Document:

Filed by sedaredgar.com - Lincoln Gold Corporation - Exhibit 4.01

LINCOLN GOLD CORPORATION
(the “Company”)

AMENDED AND RESTATED
 2005 SHARE OPTION PLAN

Dated for Reference June 26, 2008

ARTICLE 1
PURPOSE AND INTERPRETATION

Purpose

1.1 The purpose of this Plan is to advance the interests of the
Company by encouraging equity participation in the Company through the
acquisition of Common Shares of the Company. Upon listing of the Company on the
TSX Venture Exchange, it is the intention of the Company that this Plan will at
all times be in compliance with the TSX Venture Policies (or, if applicable, the
NEX Policies) and any inconsistencies between this Plan and the TSX Venture
Policies) (or, if applicable, the NEX Policies) will be resolved in favour of
the latter. If the Company is an OTCBB Issuer, as defined below, the references
to the approve of the TSX Venture will not apply.

Definitions

1.2 In this Plan

(a) Affiliate means a company that is a parent or
subsidiary of the Company, or that is controlled by the same entity as the
Company;

(b) Associate has the meaning set out in the Securities
Act;

(c) Board means the board of directors of the Company or
any committee thereof duly empowered or authorized to grant Options under this
Plan;

(d) Change of Control includes situations where after
giving effect to the contemplated transaction and as a result of such
transaction: 

(i) any one Person holds a sufficient
number of voting shares of the Company or resulting company to affect materially
the control of the Company or resulting company, or,

(ii) any combination of Persons, acting
in concert by virtue of an agreement, arrangement, commitment or understanding,
holds in total a sufficient number of voting shares of the Company or its
successor to affect materially the control of the Company or its successor, 

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where such Person or combination of Persons did not previously
hold a sufficient number of voting shares to affect materially control of the
Company or its successor. In the absence of evidence to the contrary, any Person
or combination of Persons acting in concert by virtue of an agreement,
arrangement, commitment or understanding, holding more than 20% of the voting
shares of the Company or resulting company is deemed to materially affect
control of the Company or resulting company;

(e) Common Shares means common shares without par value
in the capital of the Company;

(f) Company means the company named at the top hereof
and includes, unless the context otherwise requires, all of its Affiliates and
successors according to law;

(g) Consultant means an individual or Consultant
Company, other than an Employee, Officer or Director that: 

(i) provides on an ongoing bona fide
basis, consulting, technical, managerial or like services to the Company or an
Affiliate of the Company, other than services provided in relation to a
Distribution;

(ii) provides the services under a
written contract between the Company or an Affiliate and the individual or the
Consultant Company;

(iii) in the reasonable opinion of the
Company, spends or will spend a significant amount of time and attention on the
business and affairs of the Company or an Affiliate of the Company; and

(iv) has a relationship with the
Company or an Affiliate of the Company that enables the individual or Consultant
Company to be knowledgeable about the business and affairs of the Company;

(h) Consultant Company means for an individual
consultant, a company or partnership of which the individual is an employee,
shareholder or partner;

(i) Directors means the directors of the Company as may
be elected from time to time;

(j) Discounted Market Price has the meaning assigned by
Policy 1.1 of the TSX Venture Policies;

(k) Disinterested Shareholder Approval means approval by
a majority of the votes cast by all the Company’s shareholders at a duly
constituted shareholders’ meeting, excluding votes attached to Common Shares
beneficially owned by Insiders who are Service Providers or their
Associates;

(l) Distribution has the meaning assigned by the
Securities Act, and generally refers to a distribution of securities by the
Company from treasury;

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(m) Effective Date for an Option means the date of grant
thereof by the Board;

(n) Employee means: 

(i) an individual who is considered an
employee under the Income Tax Act (i.e. for whom income tax, employment
insurance and CPP deductions must be made at source);

(ii) an individual who works full-time
for the Company or a subsidiary thereof providing services normally provided by
an employee and who is subject to the same control and direction by the Company
over the details and methods of work as an employee of the Company, but for whom
income tax deductions are not made at source; or

(iii) an individual who works for the
Company or its subsidiary on a continuing and regular basis for a minimum amount
of time per week providing services normally provided by an employee and who is
subject to the same control and direction by the Company over the details and
methods of work as an employee of the Company, but for whom income tax
deductions need not be made at source;

(o) Exercise Price means the amount payable per Common
Share on the exercise of an Option, as determined in accordance with the terms
hereof; 

(p) Expiry Date means the day on which an Option lapses
as specified in the Option Commitment therefor or in accordance with the terms
of this Plan;

(q) Insider means an insider as defined in the TSX
Venture Policies, if the Company is listed on the TSX Venture Exchange, or as
defined in securities legislation applicable to the Company;

(r) Investor Relations Activities has the meaning
assigned by Policy 1.1 of the TSX Venture Policies;

(s) Management Company Employee means an individual
employed by a Person providing management services to the Company which are
required for the ongoing successful operation of the business enterprise of the
Company, but excluding a Person engaged in Investor Relations Activities;

(t) NEX means a separate board of the TSX Venture for
companies previously listed on the TSX Venture Exchange or the Toronto Stock
Exchange which have failed to maintain compliance with the ongoing financial
listing standards of those markets;

(u) NEX Issuer means a company listed on the NEX;

(v) NEX Policies means the rules and policies of the NEX
as amended from time to time;

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(w) Officer means a Board appointed officer of the
Company;

(x) Option means the right to purchase Common Shares
granted hereunder to a Service Provider;

(y) Option Commitment means the notice of grant of an
Option delivered by the Company hereunder to a Service Provider and
substantially in the form of Schedule A attached hereto;

(z) Optioned Shares means Common Shares that may be
issued in the future to a Service Provider upon the exercise of an Option;

(aa) Optionee means the recipient of an Option
hereunder;

(bb) “OTCBB Issuer” means an issuer whose shares are
traded in the United States on the OTC Bulletin Board but whose shares are not
traded on the TSX Venture, the NEX or any other stock exchange in Canada.

