Document:

PROMISSORY
NOTE

 

 

	Up to $_______	Date: October __, 2013	Denver, Colorado

 

 

 

THIS PROMISSORY NOTE
(“Note”) is entered into as of October __, 2013 (the “Effective Date”) by and between Elkhorn Goldfields,
Inc., (“Payor”), and _____________________________ (the “Lender”). The Payor and Lender are hereafter sometimes
referred to individually as “Party” or collectively as “Parties”.

 

AGREEMENT 

 

FOR VALUE RECEIVED,
Payor hereby promises to pay to the order of Lender the total dollar amount of up to _________________________________________
and NO/100 ($________) (the “Principal Amount”), together with interest on the outstanding Principal Amount calculated
from the date hereof in accordance with the provisions of this Note.

 

1.          
Use of Proceeds. Payor will use the Principal Amount for working capital.

 

2.          
Interest.

 

(a)            
Interest on this note shall accrue from October __, 2013, on the unpaid principal (drawn down by the Payor) at the rate
of 0.5% per month (“Interest”). Upon an Event of Default the interest rate on this Note shall be the sum of
the then current rate plus six percent (6%).

 

(b)           
 consisting of twelve 30-day months.

 

3.          
Scheduled Payments. The principal amount and all accrued interest shall be payable on or before November 30, 2013.

 

4.          
Prepayments of Note. Payor may at any time prepay, without premium or penalty, all or any portion of Payor’s
obligations under the Note. All prepayments shall be applied in the manner set forth below in Section 6, hereof.

 

5.          
Application of Payments. Unless otherwise expressly provided in this Note, all payments made on this Note shall be
applied, (i) first to the payment of the Interest and other charges then accrued and due on the unpaid Principal Amount of this
Note, then (ii) the remainder of all such payments shall be applied to the reduction of the unpaid Principal Amount. Upon written
request of Lender, Payor agrees to make all payments by electronic transfer of funds or other form of currently available funds
acceptable to Lender.

 

    	 

    	 

    

 

6.          
Events of Default.

 

(a)            
Definition. For the purpose of this Note, an Event of Default will be deemed to have occurred if:

 

(i)                
Payor fails to pay within five (5) days after written notice from Lender any Principal Amount then due and payable on this
Note, or within fifteen (15) days after written notice from Lender any interest or other amount then due and payable on this Note;

 

(ii)              
Payor fails in any respect to perform or observe any other material provision contained in this Note and such failure continues
for a period of fifteen (15) days after notice by the Lender of such failure;

 

(iii)            
Payor makes an assignment for the benefit of creditors or admits in writing Payor’s inability to pay Payor’s
debts generally as they become due; or an order, judgment or decree is entered adjudicating Payor bankrupt or insolvent; or any
order for relief with respect to Payor is entered under the Bankruptcy Code of 1978, as amended; or Payor petitions or applies
to any tribunal for the appointment of a custodian, trustee, receiver or liquidator, or commences any proceeding relating to Payor
under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction;
or any such petition or application is filed, or any such proceeding is commenced, against Payor and either (A) Payor by any act
indicates Payor’s approval thereof, consents thereto or acquiesces therein or (B) such petition, application or proceeding
is not dismissed within sixty (60) days.

 

(b)           
Consequences of Events of Default.

 

(i)                
If an Event of Default (other than the type described in Section 7(a)(iv) hereof) occurs, the Lender may declare, by notice
of default given to Payor, the entire outstanding Principal Amount of this Note, together with all accrued, unpaid interest thereon
and any other amounts due hereunder, immediately due and payable, and Lender may otherwise exercise any and all rights as set forth
in this Note.

 

(ii)              
If an Event of Default of the type described in Section 7(a)(iv) hereof occurs, then all of the outstanding Principal Amount
of this Note, together with all accrued, unpaid interest thereon and any other amounts due hereunder, shall automatically be immediately
due and payable without any further action on the part of the Lender, and Lender otherwise may exercise any and all rights as set
forth in this Note.

