obligations accrued prior to such
               exclusion.

     4.   WORK OBLIGATION:

          The Company shall continuously operate in the Lease Area in accordance
          with good mining practices until such time as the reserves or deposits
          may be exhausted or the mine can no longer be economically worked or
          until this Agreement expires, whichever shall be sooner.

     5.   CONDUCT OF OPERATIONS:

          (a)  The Company shall conduct all of its operations hereunder with
               due diligence, efficiency, safety and economy, in accordance with
               good mining practices and in a proper and workmanlike manner,
               observing sound technical and engineering principles using
               appropriate modern and effective equipment, machinery, materials
               and methods, and pay particular regard to conservation of
               resources, reclamation of land and environmental protection
               generally.

          (b)  The Company shall mine and extract ore in accordance with
               paragraph 5(a) herein utilizing methods which include dredging,
               quarrying, pitting, trenching, stoping and shaft sinking in the
               Lease Area.

          (c)  The company shall maintain all equipment in good and safe
               condition, normal wear and tear excluded, and shall keep all

<PAGE>
          excavated areas, shafts, pits and trenches in good and safe condition
          and take all practical steps:-

          (ii) to prevent damage to adjoining farms and villages;

          (ii) to avoid damage to trees, crops, buildings structures and other
               property in the Lease Area; to the extent, however, that any
               such damage is necessary or unavoidable, the Company shall pay
               fair and reasonable compensation.

     (d)  The Company shall fence off effectually from the adjoining lands, all
          pits, shafts and other works made or used under the powers hereof.

     (e)  The company shall as far as is necessary or practicable provide and
          maintain in good repair and condition roads, gates, stiles and fences
          for the convenient occupation of the surface of the Lease Area.

     (f)  The Company shall provide and maintain proper and sufficient drains,
          culverts, arches and passageways for carrying off any waters which
          shall arise or be produced or interrupted by any of the works hereby
          authorized so that the drainage of the Lease Area may not be
          prevented or prejudiced.

6.   NOTIFICATION OF DISCOVERY OF OTHER MINERALS:

     (a)  The Company shall report forthwith to the Minister, the Chief
          Executive of the Minerals Commission, the Chief Inspector of Mines
          and the Director of Geological Survey, the discover in the Lease Area
          of any other mineral deposits apart from gold and the Company shall
          be given the first option to prospect further and to work the said
          minerals, subject to satisfactory arrangements between the Government
          and the Company.

     (b)  Failing any such satisfactory arrangements the Company shall not
          produce any minerals from the Lease Area other than gold except where
          they are unavoidably linked with the production of gold.

<PAGE>
7.   SAMPLES:

     (a)  The Company shall not during the currency of this agreement remove,
          dispose of or destroy, except in analyses, any cores or samples
          obtained from the Lease Area without the prior consent in writing of
          the Chief Inspector of Mines.

     (b)  The Company shall provide the Director of Geological Survey with such
          samples from the Lease Area as he may from time to time reasonably
          request, and shall keep such samples as he may be directed to do so by
          the Chief Inspector of Mines.

8.   HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION:

     (a)  The Company shall comply with all such reasonable instructions as may
          from time to time be given by the Chief Inspector of Mines for
          securing the health and safety of persons engaged in or connected with
          the operations hereunder.

     (b)  The Company shall adopt all necessary and practical precautionary
          measures to prevent undue pollution of rivers and other potable water
          and to ensure that such pollution does not cause harm or destruction
          to human or animal life or fresh water fish or vegetation.

9.   POWER OF CHIEF INSPECTOR OF MINES TO EXECUTE CERTAIN WORKS:

     If the Company shall at any time fail to comply with any provisions of this
     Agreement or applicable law and such failure is likely, in the opinion of
     the Chief Inspector of Mines, to:

     (i)    endanger the health or safety of persons, or
     (ii)   endanger the environment, or
     (iii)  cause harm or destruction to potable water; or
     (iv)   result in damage to mining equipment or other structures or
            installation;

<PAGE>
     the Chief Inspector of Mines, shall after giving the Company reasonable
     notice, execute any works which in his opinion are necessary and
     practicable in the circumstances and the costs and expenses of such works
     shall be borne by the Company.

10.  LIABILITY FOR DAMAGE OR INJURY AND INDEMNITY:

     (a)  Nothing in this Agreement shall exempt the Company from liability for
          any damage, loss or injury caused to any person, property or interest
          as a result of the exercise by the Company of any rights or powers
          granted to it under this Agreement.