(cc) Outstanding Shares means at the relevant time, the
number of issued and outstanding Common Shares of the Company from time to
time;

(dd) Participant means a Service Provider that becomes
an Optionee;

(ee) Person includes a company, any unincorporated
entity, or an individual;

(ff) Plan means this share option plan, the terms of
which are set out herein or as may be amended;

(gg) Plan Shares means the total number of Common Shares
which may be reserved for issuance as Optioned Shares under the Plan as provided
in §2.2;

(hh) Regulatory Approval means the approval of the TSX
Venture, if the Company is listed on the TSX Venture Exchange, and any other
securities regulatory authority that has lawful jurisdiction over the Plan and
any Options issued hereunder;

(ii) Securities Act means the Securities Act,
R.S.B.C. 1996, c. 418, or any successor legislation;

(jj) Service Provider means a Person who is a bona fide
Director, Officer, Employee, Management Company Employee, Consultant or Company
Consultant, and also includes a company, 100% of the share capital of which is
beneficially owned by one or more Service Providers;

(kk) Share Compensation Arrangement means any Option
under this Plan but also includes any other stock option, stock option plan,
employee stock purchase plan or any other compensation or incentive mechanism
involving the issuance or potential issuance of Common Shares to a Service
Provider;

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(ll) Shareholder Approval means approval by a majority
of the votes cast by eligible shareholders of the Company at a duly constituted
shareholders’ meeting;

(mm) TSX Venture means the TSX Venture Exchange and any
successor thereto; and

(nn) TSX Venture Policies means the rules and policies
of the TSX Venture as amended from time to time.

Other Words and Phrases

1.3 Words and phrases used in this Plan but which are not
defined in the Plan, but are defined in the TSX Venture Policies (and, if
applicable, the NEX Policies), will have the meaning assigned to them in the TSX
Venture Policies (and, if applicable, the NEX Policies).

Gender

1.4 Words importing the masculine gender include the feminine
or neuter, words in the singular include the plural, words importing a corporate
entity include individuals, and vice versa.

ARTICLE 2
 SHARE OPTION PLAN

Establishment of Share Option Plan

2.1 The Plan is hereby established to recognize contributions
made by Service Providers and to create an incentive for their continuing
assistance to the Company and its Affiliates. 

Maximum Plan Shares

2.2 The maximum aggregate number of Plan Shares that may be
reserved for issuance under the Plan at any point in time is 10% of the
Outstanding Shares at the time Plan Shares are reserved for issuance as a result
of the grant of an Option, less any Common Shares reserved for issuance under
share options granted under Share Compensation Arrangements other than this
Plan, unless this Plan is amended pursuant to the requirements, if applicable,
of the TSX Venture Policies and, if applicable, the NEX Policies.

Eligibility

2.3 Options to purchase Common Shares may be granted hereunder
to Service Providers from time to time by the Board. Service Providers that are
not individuals will be required to undertake in writing not to effect or permit
any transfer of ownership or option of any of its securities, or to issue more
of its securities (so as to indirectly transfer the benefits of an Option), as
long as such Option remains outstanding, unless, if the Company is listed on the
TSX Venture Exchange, the written permission of the TSX Venture and the Company
is obtained.

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Options Granted Under the Plan

2.4 All Options granted under the Plan will be evidenced by an
Option Commitment in the form attached as Schedule A, showing the number of
Optioned Shares, the term of the Option, a reference to vesting terms, if any,
and the Exercise Price.

2.5 Subject to specific variations approved by the Board, all
terms and conditions set out herein will be deemed to be incorporated into and
form part of an Option Commitment made hereunder.

Limitations on Issue

2.6 Subject to §2.9, the following restrictions on issuances of
Options are applicable under the Plan:

(a) no Service Provider can be granted
an Option if that Option would result in the total number of Options, together
with all other Share Compensation Arrangements granted to such Service Provider
in the previous 12 months, exceeding 5% of the Outstanding Shares (unless the
Company is classified as a Tier 1 Issuer by the TSX Venture and has obtained
Disinterested Shareholder Approval to do so);

(b) no Options can be granted under the
Plan if the Company is on notice from the TSX Venture to transfer its listed
shares to the NEX;

(c) the aggregate number of Options
granted to Service Providers conducting Investor Relations Activities in any
12-month period cannot exceed 2% of the Outstanding Shares, calculated at the
time of grant, without the prior consent of the TSX Venture, if the Company is
listed on the TSX Venture Exchange; and

(d) the aggregate number of Options
granted to any one Consultant in any 12-month period cannot exceed 2% of the
Outstanding Shares, calculated at the time of grant, without the prior consent
of the TSX Venture, if the Company is listed on the TSX Venture Exchange.

Options Not Exercised

2.7 In the event an Option granted under the Plan expires
unexercised or is terminated by reason of dismissal of the Optionee for cause or
is otherwise lawfully cancelled prior to exercise of the Option, the Optioned
Shares that were issuable thereunder will be returned to the Plan and will be
eligible for re-issuance.

Powers of the Board

2.8 The Board will be responsible for the general
administration of the Plan and the proper execution of its provisions, the
interpretation of the Plan and the determination of all questions arising
hereunder. Without limiting the generality of the foregoing, the Board has the
power to

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(a) allot Common Shares for issuance in
connection with the exercise of Options;

(b) grant Options hereunder;

(c) subject to any necessary Regulatory
Approval, amend, suspend, terminate or discontinue the Plan, or revoke or alter
any action taken in connection therewith, except that no general amendment or
suspension of the Plan will, without the prior written consent of all Optionees,
alter or impair any Option previously granted under the Plan unless the
alteration or impairment occurred as a result of a change in the TSX Venture
Policies or the Company’s tier classification thereunder;

(d) delegate all or such portion of its
powers hereunder as it may determine to one or more committees of the Board,
either indefinitely or for such period of time as it may specify, and thereafter
each such committee may exercise the powers and discharge the duties of the
Board in respect of the Plan so delegated to the same extent as the Board is
hereby authorized so to do; and

(e) amend this Plan (except for
previously granted and outstanding Options) to reduce the benefits that may be
granted to Service Providers (before a particular Option is granted) subject to
the other terms hereof.

Terms or Amendments Requiring Disinterested Shareholder
Approval

2.9 The Company will be required to obtain Disinterested
Shareholder Approval prior to any of the following actions becoming
effective:

(a) the Plan, together with all of the
Company’s other Share Compensation Arrangements, could result at any time
in:

(i) the aggregate number of Common
Shares reserved for issuance under Options granted to Insiders exceeding 10% of
the Outstanding Shares (in the event that this Plan is amended to reserve for
issuance more than 10% of the Outstanding Shares); 

(ii) the number of Optioned Shares
issued to Insiders within a one-year period exceeding 10% of the Outstanding
Shares (in the event that this Plan is amended to reserve for issuance more than
10% of the Outstanding Shares); or, 

(iii) in the case of a Tier l Issuer
only, the issuance to any one Optionee, within a 12-month period, of a number of
Common Shares exceeding 5% of Outstanding Shares; or

(b) any reduction in the Exercise Price
of an Option previously granted to an Insider.

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ARTICLE 3
TERMS AND CONDITIONS OF OPTIONS

Exercise Price

3.1 The Exercise Price of an Option will be set by the Board at
the time such Option is allocated under the Plan, and cannot be less than the
Discounted Market Price.

