Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Ireland Inc. - Exhibit 10.3

ASSIGNMENT AGREEMENT 

THIS AGREEMENT is dated for reference as of the
29th day of March, 2007. 

AMONG: 

NANOMINERALS CORP., a
company duly formed under the laws
of Nevada, with its registered office at
1905 Southeastern Ave.,
Las Vegas, NV

(hereinafter called "Nano") 

OF THE FIRST PART 

AND: 

IRELAND INC., a
corporation duly formed under the laws of
Nevada with its principal office at
810 Peace Portal Drive, Suite
201, Blaine, WA 98230 

(hereinafter called the "Company")

OF THE SECOND PART 

AND: 

LORRIE ARCHIBALD, of
1745 Larkhall Crescent, North
Vancouver, British Columbia, Canada V7H 2Z3

(hereinafter called the "Principal
Shareholder") 

OF THE THIRD PART 

WHEREAS: 

A. The Company is engaged in the business of mineral
exploration in the State of Nevada; 

B. Nano has entered into a letter agreement (the “Columbus
Letter Agreement”) dated July 22, 2006 for the acquisition of up to 100% of a
calcium carbonate and silver brine mineral project (the “Columbus Project”) in
Eemeralda County, Nevada; 

C. Nano has entered into a letter agreement (the “Red Mountain
Letter Agreement”) dated March 15, 2007 for the acquisition of up to 100% of 60
mineral claims (the “Red Mountain Project”) located in San Bernardino County,
California; 

D. The Company wishes to obtain up to a 100% interest in the
Columbus Project; 

E. The Company wishes to obtain up to a 100% interest in the
Red Mountain Project; 

F. Under the terms of the Columbus Letter Agreement, Nano has
the right to assign its interest in the Columbus Letter Agreement; 

G. Under the terms of the Red Mountain Letter Agreement, Nano
has the right to assign its interest in the Red Mountain Letter Agreement; 

H. In order to induce Nano to assign its interests in the
Columbus Letter Agreement and the Red Mountain Letter Agreement to the Company,
the Principal Shareholder has agreed to sell and transfer to Nano, or its
nominees, certain shares of the Company; 

I. In order to record the terms and conditions of the agreement
among them, the parties wish to enter into this Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the foregoing and of the sum of $1.00 paid by the Company to
Nano, the receipt of which is hereby acknowledged, the parties hereto agree each
with the other as follows: 

	1. 	INTERPRETATION

1.1 Where used herein or in any amendments or Schedules hereto,
the following terms shall have the following meanings: 

	 	(a) 	
      “CBI” means Columbus Brine Inc.

	 	 	 
	 	(b) 	
      "Closing Date” means June 30, 2007 or such other date as
      the parties mutually agree.

	 	 	 
	 	(c) 	
      “Columbus Letter Agreement” means the agreement dated
      July 22, 2006, a copy of which is attached as Schedule “A-1”
  hereto.

	 	 	 
	 	(d) 	
      "Company Audited Financial Statements" means those
      audited financial statements of the Company as at December 31, 2005, filed
      with the United States Securities and Exchange Commission on April 12,
      2006.

	 	 	 
	 	(e) 	
      "Company Financial Statements" means, collectively, the
      Company Audited Financial Statements and the Company Unaudited Financial
      Statements.

	 	 	 
	 	(f) 	
      “Company Unaudited Financial Statements” means those
      unaudited financial statements of the Company as at September 30, 2006,
      filed with the United States Securities and Exchange Commission on
      November 14, 2006.

	 	 	 
	 	(g) 	
      “CSM” means Columbus S.M. LLC.

	 	 	 
	 	(h) 	
      “Nano Expenditures” means all amounts expended by Nano to
      meet obligations under the Columbus Letter Agreement and the Red Mountain
      Letter Agreement.

	 	 	 
	 	(i) 	
      “Nano Nominees” means the persons, other than Nano,
      described in Schedule “B” who will acquire a portion of the Nano Shares at
      Closing.

2

	 	(j) 	
      “Nano Shares” means a total of 7,500,000 common shares of
      the Company to be issued to Nano or the Nano Nominees.

	 	 	 
	 	(k) 	
      “Principal Shares" means the 4,550,000 presently issued
      restricted shares in the common stock of the Company held by the Principal
      Shareholder to be transferred to Nano and its nominees as described in
      paragraph 2.5.

	 	 	 
	 	(l) 	
      “Property Options” means the options granted to Nano
      under the Columbus Letter Agreement and the Red Mountain Letter Agreement
      including, without limiting the generality of the foregoing, the options
      described in paragraph 2.1.

	 	 	 
	 	(m) 	
      “Red Mountain Letter Agreement” means the agreement dated
      March 15, 2007, a copy of which is attached as Schedule “A-2”
    hereto.

	 	 	 
	 	(n) 	
      “RMM” means Red Mountain Mining.

	 	 	 
	 	(o) 	
      “Royalty” means a royalty of 5% of net smelter returns
      from the Columbus and Red Mountain Projects as defined in Schedule “D” to
      be granted in favour of Nano.

	 	 	 
	 	(p) 	
      “Securities Act” means the United States Securities Act
      of 1933.