     (b)  The Company shall at all times indemnify the Government and its
          officers and agents against all claims and liabilities in respect
          of any loss suffered by or damage done to third parties arising out
          of the exercise by the Company of any rights or powers granted to it
          under this Agreement provided that the Company shall not so indemnify
          the Government, its officers and agents where the claim or liability
          arises out of the wrongful or negligent acts of the Government, its
          officers and agents.

11.  EMPLOYMENT AND TRAINING:

     (a)  Citizens of Ghana shall be given preference for employment by the
          Company in all phases of its operations hereunder to the maximum
          possible extent, consistent with safety, efficiency and economy.

     (b)  Except with respect to unskilled personnel, the Company may employ
          non-Ghanaian personnel in the conduct of its operations provided that
          the number of such non-Ghanaian personnel employed shall not exceed
          the quota permitted by the Government.

     (c)  The Company shall provide appropriate programmes of instruction and
          theoretical and practical training to ensure the advancement,

<PAGE>
          development, improved skills and qualification of Ghanaian employees
          in all categories of employment.

12.  PREFERENCE FOR GHANAIAN GOODS AND SERVICES

     In the conduct of its operations and in the purchase, construction and
     installation of facilities, the Company shall give preference to:-

     (a)  materials and products made in Ghana, if such materials and products
          are comparable or better in price, quality and delivery dates than
          materials and products from foreign sources;

     (b)  service agencies located in Ghana owned by Ghanaian citizens or
          companies organized pursuant to Ghanaian law, including but not
          limited to, insurance agencies, bidding contractors, import brokers,
          dealers and agents if such agencies give or provide equal or better
          price and quality of service than competing foreign firms and can
          render services at such times as the Company may require.

13.  AFFILIATED COMPANY TRANSACTIONS:

     (a)  Any services including services in respect of the purchase and
          acquisition of materials outside Ghana provided by an affiliated
          company, shall be obtained only at a price which is fair and
          reasonable. The Company shall, at the request of the Minister, provide
          such justification of costs as may be required, duly supported by an
          Auditor's certificate if necessary.

     (b)  Any other transactions between the Company and an affiliated company
          shall be on the basis of competitive international prices and upon
          such terms and conditions as would be fair and reasonable had such
          transactions taken place between unrelated parties.

     (c)  The Company shall notify the Minister of any and all transactions
          between the Company and an affiliated company and shall supply such
          details relating to such transactions as the Minister may be notice
          reasonably require.

<PAGE>
     14.  TECHNICAL RECORDS:

     (a)  The Company shall maintain at its registered or mine offices complete
          records of pits and trenches (location, depths of overburden and
          gravel and assay value) in the Lease Area in such form as may from
          time to time be approved by the Chief Inspector of Mines, Chief
          Executive of the Minerals Commission and the Director of Geological
          Survey.

     (b)  The Company shall maintain at the said offices copies of all reports
          including interpretations dealing with gold and other precious
          minerals prospects in the Lease Area in the course of its operations
          hereunder and copies of all tests and analyses, geological and
          geophysical maps, diagrams or charts relevant to its operations
          hereunder. These reports and records may be examined by persons in
          the service or acting on behalf of the Government and authorized in
          writing by the Minister.

     (c)  The Company shall maintain at the said offices correct and
          intelligible plans and sections of all mines which plans and sections
          shall show the operations and workings which have been carried on as
          well as dykes, veins, faults and other disturbances which have been
          encountered in such workings and operations. All such plans and
          sections shall be made, amended and completed from actual surveys
          conducted for that purpose.

     (d)  Upon expiration or termination of this Agreement or the surrender of
          any part of the Lease Area, such records and data as are required to
          be maintained pursuant to this paragraph which relate to the Lease
          Area, or such part of the Lease Area as may have been surrendered
          shall be delivered to the Chief Inspector of Mines, Chief Executive of
          the Minerals Commission and the Director of Geological Survey and
          shall become the property of the Government without charge.

<PAGE>
15.  PRODUCTION RECORDS:

     The Company shall maintain at its registered or mine offices complete and
     accurate technical records of its operations and production in the Lease
     Area in such form as may from time to time be approved by the Chief
     Inspector of Mines.

