Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Garuda Capital Corp. - Exhibit 10.1

 EXHIBIT 10.1 

 LETTER OF INTENT

This Letter of Intent is made the 18th day of May, 2005

 BETWEEN: 

GARUDA MINERALS INC., a Nevada corporation
  with its principal executive offices located at 502 – 1978 Vine Street,
  Vancouver, British Columbia, Canada V6K 4S1 

(“Garuda”) 

 OF THE FIRST PART 

 AND: 

NEWHAVEN RESOURCES LIMITED, a Ghanaian
  registered mining, exploration and services company, located at P.O. Box 9918
  (Airport), Accra, Ghana. 

(“Newhaven”) 

 OF THE SECOND PART 

 AND: 

AQUARIAN GOLD CORPORATION, a corporation
  incorporated in the U.S. with its principal executive offices located at 500-666
  Burrard Street, Vancouver, British Columbia, Canada. 

(“Aquarian”) 

 OF THE THIRD PART 

 This letter of intent constitutes an agreement and is legally
  binding on all parties, 

 WHEREAS Newhaven has represented that it is the sole recorded
  and beneficial owner in and to a recognisance licence in the Ho Property (the
  “Property”) described in Schedule “A” attached hereto,
  previously optioned to Aquarian; 

 - 2 - 

 AND WHEREAS Newhaven, now wishes to grant to Garuda or its
  planned subsidiary, a Ghanaian corporation, the exclusive right and option to
  acquire a 65% right, title and interest in and to the Property on the terms
  and conditions hereinafter set forth; 

 NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration
  of the premises, the mutual covenants herein set forth and the sum of One Dollar
  of U.S. currency now paid by Garuda to Newhaven (the receipt whereof is hereby
  acknowledged) and the sum of One Dollar of U.S. currency now paid to by Garuda
  to Aquarian (the receipt whereof is hereby acknowledged), the Parties hereto
  do hereby mutually covenant and agree as follows: 

	 1.      	  	Definitions 

	 
	 	  	The following words, phrases and expressions
        shall have the following meanings: 

	 
	 	 (a)      
	 “Work Commitment” includes
        all direct or indirect expenses (net of government incentives and net
        of payments to Newhaven pursuant to Paragraph 2 hereof of or incidental
        to Explorations Operations); 

	 
	 	 (b)      
	 “Mineral Products” means the
        commercial end products derived from operating the Property as a mine;
      

	 
	 	 (c)      
	 “Exploration Operations” includes:
      

	 
	 	 	 (i)     
      
	 every kind of work done on or with respect to the
        Property by or under the direction of Garuda during the Option Period
        or pursuant to an approved Work Program except expansion of the property
        boundaries; and 

	 
	 	 	 (ii)      
	 without limiting the generality of the foregoing,
        includes the work of assessment, geophysical, geochemical and geological
        surveys, studies and mapping, investigating, drilling, designing, examining
        equipping, improving, surveying, shaft sinking, raising, cross-cutting
        and drifting, searching for, digging, trucking, sampling, working and
        procuring minerals, ores and metals, in surveying and bringing any mineral
        claims to lease or patent, in doing all other work usually considered
        to be prospecting, exploration, development, a feasibility study, mining
        work, milling, concentration, bonification or ores and concentrates, as
        well as the separation and extraction of mineral products; 

	 
	 	 (d)      
	 “Option Period” means the
        period from the date hereof to the date at which Garuda has performed
        its obligations to acquire its 65% interest in the Property or the date
        the option expires as set out in Section 2 hereof, whichever shall be
        the lesser period; 

	 
	 	 (e)      
	 “Work Program” means, a program
        of work reasonably acceptable to both parties in respect of a particular
        Property, contained in a written document setting out in reasonable detail:
      

 - 3 - 

	 	 	(i) 
	an outline of the Explorations Operations proposed
        to be undertaken and conducted on the Property, specifically stating the
        period of time during which the work contemplated by the proposed program
        is to be done and performed; and 

	 	 	 	 
	 	 	(ii) 
	the estimated cost of such Explorations Operations
        including a proposed budget providing for estimated monthly cash requirements
        in advance and giving reasonable details. 

	 	 	 	 
	 	 	reasonably acceptable to
        both parties hereto. 

	 	 	 
	 	(g)
	“Property” means
        the recognisance exploration mining leases or claims described in Schedule
        “A”. 