1.2 All dollar amounts referred to in this Agreement are in
United States funds, unless expressly stated otherwise.

1.3 The following schedules are attached to and form part of
this Agreement: 

Schedule A-1 – Columbus Letter
Agreement
Schedule A-2 – Red Mountain Letter Agreement
Schedule B – Nano
Nominees
Schedule C-1 – Columbus Deed of Assignment
Schedule C-2 – Red
Mountain Deed of Assignment
Schedule D – Definition of Net Smelter
Returns
Schedule E – Option Grants 

	2. 	ASSIGNMENT AND PURCHASE OF SHARES
    

2.1 Nano hereby covenants and agrees to sell, assign and
transfer (the “Assignment”) to the Company, and the Company covenants and agrees
to acquire from Nano all of Nano’s right title and interest in the Columbus
Letter Agreement and the Red Mountain Letter Agreement including, without
limiting the generality of the foregoing: 

	 	a. 	
      its exclusive option to acquire up to 15% interest in the
      Columbus Project by making certain expenditures as described in the
      Columbus Letter Agreement, and

3

	 	b. 	
      its right to acquire 100% of the Columbus Project by way
      of merger with CSM and CBI in accordance with the valuation formula set
      out in the Columbus Letter Agreement.

	 	 	 
	 	c. 	
      its option to earn up to 60% interest in the Red Mountain
      Project by making expenditures as described in the Red Mountain Letter
      Agreement.

	 	 	 
	 	d. 	
      its option to acquire up to 100% of the Red Mountain
      Project as described in the Red Mountain Letter
  Agreement.

(the “Property Options”) 

2.2 In consideration of the Assignment of the Property Options,
the Company shall allot and issue to Nano and the Nano Nominees, the Nano Shares
as set forth in Schedule “B”. 

2.3 The total number of Nano Shares to be issued by the Company
to the Nano, shall be 7,500,000 shares. 

2.4 In addition to issuing the Nano Shares to Nano, the Company
shall, at closing, grant a royalty of 5% net smelter returns (the “Royalty”) to
Nano, and shall issue to Nano promissory notes (the “Promissory Notes”) payable
as follows: 

	 	a. 	
      $500,000 60 days after the Closing Date;

	 	b. 	
      $1,500,000 on July 31, 2008; and

	 	c. 	
      $3,000,000 on July 31, 2009.

2. 5 As further consideration for Nano entering into this
Agreement and completing the Assignment to the Company, the Principal
Shareholder agrees to transfer the Principal Shares (4,550,000 shares in the
common stock of the Company) as set forth in Schedule “B” at Closing at and for
a price of US $0.01 per share. 

2. 6 Nano acknowledges that the Nano Shares are “restricted
securities” within the meaning of the Securities Act and will be issued to Nano
in accordance with Regulation D of the Securities Act. Any certificates
representing the Nano Shares will be endorsed with the following legend in
accordance with Regulation D of the Securities Act: 

	 	
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
      "ACT"), AND HAVE BEEN OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT. SUCH SECURITIES MAY
      NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
      UNLESS THEY ARE REGISTERED UNDER THE APPLICABLE PROVISIONS OF
      THE ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT” 
	 

2. 7 In addition to the consideration set out above, the
Company will at Closing reimburse Nano for all expenditures made by Nano since
January 1, 2007 on the Columbus Project and from the date of this Agreement
until Closing on the Red Mountain Project. 

4

	3. 	COVENANTS, REPRESENTATIONS AND WARRANTIES
      OF NANO 

          Nano
covenants with and acknowledges, represents and warrants to the Company and the
Principal Shareholder as follows, and acknowledges that the Company and the
Principal Shareholder are relying upon such covenants, acknowledgements,
representations and warranties in connection with the Assignment and the
transfer by the Principal Shareholder of the Principal Shares: 

3.1 Nano has been duly incorporated and organized, is a validly
existing company with limited liability and is in good standing under the laws
of Nevada. 

3.2 The entering into of the Columbus Letter Agreement, the Red
Mountain Letter Agreement and this Agreement and the consummation of the
transactions contemplated thereby will not result in the violation of any of the
terms and provisions of the constating documents or bylaws of Nano or of any
indenture, instrument or agreement, written or oral, to which Nano may be a
party. 

3.3 This Agreement, the Columbus Letter Agreement and the Red
Mountain Letter Agreement have been duly authorized, validly executed and
delivered by Nano. 

3.4 As of the date of this Agreement the Nano Expenditures are
not less than $500,000. 

3.5 Nano has met all of its obligations under the Columbus
Letter Agreement and the Red Mountain Letter Agreement to date and the Letter
Agreements are in good standing. 

3.6 No person other than Nano has any right, title or interest
in the Columbus Letter Agreement, the Red Mountain Letter Agreement or the
Property Options and Nano has not entered in to any agreement assigning,
encumbrancing or charging any of its interest in or rights under the Columbus
Letter Agreement, the Red Mountain Letter Agreement or in the Property Options.

3.7 To the best of Nano’s knowledge, information and belief,
all of the representations of CSM and CBI under the Columbus Letter Agreement
and all of the representations of RMM under the Red Mountain Letter Agreement,
are true and correct at the date hereof. 

