Document:

EXHIBIT 10(y)
                                                                   -------------

                                 LEASE AGREEMENT

          THIS LEASE AGREEMENT made and entered into as of the 30th day of
November, 2007, by and between Roger G. Little, Trustee of SPI-Trust, under a
declaration of trust, dated May 3, 1976, and recorded with Middlesex South
District Registry of Deeds, Book 12970, Page 625, having a mailing address at
One Patriots Park, Bedford, Massachusetts 01730 (the "Landlord") and Spire
Corporation, a Massachusetts corporation, with an address at One Patriots Park,
Bedford, Massachusetts 01730 (the "Tenant").

                              W I T N E S S E T H:

           WHEREAS, Tenant wishes to lease the Premises (as herein defined) from
Landlord; and

           WHEREAS, Landlord wishes to lease the Premises to Tenant.

           NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant hereby enter
into this Lease Agreement upon the terms and conditions set forth herein.

           1. Lease of Premises. Subject to all of the provisions herein
contained, and in consideration of the rentals to be paid to Landlord by Tenant,
and the other covenants and agreements to be kept and performed by Tenant
hereunder, as hereinafter set forth, Landlord hereby leases to Tenant, and
Tenant hereby leases from Landlord, the entire building consisting of
approximately 144,230 square feet (the "Premises") situated in Bedford,
Middlesex County, Massachusetts, located on the real estate owned by Landlord on
the Westerly side of Wiggins Avenue, known as Patriots Park (the "Real Estate")
of which approximately 91,701 square feet are located on the first floor of the
Premises (the "First Floor Space") and 52,529 square feet are located on the
second floor of the Premises (the "Second Floor Space"). Subject to Landlord's
rights hereunder, the Tenant shall have the exclusive right to use all areas
within the Premises, including without limitation, stairs, lobbies, elevators,
hallways, corridors, restrooms, cafeteria and entrances and exits in the
Premises, and the right to use all access roads, driveways, parking areas,
loading docks, sidewalks, landscaped areas, trash pick-up areas, recreational
areas and other amenities which are located within the Real Estate. Tenant
acknowledges that it has been in possession of the Premises since December 1,
1985 (the "Original Occupancy Date") and accepts the same in "AS IS, WHERE IS"
condition. Subject to applicable law, Tenant shall use the Premises only for
general office, warehouse, research and development (including, without
limitation, a so-called "clean room"), and light manufacturing (the "Permitted
Uses") and for no other use or purpose unless mutually agreed otherwise.

           2. Term. The term of this Lease Agreement (the "Term") shall be for a
period of five (5) years, beginning on the 1st day of December, 2007 (the
"Commencement Date") and, unless terminated as herein provided, continuing until
expiration on the 30th day of November, 2012 (the "Term Expiration Date").
Tenant shall have the right to extend the Term for one (1) additional period of
five (5) years as set forth in Section 20 herein.
<PAGE>

           3. Rent. For the use and occupancy of the Premises Tenant hereby
covenants and agrees to pay to or for the account of Landlord as rental
("Rental"), without demand, deduction or offset, the following amounts:

           (a) An annual fixed rental due and payable in advance in monthly
installments as provided below ("Base Rental") at Landlord's business premises
located at Patriots Park, Bedford, Massachusetts, on the first day of each and
every calendar month during the Term (a prorated and proportional rent shall be
due for any periods of less than a calendar month at the commencement and
expiration of the Term), all without set off or deduction:

           ----------   -----------------------   -------------   -----------
                        Annual Base Rental Rate       Annual        Monthly
           Lease Year      (per square foot)       Base Rental    Base Rental
           ----------   -----------------------   -------------   -----------
               1                $12.50            $1,802,785.00   $150,239.58
           ----------   -----------------------   -------------   -----------
               2                $13.25            $1,911,047.50   $159,253.95
           ----------   -----------------------   -------------   -----------
               3                $14.00            $2,019,220.00   $168,268.33
           ----------   -----------------------   -------------   -----------
               4                $14.75            $2,127,392.50   $177,282.70
           ----------   -----------------------   -------------   -----------
               5                $15.50            $2,235,565.00   $186,297.08
           ----------   -----------------------   -------------   -----------

           (b) All real estate taxes, or taxes in the nature of real estate
taxes, or taxes assessed in lieu of or in addition thereto (except income taxes
of general application, inheritance, estate or like taxes) including special and
general assessments, however the same may be designated, levied or to be levied
by any taxing authority upon the Premises or Real Estate ("Real Estate Taxes")
throughout the entire Term. Real Estate Taxes shall be paid by Tenant directly
to such taxing authority upon receipt of the tax bill but in no event later than
fifteen (15) days prior to the last date upon which such taxes may be paid
without interest or penalty. If the first or last year of the Term shall not be
co-extensive with the tax year the amount of taxes payable by Tenant hereunder
for such years shall be prorated in proportion to the period of effectiveness of
the Lease Agreement during such years. Tax receipts shall be furnished to
Landlord by Tenant from time to time upon request to show Tenant's compliance
herewith on a current basis. If requested by any first mortgagee of the Real
Property, Tenant agrees to instead make monthly deposits to such mortgagee on
account of such taxes in an amount reasonably estimated to be sufficient to pay
such taxes when they become due, provided that such deposits are maintained in a
separate account and any interest payable with respect thereto shall be payable
to Tenant.

           (c) All utilities, including, without limitation, costs of
electricity, gas, fuel, water and sewage services assessed against the Premises
and Real Estate ("Utility Costs").

           (d) All other costs and expenses of every kind with respect to (i)
operation, maintenance, repair and replacement of the Premises and Real Estate
(excluding Direct Landlord Costs (as defined in Section 6(b) below))
("Operations Costs") and (ii) insurance of the Premises and Real Estate
("Insurance Costs").

           (e) Notwithstanding Tenant's obligations to pay Real Estate Taxes (as
defined in Section 3(b) above), Utility Costs (as defined in Section 3(c)
above), Operations Costs (as defined in Section 3(d) above) and Insurance Costs
(as defined in Section 3(d) above) as set forth in this Section 3, Landlord
shall be solely responsible for the payment any Direct Landlord Costs (as
defined in Section 6(b) below) and the performance of any obligation associated
with such costs.

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           4. Net Lease. It is the intention of the parties hereto that this is
a net lease and that all costs of ownership, maintenance, repair, replacement
and use of the Premises and the Real Estate shall be paid by Tenant in addition
to the fixed rent specified above and other sums payable by Tenant hereunder
(each of which shall be treated as Rental, for non-payment of which Landlord
shall have all rights which Landlord would have for non-payment of fixed rent
hereunder), provided, however, that Landlord shall be responsible for
maintenance and repair of structural portions of the Premises in accordance with
Section 6(b) hereof. Tenant shall pay to or on behalf of Landlord, through the
term of this Lease Agreement, the rent and other payments hereunder, free of any
charges, assessments, impositions or deductions of any kind, all of which Tenant
shall pay or discharge, without abatement, deduction or set off, and Landlord
shall not be required to make any payment of any kind whatsoever hereunder
(whether due to circumstances now existing or beyond present contemplation of
the parties), except as herein otherwise set forth. It is the intention of the
parties hereto that the obligations of Tenant hereunder shall be separate and
independent covenants and agreements; that the Rental payable by Tenant to, or
on behalf of, Landlord shall continue to be payable in all events except as
expressly provided hereunder; and that the obligations of Tenant hereunder shall
continue unaffected, unless the requirement to pay or perform the same shall
have been abated pursuant to an express provision of this Lease. Tenant waives
all rights (i) to any abatement, suspension, deferment, reduction, or deduction
of or from the Rental or (ii) to quit, terminate, or surrender this Lease or the
Premises or any part thereof, except as expressly provided herein. The rights of
the parties in the event of a casualty to the Premises shall be governed by
Section 13 hereto.

           5. Tenants Covenants. Tenant further covenants and agrees as follows:

           (a) Except as set forth in Section 6(b) below, to maintain the
Premises and Real Estate including, without limitation, the doors and windows
thereof in good repair, condition and order in accordance with good maintenance
practices; and to yield peaceable possession to Landlord of the Premises at
termination or expiration of this Lease Agreement free of all tenants and
occupants in as good repair and condition as at occupancy by Tenant or may be
put thereafter except for ordinary wear and tear.

           (b) To comply fully with any applicable statutes, ordinances, and
lawful regulations, rules or orders which are now or hereafter in effect
pertaining to the Premises and the Real Estate, including, without limitation,
the Americans with Disabilities Act, and to the activities conducted thereon, to
comply with all applicable rules or conditions reasonably imposed with respect
to the Premises by any insurance carrier, and to prevent the existence of any
nuisance, or the violation of any statute, ordinance or valid rule, order or
regulation with respect thereto and to save Landlord harmless from any failure
to do so.

           (c) To keep the Premises and improvements thereto and property of
Tenant therein insured to the extent of replacement value, against loss or
damage by fire, windstorm, hail, explosion and the other risks included in
Causes of Loss - Special Form property insurance policies from time to time,
subject, however to a "deductible" clause in the maximum amount of $50,000 or
such other amount as Tenant shall reasonably request and Landlord shall approve,
which approval shall not be unreasonably withheld or delayed; all of such
policies shall name as insured Landlord, any first mortgagee to the Premises and
Tenant, as their respective interests may appear and shall provide that they may
not be cancelled without at least fifteen (15) days' prior written notice to
Landlord. Tenant agrees to furnish Landlord with a certificate by the insurer as
to the existence thereof, together with a copy of such policy. Tenant may
procure such insurance under a so-called

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blanket policy insuring other locations of the Tenant, provided however, that
such policy shall provide on its face that such portion of the face amount as is
required by this Lease Agreement is payable with respect to covered loss
relating to the Premises and is not affected by losses on other premises.

           (d) To the fullest extent permitted by law, to indemnify Landlord
fully against and to save Landlord harmless from loss, liability, costs,
expense, attorney's fees and court costs, arising directly or indirectly from
any claim or lawsuit by any person, firm, corporation, association or
governmental agency or authority whomsoever, including (but not limited to)
Tenant's officers, agents, contractors, employees or invitees, for damages
asserted or sustained to person or property by reason of any activity conducted
by Tenant upon the Premises or the Real Estate, or of any breach by Tenant, its
officers, agents, employees, or invitees of the terms, provisions and conditions
of this Lease Agreement, or occurring upon the Premises or the Real Estate,
regardless of the merit or lack of merit of any such claim or lawsuit, of the
fault or lack of fault on the part of Landlord and regardless of the amount of
insurance carried; and further, to procure and keep in force, at Tenant's sole
expense, public liability insurance written on an occurrence basis covering the
Premises, with combined single limits of at least $5,000,000.00 per occurrence,
and $5,000,000.00 annual aggregate, and of $l,250,000.00 for property damage
naming Landlord and any mortgagee of the Premises as additional insureds,
provided that if greater coverage limits are normally carried under similar
circumstances, Tenant agrees to increase such coverage limits appropriately.

           (e) To use its best efforts to prevent the filing or imposition of
any lien of any kind whatsoever upon or against the Premises based upon or
arising out of Tenant's actions, except by Landlord or with Landlord's prior
written consent and in the event of the filing or imposition of any such lien,
to discharge same or to obtain a surety bond sufficient to discharge same within
30 days following the date of any such filing or imposition.

           (f) To permit Landlord to enter the Premises during normal business
hours, subject to Tenant's reasonable security and confidentiality requirements,
where such entry will not unreasonably disturb or interfere with Tenant's use of
the Premises and the operation of Tenant's business, and at any time in case of
emergency, to examine, inspect, or make repairs, replacements, changes or
alterations as set out in this Lease Agreement, and to take such steps as
Landlord may reasonably deem necessary for the safety, improvement or
preservation of the Premises. Landlord shall give reasonable notice to Tenant
prior to any such entry, except in the case of an emergency, but no such entry
shall constitute an eviction or entitle Tenant to any abatement of Rental.

           (g) In the event that Tenant shall fail to perform any act required
by the foregoing covenants and such failure shall continue for a period of 30
days after notice thereof from Landlord, Landlord may (but shall not be
obligated to do so) perform such act without waiving or releasing Tenant from
any of its obligations with respect thereto. Landlord shall be entitled to
recover from Tenant all sums paid or costs incurred in performing such acts on
demand.