	 	 	 
	2.	 	Option 

                                  Newhaven
  hereby grants to Garuda the sole exclusive right and option (the “Option”)
  to earn a 65% interest in the Property exercisable as follows:

	 	(a) 	on or before May 17, 2006 Garuda makes a Work Commitment of $300,000
      on the Property 

 and following which Garuda shall be deemed to have exercised
  the Option (the “Exercise Date”) and shall be entitled to 65% right,
  title and interest in and to the Property with the full right and authority
  to equip the Property for production and operate the Property as a mine, subject
  to the rights of Newhaven and Aquarian.

 3.                             
  Transfer of Title 

                                  Garuda
  shall be entitled to record the Garuda Transfer with the appropriate government
  offices to effect transfer of legal title of the Property into its own name
  upon the full and complete exercise of the Option by Garuda. In the event Garuda
  Transfer is recorded Newhaven and Aquarian shall be entitled to record notices
  of each of their interests.

 4.                             
  Exploration Operations during and after Option 

                                  During
  the Option Period, Garuda, through its subsidiary, a Ghanaian company to be
  incorporated, shall conduct the Exploration Operations on the Property in conjunction
  with Newhaven. Newhaven shall invoice Garuda in respect of its expenses of such
  Explorations Operations from time to time and the prompt payment of such invoices
  when due shall constitute Expenditures by Garuda as contemplated under Section
  2 hereof. After the expiration of the Option Period, each of the parties shall
  contribute to ongoing operations in their respective percentages, except that
  Newhaven shall only contribute to expenses once Garuda and Acquarian have spent
  a further $200,000 on the Property. 

 - 4 - 

 5.                             
  Assignment 

                                  During
  the Option Term, no party shall sell, transfer, assign, mortgage, pledge or
  otherwise encumber its interest in this Agreement or its right or interest in
  the Property without the consent of the other parties, such consent to be not
  unreasonably withheld, provided that any party shall be permitted to assign
  this Agreement to an “affiliate”, as that term is defined in The
  Company Act (Nevada). It will be a condition of any assignment under
  this Agreement that such assignee shall agree in writing to be bound by the
  terms of this Agreement applicable to the assignor.

 6.                             
  Termination 

                                  This
  Agreement shall forthwith terminate in circumstances where: 

	 	 (a)      	 Garuda fails to make the payments for or carry out
        the expenditures required in Section 2 of this Agreement on or before
        the dates set out herein; or 

	 
	 	 (b)      	 Garuda gives notice of termination to Newhaven,
        which it shall be at liberty to do at any time after the execution of
        this Agreement and the payment of the amount set forth in clause 4(b)
        hereof. If and when Garuda elects to terminate this agreement, at such
        time the Property will be returned to Newhaven. 

 7.                             
  Representations, Warranties and Covenants of Newhaven 

                                  Newhaven
  represents, warrants and covenants to and with Garuda as follows: 

	 	 (a)      	 Newhaven has full power and authority to carry on
        its business and to enter into this Agreement and any agreement or instrument
        referred to or contemplated by this Agreement; 

	 
	 	 (b)      	 the Agreement constitutes a legal, valid and binding
        obligation of Newhaven; 

	 
	 	 (c)      	 the Property is accurately described in Schedule
        “A”, is in good standing under the laws of the jurisdiction
        in which it is located and is free and clear of all liens, charges and
        encumbrances; 

	 
	 	 (d)      	 Newhaven is the sole recorded and beneficial owner
        of a recognisance licence on the Property and has the exclusive right
        to enter into this Agreement and all necessary authority to transfer its
        interest in the Property in accordance with the terms of this Agreement;
      

	 
	 	 (e)      	 no person, firm or corporation has any interest
        in a recognisance, prospecting or mining licence on the Property other
        than Newhaven, and no person, firm or corporation is entitled to any royalty
        or other payment in the nature of rent or royalty on any minerals, ores,
        metals or concentrates or any other such products removed from the Property
        other than the government of the country of Ghana pursuant to statute;
      

 - 5 - 

	 	 (f)      	 upon request by Garuda, and at the sole cost of
        Garuda, Newhaven shall deliver or cause to be delivered to Garuda copies
        of all available maps and other documents and data in its possession respecting
        the Property; and 

	 
	 	 (g)      	 subject to performance by Garuda of its obligations
        under Section 2, during the Option Period, Newhaven will keep the Property
        in good standing, free and clear of all liens, charges and encumbrances,
        will carry out all Explorations Operations on the Property in a miner-like
        fashion, will obtain all necessary licenses and permits as shall be necessary.
      