3.8 Nano and the Nano Nominees are accredited investors as
defined in Rule 501 of the Securities Act of 1933. 

3.9 Nano is acquiring the Principal Shares, and Nano and the
Nano Nominees are acquiring the Nano Shares, for investment purposes only, with
no present intention of dividing their interest with others or reselling or
otherwise disposing of any or all of the same. 

	4. 	COVENANTS, REPRESENTATIONS AND
      WARRANTIES 
OF THE COMPANY AND THE PRINCIPAL
      SHAREHOLDER 

          The
Company and the Principal Shareholder covenant with and represent and warrant to
Nano and the Company as follows and acknowledge that Nano is relying upon such
covenants, representations and warranties in entering into this Agreement: 

5

4.1 The Company has been duly incorporated and organized and is
validly subsisting under the laws of the State of Nevada; it is a reporting
issuer under the United States Securities Exchange Act of 1934 and
is in good standing with respect to all filings required to be made under such
statutes with the United States Securities and Exchange Commission; it has the
corporate power to own or lease its properties and to carry on its business as
now being conducted by it; and it is duly qualified as a corporation to do
business and is in good standing with respect thereto in each jurisdiction in
which the nature of its business or the property owned or leased by it makes
such qualification necessary. 

4.2 The authorized capital of the Company consists of
100,000,000 shares of common stock with a par value of $0.001 per share, of
which 9,137,500 shares are currently issued and outstanding as fully paid and
non-assessable.

4.3 No person, firm or corporation has any agreement or option,
including convertible securities, warrants or convertible obligations of any
nature, or any right or privilege (whether by law, pre-emptive or contractual)
capable of becoming an agreement or option for the purchase, subscription,
allotment or issuance of any of the unissued shares in the capital of the
Company, other than an option to purchase 5,000 common shares at a price of
$0.20 per share, exercisable until March 28, 2009, held by the Principal
Shareholder.

4.4 The Company will not, without the prior written consent of
Nano, issue any additional shares from and after the date hereof to the Closing
Date or create any options, warrants or rights for any person to subscribe for
any unissued shares in the capital of the Company. 

4.5 The directors and officers of the Company are as follows:

	 	Name 	Position 
	 	Lorrie Archibald 	Director, CEO, CFO, President,
      Treasurer 
	 	Christian Adolf Rommel 	Secretary 

4.6 The Company Audited Financial Statements present fairly the
assets, liabilities (whether accrued, absolute, contingent or otherwise) and the
financial condition of the Company as at the date thereof. 

4.7 The Company Unaudited Financial Statements present fairly
the assets, liabilities (whether accrued, absolute, contingent or otherwise) and
the financial condition of the Company as of the date thereof and there will not
be, prior to the Closing Date, any material increase in the liabilities of the
Company. 

4.8 There have been no material adverse changes in the
financial position or condition of the Company or damage, loss or destruction
materially affecting the business or property of the Company from the date of
the Company Unaudited Financial Statements to the Closing Date except as may be
disclosed by the Company in Current Reports on Form 8-K filed with the United
States Securities and Exchange Commission. 

6

4.9 The Company has made full disclosure to Nano of all
material aspects of the Company's business and has made all of its books and
records available to the representatives of Nano in order to assist Nano in the
performance of its due diligence searches and no material facts in relation to
the Company's business have been concealed by the Company. 

4.10 The Company is not a party to or bound by any agreement or
guarantee, warranty, indemnification, assumption or endorsement or any other
like commitment of the obligations, liabilities (contingent or otherwise) or
indebtedness of any other person, firm or corporation. 

4.11 There are no actions, suits or proceedings (whether or not
purportedly on behalf of the Company), pending or threatened against or
affecting the Company or affecting the Company's business, at law or in equity,
or before or by any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign and
the Company is not aware of any existing ground on which any such action, suit
or proceeding might be commenced with any reasonable likelihood of success. 

4.12 The Company's common shares are quoted on the NASD OTC
Bulletin Board and the Company is not in breach of any regulation, by-law or
policy of, or any of the terms and conditions of its quotation on the NASD OTC
Bulletin Board applicable to the Company or its operations. 

4.13 The Company does not currently have any employees and is
not party to any collective agreements with any labour unions or other
association of employees. 

4.14 The Company does not have any subsidiaries or agreements
of any nature to acquire any subsidiary or to acquire or lease any other
business operations and will not prior to the Closing Date acquire, or agree to
acquire, any subsidiary or business without the prior written consent of the
Company. 

4.15 The business of the Company now and until the Closing Date
will be carried on in the ordinary and normal course after the date hereof and
upon to the Closing Date and no material transactions shall be entered into
until the Closing Date without the prior written consent of Nano. 

4.16 No capital expenditures in excess of $5,000 have been made
or authorized by the Company since the date of the Company Unaudited Financial
Statements and no capital expenditures in excess of $5,000 will be made or
authorized by the Company after the date hereof and up to the Closing Date
without the prior written consent of Nano. 

4.17 The Company is not indebted to any of its directors or
officers nor are any of the Company's directors or officers indebted to the
Company. 