           (h) To perform all maintenance, repairs and replacements necessary to
keep in good condition and working order (a) the heating, ventilating, air
conditioning, plumbing, security, electrical, life safety and all other
mechanical systems and equipment serving the Premises, (b) the trees, shrubs,
plants, landscaping, on the Real Estate or otherwise serving the Premises, and
(c) the parking lot, driveways and walkways on the Real Estate.

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<PAGE>

           (i) To perform all clearance and removal of snow and ice from the
parking areas, driveways and walkways of the Real Estate for safe use of such
parking areas and safe access to the Premises by Tenant and its employees,
agents, contractors and invitees.

           6. Landlord's Covenants.

           (a) Landlord hereby represents, warrants, covenants and agrees as
follows that Landlord has good and marketable title to the Real Property and the
Premises, and Landlord has full right and authority to lease the Premises and to
carry out its obligation under this Lease Agreement.

           (b) Landlord agrees to maintain all structural portions of the
Premises including the foundation, roof, exterior walls, structural members and
other supporting structures, in good repair, condition and order; provided,
however, that Landlord's responsibility for repair and maintenance of the roof
shall exclude responsibility for repair of (i) leaks occurring by reason of roof
penetrating structures installed or constructed by Tenant, (ii) isolated minor
leaks occurring on the portion of the roof which Landlord has not installed a
new rubber membrane as required by this Section 6(b) properly repaired by simple
patching procedures (as opposed to a leak or series of leaks which properly
require replacement or restoration of all or any portion of a roof), or (iii)
any repairs required by reason of the negligence or default of Tenant, its
officers, agents, employees, and invitees except to the extent that Landlord
shall be insured against the same and receive the proceeds of such insurance and
Landlord's mortgagees shall not retain the proceeds of such insurance. In
addition, no later than September 1, 2009, Landlord, at its sole expense, shall:
(1) install a new rubber membrane roof on the two-story portion of the Premises,
but Tenant shall be responsible for the removal and re-installation of any
special equipment, including all costs with respect to such removal and
re-installation, on such portion of the roof as is necessary or desirable in
connection with the installation of the rubber membrane roof, (2) upgrade and
repair the front entrance of the Building as mutually agreed upon by Landlord
and Tenant, (3) upgrade and repair the landscaped areas between the parking lots
serving the Building and the entrance of the Building as mutually agreed upon by
Landlord and Tenant, including without limitation grind down or remove exposed
tree stumps, plant new grass, remove and replace dead shrubs, (4) repair or
replace those certain window sills and trims, which, as of the date hereof, are
damaged or faulty. Except as expressly stated, any costs incurred by Landlord in
performing the foregoing obligations shall be deemed a "Direct Landlord Cost".
Any exclusions from Landlord's maintenance obligation above shall be Tenant's
responsibility. Landlord is not obligated to provide or perform any service,
maintenance, repair, or replacement with respect to the Premises or the Real
Estate except as set forth in this Section 6(b). In performance of its
obligations set forth in this Section 6(b), Landlord shall use commercially
reasonable efforts to perform such work in a manner and at such times as shall
minimize disruption of Tenant's business operations in the Premises.

           (c) To give Tenant prompt notice of the name and mailing address of
any mortgagee or holder of a first mortgage lien with respect to the Premises
and of any change therein.

           7. Subletting. Subject to all of the provisions of this Lease
Agreement, Tenant shall not sublet, license, or permit the use or occupancy of,
all or any portion of the Premises without the prior written consent of the
Landlord, which consent, shall not be unreasonably withheld, conditioned or
delayed. Tenant shall have no right to assign this Lease Agreement nor any of
its rights hereunder, nor may same be assigned or pass to another by operation
of law, and any attempt to so assign, without the express prior consent of
Landlord, shall be utterly void. If Tenant desires to effectuate a sublease,
Tenant shall deliver a notice to Landlord, which shall include (i) the

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commencement date and termination date of such sublease and the rent per square
foot, (ii) a true and complete statement reasonably detailing the identity of
the proposed sublessee, the nature of its business and its proposed use of the
Premises, (iii) current financial information with respect to the sublessee,
including its most recent financial statements, and (iv) the form of agreement
by which the sublease will be effected. Landlord shall be entitled to fifty
percent (50%) of any consideration payable under the sublease which exceeds the
Base Rental (pro rated on a per square foot basis for the portion of the
Premises subject to such sublease) accruing hereunder during the term of the
sublease after first deducting the monthly amortized costs incurred by Tenant to
prepare the subleased premises for occupancy by such subtenant and the amount of
the reasonable out-of-pocket brokerage and attorneys' fees incurred by Tenant in
connection with such sublease. The sums payable under this Section shall be paid
by Tenant to Landlord monthly as and when paid from the subtenant to Tenant. The
obligation to obtain Landlord's prior consent and Landlord's right to share in
profit shall not apply to (i) transactions with a business entity, into or with
which Tenant is merged or consolidated, or to which all or substantially all of
Tenant's assets are transferred, so long as (A) such transfer was made for a
legitimate independent business purpose and not primarily for the purpose of
transferring this Lease; (B) the successor to Tenant has a net worth computed in
accordance with generally accepted accounting principles at least equal to the
net worth of Tenant immediately prior to such merger, consolidation or transfer;
and (C) proof satisfactory to Landlord of such net worth is delivered to
Landlord at least ten (10) days prior to the effective date of any such
transaction. Landlord's consent to any sublease shall not relieve Tenant from
the obligation to obtain Landlord's consent to any further sublease.
Notwithstanding any sublease or assignment, Tenant shall remain fully liable for
the payment of all Rental and for the performance of all the terms, covenants
and conditions contained in this Lease on Tenant's part to be observed and
performed, and any default under any term, covenant or condition of this Lease
by any sublessee or assignee shall be deemed to be a default under this Lease by
Tenant.

           8. Signs. Tenant shall be entitled to erect reasonable ground and
building signs, subject to approval of Landlord, which shall not be unreasonably
withheld, provided, however, Tenant's signs that are presently existing and/or
installed on the Premises or Real Estate are hereby deemed approved by Landlord.
All signs installed by Tenant shall comply with all requirements of appropriate
governmental authorities, and all necessary permits or licenses shall be
obtained by Tenant. Tenant shall maintain all signs in good condition and repair
at all times, and shall save Landlord harmless form injury to person or
property, arising from the erection and maintenance of said signs. Upon vacating
the Premises, Tenant shall remove all signs and repair all damage caused by such
removal.

           9. Alterations and Improvements by Tenant.

           (a) Tenant shall have the right during the continuance of this Lease
Agreement to make such non-structural alterations, changes and improvements to
the Premises as may be proper and necessary for the conduct of Tenant's business
and for the full beneficial use of the Premises. Tenant shall not make any
structural change in the Premises, alterations or additions to the exterior of
the Premises (unless such alterations or additions are cosmetic in nature), or
penetrations of the roof (except in connection with the re-installation of
Tenant's equipment pursuant to Section 6(b) hereof, without first having
obtained Landlord's written consent thereto, which consent may be withheld in
Landlord's sole discretion. Without limitation, Landlord may condition any such
consent by reserving the right to require the Premises to be restored to the
same condition they were in prior to the making of any such structural or
exterior change. Tenant shall pay all costs and expenses of such alterations,
changes, and improvements, shall make the same in a good and

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workmanlike manner, and in accordance with all applicable laws, codes, and
building regulations, and shall, prior to the making of such alterations,
changes, and improvements, assure Landlord, in form satisfactory to Landlord,
that payment for the same will be made by Tenant. Tenant hereby completely and
fully indemnifies Landlord against any Mechanic's Liens or other liens or claims
in connection with the making of such alterations, changes, and improvements.
Any liens arising out of such alterations, changes, and improvements shall be
discharged of record by Tenant within thirty (30) days after the same have been
filed, Tenant shall pay any and all taxes relating to its personal property,
business, or improvements and alterations constructed as provided in this
Section 9. Upon completion of any non-cosmetic alterations, Tenant shall provide
Landlord an "As Built" plan of the Premises showing such alterations in
reasonable detail. With respect to any non-cosmetic alteration, change or
improvement performed by Tenant, after the date hereof, Tenant will restore the
Premises to the condition which existed prior to the making of alterations,
changes or improvements, at the expiration or earlier termination of the Term,
unless Landlord has failed to request such restoration at the time Landlord's
consent is granted, if such consent is required, or by notice to Tenant that
Landlord shall waive its rights to require such restoration, in which event
Tenant shall have no obligation to restore the Premises. Such waiver by Landlord
may be in whole or in part, and if in part, subject to the preceding sentence,
Tenant shall restore to the extent such obligation is not waived by Landlord.
Any cabling or wiring installed in the Premises shall be removed by Tenant at
the end of the Term if and to the extent so requested by Landlord.

           (b) Except as otherwise provided, all signs, furnishings, trade
fixtures and other removable equipment installed in the Premises by Tenant
(whether before or during the Term) and paid for by Tenant shall remain the
property of Tenant and shall be removed by Tenant upon the termination of this
Lease Agreement provided that if any of the same are affixed to the Premises,
Tenant shall immediately repair any damage caused by such removal.

           10. Waiver of Claims and Waiver of Subrogation. Tenant hereby
releases Landlord from any and all liability or responsibility to the Tenant or
anyone claiming through or under Tenant by way of subrogation or otherwise for
any loss or damage to property caused by fire or any other perils insured or
required to be insured against in policies of insurance covering such property,
even if such loss or damage shall have been caused by the fault or negligence of
the Landlord, or anyone for whom Landlord may be responsible. Tenant shall
insure that its insurance policy contains a waiver of subrogation for the
benefit of Landlord.

           11. Subordination.

           (a) Subject to Section 11(b) hereof, this Lease shall be subordinate
to any mortgage, deed of trust or ground lease or similar encumbrance
(collectively, a "Mortgage", and the holder thereof from time to time the
"Holder") from time to time encumbering the Premises, whether executed and
delivered prior to or subsequent to the date of this Lease, unless the Holder
shall elect otherwise. At the request of the Holder or any other party who shall
succeed to the interest of Landlord (such Holder or other party, a "Successor"),
subject to Section 11(b) hereof, Tenant shall attorn to the Successor. Not more
than fifteen (15) days after receipt of a written request from Landlord or a
Holder, Tenant agrees to execute such instruments as may be required by any such
Holder in order to effectuate such subordination and such certificates as to the
status of this Lease Agreement and other matters as such Holders shall
reasonably require. Tenant shall be bound by and observe all conditions of said
Mortgage which shall require the giving of reports and copies of notices to any
such Holders, as well as those which afford such Holders the opportunity to cure
any default of Landlord hereunder and, subject to paragraph (b) below, to take
possession of the Premises without

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liability for any default of the Landlord occurring prior thereto or which
cannot reasonably be cured by such Holder not be subject to any offset or
defenses on account thereof nor bound by any prepayment of rent beyond the then
current period.

           (b) Notwithstanding the foregoing, the provisions of Section 11(a)
above are conditioned upon, Landlord shall procure from any such Holder an
agreement-in-writing, in a form reasonably acceptable to Tenant, which shall be
delivered to Tenant, providing in substance that so long as Tenant shall
faithfully discharge the obligations on its part to be kept and performed under
the terms of this Lease Agreement, Tenant's tenancy will not be disturbed nor
this Lease Agreement affected by any default under such Mortgage, and Tenant
agrees that this Lease Agreement shall remain in full force and effect even
though default in the Mortgage may occur.

           (c) With reference to any assignment by Landlord of Landlord's
interest in this Lease, or the rents payable hereunder, conditional in nature or
otherwise, which assignment is made to the holder of a Mortgage on Real Estate
which includes the Premises, Tenant agrees:

           (i)    That the execution thereof by Landlord, and the acceptance
                  thereof by the Holder of such Mortgage shall never be treated
                  as an assumption by such Holder of any of the obligations of
                  Landlord hereunder, unless such Holder shall, by notice sent
                  to Tenant, specifically otherwise elect or upon foreclosure,
                  Holder has taken possession of the Premises; and

           (ii)   That, except as aforesaid, such Holder shall be treated as
                  having assumed Landlord's obligations hereunder only upon
                  foreclosure of such Holder's Mortgage and the taking of
                  possession of the Premises, or, in the case of a ground
                  lessor, the assumption of Landlord's position hereunder by
                  such ground lessor.