16.  FINANCIAL RECORDS:

     (a)  The Company shall maintain at its registered or mine offices detailed
          and complete accounts and systematic financial records of its
          operations as may be required by law. The books of account shall show
          all revenues received by the Company from all sources including its
          operations hereunder, as well as all its expenditure. The Company
          shall provide for a clear basis for understanding and relating the
          financial records and accounts to its operations.

     (b)  The Company's books of account shall be kept on the basis of
          generally accepted accounting principles.

     (c)  The Company shall keep separately records and financial statements in
          terms of Ghana currency and also in terms of U.S. Dollars or other
          international currency and may record in foreign currency such claims
          and liabilities as arise in such foreign currency.

     (d)  The Company's books of account shall be audited within six (6) months
          after the close of each Financial Year by a qualified Accountant and
          member of the Ghana Institute of Chartered Accountants. Such auditing
          shall not in any way imply acceptance of its results by the
          Government or preclude the Government from auditing such books of
          account. The Company shall deliver to the Minister without charge,
          copies of all or any part of such financial records as he may from
          time to time reasonably request.

17.  REPORTS:

     (a)  The Company shall furnish a report each quarter, to the Minister, the
          Chief Inspector of Mines, the Chief Executive of the Minerals

<PAGE>
          Commission and Director of Geological Survey, in such forms as may
          from time to time be approved by the Minister, regarding the
          quantities of gold and other precious minerals won in that quarter,
          quantities sold, the revenue received and royalties payable for that
          quarter and such other information as may be required. Such reports
          shall be submitted not later than thirty (30) days after the end of
          each quarter.

     (b)  The Company shall furnish a report each half-year to the Minister,
          the Chief Inspector of Mines, the Chief Executive of the Minerals
          Commission and the Director of Geological Survey in such form as may
          from time to time be approved by the Minister summarising the results
          of its operations in the Lease Area during the half-year and records
          to be kept by the Company pursuant to paragraphs 14, 15 and 16
          hereof. Each such report shall include a description of any
          geological or geophysical work carried out by the Company in that
          half-year and a plan upon a scale approved by the Chief Inspector of
          Mines showing dredging areas and mine workings. Such reports shall be
          submitted not later than forty (40) days after the half-year to which
          they relate.

     (c)  The Company shall furnish a report each Financial Year in such form
          as may from time to time be approved by the Minister to the Chief
          Inspector of Mines, the Chief Executive of the Minerals Commission
          and the Director of Geological Survey Department summarising the
          results of its operations in the Lease Area during that Financial
          Year and the records required to be kept by the Company pursuant to
          paragraphs 14, 15, and 16 hereof. Each such report shall include a
          description of the proposed operations for the following year with an
          estimate of the production and revenue to be obtained therefrom. Such
          reports shall be submitted not later than sixty (60) days after the
          end of each Financial Year.

<PAGE>

     (d)  The Company shall furnish the Minister, the Chief Inspector of Mines,
          the Chief Executive of the Minerals Commission and the Director of
          Geological Survey not later than three (3) months after the
          expiration or termination of this Agreement, with a report giving an
          account of the geology of the Lease Area including the stratigraphic
          and structural conditions, together with a geological map on a scale
          prescribed in the Mining Regulations.

     (e)  The Company shall furnish the Minister and the Chief Executive of the
          Minerals Commission, with a report of the particulars of any proposed
          alteration to its regulations. The Company shall also furnish the
          Minister and the Chief Executive of the Minerals Commission with a
          report on the particulars of any fresh issues of shares of its
          capital stock or borrowings in excess of an amount equivalent to the
          Stated Capital of the Company. All such reports shall be in such form
          as the Minister may require and shall be submitted not less than
          twenty-one (21) days (or such lesser period as the Minister may
          agree) in advance of any proposed alteration, fresh issue or
          borrowing, as the case may be.

     (f)  The Company shall, not later than 180 days after the end of each
          Financial Year, furnish the Minister and the Chief Executive of the
          Minerals Commission with a copy each of its annual financial reports
          including a balance sheet, profit and loss account, and all notes
          pertaining thereto, duly certified by a qualified accountant who is a
          member of the Ghana Institute of Chartered Accountants. Such
          certificate shall not in any way imply acceptance of such reports by
          the Government or preclude the Government from auditing the Company's
          books of account.

     (g)  The Company shall furnish the Minister, the Chief Inspector of Mines,
          the Chief Executive of the Minerals Commission and the Director of
          Geological Survey with such other reports and

<PAGE>
          information concerning its operations as they may from time to time
          reasonably require.