 

7.          
Amendment and Waiver. Except as otherwise expressly provided herein, the provisions of this Note may be amended and
Payor may take any action herein prohibited or omit to perform any act herein required to be performed by Payor, only if Payor
has obtained the written consent of the Lender.

 

8.          
Cancellation. After all obligations for the payment of money arising under this Note have been paid in full, this
Note will be surrendered to Payor for cancellation.

 

9.          
Costs of Enforcement. Subject to Section 12 below, Payor agrees to pay, and to indemnify and hold harmless the
Lender from, against and for any and all liabilities, obligations, claims, damages, actions, penalties, causes of action, losses,
judgments, suits, costs, expenses and disbursements, including without limitation, reasonable attorneys’ fees, incurred or
arising in connection with the enforcement by the Lender of its rights under this Note.

 

    	2

    	 

    

 

10.      
Waiver of Presentment, Demand and Dishonor.

 

(a)            
Payor hereby waives presentment for payment, protest, demand, notice of protest, notice of nonpayment and diligence with
respect to this Note.

 

(b)           
No failure on the part of Lender to exercise any right or remedy hereunder with respect to Payor, whether before or after
the happening of an Event of Default, shall constitute waiver of any such Event of Default or of any other Event of Default by
Lender. No failure to accelerate the debt of Payor evidenced hereby by reason of an Event of Default or indulgence granted from
time to time shall be construed to be a waiver of the right to insist upon prompt payment thereafter; or shall be deemed to be
a novation of this Note or a reinstatement of such debt evidenced hereby or a waiver of such right of acceleration or any other
right, or be construed so as to preclude the exercise of any right Lender may have, whether by the laws of the state governing
this Note, by agreement or otherwise; and Payor hereby expressly waives the benefit of any statute or rule of law or equity that
would produce a result contrary to or in conflict with the foregoing.

 

(c)            
Payor does not waive or renounce any rights to the benefits of any statute of limitations or any moratorium, appraisement,
exemption, or homestead now provided or that hereafter may be provided by any federal or applicable state statute, including but
not limited to exemptions provided by or allowed under the Bankruptcy Code of 1978, as amended, both as to Payor and as to all
of Payor’s property, whether real or personal, against the enforcement and collection of the obligations evidenced by this
Note and any and all extensions, renewals, and modifications hereof.

 

11.      
Usury. Payor and Lender intend that the obligations evidenced by this Note conform strictly to the applicable usury
laws from time to time in force. All agreements between Payor and Lender, whether now existing or hereafter arising and whether
oral or written, hereby are expressly limited so that in no contingency or event whatsoever, whether by acceleration of maturity
hereof or otherwise, shall the amount paid or agreed to be paid to Lender, or collected by Lender, by or on behalf of Payor for
the use, forbearance or detention of the money to be loaned to Payor hereunder or otherwise, or for the payment or performance
of any covenant or obligation contained herein of Payor to Lender, or in any other document evidencing, securing or pertaining
to such indebtedness evidenced hereby, exceed the maximum amount permissible under applicable usury law. If under any circumstances
whatsoever, fulfillment of any provision thereof or any other document, at the time performance of such provisions shall be due,
shall involve transcending the limit of validity prescribed by law, then ipso facto, the obligation to be fulfilled shall
be reduced to the limit of such validity and if under any circumstances Lender ever shall receive from or on behalf of Payor an
amount deemed interest, by applicable law, which would exceed the highest lawful rate such amount that would be excessive interest
under applicable usury laws shall be applied to the reduction of Payor’s principal amount owing hereunder and not to the
payment of interest, or if such excessive interest exceeds the unpaid balance of principal and such other indebtedness, the excess
shall be deemed to have been a payment made by mistake and shall be refunded to Payor or to any other person making such payment
on Payor’s behalf.

 

    	3

    	 

    

 

12.      
Governing Law. The validity, construction and interpretation of this Note will be governed by and construed in accordance
with the internal laws of the State of Colorado.