4.18 The Company has good and marketable title to its
properties and assets as set out in the Company Audited Financial Statements and
such properties and assets are not subject to any mortgages, pledges, liens,
charges, security interests, encumbrances, actions, claims or demands of any
nature whatsoever or howsoever arising. 

7

4.19 The Corporate Charter, Articles of Incorporation and
Bylaws and any other constating documents of the Company in effect with the
appropriate corporate authorities as at the date of this Agreement will not have
been materially changed as at the Closing Date. 

4.20 There are no material liabilities of the Company of any
kind whatsoever, whether or not accrued and whether or not determined or
determinable, in respect of which the Company or the Company may become liable
on or after the consummation of the transaction contemplated by this Agreement,
other than liabilities which may be reflected on the Company Audited Financial
Statements or the Company Unaudited Financial Statements, liabilities disclosed
or referred to in this Agreement or in the Schedules attached hereto, or
liabilities incurred in the ordinary course of business and attributable to the
period since the date of the Company Unaudited Financial Statements, none of
which has been materially adverse to the nature of the Company's business,
results of operations, assets, financial condition or manner of conducting the
Company's business. 

4.21 The entering into of this Agreement and the consummation
of the transactions contemplated hereby will not result in the violation of any
of the terms and provisions of the constating documents or bylaws of the Company
or of any indenture, instrument or agreement, written or oral, to which the
Company may be a party. 

4.22 The entering into of this Agreement and the consummation
of the transactions contemplated hereby will not, to the best of the knowledge
of the Company, result in the violation of any law or regulation of the United
States or the State of Nevada or of any local government bylaw or ordinance to
which the Company or the Company's business may be subject. 

4.23 This Agreement has been duly authorized, validly executed
and delivered by the Company. 

4.24 The Company has no contracts with any officers, directors,
accountants, lawyers or others which cannot be terminated with not more than one
month's notice. 

4.25 No agreement has been made in respect of the assignment
contemplated by this Agreement that could give rise to any valid claim by any
person against the Company or Nano for a finder's fee, brokerage commission or
similar payment. 

4.26 The Principal Shares are owned by the Principal
Shareholder as the beneficial and recorded owner with good and marketable title
thereto, free and clear of all mortgages, liens, charges, security interests,
adverse claims, pledges, encumbrances and demands whatsoever. 

	5. 	CONDITIONS OF CLOSING
  

5.1 All obligations of the Company under this Agreement are
subject to the fulfilment, at or prior to the Closing Date, of the following
conditions: 

	 	(a) 	
      The representations and warranties of Nano contained in
      this Agreement or in any Schedule hereto or certificate or other document
      delivered to the Company pursuant hereto shall be substantially true and
      correct as of the date hereof and

8

	 		
      as of the Closing Date with the same force and effect as
      though such representations and warranties had been made on and as of such
      date, regardless of the date as of which the information in this Agreement
      or any such Schedule or certificate is given, and the Company shall have
      received on the Closing Date certificates dated as of the Closing Date, in
      form satisfactory to counsel for the Company and signed under seal by Nano
      to the effect that the representations and warranties referred to above
      are true and correct on and as of the Closing Date with the same force and
      effect as though made on and as of such date, provided that the acceptance
      of such certificates and the closing of the transactions herein provided
      for shall not be a waiver of the respective representations and warranties
      contained in Article 3 or in any Schedule hereto or in any certificate or
      document given pursuant to this Agreement which covenants, representations
      and warranties shall continue in full force and effect for the benefit of
      the Company;

	 	 	 	 
	 	(b) 	
      Nano shall have caused to be delivered to the Company a
      certificate of an officer of Nano acceptable to the Company's legal
      counsel, in form and substance satisfactory to the Company, dated as of
      the Closing Date, to the effect that:

	 	 	 	 
	 		(i) 	
      Nano has been duly incorporated and organized and is
      validly subsisting under the laws of the State of Nevada;

	 	 	 	 
	 		(ii) 	
      the consummation of the Assignment contemplated by this
      Agreement, will not be in breach of any laws of Nevada and, in particular,
      but without limiting the generality of the foregoing, the execution and
      delivery of this Agreement by the Company has not breached, and the
      consummation of the Assignment contemplated hereby will not be in breach
      of, any Securities laws of the United States of America; and

	 	 	 	 
	 		(iii) 	
      all necessary approvals and all necessary steps and
      corporate proceedings have been obtained or taken to permit the
      Assignment.

	 	 	 	 
	 		
      and, without limiting the generality of the foregoing,
      that all corporate proceedings of Nano, its shareholders and directors and
      all other matters which, in the reasonable opinion of counsel for the
      Company, are material in connection with the transactions contemplated by
      this Agreement, have been taken or are otherwise favorable to the
      completion of such transaction.

	 	 	 	 
	 	(c) 	
      At the Closing Date there shall have been no materially
      adverse change in the affairs, assets, liabilities, or financial condition
      of the Columbus Project or the Red Mountain Project since the date of this
      Agreement.

	 	 	 	 
	 	(d) 	
      Nano and the Nano Nominees shall have provided to the
      Company evidence satisfactory to counsel of the Company that the Nano
      Shares may be issued and the Principal Shares transferred in compliance
      with an available exemption from applicable securities laws.

