Document:

International Tower Hill Mines Ltd.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

	Certain portions of this Lease, for which confidential
      treatment has been requested, have been
      omitted and filed separately with the Securities and
      Exchange Commission. Sections of the 

      agreement
      where portions have been omitted have been identified in the text.  

	STATE OF ALASKA 
	DEPARTMENT OF NATURAL RESOURCES 
	MENTAL HEALTH TRUST LAND OFFICE 
	718 L Street, Suite 202 
	Anchorage, Alaska 99501 
	  
	UPLAND MINING LEASE 

MHT NO. 9400248

     THIS UPLAND MINING LEASE (defined
below as "Lease") is made by and between: (1) the Alaska Mental Health
Trust Authority ("Trust Authority"), a public corporation within the
Alaska Department of Revenue (AS 47.30.011 et seq.), acting by and through the
State of Alaska, Department of Natural Resources, Mental Health Trust Land
Office ("TLO"), pursuant to AS 37.14.009(a)(2) and AS 38.05.801 (the
Trust Authority and the TLO are collectively the Lessor and referred to
herein as the "TLO"), and (2) AngloGold (U.S.A.) Exploration Inc., the
Lessee, a Delaware corporation, whose address is 7400 E. Orchard Road,
Greenwood Village, Colorado 80111, referred to herein as "AngloGold".
This Lease is effective as of July 1, 2004 (defined below as the "Effective
Date").

     This Lease includes this
Preamble, the following Recital and Definitions, Numbered Paragraphs 1 through
25, Attachments A, B, C, and D hereto, and Schedules 1 through 3 attached
hereto.

RECITAL

     The TLO has determined that it is
in the best interests of the beneficiaries of the Alaska Mental Health Trust to
lease to AngloGold pursuant to this Lease the lands described in Attachment A
hereto (defined below as the "Leased Area"), and AngloGold desires to
lease the Leased Area from the TLO pursuant to this Lease.

DEFINITIONS

     As used in this Lease, the
following terms have the following meanings:

     "Affiliate" means any
person, partnership, limited liability company, joint venture, corporation, or
other form of enterprise which Controls, is Controlled by, or is under common
Control with another person, partnership, limited liability
company, joint venture, corporation, or other form of enterprise.

Upland Mining Lease MHT No. 9400248 
Page 1

     "Commercial Production"
means the production of Minerals for sale from the Leased Area for at least
ninety (90) consecutive days during any three (3) year period in quantities
sufficient to yield a return in excess of operating costs, even though capital
costs already incurred may never be repaid and the undertaking considered as a
whole may ultimately result in a loss.

     "Control" used as a verb
means as follows: when used with respect to an entity, the ability, directly or
indirectly through one or more intermediaries, to direct or cause the direction
of the management and policies of such entity through (i) the legal or
beneficial ownership of voting securities or membership interests, (ii) the
right to appoint managers, directors or corporate management, (iii) contract,
(iv) operating agreement, (v) voting trust, or otherwise; when used with respect
to a person, the actual or legal ability to control the actions of another,
through family relationship, agency, contract, or otherwise. "Control"
used as a noun means an interest which gives the holder the ability to
exercise any of the foregoing powers.

     "Effective Date" means
July 1, 2004.

     "Force Majeure" means any
cause beyond AngloGold's reasonable control, including but not necessarily
limited to the following: acts of God (e.g., earthquake, fire, flood, volcanic
eruption); unusually severe weather; acts of war, insurrection, riots or
terrorism; strikes, lockouts, or other labor disputes; inability to obtain
necessary labor or materials or to obtain necessary permits, approvals, or
consents; damage to, destruction of, or unavoidable shutdown of necessary
facilities or equipment; acts or failures to act on the part of federal, state,
or local governmental authorities (including courts).

     "Information" means all
factual non-interpretive geological, geochemical, and geophysical data and
information, including but not limited to maps, drill logs, sample logs, assay
results, etc.

     "Lease" means this Upland
Mining Lease between the TLO and AngloGold, including Attachments A, B, C, and D
and Schedules I through 3 attached hereto.

     "Lease Year" means the
period commencing on July 1 and ending on the following June 30.

     "Leased Area" means the
lands described in Attachment A hereto, as modified from time to time pursuant
to this Lease.

     "Materials" means all
rock, stone, gravel, sand, and other similar materials but excluding
Minerals.

Upland Mining Lease MHT No. 9400248 
Page 2

     "Minerals" means all
locatable minerals subject to 11 AAC 99.100.

     "Net Smelter Returns"
means, for any particular calendar month, the sum of the following: 

     (1)
[***]*;

     (2)
[***]*;

     (3)
[***]*.

[***]*;

     (i)
[***]*; and 

     (ii)
[***]*; 

     (iii)
[***]*; 

     (iv)
[***]*.

[***]*.

     "Plan of Operations" means
a plan of operations submitted to and approved by the TLO pursuant to Paragraph
11 of this Lease. The application for a Plan of Operations (a) shall satisfy the
requirements of 11 AAC 96.030 (regardless of whether the proposed activity is of
a type described in 11 AAC 96.020 for which no application or permit would be
required under 11 AAC 96.030) or 11 AAC 86.800 (if the TLO elects to require
AngloGold to comply therewith or if AngloGold otherwise elects to comply
therewith) and (b) shall include such supplemental information as the TLO
reasonably requests.

     "Price of Gold" means the
average, for the particular calendar month for which net smelter returns are
being calculated, of the daily London Bullion Market Association P. M. Gold
Fixing (or if such price is unavailable, the daily COMEX spot price for gold (or
if such price is unavailable, another published price for gold that is generally
used and accepted by the industry)), as established from time to time during
said calendar month.

     "Reclamation Plan" means a
reclamation plan submitted to and approved by the Commissioner of the Alaska
Department of Natural Resources pursuant to, in accordance with, and to the
extent required by AS 27.19.010 -27.19.100 and 11 AAC 97.

_____________________________
* CONFIDENTIAL INFORMATION
HAS BEEN OMITTED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION

Upland Mining Lease MHT No. 9400248 
Page 3

     "State Mining Claim" means
a mining claim, a leasehold location, or a mining lease initiated or granted
under AS 38.05.195, AS 38.05.205, or AS 38.05.275.

     "Support Lands" (N/A)

     "Surface-Disturbing
Activity" means an activity for which a miscellaneous land use permit must
be obtained under 11 AAC 96 before conducting such activity on a State Mining
Claim not covered by a plan of operations approved under 11 AAC 86.800.

     "Trading Activities" means
forward sales, future trading or commodity options trading, and other price
hedging, price protection, gold and silver loans, financing, and speculative
arrangements which may involve the possible delivery of Minerals produced from
the Leased Area but do not result in the actual sale and delivery of Minerals
produced from the Leased Area.

     "Work Expenditures" means
[***]*.

AGREEMENT

	1. Grant of
  Lease.
	 	 	 	 
		a) 	
      Subject to the royalty reserved under Paragraph 7 hereof
      and to the other provisions of this Lease, the TLO hereby grants to
      AngloGold the following rights, to have and to hold for the term set out
      in Paragraph 5 hereof:

	 	 	 	 
			i) 	
      the exclusive right to explore for, mine, remove, and
      dispose of all Minerals situated on, in, or under the Leased Area,
      together with any and all rights appurtenant thereto including but not
      necessarily limited to water rights and express and implied access rights;
      and

	 	 	 	 
			ii) 	
      the right to extract and use Materials situated on, in,
      or under the Leased Area in connection with the foregoing; and

	 	 	 	 
			iii) 	
      the right to conduct reclamation on, in, and under the
      Leased Area.

	 	 	 	 
		b) 	
      Subject to the other provisions of this Lease (including
      but not limited to Paragraphs 10 and 11 hereof), AngloGold may mine and
      remove Minerals by any method consistent with good mining practice,
      including but not limited to underground, surface, or in situ mining. The
      rights granted to AngloGold by this Lease shall be exercised in a manner
      that will not unreasonably interfere with the reserved rights of the TLO
      or of its permittees, lessees, or grantees.

____________________________
* CONFIDENTIAL INFORMATION
HAS BEEN OMITTED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION

Upland Mining Lease MHT No. 9400248 
Page 4

	 	c) 	
      If a survey of the Leased Area is performed subsequent to
      the Effective Date, then upon completion thereof the legal description set
      out in Attachment A will be modified as necessary to conform the Leased
      Area to the survey.

	 	 	 
	 	d) 	
      If the TLO's ownership of the Minerals within the Leased
      Area is less than the entire and undivided interest, then (i) the grant
      under this Lease is effective only as to the TLO's interest in the
      Minerals within the Leased Area, (ii) the advance royalties due under this
      Lease shall be paid to the TLO in the proportion that the TLO's interest
      bears to the entire undivided interest, and (iii) the production royalty
      due under this Lease shall be due only on that portion of the Minerals
      extracted from the Leased Area that is attributable to the interest of the
      TLO in the Leased Area.

	2.  Surface Lease or Purchase for Support
      Facilities
	
           (N/A)

	 
	3.  Area of
Interest.
	
           (N/A)

	 
	4. Reserved
  Rights.

	 	a) 	
      The TLO, for itself and others, reserves all rights not
      expressly granted to AngloGold by this Lease. These reserved rights
      include the following:

	 	 	 	 
	 		i) 	
      the right to explore for, remove, and dispose of from the
      Leased Area all resources other than Minerals;

	 	 	 	 
	 		ii) 	
      the right to establish or grant easements and
      rights-of-way upon, in, across, or through the Leased Area for any lawful
      purpose, including roads, railroads, well sites, pipelines, utility lines,
      drill holes, shafts, and tunnels necessary or convenient for the working
      of the Leased Area for resources other than Minerals, or necessary or
      convenient for access to or the working of other land for any useful
      purpose;

	 	 	 	 
	 		iii) 	
      the right to manage and to convey to third parties by
      grant, lease, permit, or otherwise, any and all interests in the Leased
      Area other than those granted by this Lease, provided that any such
      conveyance to a third party shall be made subject to AngloGold's rights
      under this Lease.

	 	b) 	
      The rights reserved pursuant to Paragraph 4(a)
      hereof shall not be exercised in any manner that unreasonably
      interferes with AngloGold's rights or operations under this Lease. The TLO
      shall provide AngloGold with prior notice of the TLO's intent to exercise
      any such reserved rights, the TLO and AngloGold
shall work cooperatively to identify
potential conflicts, and the TLO shall require, as a condition to the exercise
by any permittee, AngloGold, or grantee of the TLO of any of the TLO's reserved
rights, such stipulations as appear necessary to avoid unreasonable interference
with AngloGold's enjoyment of this Lease or endangerment of AngloGold's
operations. The exercise of any of the TLO's reserved rights shall be subject to
the consent of AngloGold, which consent shall not be unreasonably withheld. If
at any time the exercise of any of the TLO's reserved rights must cease or a
change must be made in the manner or place of such exercise in order to avoid
unreasonable interference with AngloGold's enjoyment of this Lease or
endangerment of AngloGold's operations, such cessation or change shall occur at
no cost to AngloGold.

Upland Mining Lease MHT No. 9400248 
Page 5

5. Term.

     Unless sooner terminated pursuant
to the terms of this Lease or extended per Paragraph 7(a), this Lease shall
remain in effect for three (3) years from the Effective Date. It may be extended
for two (2) extensions of three (3) years each upon timely written request for
extension given by AngloGold and written acceptance thereof given by the TLO.
Acceptance will not be unreasonably denied provided AngloGold is in compliance
with the terms of this Lease. It shall continue in effect for so long thereafter
as Commercial Production of Minerals from the Leased Area continues. If
AngloGold desires to secure an extension, it shall so notify the TLO not less
than ninety (90) days prior to the date this Lease would otherwise expire.