18. INSPECTION:

     (a)  Any person or persons in the service of or acting on behalf of the
          Government and authorized in writing by the Minister shall be entitled
          at all reasonable times to enter into and upon any part of the Lease
          Area and the Company's registered office, for any of the following
          purposes:

          (i)   to examine the mine workings, equipment, buildings, installation
                and any other structures used in the mining operation;

          (ii)  to inspect the samples which the Company is required to keep in
                accordance with the provisions of this Agreement;

          (iii) to inspect and check the accuracy of the weights and measures
                and weighing and measuring devices, used or kept by the Company;

          (iv)  to examine and make abstracts of the books and records kept by
                the Company pursuant to this Agreement;

          (v)   to verify or ensure compliance by the Company with all
                applicable laws and regulations and with its obligations
                hereunder;

          (vi)  to execute any works which the Chief Inspector of Mines may be
                entitled to execute in accordance with the provisions of the
                Mining Laws and Regulations of Ghana, or of this Agreement.

     (b)  The Company shall make reasonable arrangements to facilitate any such
          work or inspection, including making available employees of the
          Company to render assistance with respect to any such work or
          inspection. All such works and inspections shall be listed by the
          Company in the reports and furnished each half year.
<PAGE>
19. CONFIDENTIAL TREATMENT:

     The Government shall treat all information supplied by the Company
     hereunder as confidential for a period of five (5) years from the date of
     submission of such information or upon termination of this Agreement
     whichever is sooner and shall not reveal such information to third parties
     except with the written consent of the Company which consent shall not be
     unreasonably withheld. The Government and persons authorized by the
     Government may nevertheless use such information received from the Company
     for the purpose of preparing and publishing general reports on Minerals in
     Ghana and in connection with any dispute between the Government and the
     Company.

20. FINANCIAL OBLIGATIONS:

     (a)  Consideration Fees

          The Company shall, in consideration of the grant of the Mining Lease
          pay to Government an amount of US$30,000.00 (thirty thousand U.S.
          Dollars).

     (b)  Rent:

          The Company shall pay rent (which shall be subject to review) at the
          rate of:

          ----------------------------------------------------------------------
                              i.e. ((cents)5,000 per square kilometre).
          -------------------

          (i)   the said rent shall be paid half yearly in advance on or before
                the first day of January and on or before the first day of July
                in each year.

          (ii)  in the event of a surrender of any part of the Lease Area
                pursuant to paragraph 25 hereof, no rental payments shall be
                refunded in whole or in part of any area so surrendered for
                which yearly rental has been paid in advance or shall rental
                payments be refunded in the event of termination.

21. ROYALTIES:
<PAGE>
     (a)  The Company shall pay to the Government royalty as prescribed by
          legislation.

     (b)  The Company shall pay royalty to the Government each quarter through
          the Commissioner of Internal Revenue based on the production for that
          quarter, within thirty (30) days from the end of the quarter.

          Any necessary adjustments shall be made annually within sixty (60)
          days of the end of each Financial Year, except that any over-payment
          of royalty shall not be refunded by the Government but shall be
          credited against royalty due and payable in the next quarter.

     (c)  In the event of a dispute with respect to the amount of royalty
          payable hereunder, the Company shall first make payment of the lower
          of the disputed amounts and shall pay forthwith any further royalty
          which shall be agreed upon or determined to be payable by arbitration
          in accordance with paragraph 35 hereof. Such further royalty shall
          carry interest to be agreed upon or at the ruling prime rate in Ghana
          at the time of the award or agreement to take effect from the date on
          which such amount ought originally to have been paid.

     (d)  The Company shall also pay royalty on all timber felled by the Company
          in accordance with existing legislation.

22.  LATE PAYMENTS:

     (a)  Anything herein contained to the contrary notwithstanding, the Company
          shall pay as penalty for any late payment of any amounts due to the
          Government hereunder, an additional amount calculated at the Bank of
          Ghana re-discount rate for every thirty-day period or part thereof for
          the period of the delay in paying the amounts, that is to say, the
          period between the actual payment date and the date on which each such
          payment should have been made.
<PAGE>
     (b)  In the event the Company shall fail to make payment to the Government
          of any amount due hereunder, the Government without prejudice to any
          other rights and remedies to which it may be entitled, may, after
          giving 30 days notice in writing, enter into and upon the Lease Area
          and seize and distrain and sell as landlords may do for rent in
          arrears, all or any of the stocks of gold produced therefrom, and the
          plant and equipment, materials and supplies belonging to the Company
          which shall be thereon; and out of the monies obtained from the sale
          in respect of such distress may retain and pay all of the arrears of
          any amounts due hereunder and the costs and expenses incidental to any
          such distress and sale and deliver up the surplus (if any) to the
          Company.