 

13.      
Conflict of Terms. If and to the extent that there are any discrepancies between the provisions of this Note
and any other document securing or pertaining to the indebtedness evidenced by this Note, the provisions of this Note shall control.

 

14.      
Notice. For the purpose of this Note, notices and all other communications provided for in this Note shall be in
writing and shall be given to the respective addresses set forth in the preamble of this Note with a copy to Steven N. Levine,
Esq., 1430 Wynkoop Street, Suite 300, Denver, Colorado 80202, or to such other address as either party may have furnished to the
other in writing in accordance herewith. Each such notice or other communication shall be effective (i) if given by prepaid
overnight courier, upon receipt, or (ii) if given by United States mail, postage prepaid, return receipt requested, the later
of actual receipt or three (3) business days after deposit with the United States postal service; provided that notice of change
of address shall be effective only upon actual receipt.

 

15.      
Assignment. Absent the prior written consent of the other party hereto, this Note shall not be assignable by the
Payor or Lender.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
Payor has executed and delivered this Promissory Note on the date first above written.

 

 

 

EASTERN RESOURCES,
INC.

 

 

__________________________________________

By: Robert Trenaman

Title: PresidentGORDON SNYDER, ADMINISTRATIVE AGENT

 

28 Middle Street - Suite 100

Keene, NH 03431

 

October 31, 2013

 

Mr. Patrick M.W. Imeson

Black Diamond Holdings, LLC

1610 Wynkoop Street, Suite 400

Denver, CO 80202

 

Re: MFPI Partners LLC (“MFPI”) and Elkhorn Goldfields, LLC (“EGL”) (MFPI and EGL are referred to hereinafter
collectively as “Obligor Parties”)

 

Dear Mr. Imeson:

 

This letter agreement (“Letter Agreement”),
when signed and delivered on behalf of the Obligor Parties, will set forth the terms, conditions, representations, warranties and
covenants which the Obligor Parties (hereinafter defined) have offered in order to induce Gordon Snyder, acting as Administrative
Agent (“Administrative Agent”) on behalf of the holders (“Secured Creditors”) of certain notes given to
evidence their obligations under certain loan agreements (collectively, the “Loan Agreements”) described more fully
in that certain Loan Reinstatement and Modification Agreement made effective April 6, 2012 (“Loan Reinstatement Agreement”),
to (a) agree to extend the term of that certain Intercreditor and Standstill Agreement dated as of May 14, 2013 (the “Standstill”)
by and among (i) Gordon Snyder, as administrative agent (“Administrative Agent”) for
the Secured Creditors; (ii) Black Diamond Holdings LLC (“BDH”), for itself and as authorized agent for certain additional
purchasers of interests in the Elkhorn Streaming Contract, as that term is defined in the Standstill (such additional purchasers,
together with BDH, collectively referred to herein as the "Purchasers") and (iii) consented to by Eastern Resources,
Inc., a Delaware corporation (“ESRI); and (b) continue to defer the Obligor Parties’ required payment schedule set
forth in the Standstill in exchange for and in consideration of certain agreements and covenants of the Obligor Parties and ESRI
as set forth in this Letter Agreement. Upon satisfaction of the conditions set forth herein, this Letter Agreement is a binding
agreement between the parties hereto.

 