6. Work Commitment.

     In order to keep this Lease in
full force and effect, AngloGold must incur the following Work Expenditures for
or during each of the following Lease Years:

	a) 	
      Lease Years 1-3: $10 per acre per year

	b) 	
      Lease Years 4-6: $20 per acre per year

	c) 	
      Lease Years 7-9: $30 per acre per
year

If the Lease is extended beyond Year 9 (as provided for in
Paragraph 7), further work commitment requirements will be negotiated.

[***]*.

[***]*.

___________________________
* CONFIDENTIAL INFORMATION
HAS BEEN OMITTED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION

Upland Mining Lease MHT No. 9400248 
Page 6

	7. Advance Royalty; Production
      Royalty. 

	 	a) 	
      Advance Royalty. Unless and until this Lease expires or
      is sooner terminated, and commencing on the date of execution of the
      Lease, AngloGold shall pay to the TLO on or before the first day of each
      Lease Year during the term of this Lease an advance royalty payment in
      accordance with the following schedule:

	 	i) 	
      Lease Years 1-3: $5 per acre per year

	 	ii) 	
      Lease Years 4-6: $15 per acre per year

	 	iii) 	
      Lease Years 7-9: $25 per acre per
year

The obligation of AngloGold to make
the Advance Minimum Royalty (AMR) payments shall cease upon the earlier of (i)
the commencement of production royalty payments or (ii) the termination or
expiration of the Lease.

In the event that commercial
production begins but is later suspended, AngloGold may extend the Lease by
paying [***]*.

In the event that production is not
occurring by the end of the third term, the Lease may be extended by paying a
flat annual fee of 125% of the last rate paid for Advanced Minimum Royalties,
unless AngloGold is not diligently pursuing development of the Lease, in which
case the Lease can be terminated at the TLO's discretion. The fee will be
credited against future royalty payments.

	 	b) 	
      Production Royalty.

	 	 	 
	 		
      1) The TLO hereby reserves, and AngloGold shall pay to
      the TLO (except as provided in Paragraph 7(a) hereof), a royalty on all
      Minerals produced, saved, removed, and sold from the Leased Area equal to
      the percentage of Net Smelter Returns applicable to said Minerals
      determined in accordance with the following:

	Price of Gold (per ounce) 	Production Royalty 
	Below $300.00 	2.5% 
	$300.01 - 350.00 	3.0% 
	$350.01 - 400.00 	3.5% 
	$400.01 - 450.00 	4.0% 
	$450.01 - 500.00 	4.5% 
	Above $500.00 	5.0% 

	 	2) 	
      For so long as this Lease remains in effect, AngloGold
      agrees to grant to the TLO a one percent (1%) Net Smelter Return (NSR)
      royalty on production from the federal unpatented mining claims AngloGold
      has leased, a description of which is included as
Attachment D to this Lease. Additionally, AngloGold agrees to grant a royalty
interest in production from any claims that AngloGold may lease or otherwise
control from Alaska Placer Development Company, also known as Livengood Placers,
Inc. This royalty interest will be a 0.5% Net Smelter Return royalty for all
gold mined and sold from the royalty lands when the gold is sold for a price
below $[***]* per ounce, and a 1% NSR for that which is
sold at $[***]* per ounce and above, regardless of
whether the claims from which gold is produced and sold are located on state,
federal, or Trust land, without consideration of other royalty requirements that
may be associated with those claims.

_____________________________
* CONFIDENTIAL INFORMATION
HAS BEEN OMITTED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION

Upland Mining Lease MHT No. 9400248 
Page 7

	 	c) 	
      Commingling. AngloGold may commingle ores or products
      from the Leased Area with ores or products from other properties, either
      before or after concentration or beneficiation, so long as AngloGold
      ensures that adequate surveys of those portions of the Leased Area to be
      mined and those portions of other areas to be mined have been completed
      and that reasonable and sound mining and metallurgical practices and
      procedures are adopted and employed by AngloGold for weighing, determining
      moisture content, sampling, assaying, and determining recovery factors for
      the ores or products to be commingled. AngloGold shall keep and make
      available to the TLO at all reasonable times accurate records (including
      surveys) of the foregoing, including but not limited to (a) the actual
      locations mined, (b) the tonnage or volume of ores or products from the
      Leased Area to be commingled, (c) the tonnage or volume of ores or
      products from the other properties to be commingled, and (d) the analyses
      made thereof. Such information shall be used to determine, in accordance
      with reasonable and sound mining and metallurgical practices and
      procedures, the quantity of Minerals produced, saved, removed, and sold
      from the Leased Area and thus to determine the production royalty to be
      paid to the TLO hereunder.

	 	 	 
	 	d) 	
      Accrual; Payment. The obligation to pay production
      royalty pursuant to Paragraph 7(b) hereof accrues upon the removal from
      the Leased Area of Minerals (or ores or products containing Minerals). Net
      Smelter Returns shall be calculated for each calendar month in which any
      Net Smelter Returns are realized, and such royalty as may be due thereon
      shall be paid within thirty (30) days following the end of the calendar
      month in which the Net Smelter Returns are realized. Such payments shall
      be accompanied by a statement summarizing the computation of Net Smelter
      Returns and any deductions made by AngloGold to recover any unrecovered
      advance royalty payments made to the TLO pursuant to Paragraph 7(a)
      hereof. All production royalty payments shall be made as required by
      Paragraph 9 hereof. Monthly production royalty payments will be
      provisional and subject to adjustment at the end of AngloGold's accounting
      year. If no written objection is made by the TLO to the correctness of a
      production royalty payment or its accompanying statement within three years from the date
      of such payment, such statement shall be deemed conclusively to be correct
      and such payment sufficient and complete, and no exception or claim for
  adjustment shall thereafter be permitted.

_________________________________
*
CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION

Upland Mining Lease MHT No. 9400248 
Page 8

	 	e) 	
      Duty To Market; Royalty in Kind. AngloGold shall market
      in a reasonable and timely manner all Minerals produced and saved from the
      Leased Area. The TLO reserves the right to take all or a portion of
      production royalty in kind. This right may be exercised after giving
      sufficient notice to AngloGold and agreeing on how such a transaction will
      take place.

	 	 	 
	 	f) 	
      No Exploration Credit. AngloGold shall not be entitled to
      apply exploration credits under AS 27.30.010 as to any advance royalty or
      production royalty payments due hereunder.

	 	 	 
	 	g) 	
      Trading Activities. AngloGold shall have the right to
      engage in Trading Activities. The TLO acknowledges that the proceeds of
      Trading Activities shall not be considered part of or included in the
      amounts paid to or received by (or deemed to be paid to or received by)
      AngloGold for Minerals for purposes of determining Net Smelter Returns,
      and that the TLO shall be neither entitled to participate in the proceeds
      nor obligated to share in any losses generated by any Trading
      Activities.

	8. 	Records.

	 	a) 	
      AngloGold shall keep all records necessary for
      calculation of production royalty payments for a period of three years and
      shall, upon receipt of written request from the TLO, make available copies
      of those records for inspection and copying at a convenient
    location.

	 	 	 
	 	b) 	
      The TLO will keep information submitted to the TLO under
      this Paragraph 8 confidential in accordance with 11 AAC
  99.120.

	9. 	Payments.

     All payments due hereunder shall
be made payable to the Mental Health Trust Land Office or as otherwise directed
by the TLO, shall refer to this Lease by the MET number which appears on the
first page hereof, and unless otherwise specified shall be tendered either to
the TLO at the following address:

Mental Health Trust Land Office

Dept. of Natural Resources 
718 L Street, Suite 202 
Anchorage, Alaska
99501

Upland Mining Lease MHT No. 9400248 
Page 9

or, upon at least sixty (60) days advance written notice to
AngloGold, to any depository designated by the TLO.

10. Conduct of Operations.

     AngloGold shall perform all
activities under this Lease in a lawful, prudent, and miner-like manner under
and in conformance with a Plan of Operations, a Reclamation Plan (if required by
law), and such other permits and authorizations as may be required by federal,
state, or local law.

     AngloGold will submit to the TLO
a true copy of each application filed by it for any Reclamation Plan, permit, or
other authorization relating to the Leased Area, of any supplement thereto, and
of each decision approving, disapproving, or otherwise relating to any such
application.

     AngloGold shall notify the TLO of
AngloGold's receipt of any notices of violation or similar notices received in
connection with its activities hereunder, shall carry out at AngloGold's expense
all lawful orders and requirements of any governmental authority respecting
AngloGold's activities hereunder, and shall notify the TLO in writing of the
measures being taken by AngloGold to dispute, remedy, or otherwise resolve the
matters raised thereby. If AngloGold shall fail to resolve any such notice of
violation or other similar notice or to carry out any such lawful order or
requirement, the TLO shall have the right, together with any other available
legal recourse (including those available under Paragraph 17 hereof in case of
default), to enter the Leased Area for the purpose of satisfying (at AngloGold's
expense) AngloGold's obligations under this Paragraph 10 and taking (at
AngloGold's expense) such other actions as may necessary to remedy or prevent
additional damage to or waste of the Leased Area.

11. Plan of Operations.

     Before AngloGold may undertake
any activities under this Lease, and by April 1 of each Lease Year thereafter, a
Plan of Operations that describes the activities to be conducted in the upcoming
operating season must be submitted to and approved by the TLO. Approval by the
TLO of a proposed Plan of Operations will not be unreasonably withheld, nor will
it be construed to have satisfied any regulatory or other requirements that may
be associated with the proposed operations. At the TLO's discretion, a Plan of
Operations may be developed and approved in conjunction with a plan of
operations submitted to and approved by the State of Alaska Department of
Natural Resources pursuant to 11 AAC 86.800.

12. The TLO's Warranties.

     The TLO hereby represents and
warrants that, as of the Effective Date, title to the Leased Area is free and
clear of any interests arising by, through, or under the TLO since designation
of the Leased Area as Mental Health Trust Lands on June 24, 1994, pursuant to
1994 FSSLA ch. 5 as amended by 1994 SSSLA ch. I. The TLO hereby expressly
disclaims (1) any other representations or warranties respecting title to the
Leased Area, (ii) any representations or warranties respecting the existence or availability of legal or
practical access to the Leased Area, and (iii) any representations or warranties
respecting the condition of the Leased Area or the suitability of the Leased
Area for any particular purpose.

Upland Mining Lease MHT No. 9400248 
Page 10

13. AngloGold's Warranties.

     AngloGold represents and
warrants, as of the Effective Date, all of the following:

	 	a) 	
      AngloGold is a wholly-owned subsidiary of AngloGold North
      America Inc., a Colorado corporation;

	 	 	 
	 	b) 	
      AngloGold has the capacity to enter into and perform all
      of its obligations under this Lease and all transactions contemplated
      herein, and all corporate and other actions required to authorize
      AngloGold to enter into and perform hereunder have been properly
    taken;

	 	 	 
	 	c) 	
      AngloGold will not violate any law or regulation
      applicable to it or breach any other agreement to which it is a party by
      entering into or performing under the terms of this Lease; and

	 	 	 
	 	d) 	
      This Lease has been properly authorized and duly executed
      and delivered by AngloGold and is valid and binding upon AngloGold in
      accordance with the terms hereof, including AngloGold's representations
      and warranties as set forth herein.