 8.                             
  Representations, Warranties and Covenants of Garuda 

                                  Garuda
  represents, warrants and covenants to and with Newhaven that: 

	 	 (a)      	 Garuda has full power and authority to carry on
        its business and to enter into this Agreement and any agreement or instrument
        referred to or contemplated by this Agreement; 

	 
	 	 (b)      	 this Agreement constitutes a legal, valid and binding obligation of Garuda.
    

 9.                             
  Aquarian Interest 

                                  Upon
  Garuda exercising the Option and obtaining a 65% ownership interest in the Property,
  Newhaven shall continue to own 25% of the Property and Aquarian shall be granted
  the remaining 10% interest in the Property. Aquarian agrees that other than
  the rights and interests granted to Aquarian pursuant to this agreement, Aquarian
  has no other right or title in or to the Property and is not entitled to any
  other rights, fees or claims from either Garuda or Newhaven with respect to
  the Property. Aquarian represents that it is not entitled to and shall not claim
  any royalty or other payment in the nature of rent or royalty on any minerals,
  ores, metals or concentrates or any other such products removed from the Property
  other than pursuant to its 10% interest. 

 10.                            
  Indemnity and Survival of Representations 

                                  The
  representations and warranties hereinbefore set out are conditions on which
  the parties have relied in entering into this Agreement and shall survive the
  acquisition of any interest in the Property by Garuda and each of the parties
  will indemnify and save the other harmless from all loss, damage, costs, actions
  and suits arising out of or in connection with any breach of any representation,
  warranty, covenant, agreement or condition made by them and contained in this
  Agreement. 

                                  Newhaven
  agrees to indemnify and save harmless Garuda from any liability to which it
  may be subject arising from any Explorations Operations carried out by Newhaven
  or at is direction on the Property. Garuda agrees to indemnify and save harmless
  Newhaven from any liability to which it may be subject arising from any Explorations
  Operations carried out by Garuda or at its direction on the Property.

 - 6 - 

 11.                            
  Confidentiality 

                                  The
  parties hereto agree to hold in confidence all information obtained in confidence
  in respect of the Property or otherwise in connection with this Agreement other
  than in circumstances where a party has an obligation to disclose such information
  in accordance with applicable securities legislation, in which case such disclosure
  shall only be made after consultation with the other party. 

 12.                            
  Further Assurances and Long Form Agreement

                                   Each
  of the parties agrees to negotiate in good faith to reach a long form agreement
  regarding the subject matter of this Agreement. If no long form agreement is
  reached, however, this letter of intent agreement shall govern the rights and
  obligations of and between the parties. Each of the parties to this Agreement
  shall from time to time and at all times do all such further acts and execute
  and deliver all further deeds and documents as shall be reasonably required
  in order fully to perform and carry out the terms of this Agreement. 

 13.                            
  Enurement 

                                  This
  Agreement will enure to the benefit of and be binding upon the parties hereto
  and their respective successors and permitted assigns. 

 14.                            
  Option Only 

                                  This
  is an option only and except as herein specifically provided otherwise, nothing
  herein contained shall be construed as obligating Garuda to do any acts or make
  any payments hereunder, and any act or acts or payment or payments as shall
  be made hereunder shall not be construed as obligating Garuda to do any further
  act or make any further payment or payments.

 15.                            
  Currency 

                                  All
  references to currency in this agreement are to U.S. dollars unless otherwise
  stated. 

 IN WITNESS WHEREOF the Parties hereto have duly executed this
  Agreement effective as of the 18th day of May, 2005 

 - 7 - 

	 GARUDA MINERALS INC. 	 
	 	 	 
	 	 	 
	 	 	 
	 Per:  	 /s/ C. Robin Relph  	 
	  	 Authorized Signatory:  	 
	 	 	 
	 	 	 
	 NEWHAVEN RESOURCES LIMITED  	 
	  	 	 
	 	 	 
	 	 	 
	 Per:  	 /s/ Bruce Luckman  	 
	  	 Authorized Signatory:  	 
	 	 	 
	 	 	 
	 AQUARIAN GOLD CORPORATION  	 
	 	 	 
	 	 	 
	 	 	 
	 Per:  	 /s/ Jurgen Wolf  	 
	  	 Authorized Signatory:  	 

 SCHEDULE A 

 DESCRIPTION OF PROPERTY 

 