1. Background Facts and Circumstances
of this Letter Agreement. The Obligor Parties and BDH have notified the Administrative Agent that BDH intends to transfer
certain of its assets to ESRI in return for securities of ESRI. The Secured Creditors are the holders of certain rights with respect
to ESRI, as collateral for the obligations of the Obligor Parties, including the right to receive 10 Million shares of Class A
Preferred stock in ESRI upon an event of default, having a redeemable value of not more than $60 Million upon certain terms and
conditions set forth in the Loan Reinstatement Agreement and the Pledge Agreement entered into at the time of the Loan Reinstatement
Agreement and consented to in writing by ESRI (the “ESRI Preferred Rights”). It is contemplated that the intended transfer
would include the transfer to ESRI of certain core assets currently held by BDH, comprised of the equity ownership of several portfolio
companies as previously identified to the Administrative Agent in writing by BDH , including but not limited to TransnetYX Holding
Corporation and any other or differently-described assets which might be acquired by BDH or its successors or assigns in substitution
for such portfolio company equity ownership interests (collectively “BDH Core Assets”). Such transfer will be subject
only to certain liens and encumbrances described below, which would remain as encumbrances upon the assets in the hands of ESRI
after the intended transfer of the BDH Core Assets to ESRI. Notwithstanding the amounts of such encumbrances, by the transfer of
BDH’s assets to ESRI, ESRI’s net worth would be substantially enlarged by the acquisition of the BDH Core Assets and
would, as an inducement to the Administrative Agent to agree as provided in ths Letter Agreement, materially enhance the security
of the Secured Creditors as represented by the ESRI Preferred Rights.

 

    	1

    	 

    

 

The
Administrative Agent is willing to agree to the extension of the Standstill as described hereinabove; subject, however, to certain
additional terms and conditions set forth in this Letter Agreement.

 

2.
Status of Indebtedness and Options: The Obligor Parties agree, warrant and covenant
with respect to the Indebtedness and Options and Administrative Agency Fees owed to the Secured Creditors and the Administrative
Agent as follows:

 

A total of
all secured and unpaid obligations of Obligor Parties to Lender under all outstanding and unpaid Notes and Options is attached
to this Letter Agreement as Exhibit A in writing signed by the Obligor Parties and acknowledged and consented to
by the Administrative Agent on behalf of the Secured Creditors; which Exhibit A includes (without limitation) the
current outstanding balances with accrued interest as of November 30, 2013 of: (a) Elkhorn Goldfields LLC Series A Convertible
Notes having an original principal balance of $8,050,000 (the “EGL Loan”); (b) MFPI 2007 Loan having an original principal
balance of $5,000,000 (the “MFPI 2007 Loan”), (c) MFPI 2008 Loan having an original principal balance of $5,000,000
(the “MFPI 2008 Loan”) and amounts which would be payable under the 2008 MFPI Loan and Administrative Agency Agreement
Collar Option (the “Collar Option”) if the “put” described in the Collar Option were exercised as of the
date of the Amendment (the EGL Loan, the MFPI 2007 Loan, the MFPI 2008 Loan and the Collar Option, together with all Administrative
Agency Fees defined in connection with and secured under each of the loans and options, and together with all the covenants, conditions,
undertakings and agreements of the Obligor Parties under the Loans, collectively, the “Obligor Parties Obligations”).
The current balances of all the Obligor Parties Obligations as of the date of this Letter Agreement are hereby certified true correct
and complete by the Obligor Parties and the Administrative Agent on behalf of the Secured Creditors.

 

3.
Black Diamond Holdings, LLC Secured Debt 

 

As of the date of this Letter Agreement,
BDH Core Assets have been used as collateral to secure certain notes and obligations. All of BDH’s assets are subject to
two (2) security interests existing and in the amounts outstanding as of the date of this Letter Agreement, held (i) by RF2, LLC,
a Florida limited liability company (up to $10,000,000 in collateralized security interest) and (ii) by BDH Facility, LLC, a Delaware
limited liability company (up to $1,000,000 in collateralized security interest).

 

    	2

    	 

    

 

4.
ESRI Acquisition of BDH Core Assets 

 

On or prior to November 30, 2013, ESRI
and BDH anticipate that they will consummate a transaction whereby ESRI shall acquire the BDH Core Assets in exchange for common
stock of ESRI. In connection with such transaction, the following shall also occur:

 

a. An agreement signed
by the Obligor Parties, Secured Creditors, and ESRI providing that all Secured Creditors shall receive as additional consideration
for the extension of the Standstill, rights to convert such Secured Creditors’ then outstanding Notes or options evidencing
Obligor Parties’ Obligations, pursuant to an election in writing of such Secured Creditors made on or prior to the date upon
which all of the Oblifor Parties’ Obligations as defined above have been paid and satisfied in full, into the equivalent
number of shares of common stock of Eastern Resources, Inc. having a price per share of $6.00. For every dollar of Obligor Parties’
Obligations that are converted at the election of the Secured Creditors, EGL shall relinquish the corresponding number of ESRI
Preferred Rights back to ESRI as consideration thereto.