	14. Inspection; Reporting;
      AngloGold's Obligation of Confidentiality.
	 	 	 
		a) 	
      At all reasonable times AngloGold shall keep available
      for inspection (i) the Leased Area, (ii) improvements and fixtures on the
      Leased Area, and (iii) all reports and records required by law or by
      Paragraph 8 hereof.

	 	 	 
		b) 	
      AngloGold shall keep the TLO orally apprised of when
      field operations are taking place and shall provide the TLO with
      reasonable opportunities to observe field operations.

	 	 	 
		c) 	
      AngloGold hereby agrees to meet with the TLO at the TLO's
      office in Anchorage at least once during each Lease Year commencing with
      the third Lease Year hereunder to provide the TLO with an opportunity to
      discuss with AngloGold such matters of interest or concern to the TLO
      relating to AngloGold's operations under this Lease.

	 	 	 
		d) 	
      By March 1 of each Lease Year, and within two months
      after the expiration or termination of this Lease, AngloGold shall deliver
      to the TLO the following:

Upland Mining Lease MHT No. 9400248 
Page 11

	 	1) 	
      a report describing the location, nature, extent, and
      results of operations conducted by AngloGold during the previous operating
      season on or for the benefit of the Leased Area;

	 	 	 
	 	2) 	
      copies of all of the information generated or obtained by
      AngloGold during said Lease Year respecting the Leased
  Area;

provided, however, that AngloGold shall not be obligated to
provide any information respecting any proprietary or confidential interpretive
methods; and provided further, however, that AngloGold makes no representations
respecting, and shall have no liability for, any Information provided hereunder
or for any reliance thereon by the TLO or its successors and transferees. The
TLO will keep information submitted to the TLO under this Paragraph 14
confidential in accordance with 11 AAC 99.120.

	 	e) 	
      As long as this Lease remains in effect, no data
      pertaining to the Leased Lands shall be divulged or made available to
      persons who are not parties hereto without the written consent of both
      parties. It is agreed that data may be divulged or made available to a
      party's data processor, reproduction company, interpretive consultants,
      and other persons providing necessary services chosen by a party subject
      to such persons' agreeing to be bound by a confidentiality agreement. The
      foregoing restrictions shall not apply to a disclosure by either party or
      its corporate affiliate(s) in which it shall have a twenty percent (20%)
      or more ownership or control or to third parties as may be necessary or
      desirable for purposes of effecting a merger, buyout, sale of assets, loan
      transaction, lease, joint bidding agreement, farm-out, or joint venture.
      However, prior to either party's release of the data to any third party,
      written notice must be given to the other party hereto and such third
      party must agree in writing to be bound by a confidentiality agreement. In
      this event, a copy of the confidentiality agreement evidencing such
      commitment shall be delivered to the party receiving the notice within
      seven (7) days after receipt of such notice.

	 	 	 
	 	f) 	
      In the event that this Lease is terminated, expires, or
      is not renewed by AngloGold, AngloGold agrees that no data pertaining to
      the Leased Lands will be divulged or made available to anyone without the
      written permission of the TLO, which permission may be withheld at the
      TLO's discretion. Upon termination of the Lease, any data submitted or due
      to the TLO pursuant to this Lease becomes the property of the TLO and may
      be used at the TLO's discretion.

	 	 	 
	 	g) 	
      AngloGold acknowledges that the data to be provided to
      the TLO is a special asset of the TLO. In the event that AngloGold fails
      to deliver the data as required by this Lease or allows or suffers any
      unauthorized disclosure of the data, such breach shall result in an
      immediate breach of the Lease. The TLO may not have an adequate remedy at
      law for such a breach and therefore, in addition to any other remedy at
      law or equity that it may have, the TLO shall be entitled to injunctive
      relief to enforce the provisions hereof.

Upland Mining Lease MHT No. 9400248 
Page 12

15. Transfer; Binding Effect.

	 	a) 	
      This provision applies to any transfer of any interest
      under this Lease, except for transfers to AngloGold North America Inc. or
      any of its affiliates, so long as the Corporate Guaranty in Attachment C
      to this Lease remains in place, or another form of performance guaranty is
      agreed to between the parties as a condition of assignment approval. For
      the purposes of this provision, a "Transfer" includes, but is not limited
      to, (1) assignment of any right under this Lease, (2) delegation of any
      duty owed by AngloGold or any other party under this Lease, (3)
      substitution of a new party as the Lessee, (4) sublease, (5) mortgage, (6)
      any change in interest as a result of bankruptcy, or (7) if the Lessee is
      an entity such as a corporation, partnership, or limited liability company
      rather than a natural person, any change in the actual control of the
      entity through ownership or contractual relationship, including, for
      example but not by way of limitation, the sale, pledge or other
      disposition of a controlling interest in stock or partnership
  units.

	 	 	 
	 	b) 	
      AngloGold shall not voluntarily or by operation of law
      Transfer or encumber all or any part of AngloGold's interest in this Lease
      except in strict compliance with this Paragraph 15. Any attempted Transfer
      without such compliance shall be void, and shall constitute a breach of
      this Lease.

	 	 	 
	 	c) 	
      AngloGold may Transfer any interest in or rights under
      this Lease, only upon the prior written approval of the TLO which shall
      only be granted if the TLO determines within its sole discretion and under
      applicable law that such Transfer is in the best interest of the Trust as
      determined under a Trust Benefit analysis and that the proposed transferee
      is qualified as determined under applicable regulations and as defined
      below.

	 	 	 
	 	d) 	
      A Qualified Transferee is any person or entity, including
      a corporate successor of AngloGold, whose net worth on the date of
      assignment is equal to or greater than AngloGold's net worth at the
      commencement of this Lease or who can otherwise demonstrate to the TLO, in
      the TLO's exercise of prudent business judgment, that he or it is
      financially capable of meeting AngloGold's obligations under this Lease.
      Net worth shall mean the amount by which the total of all assets of the
      person or entity exceeds the total of all his or its liabilities as
      determined by an independent, certified public accountant, in accordance
      with generally accepted accounting principles.

	 	 	 
	 	e) 	
      In order to effect a proposed Transfer of interest,
      AngloGold shall submit a written request to the TLO at least 30 days in
      advance of the proposed Transfer date. This request shall include
      appropriate documentation sufficient in detail to describe the proposed
      Transfer, including disclosure of the full consideration to be received by
      AngloGold from the proposed Transfer.

Upland Mining Lease MHT No. 9400248 
Page 13

	 	f) 	
      In the event that approval of a Transfer is granted by
      the TLO, and unless otherwise agreed, AngloGold shall pay either (a) a
      transfer fee equal to a percentage of the full consideration (if the net
      present value can be determined) received by AngloGold from the
      transferee, or (b) some other amount that the parties agree is
      appropriate, if the net present value in (a) cannot be determined. The
      percentage amount in (a) shall be the same as the royalty percentage
      agreed to in Paragraph 7(b).

	 	 	 
	 	g) 	
      In the event of a Transfer that substitutes a new lessee
      for the transferor AngloGold, unless otherwise provided by the TLO in
      approving the Transfer, the transferor will have no continuing liability
      to the TLO with respect to any obligation that is imposed by the Lease
      after the effective date of the Transfer or that is based on an act or
      omission of the new lessee occurring after the effective date of the
      Transfer. In the case of any other Transfer, the transferor and the
      transferee will have joint liability to the TLO for all obligations
      arising under or associated with the Lease regardless of when they arise
      or the identity of the party whose conduct gives rise to them.

	 	 	 
	 	h) 	
      In connection with Transfers proposed to be made to
      persons that the TLO must determine to be "qualified", the transferor
      shall reimburse the TLO for up to $5,000 in out-of-pocket costs incurred
      by the TLO in making the required determination.

16. Voluntary Surrender.

     AngloGold may at any time
surrender all or part of the Leased Area by providing to the TLO a recordable
instrument effecting the same not less than ninety (90) days prior to the end of
the Lease Year; provided, however, that partial surrender of any portion of the
Leased Area may not unduly affect the manageability of either the remaining
Leased Area or the surrendered portion (compared to the manageability of such
portions on the Effective Date). Upon receipt by the TLO of a recordable
instrument effecting a surrender of all of the Leased Area, or upon receipt and
acceptance by the TLO of a recordable instrument effecting a surrender of part
of the Leased Area, all rights, obligations, and liabilities of AngloGold under
this Lease with respect to the surrendered portion of the Leased Area shall
cease except for rights, obligations, and liabilities that accrued prior to such
surrender and except as provided by Paragraph 18 hereof.

17. Default and Termination.

	 	a) 	
      The failure of AngloGold to timely abide by any
      provisions of this Lease or to timely perform any obligation under this
      Lease shall constitute a default. If the TLO believes that a default has
      occurred, it shall deliver written notice thereof to AngloGold. If
      AngloGold thereafter fails to commence to cure the default within 30 days
      of notice, or within 48 hours in the case of obligations which the TLO or
      an authorized regulatory agency has declared to be of an emergency nature,
      or does not continue to cure the default diligently and within a
      reasonable period of time, the TLO in its discretion may terminate this Lease
      or order suspension of activities on the Leased Area until compliance is
      achieved and may take such other actions as may be authorized by law, all
      by delivering written notice thereof to AngloGold. Failure of the TLO to
      strictly enforce at any time any of the provisions of this Lease shall not
      be construed to be a waiver or affect the right of the TLO to thereafter
  strictly enforce such provisions.

Upland Mining Lease MHT No. 9400248 
Page 14

	 	b) 	
      If AngloGold in good faith disputes (i) that a default
      has occurred, (ii) that a default is not being cured diligently or is
      continuing, or (iii) that a particular action taken by the TLO in response
      to an alleged default is authorized by this Lease or by law, AngloGold
      shall deliver a written notice to that effect (setting forth the evidence
      and arguments of law upon which AngloGold bases its position) within 20
      days after AngloGold's receipt of written notice of the same from the TLO.
      The delivery of any such notice by AngloGold shall constitute a request
      for reconsideration by the TLO of the particular decision, determination,
      or action of the TLO. The TLO shall have 20 days following receipt of any
      such notice from AngloGold in which to reconsider its prior decision,
      determination, or action. If the TLO grants reconsideration within said
      20-day period, it shall issue such orders regarding the submission of
      additional evidence and argument as appear necessary and thereafter shall
      proceed to reconsider the matter. If the TLO denies reconsideration of its
      prior decision, determination, or action within said 20-day period, such
      denial shall constitute the final agency action of the TLO as contemplated
      by 11 AAC 99.060(a). If the TLO fails to grant reconsideration of its
      prior decision, determination, or action within said 20-day period, such
      failure shall constitute a denial of such request for reconsideration,
      which denial shall constitute the final agency action of the TLO as
      contemplated by 11 AAC 99.060(a). Following any such actual or deemed
      denial of any request for reconsideration, AngloGold may appeal the matter
      to the Superior Court for the State of Alaska.

	 	 	 
	 	c) 	
      Upon effective termination of this Lease for any reason,
      all rights, obligations, and liabilities of AngloGold under this Lease
      shall cease except for rights, obligations, and liabilities that accrued
      prior to such termination and except as provided by Paragraph 18 hereof,
      and the TLO may (notwithstanding any bond issued pursuant to Paragraph 21
      hereof) take possession of the Leased Area subject, however, to the
      provisions of Paragraph 18 hereof.

18. Rights and Obligations Upon
Termination.

     Within one year after either the
partial or complete surrender or termination of this Lease or the completion of
all required reclamation activities on the surrendered or terminated portion of
the Leased Area (whichever is later), AngloGold shall remove to the extent
ordered by the TLO, and otherwise may remove, from the surrendered or terminated
portion of the Leased Area all equipment, improvements, and fixtures owned,
placed, or suffered to be placed on, in, or under said surrendered or terminated
portion of the Leased Area by AngloGold. Unless otherwise provided by the TLO, the provisions of this Lease
relating to the conduct of operations, Plans of Operations, Reclamation,
indemnification, bonding, insurance, and guaranty shall continue in effect
during such removal period. Upon the expiration of such removal period, at the
option of the TLO, any equipment, improvements, and fixtures which AngloGold has
not removed from the surrendered or terminated portion of the Leased Area shall
either be removed by the TLO at AngloGold's expense within one year or shall
become the property of the TLO.

Upland Mining Lease MHT No. 9400248 
Page 15

19. Reclamation.

     AngloGold shall timely perform
all required reclamation and deliver up the Leased Area or surrendered portion
thereof in good condition with all required reclamation timely performed in
accordance with the Plan of Operations, any approved Reclamation Plan, and any
other regulatory requirements.

