Document:

EXHIBIT 4.6

This Note,  and the securities  issuable upon the conversion of this Note,  have
not been registered  under the Securities Act of 1933, as amended (the "Act") or
applicable state law and may not be sold,  transferred or otherwise  disposed of
unless  registered  under the Act and any  applicable  state  act or unless  the
Company  receives an opinion from  counsel for the holder and is satisfied  that
this Note and the underlying  securities may be transferred without registration
under the Act.

                                CONVERTIBLE NOTE

$200,000                                                 As of December 11, 2000
                                                             Palm Beach, Florida

FOR VALUE RECEIVED, CLEMENTS GOLDEN PHOENIX ENTERPRISES, INC., a
Florida  corporation  (the  "Company"),  hereby  promises to pay to the order of
James E. Groat, or any subsequent holder of this Note (the "Payee"),  at 2336 SE
Ocean  Boulevard,  PMB 194,  Stuart,  FL 34996, or at such other place as may be
designated  by the  Payee  from  time to  time by  notice  to the  Company,  the
principal sum of Two Hundred Thousand Dollars  ($200,000),  together with simple
interest  from the date hereof  (the  "Issuance  Date") on the unpaid  principal
amount at an annual rate equal to eleven percent (11%) per annum. Such principal
and interest shall be paid in accordance  with the terms of Section 1 below,  to
such account as the Payee shall direct.

1.   PAYMENTS.

(a) The unpaid principal amount of this Note may be converted into shares of the
Restricted Common Stock of the Company as provided herein on or before April 10,
2001 (the "Maturity  Date") at the sole option of Payee. In the event the unpaid
principal  amount of this Note is not  converted  into shares of the  Restricted
Common Stock of the Company as provided  herein on or before the Maturity  Date,
it shall be due in the form of a "balloon payment" on the Maturity Date.

(b) Interest on the unpaid principal  balance of this Note at the rate of eleven
percent  (11%) per annum shall  accrue from the date hereof and shall be payable
to the Payee on the  Maturity  Date  either in shares of the  Restricted  Common
Stock of the Company,  the number of which shall be equal to the product of such
interest  payment divided by the Conversion  Price, as defined herein,  with the
overage,  if any,  payable  in cash or in cash  at the  sole  option  of  Payee.
Interest shall be calculated on the basis of a 365 day year.

(c) In the event that any payment of principal and/or interest hereunder becomes
due and payable on a Saturday,  Sunday or other day on which commercial banks in
the State of  Florida  are  authorized  or  required  by law to close,  then the
maturity  thereof  shall be  extended  to the  next  succeeding  "Business  Day"
(defined as any days on which  national  banks in the United States are open for
business); and during any such extension,  interest on principal amounts payable
shall accrue and be payable at the applicable rate.

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2.   RANKING OF NOTE.

         Subject  at all  times to the  subordination  provisions  set  forth in
Section 9 hereof,  this Note shall constitute  senior  securities of the Company
and, except as provided below, shall rank pari passu with all other indebtedness
for money borrowed by the Company and senior to any other indebtedness for money
borrowed by the Company which, by its terms shall be made expressly  subject and
subordinated to this Note.

3.   PREPAYMENT OF NOTE.

         The  Company  shall have the right to prepay the  indebtedness  created
herein  at any time  prior to the  Maturity  Date  without  penalty.  Notice  of
prepayment is hereby waived by Payee.

4.   CONVERSION.

         The holder of the Note shall have the following  conversion rights (the
"Conversion Rights"):

(a)  Voluntary  Conversion.  At any  time or from  time  to time  following  the
Issuance  Date,  the holder of this Note may elect to convert up to one  hundred
(100%) percent of the original principal amount of this Note and any accrued but
unpaid  interest,  into shares of the Restricted  Common Stock of the Company at
the Conversion  Price, by written notice given to the Company in accordance with
the provisions of Section 4(f) hereof (the "Conversion Notice"). In no event may
the holder of this Note effect a conversion of less than $1,000 principal amount
of this Note.  Such  right of  Voluntary  Conversion  shall be  effected  by the
surrender of this Note to the Company for  conversion  at any time during normal
business hours at the office of the Company,  accompanied  (i) by the Conversion
Notice,  (ii) if so required by the Company,  by instruments  of transfer,  in a
form  satisfactory to the Company,  duly executed by the registered holder or by
his duly authorized  attorney and (iii) transfer tax stamps or funds  therefore,
if required pursuant to Section 4(f) herein.

(b)  Conversion  Price.  Subject to adjustment  from time to time as provided in
Section 4(d) below,  the term  "Conversion  Price" shall mean $0.75 per share of
Common Stock.

(c) Adjustments of Conversion Price. The Conversion Price in effect from time to
time shall be,  subject to adjustment in accordance  with the provisions of this
Section 4(c).

         (i) Adjustments for Stock Splits and Combinations. If the Company shall
at any time or from time to time after the Issuance  Date,  effect a stock split
of the  outstanding  Common Stock,  the Conversion  Price in effect  immediately
prior to the stock  split  shall be  proportionately  decreased.  If the Company
shall at any time or from time to time  after the  Issuance  Date,  combine  the
outstanding  shares of Common Stock, the Conversion Price in effect  immediately
prior to the combination  shall be  proportionately  increased.  Any adjustments
under this  Section  4(c)(i)  shall be effective at the close of business on the
date the stock split or combination occurs.

         (ii)  Adjustments  for  Certain  Dividends  and  Distributions.  If the
Company shall at any time or from time after the Issuance Date, make or issue or
set a record date for the  determination  of holders of Common Stock entitled to
receive a dividend  or other  distribution  payable  in shares of Common  Stock,
then, and in each event,  the Conversion  Price in effect  immediately  prior to
such

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event shall be decreased as of the time of such issuance or, in the event such a
record  date shall have been  fixed,  as of the close of business on such record
date, by multiplying the Conversion Price then in effect by a fraction;

                  (A) the numerator of which shall be the total number of shares
of Common Stock  issued and  outstanding  immediately  prior to the time of such
issuance or the close of business on such record date; and

                  (B) the  denominator  of which  shall be the  total  number of
shares of Common Stock issued and outstanding  immediately  prior to the time of
such  issuance  or the close of  business on such record date plus the number of
shares of Common Stock issuable in payment of such dividend or distribution.