23.  TAXATION:

     (a)  The Company shall not be required to deduct or withhold any taxes from
          any payment made from its external account of which is authorized
          under the terms of the Minerals and Mining Law of:

          (i)  any interest or other costs or fees paid in respect of any
               borrowing by or on behalf of the company in foreign currency for
               the project;

          (ii) any dividends paid to the shareholders.

     (b)  Save for the above, the Company shall pay tax in accordance with the
          laws of Ghana.

24.  FOREIGN EXCHANGE:

     All foreign exchange transactions shall be in accordance with the laws of
     Ghana.

25.  SURRENDER:

     (a)  The Company may surrender at any time and from time to time, by giving
          not less than three months' notice to the Minister, all its rights
          hereunder in respect of any part of the Lease Area not larger
<PAGE>
          in the aggregate than 20% of the said Area. The Company may surrender
          a larger part of the Lease Area by giving not less than twelve (12)
          months' notice to the Minister. The Company shall be relieved of all
          obligations in respect of the part or parts of the Lease Area so
          surrendered except those obligations which accrued prior to the
          effective date of surrender.

     (b)  The Company shall leave the part of the Lease Area surrendered and
          everything thereon in a good and safe condition, provided, however
          that the Company shall have no such obligations for areas surrendered
          on which the company has not undertaken any works or which have not
          been affected by the operations of the Company. The Company shall take
          all reasonable measures, in accordance with good mining practices to
          leave the surface of such part of the Lease Area surrendered, in good
          and usable condition having regard to the ecology, drainage,
          reclamation and the protection of the environment. In the event that
          the Company fails to do so, the Minister shall make such part and
          everything thereon safe and in good, usable condition at the expense
          of the Company. The provisions of sub-paragraphs (a) and (c) of
          paragraph 29 hereof shall apply.

     (c)  The Company shall, on such terms and conditions as may be agreed upon
          between the Government and the Company, be entitled to such wayleaves,
          easements or other rights through or across the surrendered part or
          parts as may be necessary for its operations and such wayleaves shall
          not form part or be included in the calculation of the area of the
          retained part.

     (d)  The Government may require that there be reserved over any part
          surrendered such wayleaves, easements or other rights as will in its
          opinion be necessary or convenient to any part to whom the
<PAGE>
          Government may subsequently grant a prospecting license or mining
          lease.

26.  EXTENSION:

     If the Company, not less than six (6) months before the expiration of this
     Agreement, applies to the Minister for an extension of the term hereof and
     if the Company shall not be in default at that time in the performance of
     any of its obligations hereunder, the Company shall be entitled to an
     extension of the period of this Agreement upon such terms and conditions
     as the parties may then agree.

27.  COMPANY'S RIGHT TO TERMINATE AGREEMENT:

     The Company may, if in its opinion the mine can no longer be economically
     worked, terminate this Agreement by giving not less than nine (9) months'
     notice to the Government. Such termination shall be without prejudice to
     any obligation or liability incurred by the Company hereunder prior to the
     effective date of such termination.

28.  GOVERNMENT'S RIGHT TO TERMINATE AGREEMENT:

     (a)  The Government may, subject to the provisions of this paragraph,
          terminate this Agreement if any of the following events occur:-

          (i)   the Company shall fail to make any of the payments provided for
                in this Agreement on the payment date;

          (ii)  the Company shall contravene or fail to comply with any other
                provisions of this Agreement; or

          (iii) the Company shall become insolvent or bankrupt or enter into
                any agreement or composition with its creditors or take
                advantage of any law for the benefit of debtors or go into
                liquidation, whether compulsory or voluntary, except for the
                purposes of reconstruction or amalgamation; or

          (iv)  the Company makes a written statement to the Government on any
                material matter in connection with this Agreement or

<PAGE>
                    with its operations which the Company knows to be false or
                    makes recklessly without due regard as to whether it was
                    true or false.