20. Indemnification.

     AngloGold shall indemnify,
defend, and hold harmless the State of Alaska, the Trust Authority, and the TLO
from and against any and all damages, losses, claims, demands, or liabilities
arising out of or resulting in any way from the operations of AngloGold under
this Lease, except to the extent that any such damage, loss, claim, demand, or
liability is a result of the sole negligence or willful misconduct of the State
of Alaska, the Trust Authority, or the TLO. Without limiting the survival of any
other promises made in this Lease, the parties hereby agree that the promise
contained in this Paragraph 20 shall survive the expiration or termination of
this Lease.

21. Bonds.

     In order to secure return of the
Leased Area in good condition, AngloGold shall furnish a bond or evidence of an
existing bond in an amount determined as set forth in Schedule 2 attached hereto
and shall maintain such bond in effect at all times during the term of this
Lease and for such time thereafter as the TLO may require pursuant to Paragraph
18 hereof. In lieu of the bond required under the preceding sentence AngloGold
may, with the TLO's written approval, furnish and maintain a statewide bond, in
accordance with any applicable regulations.

22. Insurance.

     Without limiting AngloGold's
indemnification, AngloGold shall purchase, at its own expense, and maintain in
force at all times during the term of this Lease and for such time thereafter as
the TLO may require pursuant to Paragraph 18 hereof, the policies of insurance
specified in Schedule 3 attached hereto. Where specific limits are shown, it is
understood that they shall be the minimum acceptable limits. If AngloGold's
policy contains higher limits, the TLO shall be entitled to coverage to the
extent of such higher limits. Certificates of insurance evidencing the foregoing
coverages must be furnished to the TLO upon execution of this Lease. Each policy
of insurance maintained pursuant to this Paragraph 22 shall include, by
endorsement, the following cancellation or change clause:

Upland Mining Lease MHT No. 9400248 
Page 16

This insurance will not be cancelled,
non-renewed, or mutually altered, nor shall any change be made in the policy
which changes, restricts, or reduces the insurance provided or changes the name
of any "Insured" or any "Additional Insured" without first giving 30 days'
written notice to [the TLO].

The TLO shall be listed as an "Additional Insured" on all
policies of insurance maintained pursuant to this Paragraph 22. Each policy of
insurance maintained pursuant to this Paragraph 22 also shall include, by
endorsement, a waiver of subrogation in favor of the TLO and the following cross
liability clause or another cross liability or severability of intent clause
acceptable to the TLO:

In the event of bodily injury or
damage to property belonging to any one or more Insured or Additional Insured
parties for which another Insured or Additional Insured is or may be liable,
then this policy shall cover such Insured or Additional Insured against whom the
claim is made or may be made in the same manner as if separate policies had been
issued to each Insured and Additional Insured.

The obligations to maintain in effect during the term of this
Lease the policies of insurance required to be maintained pursuant to this
Paragraph 22 and to furnish satisfactory certificates of insurance therefor are
material obligations of this Lease.

23. Guaranty

     In order for this Lease to become
effective, AngloGold shall procure the execution and delivery to the TLO of a
guaranty in the form attached hereto as Attachment C.

24. Force Majeure

     If AngloGold is prevented by an
event of Force Majeure from the exercise of any of its rights hereunder or from
the timely performance of any of its obligations hereunder, the time for the
exercise of such rights or for the performance of such obligations, together
with the term of this Lease, shall be extended for a period equal to the
duration of the event of Force Majeure. AngloGold shall promptly notify the TLO
of the existence or occurrence of any event of Force Majeure, shall use
reasonable diligence under the circumstances to alleviate, overcome, or bring
about the cessation of an event of Force Majeure, and shall promptly notify the
TLO when such event of Force Majeure has ended. Notwithstanding the foregoing,
(a) AngloGold shall not be required to challenge (by protest, petition, appeal,
or any other means) or to consent to any actions or inactions of any federal,
state, or local governmental authority or court, or of any officer or official
acting under color of governmental authority, or to settle any strikes,
lockouts, and other labor disputes (actions with respect to all of which shall
be within AngloGold's sole discretion), and (b) nothing herein shall excuse any
failure by AngloGold or extend the time for performance by AngloGold to make
timely advance royalty payments and production royalty payments under Paragraph
7 hereof, or AngloGold's obligations to make timely payments of taxes or
insurance premiums.

Upland Mining Lease MHT No. 9400248 
Page 17

	25. General.

	 	a) 	
      Notice

	 	 	 	 
	 		i) 	
      Authorized Representatives. The Executive Director of the
      Mental Health Trust Land Office, Department of Natural Resources, State of
      Alaska, or such other person as the Executive Director may designate in a
      written notice to the TLO, and the individual executing this Lease on
      behalf of AngloGold, or such other person as AngloGold may designate in a
      written notice to the TLO, shall be the authorized representatives of
      their respective principals for the purposes of administering this Lease.
      In addition, if AngloGold's authorized representative is not resident in
      Alaska when activities are being conducted on the Leased Area under a Plan
      of Operations or Reclamation Plan, AngloGold shall designate by name, job
      title, address, and telephone, an authorized representative who will be
      present in Alaska during the conduct of such activities. Either party may
      from time to time change the authorized representative or the address to
      which notices to that representative are to be sent by delivering a
      written notice to that effect to the other party.

	 	 	 	 
	 		ii) 	
      Delivery of Notices. Any notice required or
      permitted under this Lease must be in writing and must be given personally
      or by registered or certified mail, return receipt requested, or by
      facsimile transmission producing a permanent record addressed as
      follows:

	 	 	 	 
	 			
      To the TLO:

	 	 	 	 
	 			
      Alaska Department of Natural Resources 
Mental Health
      Trust Land Office 
Attention: Executive Director 
718 L Street,
      Suite 202 
Anchorage, Alaska 99501 
Facsimile:
907-269-8905

	 	 	 	 
	 			
      To AngloGold:

	 	 	 	 
	 			
      AngloGold (U.S.A.) Exploration Inc. 
Attn: Jerry
      Bateman 
7400 Orchard Road, Suite 350 
Greenwood Village, Colorado
      80111 
Facsimile: 303-889-0707

	 	 	 	 
	 		iii) 	
      Any notice given in an authorized manner described above
      shall be effective when received by the authorized
  representative.

Upland Mining Lease MHT No. 9400248 
Page 18

	 	b) 	
      Entire Agreement. This Lease embodies the
      entire agreement and understanding between the parties and supersedes all
      prior agreements and understandings relating to the subject matter
      hereof.

	 	 	 
	 	c) 	
      Modification of Agreement. This Lease may
      be modified or amended only by a document in writing executed by all the
      parties hereto.

	 	 	 
	 	d) 	
      Waiver. The failure of any party to this
      Lease to insist upon the strict performance of any provision of this Lease
      or to exercise any right, power, or remedy consequent upon a breach
      thereof or failure thereunder shall not constitute a waiver by said party
      of any such provision, right, power, remedy, breach, or failure unless the
      same is given in writing and expressly waives such provision, right,
      power, remedy, breach, or failure. Any such waiver extends only to the
      particular provision, right, power, remedy, breach, or failure expressly
      waived and does not limit the rights, powers, or remedies of the waiving
      party with respect to any future breach of or failure under the same or
      any different provision.

	 	 	 
	 	e) 	
      Remedies. Except as otherwise provided in
      this Lease, the parties hereto shall be entitled to any and all remedies
      provided by law.

	 	 	 
	 	f) 	
      Severability. If any provision of this
      Lease or any application thereof shall be invalid or unenforceable, the
      remainder of this Lease and any other application of such provision shall
      not be affected thereby.

	 	 	 
	 	g) 	
      No Discrimination. In exercising any rights
      hereunder neither AngloGold nor any of its contractors or subcontractors
      shall discriminate against any employee or applicant because of race,
      religion, marital status, change in marital status, pregnancy, parenthood,
      physical handicap, color, sex, age, or national origin as set out in AS
      18.80.220.

	 	 	 
	 	h) 	
      Interest in Real Property. It is the
      intention of the parties that the rights granted to AngloGold by this
      Lease constitute an interest in real property in the Leased
Area.

	 	 	 
	 	i) 	
      Recording of Short Form. Upon the execution
      of this Lease, the TLO and AngloGold shall execute and acknowledge a
      memorandum of lease in the form of Attachment B hereto. AngloGold shall
      cause said memorandum of lease to be recorded in the Fairbanks Recording
      District, State of Alaska, and AngloGold shall pay any and all required
      recording fees relating thereto. This Lease shall not be
  recorded.

	 	 	 
	 	j) 	
      Governing Law. This Lease shall be
      interpreted, construed, and enforced in accordance with, and otherwise
      governed in all respects by, the laws of the State of Alaska. This Lease
      is subject to all applicable federal, state, and local statutes, rules,
      and ordinances in effect on the Effective Date of this Lease and, to
      the extent constitutionally permissible and otherwise
      consistent with AS 38.05.801 and 11 AAC 99, to all such statutes, rules,
      and ordinances enacted or promulgated after the Effective Date of this
      Lease. This Lease shall be interpreted and construed in a manner which
      furthers the purposes of the Alaska Mental Health Trust as defined in 11
      AAC 99.990(1). All words and phrases used in this lease are to be
  interpreted in conformance with AS 01.10.040.

Upland Mining Lease MHT No. 9400248 
Page 19

	 	k) 	
      Counterparts. Multiple originals of this
      Lease may be executed, each of which shall be deemed an original and all
      of which, taken together, shall constitute a single agreement.

	 	 	 
	 	l) 	
      Further Actions. The parties hereby agree
      to take any and all actions and to execute, acknowledge, and deliver any
      and all documents reasonably necessary to effect the purposes of this
      Lease.

	 	 	 
	 	m) 	
      Paragraph Headings. The descriptive
      paragraph headings throughout this Lease are for convenience and reference
      only, and the words contained therein shall not be used to expand, modify,
      or amplify the meaning of this Lease or to aid in the interpretation or
      construction of this Lease.

	 	 	 
	 	n) 	
      Venue. Venue for any appeal from an
      administrative decision of the TLO relating to this Lease shall be in the
      Superior Court for the State of Alaska in Anchorage, Alaska. Venue for any
      other legal action arising under or relating to this Lease shall be in the
      Superior Court for the State of Alaska in either Fairbanks or Anchorage,
      Alaska.

************************************

Upland Mining Lease MHT No. 9400248 
Page 20

IN WITNESS WHEREOF, the parties hereto have executed,
delivered, and accepted this Lease effective as of the Effective Date.

	ALASKA MENTAL HEALTH TRUST AUTHORITY 	ANGLOGOLD (U.S.A.) 
	  	EXPLORATION INC. 
	By: State of Alaska 	  
	Department of Natural Resources 	  
	Mental Health Trust Land Office 	  
	  	  
	By: /s/
      [Illegible]             
      	By: /s/ Jeffrey
      Pontius                   
      
	Executive Director 	Its: Exploration Manager N.A. 
	Mental Health Trust Land Office 	  

	STATE OF ALASKA 	) 
	  	) ss. 
	THIRD JUDICIAL DISTRICT 	) 

     This certifies that on the 25th
day of June, 2004, the foregoing instrument was acknowledged before me by
[illegible], Executive Director of the MENTAL HEALTH TRUST LAND OFFICE within
the State of Alaska Department of Natural Resources, on behalf of said officer
acting pursuant to AS 37.14.009(a)(2) and AS 38.05.801 on its own behalf and for
the ALASKA MENTAL HEALTH TRUST AUTHORITY.

	 	/s/
      [Illegible] 
	 	Notary Public for the State of Alaska 
	 	My commission expires 11-15-07

	STATE OF COLORADO 	) 
	  	) ss. 
	  	) 

     This certifies that on the 4th
day of June, 2004, the foregoing instrument was acknowledged before me by
Jeffrey Pontius of AngloGold (U.S.A.) Exploration Inc., a Delaware corporation,
on behalf of said corporation.