	 	 	 	 
	 	(e) 	
      the Company shall have entered into an agreement with
      Nano under the terms of which Nano shall provide to the Company technical
      support on the Columbus Project for a period of 5 years at a rate of
      $30,000 US per month.

9

5.2 In the event any of the foregoing conditions contained in
paragraph 5.1 hereof are not fulfilled or performed at or before the Closing
Date to the reasonable satisfaction of the Company, the Company may terminate
this Agreement by written notice to Nano and in such event the Company shall be
released from all further obligations hereunder but any of such conditions may
be waived in writing in whole or in part by the Company without prejudice to its
rights of termination in the event of the non-fulfilment of any other
conditions. 

5.3 All obligations of Nano under this Agreement are subject to
the fulfilment, at or prior to the Closing Date, of the following conditions:

	 	(a) 	
      The representations and warranties of the Company
      contained in this Agreement or in any Schedule hereto or certificate or
      other document delivered to the Company and Nano pursuant hereto shall be
      substantially true and correct as of the date hereof and as of the Closing
      Date with the same force and effect as though such representations and
      warranties had been made on and as of such date, regardless of the date as
      of which the information in this Agreement or any such Schedule or
      certificate is given, and Nano shall have received on the Closing Date a
      certificate dated as of the Closing Date, in a form satisfactory to Nano
      and signed under seal by two senior officers of the Company, to the effect
      that such representations and warranties referred to above are true and
      correct on and as of the Closing Date with the same force and effect as
      though made on and as of such date, provided that the acceptance of such
      certificate and the closing of the transaction herein provided for shall
      not be a waiver of the representations and warranties contained in Article
      4 or in any Schedule hereto or in any certificate or document given
      pursuant to this Agreement which covenants, representations and warranties
      shall continue in full force and effect for the benefit of Nano.

	 	 	 
	 	(b) 	
      The Company shall have caused to be delivered to Nano
      either a certificate of an officer of the Company acceptable in form and
      substance satisfactory to Nano, dated as of the Closing Date, to the
      effect that:

	 	(i) 	
      the Company has been duly incorporated and organized and
      is validly subsisting under the laws of the State of Nevada, it has the
      corporate power to own or lease its properties and to carry on its
      business that is now being conducted by it and is in good standing with
      respect to all filings with the appropriate corporate authorities in
      Nevada and with respect to all annual and quarterly filings with the
      United States Securities and Exchange Commission;

	 	 	 
	 	(ii) 	
      the issued and authorized capital of the Company is as
      set out in this Agreement and all issued shares have been validly issued
      as fully paid and non- assessable;

	 	 	 
	 	(iii) 	
      all necessary approvals and all necessary steps and
      corporate proceedings have been obtained or taken to permit the Nano
      Shares to be duly and validly issued to Nano and the Principal’s Shares to
      be duly and validly registered in the name of Nano and the Nano
      Nominees;

10

	 	(iv) 	
      the consummation of the Assignment contemplated by this
      Agreement, including, but not limited to, the issuance and delivery of the
      Nano Shares to Nano, in consideration of the Assignment, will not be in
      breach of any laws of Nevada and, in particular, but without limiting the
      generality of the foregoing, the execution and delivery of this Agreement
      by the Company has not breached, and the consummation of the Assignment
      contemplated hereby will not be in breach of, any Securities laws of the
      United States of America;

and, without limiting the generality
of the foregoing, that all corporate proceedings of the Company, its
shareholders and directors and all other matters which, in the reasonable
opinion of counsel for the Company, are material in connection with the
transaction of purchase and sale contemplated by this Agreement, have been taken
or are otherwise favorable to the completion of such transaction. 

	 	(c) 	
      At the Closing Date there shall have been no materially
      adverse change in the affairs, assets, liabilities, financial condition or
      business (financial or otherwise) of the Company from that shown on or
      reflected in the Company Unaudited Financial Statements.

	 	 	 
	 	(d) 	
      the Company and the Principal Shareholder shall have
      caused Douglas Birnie to be appointed as President and a Director of the
      Company.

5.4 In the event that any of the conditions contained in
paragraph 5.3 hereof shall not be fulfilled or performed by the Company at or
before the Closing Date to the reasonable satisfaction of Nano then Nano shall
have all the rights and privileges granted to the Company under paragraph 5.2,
mutatis mutandis. 

	6. 	CLOSING ARRANGEMENTS
  

6.1 The closing shall take place at 11:00 am on the Closing
Date at the offices of O’Neill Law Group at Suite 1010, 435 Martin Street,
Blaine, WA, or at such other time and place as the parties may mutually agree.

6.2 On the Closing Date, upon fulfilment of all the conditions
set out in Article 5 which have not been waived in writing by the Company or by
Nano, as the case may be, then: 

	 	(a) 	
      Nano shall deliver to the Company:

	 	 	 	 
	 		(i) 	
      Assignments in the forms attached as Schedules “C-1 and
      C-2” hereto and such other documents as may be necessary to record the
      Assignments;

	 	 	 	 
	 		(ii) 	
      the certificates and officer's certificate referred to in
      paragraph 5.1; and

	 	 	 	 
	 		(iii) 	
      evidence satisfactory to the Company or its legal counsel
      that CSM and CBI have approved the Assignment.