 

b. The Administrative
Agent shall also be granted the right to convert the Administrative Agency Fee into common stock of Eastern Resources, Inc. on
terms equivalent to those granted to the Secured Creditors as set forth above in Paragraph 4a.

 

 

If ESRI and BDH fail to consummate a transaction
whereby ESRI shall acquire the BDH Core Assets in exchange for common stock of ESRI by November 30, 2013, the Obligor Parties and
BDH grant as additional security for the obligations of the Obligor Parties (not to exceed $25,000,000 in collateralized security
interest, subject to the existing security interests) to the Secured Creditors under the Loan Agreements a junior-priority security
interest in favor of the Administrative Agent on behalf of the Secured Creditors in all of the assets of BDH (the “Junior
Security Interest”) subordinate in priority only to two (2) prior security interests existing as set forth in Paragraph 3
of this Letter Agreement. For the avoidance of doubt, the aggregate security interest of the existing security interests in Paragraph
2 and the Junior Security Interest, notwithstanding any payoff reduction in whole or in part of the existing security interests,
will be $25,000,000. BDH acknowledges and consents that the foregoing sentence could result in an increase in the total obligations
of BDH by an amount equal to the amount of any reduction by payment of the existing security interests.

 

5.
Additional Terms and Conditions. As conditions to the effectiveness for any purpose
of this Letter Agreement, Administrative Agent shall have received, in form and content satisfactory to the Administrative Agent
in his sole discretion, the following:

 

a. Reaffirmation of
$1MM Personal Guaranty (“Guaranty”) by Patrick M.W. Imeson and Michael Feinberg for the benefit of the Secured
Creditors in form and content acceptable to Administrative Agent in his sole discretion.

 

b. Payment
in the amount of $10,000 for all of Administrative Agent’s costs and fees, including reasonable attorneys’ fees
incurred in the negotiation, preparation and performance of the conditions to this Letter Agreement.

 

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c. Recalculation (to
reflect new balances of Principal Amount Due owed as of the date of this Letter Agreement, consistent with the similar recalculation
made at the time of the Loan Modification and Reinstatement Agreement) of the secured 5% Administrative Agency Fee, together with
(at Administrative Agent’s sole election) the execution and delivery to the Administrative Agent by the Obligor Parties of
a note or notes in writing to evidence the obligation of the Obligor Parties to pay the 5% secured Administrative Agency Fee; which
fee and the note or notes evidencing the obligations of the Obligor Parties to pay the Administrative Agency Fee shall remain deferred
to and payable upon full payoff or satisfaction of the Obligor Parties Obligations.

 

6. Extension of
the Standstill. The parties acknowledge that the Standstill incorporated by its terms a Standstill Period which terminated
on September 30, 2013 and that without an extension of the Standstill, certain terms and conditions set forth in the Standstill
would change in ways not reflecting the intent of the parties to this Letter Agreement. Notwithstanding the passage of the date
upon which the Standstill was to have terminated by its terms, the parties agree that the Standstill Period shall be extended along
with all the terms and conditions set forth in the Standstill as if the Standstill Period had not terminated, subject only to and
as expressly and specifically modified by this Letter Agreement. All terms and conditions of the Standstill which were in full
force and effect prior to September 30, 2013, accordingly, are reaffirmed by the parties as being in full force and effect as of
the date of this Letter Agreement, except as such terms and conditions are expressly modified by this Letter Agreement. In the
event that any inconsistency should arise between the terms of the Standstill and this Letter Agreement, the terms of this Letter
Agreement shall control and be deemed to supersede the inconsistent terms and conditions of the Standstill.