         (iii) Adjustments for Other Dividends and Distributions. If the Company
shall at any time or from time to time after the Issuance Date, make or issue or
set a record date for the  determination  of holders of Common Stock entitled to
receive a dividend or other distribution  payable in other than shares of Common
Stock, then, and in each event, an appropriate  revision to the Conversion Price
shall be made and  provision  shall be made (by  adjustments  of the  Conversion
Price  or  otherwise)  so that  the  holder  of this  Note  shall  receive  upon
conversions  thereof,  in  addition  to the  number of  shares  of Common  Stock
receivable  thereon,  the number of  securities  of the Company which they would
have received had this Note been converted into Common Stock on the date of such
event and had  thereafter,  during the period from the date of such event to and
including the  Conversion  Date,  retained such  securities  (together  with any
distributions  payable  thereon during such period),  giving  application to all
adjustments  called for during such period  under this  Section  4(d)(iii)  with
respect to the rights of the holders of the Note.

         (iv) Adjustments for Reclassification, Exchange or Substitution. If the
Common Stock  issuable upon  conversion of this Note at any time or from time to
time  after the  Issuance  Date shall be  changed  into the same or a  different
number of shares of any class or classes of stock,  whether by reclassification,
exchange,  substitution  or  otherwise  (other  than by way of a stock  split or
combination of shares or stock dividends provided for in Sections 4(c)(i),  (ii)
and  (iii),  or a  reorganization,  merger,  consolidation,  or sale  of  assets
provided  for in Section  4(c)(v)),  then,  and in each  event,  an  appropriate
revision to the Conversion  Price shall by made and provisions shall be made (by
adjustments  of the  Conversion  Price of  otherwise) so that the holder of this
Note shall  have the right  thereafter  to  convert  such Note into the kind and
amount  of  shares  of  stock  and  other   securities   receivable   upon  such
reclassification,  exchange,  substitution  or other  change,  by holders of the
number of shares of Common Stock into which such Note might have been  converted
immediately  prior to such  reclassification,  exchange,  substitution  or other
change, all subject to further adjustment as provided herein.

         (v) Adjustments for Reorganization,  Merger,  Consolidation or Sales of
Assets.  If at any time or from time to time after the Issuance Date there shall
be a capital  reorganization  of the Company (other than by way of a stock split
or combination  of shares or stock  dividends or  distributions  provided for in
Section 4(c)(i), (ii) and (iii), or a reclassification, exchange or substitution
of shares provided for in Section 4(c)(iv)), or a merger or consolidation of the
Company with or into another

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corporation, or the sale of all or substantially all of the Company's properties
or assets to any other person,  then as a part of such  reorganization,  merger,
consolidation, or sale, an appropriate revision to the Conversion Price shall be
made and provision  shall be made (by  adjustments  of the  Conversion  Price or
otherwise)  so that the holder of this Note shall have the right  thereafter  to
convert  this  Note  into the kind and  amount  of  shares  of stock  and  other
securities  or property of the Company or any  successor  corporation  resulting
from such reorganization,  merger, consolidation,  or sale, to which a holder of
Common Stock deliverable upon conversion of such shares would have been entitled
upon such  reorganization,  merger,  consolidation,  or sale.  In any such case,
appropriate  adjustment  shall be made in the  application  of the provisions of
this  Section  4(c)(v)  with  respect to the rights of the  holders of this Note
after the  reorganization,  merger,  consolidation,  or sale to the end that the
provisions of this Section  4(c)(v)  (including any adjustment in the Conversion
Price  then in effect  and the  number  of  shares of stock or other  securities
deliverable  upon  conversion of this Note) shall be applied after that event in
as nearly an equivalent manner as may be practicable.

(d) No  Impediment.  The Company shall not, by amendment of its  Certificate  of
Incorporation or through any reorganization,  transfer of assets, consolidation,
merger, dissolution,  issue or sale of securities or any other voluntary action,
avoid or seek to avoid the  observance or  performance of any of the terms to be
observed or performed  hereunder  by the Company,  but will at all times in good
faith, assist in the carrying out of all the provisions of this Section 4 and in
the taking of all such action as may be  necessary  or  appropriate  in order to
protect  the  conversion  rights  of the  holders  of the Note set forth in this
Section 4 against impairment.

(e)  Certificate  as to  Adjustments.  Upon  occurrence  of each  adjustment  or
readjustment  of the  Conversion  Price or number  of  shares  of  Common  Stock
issuable upon  conversion of the Note pursuant to this Section 4, the Company at
its  expense,   shall  promptly  compute  such  adjustment  or  readjustment  in
accordance  with the terms hereof and furnish notice to the holder of this Note,
a certificate setting forth such adjustment and readjustment,  showing in detail
the facts upon which such  adjustment  or  readjustment  is based.  The  Company
shall, upon written request of the holder of this Note, at any time,  furnish or
cause to be  furnished  to such  holder a like  certificate  setting  forth such
adjustments and readjustments,  the applicable Conversion Price in effect at the
time and the number of shares of Common  Stock and the amount,  if any, of other
securities or property  which at the time would be received upon the  conversion
of such Note.  Notwithstanding the foregoing, the Company shall not be obligated
to deliver a certificate  unless such  certificate  would reflect an increase or
decrease of at least one percent (1%) of such adjusted amount.

(f) Issue  Taxes.  The  Company  shall  pay any and all  issue and other  taxes,
excluding  federal,  state or local income taxes, that may be payable in respect
of any issue or delivery of shares of Common  Stock on  conversion  of this Note
pursuant hereto;  provided,  however, that the Company shall not be obligated to
pay any transfer taxes  resulting  from any transfer  requested by any holder in
connection with any such conversion.

(g)  Notices  and  Delivery  of Shares.  All  notices  and other  communications
hereunder shall be in writing and shall be deemed given (i) on the same date, if
delivered  personally  or by facsimile by not later than 5:00 p.m.  Florida time
(provided,  that a copy of such facsimile shall be simultaneously sent to Donald
F. Mintmire,  Esq. at  (561)659-5371,  or (ii) three (3) business days following
being

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mailed  by  certified  or  registered  mail,  postage  prepaid,   return-receipt
requested, addressed to the party in accordance with Section 7 hereof. Not later
than  seven (7)  Business  Days  following  receipt of notice of  conversion  as
provided herein (the "Delivery Date"),  the Company shall deliver to the holders
of  this  Note,  against  delivery  of this  Note  surrendered  for  conversion,
certificates evidencing all shares of Common Stock into which this Note shall be
converted.