	 	/s/
      Rosemarie G. Patterson 
	 	Notary Public for the State of Colorado

	 	My commission expires 3/14/08

Upland Mining Lease MHT No. 9400248 
Page 21

List of Attachments and Schedules

Attachment A: Description of Leased Area 
Attachment B:
Memorandum of Lease 
Attachment C: Guaranty
Attachment D: Description of
Federal claims leased by AngloGold and subject to royalty interest granted to
the TLO

Schedule 1:      Site-Specific
Operating Stipulations 
Schedule 2:      Bond
Requirements 
Schedule 3:      Insurance
Requirements

Upland Mining Lease MHT No. 9400248 
Page 22

ATTACHMENT A

Description of Leased Area

T. 008 N., R. 004 W., FAIRBANKS MERIDIAN,
ALASKA
SECTION 5: LOTS 1 THROUGH 7, INCLUSIVE, NE1/4NE1/4, S1/2NE1/4,
N1/2SW1/4, SE 1/4
SECTION 6: LOTS 1 THROUGH 12, INCLUSIVE,
NE1/4SE1/4
SECTION 7: LOTS 1 THROUGH 9, INCLUSIVE, SW1/4NE1/4, E1/2NW1/4,
E1/2SW1/4, W1/2SE1/4, SE1/4SE1/4
SECTION 8: LOTS 1 THROUGH 7, INCLUSIVE,
NE1/4, E1/2SE1/4
SECTION 17: LOTS 1 THROUGH 4, INCLUSIVE, NE1/4,
S1/2
SECTION 18: LOTS 1 THROUGH 4, INCLUSIVE, E1/2, E1/2W1/2
SECTION 19:
LOTS 1 THROUGH 4, INCLUSIVE, E1/2, EI/2W1/2
SECTION 20: ALL
SECTION 27:
ALL
SECTION 28: ALL
SECTION 29: ALL
SECTION 30: LOTS 1 THROUGH 4,
INCLUSIVE, E1/2, E1/2W1/2
SECTION 33: ALL
SECTION 34: ALL

EXCLUDING MINING CLAIMS RECORDED
UNDER F-37586 THROUGH F-37596, F-43162, F-43163, F-43706, F-45706 THROUGH
F-45708, F-57086, F¬60588 THROUGH F-60606, F-61269 THROUGH F-61272, F-61316
THROUGH F-61318, F-61380 THROUGH F-61390, F-61392, F-61499 THROUGH F-61501,
F-62089, F-62090, F-63464, F-63465, F-64359 AND F-64360, WHICH APPEAR TO FALL
WITHIN SECTIONS 4 THROUGH 9, 17, 19, 28, AND 30 THROUGH 33;

T. 008 N., R. 005 W., FAIRBANKS MERIDIAN,
ALASKA

SECTION 1: LOTS 1 THROUGH 5, INCLUSIVE, N1/2,
N1/2SW1/4
SECTION 2: LOT 1, N1/2, SW1/4, N1/2SE1/4, SW1/4SE1/4
SECTION 3:
ALL
SECTION 10: LOTS 1 THROUGH 4, INCLUSIVE, N1/2, WI/2SW1/4

Upland Mining Lease MHT No. 9400248 
Page 23

SECTION 11: LOTS 1 THROUGH 10, INCLUSIVE, NE1/4SE1/4,
S1/2SE1/4
SECTION 12: LOTS 1 THROUGH 8, INCLUSIVE, NE1/4,
E1/2SE1/4
SECTION 13: ALL
SECTION 14: LOT 1, NE1/4, E1/2NW1/4, SW1/4NW1/4,
S1/2
SECTION 15: LOTS 1 THROUGH 8, INCLUSIVE, NW1/4NW1/4, SE1/4SW1/4,
SE1/4
SECTION 16: LOTS 1 AND 2, N1/2, SW1/4, W1/2SE1/4
SECTION 21:
ALL
SECTION 22: LOTS I THROUGH 4, INCLUSIVE, N1/2NE1/4, E1/2NW1/4,
SW1/4NW1/4, SW1/4, W1/2SE1/4, SE1/4SE1/4
SECTION 23: LOTS 1 AND 2, E1/2,
E1/2NW1/4, SW1/4
SECTION 24: ALL
SECTION 25: LOTS 1 THROUGH 9, INCLUSIVE,
N1/2NE1/4, E1/2NW1/4, NE1/4SW1/4, S1/2SW1/4
SECTION 26: LOTS 1 THROUGH 5,
INCLUSIVE, W1/2E1/2, W1/2
SECTION 27: ALL
SECTION 28: ALL
SECTION 33:
ALL
SECTION 34: ALL

EXCLUDING MINING CLAIM
RECORDATIONS F-37580 THROUGH F-37585, F-52058, F-52059, F-55452 THROUGH F-55471,
F-61249, F-61250, F-61256 THROUGH F-61270, F-61273 THROUGH F-61278, F-61319
THROUGH F-61379, F-61381, F-61382, F-61477, F-61495, F-61498, F-61677 TROUGH
F-61708, F-61709 THROUGH F-61714, F-62097, F-62098, F-63466, AND F-63707, WHICH
APPEAR TO FALL WITHIN SECTIONS THROUGH 16, 21 THROUGH 26, 28, 29, 35, AND 36; T.
009 N., R. 004 W., FAIRBANKS MERIDIAN, ALASKA

T. 009 N., R. 004 W., FAIRBANKS MERIDIAN,
ALASKA

SECTION 31, 32, AND 33: ALL;

EXCLUDING U.S. MINERAL SURVEY
NOS. 1609 AND 1641, EXCLUDING MINING CLAIM RECORDATIONS F-61279 THROUGH F-61315,
F-61389 THROUGH F-61396, F-61399, F-61400, F-61402 THROUGH F-61420, F-61478
THROUGH F-61494, F-61502 THROUGH F-61508, F-63461, F-63462, F-74190, AND
F-74191, WHICH APPEAR TO FALL WITHIN SECTIONS 14, 16, 20, 21, 27 THROUGH 29, AND
31 THROUGH 33;

ALSO EXCLUDING FROM ALL OF THE ABOVE, THE FOLLOWING
MINING CLAIMS:

Upland Mining Lease MHT No. 9400248 
Page 24

ADL 330941, ADL 330942, ADL 330943, ADL 330946, ADL 330947, ADL
330948, 
ADL 330951, ADL 330952, ADL 330953, ADL 330954, ADL 330957, ADL
330958, 
ADL 330959, ADL 330960, ADL 330963, ADL 330964, ADL 330965, ADL
330970, 
ADL 330971, ADL 330972, ADL 330977, ADL 338477, ADL 338478, ADL
338481, 
ADL 338482, ADL 338483, ADL 338487, ADL 338488, ADL 338489, ADL
338490, 
ADL 338497, ADL 338498, ADL 338499, ADL 338500, ADL 338501, ADL
338511, 
ADL 338512, ADL 338513, ADL 338520, ADL 338521, ADL 338522, ADL
347945, 
ADL 347946, ADL 347949, ADL 347950, ADL 347951, ADL 347952, ADL
347953, 
ADL 347957, ADL 347958, ADL 347959, ADL 347960, ADL 347961, ADL
347969, 
ADL 347970, ADL 347971, ADL 347972, ADL 347973, ADL 347974, ADL
347975, 
ADL 353555, ADL 353556, ADL 353557, ADL 353558, ADL 353559, ADL
353560, 
ADL 353561, ADL 353562, ADL 353563, ADL 353564, ADL 353565, ADL
355559, 
ADL 361326, ADL 361327, ADL 361328, ADL 361330, ADL 361332, ADL
361333, 
ADL 361334, ADL 361335, ADL 361366, ADL 558105, ADL 558106, ADL
558814, 
ADL 559056, ADL 559057, ADL 559058, ADL 559059, ADL 559060, ADL
338479, 
ADL 338480, ADL 338484, ADL 338485, ADL 338486, ADL 338491, ADL
338492, 
ADL 338493, ADL 338494, ADL 338495, ADL 338496, ADL 338503, ADL
338504, 
ADL 338505, ADL 338506, ADL 338507, ADL 338508, ADL 338509, ADL
338510, 
ADL 338514, ADL 338515, ADL 338516, ADL 338517, ADL 338518, ADL
338519, 
ADL 347955, ADL 347956, ADL 347962, ADL 347963, ADL 347964, ADL
347965, 
ADL 347966, ADL 347967, ADL 347968, ADL 347976, ADL 347977, ADL
347978, 
ADL 347979, ADL 347980, ADL 348802, ADL 348803, ADL 348804, ADL
348805, 
ADL 348806, ADL 348807, ADL 348808, ADL 348809, ADL 348810, ADL
348811, 
ADL 348812, ADL 348813, ADL 348814, ADL 348815, ADL 348816, ADL
348817, 
ADL 348818, ADL 348819, ADL 348820, ADL 348821, ADL 348822, ADL
348823, 
ADL 348824, ADL 348825, ADL 348826, ADL 348827, ADL 348828, ADL
348829, 
ADL 348830, ADL 348831, ADL 348832, ADL 361329, ADL 361331, ADL
361349, 
ADL 361350, ADL 361351, ADL 361352, ADL 361353, ADL 361354, ADL
361355, 
ADL 361356, ADL 361357, ADL 361358, ADL 361359, ADL 361360, ADL
361361, 
ADL 361362, ADL 361363, ADL 361364, ADL 361365, ADL 505036, ADL
506391, 
ADL 506392, ADL 532022, ADL 532026, ADL 535710, ADL 535711, ADL
535712, 
ADL 535713, ADL 535714, ADL 535715, ADL 535716, ADL 538220, ADL
538221, 
ADL 538222, ADL 538223, ADL 538224, ADL 538225, ADL 538226, ADL
538227, 
ADL 538230, ADL 538231, ADL 538232, ADL 538233, ADL 538234, ADL
538235, 
ADL 539877, ADL 539878, ADL 539879, ADL 555900, ADL 556252, ADL
558604, 
ADL 558605, ADL 558606, ADL 558607, ADL 559157, ADL 570259, ADL
570260, 
ADL 570261, ADL 570262, ADL 570263, ADL 570264, ADL 570265, ADL
570266, 
ADL 570267, ADL 570268, ADL 570269, ADL 570270, ADL 570271, ADL
570272, 
ADL 570273, ADL 570274, ADL 570275, ADL 570276, ADL 570277, ADL
570278, 
ADL 570279, ADL 570280, ADL 570281, ADL 570282, ADL 570283, ADL
570284, 
ADL 570285, ADL 361365, ADL 361366, ADL 361367, ADL 361368, ADL
330936, 
ADL 330937, ADL 330938, ADL 330939, AND ADL 330940;

Upland Mining Lease MHT No. 9400248 
Page 25

CONTAINING 8,600.00 ACRES, MORE OR LESS.

ACCORDING TO THE SURVEY PLATS ACCEPTED BY THE UNITED STATES
DEPARTMENT OF THE INTERIOR, BUREAU OF LAND MANAGEMENT IN ANCHORAGE, ALASKA ON
NOVEMBER 5, 1987 AND JANUARY 7, 1991

Upland Mining Lease MHT No. 9400248 
Page 26

	ATTACHMENT B 
	  
	STATE OF ALASKA 
	DEPARTMENT OF NATURAL RESOURCES 
	MENTAL HEALTH TRUST LAND OFFICE 
	718 L Street, Suite 202 
	Anchorage, Alaska 99501 
	  
	MEMORANDUM OF MINING LEASE 

	Record in the 	MI-IT NO. 9400248 
	Fairbanks Recording District 	  

     THIS MEMORANDUM OF MINING LEASE
("this Memorandum") is made by and between (1) the Alaska Mental Health Trust
Authority ("Trust Authority"), a public corporation within the Alaska Department
of Revenue (AS 47.30.011 et seq.), acting by and through the State of Alaska,
Department of Natural Resources, Mental Health Trust Land Office ("TLO"),
pursuant to AS 37.14.009(a)(2) and AS 38.05.801 (the Trust Authority and the TLO
are collectively the Lessor and referred to herein as the "TLO"), and (2)
AngloGold (U.S.A.) Exploration Inc. (referred to herein as "AngloGold"), a
Delaware corporation, that is the Lessee and whose address is 7400 E. Orchard
Road, Greenwood Village, Colorado 80111, pursuant to that certain Mining Lease
MI-IT No. 9400248 ("the Lease") between the TLO and AngloGold of even date
herewith for the purpose of providing constructive notice of the Lease under AS
40.17.080, AS 40.17.110, and AS 40.17.120 (1998). Both this Memorandum and the
Lease are effective as of July 1, 2004 ("Effective Date").