Term of Option

3.2 An Option can be exercisable for a maximum of 10 years from
the Effective Date for a Tier 1 Issuer, or five years from the Effective Date in
all other cases.

Option Amendment

3.3 If the Company is listed on the TSX Venture Exchange and
subject to §2.9(b), the Exercise Price of an Option may be amended only if at
least six (6) months have elapsed since the later of the date of commencement of
the term of the Option, the date the Common Shares commenced trading on the TSX
Venture, and the date of the last amendment of the Exercise Price.

3.4 If the Company is listed on the TSX Venture Exchange, an
Option must be outstanding for at least one year before the Company may extend
its term, subject to the limits contained in §3.2.

3.5 If the Company is listed on the TSX Venture Exchange, any
proposed amendment to the terms of an Option must be approved by the TSX Venture
prior to the exercise of such Option.

Vesting of Options

3.6 Subject to §3.7, vesting of Options shall be at the
discretion of the Board and, with respect to any particular Options granted
under the Plan, in the absence of a vesting schedule being specified at the time
of grant, all such Options shall vest immediately. Where applicable, the vesting
of Options will be generally subject to:

(a) the Service Provider remaining
employed by or continuing to provide services to the Company or any of its
Affiliates as well as, at the discretion of the Board, achieving certain
milestones which may be defined by the Board from time to time or receiving a
satisfactory performance review by the Company or any of its Affiliates during
the vesting period; or

(b) the Service Provider remaining as a
Director of the Company or any of its Affiliates during the vesting period.

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Vesting of Options Granted to Consultants Conducting
Investor Relations Activities

3.7 Notwithstanding §3.6, if the Company is listed on the TSX
Venture Exchange, Options granted to Consultants conducting Investor Relations
Activities will vest:

(a) over a period of not less than 12
months as to 25% on the date that is three months from the date of grant, and a
further 25% on each successive date that is three months from the date of the
previous vesting; or

(b) such longer vesting period as the
Board may determine.

Optionee Ceasing to be Director, Employee or Service
Provider

3.8 No Option may be exercised after the Service Provider has
left his employ/office or has been advised by the Company that his services are
no longer required or his service contract has expired, except as follows:

(a) in the case of the death of an
Optionee, any vested Option held by him at the date of death will become
exercisable by the Optionee’s lawful personal representatives, heirs or
executors until the earlier of one year after the date of death of such Optionee
and the date of expiration of the term otherwise applicable to such Option;

(b) in the case of a Tier 1 Issuer, an
Option granted to any Service Provider will expire within 90 days after the date
the Optionee ceases to be employed by or provide services to the Company, but
only to the extent that such Option has vested at the date the Optionee ceased
to be so employed by or to provide services to the Company; 

(c) in the case of a Tier 2 or NEX
Issuer or OTCBB Issuer, Options granted to a Service Provider conducting
Investor Relations Activities will expire within 30 days of the date the
Optionee ceases to conduct such activities, but only to the extent that such
Option has vested at the date the Optionee ceased to conduct such activities;

(d) in the case of a Tier 2 or NEX
Issuer or OTCBB Issuer, any Option granted to an Optionee other than one
conducting Investor Relations Activities will expire within 90 days after the
Optionee ceases to be employed by or provide services to the Company, but only
to the extent that such Option has vested at the date the Optionee ceased to be
so employed by or to provide services to the Company; and

(e) in the case of an Optionee being
dismissed from employment or service for cause, such Optionee’s Options, whether
or not vested at the date of dismissal will immediately terminate without right
to exercise same.

Non Assignable

3.9 Subject to §3.8, all Options will be exercisable only by
the Optionee to whom they are granted and will not be assignable or
transferable.

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Adjustment of the Number of Optioned Shares

3.10 The number of Common Shares subject to an Option will be
subject to adjustment in the events and in the manner following:

(a) in the event of a subdivision of
Common Shares as constituted on the date hereof, at any time while an Option is
in effect, into a greater number of Common Shares, the Company will thereafter
deliver at the time of purchase of Optioned Shares hereunder, in addition to the
number of Optioned Shares in respect of which the right to purchase is then
being exercised, such additional number of Common Shares as result from the
subdivision without an Optionee making any additional payment or giving any
other consideration therefor;

(b) in the event of a consolidation of
the Common Shares as constituted on the date hereof, at any time while an Option
is in effect, into a lesser number of Common Shares, the Company will thereafter
deliver and an Optionee will accept, at the time of purchase of Optioned Shares
hereunder, in lieu of the number of Optioned Shares in respect of which the
right to purchase is then being exercised, the lesser number of Common Shares as
result from the consolidation;

(c) in the event of any change of the
Common Shares as constituted on the date hereof, at any time while an Option is
in effect, the Company will thereafter deliver at the time of purchase of
Optioned Shares hereunder the number of shares of the appropriate class
resulting from the said change as an Optionee would have been entitled to
receive in respect of the number of Common Shares so purchased had the right to
purchase been exercised before such change;

(d) in the event of a capital
reorganization, reclassification or change of outstanding equity shares (other
than a change in the par value thereof) of the Company, a consolidation, merger
or amalgamation of the Company with or into any other company or a sale of the
property of the Company as or substantially as an entirety at any time while an
Option is in effect, an Optionee will thereafter have the right to purchase and
receive, in lieu of the Optioned Shares immediately theretofore purchasable and
receivable upon the exercise of the Option, the kind and amount of shares and
other securities and property receivable upon such capital reorganization,
reclassification, change, consolidation, merger, amalgamation or sale which the
holder of a number of Common Shares equal to the number of Optioned Shares
immediately theretofore purchasable and receivable upon the exercise of the
Option would have received as a result thereof. The subdivision or consolidation
of Common Shares at any time outstanding (whether with or without par value)
will not be deemed to be a capital reorganization or a reclassification of the
capital of the Company for the purposes of this §3.10;

(e) an adjustment will take effect at
the time of the event giving rise to the adjustment, and the adjustments
provided for in this section are cumulative;

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(f) the Company will not be required to
issue fractional shares in satisfaction of its obligations hereunder. Any
fractional interest in a Common Share that would, except for the provisions of
this §3.10, be deliverable upon the exercise of an Option will be cancelled and
not be deliverable by the Company; and

(g) if any questions arise at any time
with respect to the Exercise Price or number of Optioned Shares deliverable upon
exercise of an Option in any of the events set out in this §3.10, such questions
will be conclusively determined by the Company’s auditors, or, if they decline
to so act, any other firm of Chartered Accountants, in Vancouver, British
Columbia (or in the city of the Company’s principal executive office) that the
Company may designate and who will be granted access to all appropriate records.
Such determination will be binding upon the Company and all Optionees.