	 	 	 	 
	 		(iv) 	
      evidence satisfactory to the Company or its legal counsel
      that RMM has approved the Assignment.

11

	 	(b) 	the Company shall issue, execute and
      deliver to Nano: 
	 	  	  	  
	 	  	(i) 	
      certificates representing the Nano Shares duly endorsed
      with legends, acceptable to the Company's counsel, respecting restrictions
      on transfer as required by or necessary under the applicable securities
      legislation of the United States or any state; 

	 	  	  	
	 	  	(ii) 	
      the certificates and officer's certificate referred to in
      paragraph 5.3; 

	 	  	  	
       

	 	  	(iii) 	
      a document satisfactory to Nano confirming that the
      Company has agreed to assume Nano’s obligations under the Columbus Letter
      Agreement and the Red Mountain Letter Agreement; 

	 	  	  	
       

	 	  	(iv) 	
      the Promissory Notes; and 

	 	  	  	
       

	 	  	(v) 	
      a check for reimbursement of the expenses described in
      paragraph 2.7. 

	 	  	  	  
	 	(c) 	
      The Principal Shareholder shall deliver to Nano or the
      Nano Nominees the certificates representing all the Principal Shares duly
      endorsed in blank for transfer or with a stock power of attorney (in
      either case with the signature guaranteed by the appropriate official).
      

	7. 	APPOINTMENT OF OFFICER

7.1 Forthwith on execution of this agreement, the Company shall
appoint the following as officers of the Company: 

	 	Name 	Office 
	 	  	  
	 	Douglas Birnie 	Secretary 
	 	Robert D. McDougal 	Chief Financial Officer 

and shall grant options to purchase common shares of the
Company for a period of 5 years at a price of $0.20 per share as set out in
Schedule “E”. 

12

	8. 	GENERAL PROVISIONS

8.1 Time shall be of the essence of this Agreement. 

8.2 This Agreement contains the whole agreement between the
parties hereto in respect of the purchase and sale of the Company Shares and
there are no warranties, representations, terms, conditions or collateral
agreements expressed, implied or statutory, other than as expressly set forth in
this Agreement. 

8.3 This Agreement shall enure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns.
The Company may not assign this Agreement without the consent of the Company
which consent may be withheld for any reason whatsoever. 

8.4 Any notice to be given under this Agreement shall be duly
and properly given if made in writing and delivered or telecopied to the
addressee at the address as set out on page one of this Agreement. Any notice
given as aforesaid shall be deemed to have been given or made on, if delivered,
the date on which it was delivered or, if telecopied, on the next business day
after it was telecopied. Any party hereto may change its address for notice from
time to time by providing notice of such change to the other parties hereto in
accordance with the foregoing. 

8.5 This Agreement may be executed in one or more counterparts,
each of which so executed shall constitute an original and all of which together
shall constitute one and the same agreement. 

8.6 This 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 Nevada, and each of the parties hereto irrevocably attorns to the
jurisdiction of the courts of the State of Nevada. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

13

8.7 No claim shall be made by the Company or Nano against the
Company, or by the Company against the Company or Nano, as a result of any
misrepresentation or as a result of the breach of any covenant or warranty
herein contained unless the aggregate loss or damage to such party exceeds
$5,000. 

IN WITNESS WHEREOF the parties hereto have executed this
Agreement as of the day and year first above written. 

NANOMINERALS CORP. 

	/s/ Charles A.
      Ager 	 
	Per: Charles A. Ager, Chairman 	 

IRELAND INC. 

	/s/ Lorrie
      Archibald 	 
	Per: Lorrie Archibald, 	 
	           President &
      Director 	 

SIGNED, SEALED AND DELIVERED
BY LORRIE
ARCHIBALD
in the presence of:

	  	 	/s/
      Lorrie Archibald 
	Signature of Witness 	 	LORRIE ARCHIBALD 
	 	 	 
	 	 	 
	Name 	 	  
	 	 	 
	 	 	 
	Address 	 	  

14

SCHEDULE A-1 

LETTER OF AGREEMENT DATED JULY 22, 2006

 

    

 

    

 

    

 

    

 

    

 

    

 

    

SCHEDULE A-2 

LETTER OF AGREEMENT DATED MARCH 15, 2007

 

    

 

    

 

    

 

    

SCHEDULE B 

DISTRIBUTION OF NANO SHARES 

	Name 	Number of Shares 
	Nanominerals 	6,000,000 
	Billie W. Maine 	125,000 
	Richard J Werdesheim and Lynne 	625,000 
	Werdesheim trustees FBO 	  
	Werdesheim Family Trust 10/14/86 	  
	Robert McDougal 	300,000 
	Avonlea Homes Investments Ltd. 	450,000 
	                 
                           
                           
                           
                         Total
    	7,500,000 

DISTRIBUTION OF PRINCIPAL SHARES 

	Name 	Number of Shares 
	Nanominerals 	4,550,000 

SCHEDULE C-1 

DEED OF ASSIGNMENT 

          FOR
  VALUE RECEIVED the undersigned Nanominerals Corp., (the “Assignor”)
  hereby assigns all of its right, title and interest in that certain letter agreement
  (the “Letter Agreement”) dated July 22, 2006 between Columbus S.M.
  LLC and Columbus Brine Inc. (on the one hand) and the Assignor (on the other
  hand) and any and all options and rights acquired by the Assignor thereunder
  to Ireland Inc. (the “Assignee”). 