           12. Limitation of Landlord Liability.

           (a) If Landlord shall fail to perform any covenant, term or condition
of this Lease Agreement upon Landlord's part to be performed and, as a
consequence of such default, Tenant shall recover a money judgment against
Landlord, such judgment shall be satisfied only out of the interest of Landlord
in the Real Estate and the Premises or insurance proceeds therefrom and Landlord
shall not be liable for any deficiency. It is understood and agreed that in no
event shall Tenant have any right to levy execution against any property of
Landlord other than its interest in the Real Estate and the Premises as herein
before expressly provided. Upon receipt of notice to do so from any first
mortgagee of the Real Estate or the Premises, Tenant agrees to give written
notice to such mortgagee in the event of any default hereunder by Landlord.
Nothing herein contained shall be deemed to in any way limit or restrict
Tenant's right to obtain specific performance or other injunctive or equitable
relief with respect to the performance by Landlord of its covenants herein.

           (b) To the fullest extent permitted by law, Tenant hereby agrees that
Landlord shall not be liable for any claim for damage to person or property,
sustained by Tenant or any person claiming through Tenant resulting from any
accident or occurrence in, about, or upon the Premises unless due to the fault
or negligence of Landlord, and Landlord's failure to make such repairs as it is
obligated to make within a reasonable period after notice from Tenant of the
need for such repairs. Said waiver shall include claims for unforeseen acts or
events resulting in damage or injury to person or property sustained by Tenant
or any person claiming through Tenant.

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           (c) The sale, conveyance or assignment of the Real Estate shall
operate to release Landlord from liability, from and after the effective date
thereof, upon all of the covenants, terms and conditions of this Lease
Agreement, express or implied, except as such may relate to the period prior to
such effective date, and Tenant shall with respect to claims arising thereafter
look solely to Landlord's successor in interest in and to this Lease Agreement.
This Lease Agreement shall not be affected by any such sale, conveyance or
assignment, and Tenant shall attorn to Landlord's successor in interest
thereunder.

           (d) Landlord shall not be deemed to be in default of its obligations
under this Lease Agreement unless Landlord or any mortgagee of which Tenant has
been given notice pursuant to Section 6(c) shall have received notice thereof
and such default shall continue uncured for a period of thirty (30) days
following receipt of such notice. No performance by any such mortgagee of
Landlord's obligations or exercise of its rights, undertaken in a commercially
reasonable manner, shall subject such mortgagee to any liability under this
Lease Agreement. Landlord and Tenant agree that the covenants to be performed by
each are independent and Tenant shall have no right to offset against Rental
(except as expressly permitted hereunder) or terminate this Lease in the event
of Landlord's failure to perform any of its obligations hereunder.

           13. Casualty to Premises.

           (a) If, during the term hereof, the Premises shall be destroyed or
damaged by fire or other casualty, in whole or in part, Tenant shall not be
entitled to surrender possession of the Premises nor shall Tenant's liability to
pay rent under this Lease Agreement cease and Tenant shall restore the Premises
to substantially the same condition as existed before such destruction or damage
with all reasonable speed. If required by Landlord's mortgagee, all insurance
proceeds shall be delivered by Tenant to Landlord's mortgagee and Landlord's
mortgagee shall make monthly disbursements of the same during the course of
reconstruction subject to Tenant's compliance with such reasonable construction
disbursement conditions as Landlord's mortgagee require. Tenant shall be
required to fund any restoration costs to the extent insurance proceeds are not
sufficient to fund the restoration of the Premises. If Landlord's mortgagee
shall refuse to release insurance proceeds to Tenant, Tenant shall have the
right to terminate this Lease, which election must be exercised by Tenant within
thirty (30) days after the date of notice from Tenant to Landlord that the
insurance proceeds will not be released by Landlord's mortgagee.

           (b) If Landlord desires to perform the restoration related to such
destruction or damage, Landlord shall notify Tenant within sixty (60) days after
the happening of such destruction or damage. If Landlord shall so elect to
perform the repairs, Tenant shall deliver all insurance proceeds to Landlord and
Landlord shall restore the Premises to substantially the same condition as
existed prior to the destruction or damage, subject to legal requirements. If
the insurance proceeds delivered to Landlord by Tenant are insufficient to fund
the restoration of the Premises, Tenant shall fund any projected shortfall, as
the same may be revised from time to time, within ten (10) days of request of
Landlord. If Landlord's mortgagee shall refuse to release insurance proceeds to
Landlord or shall require the same to be applied to the debt secured by the
mortgage, Landlord shall notify Tenant and Tenant shall have the right to
terminate this Lease, which election must be exercised by Tenant within thirty
(30) days after the date of notice from Landlord that the insurance proceeds
will not be released by its mortgagee.

           (c) Reconstruction shall be at least equal in quality to the original
construction of the Premises and shall, to the extent practical, be wholly
consistent in design and materials therewith. It

                                       9
<PAGE>

shall be undertaken only in full compliance with law after all permits and
approvals have been obtained. It shall be further undertaken only after plans
and specifications therefore have been approved by Landlord, which approval
shall not be unreasonably withheld or delayed.

           (d) Landlord shall have no liability to Tenant by reason of any
injury to or interference with Tenant's business or property arising from any
such destruction or damage. Landlord shall in no event be liable for any such
injury or interference resulting from the making of any repairs to the Premises
undertaken by Landlord in good faith.

           14. Condemnation.

           (a) In the event that the entire Premises shall be taken by
condemnation or right of eminent domain, this Lease Agreement shall terminate as
of the day possession shall be taken by the taking authority, and Landlord and
Tenant shall be released from any further liability hereunder thereafter
accruing.

           (b) In the event that only a portion of the Premises shall be taken
by condemnation or right of eminent domain and the portion so taken renders the
balance unsuitable for the purpose of this Lease Agreement, the Tenant may, at
its option, elect to terminate this Lease Agreement effective as of the day
possession shall be taken, provided thirty (30) days notice of such termination
is given. If, in such case, this Lease Agreement is not terminated, Landlord
may, at its option restore the Premises with reasonable speed to an
architectural unit as nearly like its condition prior to such taking as shall be
practicable; and if during and/or after the work of restoration, Tenant is
deprived of, the use of all or a part of the Premises, an appropriate reduction
of Rental, depending upon the time during which and the portion of said Premises
of which Tenant is so deprived, shall be granted. In the event Landlord elects
not to so restore the Premises, then Tenant may at its option; (i) terminate
this Lease Agreement and any further liability hereunder; or (ii) continue this
Lease Agreement with the Rental adjusted to appropriately reflect the diminution
in value of the Premises effected by such taking, effective as of the date
thereof. If Tenant elects to continue this Lease Agreement then Tenant may, at
its own cost and expense, so restore the Premises.

           (c) All damages awarded in connection with the taking of the
Premises, whether allowed as compensation for diminution in value to the
leasehold or to the fee of the Premises, shall belong to the Landlord.
Notwithstanding the foregoing, Tenant shall be entitled to make a separate claim
for damage to merchandise and moveable trade fixtures, and removal
reinstallation, and moving expenses, provided it does not reduce the award
payable to Landlord.

           15. Default. If: (i) there shall be a default in payment of any
Rental which shall continue for a period of ten (10) days following receipt by
Tenant of notice thereof from Landlord; or (ii) there shall be a default in any
other of Tenant's obligations hereunder or if the Premises be abandoned or
vacated by Tenant; and if such default or condition shall continue for a period
of thirty (30) days following receipt by Tenant of notice from Landlord to make
good such default or correct such condition; or (iii) any proceedings under the
present or any future Bankruptcy Act be instituted by or against Tenant, or any
receiver or trustee be appointed for or ordered to dispose of Tenant's business
or property, or if Tenant makes any assignment or conveyance for benefit of
creditors and if any such proceeding instituted against Tenant shall not be
dismissed within 20 days following the date of such institution; then, in such
event Landlord shall have the right, immediately or at any time thereafter, to
enter upon the Premises in the name of the whole and repossess the same as of
its former estate and expel Tenant and all those claiming by, through or under
it, and

                                       10
<PAGE>

remove their goods and effects and store the same on behalf of Tenant without
being deemed guilty of any manner of trespass and without prejudice to any
remedies which might otherwise be used for arrears of rent or other default
hereunder and upon entry as aforesaid this Lease Agreement shall be terminated.
Landlord, at its election, may effect such termination by written notice to
Tenant to that effect, which shall have the same force as an entry for breach as
provided in this Section. In case of such termination, Landlord shall become
entitled to receive from Tenant, and Tenant shall pay to Landlord on demand, as
initial liquidated damages, a sum equal to the amount by which the sum of the
rent and other payments called for hereunder for the remainder of the term
exceeds the fair rental value of the Premises for the remainder of the term.
Further, Tenant shall, on demand of Landlord, from time to time indemnify
Landlord against all loss of rent, other payments and damages, however caused,
which it may incur by reason of such termination during the remainder of the
term, first giving credit to any payments made by Tenant to Landlord on account
of initial liquidated damages as aforesaid. In computing such damages there
shall be added such reasonable expenses as Landlord may incur in connection with
such termination and/or reletting, such as legal expenses, brokerage, expenses
for keeping the Premises in good order and for preparing the same for reletting
and expenses and/or decorations in the Premises as way be necessary for the
purpose of reletting. Landlord shall also have the right to pursue such other
rights and remedies as may be allowed at law or equity against Tenant, and any
and all other parties who may be liable. All such remedies shall be cumulative.
Provided, however, if any such default be under clause (ii) above and it would
take more than thirty (30) days to cure the same, Landlord shall not forfeit the
lease created hereby, enter upon the Premises or exercise any of the other
remedies herein provided for such default if Tenant begins the cure thereof
within such period and pursues same with reasonable due diligence to completion.

           16. Quiet Enjoyment. The Landlord covenants and agrees with Tenant
that as long as the Tenant keeps and performs all of the covenants and
conditions to be performed by Tenant hereunder, during the term of this Lease
Agreement Tenant shall have quiet and undisturbed and continued possession of
the Premises, free from any claims against the Landlord and all persons claiming
under, by or through the Landlord.

           17. Arbitration. If any controversy shall arise relating to the
provisions of this Lease Agreement or the tenancy or other rights created hereby
(other than with respect to the lack of payment of Rental), and such dispute
shall not be resolved by the parties within fifteen (15) days after either party
shall notify the other in writing of its desire to arbitrate the dispute, then
the dispute shall be settled by arbitration. Such arbitration shall be conducted
at Boston, Massachusetts, under the rules then obtaining of the American
Arbitration Association. There shall be a board of three arbitrators, one
appointed by the Landlord, one appointed by Tenant and a third selected by the
two so named. The arbitrators shall have no power to add to, subtract from or
modify any of the terms or conditions of this Lease Agreement. The award of the
arbitrators shall be final and binding and conclusive on the parties, provided,
however, that nothing herein contained shall limit Tenant's right to exercise
the rights referred to in the last sentence of Section 12(a) hereof.