 

7. Revised Standstill
Period. The Standstill Period is hereby extended so as to expire on December 31, 2014 (“Revised Standstill Period”).
If the Obligor Parties fail to get out of the Revised Standstill Period, the Administrative Agent, on behalf of the Secured Creditors,
shall be entitled to receive (in addition to the currently accruing 18% default interest rate) on the amount of the unpaid Obligor
Parties’ Obligations: Two Percent (2%) on July 1, 2014; and ,if the Revised Standstill Period has not been terminated prior
thereto an additional Two Percent (2%) such payments (if any) to be paid in common stock of ESRI held by EGL. The value of ESRI
common stock shall be calculated based upon a volume-weighted average price (“VWAP”) for the thirty-trading day period
that ends on the first trading day immediately preceding the date of the potential issuance of common stock of ESRI.

 

8. Agreements of
the Parties Regarding the Resumed Payments Date. (a)The Obligor Parties agree, for themselves and for their successors
and assigns, that resumed payments shall begin immediately on January 1, 2015 (“Resumed Payments Date”).

 

(b) The Administrative
Agent agrees, that immediately upon the Resumed Payments Date, provided that the first of such resumed payments shall have been
received the Loan Agreements and the Loan Reinstatement Agreement will be deemed reinstated in full and the accrual of interest
on the then unpaid balance of the Loan Agreements (including all interest accrued since the date of the Loan Reinstatement Agreement
at the default rate of 18%) from and after the Resumed Payments Date will be at the contract rate of 12% per annum until the first
to occur of (1) an Event of Default under the Loans and (2) all obligations of the Obligor Parties to the Secured Creditors have
been paid in full.

 

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9. Additional Representations
and Warranties. Obligor Parties, and each of them, hereby represent and warrant to Administrative Agent as follows:

 

(i)Each
of the Obligor Parties is duly organized, validly existing and in good standing under the laws of the State or other jurisdiction
of its organization, i) is duly qualified and in good standing as a foreign business entity in each other jurisdiction in
which it owns or leases property or in which the conduct of its business requires it to so qualify, and ii) has all requisite
power and authority (including, without limitation, all governmental licenses, agreements and other approvals) to own and lease
and operate its properties and to carry on its business as now conducted and as proposed to be conducted. The Obligor Parties’
principal place of business is located in the State of Colorado and the Obligor Parties have the legal capacity to enter into and
perform the obligations of Obligor Parties under this Agreement.

 

(ii)The
execution, delivery and performance by the Obligor Parties of this Agreement are within the Obligor Parties’ powers, have
been duly authorized, by all necessary action, and (1) do not contravene the Obligor Parties’ operating agreements,
(2) do not contravene any law or any contractual restriction binding on or affecting the Obligor Parties, (3) will not
result in the breach of, or constitute a default or require any payment to be made under, any loan agreement, credit agreement,
indenture, mortgage, deed of trust, bond, note, lease or other instrument or agreement binding on or otherwise affecting the Obligor
Parties or any of its or their properties.

 

(iii)No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or
any other third party is required for iii) the due execution, delivery and performance by the Obligor Parties of this Agreement
or any Agreement to which any of them or any of their affiliates, Members, or principals is a party, or iv) the making of
the covenants, conditions, representations and warranties by the Obligor Parties under this Agreement.

 

(iv)This
Letter Agreement, the Loan Reinstatement Agreement and the other Loan Agreements to which the Obligor Parties are parties have
been duly executed and delivered by the Obligor Parties, and are the legal, valid and binding obligations of the Obligor Parties
enforceable against the Obligor Parties in accordance with their respective terms.

 

This Agreement, together
with the Loan Reinstatement Agreement, and the Loan Agreements contains the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior and contemporaneous oral or written agreements or statements relating to such subject
matter and none of the terms and provisions hereof may be waived, amended or terminated except by a written instrument signed by
the Person against whom enforcement of the waiver, amendment or termination is sought.