Recital

     The TLO has determined that it is
in the best interests of the beneficiaries of the Alaska Mental Health Trust to
lease to AngloGold pursuant to the Lease the lands described in Attachment A
hereto (defined below as the "Leased Area"), and AngloGold desires to lease the
Leased Area from TLO pursuant to the Lease.

1. Incorporation of the Lease by Reference;
Definitions.

     The provisions of the Lease are
hereby incorporated into this Memorandum and made a part hereof to the same
extent as if said provisions were fully set forth herein. The grants made in the
Lease constitute the same grants as those made in this Memorandum. In the event
the language used in this Memorandum differs from the language used in the
Lease, the language used in the Lease shall control.

     As used in this Memorandum, the
following terms have the following meanings:

Upland Mining Lease MHT No. 9400248 
Page 27

     "Commercial Production"
means the production of Minerals for sale from the Leased Area for at least
ninety (90) consecutive days during any three (3) year period in quantities
sufficient to yield a return in excess of operating costs, even though capital
costs already incurred may never be repaid and the undertaking considered as a
whole may ultimately result in a loss.

     "Effective Date" means the
date first set forth above.

     "Lease Year" means the
period commencing on July 1 and ending on the following June 30.

     "Leased Area" means the
lands described in Attachment A hereto, as modified from time to time pursuant
to the Lease.

     "Materials" means all
rock, stone, gravel, sand, and other similar materials but excluding
Minerals.

     "Minerals" means all
locatable minerals subject to 11 AAC 99.100.

     "Plan of Operations" means
a plan of operations submitted to and approved by the TLO pursuant to Paragraph
11 of the Lease. The application for a Plan of Operations (a) shall satisfy the
requirements of 11 AAC 96.030 (regardless of whether the proposed activity is of
a type described in 11 AAC 96.020 for which no application or permit would be
required under 11 AAC 96.030) or 11 AAC 86.800 (if the TLO elects to require
AngloGold to comply therewith or if AngloGold otherwise elects to comply
therewith) and (b) shall include such supplemental information as the TLO
reasonably requests.

2. Grant of Lease.

     a) Subject to the royalty
reserved under Paragraph 7 of the Lease and to the other provisions of the
Lease, the TLO hereby grants to AngloGold the following rights (insofar as it
owns the same but not otherwise) in, to, and respecting the Leased Area, to have
and to hold for the term set out in Paragraph 4 hereof and in Paragraph 5 of the
Lease:

	 	i) 	
      the exclusive right to explore for, mine, remove, and
      dispose of all Minerals situated on, in, or under the Leased Area,
      together with any and all rights appurtenant thereto including but not
      necessarily limited to water rights and express and implied access rights;
      and

	 	 	 
	 	ii) 	
      the right to extract and use Materials situated on, in,
      or under the Leased Area in connection with the foregoing; and

	 	 	 
	 	iii) 	
      the rights (A) to conduct such underground or surface
      mining, milling, and/or refining operations within the Leased Area as
      AngloGold may deem necessary for the exercise of its rights in, to, or
      respecting the Leased Area or other nearby property and (B) to construct,
      use, and maintain in or upon the Leased Arca (including the surface thereof) such
structures, mining machinery, equipment, tools, ore bins, roads, shafts,
inclines, tunnels, drifts, open pits, waste dumps, leach pads, tailings ponds,
pipelines, telephone lines, electric transmission lines, water storage and
transmission facilities and pipelines, concentrating, milling or refining
facilities, buildings, shops and other facilities as AngloGold may deem
necessary for its operations on the Leased Area or other nearby property;

Upland Mining Lease MHT No. 9400248 
Page 28

     iv) the right to conduct
reclamation on, in, and under the Leased Area.

     b) Subject to the other
provisions of the Lease (including but not limited to Paragraphs 10 and 11
thereof), AngloGold may mine and remove Minerals by any method consistent with
good mining practice, including but not limited to underground, surface, or in
situ mining. The rights granted to AngloGold hereby and by the Lease shall be
exercised in a manner that will not unreasonably interfere with the reserved
rights of the TLO or of its permittees, lessees, or grantees.

     c) If a survey of the Leased Area
is performed subsequent to the Effective Date, then upon completion thereof the
legal description set out in Attachment A will be modified as necessary to
conform the Leased Area to the survey.

     d) If the TLO's ownership of the
Minerals within the Leased Area is less than the entire and undivided interest,
then (1) the grant hereunder and under the Lease is effective only as to the
TLO's interest in the Minerals within the Leased Area, (ii) the advance
royalties due under the Lease shall be paid to the TLO in the proportion that
the TLO's interest bears to the entire undivided interest, and (iii) the
production royalty due under the Lease shall be due only on that portion of the
Minerals extracted from the Leased Area that is attributable to the interest of
the TLO in the Leased Area.

3. Reserved Rights.

     a) The TLO, for itself and
others, reserves all rights not expressly granted to AngloGold by the Lease.
These reserved rights include the following:

	 	i) 	
      the right to explore for, remove, and dispose of from the
      Leased Area all resources other than Minerals;

	 	 	 
	 	ii) 	
      the right to establish or grant easements and
      rights-of-way upon, in, across, or through the Leased Area for any lawful
      purpose, including roads, railroads, well sites, pipelines, utility lines,
      drill holes, shafts, and tunnels necessary or convenient for the working
      of the Leased Area for resources other than Minerals, or necessary or
      convenient for access to or the working of other land for any useful
      purpose;

	 	 	 
	 	iii) 	
      the right to manage and to convey to third parties by
      grant, lease, permit, or otherwise, any and all interests in the Leased
      Area other than those granted by the Lease, provided that any such conveyance to a third party shall
be made subject to AngloGold's rights under the Lease.

Upland Mining Lease MHT No. 9400248 
Page 29

     The rights reserved pursuant to
Paragraph 3(a) hereof shall not be exercised in any manner that unreasonably
interferes with AngloGold's rights or operations under the Lease. The TLO shall
provide AngloGold with prior notice of the TLO's intent to exercise any such
reserved rights, the TLO and AngloGold shall work cooperatively to identify
potential conflicts, and the TLO shall require, as a condition to the exercise
by any permittee, lessee, or grantee of the TLO of any of the TLO's reserved
rights, such stipulations as appear necessary to avoid unreasonable interference
with AngloGold's enjoyment of the Lease or endangerment of AngloGold's
operations. The exercise of any of the TLO's reserved rights shall be subject to
the consent of AngloGold, which consent shall not be unreasonably withheld. If
at anytime the exercise of any of the TLO's reserved rights must cease or a
change must be made in the manner or place of such exercise in order to avoid
unreasonable interference with AngloGold's enjoyment of the Lease or
endangerment of AngloGold's operations, such cessation or change shall occur at
no cost to AngloGold.

4. Term.

     Unless sooner terminated pursuant
to the terms of the Lease, the Lease shall remain in effect for a Primary Term
of three (3) Lease Years from the Effective Date. The Primary Term of the Lease
may be extended-without Commercial Production being required to have been
achieved-for two (2) extensions of three (3) Lease Years each upon timely
written request for extension given by AngloGold and written acceptance thereof
given by the TLO. Acceptance will not be denied if AngloGold is in compliance
with the terms of the Lease. If AngloGold desires to secure an extension, it
shall so notify the TLO not less than ninety (90) days prior to the date the
Lease would otherwise expire.

     The term of the Lease shall
remain in effect beyond June 30, 2013, only as follows:

	 	(a) 	
      if Commercial Production of Minerals from the Leased Area
      has commenced prior to June 30, 2013, then for so long thereafter as
      Commercial Production of Minerals from the Leased Area
continues;

	 	 	 
	 	(b) 	
      if Commercial Production of Minerals from the Leased Area
      has not commenced prior to June 30, 2013, but applications have been filed
      by AngloGold for all material permits or approvals required to be obtained
      to implement a proposed Plan of Operations designed to achieve the
      commencement of Commercial Production of Minerals from the Leased Area,
      then for so long as AngloGold diligently undertakes (i) to prosecute such
      applications, (ii) to obtain such permits and approvals, and (iii)
      thereafter to achieve Commercial Production of Minerals from the Leased
      Area, and then for so long thereafter as Commercial Production of Minerals
      from the Leased Area continues.

Upland Mining Lease MHT No. 9400248 
Page 30

5. Counterparts.

     Multiple originals of this
Memorandum may be executed, each of which shall be deemed an original and all of
which, taken together, shall constitute a single agreement.

6. Authority for Recording.

     This Memorandum is entitled to be
recorded pursuant to AS 40.17.110 (1998) and AS 40.17.120 (1998) for the purpose
of imparting constructive notice of the Lease pursuant to AS 40.17.080
(1998).

* * *

Upland Mining Lease MHT No. 9400248 
Page 31

IN WITNESS WHEREOF, the parties hereto have executed,
delivered, and accepted this Memorandum effective as of the Effective Date.

	ALASKA MENTAL HEALTH TRUST 	ANGLOGOLD (U.S.A.) EXPLORATION, 
	AUTHORITY 	INC. 
	  	  
	By: State of Alaska 	By: /s/ Donald C. Ewigleben 
	Department of Natural Resources Mental 	Title: President 
	Health Trust Land Office 	AngloGold (U.S.A.) Exploration, Inc. 
	By: /s/ Wendy C. Woolf 	  
	Executive Director, Acting 	  
	Mental Trust Land Office 	  

	STATE OF ALASKA 	) 
	  	) ss. 
	THIRD JUDICIAL DISTRICT 	) 

     This certifies that on the 7th
day of September, 2004, the foregoing instrument was acknowledged before me by
Wendy Woolf, Executive Director of the MENTAL HEALTH TRUST LAND OFFICE within
the State of Alaska Department of Natural Resources, on behalf of said officer
acting pursuant to AS 37.14.009(a)(2) and AS 38.05.801 on its own behalf and for
the ALASKA MENTAL HEALTH TRUST AUTHORITY.

	 	/s/
      [Illegible] 
	 	Notary Public for the State of Alaska 
	 	My commission expires 11-15-07

	STATE OF COLORADO 	) 
	  	) ss. 
	  	) 

     This certifies that on the 2nd
day of September, 2004, the foregoing instrument was acknowledged before me by
Donald C. Ewigleben of AngloGold (U.S.A.) Exploration Inc., a Delaware
corporation, on behalf of said corporation.