           18. General Provisions. (a) Words of any gender used herein shall be
construed to include any other gender, and words in the singular number shall be
held to include the plural, unless the context otherwise requires, (b) the terms
and provisions of this Lease Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors, permitted
assigns and legal representatives; (c) the headings used herein are for
reference purposes only and do not affect the meaning or construction hereof;
(d) this Lease Agreement may not be altered or amended and no waiver of any of
the provisions hereof shall be effective except by an

                                       11
<PAGE>

instrument in writing signed by both parties hereto; (e) all notices, consents,
waivers or demands hereunder shall be in writing and shall be delivered or
mailed by a nationally recognized overnight mail courier, Registered or
Certified mail, postage paid, to the party to whom given at the address set
forth above or at such other address as such party may specify in accordance
with this clause; (f) if any provision of this Lease Agreement shall be held to
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions of this Lease Agreement shall not in any way be
affected or impaired thereby; (g) this Lease Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts; (h)
each of the parties represents and warrants to the other that it has not dealt
with any broker or finder in connection with this Lease Agreement and agrees to
indemnify and hold the other harmless from and against any claims, liabilities
or losses (including attorney's fees) arising out of a breach of this warranty;
(i) Landlord and Tenant shall each have the right to contest in good faith the
validity or amount of any tax, assessment, license fee, excise fee and other
charge for which it is responsible under this Lease Agreement provided that no
contest by Tenant may be undertaken unless Tenant shall, upon Landlord's
request, deposit with Landlord adequate and sufficient security against any loss
or damage which may ensue or involve the reasonable possibility of forfeiture,
sale or disturbance of Landlord's interest in the Premises and that upon the
final determination of any contest by Tenant, Tenant shall immediately pay and
satisfy the amount found to be due, together with any costs, penalties and
interest; (j) In any case where either party hereto is required to do any act,
other than the making of any payment of Rental, the time for performance thereof
shall be extended for a period equal to any delay caused by or resulting from
any act of God, war, civil commotion, fire, casualty, labor difficulties,
shortages of labor, materials or equipment, governmental regulations or other
causes beyond such party's reasonable control, the extent that the performance
of such obligation was actually prevented thereby; (k) This instrument
constitutes the entire agreement between the parties relating to the subject
matter hereof and supercedes all prior negotiations, contracts or
understandings; Tenant acknowledges that except for the provisions of Section 6
hereof, it has not been induced to enter into this Lease Agreement based on any
representations made by Landlord.

           19. Direct Landlord Costs and Exclusions. Except for Direct Landlord
Costs (as defined in Section 6(b)), all expenses and costs incurred by Tenant in
performing its obligations under this Lease Agreement shall remain the expense
of Tenant, including, without limitation, all expenses and costs related to the
maintenance, repair and replacement of the Premises and the systems and services
exclusively serving the same.

           20. Extension of Term.

           (a) Tenant shall have the right to extend the Term hereof (the
"Extension Option") upon all of the same terms, conditions, covenants and
agreements herein contained (except that Base Rental for the first year of such
extended period shall be the greater of (a) the Base Rental in effect
immediately prior to such extended period or (b) the Fair Market Rent, which
shall be determined in accordance with the procedure set forth below and
thereafter shall be adjusted in accordance with the provisions set forth below),
for one (1) additional period of five (5) years (such period, the "Extended
Term") provided that Tenant is not in default beyond any applicable notice and
cure periods at either the time of delivery of the Exercise Notice or at the
commencement of the Extended Term. If Tenant desires to exercise the Extension
Option, Tenant shall give notice (the "Exercise Notice") to Landlord not later
than twelve (12) months prior to the Term Expiration Date. Upon the giving of
notice by Tenant to Landlord exercising Tenant's Extension Option and provided
the conditions as to no default beyond applicable notice and cure periods by
Tenant are

                                       12
<PAGE>

satisfied, the Term in accordance with the provisions of this Section shall be
extended for the Extended Term without the necessity of the execution of any
additional documents; and in such event all references herein to the Term shall
be construed as referring to the Term, as so extended, unless the context
clearly requires otherwise. In the event that Fair Market Rent has not been
determined by the commencement of the Extended Term, Base Rental for the first
year of such Extended Term shall be the Base Rental in effect immediately
preceding the Extended Term, and shall be retroactively adjusted upon the final
determination of Fair Market Rent, if applicable. For purposes of this Lease,
the term "Fair Market Rent" shall mean the Base Rental on the date on which the
Base Rental will become effective for the Extension Option that is being
negotiated in so-called "triple net" leases or is reflected in triple net leases
which have been recently executed, in arm's length transactions between other
landlord and tenants, each acting in its own best interest and without duress,
for comparable space and for a comparable term located in the Bedford,
Massachusetts area, with such adjustment as is necessary in order to reflect the
business terms and obligations of the parties as are set forth in this Lease.

           (b) If Tenant properly exercises the Extension Option, the Base
Rental for the first year of the Extended Term shall be determined in the
following manner. The Base Rent for the first year of the Extended Term shall be
the greater of (a) the Base Rent in effect immediately prior to the Extended
Term or (b) an amount equal to the Fair Market Rent for the Premises as of the
commencement of the Extended Term, as specified by Landlord by notice to Tenant
not less than ninety (90) days prior to commencement of the Extended Term,
subject to Tenant's right of arbitration as set forth below. If Tenant believes
that the Fair Market Rent specified by Landlord exceeds the actual Fair Market
Rent for the Premises as of commencement of the Extended Term, then Tenant shall
so notify Landlord within ten (10) business days following receipt of Landlord's
notice. If Tenant fails to so notify Landlord within said ten (10) business
days, Landlord's determination of the Fair Market Rent for the Premises for the
Extended Term shall be final and binding upon the parties. If the parties are
unable to agree upon the Fair Market Rent for the Premises within ten (10) days
after Landlord's receipt of notice of Tenant's objection, the amount of Base
Rent as of commencement of the Extended Term for the first year of such Extended
Term shall be determined as follows:

                  (1) Within thirty (30) days after receipt of Landlord's notice
specifying Fair Market Rent, Tenant, at its sole expense, shall obtain and
deliver in writing to Landlord a determination of the Fair Market Rent for the
Premises for a term equal to the Extended Term from a broker ("Tenant's Broker")
licensed in the Commonwealth of Massachusetts for at least the immediately
preceding five (5) years. If Landlord accepts such determination, the Base Rent
for the first year of the Extended Term shall be the greater of (a) the Base
Rental in effect immediately preceding the Extended Term or (b) an amount equal
to of the amount determined by Tenant's Broker.

                  (2) If Landlord does not accept such determination, within
fifteen (15) days after receipt of the determination of Tenant's broker,
Landlord shall designate a broker ("Landlord's Broker") licensed in the
Commonwealth of Massachusetts for at least the immediately preceding five (5)
years. Landlord's Broker and Tenant's Broker shall name a third broker,
similarly qualified, within five (5) days after the appointment of Landlord's
Broker. Each of said three brokers shall each independently determine the Fair
Market Rent for the Premises as of the commencement of the Extended Term for a
term equal to the Extended Term of the Lease within 15 days after the
appointment of the third broker. The Base Rent payable by Tenant effective as of
the commencement of the first year of the Extended Term shall be an amount equal
to the greater of

                                       13
<PAGE>

(a) the Base Rental in effect immediately preceding the Extended Term or (b) the
average of the two closest determinations, and such determination shall be
binding on Landlord and Tenant.

                  (3) Landlord shall pay the costs and fees of Landlord's Broker
in connection with any determination hereunder, and Tenant shall pay the costs
and fees of Tenant's Broker in connection with such determination. The costs and
fees of any third broker shall be paid one-half by Landlord and one-half by
Tenant.

           (c) On December 1 of each succeeding year after the first year of the
Extended Term, the Annual Base Rental shall be increased by $108,172.50 (144,230
square feet x $0.75 per square foot).

           21. Hold Over. Any holding over by Tenant after the expiration of the
Term of this Lease shall be treated as a tenancy at sufferance and shall be on
the terms and conditions as set forth in this Lease, as far as applicable except
that Tenant shall pay as a use and occupancy charge an amount equal to the
greater of (x) 150% of the Basic Rental calculated (on a daily basis) at the
rental rate payable under the terms of this Lease immediately prior to the
expiration of the Term or (y) the fair market rental value of the Premises, in
each case for the period measured from the day on which Tenant's hold-over
commences and terminating on the day on which Tenant vacates the Premises. In
addition, Tenant shall save Landlord, its agents and employees harmless and will
exonerate, defend and indemnify Landlord, its agents and employees from and
against any and all damages which Landlord may suffer on account of Tenant's
hold-over in the Premises after the expiration or prior termination of the term
of this Lease. Nothing in the foregoing nor any other term or provision of this
Lease shall be deemed to permit Tenant to retain possession of the Premises or
hold over in the Premises after the expiration or earlier termination of the
Lease Term. All property which remains in the Premises after the expiration or
termination of this Lease shall be conclusively deemed to be abandoned and may
either be retained by Landlord as its property or sold or otherwise disposed of
in such manner as Landlord may see fit. If any part thereof shall be sold, then
Landlord may receive the proceeds of such sale and apply the same, at its option
against the expenses of the sale, the cost of moving and storage, any arrears of
rent or other charges payable hereunder by Tenant to Landlord and any damages to
which Landlord may be entitled under this Lease and at law and in equity.

           22. Late Payment of Rental. If Landlord shall not have received any
payment or installment of Rental (the "Outstanding Amount") on or before the
date on which the same first becomes payable under this Lease (the "Due Date"),
the amount of such payment or installment shall incur a late charge equal to the
sum of: (a) five percent (5%) of the Outstanding Amount for administration and
bookkeeping costs associated with the late payment and (b) interest on the
Outstanding Amount from five days after the Due Date through and including the
date such payment or installment is received by Landlord, at a rate equal to the
lesser of (i) the rate announced by Bank of America, N.A. (or its successor)
from time to time as its prime or base rate (or if such rate is no longer
available, a comparable rate reasonably selected by Landlord), plus two percent
(2%), or (ii) the maximum applicable legal rate, if any. Such interest shall be
deemed Rental and shall be paid by Tenant to Landlord upon demand.

           23. Tenant's Environmental Covenants. Tenant hereby covenants and
agrees with Landlord that until the expiration of the Term and for such further
time as Tenant, or any other person or persons claiming through or under Tenant
shall hold the Premises or any part thereof, Tenant shall:

                                       14
<PAGE>

           (a) comply, and cause all other persons on or occupying the Premises
to comply, with all statutes, codes, ordinances and regulations applicable to
gasoline, petroleum, asbestos containing materials, explosives, radioactive
materials, microbial matter, biological toxins, mycotoxins, mold or mold spores
or any hazardous or toxic material, substance or waste which is defined by those
or similar terms or is regulated as such under any legal requirement, including:
(i) any "hazardous substance" defined as such in (or for purposes of) the (A)
Comprehensive Environmental Response, Compensation and Liability Act, 42
U.S.C.A. ss. 9601(14) as may be amended from time to time, or any so-called
"superfund" or "superlien" legal requirement, or (B) Massachusetts General Laws,
Chapter 21E and the rules and regulations promulgated thereunder; (ii) any
"pollutant or contaminant" as defined in 42 U.S.C.A. ss. 9601(33); (iii) any
material now defined as "hazardous waste" pursuant to 40 C.F.R. Part 260; (iv)
any petroleum, including crude oil or any fraction thereof; (v) natural gas,
natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel;
(vi) any "hazardous chemical" as defined pursuant to 29 C.F.R. Part 1910; and
(vii) any other toxic substance or contaminant that is subject to any other
legal requirement or other past or present requirement of any governmental
agency (or instrumentality thereof) (collectively, "Hazardous Material");

           (b) not install, use, generate, manufacture, store, treat, release or
dispose of, nor permit the installation, use, generation, manufacture, storage,
treatment, release or disposal of, Hazardous Material on, under or about the
Premises and/or Real Estate except in compliance with all applicable statutes,
codes, ordinances and regulations;

           (c) immediately advise Landlord in writing of the release of any
Hazardous Material on, under or about the Premises and/or the Real Estate, and
provide Landlord with copies of all reports, analyses, notices, licenses,
approvals, orders, correspondences or other written materials in its possession
or control relating to the environmental condition of the Premises immediately
upon receipt of such materials; and

           (d) not create, or permit to continue in existence, any lien upon the
Premises and/or the Real Estate imposed pursuant to any legal requirement
relating to Hazardous Material used, generated, released or disposed of by
Tenant; and

           (e) defend, indemnify and hold harmless Landlord and any Holder from
and against any and all claims, losses, and liabilities arising out of Tenant's
breach of, or failure to comply with, any of the foregoing provisions.