 

Please have the Obligor
Parties execute this Agreement where indicated below and return the fully executed counterparts to me. Thank you.

 

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Yours very truly,

/s/ Gordon Snyder                                             

Gordon Snyder,

Administrative Agent

 

 

OBLIGOR PARTIES:

Accepted and Agreed this ___ day of October, 2013

 

MFPI Partners, LLC

 

By: Patrick W. M. Imeson                                 

Patrick W. M. Imeson, its Manager

 

Elkhorn Goldfields,
LLC

 

By: Robert Trenaman                                        

Robert Trenaman, its President

 

The foregoing Letter Agreement is acknowledged and consented
on this ___ day of _______, 2013

 

Black Diamond Holdings
LLC

 

By: Black Diamond Financial Group, LLC

 

By: Patrick W. M. Imeson                                 

Patrick W. M. Imeson, its Manager

 

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Exhibit A

 

Dates and Original Principal Balances of
Notes with Accrued Interest at the Default Rate from April 6, 2012 to November 30, 2013

 

	 	Original Note Amount: Nate
    Date (1/1/2007)	 	 	New Principal Balance: Allonge Date (5/15/2010)	 	 	Principal Due as Defined in the Loan Reinstatement Agreement as of 3/31/2012	 	 	Accrued Interest as of 11/30/2013	 	 	Principal Due as Defined in the Revised Loan Reinstatement Agreement as of 11/30/2013	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Elkhorn Goldfields LLC - Series A Convertible Notes	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	$	300,000	 	 	$	349,050	 	 	$	584,067	 	 	$	199,358	 	 	$	783,425	 
	 	 	500,000	 	 	 	581,750	 	 	 	973,446	 	 	 	332,264	 	 	 	1,305,710	 
	 	 	300,000	 	 	 	349,050	 	 	 	584,067	 	 	 	199,358	 	 	 	783,425	 
	 	 	100,000	 	 	 	116,350	 	 	 	194,690	 	 	 	66,453	 	 	 	261,143	 
	 	 	100,000	 	 	 	101,750	 	 	 	170,259	 	 	 	58,114	 	 	 	228,373	 
	 	 	300,000	 	 	 	349,051	 	 	 	584,069	 	 	 	199,359	 	 	 	783,428	 
	 	 	100,000	 	 	 	110,750	 	 	 	185,319	 	 	 	63,255	 	 	 	248,574	 
	 	 	100,000	 	 	 	110,750	 	 	 	185,319	 	 	 	63,255	 	 	 	248,574	 
	 	 	200,000	 	 	 	232,700	 	 	 	389,379	 	 	 	132,906	 	 	 	522,285	 
	 	 	3,000,000	 	 	 	3,490,500	 	 	 	5,840,677	 	 	 	1,993,586	 	 	 	7,834,263	 
	 	$	5,000,000	 	 	$	5,791,701	 	 	$	9,691,292	 	 	$	3,307,909	 	 	$	12,999,201	 

 

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	 	Original Note Amount: Nate Date (1/1/2007)	 	 	New Principal Balance: Allonge Date (5/15/2010)	 	 	Principal Due as Defined in the Loan Reinstatement Agreement as of 3/31/2012	 	 	Accrued Interest as of 11/30/2013	 	 	Principal Due as Defined in the Revised Loan Reinstatement Agreement as of 11/30/2013	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MFPI Partners - $8.05M Loan