ARTICLE 4
COMMITMENT AND EXERCISE
PROCEDURES

Option Commitment

4.1 Upon grant of an Option hereunder, an authorized officer of
the Company will deliver to the Optionee an Option Commitment detailing the
terms of such Options and upon such delivery the Optionee will be subject to the
Plan and have the right to purchase the Optioned Shares at the Exercise Price
set out therein subject to the terms and conditions hereof.

Manner of Exercise

4.2 An Optionee who wishes to exercise his Option may do so by
delivering

(a) a written notice to the Company
specifying the number of Optioned Shares being acquired pursuant to the Option;
and

(b) a certified cheque, wire transfer
or bank draft payable to the Company for the aggregate Exercise Price by the
Optioned Shares being acquired.

Delivery of Certificate and Hold Periods

4.3 As soon as practicable after receipt of the notice of
exercise described in §4.2 and payment in full for the Optioned Shares being
acquired, the Company will direct its transfer agent to issue a certificate to
the Optionee for the appropriate number of Optioned Shares. Such certificate
issued will bear a legend stipulating any resale restrictions required under
applicable securities laws. Further, if the Company is a Tier 2 or NEX Issuer,
or the Exercise Price is set below than the then current market price of the
Common Shares on the TSX Venture, the certificate will also bear a legend
stipulating that the Optioned Shares are subject to a four-month TSX Venture
hold period commencing the date of the grant of the Option.

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ARTICLE 5
GENERAL

Employment and Services

5.1 Nothing contained in the Plan will confer upon or imply in
favour of any Optionee any right with respect to office, employment or provision
of services with the Company, or interfere in any way with the right of the
Company to lawfully terminate the Optionee’s office, employment or service at
any time pursuant to the arrangements pertaining to same. Participation in the
Plan by an Optionee is voluntary.

No Representation or Warranty

5.2 The Company makes no representation or warranty as to the
future market value of Common Shares issued in accordance with the provisions of
the Plan or to the effect of the Income Tax Act (Canada) or any other
taxing statute governing the Options or the Common Shares issuable thereunder or
the tax consequences to a Service Provider. Compliance with applicable
securities laws as to the disclosure and resale obligations of each Participant
is the responsibility of each Participant and not the Company.

Interpretation

5.3 The Plan will be governed and construed in accordance with
the laws of the Province of British Columbia.

Continuation of Plan

5.4 The Plan will become effective from and after June 26, 2008,
  and will remain effective provided that the Plan, or any amended version thereof
  receives Shareholder Approval at each annual general meeting of the holders
  of Common Shares of the Company subsequent to June 26, 2008. 

SCHEDULE A

SHARE OPTION PLAN

OPTION COMMITMENT

[SUBJECT TO ADJUSTMENT IF SHARES OF THE COMPANY ARE NOT
TRADED ON THE TSX VENTURE EXCHANGE.]

Notice is hereby given that, effective this________day of________________,__________(the
  “Effective Date”) <   > (the “Company”)
  has granted to___________________________________________(the “Optionee”),
  an Option to acquire______________Common Shares (“Optioned Shares”)
  up to 5:00 p.m. Vancouver Time on the__________day of ____________________,______(the
  “Expiry Date”) at a Exercise Price of Cdn$____________

  per share.

At the date of grant of the Option, the Company is classified
as [a Tier ____ Issuer under TSX Venture Policies] [an NEX Issuer].

[Tier 2 if Plan Shares greater than 10%
only]Optioned Shares will vest and may be exercised as follows: 

[INSERT VESTING SCHEDULE ][INSERT VESTING
TERMS]

The grant of the Option evidenced hereby is made subject to the
terms and conditions of the Plan, which are hereby incorporated herein and forms
part hereof.

To exercise your Option, deliver a written notice specifying
the number of Optioned Shares you wish to acquire, together with a certified
cheque, wire transfer or bank draft payable to the Company for the aggregate
Exercise Price. A certificate for the Optioned Shares so acquired will be issued
by the transfer agent as soon as practicable thereafter and will bear a minimum
four month non-transferability legend from the date of this Option Commitment,
the text of which is as follows. [A Tier 1 Issuer may grant stock options
without a hold period, provided the exercise price of the options is set at or
above the market price of the Company’s shares rather than below.]. 

  [INSERT LEGEND IF OTCBB
    ISSUER]

  "WITHOUT PRIOR WRITTEN APPROVAL OF THE
    TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION,
    THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
    HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE
    EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT
    UNTIL 12:00 A.M. (MIDNIGHT) ON [insert date 4 months from the date of
    grant]”.

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The Company and the Optionee represent that the Optionee under
the terms and conditions of the Plan is a bona fide Service Provider (as defined
in the Plan), entitled to receive Options under TSX Venture Policies.

The Optionee also acknowledges and consents to the collection
and use of Personal Information (as defined in the Policies of the TSX Venture
Exchange) by both the Company and the TSX Venture (or the NEX, as the case may
be) as more particularly set out in the Acknowledgement - Personal Information
in use by the TSX Venture (or the NEX, as the case may be) on the date of this
Share Option Plan.

	( <   > NAME OF
      COMPANY) 	 
	  	 
		 
	Authorized Signatory 	 
	  	 
		 
	( <   >SIGNATURE OF OPTIONEE)Filed by sedaredgar.com - Lincoln Gold Corporation - Exhibit 4.04

EXHIBIT 4.04 

AGREEMENT 

This Agreement, dated as of the 13th day of July 2007, is by
and between WHEELER MINING COMPANY, a corporation duly incorporated under the
laws of Nevada, c/o Guy B. Pope having an office at 5200 Southwest Macadam,
Suite 150, Portland, Oregon 97239 (hereinafter called “OWNER”) and Lincoln Gold
Corp., having an office at 325 Tahoe Drive, Carson City, Nevada 89703
(hereinafter called “LESSEE”). This Agreement is sometimes referred to herein as
“agreement” or “lease”.

RECITALS 

	A. 	
      OWNER owns an undivided one hundred percent (100%)
      interest in those certain patented lode mining claims situated in Lyon
      Country, Nevada, which are described in Exhibit “A”, attached hereto and
      by this reference made a part hereof. Such mining claims are hereinafter
      sometimes referred to as the “property” or “properties”.

	 	 
	B. 	
      LESSEE desires to obtain and OWNER is willing to grant to
      LESSEE a lease of the Properties, all upon the terms and subject to the
      conditions herein stated.

	 	 
		
      Now, therefore, in consideration of the mutual covenants
      and agreements herein contained, the parties hereto agree as
    follows:

1. Lease 

OWNER hereby leases to LESSEE the properties, together with all
improvements, hereditaments, appurtenances, mineral, surface and other rights
(other than oil and gas), privileges and franchises incident or belonging
hereto. Any reference herein to the agreement, or to the lease, means this
agreement and the lease granted hereby, together with the schedules hereto.