 The Property consists of an exploration license in the form
  of an EPA certificate from the Environment Protection Agency of Ghana on an
  area of approximately 200 km2 located near the town of Ho, in the
  Volta region of Ghana.Filed by Automated Filing Services Inc. (604) 609-0244 - Garuda Capital Corp. - Exhibit 10.2

 EXHIBIT 10.2 

 LETTER OF INTENT

This Letter of Intent is made the 18th day of May, 2005

 BETWEEN: 

GARUDA GOLD CORPORATION, a British
  Columbia corporation with its principal executive offices located at 502 –
  1978 Vine Street, Vancouver, British Columbia, Canada V6K 4S1 

(“Garuda”) 

 OF THE FIRST PART 

 AND: 

NEWHAVEN RESOURCES LIMITED, a Ghanaian
  registered mining, exploration and services company, located at P.O. Box 9918
  (Airport), Accra, Ghana. 

(“Newhaven”) 

 OF THE SECOND PART 

 AND: 

AQUARIAN GOLD CORPORATION, a corporation
  incorporated in the U.S. with its principal executive offices located at 500-666
  Burrard Street, Vancouver, British Columbia, Canada. 

(“Aquarian”) 

 OF THE THIRD PART

 This letter of intent constitutes an agreement and is legally binding on all
  parties,

WHEREAS: 

	 	 1.      	 On May 5, 2005, Newhaven entered into an agreement
        to mine a hard rock vein system with Robert Appiah & Group in Ghana
        (the “Mining Rights”), who were on July 28, 2003 granted a
        gold and diamond licence by the Government of Ghana in an area in Prestia,
        Ghana as described in Schedule “A” attached hereto; 

 - 2 - 

	 	 2.      	 Newhaven has or will acquire mining rights to the
        areas surrounding the area covered by the Mining Rights; 

 AND WHEREAS Newhaven, now wishes to grant to Garuda or its
  planned subsidiary, a Ghanaian corporation, the exclusive right and option to
  acquire a 65% right and interest in and to the Mining Rights on the terms and
  conditions hereinafter set forth; 

 NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration
  of the premises, the mutual covenants herein set forth and the sum of One Dollar
  of U.S. currency now paid by Garuda to Newhaven (the receipt whereof is hereby
  acknowledged) and the sum of One Dollar of U.S. currency now paid to by Garuda
  to Aquarian (the receipt whereof is hereby acknowledged), the Parties hereto
  do hereby mutually covenant and agree as follows: 

1.                              Definitions

                                 The
  following words, phrases and expressions shall have the following meanings:
  

	 	 	 (a)      	 “Work Commitment” includes
        all direct or indirect expenses (net of government incentives and net
        of payments to Newhaven pursuant to Paragraph 2 hereof of or incidental
        to Mining Operations); 

	 
	 	 	 (b)      	 “Mineral Products” means the
        commercial end products derived from operating the Mining Rights as a
        mine; 

	 
	 	 	 (c)      	 “Mining Operations” includes:
      

	 
	 	 	 	 (i)      
	 every kind of work done on or with respect to the
        Mining Rights by or under the direction of Garuda during the Option Period
        or pursuant to an approved Work Program except expansion of the Mining
        Rights boundaries; 

	 
	 	 	 	 (ii)     
      
	 without limiting the generality of the foregoing,
        includes the work of assessment, geophysical, geochemical and geological
        surveys, studies and mapping, investigating, drilling, designing, examining
        equipping, improving, surveying, shaft sinking, raising, cross-cutting
        and drifting, searching for, digging, trucking, sampling, working and
        procuring minerals, ores and metals, in surveying and bringing any mineral
        claims to lease or patent, in doing all other work usually considered
        to be prospecting, exploration, development, a feasibility study, mining
        work, milling, concentration, bonification or ores and concentrates, as
        well as the separation and extraction of mineral products; and 

	 
	 	 	 	 (iii)      
	 payments by Garuda to acquire the rights to potential
        hard rock claims surrounding the area covered by the Mining Rights. 

	 
	 	 	 (d)      	 “Option Period” means the
        period from the date hereof to the date at which Garuda has performed
        its obligations to acquire its 65% interest in the Mining 

 - 3 - 

	 	 	 Rights or the date the option expires
        as set out in Section 2 hereof, whichever shall be the lesser period;
      

	 
	 	 (e)      
	 “Work Program” means, a program
        of work reasonably acceptable to both parties in respect of a particular
        Mining Rights, contained in a written document setting out in reasonable
        detail: 

	 
	 	 	 (i)     
      
	 an outline of the Mining Operations proposed to
        be undertaken and conducted on the Mining Rights, specifically stating
        the period of time during which the work contemplated by the proposed
        program is to be done and performed; and 

	 
	 	 	 (ii)      
	 the estimated cost of such Mining Operations including
        a proposed budget providing for estimated monthly cash requirements in
        advance and giving reasonable details. 

	 
	 	 	 reasonably acceptable to both parties
        hereto. 