 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	$	3,500,000	 	 	$	4,033,750	 	 	$	6,695,640	 	 	$	2,285,409	 	 	$	8,981,049	 
	 	 	500,000	 	 	 	576,250	 	 	 	956,520	 	 	 	326,487	 	 	 	1,283,007	 
	 	 	500,000	 	 	 	576,250	 	 	 	956,520	 	 	 	326,487	 	 	 	1,283,007	 
	 	 	500,000	 	 	 	576,250	 	 	 	956,520	 	 	 	326,487	 	 	 	1,283,007	 
	 	 	500,000	 	 	 	576,250	 	 	 	956,520	 	 	 	326,487	 	 	 	1,283,007	 
	 	 	500,000	 	 	 	576,250	 	 	 	956,520	 	 	 	326,487	 	 	 	1,283,007	 
	 	 	500,000	 	 	 	576,250	 	 	 	956,520	 	 	 	326,487	 	 	 	1,283,007	 
	 	 	250,000	 	 	 	288,125	 	 	 	478,260	 	 	 	163,243	 	 	 	641,503	 
	 	 	100,000	 	 	 	115,250	 	 	 	191,304	 	 	 	65,297	 	 	 	256,601	 
	 	 	100,000	 	 	 	115,250	 	 	 	191,304	 	 	 	65,297	 	 	 	256,601	 
	 	 	100,000	 	 	 	115,250	 	 	 	191,304	 	 	 	65,297	 	 	 	256,601	 
	 	 	50,000	 	 	 	57,625	 	 	 	95,652	 	 	 	32,649	 	 	 	128,301	 
	 	 	500,000	 	 	 	576,250	 	 	 	956,520	 	 	 	326,487	 	 	 	1,283,007	 
	 	 	400,000	 	 	 	461,000	 	 	 	765,216	 	 	 	261,190	 	 	 	1,026,406	 
	 	 	50,000	 	 	 	57,625	 	 	 	95,652	 	 	 	32,649	 	 	 	128,301	 
	 	$	8,050,000	 	 	$	9,277,625	 	 	$	15,399,971	 	 	$	5,256,441	 	 	$	20,656,413	 

 

    	8

    	 

    

 

	 	Original Note Amount: Nate Date (1/1/2007)	 	 	New Principal Balance: Allonge Date (5/15/2010)	 	 	Principal Due as Defined in the Loan Reinstatement Agreement as of 3/31/2012	 	 	Accrued Interest as of 11/30/2013	 	 	Principal Due as Defined in the Revised Loan Reinstatement Agreement as of 11/30/2013	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MFPI Partners - $5M Loan	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	$	300,000	 	 	$	365,250	 	 	$	606,280	 	 	$	206,940	 	 	$	813,220	 
	 	 	1,500,000	 	 	 	1,836,500	 	 	 	3,048,415	 	 	 	1,040,509	 	 	 	4,088,924	 
	 	 	500,000	 	 	 	608,749	 	 	 	1,010,465	 	 	 	344,900	 	 	 	1,355,365	 
	 	 	250,000	 	 	 	303,125	 	 	 	503,159	 	 	 	171,742	 	 	 	674,901	 
	 	 	650,000	 	 	 	796,800	 	 	 	1,322,612	 	 	 	451,444	 	 	 	1,774,056	 
	 	 	100,000	 	 	 	121,750	 	 	 	202,092	 	 	 	68,980	 	 	 	271,072	 
	 	 	250,000	 	 	 	307,124	 	 	 	509,797	 	 	 	174,008	 	 	 	683,805	 
	 	 	250,000	 	 	 	307,124	 	 	 	509,797	 	 	 	174,008	 	 	 	683,805	 
	 	 	600,000	 	 	 	730,800	 	 	 	1,213,058	 	 	 	414,051	 	 	 	1,627,109	 
	 	 	600,000	 	 	 	730,800	 	 	 	1,213,058	 	 	 	414,051	 	 	 	1,627,109	 
	 	$	5,000,000	 	 	$	6,108,022	 	 	$	10,138,733	 	 	$	3,460,633	 	 	$	13,599,366	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

In addition to the foregoing, sums, the Obligor Parties’
Obligations include amounts which would be payable under the 2008 MFPI Loan and Administrative Agency Agreement Collar Option (the
“Collar Option”) if the “put” described in the Collar Option were exercised as of the date of this Letter
Agreement.

 

    	9

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