 

1 
2416131.1 

2. Term of Lease 

Subject to the conditions herein stated, the term of this lease
shall be from July 13, 2007, to and including December 31, 2022, with an
exclusive option to renew the lease for additional successive terms as provided
for herein. LESSEE may exercise its first option to renew the lease, by written
notice delivered to OWNER on or before November 15, 2022, whereupon the lease
shall be deemed renewed and the term thereof extended to December 31, 2023. If,
on November 1, 2023, the property is in commercial production, LESSEE may renew
the lease by written notice delivered to the OWNER prior to November 15, 2023,
for a period of one year and the lease shall thereby be extended to December 31,
2024. Similarly, if on November 1st in each succeeding year, the
property remains in commercial production, LESSEE shall be entitled to renew the
lease for additional one year terms, from year to year, in the manner
hereinbefore provided. For the express purposes hereof, the property shall be
considered to be in “commercial production” if, during the preceding 12 months,
either 15,000 ounces of gold have been produced from the property or there has
been production of metals and/or minerals during 12 months exceeding $125,000 in
respect of which OWNER’s royalties are to be calculated under paragraph 4.

LESSEE will, at its cost, use its best efforts to produce a
positive bankable feasibility study on the properties within twenty four (24)
months of the date of this agreement. In the event that the LESSEE does not
produce or receive a positive bankable feasibility study within the twenty four
(24) month period following the date of this agreement, then Owner may terminate
this agreement at its option, provided that such election to terminate must be
made within ninety (90) days following the expiry of the twenty four (24) month
period following the date of this agreement. LESSEE shall not be considered to
have produced a positive bankable feasibility study unless LESSEE provides
written notice to OWNER containing a copy of such study within 30 days of
LESSEE’s production or receipt of any positive bankable feasibility study with
respect to the properties. In the event that a decision is made to place the
properties into commercial mineral production, the LESSEE will use its best
efforts to arrange for all funding necessary to place the properties into
commercial mineral production. The LESSEE will use its best efforts to achieve
commercial production on the properties as early as possible following receipt
of a positive bankable feasibility study, 

 

2 
2416131.1 

provided (i) the LESSEE is able to achieve the required funding
for the project, and (ii) the price of gold remains above $450 per ounce. The
LESSEE shall be responsible for paying for all BLM, all state and county, and
all other fees necessary to maintain any mineral claims comprising the
properties in good standing in each year of the term of this agreement, provided
that this agreement shall not have been terminated by June 1 of any year.

The LESSEE shall be responsible for obtaining and paying for
all mining permits and licenses, and reclamation and all bonds or forms of
security with respect to the properties during the term of the lease, and the
LESSEE shall provide OWNER with photocopies of all such permits, licenses, bonds
and security within 30 days of issuance of such permits, licenses, bonds or
security.

3. Representations and Warranties 

OWNER represents and warrants as follows: 

(a)      Subject to the paramount
title of the United States, it holds a one hundred percent (100%) interest in
the patented mining claims listed in Exhibit “A”; 

(b)      Owner represents that Owner
owns the Property and all mineral rights within the boundary of said property
free and clear of all liens, charges, security interests and encumbrances
including financial encumbrances and non-financial encumbrances such as
easements, leases, options, licenses and rights of way. Owner further represents
that Owner is not aware of any disputes, legal actions, or environmental
citations affecting the Property or any claims against the owner with respect to
the Property or claiming or asserting any interest in the Property. Owner has
not granted to any person any Lease, license to use or option to purchase the
property. To the best of Owner’s knowledge, neither Owner, nor any Lessee,
Licensee or Optionee has caused any hazardous materials to be discharged or
released on the Property, nor is the Owner aware of any contamination of the
Property by any hazardous materials. 

(c)      Owner will deliver evidence
of Owner’s title to the Property and copies of all documents bearing upon
Owner's title, interest, or ownership in the Property. Lessee may then undertake
such further investigation of the title and status of the Property as Lessee
shall deem necessary. If that investigation should reveal defects in the title,
Lessee and Owner agree to work together at Lessee’s expense to proceed forthwith
to cure said title defects to the satisfaction of the Lessee.

 

3 
2416131.1 

         
Notwithstanding anything to the contrary in this Section 3, Owner shall not have
any liability for breach of any of the representations, warranties, and/or
knowledge or awareness in this Section 3, it being agreed between Owner and
Lessee that Lessee agrees to pay for the cost of any title report, the cost of
curing any title defects, and for any contamination or hazardous materials on
the property.

4. Net Smelter Royalty, and Advance Payments 

Upon commencement of commercial mineral production and
continuing thereafter, the OWNER shall be entitled to be paid by the LESSEE a
net smelter royalty interest on the gold and other metals and/or minerals
produced from the properties, which shall be calculated and paid by LESSEE in
the manner set forth below: 

(a)      Net Smelter Royalty; Gold;
Metals and/or Minerals Other than Gold LESSEE 

shall pay OWNER a net smelter royalty, which shall be based on
  the following percentages of the gross proceeds received from any mint, smelter,
  refinery or other purchaser for the sale of gold produced from the property
  during the previous calendar quarter: 

	Percent 	When gold from the Property is sold for these
      amounts per troy ounce 
	 	 
	3 	$450 or less 
	 	 
	5 	$450.01 to $550 
	 	 
	6 	$550.01 to $700 
	 	 
	7 	$700.01 or more

LESSEE shall pay OWNER a net smelter royalty equal to 5% of the
gross proceeds received from any mint, smelter, refinery or other purchaser for
the sale of metals and/or minerals other than gold produced from the property
during the previous calendar quarter. 

All royalties shall be payable in U.S. dollars, and shall be
paid to OWNER within 45 days of the end of each productive calendar quarter, and
shall be accompanied by receipts of all sales during that previous quarter and a
substantive report on the activities by LESSEE and his permitted assigns
pertaining to the property. Payments due OWNER shall be mailed to OWNER’s above
address 15 days before due, unless otherwise instructed. 

(b) COMMINGLING OF ORES 

The determination of Net Smelter Royalty hereunder is based on
the premise that production will be developed solely on the properties. If other
properties are incorporated in a single 

 

4 
2416131.1 

mining project and metals, ores or concentrates pertaining to
each are not readily segregated on a practical or equitable basis, the
allocation of actual proceeds received and deductions there from shall be
negotiated between the parties whereby LESSEE agrees to promptly provide OWNER
with adequate reporting and accounting of any segregation and commingling of
ores. If the parties fail to agree on such allocation, shall be referred to
three (3) arbitrators to be appointed one (1) by LESSEE, one (1) by OWNER and
one (1) by mutual consent of the first two or failing mutual consent either
party may make application to the local district court to appoint a third
arbitrator. The arbitrators shall have reference first to this agreement, and
then, if necessary, to practices used in mining operations that are of similar
nature. The arbitrators shall be entitled to retain such independent mining
consultants as they consider necessary. The decision of the arbitrators shall be
final and binding on the parties hereto.