           24. Transfers by Landlord. Landlord shall have the right to transfer
and assign, in whole or in part, all of its rights and obligations hereunder and
in the Real Estate, and in such event and upon the assumption by the transferee
of the obligations of Landlord hereunder, Landlord shall be released from any
further obligations accruing after the date of transfer, and Tenant agrees to
look solely to such successor-in-interest of Landlord for the performance of
such obligations.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       15
<PAGE>

           EXECUTED as of the date first hereinabove stated.

LANDLORD:                                  TENANT:

SPI-TRUST                                  SPIRE CORPORATION

By: /s/ Roger G. Little                    By: /s/ Rodger W. LaFavre
    ------------------------------------        --------------------------------
    Roger Little, as Trustee and not       Name:  Rodger W. LaFavre
    individually                           Title: Chief Operating Officer

                                       16Exhibit
        10.1

        
        

        
                                                           

        
        GOLD
        RESOURCE CORPORATION

        
        SUBSCRIPTION
        AGREEMENT FOR COMMON STOCK

        

        
        TO:          GOLD
        RESOURCE CORPORATION

        

        
        The Subscriber (as hereinafter
        defined) hereby irrevocably subscribes for and agrees to purchase from Gold Resource
        Corporation (the
        “Corporation
        ”) that number of shares
        of common stock of the Corporation (the
        “Shares
        ”) set out below at a
        price of
        US$
        _____ per Share.
        The Subscriber agrees to be bound by the terms and conditions set forth in the attached
        “Terms and Conditions of Subscription for Common Stock” including, without
        limitation, the representations, warranties and covenants set forth therein. The Subscriber
        further agrees, without limitation, that the Corporation may rely upon the
        Subscriber’s representations, warranties and covenants contained in such
        documents.

        

        
        SUBSCRIPTION AND
        SUBSCRIBER INFORMATION

        

        
        Please print all
        information (other than signatures), as applicable, in the space provided
        below

        	
                    
                                                                                                                      

                	
                 	
                    
                    Number of Shares
                    (“Shares”)
                    :  
                               
                    x
                    US$                        

                
	
                    
                    (Name of
                    Subscriber)

                	
                 	
                 
	
                 	
                 	
                 
	
                    
                    Account Reference
                    (if
                    applicable):                                
                               

                	
                 	
                 
	
                    
                     

                    
                    By:                                                                 
                          
                                      

                    
                            Authorized
                    Signature

                	
                 	
                    
                    Aggregate
                    Subscription
                    Cost:$                                                       

                    
                                                              
                          (the
                    “
                    Subscription
                    Amount”
                    )

                
	
                    
                     

                	
                 	
                    
                         

                
	
                 	
                 	
                 
	
                    
                                                                                                                   
                     

                    
                    (Official Capacity
                    or Title – if the Subscriber is not an individual)

                     

                    
                                                                                                                    

                    
                    (Name of
                    individual whose signature appears above if different than the name of the
                    subscriber printed above.)

                     

                    
                                                                                                                     
                     

                    
                    (Subscriber’s
                    Address)

                    
                       
                                                                                                                   

                    

                    
                     

                    
                                                                                                                       

                    
                    (Telephone
                    Number)                       
                    (Email Address)

                	
                 	
                    
                    Please complete
                    if purchasing as agent or trustee for a principal (beneficial purchaser) (a
                    “Disclosed Principal”) and not purchasing as trustee or agent for
                    accounts fully managed by it.

                    
                    _                                                                                                  

                    
                    (Name of Disclosed
                    Principal)

                    
                     

                    
                                                                                                                       
                     

                    
                    (Address of
                    Disclosed Principal)

                    
                     

                    
                                                                                                                        
                     

                    
                    (Account
                    Reference, if applicable)

                
	
                 	
                 	
                 
	
                    
                    Account
                    Registration
                    Information
                    :

                    
                     

                    
                                                                                                                     
                     

                    
                    (Name)

                    
                     

                    
                                                                                                                      

                    
                    (Account
                    Reference, if applicable)

                    
                     

                    
                                                                                                                      

                    
                    (Address,
                    including Postal or Zip Code)

                	
                 	
                    
                    Delivery
                    Instructions as set forth
                    below
                    :

                    
                     

                    
                                                                                                                       
                     

                    
                    (Name)

                    
                     

                    
                                                                                                                      
                    _

                    
                    (Account
                    Reference, if applicable)

                    
                     

                    
                                                                                                                         

                    
                    (Address)

                    
                     

                    
                                                                                                                         

                    
                    (Contact
                    Name)                                  
                      (Telephone Number)

                
	
                 	
                 	
                 
	
                    
                    Number and kind of
                    securities of the Corporation held, directly or indirectly, if any:

                    
                                                                                                                   
                     

                    
                     

                    
                    _                                                                                               

                    
                     

                	
                 	
                 

        
        
        

        
        

        

        TERMS AND CONDITIONS
        OF SUBSCRIPTION FOR SHARES

        

        
                This
        Subscription Agreement is entered into between Gold Resource Corporation
        (“Corporation”) and the undersigned individual or entity that has subscribed
        for Shares of common stock of the Corporation (“Subscriber”).

        

        ARTICLE 1 —
        SUBSCRIPTION AND DESCRIPTION OF SHARES

        

        	
                1.1 	Subscription
                for Shares 

        

        

        
                
              The Subscriber hereby confirms its subscription for and
        offer to purchase the Shares from the Corporation, on and subject to the terms and
        conditions set out in this Subscription Agreement, for the Subscription Amount, which is
        payable as described in Article 2 hereto.

        

        	
                1.2 	Acceptance
                and Rejection of Subscription by the Corporation 

        

        

        
                
              The Subscriber acknowledges and agrees that the
        Corporation reserves the right, in its absolute discretion, to reject this subscription, in
        whole or in part, at any time prior to the Closing Time. If this subscription is rejected
        in whole, any checks or other forms of payment delivered to the Corporation representing
        the Subscription Amount will be promptly returned to the Subscriber without interest or
        deduction. If this subscription is accepted only in part, a check representing any refund
        of the Subscription Amount for that portion of the subscription for the Shares which is not
        accepted, will be promptly delivered to the Subscriber without interest or
        deduction.

        

        ARTICLE 2 —
        CLOSING

        

        	
                2.1 	
                Closing 

        

        

        
                
              The initial delivery and sale of the Shares and payment
        of the Subscription Amount (the “Initial Closing”) will be completed at
        the offices of the Corporation’s counsel, Dufford & Brown, P.C. in Denver,
        Colorado at 10:00 a.m. (Denver time) (the “Closing Time”) on
        _____________, 2007 or such other place, date or time as the Corporation and the
        Subscribers may agree (the “Closing Date”). At that place and time, and
        subject to the conditions set forth in Section 2.2 below, the Corporation shall deliver or
        cause to be delivered certificates representing the Shares that have been subscribed for up
        to that date against payment by the Subscriber for the Shares. The Corporation may hold
        additional closings for the delivery and sale of additional Shares after the Initial
        Closing in its discretion.

        

        
                
              The Subscriber understands and agrees that the sale of
        the Shares is being made by the Corporation on a “best efforts” basis, that
        there is no minimum number of shares that must be sold in the offering and that the
        proceeds of the sale will immediately be deposited in the Corporation’s bank account
        and available for all valid corporate purposes.

        

        	
                2.2 	Conditions
                of Closing 

        

        

        
                
              The Subscriber acknowledges and agrees that the
        obligations of the Corporation hereunder are conditional on the accuracy of the
        representations and warranties of the Subscriber contained in this Subscription Agreement
        as of the date of this Subscription Agreement, and as of the Closing Time as if made at and
        as of the Closing Time, and the fulfillment of the following additional conditions as soon
        as possible and in any event not later than the Closing Time:

        

        	 
                	(a) 	payment by the
                Subscriber of the Subscription Amount by certified check or bank draft in United
                States dollars payable to “Gold Resource Corporation”; and 

        

        
        
        

        
        

        

        	 
                	(b) 	the Subscriber
                having properly completed, signed and delivered this Subscription Agreement to the
                Corporation at Gold Resources Corporation, 222 Milwaukee Street, Suite 301, Denver,
                Colorado 80206. 

        

        

        ARTICLE 3 —
        REPRESENTATIONS AND WARRANTIES OFTHE CORPORATION

        

        	
                3.1 	
                Representations, Warranties
                and Covenants of the Corporation 

        

        

        
                
              The Corporation hereby represents and warrants to, and
        covenants with, the Subscriber as follows and acknowledges that the Subscriber is relying
        on such representations and warranties in connection with the transaction contemplated
        hereby:

        

        	 
                	(a) 	The Corporation
                and its subsidiaries have been duly incorporated and are in good standing under the
                laws of their respective jurisdictions, and are current and up-to-date with all
                filings required to be made by them in such jurisdiction, have all requisite
                corporate power and authority and are duly qualified and possess all certificates,
                authorizations, permits and licences issued by the appropriate state, municipal, or
                federal regulatory agencies or bodies necessary (and has not received or is aware
                of any modification or revocation to such licences, authorizations, certificates or
                permits) to carry on its business as now conducted and to own its properties and
                assets and the Corporation and its subsidiaries have all requisite corporate power
                and authority to carry out their obligations under this Subscription
                Agreement. 

        

        

        	 
                	(b) 	There has been
                no adverse material change to the Corporation (actual, proposed or prospective,
                whether financial or otherwise) in the business, affairs, operations, assets,
                liabilities (contingent or otherwise) or shareholders’ equity of the
                Corporation since June 30, 2007, which has not been generally disclosed to the
                public and, in all material respects, the business of the Corporation has been
                carried on in the usual and ordinary course consistent with past practice since
                June 30, 2007 to the extent that such past practice is consistent with the current
                business direction of the Corporation. 

        

        

        	 
                	(c) 	This
                Subscription Agreement when executed and delivered on behalf of the Corporation,
                will have been duly authorized, executed and delivered by the Corporation and will
                constitute a valid and binding obligation of the Corporation enforceable against
                the Corporation in accordance with its terms except as limited by (a) applicable
                bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium and other
                similar laws affecting the rights of creditors generally; (b) the requirement that
                each party act in good faith with regard to their rights and obligations under this
                Subscription Agreement; and (c) general principles of equity. 

        

        

        	 
                	(d) 	As of the close
                of business on August 8, 2007, the authorized capital of the Corporation consists
                of 60,000,000 shares of common stock and 5,000,000 shares of preferred stock, of
                which 28,249,552 shares of common stock are issued and outstanding as fully paid
                and non-assessable. 

        

        

        	 
                	(e) 	The common
                stock currently trades in the Over-the-Counter market and is quoted on the Bulletin
                Board system maintained by the National Association of Securities Dealers, Inc. and
                no order ceasing or suspending trading in any securities of the Corporation or the
                trading of any of the Corporation’s issued securities is currently
                outstanding and no proceedings for such purpose are, to the knowledge of the
                Corporation, pending or threatened. 

        

        

        3

        
        

        
        

        

        	 
                	(f) 	The Corporation
                is not, nor to the knowledge of the Corporation, is any other person in default in
                the observance or performance of any term, covenant or obligation to be performed
                by it under any debt instrument, material agreement, contract, agreement or
                arrangement to which the Corporation is a party and no event has occurred which
                with notice or lapse of time or both would constitute such a default and all such
                contracts, agreements and arrangements are in good standing. 

        

        

        	 
                	(g) 	The Corporation
                and its subsidiaries hold either freehold title, mining leases, mining claims or
                other conventional property, proprietary or contractual interests or rights,
                recognized in the jurisdiction in which a particular property is located in respect
                of the ore bodies and minerals located in properties in which the Corporation and
                its subsidiaries have an interest under valid, subsisting and enforceable title
                documents or other recognized and enforceable agreements or instruments, which are
                currently sufficient to permit the Corporation and its subsidiaries to explore the
                minerals relating thereto, and all such property, leases or claims and all
                property, leases or claims in which the Corporation or the subsidiaries have any
                interest or right have been validly located and recorded in accordance with all
                applicable laws and are valid and subsisting. 

        

        

        	 
                	(h) 	There are no
                actions, suits, proceedings or inquiries pending or, to the knowledge of the
                Corporation threatened against or affecting the Corporation or its subsidiaries or
                their property or assets at law or in equity or before or by any federal, municipal
                or other governmental department, court, commission, board, bureau, agency or
                instrumentality. 