(h) Fractional Shares. No fractional shares of Common Stock shall be issued upon
conversion  of the Note.  In lieu of any  fractional  shares to which the holder
would otherwise be entitled,  the Company shall pay cash equal to the product of
such fraction  multiplied by the Conversion  Price of one share of the Company's
Common Stock on the applicable Conversion Date.

(i) Reservation of Common Stock. The Company shall at all times reserve and keep
available, out of its authorized but unissued shares of Common Stock, solely for
the purpose of effecting the  conversion of the Note,  the full number of shares
deliverable upon conversion of all the Note from time to time  outstanding.  The
Company shall,  from time to time in accordance  with the Florida  Statutes,  as
amended, increase the authorized number of shares of Common Stock if at any time
the unissued  number of authorized  shares shall not be sufficient to permit the
conversion of all of the Note at the time outstanding.  In such connection,  the
Company  shall hold a special  meeting of  stockholders  not later than 180 days
after any date in which the  Company  shall have  insufficient  shares of Common
Stock so reserved  for the purpose of  authorizing  additional  shares of Common
Stock.

(j)  Retirement  of Note.  Conversion  of this Note shall be deemed to have been
effected on the  applicable  Conversion  Date.  The  converting  holder shall be
deemed  to have  become a  stockholder  of  record  of the  Common  Stock on the
applicable  Conversion Date. Upon conversion of only a portion of this Note, the
Company  shall issue and deliver to such holder,  at the expense of the Company,
against receipt of the original Note delivered for partial  cancellation,  a new
Note representing the unconverted portion of this Note so surrendered and Common
Stock equal to the portion converted.

(k)  Regulatory Compliance.

         (i) If any shares of Common  Stock to be  reserved  for the  purpose of
conversion  of this Note  require  mandatory  registration  or  listing  with or
approval of any government  authority,  stock exchange or other  regulatory body
under any federal or state law or regulation or otherwise before such shares may
be validly issued or delivered upon  conversion,  the Company shall, at its sole
cost and expense,  in good faith and as expeditiously  as possible,  endeavor to
secure such registration, listing or approval, as the case may be.

         (ii) The shares of Common Stock  issuable  upon the election to convert
shall be Rule 144 Restricted shares (the "Restricted Securities").

         (iii)  The holder of such shares shall have no registration rights.

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         (iv)   Neither  this  Note  nor  the  Shares  underlying  it  have been
registered under the Securities Act of 1933, as amended (the "Act").  Unless and
until registered  under the Act, this Note and all replacement  Notes shall bear
the following legend:

     This Note,  and the  securities  issuable upon the conversion of this Note,
     have not been registered  under the Securities Act of 1933, as amended (the
     "Act")  or  applicable  state  law  and  may not be  sold,  transferred  or
     otherwise  disposed of unless  registered  under the Act and any applicable
     state  act or  unless  the  Company  is  satisfied  that  this Note and the
     underling securities may be transferred without registration under the Act.

         (v) This  offering is being  conducted  pursuant to Section 4(2) of the
Securities  Act of 1933,  as amended (the "Act"),  and Rule 506 of  Regulation D
promulgated  thereunder  ("Rule  506") or other  applicable  provisions  and the
shares  issuable  upon  conversion  of this  Note  shall be Rule 144  Restricted
shares.

5.   EVENTS OF DEFAULT.

The  occurrence and  continuance  of any one or more of the following  events is
herein referred to as an Event of Default:

(a) If the Company shall default in converting the applicable  principal  amount
of this Note into Common Stock and delivering  stock  certificates in respect of
such conversion  within thirty (30) Business Days from the Company's  receipt of
the applicable notice of conversion  pursuant to the provisions hereof,  whether
on the Maturity Date or otherwise; or

(b) If the Company shall default in the payment of any  installment  of interest
on this Note when  payable in  accordance  with the terms  thereof for more than
sixty (60)  calendar  days after the same shall  become due if the Payee has not
elected to take such interest in Common  Stock;  and if the Payee has elected to
take such interest in Common  Stock,  if the Company shall default in delivering
stock  certificates  in respect of such election within sixty (60) Business Days
from the Company's receipt of the notice of such election; or

(c) If the  Company  shall not,  at the time of receipt of a  Conversion  Notice
hereunder,  have a sufficient  number of authorized  and unissued  shares of its
Common Stock  available for issuance to the holder of this Note upon  conversion
of all or any portion of this Note in accordance with the terms hereof, and such
default shall not have been remedied  within one hundred  eighty (180)  calendar
days from the date of such Conversion Notice; or

(d) If the Company shall default in the performance of or compliance with any of
its material covenants or agreements contained herein and such default shall not
have been remedied within thirty (30) calendar days after written notice thereof
shall  have  been  delivered  to the  Company  by the  holder  of  this  Note in
accordance with the notice provisions herein; or

(e) If any  representation  or  warranty  made in writing by or on behalf of the
Company in connection with the transactions  contemplated  hereby shall prove to
have been false or incorrect in

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any material respect on the date as of which made; or

(f) If the Company or any of its "Significant  Subsidiaries" (as defined herein)
shall make an assignment for the benefit of creditors, or shall admit in writing
its  inability  to pay its debts as they  become  due, or shall file a voluntary
petition in  bankruptcy  or shall have an order for relief under the  Bankruptcy
Act granted against it or them, or shall be adjudicated a bankrupt or insolvent,
or shall file any  petition  or answer  seeking  for itself any  reorganization,
arrangement,  composition,  readjustment,  liquidation,  dissolution  or similar
relief under any present or future statute, law or regulation, or shall file any
answer admitting or not contesting the material  allegations of a petition filed
against  the  Company  or any  of  its  Significant  Subsidiaries  in  any  such
proceeding,  or shall seek or consent to or acquiesce in the  appointment of any
trustee,  custodian,  receiver  or  liquidator  of the  Company or of all or any
substantial  part of the  properties  of the  Company or any of its  Significant
Subsidiaries,  or the Company or its directors  shall take any action looking to
the  dissolution  or  liquidation  of the  Company  or  any  of its  Significant
Subsidiaries. For purposes of this Section 5(f), the term Significant Subsidiary
shall mean and include any other person,  firm or corporation  (i) more than 50%
of the  common  stock or  equity  interests  of which are owned of record by the
Company or any  Subsidiary of the Company,  and (ii) the net income before taxes
or total assets of which represent more than 15% of the  consolidated net income
before taxes or consolidated  assets of the Company and all of its Subsidiaries;
or

(g) If, within sixty (60) days after the commencement of any proceeding  against
the  Company  or  any  Significant   Subsidiary   seeking  any   reorganization,
arrangement,  composition,  readjustment,  liquidation,  dissolution  or similar
relief under any present or future statute,  law or regulation,  such proceeding
shall  not have  been  dismissed,  or if,  within  sixty  (60)  days  after  the
appointment,  without  the  consent  or  acquiescence  of  the  Company  or  any
Significant Subsidiary, of any trustee, receiver or liquidator of the Company or
any Significant  Subsidiary or of all or any substantial  part of the properties
of the Company or any Significant  Subsidiary,  such appointment  shall not have
been vacated.