          IN
  WITNESS WHEREOF the Assignor has executed these presents this _____ day
  of ________________, 2007. 

		NANOMINERALS CORP. 
	  	 	 
	  	 	 
		 per: 	 
	                   	 	 Its duly authorized signatory 

FOR VALUE RECEIVED the Assignee hereby accepts this assignment
  and agrees to assume the obligations of the Assignor under the Letter Agreement
  as if it had originally executed the same. 

	 	IRELAND INC. 
	 	 	  
	 	 	  
	 	 per: 	
	 	 	Its duly authorized signatory 

SCHEDULE C-2 

DEED OF ASSIGNMENT 

          FOR
  VALUE RECEIVED the undersigned Nanominerals Corp., (the “Assignor”)
  hereby assigns all of its right, title and interest in that certain letter agreement
  (the “Letter Agreement”) dated March 15, 2007 between Red Mountain
  Mining (on the one hand) and the Assignor (on the other hand) and any and all
  options and rights acquired by the Assignor thereunder to Ireland Inc. (the
  “Assignee”). 

          IN
  WITNESS WHEREOF the Assignor has executed these presents this _____ day
  of ________________, 2007. 

	 	NANOMINERALS CORP. 
	 	 	  
	 	 	  
	 	per: 	
	 	 	Its duly authorized signatory 

FOR VALUE RECEIVED the Assignee hereby accepts this assignment
  and agrees to assume the obligations of the Assignor under the Letter Agreement
  as if it had originally executed the same. 

	 	IRELAND INC. 
	 	 	  
	 	 	  
	 	 per: 	
	 	 	 Its duly authorized signatory 

SCHEDULE D 

NET SMELTER RETURNS 

1. For the purposes of this Agreement, the term "Net Smelter
  Returns" shall mean the net proceeds actually paid to the Optionee from the
  sale by the Optionee of minerals mined and removed from the Property, after
  deduction of the following: 

	 	(a) 	 smelting costs, treatment charges and penalties including,
        but not being limited to, metal losses, penalties for impurities and charges
        for refining, selling and handling by the smelter, refinery or other purchaser;

	 	 	 
	 	(b) 	 costs of handling, transporting and insuring ores, minerals
        and other materials or concentrates from the Property or from a concentrator,
        whether situated on or off the Property, to a smelter, refinery or other
        place of treatment; and

	 	 	 
	 	(c) 	 ad valorem taxes and taxes based upon production, but
        not income taxes.

          In the
  event the Optionee commingles minerals from the Property with minerals from
  other properties, the Optionee shall establish procedures, in accordance with
  sound mining and metallurgical techniques, for determining the proportional
  amount of the total recoverable metal content in the commingled minerals attributable
  to the input from each of the properties by calculating the same on a metallurgical
  basis, in accordance with sampling schedules and mining efficiency experience,
  so that production royalties applicable to minerals produced from the Property
  may reasonably be determined. 

SCHEDULE E 

OPTION GRANTS 

	Name of Optionee 	Number of Options 
	Douglas Birnie, Director 	550,000 
	Andrew Dall, Consultant 	125,000 
	Robert McDougal, Officer 	125,000 
	Michael Steele, Consultant 	125,000 
	             
                           
                           
                           
                           Total:
    	925,000Filed by Automated Filing Services Inc. (604) 609-0244 - Ireleand Inc. - Exhibit 10.4

DIRECTOR / OFFICER NON-QUALIFIED STOCK OPTION AGREEMENT OF
IRELAND INC.
A Nevada Corporation 

THIS AGREEMENT is made between IRELAND INC., a
Nevada corporation (hereinafter referred to as the "Company"), and DOUGLAS
D.G. BIRNIE of 2441 West Horizon Ridge Pkwy, Suite 120, Henderson, NV 89052
(hereinafter referred to as the “Optionee”), a director or officer of the
Company, or a director or officer of the Company’s subsidiary, effective as of
the 30th day of March, 2007. 

	1. 	Option Granted 

The Company hereby grants the Optionee a non-qualified option
to purchase Five Hundred Fifty Thousand (550,000) shares of the Company’s
Common Stock at a purchase price of $0.20 US per share for a term
commencing on the effective date of this Agreement and expiring at 5:00 pm
(Pacific Time) on the 30th day of March, 2009 (the “Expiration Date”), subject
to termination as set forth herein. All options will be fully vested upon
execution of this Agreement. 

	2. 	Time of Exercise of Option

The Optionee may exercise the option granted herein at any time
after the effective date of this Agreement until the date of termination of the
option as provided herein. 

	3. 	Method of Exercise 

This option shall be exercised by written notice delivered to
the Company at its principal place of business, stating the number of shares for
which the option is being exercised. The notice must be accompanied by a check
or other methods of payment acceptable to the Plan Administrator for the amount
of the purchase price, and comply with all the requirements of the Company’s
2007 Stock Incentive Plan dated March 27, 2007, attached hereto and made a part
hereof by this reference. 