        

        

        	 
                	(i) 	There is and
                has been no failure on the part of the Corporation or any of the
                Corporation’s directors or officers, in their capacities as such, to comply
                in all material respects with any applicable provision of the Sarbanes-Oxley Act of
                2002 and the rules and regulations promulgated in connection therewith, including
                Section 402 related to loans and Sections 302 and 906 related to
                certifications. 

        

        

        	 
                	(j) 	Promptly
                following the closing of the purchase and sale of the Shares contemplated by this
                Subscription Agreement, the Corporation shall prepare and file with the SEC a
                registration statement on Form S-l, S-3 or SB-2 (or, if Form S-l, S-3 or SB-2 is
                not then available to the Corporation, on such form of registration statement as is
                then available to effect a registration for resale of the Shares
                (“Registration Statement”)), covering the resale of the Shares;
                provided, however, that if prior to the filing of the Registration Statement, the
                provisions of Rule 144 of the Securities Act of 1933, as amended (the “1933
                Act”) have been amended to reduce to six months or less the holding period
                after which the Shares may be sold in compliance with that Rule, the Corporation
                shall not be obligated to file such Registration Statement and shall be entitled to
                withdraw a Registration Statement that has previously been filed if it has not yet
                been declared effective. Such Registration Statement also shall cover, to the
                extent allowable under the 1933 Act and the rules promulgated thereunder (including
                Rule 416), such indeterminate number of additional shares of Common Stock resulting
                from stock splits, stock dividends or similar transactions with respect to the
                Shares. 

        

        

        	 
                	(k) 	The Corporation
                shall pay all expenses associated with the registration, including filing and
                printing fees, counsel and accounting fees and expenses, and State “Blue
                Sky” fees and expenses. 

        

        

        	 
                	(l) 	The Corporation
                shall use its commercially reasonable efforts to have the Registration Statement
                declared effective by the SEC as soon as practicable. The Corporation shall notify
                the Subscriber by facsimile or e-mail as promptly as practicable, and in any event,
                within three (3) business days, after the Registration Statement is declared
                effective and shall simultaneously provide the Subscriber with copies of any
                related prospectus to be used in connection with the sale or other disposition of
                the securities covered thereby. 

        

        

        4

        
        

        
        

        

        ARTICLE 4
        —ACKNOWLEDGEMENTS, COVENANTS, REPRESENTATIONS AND WARRANTIES OF THE
        SUBSCRIBER

        

        	
                4.1 	
                Acknowledgements,
                Representations, Warranties and Covenants of the Subscriber 

        

        

        
                
              The Subscriber, on its own behalf and, if applicable,
        on behalf of others for whom it is acting hereunder, hereby represents and warrants to, and
        covenants with, the Corporation as follows and acknowledges that the Corporation is relying
        on such representations and warranties in connection with the transactions contemplated
        herein:

        

        	 
                	(a) 	The Subscriber
                certifies that it is resident in the jurisdiction set out on the face page of this
                Subscription Agreement. Such address was not created and is not used solely for the
                purpose of acquiring the Shares and the Subscriber was solicited to purchase in
                such jurisdiction. 

        

        

        	 
                	(b) 	If the
                Subscriber is not a person in the United States nor a U.S. Person (as defined in
                Rule 902(k) of Regulation S under the U.S. Securities Act) or not purchasing the
                Shares on behalf of a person in the United States or a U.S. Person: 

        

        

        	 
                	(i) 	neither the
                Subscriber nor any disclosed principal is a U.S. Person nor subscribing for the
                Shares for the account of a U.S. Person or for resale in the United States and the
                Subscriber confirms that the Shares have not been offered to the Subscriber in the
                United States and that this Subscription Agreement has not been signed in the
                United States; 

        

        

        	 
                	(ii)
                	the Subscriber
                acknowledges that the Shares have not been registered under the U.S. Securities Act
                of 1933, as amended (the “Securities Act”) and may not be offered or
                sold in the United States or to a U.S. Person unless the securities are registered
                under the U.S. Securities Act and all applicable state securities laws or an
                exemption from such registration requirements is available, and further agrees that
                hedging transactions involving such securities may not be conducted unless in
                compliance with the U.S. Securities Act; 

        

        

        	 
                	(iii)
                	the Subscriber
                and if applicable, the disclosed principal for whom the Subscriber is acting,
                understands that the Corporation is the seller of the Shares and that, for purposes
                of Regulation S, a “distributor” is any underwriter, dealer or other
                person who participates, pursuant to a contractual arrangement, in the distribution
                of securities sold in reliance on Regulation S and that an “affiliate”
                is any partner, officer, director or any person directly or indirectly controlling,
                controlled by or under common control with any person in question. Except as
                otherwise permitted by Regulation S, the Subscriber and if applicable, the
                disclosed principal for whom the Subscriber is acting, agrees that it will not,
                during a one year distribution compliance period, act as a distributor, either
                directly or through any affiliate, or sell, transfer, hypothecate or otherwise
                convey the Shares or underlying securities other than to a non-U.S. Person;
                

        

        

        	 
                	(iv)
                	the Subscriber
                and if applicable, the disclosed principal for whom the Subscriber is acting,
                acknowledges and understands that in the event the Shares are offered, sold or
                otherwise transferred by the Subscriber or if applicable, the disclosed principal
                for whom the Subscriber is acting, to a non-U.S Person prior to the expiration of a
                one year distribution compliance period, the purchaser or transferee must agree not
                to resell such securities except in accordance with the provisions of Regulation S,
                pursuant to registration under the Securities Act, or pursuant to an available
                exemption from registration; and must further agree not to engage in hedging
                transactions with regard to such securities unless in compliance with the
                Securities Act; and 

        

        

        5

        
        

        
        

        

        	 
                	(v) 	neither the
                Subscriber nor any disclosed principal will offer, sell or otherwise dispose of the
                Shares in the United States or to a U.S. Person unless (A) the Corporation has
                consented to such offer, sale or disposition and such offer, sale or disposition is
                made in accordance with an exemption from the registration requirements under the
                Securities Act and the securities laws of all applicable states of the United
                States or (B) the SEC has declared effective the Registration Statement in respect
                of such securities. 

        

        

        	 
                	(c) 	If the
                Subscriber is a person in the United States or a U.S. person, or is purchasing the
                Shares on behalf of a person in the United States or a U.S. person, the
                Subscriber: 

        

        

        	 
                	(i) 	or each
                beneficial purchaser as to which the Subscriber exercises sole investment
                discretion for whom it is purchasing, is acquiring the Shares to be held for
                investment only and not with a view to resale, distribution or other disposition of
                the Shares and without any present intention of selling, offering to sell or
                otherwise disposing of or distributing such securities, or any portion
                thereof; 

        

        

        	 
                	(ii)
                	is aware that
                the Shares have not been registered under the Securities Act and the sale
                contemplated hereby is being made in reliance on a private placement exemption to
                Accredited Investors (as defined in Rule 501 of the Securities Act); 

        

        

        	 
                	(iii)
                	the Subscriber
                is an Accredited Investor within the meaning of Rule 501 of Regulation D of the
                Securities Act; or each beneficial purchaser as to which the Subscriber exercises
                sole investment discretion for whom it is purchasing is an Accredited
                Investor; 

        

        

        	 
                	(iv)
                	if the
                undersigned is the Subscriber, he or she is making the above statement based on
                personal knowledge of his or her financial situation and has reviewed personal
                financial documentation with an accountant, financial advisor or other financial
                professional, if necessary, to determine that the above statement is true; or (b)
                if the undersigned is other than the Subscriber, he or she is making the above
                statement based on a review, if necessary, of the financial statements of the
                Subscriber for the most recently completed financial year and any interim financial
                statements prepared since the end of such financial year and has undertaken such
                other review and due diligence necessary to determine and certify that the
                Subscriber is an “Accredited Investor” as that term is defined in Rule
                501(a) of the U.S. Securities Act; 

        

        

        	 
                	(v) 	is not
                purchasing the Shares as a result of any “general solicitation or general
                advertising” (as such term is defined in Regulation D), including any
                advertisement, article, notice or other communication published in any newspaper,
                magazine, or similar media or broadcast over television or radio, or any seminar or
                meeting where the attendees have been invited by general solicitation or general
                advertising; 

        

        

        6

        
        

        
        

        

        	 
                	(vi)
                	understands
                that if it decides to offer, sell, pledge or otherwise transfer the Shares, and,
                prior to the Registration Statement becoming effective, the Shares may be offered,
                sold or otherwise transferred only: (A) to the Corporation; (B) in compliance with
                Rule 904 under Regulation S, (C) in accordance with Rule 144 or Rule 144A under the
                U.S. Securities Act, if available, and in compliance with applicable local laws and
                regulations, or (D) in a transaction that does not otherwise require registration
                under the Securities Act or any applicable state securities laws if an opinion of
                counsel, of recognized standing reasonably satisfactory to the Corporation has been
                provided to the Corporation to that effect. 

        

        

        	 
                	(d) 	If the
                Subscriber or any disclosed principal is not a person described in paragraphs
                4.1(b) or 4.1(c) above, the subscription for the Shares by the Subscriber does not
                contravene any of the applicable securities legislation in the jurisdiction in
                which the Subscriber resides and does not give rise to any obligation of the
                Corporation to prepare and file a prospectus or similar document or to register the
                Shares or to be registered with, or to file any report or notice with, any
                governmental or regulatory authority. 

        

        

        	 
                	(e) 	The execution
                and delivery of this Subscription Agreement, the performance and compliance with
                the terms hereof, the subscription for the Shares and the completion of the
                transactions described herein by the Subscriber will not result in any material
                breach of, or be in conflict with, or constitute a material default under, or
                create a state of facts that, after notice or lapse of time, or both, would
                constitute a material default under any term or provision of the constating
                documents, by-laws or resolutions of the Subscriber, the securities laws or any
                other laws applicable to the Subscriber, any agreement to which the Subscriber is a
                party, or any judgment, decree, order, statute, rule or regulation applicable to
                the Subscriber. 

        

        

        	 
                	(f) 	The Subscriber
                is subscribing for the Shares as principal for its own account and not for the
                benefit of any other person (within the meaning of applicable securities laws); if
                it is subscribing as agent for a disclosed principal, it has disclosed the name of
                the disclosed principal on the face page of this Subscription Agreement and
                acknowledges that the Corporation may be required by law to disclose to certain
                regulatory authorities the identity of each disclosed principal for whom the
                Subscriber is acting; or in the case of a subscription for the Shares by the
                Subscriber acting as trustee or agent for a fully managed account or as agent for
                an undisclosed principal, the Subscriber is duly authorized to execute and deliver
                this Subscription Agreement and all other necessary documentation in connection
                with such subscription on behalf of the fully managed account or undisclosed
                principal, as applicable, and this Subscription Agreement has been duly authorized,
                executed and delivered by or on behalf of and constitutes a legal, valid and
                binding agreement of, the fully managed account or undisclosed principal, as
                applicable. 

        

        

        	 
                	(g) 	In the case of
                a subscription for the Shares by the Subscriber acting as principal, this
                Subscription Agreement has been duly authorized, executed and delivered by, and
                constitutes a legal, valid and binding agreement of, the Subscriber. This
                Subscription Agreement is enforceable in accordance with its terms against the
                Subscriber. 

        

        

        7

        
        

        
        

        

        	 
                	(h) 	If the
                Subscriber is: 

        

        

        	 
                	(i) 	a corporation,
                the Subscriber is duly incorporated and is validly subsisting under the laws of its
                jurisdiction of incorporation and has all requisite legal and corporate power and
                authority to execute and deliver this Subscription Agreement, to subscribe for the
                Shares as contemplated herein and to carry out and perform its obligations under
                the terms of this Subscription Agreement; 

        

        

        	 
                	(ii)
                	a partnership,
                limited liability company, syndicate or other form of unincorporated organization,
                the Subscriber has the necessary legal capacity and authority to execute and
                deliver this Subscription Agreement and to observe and perform its covenants and
                obligations hereunder and has obtained all necessary approvals in respect thereof;
                or 

        

        

        	 
                	(iii)
                	an individual,
                the Subscriber is of the full age of majority and is legally competent to execute
                this Subscription Agreement and to observe and perform his or her covenants and
                obligations hereunder. 