	 	/s/
      Rosemarie G. Patterson 
	 	Notary Public for the State of Colorado

	 	My commission expires 3/14/08

Return to: 
Trust Land Office 
718 “L” Street, Suite 202

Anchorage, Alaska 99501

Upland Mining Lease MHT No. 9400248 
Page 32

ATTACHMENT A 

MHT 9400248 

Description of Leased Area 

Fairbanks Recording District, State of Alaska:

T. 008 N., R. 004 W., FAIRBANKS MERIDIAN, ALASKA

SECTION 5: LOTS 1 THROUGH 7, INCLUSIVE, NE1/4NE1/4, S1/2NE1/4,
N1/2SW1/4, SE1/4
SECTION 6: LOTS 1 THROUGH 12, INCLUSIVE,
NE1/4SE1/4
SECTION 7: LOTS 1 THROUGH 9, INCLUSIVE, SW1/4NE1/4, E1/2NW1/4,
E1/2SW1/4, W1/2SE1/4, SEI/4SE1/4
SECTION 8: LOTS 1 THROUGH 7, INCLUSIVE,
NE1/4, E1/2SE1/4
SECTION 17: LOTS 1 THROUGH 4, INCLUSIVE, NE1/4,
S1/2
SECTION 18: LOTS 1 THROUGH 4, INCLUSIVE, E1/2, E1/2W1/2
SECTION 19:
LOTS 1 THROUGH 4, INCLUSIVE, E1/2, E1/2W1/2
SECTION 20: ALL
SECTION 27:
ALL
SECTION 28: ALL
SECTION 29: ALL
SECTION 30: LOTS 1 THROUGH 4,
INCLUSIVE, E1/2, E1/2W1/2
SECTION 33: ALL
SECTION 34: ALL

EXCLUDING MINING CLAIMS RECORDED
UNDER F-37586 THROUGH F-37596, F¬43162, F-43163, F-43706, F-45706 THROUGH
F-45708, F-57086, F-60588 THROUGH F¬60606, F-61269 THROUGH F-61272, F-61316
THROUGH F-61318, F-61380 THROUGH F¬61390, F-61392, F-61499 THROUGH F-61501,
F-62089, F-62090, F-63464, F-63465, F-64359 AND F-64360, WHICH APPEAR TO FALL
WITHIN SECTIONS 4 THROUGH 9, 17, 19, 28, AND 30 THROUGH 33;

T. 008 N., R. 005 W., FAIRBANKS MERIDIAN, ALASKA

SECTION 1: LOTS 1 THROUGH 5, INCLUSIVE, N1/2,
N1/2SW1/4
SECTION 2: LOT 1, N1/2, SW1/4, N1/2SE1/4, SW1/4SE1/4
SECTION 3:
ALL
SECTION 10: LOTS 1 THROUGH 4, INCLUSIVE, N1/2, W1/2SW1/4
SECTION 11:
LOTS 1 THROUGH 10, INCLUSIVE, NE1/4SE1/4, S1/2SE1/4
SECTION 12: LOTS 1
THROUGH 8, INCLUSIVE, NE1/4, E1/2SE1/4

Upland Mining Lease MHT No. 9400248 
Page 33

SECTION 13: ALL
SECTION 14: LOT 1, NE1/4, E1/2NW1/4,
SW1/4NW1/4, S1/2
SECTION 15: LOTS 1 THROUGH 8, INCLUSIVE, NW1/4NW1/4,
SE1/4SW1/4, SE1/4
SECTION 16: LOTS 1 AND 2, N1/2, SW1/4, W1/2SE1/4
SECTION
21: ALL
SECTION 22: LOTS 1 THROUGH 4, INCLUSIVE, N1/2NE1/4, E1/2NW1/4,
SW1/4NW1/4, SW1/4, W1/2SE1/4, SE1/4SE1/4
SECTION 23: LOTS 1 AND 2, E112,
E1/2NW1/4, SW1/4
SECTION 24: ALL
SECTION 25: LOTS 1 THROUGH 9, INCLUSIVE,
N1/2NE1/4, E1/2NW1/4, NE1/4SW1/4, S1/2SW1/4
SECTION 26: LOTS 1 THROUGH 5,
INCLUSIVE, W1/2E1/2, W1/2
SECTION 27: ALL
SECTION 28: ALL
SECTION 33:
ALL
SECTION 34: ALL

EXCLUDING MINING CLAIM
RECORDATIONS F-37580 THROUGH F-37585, F-52058, F-52059, F-55452 THROUGH F-55471,
F-61249, F-61250, F-61256 THROUGH F-61270, F-61273 THROUGH F-61278, F-61319
THROUGH F-61379, F-61381, F-61382, F-61477, F-61495, F-61498, F-61677 TROUGH
F-61708, F-61709 THROUGH F-61714, F-62097, F-62098, F-63466, AND F-63707, WHICH
APPEAR TO FALL WITHIN SECTIONS THROUGH 16, 21 THROUGH 26, 28, 29, 35, AND 36; T.
009 N., R. 004 W., FAIRBANKS MERIDIAN, ALASKA

T. 009 N., R. 004 W., FAIRBANKS
MERIDIAN, ALASKA

SECTION 31, 32, AND 33: ALL;

EXCLUDING U.S. MINERAL SURVEY
NOS. 1609 AND 1641, EXCLUDING MINING CLAIM RECORDATIONS F-61279 THROUGH F-61315,
F-61389 THROUGH F-61396, F-61399, F-61400, F-61402 THROUGH F-61420, F-61478
THROUGH F-61494, F-61502 THROUGH F-61508, F-63461, F-63462, F-74190, AND
F-74191, WHICH APPEAR TO FALL WITHIN SECTIONS 14, 16, 20, 21, 27 THROUGH 29, AND
31 THROUGH 33;

ALSO EXCLUDING FROM ALL OF THE ABOVE, THE FOLLOWING
MINING CLAIMS:

ADL 330941, ADL 330942, ADL 330951, ADL 330952, ADL 330959, ADL
330960, 
ADL 330971, ADL 330972, ADL 338482, ADL 338483, ADL 338497, ADL
338498, 
ADL 338512, ADL 338513, ADL 347946, ADL 347949, ADL 347957, ADL
347958, 
ADL 347970, ADL 347971, ADL 353555, ADL 353556, ADL 353561, ADL
353562, 
ADL 361326, ADL 361327, ADL 361334, ADL 361335, ADL 559056, ADL
559057, 
ADL 338480, ADL 338484, ADL 338493, ADL 338494, ADL 338505, ADL
338506,

Upland Mining Lease MHT No. 9400248 
Page 34

ADL 330943, ADL 330946, ADL 330947, ADL 330948, ADL 330953, ADL
330954, 
ADL 330957, ADL 330958, ADL 330963, ADL 330964, ADL 330965, ADL
330970, 
ADL 330977, ADL 338477, ADL 338478, ADL 338481, ADL 338487, ADL
338488, 
ADL 338489, ADL 338490, ADL 338499, ADL 338500, ADL 338501, ADL
338511, 
ADL 338520, ADL 338521, ADL 338522, ADL 347945, ADL 347950, ADL
347951, 
ADL 347952, ADL 347953, ADL 347959, ADL 347960, ADL 347961, ADL
347969, 
ADL 347972, ADL 347973, ADL 347974, ADL 347975, ADL 353557, ADL
353558, 
ADL 353559, ADL 353560, ADL 353563, ADL 353564, ADL 353565, ADL
355559, 
ADL 361328, ADL 361330, ADL 361332, ADL 361333, ADL 361366, ADL
558105, 
ADL 558106, ADL 558814, ADL 559058, ADL 559059, ADL 559060, ADL
338479, 
ADL 338485, ADL 338486, ADL 338491, ADL 338492, ADL 338495, ADL
338496, 
ADL 338503, ADL 338504, ADL 338507, ADL 338508, ADL 338509, ADL
338510,
ADL 338514, ADL 338515, ADL 338516, ADL 338517, ADL 338518, ADL
338519, 
ADL 347955, ADL 347956, ADL 347962, ADL 347963, ADL 347964, ADL
347965, 
ADL 347966, ADL 347967, ADL 347968, ADL 347976, ADL 347977, ADL
347978, 
ADL 347979, ADL 347980, ADL 348802, ADL 348803, ADL 348804, ADL
348805, 
ADL 348806, ADL 348807, ADL 348808, ADL 348809, ADL 348810, ADL
348811, 
ADL 348812, ADL 348813, ADL 348814, AIN, 348815, ADL 348816, ADL
348817, 
ADL 348818, ADL 348819, ADL 348820, ADL 348821, ADL 348822, ADL
348823, 
ADL 348824, ADL 348825, ADL 348826, ADL 348827, ADL 348828, ADL
348829, 
ADL 348830, ADL 348831, ADL 348832, ADL 361329, ADL 361331, ADL
361349, 
ADL 361350, ADL 361351, ADL 361352, ADL 361353, ADL 361354, ADL
361355, 
ADL 361356, ADL 361357, ADL 361358, ADL 361359, ADL 361360, ADL
361361, 
ADL 361362, ADL 361363, ADL 361364, ADL 361365, ADL 505036, ADL
506391, 
ADL 506392, ADL 532022, ADL 532026, ADL 535710, ADL 535711, ADL
535712, 
ADL 535713, ADL 535714, ADL 535715, ADL 535716, ADL 538220, ADL
538221, 
ADL 538222, ADL 538223, ADL 538224, ADL 538225, ADL 538226, ADL
538227, 
ADL 538230, ADL 538231, ADL 538232, ADL 538233, ADL 538234, ADL
538235, 
ADL 539877, ADL 539878, ADL 539879, ADL 555900, ADL 556252, ADL
558604, 
ADL 558605, ADL 558606, ADL 558607, ADL 559157, ADL 570259, ADL
570260, 
ADL 570261, ADL 570262, ADL 570263, ADL 570264, ADL 570265, ADL
570266, 
ADL 570267, ADL 570268, ADL 570269, ADL 570270, ADL 570271, ADL
570272, 
ADL 570273, ADL 570274, ADL 570275, ADL 570276, ADL 570277, ADL
570278, 
ADL 570279, ADL 570280, ADL 570281, ADL 570282, ADL 570283, ADL
570284, 
ADL 570285, ADL 361365, ADL 361366, ADL 361367, ADL 361368, ADL
330936,
ADL 330937, ADL 330938, ADL 330939, AND ADL 330940;

CONTAINING 8,600.00 ACRES, MORE OR LESS.

ACCORDING TO THE SURVEY PLATS ACCEPTED BY THE UNITED STATES
DEPARTMENT OF THE INTERIOR, BUREAU OF LAND MANAGEMENT IN ANCHORAGE, ALASKA ON
NOVEMBER 5, 1987 AND JANUARY 7, 1991

Upland Mining Lease MHT No. 9400248 
Page 35

ATTACHMENT C

Guaranty of AngloGold North America Inc.

GUARANTY OF ANGLOGOLD NORTH AMERICA INC.

AngloGold North America Inc. ("Guarantor"), a Colorado
corporation, the address of which is 7400 Orchard Road, Suite 350, Greenwood
Village, Colorado 80111-2799, at the request of its affiliate, AngloGold
(U.S.A.) Exploration Inc., a Delaware corporation registered to do business in
Alaska under the name AngloGold (U.S.A.) Exploration Inc., the address of which
is 7400 Orchard Road, Suite 350, Greenwood Village, Colorado 80111, and in
accordance with that certain Upland Mining Lease ("Lease") by and
between: (1) the Alaska Mental Health Trust Authority ("Trust
Authority"), a public corporation within the Alaska Department of Revenue
(AS 47.30.011 et seq.), acting by and through the State of Alaska, Department of
Natural Resources, Mental Health Trust Land Office ("TLO"), pursuant to
AS 37.14.009(a)(2) and AS 38.05.801 (the Trust Authority and the TLO are
collectively the Lessor and are referred to herein as "the TLO"), and (2)
AngloGold (U.S.A.) Exploration Inc. (the Lessee referred to herein as
"AngloGold"), to which a form of this Guaranty is attached as Attachment
C, hereby irrevocably and unconditionally guarantees to the TLO the full
performance, fulfillment, and satisfaction of all of the duties, obligations,
and liabilities of AngloGold arising under or pursuant to the Lease.

If for any reason any such duty, obligation, or liability of
AngloGold is not performed, fulfilled, or satisfied by AngloGold or a successor
or transferee thereof within the time or in the manner required under the Lease,
Guarantor shall perform, fulfill, or satisfy (or cause to be performed,
fulfilled, or satisfied) each of such duties, obligations, and liabilities;
provided, however, that (1) the TLO must first make demand upon AngloGold or
said successor or transferee before making demand upon Guarantor, (2) if
AngloGold or said successor or transferee in good faith denies that any such
duty, obligation, or liability exists or has not been performed, fulfilled, or
satisfied by AngloGold or said successor or transferee within the time or in the
manner required under the Lease, the TLO must establish its rights as against
AngloGold or said successor or transferee before demanding performance,
fulfillment, or satisfaction from Guarantor, and (3) Guarantor shall be entitled
to any and all benefits arising by virtue of any defense, set-off, counterclaim,
or cross-claim available to AngloGold or said successor or transferee.