	 
	 	 (f)      
	 “Mining Rights” means the
        rights acquired by Newhaven pursuant to the mining agreement described
        in Schedule “A”. 

	 
	 	 (g)      
	 “Property” means the area
        on which Newhaven has the right to mine, as set out in Schedule “A.
      

 2.                              Option

                                  Newhaven
  hereby grants to Garuda the sole exclusive right and option (the “Option”)
  to earn 65% of the Mining Rights exercisable as follows:

	 	 (a)      	 on or before May 17, 2006 Garuda makes a Work Commitment
        of $300,000 on the Mining Rights 

 and following which Garuda shall be deemed to have exercised
  the Option (the “Exercise Date”) and shall be entitled to 65% of
  the Mining Rights.

 3.                             
  Mining Operations during and after Option 

                                  During
  the Option Period, Garuda, through its subsidiary, a Ghanaian company to be
  incorporated, shall conduct the Mining Operations in conjunction with Newhaven.
  Newhaven shall invoice Garuda in respect of its expenses of such Mining Operations
  from time to time and the prompt payment of such invoices when due shall constitute
  Expenditures by Garuda as contemplated under Section 2 hereof. After the expiration
  of the Option Period, each of the parties shall contribute to ongoing operations
  in their respective percentages. 

 4.                             
  Assignment 

                                  During
  the Option Term, no party shall sell, transfer, assign, mortgage, pledge or
  otherwise encumber its interest in this Agreement or its right or interest in
  the Mining Rights 

 - 4 - 

without the consent of the other parties, such consent to be not unreasonably withheld, provided that any party shall be permitted to assign this Agreement to an “affiliate”, as that term is defined in The Company Act
(Nevada). It will be a condition of any assignment under this Agreement that such assignee shall agree in writing to be bound by the terms of this Agreement applicable to the assignor.

 5.                             
  Termination 

                                  This
  Agreement shall forthwith terminate in circumstances where: 

	 	 (a)      	 Garuda fails to make the payments for or carry out
        the expenditures required in Section 2 of this Agreement on or before
        the dates set out herein; or 

	 
	 	 (b)      	 Garuda gives notice of termination to Newhaven,
        which it shall be at liberty to do at any time after the execution of
        this Agreement and the payment of the amount set forth in clause 4(b)
        hereof. 

 6.                             
  Representations, Warranties and Covenants of Newhaven 

                                  Newhaven
  represents, warrants and covenants to and with Garuda as follows: 

	 	 (a)      	 Newhaven has full power and authority to carry on
        its business and to enter into this Agreement and any agreement or instrument
        referred to or contemplated by this Agreement; 

	 
	 	 (b)      	 the Agreement constitutes a legal, valid and binding
        obligation of Newhaven; and 

	 
	 	 (c)      	 upon request by Garuda, and at the sole cost of
        Garuda, Newhaven shall deliver or cause to be delivered to Garuda copies
        of all available maps and other documents and data in its possession respecting
        the Mining Rights. 

 7.                             
  Representations, Warranties and Covenants of Garuda 

                                  Garuda
  represents, warrants and covenants to and with Newhaven that: 

	 	 (a)      	 Garuda has full power and authority to carry on
        its business and to enter into this Agreement and any agreement or instrument
        referred to or contemplated by this Agreement; 

	 
	 	 (b)      	 this Agreement constitutes a legal, valid and binding
        obligation of Garuda. 

 - 5 - 

 8.                             
  Aquarian Interest 

                                  Upon
  Garuda exercising the Option and obtaining a 65% interest in the Mining Rights,
  Newhaven shall continue to have rights to 25% of the Mining Rights and Aquarian
  shall be granted the remaining 10% interest in the Mining Rights. Aquarian agrees
  that other than the rights and interests granted to Aquarian pursuant to this
  agreement, Aquarian has no other right or title in or to the Mining Rights and
  is not entitled to any other rights, fees or claims from either Garuda or Newhaven
  with respect to the Mining Rights. Aquarian represents that it is not entitled
  to and shall not claim any royalty or other payment in the nature of rent or
  royalty on any minerals, ores, metals or concentrates or any other such products
  removed from the Mining Rights other than pursuant to its 10% interest. 