        

        

        	 
                	(i) 	The Subscriber
                is not, with respect to the Corporation or any of its affiliates, a “control
                person” as defined under the Securities Act and the purchase of the Shares
                hereunder will not result in the Subscriber becoming a control person. 

        

        

        	 
                	(j) 	The Subscriber
                has been advised to consult its own legal advisors with respect to trading in the
                Shares, and with respect to the resale restrictions imposed by the securities laws
                of the jurisdiction in which the Subscriber resides and other applicable securities
                laws, and acknowledges that no representation has been made respecting the
                applicable hold periods imposed by the securities laws or other resale restrictions
                applicable to such securities that restrict the ability of the Subscriber (or
                others for whom it is contracting hereunder) to resell such securities, that the
                Subscriber (or others for whom it is contracting hereunder) is solely responsible
                to find out what these restrictions are and the Subscriber is solely responsible
                (and neither the Corporation nor the Agent are in any way responsible) for
                compliance with applicable resale restrictions and the Subscriber is aware that it
                (or beneficial persons for whom it is contracting hereunder) may not be able to
                resell such securities except in accordance with limited exemptions under the
                securities laws and other applicable securities laws. 

        

        

        	 
                	(k) 	The Subscriber
                is not purchasing Shares with knowledge of material information concerning the
                Corporation that has not been generally disclosed. 

        

        

        	 
                	(l) 	No person has
                made any written or oral representations: 

        

        

        	 
                	(i) 	that any person
                will resell or repurchase the Shares; 

        

        

        	 
                	(ii)
                	that any person
                will refund the Subscription Amount; or 

        

        

        	 
                	(iii)
                	as to the
                future price or value of the Shares. 

        

        

        	 
                	(m) 	There are risks
                associated with the purchase of and investment in the Shares and the Subscriber has
                such knowledge and experience that it is capable of evaluating the merits and risks
                of an investment in the Shares and fully understands the restrictions on resale of
                the Shares and is capable of bearing the economic risk of the investment.
                

        

        

        8

        
        

        
        

        

        	 
                	(n) 	The funds
                representing the Subscription Amount that will be paid by the Subscriber to the
                Corporation hereunder, will not represent proceeds of crime for the purposes of
                United States anti-terrorist legislation and the Subscriber acknowledges that the
                Corporation may in the future be required by law to disclose the Subscriber’s
                name and other information relating to this Subscription Agreement and the
                Subscriber’s subscription hereunder pursuant to such legislation. To the best
                of its knowledge (a) none of the Subscription Amount to be provided by the
                Subscriber (i) has been or will be derived from or related to any activity that is
                deemed criminal under the laws of the United States of America, or any other
                jurisdiction, or (ii) is being tendered on behalf of a person or entity who has not
                been identified to the Subscriber, and (b) it shall promptly notify the Corporation
                if the Subscriber discovers that any of such representations ceases to be true, and
                to provide the Corporation with appropriate information in connection
                therewith. 

        

        

        	 
                	(o) 	No securities
                commission, agency, governmental authority, regulatory body, stock exchange or
                other regulatory body or similar regulatory authority has reviewed or passed on the
                merits of the Shares. 

        

        

        	 
                	(p) 	The Shares
                shall be subject to statutory resale restrictions under the securities laws of the
                jurisdiction in which the Subscriber resides and under other applicable securities
                laws, and the Subscriber covenants that it will not resell the Shares except in
                compliance with such laws and the Subscriber acknowledges that it is solely
                responsible (and in no way is the Corporation responsible) for such
                compliance. 

        

        

        	 
                	(q) 	The
                certificates representing the Shares, if issued prior to the Registration Statement
                becoming effective, and all certificates issued in substitution or exchange
                thereof, will bear a legend substantially in the following form: 

        

        

        	 	THE
                SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
                SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE
                SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)
                TO GOLD RESOURCE CORPORATION (“GRC”), (B) OUTSIDE THE UNITED
                STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
                (C) IN COMPLIANCE WITH RULE 144 OR 144A THEREUNDER, IF AVAILABLE, AND IN
                ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) PURSUANT TO AN
                EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE
                REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS,
                AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO GRC AN OPINION OF
                COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY
                SATISFACTORY TO GRC. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT
                BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.
                

        

        

        	 
                	(r) 	The Corporation
                is relying on the representations, warranties and covenants contained herein to
                determine the Subscriber’s eligibility to subscribe for the Shares under
                applicable securities laws and the Subscriber agrees to indemnify the Corporation
                and each of its directors, officers and agents against all losses, claims, costs,
                expenses, damages or liabilities that any of them may suffer or incur as a result
                of or arising from reliance thereon. The Subscriber undertakes to immediately
                notify the Corporation of any change in any statement or other information relating
                to the Subscriber set forth in such applicable Schedules which takes place prior to
                the Closing Time. 

        

        

        9

        
        

        
        

        

        	 
                	(s) 	The Subscriber
                is responsible for obtaining such legal and tax advice as it considers appropriate
                in connection with the execution, delivery and performance of this Subscription
                Agreement and the transactions contemplated under this Subscription
                Agreement. 

        

        

        	 
                	(t) 	The Subscriber
                has reviewed (i) the prospectus of the Corporation dated May 22, 2007; (ii) the
                quarterly reports on Form 10-QSB for the quarters ended March 31 and June 30, 2007;
                (iii) all other reports filed with the United States Securities and Exchange
                Commission by the Corporation since March 31, 2007, each of which is available from
                the Public Reference Room of the SEC or on its web site at
                http://www.sec.gov. The Subscriber’s decision to purchase the Shares
                was based solely on the representations in this Subscription Agreement and the
                filings of the Corporation with the SEC itemized immediately above, and no person
                or entity has made any representations or warranties excepts as set forth
                herein. 

        

        

        	 
                	(u) 	There are risks
                associated with the purchase of the Shares and the Subscriber may lose his, her or
                its entire investment. These risks include those itemized in the
                Corporation’s filings with the SEC itemized above, together with the risks
                identified in Attachment 1 to this Subscription Agreement. The Subscriber
                acknowledges having read these risks and understands them. 

        

        

        	 
                	(v) 	The Subscriber
                has had the opportunity to ask questions of, and receive answers from, the officers
                and directors of the Corporation regarding the offering, the Corporation or any
                other information relevant to Subscriber’s investment. 

        

        

        	 
                	(w) 	The Subscriber
                understands that the Corporation may pay a finder’s fee or commission up to
                5% of the Subscription amount in cash and 5% of the Subscription amount in
                Shares. 

        

        

        	 
                	(x) 	This
                Subscription Agreement requires the Subscriber to provide certain personal
                information to the Corporation. Such information is being collected by the
                Corporation for the purposes of completing the offering, which includes, without
                limitation, determining the Subscriber’s eligibility to purchase the Shares
                under the applicable securities laws, preparing and registering certificates
                representing Shares to be issued to the Subscriber and completing filings required
                by any stock exchange or securities regulatory authority. The Subscriber’s
                personal information may be disclosed by the Corporation to: (a) stock exchanges or
                securities regulatory authorities and (b) any of the other parties involved in the
                offering, including legal counsel and may be included in record books in connection
                with the offering. By executing this Subscription Agreement, the Subscriber is
                deemed to be consenting to the foregoing collection, use and disclosure of the
                Subscriber’s personal information. The Subscriber also consents to the filing
                of copies or originals of this Subscription Agreement as may be required to be
                filed with any stock exchange or securities regulatory authority in connection with
                the transactions contemplated hereby. The Subscriber represents and warrants that
                it has the authority to provide the consents and acknowledgements set out in this
                paragraph on behalf of each disclosed principal. 

        

        

        	 
                	(y) 	The Subscriber
                consents to the Corporation making a notation on its records and giving
                instructions to any transfer agent of the Corporation in order to implement the
                restrictions on transfers set forth and described herein, and the Subscriber
                understands and acknowledges that the Corporation may instruct the registrar and
                transfer agent of the Corporation not to record a transfer without first being
                notified by the Corporation that it is satisfied that such transfer is exempt from
                or not subject to registration under the Securities Act. 

        

        

        10

        
        

        
        

        

        ARTICLE 5 —
        SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS

        

        	
                5.1 	Survival of
                Representations, Warranties and Covenants of the Corporation 

        

        

        
                
              The representations, warranties and covenants of the
        Corporation contained in this Subscription Agreement shall survive the Closing and,
        notwithstanding such Closing or any investigation made by or on behalf of the Subscriber
        with respect thereto, shall continue in full force and effect for the benefit of the
        Subscriber.

        

        	
                5.2 	Survival of
                Representations, Warranties and Covenants of the Subscriber 

        

        

        
                
              The representations, warranties and covenants of the
        Subscriber contained in this Subscription Agreement shall survive the Closing and,
        notwithstanding such Closing or any investigation made by or on behalf of the Corporation
        with respect thereto and notwithstanding any subsequent disposition by the Subscriber of
        any of the Shares.

        

        ARTICLE 6 —
        MISCELLANEOUS

        

        	
                6.1 	Further
                Assurances 

        

        

        
                
              Each of the parties hereto upon the request of each of
        the other parties hereto, whether before or after the Closing Time, shall do, execute,
        acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such
        further acts, deeds, documents, assignments, transfers, conveyances, powers of attorney and
        assurances as may reasonably be necessary or desirable to complete the transactions
        contemplated herein.

        

        	
                6.2 	Costs and
                Expenses 

        

        

        
                
              All costs and expenses (including, without limitation,
        the fees and disbursements of legal counsel) incurred in connection with this Subscription
        Agreement and the transactions herein contemplated shall be paid and borne by the party
        incurring such costs and expenses.

        

        	
                6.3 	Applicable
                Law 

        

        

        
                
              This Subscription Agreement shall be construed and
        enforced in accordance with, and the rights of the parties shall be governed by, the laws
        of the State of Colorado and the laws of the United States applicable therein. Any and all
        disputes arising under this Subscription Agreement, whether as to interpretation,
        performance or otherwise, shall be subject to the non-exclusive jurisdiction of the courts
        of the State of Colorado and each of the parties hereto hereby irrevocably attorns to the
        jurisdiction of the courts of such province.

        

        	
                6.4 	Entire
                Agreement 

        

        

        
                
              This Subscription Agreement constitutes the entire
        agreement between the parties with respect to the transactions contemplated herein and
        cancels and supersedes any prior understandings, agreements, negotiations and discussions
        between the parties. There are no representations, warranties, terms, conditions,
        undertakings or collateral agreements or understandings, express or implied, between the
        parties hereto other than those expressly set forth in this Subscription Agreement or in
        any such agreement, certificate, affidavit, statutory declaration or other document as
        aforesaid. This Subscription Agreement may not be amended or modified in any respect except
        by written instrument executed by each of the parties hereto.

        

        11

        
        

        
        

        

        	
                6.5 	
                Counterparts
                

        

        

        
                
              This Subscription Agreement may be executed in two or
        more counterparts, each of which shall be deemed to be an original and all of which
        together shall constitute one and the same Subscription Agreement. Counterparts may be
        delivered either in original or faxed form and the parties adopt any signature received by
        a receiving fax machine as original signatures of the parties.

        

        	
                6.6 	
                Assignment 

        

        

        
                
              This Subscription Agreement may not be assigned by
        either party except with the prior written consent of the other parties hereto.

        

        	
                6.7 	
                Enurement 

        

        

        
                
              This Subscription Agreement shall enure to the benefit
        of and be binding upon the parties hereto and their respective heirs, executors, successors
        (including any successor by reason of the amalgamation or merger of any party),
        administrators and permitted assigns.

        

        	
                6.8 	
                Language 

        

        

        
                
              It is the express wish of the Subscriber that the
        Subscription Agreement and any related documentation be drawn up in English.

        

        
                
              The Corporation hereby accepts the subscription for
        Shares as set forth on the face page of this Subscription Agreement on the terms and
        conditions contained in the Subscription Agreement this __ day of _____ 2007.