6.   REMEDIES ON DEFAULT; ACCELERATION.

         Upon the occurrence and during the  continuance of an Event of Default,
the entire unpaid balance of principal and accrued  interest on this Note may be
accelerated and declared to be immediately due and payable by the holder in Rule
144  Restricted  Shares of the  Company's  Common  Stock.  Unless  waived by the
written  consent of the  holder,  such holder may proceed to protect and enforce
its rights by an action at law, suit in equity or other appropriate  proceeding,
whether for the specific  performance of any agreement  contained herein, or for
an injunction  against a violation of any of the terms hereof,  or in aid of the
exercise of any power granted  hereby or by law. Upon the occurrence of an Event
of Default,  the Company  agrees to pay to the holder of this Note such  further
amount as shall be  sufficient  to cover  the cost and  expense  of  collection,
including,  without  limitation,  reasonable  attorneys'  fees and expenses.  No
course  of  dealing  and no  delay  on the part of the  holder  of this  Note in
exercising  any right,  power or remedy  shall  operate  as a waiver  thereof or
otherwise prejudice such holder's rights,  powers and remedies.  No right, power
or remedy  conferred  hereby upon the holder  hereof  shall be  exclusive of any
other right,  power or remedy referred to herein nor now or hereafter  available
at law, in equity, by statute or otherwise.

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7.   NOTICES.

All notices,  requests,  demands or other  communications  hereunder shall be in
writing and  personally  addressed or sent by  telecopier  or by  registered  or
certified  mail,  return  receipt  requested,  postage  pre- paid,  addressed or
telecopied  as follows or to such other  address or  telecopier  number of which
notice has been given pursuant hereto:

 If to the Company:                 Clements Golden Phoenix Enterprises, Inc.
                                    3135 Southwest Mapp Road, P.O. Box 268
                                    Palm City, FL 34991
                                    Phone: (561) 287-5958
                                    Fax: (561) 287-9776

 with copy (which shall
 not constitute notice) to:         Mintmire & Associates
                                    265 Sunrise Avenue, Suite 204
                                    Palm Beach, FL  33480
                                    Attn:  Donald F. Mintmire, Esq.
                                    Telephone: (561) 832-5696
                                    Fax: (561) 659-5371

If to the Holder:   to such  Holder at the  address  set forth on the records of
                    the  Company.  In  addition,  copies of all such  notices or
                    other communications shall be concurrently  delivered by the
                    person   giving  the  same  to  each  person  who  has  been
                    identified  to the Company by such Holder as a person who is
                    to receive copies of such notices.

8.   GOVERNING LAW.

This Note shall be governed by, and  construed  and  interpreted  in  accordance
with, the laws of the State of Florida, without giving effect to conflict of law
principles.

9.   SUBORDINATION TO SENIOR DEBT.

(a) Payment of the  principal of and interest on this Note is  subordinated,  to
the  extent  and in the  manner  provided  herein,  to the prior  payment of all
indebtedness of the Company and/or all  Subsidiaries  of the Company,  for money
borrowed  or  other   obligations   which  is  now  or  may  hereafter  be  owed
(collectively,  "Senior Debt") to any bank, commercial finance company,  factor,
insurance  company or other  institution  the  lending  activities  of which are
regulated by law  (individually,  a "Senior  Lender" and  collectively,  "Senior
Lenders"),  which may,  hereafter on any one or more occasions provide financing
to the Company or any of its Subsidiaries, secured by liens on any of the assets
and properties of the Company and/or any of its Subsidiaries  (individually  and
collectively, an "Institutional Borrower").

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(b)  Upon  any  payment  or   distribution   of  assets  or  securities  of  the
Institutional Borrower, as the case may be, of any kind or character, whether in
cash,  property or  securities,  upon any  dissolution or winding up or total or
partial  liquidation or reorganization of the  Institutional  Borrower,  whether
voluntary or  involuntary or in bankruptcy,  insolvency,  receivership  or other
proceedings,  all amounts  payable under Senior Debt shall first be paid in full
in cash, or payment provided for in cash or cash equivalents,  before the holder
hereof  shall be entitled to receive any payment on account of  principal  of or
interest  on this Note.  Before  any  payment  may be made by the  Institutional
Borrower of the principal of or interest on this Note upon any such  dissolution
or winding up or liquidation or  reorganization,  any payment or distribution of
assets or  securities  of the  Institutional  Borrower of any kind of character,
whether in cash,  property or  securities,  to which the holder  hereof would be
entitled,  except  for the  provisions  of this  Section 9, shall be made by the
Institutional  Borrower or by any receiver,  trustee in bankruptcy,  liquidating
trustee, agent or other person making such payment or distribution,  directly to
the holders of Senior Debt or their  representatives  to the extent necessary to
pay all such Senior Debt in full after giving effect to any  concurrent  payment
or distribution to the holders of such Senior Debt.

(c) Upon the happening of any default in payment of the principal of or interest
on any Senior Debt, then, unless and until such default shall have been cured or
waived or shall have  ceased to exist,  no direct or  indirect  payment in cash,
property or securities,  by set-off or otherwise,  shall be made or agreed to be
made by the Institutional Borrower on account of the principal of or interest on
this Note.