(c)      Advance Payments 

During the continuance of this agreement, and subject to the
provisions of this agreement, LESSEE shall make advance payments to OWNER in
accordance with the following schedule: 

	 	(i) 	
      $10,000 upon execution and delivery of this
    agreement.

	 	 	 
	 	(ii) 	
      $30,000 prior to each one year anniversary of this lease,
      including all option or renewal periods.

	 	 	 
	 	(iii) 	
      All payments and dollar amounts referred to herein and
      otherwise in this agreement shall be in U.S. funds. All advance payments
      under paragraph 5(c) clauses (i) and (ii) thereof, shall be entirely at
      LESSEE’s option and in the event any such payments are not timely made and
      the OWNER terminates this agreement as a consequence of such payments not
      being made, the LESSEE will have no further obligation to make any such
      payments to the OWNER. Such payments will be made in the manner set forth
      in Article 15. All advance payments made shall be credited against the
      royalty. Notwithstanding anything to the contrary in this lease, in the
      event the amount of the royalty payable to OWNER during any calendar year
      of this lease is less than the amount of the advance payments which would
      be payable to OWNER during that calendar year,
LESSEE

 

5 
2416131.1 

	 		
      shall promptly pay the OWNER the greater of the two
      amounts in consideration for the lease of the properties during such
      calendar year.

	 	 	 
	 	(iv) 	
      No minimum or advance payment shall be due in respect of
      any period if on or before the date such payment is due, this lease is
      terminated or surrendered.

	 	 	 
	 	(v) 	
      All payments by LESSEE to OWNER in this agreement shall
      be nonrefundable.

5. Operations 

During continuance of this lease, LESSEE shall have possession
of and free and unrestricted access to the properties and shall have the sole
right to explore, develop and mine the properties by means of underground or
surface operations. All work on the property by LESSEE shall be done in a good
and workmanlike manner, and in full compliance with all laws, regulations, and
all mining permits. LESSEE shall be responsible for all reclamation of the
properties, which shall be in strict accordance with all mining permits and
pertinent laws and regulations. Subject to the foregoing, LESSEE shall have the
right: 

	 	(i) 	
      to remove ores, waste, air, water and materials from the
      properties, and to carry on general mining and milling operations
      pertaining to other properties on the surface of or through shafts, open
      pit and other workings in, on or under the properties;

	 	 	 
	 	(ii) 	
      to use any part of the properties for leach piles,
      tailings and waste dumps and for any other purposes incidental to
      underground or open pit mining operations conducted wholly or partly on
      the properties or on other properties;

	 	 	 
	 	(iii) 	
      to erect, construct, use and maintain on the properties
      such roads, buildings, structures, machinery, and equipment as may be
      required to LESSEE for the conduct of its mining, milling and related
      operations; and

	 	 	 
	 	(iv) 	
      to remove and use timber from the properties, provided
      that such removal and use is for mining purposes and to the extent that
      such removal and use is not in contravention with any law or regulation of
      the State of Nevada or the United States of
America.

6. Protection from Liens and Damages 

LESSEE shall keep the properties, and the whole and every part
thereof, free and clear of liens for labor done or performed for LESSEE’s
account upon their properties (except 

 

6 
2416131.1 

inchoate liens or liens being contested in good faith by
LESSEE), or for the development or operation thereof under this lease while the
same is in force and effect, and will indemnify, defend and hold harmless OWNER
from all costs, loss or damage including attorney’s fees at trial and on appeal
which may arise by reason of or on account of injury to or death of any persons
employed by or contracting with LESSEE in or upon the properties or any injury
to or death of any other persons or to livestock or damage to any personal or
real property, either on or off the properties, as the result of any work or
operations of LESSEE or its possession or occupancy of the properties, or which
may arise from noncompliance with any provision of this lease, and/or from any
cleanup costs or reclamation costs resulting from or arising from the work or
operations of LESSEE hereunder under the Superfund statute and all other
federal, state, local, and other applicable hazardous waste laws or regulations.
The indemnification, defense, and hold harmless in the immediately preceding
sentence shall apply to currently existing and pre-existing conditions on the
properties, including without limitation mine shafts, caves, and/or previous
mining or other activities.

OWNER agrees that it will not cause or permit any liens,
encumbrances, or adverse claims against the properties as a result of the acts
or fault of OWNER; and in the event any liens or encumbrances shall hereafter
accrue against the properties by act or neglect of OWNER, then LESSEE may, at
LESSEE’s option, pay and discharge the same, and if LESSEE elects so to do,
LESSEE may deduct the amount so paid from any royalty, or advance of minimum
payments payable hereunder, together with interest thereon from the date of
payment of said sums, calculated daily and compounded, at a per annum rate equal
to the prime rate of Bank of America, N.A. , from time to time, plus 1%. 

7. Easements 

OWNER agrees to give and grant , if requested by LESSEE,
easements upon or over any other properties owned or controlled by OWNER for the
erection and construction of water lines, telephone lines, pipe lines and
electrical power or transmission lines and roads useful to LESSEE in its
operations hereunder; provided , however, that any such easements shall
terminate in the event that this lease is terminated by LESSEE or OWNER in
accordance with the provisions of Article 11 hereof, in which event LESSEE
agrees to remove, within a period 

 

7 
2416131.1 

of six months after such termination, water or telephone liens,
pipe lines and electrical power or transmission lines so constructed. 

8. Inspection confidentiality 

During the term of this lease, the duly authorized
representatives of OWNER shall be permitted, on reasonable notice, to enter on
the properties and workings thereon at all reasonable times for the purpose of
inspecting the properties, provided that (i) OWNER shall give not less than
forty eight (48) hours prior notice, (ii) such inspection shall be at OWNER’s
sole cost, risk and expense, and (iii) such inspection will not unreasonably
hinder ongoing operations. OWNER shall enter upon the properties at OWNER’s own
risk and so as not to hinder the operations of LESSEE. During the term of the
lease, the OWNER shall have the right, on reasonable notice and at reasonable
times, to inspect and take copies of the books and records including sampling
and test results, drill logs, production records and maps of LESSEE relating to
this lease for the purposes of verifying the computations of net smelter royalty
payments hereunder and to keep apprised of LESSEE’s plans for future mining and
exploration activities in respect of the property. OWNER will have the right to
audit, at its expense, the books and records of the LESSEE related to the
calculation of the net smelter royalty payments payable by the LESSEE to the
OWNER, provided that such right to audit will not be exercised on a greater than
semi-annual basis. OWNER agrees to treat all information acquired hereunder as
confidential and agrees that OWNER shall not use the name of LESSEE, its parent,
subsidiaries or affiliates in any document or press release or disclose any
information OWNER may obtain hereunder to third parties or to the public without
first having obtained the written approval of LESSEE. 