          (b)  If and whenever the Government decides there are grounds to
               terminate this Agreement pursuant to clauses (i) and (ii) of the
               preceding sub-paragraph, the Government shall give the Company
               notice specifying the particular contravention or failure and
               permit the Company to remedy same within three (3) months of such
               notice, or such longer period as the Minister may specify in such
               notice as being reasonable in the circumstances.

          (c)  If the Company shall fail to remedy any event specified in
               clauses (i) and (ii) of sub-paragraph (a) of this paragraph
               within the stated period, or an event specified in clauses (iii)
               and (iv) of the said sub-paragraph shall occur, the Government
               may by notice to the Company terminate this Agreement, provided
               that if the Company disputes whether there has been any
               contravention or failure to comply with the conditions hereof
               (including any dispute as to the calculation of payments by the
               Company to the Government hereunder), and the Company shall,
               within such period as aforesaid refer to dispute to arbitration
               in accordance with paragraph 35 hereof and, thereafter,
               diligently prosecute its claim thereunder, the Government shall
               not terminate this Agreement except as the same may be consistent
               with the terms of the arbitration award.

          (d)  No delay or omission or course of dealing by the Government shall
               impair any of its rights hereunder or be construed to be a waiver
               of any event specified in sub-paragraph (a) of this paragraph or
               an acquiescence therein.

          (e)  Upon termination of this Agreement, every right of the Company
               hereunder shall cease (save as otherwise specifically provided
               hereunder) but subject nevertheless and without prejudice to any

<PAGE>
          obligation or liability imposed or incurred under this Agreement prior
          to the effective date of termination and to such rights as the
          Government may have under the law.

29.  ASSETS ON TERMINATION OR EXPIRATION:

     (a)  Upon the termination or expiration of this Agreement, immovable assets
          of the Company in the Lease Area and all other appurtenances, pits,
          trenches and boreholes shall on the effective date of termination or
          expiration, become the property of the Government without charge.

     (b)  All materials, supplies, vehicles and other movable assets of the
          Company in the Lease Area which are fully depreciated for tax
          purposes, shall become the property of the Government without charge
          on the effective date of termination or expiration. Any such property
          which is not then fully depreciated for tax purposes shall be offered
          for sale to the Government within sixty (60) days from the effective
          date of such termination or expiration at the depreciated cost. If the
          Government shall not accept such offer within sixty (60) days, the
          Company may sell, remove or otherwise dispose of all such property
          within a period of one hundred and eighty (180) days after the
          expiration of such offer. All such property not sold, removed or
          otherwise disposed of shall become the property of the Government
          without charge.

     (c)  Notwithstanding the foregoing, the Minister, may by notice to the
          Company require the removal or destruction of any assets of the
          Company in the Leased Area, and if the Company does not remove or
          destroy such assets within a period of thirty (30) days from the date
          of the Minister's notice to that effect, the Minister shall cause such
          removal or destruction at the expense of the Company.

     (d)  The Company shall take all reasonable measures to ensure that all of
          the assets to be offered for sale to the Government or
<PAGE>
          transferred to the Government in accordance with this paragraph shall
          be maintained in substantially the same condition in which they were
          at the date of the termination or the date on which the Company
          reasonably knew that such termination would occur and any such assets
          shall not be disposed of, dismantled or destroyed except as
          specifically provided for in this paragraph.

     (e)  Upon the termination or expiration of this Agreement, the Company
          shall leave the Lease Area and everything thereon in good condition,
          having regard to the ecology, drainage, reclamation, environmental
          protection, health and safety; provided however that the Company
          shall have no obligation in respect of areas where the Company has
          not undertaken any work or which have not been affected by the
          Company's operations. In this connection, unless the Chief Inspector
          of Mines otherwise directs, the Company shall, in accordance with
          good mining practices, fill up or fence and make safe all holes and
          excavations to the reasonable satisfaction of the Chief Inspector of
          Mines. In addition the Company shall take all reasonable measures to
          leave the surface of the Lease Area in usable condition and to
          restore all structures thereon not the property of the Company to
          their original condition. In the event that the Company fails to do
          so, the Minister shall restore and make safe the Lease Area and
          everything thereon at the expense of the Company.

     (f)  The Company shall have the right to enter upon the Lease Area for the
          aforesaid purposes, subject to the rights of surface owners or
          others, for a period of six (6) months from the effective date of the
          termination or such longer period as the Minister may decide.