(d) Upon the  happening of an event of default  (other than under  circumstances
when the terms of Section 9(c) above are applicable)  with respect to any Senior
Debt  pursuant to which the holder  thereof is entitled  under the terms of such
Senior Debt to accelerate the maturity thereof,  and upon written notice thereof
given to each of the Institutional  Borrower and the holder of this Note by such
holder of Senior Debt ("Payment  Notice"),  then, unless and until such event of
default shall have been cured or waived or shall have ceased to exist, no action
shall or may be taken for  collection  of any  amounts  under this Note,  and no
direct or  indirect  payment  in cash,  property  or  securities,  by set-off or
otherwise,  shall be made or agreed to be made by the Institutional  Borrower an
account of the  principal of or interest on this Note until such Senior Debt has
been paid in full accordance with its terms.

(e) In the event that,  notwithstanding  the  provisions  of this Section 9, any
payment shall be made on account of the principal of or interest on this Note in
contravention  of such  provisions,  then  such  payment  shall  be held for the
benefit of, and shall be paid over and  delivered to, the holders of such Senior
Debt  remaining  unpaid to the extent  necessary  to pay in full in cash or cash
equivalents the principal of and interest on such Senior Debt in accordance with
its terms after giving effect to any concurrent  payment or  distribution to the
holders of such Senior Debt.

(f)      Nothing contained in this Section 9 shall:

         (i)  impair  the  conversion rights of the holder hereof referred to in
Section 4 above,

                                        9

<PAGE>

         (ii)  impair, as  between  the Company and the holder of this Note, the
obligation of the Company,  which is absolute and  unconditional,  to pay to the
holder  hereof  principal and interest as the same shall become due and payable,
or

         (iii) prevent the holder hereof from exercising all rights,  powers and
remedies  otherwise  provided  herein or by  applicable  law, all subject to the
express limitations provided herein.

(g) Upon the occurrence of an Event of Default, if any Senior Debt shall then be
outstanding,  no  acceleration  of the  maturity of this Note shall be effective
until the earlier of (i) ten (10) days shall have passed  following  the date of
delivery to the  Institutional  Borrower by a Senior Lender(s) of written notice
of acceleration of any Senior Debt, or (ii) the maturity of any then outstanding
Senior  Debt  shall have been  accelerated  by reason of a default  hereon.  The
Company may pay the holder  hereof any  defaulted  payment and all other amounts
due following any such acceleration of the maturity of this Note if this Section
9 would not prohibit such payment to be made at that time.

(h) Upon  payment  in full of all Senior  Debt,  the Payee of this Note shall be
subrogated  to the rights of the holder or holders of Senior Debt to receive all
payments or  distributions  applicable  on such Senior Debt to the extent of the
prior  application  thereto  of moneys or other  assets  which  would  have been
received in respect of this Note, but for these subordination provisions,  until
the principal of, and interest on, this Note shall have been paid in full.

(i)      The Payee, by accepting this Note:

         (i) shall be bound by all of the foregoing subordination provisions;

         (ii) agrees expressly for the benefit of the present and future holders
of  Senior  Debt  that  this  Note is  subject  to the  foregoing  subordination
provisions;

         (iii)  authorizes such persons as shall be designated by all holders of
Senior Debt at any given time, on his or its benefit to execute and deliver such
agreements,  assignments,  proofs of claim and other  documents  appropriate  to
effectuate the foregoing subordination provisions; and

          (iv) hereby appoints the person so designated his or its  attorney-in-
fact for such purpose.

(j) The  foregoing  subordination  provisions  shall be for the  benefit  of all
holders of Senior Debt from time to time  outstanding,  and each of such holders
may proceed to enforce such provisions either directly against the holder hereof
or in any other manner provided by law.

10.  PERMITTED PAYMENTS.

Notwithstanding  the  provisions of Section 9 of this Note, and provided that no
default or event of default (or event which,  with the passage of time or giving
of notice  or both)  has  occurred,  will  occur as a result  of the  "Permitted
Payment" (herein  defined),  or will occur with the passage of time or giving of
notice or both,  under any document or instrument  evidencing  such Senior Debt,
the Company may pay to the Payee,  and the Payee shall  accept from the Company,
the  principal  payments  of,  and/or  interest  payments  on,  the  outstanding
principal  amount  of this  Note  when due on an  unaccelerated  basis  (herein,
"Permitted Payments"); it being understood and agreed by the

                                       10

<PAGE>

Payee by accepting this Note that neither:

(a)      the payment terms set forth in Section l of this Note;

(b)      the subordination provisions contained in Section 9 of this Note, nor

(c)      the  provisions  of this  Section 10 of this Note,  may be  modified or
         amended  without the prior written  consent of each and every holder of
         Senior Debt.

11.  SUCCESSORS AND ASSIGNS.

This Note shall be binding  upon and inure to the benefit of the Company and the
holder hereof and their respective  successors and permitted assigns;  provided,
however,  that the  Company  may not  transfer  or assign  any of its  rights or
obligations  hereunder  without the prior written  consent of the holder hereof;
and  provided,  further,  that  transfer  or  assignment  by  the  holder  is in
accordance with the rules governing Restricted Securities.

IN WITNESS WHEREOF,  the Company has caused this Note to be executed by its duly
authorized officers as of the date first set forth above.

                     CLEMENTS GOLDEN PHOENIX ENTERPRISES, INC.

                     By:   /s/ Joseph R. Rizzuti
                         ----------------------------
                         Joseph Rizzuti - Chairman and Chief Operating Officer

                     Attest: /s/ Ronald Pugliese
                         ----------------------------

                                          11EXHIBIT 10.8

December 11, 2000
Warrant No. __

                   Warrant to Purchase Shares of Common Stock

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES  SECURITIES AND
EXCHANGE  COMMISSION OR THE SECURITIES  COMMISSION OF ANY STATE.  THE SECURITIES
ARE BEING OFFERED PURSUANT TO A SAFE HARBOR FROM REGISTRATION UNDER REGULATION D
PROMULGATED  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED  (THE  "ACT").  THE
SECURITIES ARE "RESTRICTED" AND MAY NOT BE OFFERED OR SOLD UNLESS THE SECURITIES
ARE  REGISTERED  UNDER  THE ACT OR ARE  EXEMPT  FROM  REGISTRATION  PURSUANT  TO
AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT.