9. Taxes 

During continuance of this lease, LESSEE will pay all property
taxes for each fiscal year or part thereof lawfully levied or assessed against
the properties, except taxes on or measured by income of OWNER. 

 

8 
2416131.1 

10. Insurance 

LESSEE shall carry at all times during the term of this lease
workers’ compensation and other insurance required by law. LESSEE will carry
additional insurance in the amount of at least $1 million U.S. dollars to
defend, indemnify, and hold OWNER harmless from damage or injury, and from
judgment filed against LESSEE or OWNER during the course of activity and
occupation of the properties, and during and for any reclamation or post mining
land use of the properties by LESSEE, the State of Nevada, or any other person
or entity. LESSEE shall provide proof of any such insurance to OWNER upon
request by OWNER. 

11. Termination and Surrender 

(a) Failure to make any payment as set out in paragraph 4(a)
and /or any required or optional payment as set out in paragraph 4(c) within
thirty (30) days following notice to LESSEE that LESSEE is in default in making
such payment shall result in the termination of this lease. 

(b) if LESSEE shall fail to comply with any provisions of this
agreement other than the failure to make a payment when due as provided in
Article 4 as set out above, and if, within a period of thirty (30) days after
notice of default has been given to it by OWNER, LESSEE does not commence to
take such steps as are reasonably necessary to remedy such default and does not
thereafter diligently continue to endeavor to remedy such default. Upon the
expiration of said thirty (30) day period, or if LESSEE fails to continue to
remedy the default as herein before provided, all rights of LESSEE under this
agreement, except as provided in Article 12, shall terminate, and all payments
theretofore made under this agreement shall be retained by OWNER as full
compensation and rental for the use and occupancy of the properties and as the
consideration for which this lease is given, and all liabilities and obligations
of LESSEE to OWNER of any kind, character or description, including any
liability for payments under Article 5 then not due, shall cease and terminate,
except for those obligations and liabilities, including without limitation, any
reclamation obligations of LESSEE incurred prior to termination. 

(c) LESSEE shall have the right at any time while this lease is
in force, to terminate and surrender the same by no less than thirty (30) days
written notice to OWNER. Upon delivery 

 

9 
2416131.1 

of such notice to OWNER, all rights of LESSEE under this lease,
except as provided in Article 12, shall terminate and all payments theretofore
made to OWNER under this lease shall be retained by OWNER as full compensation
and rental for the use and occupancy of the properties and as the consideration
for which this lease is given, and all liabilities and obligations of LESSEE to
OWNER of any kind, character or description shall terminate, except for those
obligations and liabilities including any reclamation obligations of LESSEE
incurred prior to termination. 

(d) In addition to its right to terminate and surrender this
lease as a whole pursuant to paragraph 11(c), LESSEE shall have the right at any
time and from time to time while this lease is in force, to surrender, by
Quitclaim Deed and written notice to OWNER, any mining claim included among the
properties and thereafter the mining claim or claims so quitclaimed shall no
longer be part of the properties. 

(e) Upon surrender or termination of this lease or any part of
the properties, LESSEE shall promptly furnish OWNER with a complete copy of the
records and factual information obtained as a result of work done by LESSEE on
the surrendered properties including, but not limited to, logs of all holes
drilled thereon, ore values encountered, if any, analysis thereof and pertinent
maps and surveys prepared by LESSEE in the course of such work, and production
records, provided that this obligation will not extend to interpretive data
prepared by the LESSEE. 

12. Removal of Property and Reclamation 

LESSEE shall have, and it is hereby given and granted, six (6)
months after surrender of any mining claim or upon surrender or termination of
this lease, to remove from the surrendered mining claim or properties and from
any easements granted OWNER on other properties pursuant to Article 7 hereof, as
the case may be, all machinery, equipment, personal property and improvements
erected or placed by LESSEE thereon, except mine timbers in place. OWNER shall
not in any way be responsible for any property of LESSEE remaining on the
properties during this six-month period. If not so removed by LESSEE within said
six-month period, title to said removable property will then vest in OWNER.
During the term of the 

 

10 
2416131.1 

lease and upon and after termination of the lease, the LESSEE
  will be responsible for the cost of all required reclamation of the properties,
  including without limitation, any and all physical ground disturbances created
  by the LESSEE during the term of this agreement. On or before termination of
  the lease, LESSEE shall adequately fence all open pits and/or mine shafts created
  by or worked on be LESSEE on the properties. 

13. Payments 

LESSEE shall make any and all payments under Article 4 to
Wheeler Mining Company, c/o Guy B. POPE, 5200 Southwest Macadam, Suite 150,
Portland, Oregon 97239. OWNER hereby consents to such manner of payment and,
until otherwise agreed, the parties confirm that such will be deemed to be
payment and full discharge to OWNER hereunder. 

14. Data 

Upon execution of this agreement, OWNER shall promptly deliver
to LESSEE all abstracts of title to and copies of all title documents affecting
the properties which OWNER has in its possession, together with copies of any
plats or fields notes of surveys thereon which OWNER has in its possession. In
addition, OWNER shall furnish promptly to LESSEE copies of any exploration data,
assays, logs, maps, geological, geochemical and geophysical surveys and reports
that OWNER has in its possession. OWNER shall allow LESSEE, at any time, to
examine and analyze any drill core available to OWNER from the properties.
Moreover, the parties will promptly upon execution of this agreement execute a
memorandum of this agreement for recording purposes. 

15. Notices 

All notices and other communications to a party shall be in
writing and delivered personally or sent by certified or registered mail, return
receipt requested, addressed as hereinafter set forth until a party shall give
notice of change of address by certified mail, return receipt requested, which
change of address so communicated shall thereafter be treated as the address of
the party giving such notice. Notice shall be deemed delivered as of the fifth
business day following the date of mailing or, in the case of hand delivery,
when actually received. 