Guarantor agrees that this Guaranty shall not be discharged,
limited, or reduced except by complete performance of the duties, obligations,
and liabilities of AngloGold (including successors or transferees thereof)
guaranteed hereby or upon the approval by the TLO, in connection with a transfer
made pursuant to Paragraph 15 of the Lease, of the assumption of the duties,
obligations, and liabilities of AngloGold (including successors or transferees
thereof) guaranteed hereby by a person which the TLO determines to be capable of
satisfying in a responsible manner all such duties, obligations, and
liabilities.

Upland Mining Lease MHT No. 9400248 
Page 36

This Guaranty shall be in addition to and without prejudice to
any other security given by anyone (including but not limited to AngloGold) to
the TLO and held at any time by the TLO in connection with any such duty,
obligation, or liability.

This Guaranty shall be interpreted, construed, and enforced in
accordance with the laws of the State of Alaska.

Venue for any appeal from an administrative decision of the TLO
relating to this Guaranty shall be in the Superior Court for the State of Alaska
in Anchorage, Alaska. Venue for any other legal action arising under or relating
to this Guaranty shall be in the Superior Court for the State of Alaska in
either Fairbanks, or Anchorage, Alaska.

This Guaranty shall be binding upon the Guarantor and the
successors and assigns of the Guarantor and shall inure to the benefit of the
TLO and its successors and assigns.

All notices required or permitted to be given pursuant to this
Guaranty shall be in writing and shall be addressed respectively as follows:

	 	Guarantor: 	AngloGold North America Inc. 
	 	  	7400 Orchard Road, Suite 350 
	 	  	Greenwood Village, Colorado 80111-2799 
	 	  	Facsimile: 303-889-0792 
	 	  	Telephone: 303-889-0700 
	 	  	  
	 	The TLO: 	Alaska Department of Natural Resources 
	 	  	Mental Health Trust Land Office 
	 	  	Attention: Executive Director 
	 	  	718 L Street, Suite 202 
	 	  	Anchorage, Alaska 99501 
	 	  	Facsimile: 907-269-8905 
	 	  	Telephone: 907-269-8658 

All notices shall be given (a) by personal delivery to the
addressee, (b) by electronic communication, with a confirmation sent by
registered or certified mail return receipt requested, or (c) by registered or
certified mail return receipt requested. All notices shall be effective and
shall be deemed delivered (a) if by personal delivery, on the date of delivery
if delivered during normal business hours or on the next business day following
delivery if not delivered during normal business hours, (b) if by electronic
communication, on the next business day following the day of receipt (said day
of receipt being the day of receipt at the office of the recipient) of the
electronic communication, and (c) if solely by mail, on the next business day
after actual receipt.

Upland Mining Lease MHT No. 9400248 
Page 37

EXECUTED this 4th day of June, 2004, but effective for all
purposes as of the Effective Date (as defined in the Lease) of the Lease.

	 	ANGLOGOLD NORTH AMERICA INC, 
	 	  	  
	 	  	  
	 	By: 	/s/
      Donald C. Ewigleben 
	 	Its: 	President 

	STATE OF COLORADO 	) 
	  	) ss. 
	  	) 

     This certifies that on the 4th
day of June, 2004, the foregoing instrument was acknowledged before me by Donald
C. Ewigleben of AngloGold (U.S.A.) Exploration Inc., a Delaware corporation, on
behalf of said corporation.

	 	/s/
      Rosmarie Patterson 
	 	Notary Public for the State of Colorado 
	 	My commission expires 3/14/08

Upland Mining Lease MHT No. 9400248 
Page 38

Attachment D

	Claim Name 	Federal Serial Number 
	  	  
	Sharon 	FF055452 
	Dorothea 	FF055453 
	Lenora 	FF055454 
	Foster 	FF055455 
	Vance 	FF055456 
	Twerpit 	FF055457 
	Saunders 	FF055458 
	Nickie 	FF055459 
	Patrick 	FF055460 
	White Rock 	FF055461 
	Sunshine #1 	FF055462 
	Sunshine #2 	FF055463 
	Old Smoky 	FF055464 
	Wittrock 	FF055465 
	Black Rock 	FF055466 
	Trapline 	FF055467 
	Patricia 	FF055468 
	Anne 	FF055469 
	Eileen 	FF055470 
	Bridget 	FF055471 

Upland Mining Lease MHT No. 9400248 
Page 39

SCHEDULE 1

Site-Specific Operating Stipulations

NONE

Upland Mining Lease MHT No. 9400248 
Page 40

SCHEDULE 2

Bond Requirements

AngloGold shall have in place at all times during the term of
this Lease a bond that (1) meets the requirements of AS 27.19.010 -27.19.100, 11
AAC 97, and the Reclamation Plan, (2) is for an amount, as determined and
adjusted from time to time under the Reclamation Plan, equal to the estimated
cost of performing all accrued but not yet satisfied obligations under the
Reclamation Plan, and (3) secures AngloGold's performance of such accrued but
not yet satisfied obligations under the Reclamation Plan.

Upland Mining Lease MHT No. 9400248 
Page 41

SCHEDULE 3

Minimum Insurance Requirements

	Coverage 	Limits 
	Workers' Compensation ("WC") and 	WC: Statutory Limits 
	 	 
	Employers' Liability ("EL") Insurance, with 	EL: $2,000,000 per occurrence 
	broad form "all states" endorsement: 	 
	Business Automobile Liability Insurance, 
including
      all owned, non-owned, and hired 
vehicles utilized in connection with
      this 
Agreement: 	$2,000,000 combined single limit per 
occurrence
      for bodily injury, death, and 
property damage 

	Commercial General Liability Insurance on 
an
      occurrence form, including blanket 
contractual and owner's and
      contractor's 
liability: 	$2,000,000 for injury or death of any one
      
person in any one accident or occurrence or 
property damage,
      including fire damage, with 
an aggregate coverage of $4,000,000 
	Excess Liability (covering matters covered by
      
Employers' Liability Insurance, Business 
Automobile Liability
      Insurance, and 
Commercial General Liability Insurance): 	$5,000,000 

Upland Mining Lease MHT No. 9400248 
Page 42Exhibit 10.1

 

FIRST AMENDMENT

 

FIRST AMENDMENT, dated as of December 9, 2013 (this “Amendment”), to the Credit Agreement dated as of November 26, 2013 (as amended, modified, restated and supplemented from time to time, the “Credit Agreement”), among GENERAL NUTRITION CENTERS, INC., a Delaware corporation (the “Borrower”), GNC CORPORATION, a Delaware corporation (“Parent”), the lending and other financial institutions from time to time party thereto (each a “Lender” and collectively, the “Lenders”), JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and the other parties party thereto.  J.P. Morgan Securities LLC is acting as sole lead arranger and sole bookrunner in connection with this Amendment and the increased Total Revolving Credit Commitments referred to below.

 

W  I  T  N  E  S  S  E  T  H

 

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the Borrower.

 

WHEREAS, the Borrower has requested that the Credit Agreement be amended pursuant to Section 2.4(b) thereof to, among other things, increase the Total Revolving Credit Commitments to $130,000,000.

 

WHEREAS, each New Revolving Credit Lender (as defined below) is executing and delivering this Amendment in order to become a “Revolving Credit Lender” under the Credit Agreement and the other Loan Documents.

 

WHEREAS, the Revolving Credit Lenders and the Administrative Agent are willing to agree to this Amendment on the terms set forth herein.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:

 

SECTION 1.  Defined Terms.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

SECTION 2.  Revolving Credit Commitments. On the First Amendment Effective Date (i) the Total Revolving Credit Commitments are increased to $130,000,000 and (ii) the Revolving Credit Commitment of each Revolving Credit Lender is the amount set forth opposite the name of such Revolving Credit Lender on Annex I to this Amendment. On the First Amendment Effective Date participating interests in the outstanding Letters of Credit and Swingline Loans shall be reallocated in accordance with the respective Applicable Percentages of the Revolving Credit Lenders.

 

(a)  Each Revolving Credit Lender agrees that its Revolving Credit Commitment on the date hereof is the amount set forth opposite its name on Annex I hereto.

 

SECTION 3.  Ratification; Appointment.  (a) Each Revolving Credit Lender that is not a party to the Credit Agreement prior to the First Amendment Effective Date (a “New Revolving Credit Lender”) hereby becomes a party to the Credit Agreement as a Revolving Credit Lender and ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement and the other Loan Documents.  Without limiting the foregoing, each New Revolving Credit Lender appoints and authorizes the Administrative Agent to execute such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents by the terms of the Credit Agreement and the other Loan Documents, together with such powers as are incidental thereto.

 

 

(b)  Each New Revolving Credit Lender agrees to deliver to the Administrative Agent a completed administrative questionnaire in which such New Revolving Credit Lender designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with such New Revolving Credit Lender’s compliance procedures and applicable laws, including Federal and state securities laws.

 

SECTION 4.  Representations and Warranties of the New Revolving Credit Lenders.  Each New Revolving Credit Lender represents and warrants that (a)(i) it has full power and authority, and has taken all action necessary to execute and deliver this Amendment and to consummate the transactions contemplated hereby and become a Revolving Credit Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Revolving Credit Lender, (iii) from and after the First Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the extent of its Revolving Credit Commitment, shall have the rights and obligations of a Revolving Credit Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and to become a Revolving Credit Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender and (v) if it is a Foreign Lender, agrees to deliver any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by such New Revolving Credit Lender, and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

SECTION 5.  Conditions to Effectiveness of Amendment.  This Amendment shall become effective on the date on which the following conditions precedent have been satisfied or waived (the “First Amendment Effective Date”):

 

(a)  The Administrative Agent shall have received a counterpart of this Amendment, executed and delivered by a duly authorized officer of each of the Borrower, the Administrative Agent and each Revolving Credit Lender.

 

(b)  The Administrative Agent shall have received an Acknowledgment and Confirmation in a form reasonably satisfactory to the Administrative Agent from an authorized officer of each Loan Party.

 

SECTION 6.  Representations and Warranties.  The Borrower represents and warrants to the Administrative Agent and to each of the Lenders that:

 

(a)  each of the representations and warranties made in Section 3 of the Credit Agreement and in the other Loan Documents shall be, after giving effect to this Amendment, true and correct in all material respects on and as of the First Amendment Effective Date as if made on and as of such date, except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date (provided that, in each case such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified by materiality or Material Adverse Effect); and

 

2

 

(b)  after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

 

SECTION 7.  Amendments; Counterparts.  (a) This Amendment shall not constitute an amendment of any other provision of the Credit Agreement not expressly referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of Parent or the Borrower that would require a waiver or consent of the Lenders or the Administrative Agent.  Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.

 

(b)  The Borrower and the other parties hereto hereby acknowledge and agree that this Amendment and the Acknowledgment and Confirmation shall each constitute a “Loan Document” as such term is used in the Credit Agreement, and each reference in the Credit Agreement as amended hereby to the “Loan Documents” shall be deemed to include this Amendment and the Acknowledgment and Confirmation.

 

(c)  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, including by means of facsimile or electronic transmission in .pdf format, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

SECTION 8.  GOVERNING LAW; WAIVER OF JURY TRIAL.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE PROVISIONS OF SECTIONS 9.9 AND 9.10 OF THE CREDIT AGREEMENT ARE INCORPORATED HEREIN, MUTATIS MUTANDIS.

 

SECTION 9.  Expenses.  The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

SECTION 10.  Headings.  The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting this Amendment.

 

SECTION 11.  Severability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

 

	
 
    	
 
    
	
 
    	
GENERAL   NUTRITION CENTERS, INC.
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Michael M. Nuzzo
    
	
 
    	
Name:   
    	
Michael   M. Nuzzo
    
	
 
    	
Title:   
    	
Executive   Vice President and
    
	
 
    	
 
    	
Chief   Financial Officer
    

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as Administrative Agent and Revolving Credit Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James A. Knight
    
	
 
    	
Name:
    	
James   A. Knight
    
	
 
    	
Title:
    	
Vice   President

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