        	
                	
                
	
                	GOLD
                RESOURCE CORPORATION

                

                By: ________________________________

                        Authorized Signing Officer
                

        

        

        

        

        

        

        

        

        12

        
        

        
        

        

        ATTACHMENT 1 TO

        SUBSCRIPTION AGREEMENT FOR COMMON STOCK OF

        GOLD RESOURCE CORPORATION

        

        RISK
        FACTORS

        

        
                
        An investment in our common stock involves a high degree of risk and could result in a
        loss of your entire investment. Prior to making an investment decision, you should
        carefully consider all of the information described in our filings with the Securities and
        Exchange Commission (SEC) and, in particular, you should evaluate the risk factors set
        forth below. Additional risks and uncertainties not currently known to us or that we
        currently deem to be immaterial may also impair our business operations. If we are unable
        to prevent events that have a negative effect from occurring, then our business may
        suffer.

        

        Risks Relating to Our
        Company

        

        
                
        We have no history of production. Our operations to date have been limited to
        exploration of our properties, primarily the El Aguila property. We have no history
        of producing gold or other metals. The development of our El Aguila project requires
        the completion of construction, start-up and operation of a mine, processing plant and
        related infrastructure. As a result, we are subject to all of the risks of establishing new
        mining operations. There can be no assurance that we can successfully establish mining
        operations or profitably produce gold or other metals.

        

        
                
        We have received no reserve report or feasibility study establishing proven or
        probable reserves within SEC-recognized definitions. A reserve, as defined by
        regulation of the SEC, is that part of a mineral deposit which can be economically and
        legally extracted or produced at the time of the reserve determination. Establishment of
        reserves within this definition requires preparation of a reserve report containing an
        estimate of existing ore, together with a feasibility study analyzing the economics of
        recovering and producing the ore. Although we are proposing to commence mining operations
        at our El Aguila property, we have received no reserve report or feasibility study
        establishing reserves within the meaning of the SEC definition. As a result, there is no
        assurance we will be successful in producing any gold or other material at a profit or that
        the costs that we invest in the mill and the mine can be recovered. As a result, the price
        of our stock may suffer.

        

        
                
        If we are unable to achieve predicted gold recoveries from our El Aguila property,
        our financial condition and results of operation will be adversely affected. We are
        proceeding with the development of the El Aguila property based on estimates of gold
        recovery and geologic formations developed during exploration. However, sales of gold, if
        any, that we realize from future mining activity will be less than anticipated if the mined
        material does not contain the concentration of gold predicted by our geological
        exploration. If sales of gold are less than anticipated, we may not be able to recover our
        investment in our property and our operations may be adversely affected. There is no
        assurance that mineral recoveries in small scale laboratory tests will be duplicated in
        large tests and in actual mining conditions.

        

        
                
        Should we successfully commence mining operations at our El Aguila property, our
        ability to remain profitable long term will depend on our ability to identify, explore, and
        develop additional properties. Gold properties are wasting assets. They eventually
        become depleted or uneconomical to continue mining. The acquisition of gold properties and
        their exploration and development are subject to intense competition. Companies with
        greater financial resources, larger staff, more experience and more equipment for
        exploration and development may be in a better position than us to compete for such mineral
        properties. If we are unable to find, develop, and economically mine new properties, we
        most likely will not be able to be profitable on a long term basis.

        

        13

        
        

        
        

        

        
                
        Our operations are subject to permitting requirements which could require us to
        delay, suspend, or terminate our operations at the El Aguila property. Our
        operations, including the proposed construction of our mill and mine, require permits from
        federal and local governments. These permits are required for mining, environmental impact,
        appropriation of water and blasting. Issuance of these permits is regulated by a variety of
        federal and local agencies. There is no assurance that we will be able to obtain these
        permits in a timely manner, on reasonable terms, or at all. If we cannot obtain or maintain
        the necessary permits to construct and operate the proposed mill and mine, or if there is a
        delay in receiving these permits, our timetable and business plan for developing and
        producing the El Aguila property maybe adversely affected.

        

        
                
        The construction of our proposed mill will be subject to all of the risks inherent in
        construction. These risks include potential delays, cost overruns, shortages of
        material or labor, construction defects, and injuries to persons and property. We intend to
        retain LYNTEK, Inc. of Denver, Colorado as a consultant to act as our general contractor
        for construction of the mill and the mine. We expect that LYNTEK will engage a combination
        of American and Mexican subcontractors and material suppliers in connection with the
        project. While we anticipate taking all measures which we deem reasonable and prudent in
        connection with construction of the mill, there is no assurance that the risks described
        above will not cause delays or cost overruns in connection with such construction. Any
        delay would postpone our anticipated receipt of revenue and adversely affect our
        operations. Cost overruns might require that we obtain additional capital in order to
        commence production. Any of these occurrences may adversely affect the price of our
        stock.

        

        
                
        The operation of the mine presents potential environmental hazards for which we may
        not be able to obtain insurance. The operation of a mine involves hazardous
        chemicals and potential contamination of the mine site and proximate ground water. Some of
        these risks may not be insurable or the cost of such insurance may be prohibitive. Prior to
        commencing production at the mine, we intend to acquire insurance in accordance with
        industry standards and within the constraints of our capital budget. However, any loss
        caused by uninsured risks would adversely affect our operations and financial
        condition.

        

        
                
        Our properties are located in Mexico and are subject to changes in political
        conditions and regulations in that country. Our existing properties are located in
        Mexico. In the past, Mexico has been subject to political instability, changes and
        uncertainties which may cause changes to existing government regulations affecting mineral
        exploration and mining activities. Civil or political unrest could disrupt our operations
        at any time. Our mineral exploration and mining activities in Mexico may be adversely
        affected in varying degrees by changing governmental regulations relating to the mining
        industry or shifts in political conditions that increase the costs related to our
        activities or maintaining our properties.

        

        
                
        Our primary production target is subject to a lease in favor of a third party which
        provides for royalties on production. We lease our El Aguila property from a
        third party. Our lease for the El Aguila project is subject to a net smelter return
        royalty of 4% where production is sold in the form of gold/silver doreì and 5% where
        production is sold in concentrate form. The requirement to pay royalties to the owner of
        the lease at our El Aguila property will reduce our profitability if we commence
        commercial production of gold or other precious metals.

        

        
                
        The volatility of the price of gold could adversely affect our future operations, and
        if warranted, our ability to develop our properties. The commercial feasibility of
        our properties and our ability to raise funding to conduct continued exploration and
        development is dependent on the price of gold and other precious metals. The price of gold
        may also have a significant influence on the market price of our common stock and the value
        of our properties. Our decision to put a mine into production and to commit the funds
        necessary for that purpose must be made long before the first revenue from production would
        be received. A decrease in the price of gold may prevent our property from being
        economically mined or result in the write-off of assets whose value is impaired as a result
        of lower gold prices. The price of gold is affected by numerous factors beyond our control,
        including inflation, fluctuation of the United States Dollar and foreign currencies, global
        and regional demand, the sale of gold by central banks, and the political and economic
        conditions of major gold producing countries throughout the world. During the last five
        years, the average annual market price of gold has fluctuated between $310 per ounce and
        $604 per ounce, as shown in the table below.

        

        14

        
        

        
        

        	
                	
                	
                	
                	
                
	
                2002

                $310 	
                2003

                $364 	
                2004

                $406 	
                2005

                $445 	
                2006

                $604 

        

        

        
                The
        volatility of mineral prices represents a substantial risk, which no amount of planning or
        technical expertise can eliminate.

        

        
                
        An adequate supply of water may not be available to complete desired development of
        our property. Once we begin putting our property into production, we will require
        additional amounts of water for our operations. We would be required to pump water from the
        Totolapan River to any facility we may construct on our property. Water rights are owned by
        the Mexican nation and are administered by a Mexican government agency. This agency has
        granted water concessions to private parties throughout the area defined as the Oaxaca
        Hydrologic Basin, however there is no assurance that we will be granted such concessions.
        Accordingly, we may not have access to the amount of water needed to operate a mine at the
        property.

        

        
                
        We may face a shortage of qualified personnel to operate our mine. Due to the
        location of our mine in Mexico, together with significant demands in the mining industry,
        it may be difficult for us to find qualified personnel to operate our mine. We expect to
        rely on the assistance of our local consultants, including our general manager, to identify
        and retain necessary personnel. However, there is no assurance that we will be able to
        obtain such personnel on terms favorable to us, or at all.

        

        
                
        Since most of our expenses are paid in Mexican pesos, and we anticipate selling any
        production from our properties in United States dollars, we are subject to adverse changes
        in currency values that will be difficult to prevent. Our operations in the future
        could be affected by changes in the value of the Mexican peso against the United States
        dollar. At the present time, since we have no production, we have no plans or policies to
        utilize forward sales contracts or currency options to minimize this exposure. If and when
        these measures are implemented, there is no assurance they will be cost effective or be
        able to fully offset the effect of any currency fluctuations.

        

        
                
        Our activities in Mexico are subject to significant environmental regulations, which
        could raise the cost of doing business. Mining operations are subject to
        environmental regulation by SEMARNAT, the environmental protection agency of Mexico.
        Regulations require that an environmental impact statement, known in Mexico as a
        Manifiestacion de Impacto Ambiental, be prepared by a third party contractor for
        submission to SEMARNAT. Studies required to support this impact statement include a
        detailed analysis of many subject areas, including soil, water, vegetation, wildlife,
        cultural resources and socio-economic impacts. We may also be required to submit proof of
        local community support for a project to obtain final approval. Significant environmental
        legislation exists in Mexico, including fines and penalties for spills, release of
        emissions into the air, seepage and other environmental damage. Compliance with these
        regulations is also a prerequisite to the issuance of one or more permits that we believe
        are necessary for us to commence mining operations on the project. While we will make every
        reasonable effort to comply with these regulations, there is no assurance that we will be
        successful, that the necessary permits will be issued or that we will not be subject to
        liabilities for environmental remediation.

        

        
                
        The nature of mineral exploration and production activities involves a high degree of
        risk and the possibility of uninsured losses. Our operations are subject to all of
        the operating hazards and risks normally incident to exploring for, developing and
        producing mineral properties, such as, but not limited to:

        

        	 
                	•
                	encountering
                unusual or unexpected formations; 

        

        	 
                	•
                	environmental
                pollution; 

        

        	 
                	•
                	personal
                injury, flooding and landslides; 

        

        	 
                	•
                	variations in
                grades of ore; 

        

        

        15

        
        

        
        

        

        	 
                	•
                	labor disputes;
                and 

        

        	 
                	•
                	decrease in
                reserves, if any, due to a lower gold price. 

        

        

        
                We
        currently have no insurance to guard against any of these risks. All of these factors may
        result in losses in relation to amounts spent which are not recoverable.

        

        
                
        Our ability to obtain dividends or other distributions from our subsidiaries may be
        subject to restrictions imposed by law and foreign currency exchange regulations.
        We conduct, and will conduct in the future, all of our operations through subsidiaries
        organized and domiciled in Mexico. Our ability to obtain dividends or other distributions
        from our subsidiaries may be subject to restrictions on dividends or repatriation of
        earnings under applicable law, monetary transfer restrictions or foreign currency exchange
        regulations in that jurisdiction. Our subsidiaries’ ability to pay dividends or make
        other distributions to us will be subject to them having sufficient funds to do so. If our
        subsidiaries are unable to pay dividends or other distributions, our operations and cash
        flow may be inhibited unless we are able to obtain debt or equity financing on acceptable
        terms.

        

        
                
        In the event of a dispute regarding title to our property or any facet of our
        operations, it will likely be necessary for us to resolve the dispute in Mexico, where we
        would be faced with unfamiliar laws and procedures. The resolution of disputes in
        foreign countries can be costly and time consuming, similar to the situation in the United
        States. However, in a foreign country, we face the additional burden of understanding
        unfamiliar laws and procedures. We may not be entitled to a jury trial, as we might be in
        the United States. Further, to litigate in any foreign country, we would be faced with the
        necessity of hiring lawyers and other professionals who are familiar with the foreign laws.
        For these reasons, we may incur unforeseen losses if we are forced to resolve a dispute in
        Mexico or any other foreign country.

        

        

        

        

        

        

        

        

        

        16

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