30.  FORCE MAJEURE:

     (a)  All obligations on the part of the Company to comply with any of the
          conditions herein (except the obligation to make payment of
<PAGE>
          monies due to the Government) shall be suspended during the period
          the Company is prevented by force majeure from fulfilling such
          obligations, the Company having taken all reasonable precautions, due
          care and reasonable alternative measures with the objective of
          avoiding such non-compliance and of carrying out its obligations
          hereunder. The Company shall take all reasonable steps to remove such
          causes of the inability to fulfill the terms and conditions hereof
          with the minimum of delay.

     (b)  For the purpose of this paragraph, force majeure includes Government
          restraints not arising from the non-compliance by the Company with
          the conditions therein, acts of God, war, strikes, insurrection,
          riots, earthquakes, storm, flood or other adverse weather conditions
          or any other event which the Company could not reasonably be expected
          to prevent or control, but shall not include any event caused by a
          failure to observe good mining practices or by the negligence of the
          Company or any of its employees or contractors.

     (c)  The Company shall notify the Minister within forty-eight (48) hours
          of any event of force majeure affecting its ability to fulfill the
          conditions hereof or of any events which may endanger the natural
          resources of Ghana and similarly notify the Government of the
          restoration of normal conditions within forty-eight hours of such
          restoration. This provision shall be in addition to any requirements
          contained in the Mining Regulations in force in Ghana.

     (d)  The terms of this Agreement shall be extended for a period of time
          equal to the period or periods during which the company was affected
          by conditions set forth in the sub-paragraph (a) and (b) of this
          paragraph or for such period as may be agreed by the parties.

31.  POLITICAL ACTIVITY:
<PAGE>
          make a donation, gift or grant to any political party. The Company
          shall make it a condition of employment that no employee, other than a
          citizen of Ghana shall engage in political activity and shall not make
          donations, gifts or grants to any political party. In the event of any
          such employee acting in disregard to this condition, he shall be
          dismissed forthwith.

     32.  ADVERTISEMENTS, PROSPECTUSES, ETC:

          Neither the Company nor any affiliated Company shall in any manner
          claim or suggest, whether expressly or by implication that the
          Government or any agency or official thereof, has expressed any
          opinion with respect to gold in the Lease Area and no statement to
          this effect shall be included in or endorsed on any prospectus notice,
          circular, advertisement, press release or similar document issued by
          the Company or any affiliated Company for the purpose of raising new
          capital.

     33.  CO-OPERATION OF THE PARTIES:

          Each of the parties hereto undertake that it will from time to time do
          all such acts and make, enter into, execute, acknowledge and deliver
          at the request of the other party, such supplemental or additional
          instruments, documents, agreements, consents, information or otherwise
          as may be reasonably required for the purpose of implementing or
          further assuring the rights and obligations of the other party under
          this Agreement.

     34.  NOTICE:

          Any application, notice, consent, approval, direction, instruction or
          waiver hereunder shall be in writing and shall be delivered by hand or
          by registered mail. Delivery by hand shall be deemed to be effective
          from the time of delivery and delivery by registered mail shall be
          deemed to be effective from such time as it would in the ordinary
          course of registered mail be delivered to the addressee.

     35.  ARBITRATION AND SETTLEMENT OF DISPUTES:

<PAGE>
          (a)  Any dispute between the parties in respect of the interpretation
               or enforcement of the provisions of this document shall be
               settled in accordance with the procedures available in Ghana for
               the settlement of such dispute provided that at the instance of
               either of the parties any such dispute may be submitted for
               settlement by arbitration under the Arbitration Rule of the
               United Nations Commission on International Trade Law (the
               "UNCITRAL Rule").

          (b)  Any arbitration under the UNCITRAL Rules shall be by three (3)
               arbitrators unless the parties agree to a single arbitrator. The
               place of arbitration shall be Accra and the proceedings shall be
               in English unless the parties otherwise agree. Ghana Law shall be
               the law applicable to the proceedings.

          (c)  Nothing in clause 35(a) or 35(b) shall prevent either of the
               parties from requesting any judicial authority to order
               provisional measures prior to the initiation of arbitration
               proceedings or during the proceedings for the preservation of
               their respective rights.

          (d)  The parties acknowledge and that this Agreement was made on the
               basis of the laws and conditions prevailing at the date of the
               effective conclusions of the negotiation of this Agreement and
               accordingly, if thereafter, new laws and conditions come into
               existence which unfairly affect the interest of either party to
               this Agreement, then the party so unfairly affected shall be
               entitled to request a re-negotiation and the parties shall
               thereupon re-negotiate.