 

11 
2416131.1 

It is agreed by and between the parties that for the purposes
  of notices and communications all matters shall be addressed as follows:

	 	It to OWNER: 	WHEELER MINING COMPANY 
	 	  	C/o Guy B. Pope 
	 	  	5200 Southwest Macadam, Suite 150
    
	 	  	Portland, Oregon 97239 
	 	  	U.S.A 
	 	  	  
	 	With a copy to: 	PETER F. STOLOFF, P.C. 
	 	 	 Attorney At
      law 
	 	  	121 S. W. Morrison, Suite 600
  
	 	  	Portland, Oregon 97204 
	 	  	U.S.A 
	 	  	  
	 	If to LESSEE: 	LINCOLN GOLD CORP. 
	 	  	325 Tahoe Drive 
	 	  	Carson City, Nevada 89703
  

16. Force Majeure 

The obligations of LESSEE under this lease shall be suspended
and LESSEE shall not be deemed in default or liable for damages or other
remedies while LESSEE is prevented from complying therewith by acts of God, the
elements, riots, acts or other failures to act on the part of federal or state
agencies or courts, inability to obtain necessary permits, inability to secure
material or to obtain access to the properties, strikes, lockouts, damage to,
destruction, or unavoidable shutdown of necessary facilities, or any other
matters ( whether or not similar to those above-mentioned) beyond LESSEE’s
reasonable control; provided, however, that settlement of strikes or lockouts
shall be entirely within the discretion of LESSEE; and provided further that
LESSEE shall promptly notify OWNER thereof and shall exercise diligence in any
effort to remove or overcome the cause of such inability to comply. 

 

12 
2416131.1 

Notwithstanding the above, any strike shall not suspend
LESSEE’s obligations to pay OWNER any advance payments or production royalty
which would otherwise be due. 

17. Assignment 

All covenants, conditions, limitations, and provisions herein
contained apply and are binding upon the parties thereto, their successors and
assigns; and it is expressly understood and agreed that LESSEE may assign this
lease, or any part of its interest therein, subject to the written approval of
OWNER, which approval shall not be unreasonably withheld, and subject to of the
written agreement of the assignee to be subject to and bound by the terms and
conditions of this agreement. The OWNER hereby grants to the LESSEE a right of
first refusal to purchase the properties that are the subject of this lease in
the event that the OWNER determines to sell or assign any of its interests in
any of the properties. OWNER shall deliver the LESSEE notice in writing of any
proposed sale, including the terms and conditions of such sale, and the LESSEE
will have a period of 30 days from the date of receipt of such notice in which
to elect to purchase the property or interest to be subject to the sale on such
terms and conditions. In the event that LESSEE determines not to exercise its
right or first refusal, then the Owner may proceed with such sale, provided that
such sale is completed within 90 days. This right of first refusal will again
apply if such sale is not completed within 90 days and will apply to any
successive proposed sales.

18. Entire Agreement 

This agreement constitutes the sole understanding of the
parties with respect to the subject matter hereof. 

19. Interpretation 

This agreement shall be governed by the laws in force in the
state of Nevada and the general laws of the United States applicable therein.
The headings in this agreement are inserted for convenience of reference only
and are not to be used in the interpretation hereof. This agreement shall be
interpreted with such changes in gender or number as the context shall require
with respect to the parties hereto. 

 

13 
2416131.1 

20. Binding Effect 

This agreement is and shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and assigns.

21. Further Assurances 

Each party shall, from time to time, at the request of the
other, do such things and execute such documents and further assurances as are
reasonably required in order to give full force and effect to the true intent of
this agreement. 

22. Time of Essence 

Time is of the essence in this lease and each and every
covenant thereof. 

23. Attorney’s Fee 

In the event of any dispute arising out of this lease the
prevailing party shall be entitled to recover from the other party the
prevailing party‘s reasonable attorney’s fee incurred in the suit or action or
appeal from a judgment or decree therein or in connection with non-judicial
action. 

24. Compliance with laws 

LESSEE shall conduct its operations on the properties in a
careful and workmanlike manner and in compliance with all applicable laws,
ordinances and regulations of all government authorities having jurisdiction
over LESSEE’s operations. 

25. Arbitration 

Any disagreement or dispute arising out of this Agreement, its
existence, interpretation, performance or enforcement not resolved by the
disputing parties within thirty days from the date on which any party notifies
one or more of the others of any such disagreement or dispute shall be decided
finally by arbitration before three arbitrators in Reno, Nevada under the
Commercial Arbitration Rules of the American Arbitration Association. Such
notice shall appoint one arbitrator. Within ten days of the receipt of such
notice, the other party shall appoint a second arbitrator and the two
arbitrators so named shall within ten days of the 

 

14 
2416131.1 

appointment of the second appoint the third. If the two
arbitrators appointed cannot agree upon the third arbitrator within such ten
days, either party may apply to the Chief Judge of the United States District
Court of the District including Reno to designate the third arbitrator. Each
arbitrator shall be an individual qualified by skill and experience in the
subject matter under dispute. No discovery shall be available. Each party shall
bear its own costs in the arbitration. Each arbitrating party shall bear the
costs of the arbitrator appointed by such party and the costs of the third
arbitrator shall be borne equally by all of the arbitrating parties. The
arbitrators shall enter their award within 45 days following the appointment of
the third arbitrator. The award shall be binding on each of the arbitrating
parties and its Affiliates and may be enforced in any court having jurisdiction
over the person or property of any person against whom enforcement of the award
is sought.

 

15 
2416131.1 

IN WITNESS WHEREOF, the parties hereto have executed this
agreement as of the day and year first above written. 

	 	WHEELER MINING
      COMPANY 	 
	 	 	 
		/s/ Guy B. Pope 	July 20, 2007

	By:		 
		 President 	Date 
		  	 
		  	 
		/s/ Angeline Baurer 	July 20, 2007

		  	 
		Witness 	Date 
		  	 
		  	 
		  	 
		LINCOLN GOLD CORP. 	 
		  	 
		  	 
		/s/ Paul F. Saxton 	July 17/07 
	By:	 	 
		President 	Date 
		  	 
		  	 
		  	 
		 /s/ John van Duzen 	July 17/07 
		Witness 	Date 

 

16 
2416131.1 

Exhibit “A” 

 

TO THAT AGREEMENT BY AND BETWEEN WHEELER MINING COMPANY 
AND
LINCOLN GOLD CORP. 
DATED September 1, 2006 
Description of the Wheeler
Patented Claim Group Lyon Co. Nevada 

	1) 	
      Mastodon Lode (MS 37) located in portions of sections 31
      (T10N, R26E) and 6 (T9N, R26E).

	 	 
	2) 	
      Mastodon (MS 1849A) located in portion of sections 5 and
      6 (T9N, R26E).

	 	 
	3) 	
      Ajax (MS 1849A) located in a portion of section 6 (T9N,
      R26E).

	 	 
	4) 	
      Wheeler Millsite (MS 1849B) located in a portion of
      sections 31 and 32 (T10N, R26E).

 

17 
2416131.1

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