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

                WARRANT TO PURCHASE 25,000 SHARES OF COMMON STOCK

                                       OF

                    CLEMENTS GOLDEN PHOENIX ENTERPRISES, INC.
        ----------------------------------------------------------------

         This it to certify that, FOR VALUE RECEIVED, James E. Groat, or assigns
("Holder"), is entitled to purchase,  subject to the provisions of this Warrant,
from Clements  Golden  Phoenix  Enterprises,  Inc., a Florida  corporation  (the
"Company"),  the fully paid, validly issued and non- assessable shares of Common
Stock,  $0.0001 par value, of the Company  ("Common  Stock") at any time or from
time to time  during the period  from the date  hereof,  through  and  including
December 11, 2002,  but not later than 5:00 p.m.  Palm Beach,  Florida  time, on
December 11,  2002,  (the  "Exercise  Period") at the price of US$0.50 per share
(the "Exercise Price").  The total number of shares of Common Stock to be issued
upon exercise of this Warrant shall be 25,000  shares.  The price to be paid for
each share of Common Stock may be adjusted from time to time as hereinafter  set
forth.  The  shares of Common  Stock  deliverable  upon  such  exercise,  and as
adjusted from time to time, are  hereinafter  sometimes  referred to as "Warrant
Shares" and the  respective  exercise price of a share of Common Stock in effect
at any time and as adjusted from time to time is hereinafter  sometimes referred
to as the  "Exercise  Price".  This  Warrant  is being  issued  pursuant  to the
Convertible  Note of even  date  herewith  by the  Company  in favor of James E.
Groat.

                                        1

<PAGE>

A.   EXERCISE OF WARRANT

         This  Warrant may be  exercised in whole or in part at any time or from
time to time during the Exercise Period; provided, however, that (i) if the last
day of the Exercise Period is a day on which banking institutions in the City of
Palm  Beach are  authorized  by law to close,  then the  Exercise  Period  shall
terminate  on the next  succeeding  day that shall not be such a day, and during
such period the Holder  shall have the right to exercise  this  Warrant into the
kind and amount of shares of stock and other securities and property  (including
cash)  receivable by a holder of the number of shares of Common Stock into which
this Warrant might have been exercisable immediately prior thereto. This Warrant
may be exercised by  presentation  and  surrender  hereof to the Company of this
Warrant at the Company's principal office, with the Exercise Form annexed hereto
duly executed and accompanied by payment of the Exercise Price for the number of
Warrant Shares  specified in such form. As soon as  practicable  after each such
exercise  of the  Warrants,  but not later  than seven (7) days from the date of
such  exercise,  the Company shall issue and deliver to the Holder a certificate
or  certificates  for the designee.  If this Warrant should be exercised in part
only,  the Company  shall,  upon  surrender  of this  Warrant for  cancellation,
execute and deliver a new Warrant evidencing the rights of the Holder thereof to
purchase the balance of Warrant Shares purchasable  thereunder.  Upon receipt by
the Company of this Warrant at its principal  office,  or by the stock  transfer
agent of the Company at its  office,  in proper  form for  exercise,  the Holder
shall be deemed to be holder of record of the  shares of Common  Stock  issuable
upon such exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that  certificates  representing  such  shares of Common
Stock shall not then be physically delivered to the Holder.

         THIS WARRANT MAY BE EXERCISED ONLY IF A WRITTEN OPINION OF COUNSEL, THE
FORM AND SUBSTANCE OF WHICH IS  ACCEPTABLE  TO THE COMPANY,  IS DELIVERED TO THE
COMPANY PRIOR TO EXERCISE OF THE WARRANTS BEING  EXERCISED THAT  REGISTRATION IS
NOT REQUIRED,  OR THE  UNDERLYING  SECURITIES  DELIVERED UPON EXERCISE HAVE BEEN
REGISTERED UNDER THE ACT.

B.   RESERVATION OF SHARES AND COVENANTS OF THE COMPANY

         The Company  shall at all times have allotted and reserved for issuance
and/or  delivery  upon  exercise  of this  Warrant  such number of shares of its
Common Stock as shall be required for issuance and delivery upon exercise of the
Warrant.

         The  Company  covenants  with the Holder  that so long as any  Warrants
remain outstanding and may be exercised:

1. it will cause the shares of Common  Stock and the  certificates  representing
the  Common  Stock  subscribed  and paid for  pursuant  to the  exercise  of the
Warrants to be duly issued and  delivered in  accordance  herewith and the terms
hereof;

                                        2

<PAGE>

2. all shares of Common Stock that shall be issued upon exercise of the right to
purchase  provided for herein,  upon payment of the  prevailing  Exercise  Price
herein provided, shall be fully paid and non-assessable;

3. it will use its best efforts to maintain its corporate existence; and

4.  generally,  it will well and truly  perform and carry out all of the acts or
things to be done by it as provided herein.

C.   FRACTIONAL SHARES

         No fractional shares or script representing  fractional shares shall be
issued upon the  exercise of this  Warrant.  With  respect to any  fraction of a
share called for upon any exercise  hereof,  the Company shall pay to the Holder
an amount in cash equal to such fraction  multiplied by the current market value
of a share, determined as follows:

1. If the Common Stock is listed on a National  Securities  Exchange or admitted
to unlisted  trading  privileges  on such  exchange or listed for trading on the
NASDAQ system, the current market value shall be the last reported sale price of
the Common  Stock on such  exchange or system on the last  business day prior to
the date of exercise of this  Warrant or, if no such sale is made (or  reported)
on such day,  the  average  closing  bid and asked  prices  for such day on such
exchange or system; or

2. If the  Common  Stock  is not so  listed  or  admitted  to  unlisted  trading
privileges,  the current market value shall be the mean to the last reported bid
and ask prices reported by the Electronic  Bulletin Board or National  Quotation
Bureau,  Inc. on the last business day prior to the date of the exercise of this
Warrant; or

3. If the  Common  Stock  is not so  listed  or  admitted  to  unlisted  trading
privileges and bid and ask prices are not so reported,  the current market value
shall be an amount,  not less than book value  thereof as at the end of the most
recent  fiscal year of the Company  ending  prior to the date of the exercise of
the Warrant,  determined in such  reasonable  manner as may be prescribed by the
Board of Directors of the Company.