               The parties hereby undertake and covenant with each other to make
               every effort to agree, co-operate, negotiate and to take such
               action as may be necessary to remove the causes of unfairness or
               disputes.

     36.  ASSIGNMENT AND TRANSFER OF RIGHTS:

<PAGE>
     (a)  This Agreement shall not be assignable in whole or in part by the
          Company without the prior consent in writing of the Government.

     (b)  The Government may impose such conditions precedent to the giving of
          such consent as it may deem appropriate in the circumstances. No
          assignment, however, may relieve the Company of its obligations under
          this Agreement except to the extent that such obligations are actually
          assumed by the Assignee.

     (c)  During the term of this Agreement, no shares of the capital stock of
          the Company may be transferred except in accordance with the Minerals
          and Mining Law.

37.  HEADINGS:

     The headings given to paragraphs in this Agreement are for convenience only
     and shall not affect the construction or interpretation of this Agreement.

38.  GOVERNING LAWS:

     This Agreement shall be governed and construed in accordance with the Laws
     of Ghana.

                         THE SCHEDULE ABOVE REFERRED TO
<PAGE>
                                 OATH OF PROOF

I                                  of ACCRA make oath and say that on the
     day of              2001 I was present and saw DR. KWAKU AFRIYIE, Minister
of Lands, Forestry and Mines duly execute the Instrument now produced to me and
marked "A" and that the said
                              can read and write.

SWORN at Accra, this          day of              2001

          BEFORE ME

     -------------------           ------------------
     REGISTRAR OF LANDS             D E P O N E N T

This is the Instrument Marked "A" Referred to in the Oath of
                    Sworn before me this     day of              2001.

                              --------------------
                               REGISTRAR OF LANDS

                              CERTIFICATE OF PROOF

On the    day of              2001 at   O'clock in the noon this Instrument was
proved before me by the Oath of the within-named                           to
have been duly executed by the within-named DR. KWAKU AFRIYIE for and on behalf
of "the Government" of the Republic of Ghana for Lessor herein.

                              --------------------
                               REGISTRAR OF LANDS

Dated this               day of                   2001
          ---------------      -------------------
<PAGE>
IN WITNESS OF WHICH the Parties have respectively executed the original and
counterpart of this Agreement on the date first above written.

SIGNED BY THE GOVERNMENT OF THE                 ]
REPUBLIC OF GHANA acting by                     ]
DR. KWAKU AFRIYIE, the Minister of Lands,       ]
Forestry and Mines who by this execution        ]  /s/ [ILLEGIBLE]
Warrants to the other party that he is duly     ]  -----------------------------
Authorized and empowered to enter into this     ]            MINISTER
Agreement in the presence of:                   ]   MINISTRY OF LANDS, FORESTRY
                                                              & MINES
/s/ ERNESTINA TEXPETEY ESQ.
------------------------------------------
              CHIEF DIRECTOR
            MINISTRY OF LANDS,
             FORESTRY & MINES

SIGNED BY THE WITHIN-NAMED                      ]

BOGOSO GOLD LIMITED                     ]
acting by its Chief Executive/Managing Director ]
who by this execution warrants to the other     ]
party that he is duly authorized and            ]
empowered to enter into this Agreement in       ]  -----------------------------
the presence of:                                ]        MANAGING DIRECTOR

------------------------------------------
            DIRECTOR/SECRETARY

<PAGE>

                      GOVERNMENT OF THE REPUBLIC OF GHANA

                                      AND

                              BOGOSO GOLD LIMITED

--------------------------------------------------------------------------------

                                  MINING LEASE

--------------------------------------------------------------------------------

TERM:                              THIRTY (30) YEARS

COMMENCEMENT:

EXPIRY DATE:

FILE NO:

                                  SOLICITOR OF
                               THE SUPREME COURT
                                     GHANA

<PAGE>
                               [BOGOSO SITE MAP]

<PAGE>
                          THIS IS THE PLAN REFERRED TO

                          IN THE ANNEXED MINING LEASE

                        DATED THIS 29TH DAY OF JUNE 2001

                                        /s/ [SIGNATURE ILLEGIBLE]

                                        Minister

                                        MINISTRY OF LANDS, FORESTRY & MINES

                  THE HON. MINISTER OF LANDS, FORESTRY & MINES

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