Document:

EXHIBIT
      10.42

    

    April
      3,
      2006

     

     

    Name

    Address

    City
      State Zip

    

    Re:
      Warrant exercise offer on $0.75 Warrants Purchased in October 2003 Wits Basin
      Private 

    Placement
      of Units

    

    Dear
      Name,

    

    Our
      records indicate you are a current warrant holder of certain October 2003
      Private Placement warrants, with a current exercise price of $0.75. We are
      pleased to extend an offer to you to reduce the exercise price of those warrants
      to reflect an exercise price of $0.25 per share, if exercised on or before
      April
      28, 2006. The enclosed Term Sheet for Warrant Exercise Proposal, Exhibit
      A,
      sets
      forth in greater detail the terms of this proposal.

    

    The
      purpose of this proposal is to induce you to exercise your warrant(s) early,
      providing needed financing to Wits Basin in order to carry forward on its
      projects in Colorado and South Africa. 

    

    Additionally,
      you will find enclosed a Qualification Questionnaire (one for individual
      ownership and one for other types of ownership) and a Notice of Exercise of
      Warrant form. If you plan to participate, which we hope you will, please return
      the original warrant(s) being exercised, the completed Qualification
      Questionnaire for your specific ownership type, the Notice of Exercise of
      Warrant form and your payment (if by check) to:

    

    Mark
      D.
      Dacko, CFO

    Wits
      Basin Precious Minerals Inc.

    900
      IDS
      Center

    80
      South
      8th Street

    Minneapolis,
      MN 55402-8773

    

    Should
      you need further information, please contact me at 416.587.7323 or Mark Dacko,
      our CFO, at 612.220.3237. Thank you for your consideration.

    

    Sincerely,

     

    

    H.
      Vance
      White

    Chief
      Executive Officer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

    TERM
      SHEET

    

    No
      securities commission or other similar regulatory authority has passed on the
      merits of the securities offered herein nor has it reviewed this Term Sheet
      and
      any representation to the contrary is an offence. This Term Sheet is not, and
      under no circumstances is to be interpreted as, a prospectus, public information
      or advertisement of the securities described herein.

    

    April
      3, 2006

     

    WITS
      BASIN PRECIOUS MINERALS INC.

    

    WARRANT
      EXERCISE PROPOSAL

     

    
      
        	
                Securities

              	 	
                Private
                  Placement warrants (“Warrants”)
                  of Wits
                  Basin Precious Minerals Inc.,
                  to
                  purchase shares of the Company’s common stock (“Shares”).

              
	 	 	 
	
                Warrants
                  Offered

              	 	
                The
                  Company currently has 42,826,998 warrants issued and outstanding.
                  The
                  Company is offering the holders of 4,241,500 Warrants, with an
                  exercise
                  price of $0.75 per share, an offer to reduce the per share exercise
                  price
                  and to receive additional warrants for early exercise.

              
	 	 	 
	
                Proposal
                  For Holders

              	 	
                Limited
                  time reduction of the exercise price of the Warrants Offered to
                  $0.25.
                  Additionally, and any holder may exercise all or any portion of
                  the
                  Warrants held (at an exercise price of $0.25 per share) and for
                  each two
                  Shares purchased upon exercise, the holder will receive a new three-year
                  warrant to purchase one share of the Company’s common stock (“New
                  Warrant”)
                  with an exercise price of $0.50 per share. The minimum amount required
                  for
                  exercise is 4,000 Shares per holder ($1,000) thereby receiving
                  a New
                  Warrant exercisable into 2,000 shares of common stock. 

              
	 	 	 
	
                Exercise
                  Time Period

              	 	
                The
                  expiration date of the Warrants has been extended by Board of Directors
                  of
                  the Company until April 28, 2006. In order to participate in this
                  proposal, you must exercise on or before April 28, 2006, 5 PM CST.
                  After
                  April 28, 2006, the Warrants will expire and your rights shall
                  expire.

              
	 	 	 
	
                Registration
                  Rights

              	 	
                The
                  re-sale of the Shares received from the exercise of the Warrants
                  are
                  currently saleable pursuant to Prospectus rules. Any shares acquired
                  upon
                  the exercise of the New Warrant will only become available for
                  re-sale
                  upon the Company’s completion of an effective registration statement on a
                  date to be determined after the completion of this proposal by
                  the Company
                  in its discretion. Furthermore, it is a condition of the Company
                  that a
                  minimum of 25% of the Warrants be exercised and the Company will,
                  under a
                  reasonable efforts commitment, apply for registration of the New
                  Warrant
                  to be listed and traded on the OTCBB.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                Qualifications
                  of Holders

              	 	
                The
                  holders must qualify as “Accredited
                  Investors”
                  in order to participate in this proposal. The Company reserves
                  the right
                  to reject any holder at its sole discretion.

              
	 	 	 
	
                Use
                  of Proceeds

              	 	
                Proceeds
                  from the exercise of the Warrants offered will be used to satisfy
                  general
                  working capital purposes including general and administrative
                  expenses.

              
	 	 	 
	
                Payment
                  options

              	 	
                (1)
                  Provide a check with your executed documents, or

              
	 	 	
                (2)
                  Initiate an electronic wire transfer to:

              
	 	 	 
	 	 	
                Bank:

              	
                Wells
                  Fargo Bank, N.A.

                MAC:
                  N9305-011

                6th
                  &
                  Marquette Avenue

                Minneapolis,
                  MN 55479

                (612)
                  667-8422

              
	 	 	 	 
	 	 	
                Routing
                  No.:

              	
                121000248

              
	 	 	 	 
	 	 	
                Account
                  Name:

              	
                Wits
                  Basin Precious Minerals Inc.

              
	 	 	 	 
	 	 	
                Account
                  No.:

              	
                XXXXXXXXXXXXXXX

              
	 	 	 	 
	 	 	
                SWIFT
                  Code:

              	
                WFBIUS6SUnassociated Document

    

     

    ELEMENT
      21 GOLF COMPANY

    

    

    
 

    January
      4, 2006

    

    Element
      21 Golf Co. (Element) agrees to employ Nataliya Hearn as its President and
      CEO.
      Dr. Hearn will work full time as an independent contractor, while serving as
      President and CEO. The term of employment will begin January 1, 2006 for one
      year, renewable for additional two terms. The total term of this contract is
      three years. During the term of this agreement Element will pay Dr. Hearn
      $20,000 per month in cash/stock or option as requested by Dr. Hearn. The value
      of the shares is set at the closing price of the day of this agreement ($0.08).
      The Element common stock will be issued on monthly basis. Element will reimburse
      Dr. Hearn’s expenses incurred on behalf of Element. Dr. Hearn will also receive
      a stock option package of 2,000,000 per year at an exercise price of $0.08.
      

    

    Element
      will be able to terminate Dr. Hearn at any time with complete repayment of
      any
      outstanding debts to Dr. Hearn, a cash payment of $500,000 and 10,000,000
      million shares of common stock of EGLF.

    

    All
      stock
      will be issued in whatever name Dr. Hearn and in whatever denominations Dr.
      Hearn requests. All stock issuances will be adjusted for stock splits, dividends
      or other changes to the common stock. All stock issued will be freely tradable
      and issued without restriction. Element will extend any and all indemnification
      rights and D and O insurance (if any) coverage to Dr. Hearn in her capacity
      as
      Chief Executive Officer and President as allowed by law.

    

    

    

    /s/Jim
      Morin

    Jim
      Morin

    

    /s/Gerald
      Enloe

    Gerald
      Enloe

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