D.   EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT

         This Warrant is  exchangeable,  without  expense,  at the option of the
Holder, upon presentation and surrender hereof to the Company for other warrants
of  different  denominations  entitling  the holder  thereof to  purchase in the
aggregate the same number of shares of Common Stock purchasable hereunder.  Upon
surrender  of this  Warrant to the  Company at its  principal  office,  with the
Assignment  Form annexed  hereto duly  executed and funds  sufficient to pay any
applicable transfer tax, the Company shall, without charge,  execute and deliver
a new Warrant in the name of the assignee named in such Assignment Form and this
Warrant shall promptly be canceled. This Warrant may be divided or combined with
other  warrants  that  carry the same  rights  upon  presentation  hereof at the
principal office of the Company, together with a written notice specifying

                                        3

<PAGE>

the names and denominations in which new Warrants are to be issued and signed by
the Holder hereof.  The term "Warrant" as used herein includes any Warrants into
which this Warrant may be divided or  exchanged.  Upon receipt of the Company of
evidence  satisfactory  to it of the loss,  theft,  destruction or mutilation of
this  Warrant,  and (in the case of loss,  theft or  destruction)  of reasonably
satisfactory  indemnification,  and  upon  surrender  and  cancellation  of this
Warrant,  if  mutilated,  the Company  will execute and deliver a new Warrant of
like  tenor  and  date.  Any such  new  Warrant  executed  and  delivered  shall
constitute  an  additional  contractual  obligation  on the part of the Company,
whether or not this Warrant so lost, stolen,  destroyed or mutilated shall be at
any time enforceable by anyone.

         This  Warrant  and the Common  Stock  issuable  upon  exercise  of this
Warrant were issued under Regulation D under the Act and may be transferred only
in  accordance  therewith  and as  provided  in the  legends  set  forth in this
Warrant.

E.       RIGHTS OF THE HOLDER

         The Holder shall not, by virtue hereof,  be entitled to any rights of a
shareholder  in the  Company,  either at law or  equity,  and the  rights of the
Holder are limited to those  expressed  in the  Warrant and are not  enforceable
against the Company except to the extent set forth herein.

F.   ANTI-DILUTION PROVISIONS

         The respective  Exercise Price in effect at any time and the number and
kind of securities purchasable upon the exercise of the Warrant shall be subject
to  adjustment  from time to time  upon the  happening  of  certain  events  are
follows:

1. In case the Company  shall (i) declare a dividend or make a  distribution  on
its outstanding shares of Common Stock in shares of Common Stock, (ii) subdivide
or reclassify  its  outstanding  shares of Common Stock into a greater number of
shares,  or (iii) combine or reclassify its  outstanding  shares of Common Stock
into a smaller number of shares, the respective  Exercise Price in effect at the
time of the record date for such  dividend or  distribution  or of the effective
date of such subdivision,  combination or reclassification  shall be adjusted so
that it shall equal the price determined by multiplying the respective  Exercise
Price by a fraction,  the  denominator of which shall be the number of shares of
Common Stock outstanding  after giving effect to such action,  and the numerator
of which shall be the number of shares of Common Stock  outstanding  immediately
prior to such action.  Such adjustment shall be made  successively  whenever any
event listed above shall occur.

2. Whenever the respective  Exercise Price payable upon exercise of each Warrant
is adjusted  pursuant to Subsection (1) above, the number of Shares  purchasable
upon exercise of this Warrant shall  simultaneously  be adjusted by  multiplying
the respective number of Shares initially issuable upon exercise of this Warrant
by a fraction, the denominator of which shall be the Exercise Price after giving
effect to such action and the numerator of which shall be the Exercise  Price in
effect immediately prior to such action.

                                        4

<PAGE>

3. No adjustment in the respective  Exercise Price shall be required unless such
adjustment would require an increase or decrease of at least one cent ($0.01) in
such  price;  provided,  however,  that any  adjustment  that by  reason of this
Subsection  (3) is not  required  to be made shall be carried  forward and taken
into account in any subsequent  adjustment  required to be made  hereunder.  All
calculations  under this Section (F) shall be made to the nearest cent or to the
nearest  one-hundredth  of a share, as the case may be. Anything in this Section
(F) to the contrary  notwithstanding,  the Company shall be entitled,  but shall
not be  required,  to make such changes in the  respective  Exercise  Price,  in
addition to those  required by this Section (F), as it shall  determine,  in its
sole  discretion,  to be advisable in order that any dividend or distribution in
shares of Common Stock, or any subdivision,  reclassification  or combination of
Common  Stock,  hereafter  made by the  Company  shall not result in any federal
income tax  liability to the holders of Common Stock or  securities  convertible
into Common Stock (including the Warrants).

4. In the event that at any time, as a result of an adjustment  made pursuant to
Subsection  (1)  above,  the  Holder of this  Warrant  thereafter  shall  become
entitled  to  receive  any  shares of the  Company,  other  than  Common  Stock,
thereafter  the number of such other shares so receivable  upon exercise of this
Warrant  shall be  subject  to  adjustment  from time to time in a manner and on
terms as nearly  equivalent as practicable to the provisions with respect to the
Common Stock contained in Subsections (1) to (3) inclusive above.

5.  Irrespective  of any  adjustments  in the  respective  Exercise Price or the
related  number or kind of shares  purchasable  upon  exercise of this  Warrant,
Warrants theretofore or thereafter issued may continue to express the same price
and number and kind of shares as are stated in the  similar  Warrants  initially
issuable pursuant to this Warrant.

G.   OFFICER'S CERTIFICATE

         Whenever the respective Exercise Price shall be adjusted as required by
the provisions of the foregoing Section (F), the Company shall forthwith file in
the custody of its Secretary or an Assistant  Secretary at its principal office,
an officer's  certificate  showing the adjusted  Exercise  Price  determined  as
herein  provided,  setting forth in reasonable  detail the facts  requiring such
adjustment,  including a statement of the number of related additional shares of
Common  Stock,  if any,  and such other facts as shall be  necessary to show the
reason for and the manner of  computing  such  adjustment.  Each such  officer's
certificate  shall be made available at all  reasonable  times for inspection by
the holder or any holder of a Warrant executed and delivered pursuant to Section
(A) and the Company shall, forthwith after each such adjustment,  mail a copy by
certified mail of such certificate to the Holder or any such holder.