	4. 	Capital Adjustments 

The existence of this option shall not affect in any way the
right or power of the Company or its stockholders to: (1) make or authorize any
or all adjustments, recapitalizations, reorganizations, or other changes in the
Company's capital structure or its business; (2) enter into any merger or
consolidation; (3) issue any bonds, debentures, preferred or prior preference
stocks ahead of or affecting the common stock or the rights thereof, (4) issue
any securities convertible into any common stock, (5) issue any rights, options,
or warrants to purchase any common stock, (6) dissolve or liquidate the Company,
(7) sell or transfer all or any part of its assets or business, or (8) take any
other corporate act or proceedings, whether of a similar character or otherwise.

	5. 	Reorganization, Merger, Amalgamation and
      Consolidation 

If there shall, prior to the exercise of any of the options
provided for by this Agreement, be any reorganization of the authorized capital
of the Company by way of consolidation, merger, subdivision, amalgamation or
otherwise, or the payment of any stock dividends, then there shall automatically
be an adjustment in either or both of the number of shares which may be
purchased pursuant hereto or the price at which such shares may be purchased so
that the rights evidenced hereby shall thereafter as reasonably as possible be
equivalent to those originally granted hereby. The Company shall have the sole
and exclusive power to make such adjustments as it considers necessary and
desirable. 

- 2 -

In the event of a complete liquidation of the Company or a
merger, reorganization, or consolidation of the Company with any other
corporation in which the Company is not the surviving corporation, or the
Company becomes a wholly-owned subsidiary of another corporation, any
unexercised options granted under this Agreement shall be deemed cancelled
unless the surviving corporation in any such merger, reorganization, or
consolidation elects to assume the options under this Agreement or to issue
substitute options in place thereof; provided, however, that notwithstanding the
foregoing, if such options would be cancelled in accordance with the foregoing,
the Optionee shall have the right exercisable during a ten-day period ending on
the fifth day prior to such liquidation, merger, or consolidation to exercise
such option in whole or in part without regard to any installment exercise
provisions in this Agreement. 

	6. 	Transfer of this Option

During the Optionee's lifetime, this option shall be
exercisable only by the Optionee. This option shall not be transferable by the
Optionee other than by the laws of descent and distribution upon the Optionee's
death. In the event of the Optionee's death during the term of this Agreement,
the Optionee's personal representatives may exercise any portion of this option
that remains vested and unexercised at the time of the Optionee's death,
provided that any such exercise must be made, if at all, during the period
within six (6) months after the Optionee's death, and subject to the option
termination date specified in Paragraph 7(d) below. 

	7. 	Termination of Option

This Agreement and the Optionee's right to exercise any options
shall terminate on the earliest of the following dates: 

	 	(a) 	
      Subject to subsection (b) below, the date which is thirty
      (30) days from the later of the dates on which: (i) the Optionee ceases to
      act as a director or officer of the Company or any subsidiary of the
      Company; (ii) the Optionee ceases to be engaged as a consultant of the
      Company or any subsidiary of the Company, if applicable; (iii) the
      Optionee ceases to be an employee of the Company or any subsidiary of the
      Company, if applicable;

	 	 	 
	 	(b) 	
      In the event of the termination of the Optionee as a
      director, officer, employee or consultant as a result of a breach of the
      Optionee’s obligations to the Company or any subsidiary of the Company,
      the earliest date on which the Optionee is terminated as a director,
      officer, employee or consultant;

	 	 	 
	 	(c) 	
      The date which is six months from the date of the
      Optionee's death, in the event of termination as a result of the death of
      the Optionee; or

	 	 	 
	 	(d) 	
      The Expiration Date.

	8. 	Rights as Shareholder

The Optionee will not be deemed to be a holder of any shares
pursuant to the exercise of this option until he or she pays the option price
and a stock certificate is delivered to him or her for those shares. 

- 3 -

No adjustment shall be made for dividends or other rights for
which the record date is prior to the date the stock certificate is delivered.

	9. 	Integration with the Company’s 2007 Stock
      Incentive Plan 

All of the terms and conditions of the Company’s 2007 Stock
Incentive Plan, attached hereto and made a part hereof by this reference, are
specifically made a part of this Agreement and shall control with regard to the
interpretation or construction of any provision that is inconsistent herewith.
This Agreement will be governed by and construed in accordance with the laws of
the State of Nevada. 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the 30th day of March, 2007. 

IRELAND INC. 
by its authorized signatory: 

	/s/ Lorrie Ann Archibald 	 
	 	 
	LORRIE ANN ARCHIBALD, PRESIDENT 	 
	  	 
	OPTIONEE: 	 
	 	 
	/s/ Douglas D.G. Birnie 	 
	 	 
	SIGNATURE OF DIRECTOR / OFFICER 	 
	 	 
	DOUGLAS D.G.
      BIRNIE 	 
	NAME OF DIRECTOR / OFFICER 	 
	 	 
	2441 West Horizon
      Ridge Pkwy, Suite 120 	 
	ADDRESS 	 
	 	 
	Henderson, NV
      89052 	 
	  	 
	550,000 	 
	NUMBER OF OPTIONS

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