 9.                             
  Indemnity and Survival of Representations 

                                  The
  representations and warranties hereinbefore set out are conditions on which
  the parties have relied in entering into this Agreement and shall survive the
  acquisition of any interest in the Mining Rights by Garuda and each of the parties
  will indemnify and save the other harmless from all loss, damage, costs, actions
  and suits arising out of or in connection with any breach of any representation,
  warranty, covenant, agreement or condition made by them and contained in this
  Agreement. 

                                  Newhaven
  agrees to indemnify and save harmless Garuda from any liability to which it
  may be subject arising from any Mining Operations carried out by Newhaven or
  at is direction on the Mining Rights. Garuda agrees to indemnify and save harmless
  Newhaven from any liability to which it may be subject arising from any Mining
  Operations carried out by Garuda or at its direction on the Mining Rights.

 10.                            
  Confidentiality 

                                  The
  parties hereto agree to hold in confidence all information obtained in confidence
  in respect of the Mining Rights or otherwise in connection with this Agreement
  other than in circumstances where a party has an obligation to disclose such
  information in accordance with applicable securities legislation, in which case
  such disclosure shall only be made after consultation with the other party.

 11.                            
  Further Assurances and Long Form Agreement

                                  Each
  of the parties agrees to negotiate in good faith to reach a long form agreement
  regarding the subject matter of this Agreement. If no long form agreement is
  reached, however, this letter of intent agreement shall govern the rights and
  obligations of and between the parties. Each of the parties to this Agreement
  shall from time to time and at all times do all such further acts and execute
  and deliver all further deeds and documents as shall be reasonably required
  in order fully to perform and carry out the terms of this Agreement. 

 12.                            
  Enurement 

                                  This
  Agreement will enure to the benefit of and be binding upon the parties hereto
  and their respective successors and permitted assigns. 

 - 6 - 

 14.                            Option
  Only 

                                  This
  is an option only and except as herein specifically provided otherwise, nothing
  herein contained shall be construed as obligating Garuda to do any acts or make
  any payments hereunder, and any act or acts or payment or payments as shall
  be made hereunder shall not be construed as obligating Garuda to do any further
  act or make any further payment or payments.

 IN WITNESS WHEREOF the Parties hereto have duly executed this
  Agreement effective as of the 18th day of May, 2005 

	 GARUDA GOLD CORPORATION  	 
	 	 	 
	 	 	 
	 	 	 
	 Per:  	 /s/ C. Robin Relph  	 
	  	 Authorized Signatory:  	 
	 	 	 
	 	 	 
	 NEWHAVEN RESOURCES LIMITED  	 
	 	 	 
	 	 	 
	 	 	 
	 Per:  	
      /s/ Bruce Luckman	 
	  	 Authorized Signatory:  	 
	 	 	 
	 	 	 
	 AQUARIAN GOLD CORPORATION  	 
	 	 	 
	 	 	 
	 	 	 
	 Per:  	 /s/ Jurgen Wolf  	 
	  	 Authorized Signatory:  	 

 SCHEDULE A 

 DESCRIPTION OF MINING RIGHTS 

 The Mining Rights consists of: 

1.              Newhaven’s
  rights pursuant to an agreement Robert Appiah & Group (the “Appiah
  Group”), who have a gold and diamond license from the Government of Ghana
  in the town of Prestia, in the Western Province of Ghana (the “Property”),
  to receive 90% of the total value of gold mined on the Property during the term
  of the agreement in consideration for the provision of mining services to the
  Appiah Group, which mining services include: 

	 	•	Project administration

	 	•	Preparation and storage of project technical documentation

	 	•	Exploration, sampling and all other associated geological
        work including documentation of existing mineral resources

	 	•	Contract mining

	 	•	Extraction and preliminary reefing of gold and associated
        minerals

	 	•	Provision of security at site

	 	•	Provision of environmental reclamation services on
        behalf of the licensee

	 	•	Construction of infrastructure including buildings
        and boreholes.

The agreement requires that the Appiah
  Group not allow any third party to conduct any mining operations on the Property,
  or engage in any such operations itself during the term of the agreement. The
  term of the agreement is four years, but Newhaven may elects to terminate the
  agreement earlier.

2.              Prospecting
  and Mining Rights that Newhaven has acquired or will acquire during the term
  of this agreement on areas surrounding or near the Property.

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