H.   NOTICES TO WARRANT HOLDERS

         So long as this Warrant shall be outstanding,  (i) if the Company shall
pay any dividend or make any  distribution  upon the Common Stock or (ii) if the
Company shall offer to the holders of

                                        5

<PAGE>

Common Stock for  subscription or purchase by them any share of any class or any
other  rights,  options or  warrants  (other  than this  Warrant)  or (iii) if a
capital reorganization of the Company,  reclassification of the capital stock of
the  Company,  consolidation  or  merger  of the  Company  with or into  another
corporation, sale, lease or transfer of all or substantially all of the property
and assets of the Company to another  corporation,  or voluntary or  involuntary
dissolution, liquidation or winding up of the Company shall be effected, then in
any such case,  the Company  shall cause to be mailed by  certified  mail to the
Holder, at least fifteen (15) days prior to the date specified,  as the case may
be, a notice  containing a brief  description of the proposed action and stating
the date on which a record  date is to be  determined  for the  purpose  of such
dividend,  distribution  or  issue  of  rights,  options,  or  warrants  or such
reclassification,  reorganization,  consolidation,  merger,  conveyance,  lease,
dissolution,  liquidation or winding up is to take place and the date, if any is
to be fixed as of which the holders of Common  Stock or other  securities  shall
receive  cash  or  other  property   deliverable  upon  such   reclassification,
reorganization,  consolidation,  merger, conveyance, dissolution, liquidation or
winding  up. The  failure to give such  notice  shall not  otherwise  affect the
action taken by the Company.

I.   RECLASSIFICATION, REORGANIZATION OR MERGER

         In case of any reclassification, capital reorganization or other change
of  outstanding  shares  Common  Stock  of  the  Company,  or  in  case  of  any
consolidation or merger of the Company with or into another  corporation  (other
than a merger with a subsidiary  in which  merger the Company is the  continuing
corporation  and  that  does  not  result  in  any   reclassification,   capital
reorganization  or other  change of  outstanding  shares of Common  Stock of the
class  issuable upon exercise of this Warrant) or in case of any sale,  lease or
conveyance to another corporation of the property of the Company as an entirety,
the Company shall, as a condition precedent to such transaction, cause effective
provisions  to be made so that the Holder  shall have the right  thereafter,  by
exercising  this Warrant at any time prior to the expiration of the Warrant,  to
purchase the kind and amount of shares of stock an other securities and property
receivable upon such reclassification,  capital reorganization and other change,
consolidation,  merger,  sale or conveyance by a holder of such number of shares
of Common  Stock that might have been  purchased  upon  exercise of this Warrant
immediately prior to such reclassification,  change, consolidation, merger, sale
or conveyance.  Any such provision shall include  provision for adjustments that
shall be as nearly equivalent as may be practicable to the adjustments  provided
for in this  Warrant.  The  foregoing  provisions  of  this  Section  (I)  shall
similarly apply to successive  reclassifications,  capital  reorganizations  and
changes of shares of Common  Stock and to  successive  consolidations,  mergers,
sales or  conveyances.  In the event that in  connection  with any such  capital
reorganization or reclassification,  consolidation,  merger, sale or conveyance,
additional  shares of Common  Stock  shall be  issued in  exchange,  conversion,
substitution  or  payment,  in whole or in part,  for a security  of the Company
other than Common  Stock,  any such issue shall be treated as an issue of Common
Stock covered by the provisions of Subsection (1) of Section (F) hereof.

J.   WARRANTS TO RANK PARI PASSU

         All Warrants shall rank pari passu,  whatever may be the actual date of
issue of the same.

                                        6

<PAGE>

K.   GOVERNING LAW; JURISDICTION AND VENUE

         This Warrant shall be governed by and  interpreted  in accordance  with
the laws of the State of  Florida.  The  parties  agree  that the courts of Palm
Beach  County,  Florida,  shall have  exclusive  jurisdiction  and venue for the
adjudication  of any civil  action  between them arising out of relating to this
Agreement, and hereby irrevocably consent to such jurisdiction and venue.

         IN WITNESS  WHEREOF,  the Company has caused this  Warrant to be signed
and  attested by the  undersigned,  each being duly  authorized,  as of the date
below.

CLEMENTS GOLDEN PHOENIX ENTERPRISES, INC.

/s/ Joseph R. Rizzuti
--------------------------------
By: Joseph R. Rizzuti
Its: Chairman & Chief Operating Officer

DATED: December 11, 2000

ATTEST:

/s/ Ronald V. Pugliese Jr.
--------------------------------

                                        7

<PAGE>

                           FORM OF NOTICE OF EXERCISE

THIS WARRANT MAY BE EXERCISED ONLY IF A WRITTEN OPINION OF COUNSEL, THE FORM AND
SUBSTANCE OF WHICH IS  ACCEPTABLE  TO THE  COMPANY,  IS DELIVERED TO THE COMPANY
PRIOR TO EXERCISE OF THE  WARRANTS  BEING  EXERCISED  THAT  REGISTRATION  IS NOT
REQUIRED,  OR THE  UNDERLYING  SECURITIES  DELIVERED  UPON  EXERCISE  HAVE  BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933.

         The  undersigned  hereby  irrevocably  elects to  exercise  the  within
Warrant to the extent of  purchasing  ______________  shares of Common  Stock of
CLEMENTS  GOLDEN  PHOENIX  ENTERPRISES,  INC.  AT $0.50 per  share,  for a total
purchase price of $___________.

INSTRUCTIONS FOR REGISTRATION OF STOCK

Name_________________________________________
         (Please typewrite or print in block letters)

Address________________________________________

Social Security or Federal I.D. Number_________________

The undersigned  represents and warrants to Clements Golden Phoenix Enterprises,
Inc.  that the  conditions  for exercise of the within  Warrant set forth in the
first sentence of the first paragraph above have been fully complied with.

Signature____________________________________________________
         (Sign exactly as your name appears on the first page of this Warrant)

                                                         8

<PAGE>

ASSIGNMENT FORM

FOR VALUE RECEIVED,

---------------------------------
hereby sells, assigns and transfers unto

Name

----------------------------------------------------------
(Please typewrite or print in block letters)

Address

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

Social Security Federal I.D. Number

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

the  right to  purchase  shares  of  Common  Stock of  Clements  Golden  Phoenix
Enterprises,  Inc.  represented  by this  Warrant  as to  which  such  right  is
exercisable    and   does   hereby    irrevocably    constitute    and   appoint
__________________________  Attorney,  to  transfer  the  same on the  books  of
Clements Golden Phoenix Enterprises, Inc. with full power of substitution in the
premises.

Date:  ______________________

Signature:  ______________________
                  (sign exactly as your name
                  appears on the first page of
                  this Warrant)

Note:  The Warrant and the Common Stock  issuable  upon  exercise of the Warrant
were issued under Regulation D under the Securities Act of 1933, as amended, and
may be transferred  only in accordance  therewith and as provided in the legends
set forth in the Warrant.

                                                         9

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