Document:

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

EXHIBIT 10.1 

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933 (THE "ACT"), AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS
FROM THE REGISTRATION REQUIREMENTS OF THE ACT. SUCH SECURITIES MAY NOT BE
REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE REGISTERED
UNDER THE APPLICABLE PROVISIONS OF THE ACT OR ARE EXEMPT FROM SUCH REGISTRATION.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION (THE "COMMISSION") OR BY ANY STATE SECURITIES ADMINISTRATION
OR REGULATORY AUTHORITY.

RULE 506 OF REGULATION D SUBSCRIPTION AGREEMENT

(ACCREDITED INVESTORS ONLY)

THIS AGREEMENT is made effective as of the ________
day of ___________________, 2007.

BETWEEN:

THE SUBSCRIBER LISTED ON THE
EXECUTION PAGE TO
THIS AGREEMENT

(hereinafter called the
“Subscriber”)

OF THE FIRST PART

AND:

LINCOLN GOLD CORPORATION, a
Nevada corporation

(hereinafter called the
“Company”)

OF THE SECOND PART

NOW THEREFORE, in consideration of the premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 

ARTICLE 1
DEFINITIONS

1.1                              
Definitions. The following terms will have the following meanings for all
purposes of this Agreement.

(a)            
“Agreement” shall mean this Agreement, and all schedules and amendments to in
the Agreement.

(b)            
“Common Stock” means the Common Stock of the Company with a par value of $0.001
per share.

(c)            
“Exchange Act” shall mean the United States Securities Exchange Act of 1934, as
amended.

(d)            
“Subscriber” shall mean the Subscriber executing the signature page to this
Agreement.

- 2 –

(e)            
“Offering” shall mean the offering of up to 5,000,000 Units by the Company.

(f)            
“SEC” shall mean the United States Securities and Exchange Commission.

(g)            
“SEC Filings” means the reports, schedule, forms and other filings made by the
Company with the SEC in accordance with its obligations under Section 13(a) or
15(d) of the Exchange Act, including its annual reports on Form 10-KSB, its
quarterly reports on Form 10-QSB and its current reports on Form 8-K.

(h)            
"Securities" means the Units, including the Shares and Warrants comprising the
Units, and the Warrant Shares;

(i)            
“Securities Act” shall mean the United States Securities Act of 1933, as
amended.

(j)            
"Shares" means those Common Stock to be purchased by the Subscriber and
comprising a portion of the Units;

(k)            
“Subscription Price” means the subscription price of $0.10 per Unit payable by
the Subscriber to the Company in consideration for the purchase and sale of the
Units in accordance with Section 2.1 of this Agreement.

(l)            
“Unit” means a unit consisting of one (1) Share and one (1) Warrant;

(m)            
“Warrant” means one share purchase warrant entitling the Subscriber to purchase
one share of Common Stock of the Company for a two year term following the date
of the purchase and sale of the Units at a price of $0.15 per Warrant Share;

(n)            
“Warrant Shares” means the Common Stock issuable upon exercise of the
Warrants.

1.2                              
  Schedules. The following schedules are attached to and form part of this
  Agreement:

	 	 	Schedule A                               
      Investor Certificate
	 	 	Schedule B                               
      Warrant Certificate

1.3                              
Currency. All dollar amounts referred to in this agreement are in United
States funds, unless expressly stated otherwise.

ARTICLE 2
PURCHASE AND SALE OF UNITS

2.1                              
Agreement to Subscribe. Subject to the terms and conditions of this
Agreement, the Subscriber hereby subscribes for and agrees to purchase from the
Company such number of Units as is set forth upon the signature page hereof at
the Subscription Price. Upon execution, the subscription by the Subscriber will
be irrevocable.

2.2                              
Payment of Subscription Price. The Subscription Price is payable by the
Subscriber contemporaneously with the execution and delivery of this
Subscription Agreement and will be advanced to the Company or its solicitors.
The Subscriber acknowledges that if the funds are advanced to the Company’s
solicitors, the solicitors shall release such funds to the Company on
confirmation by the Company that it will accept the subscription.

2.3                              
  Acceptance by Company. Upon execution of this Agreement by the Company,
  the Company agrees to sell such Units to the Subscriber for the Subscription
  Price subject to the Company’s right to sell to the Subscriber such lesser
  number of Units as it may, in its sole discretion, deem necessary or desirable.

- 3 –

2.4                              
Compliance with Securities Laws. Any acceptance by the Company of the
Subscription is conditional upon compliance with all securities laws and other
applicable laws of the jurisdiction in which the Subscriber is resident. Each
Subscriber will deliver to the Company all other documentation, agreements,
representations and requisite government forms required by the lawyers for the
Company as required to comply with all securities laws and other applicable laws
of the jurisdiction of the Subscriber.

2.5                              
Loan Pending Subscription. Pending acceptance of this subscription by the
Company, all funds paid by the Subscriber shall be deposited by the Company and
immediately available to the Company for its corporate purposes. In the event
the subscription is not accepted, the subscription funds will constitute a
non-interest bearing demand loan of the Subscriber to the Company.

2.6                              
Delivery of Certificates. The Subscriber hereby authorizes and directs
the Company to deliver the securities to be issued to such Subscriber pursuant
to this Agreement to the Subscriber’s address indicated on the signature page of
this Agreement.

2.7                              
No Minimum Subscription. The Subscriber acknowledges and agrees that the
subscription for the Units and the Company’s acceptance of the subscription is
not subject to any minimum subscription for the Offering.

ARTICLE 3
AGREEMENTS, REPRESENTATIONS AND
WARRANTIES OF THE SUBSCRIBER

3.1                              
Exemption from Registration. The Subscriber acknowledges and agrees that
the Securities will be offered and sold to the Subscriber without such offers
and sales being registered under the Securities Act, and will be issued to the
Subscriber in accordance with an exemption of the registration requirements of
the Securities Act provided by Rule 506 of Regulation D of the Securities Act
based on the representations and warranties of the Subscriber in this Agreement.
As such, the Subscriber further acknowledges and agrees that all Securities
will, upon issuance, be “restricted securities” within the meaning of the
Securities Act inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under
the Securities Act only in certain limited circumstances. The Subscriber further
acknowledges that the Offering has not been reviewed by the SEC or any state or
provincial securities regulatory authority.

3.2                              
Resales of Securities. The Subscriber agrees that the Securities may not
be offered, resold, pledged or otherwise transferred except through an exemption
from registration under the Securities Act, or pursuant to an effective
registration statement under the Securities Act, and in accordance with all
applicable state securities laws and the laws of any other jurisdiction. The
Subscriber agrees that the Company may require the opinion of legal counsel
reasonably acceptable to the Company in the event of any offer, sale, pledge or
transfer of any of the Securities by the Subscriber. 

3.3                              
No Requirement to Register. The Subscriber acknowledges and agrees that
the Company has no obligation to register the resale of the Securities pursuant
to the Securities Act or to otherwise qualify the Securities for resale under
any federal, state or provincial securities laws.

3.4                              
Share Certificates. The Subscriber acknowledges and agrees that all
certificates representing the Shares and the Warrant Shares will be endorsed
with the following legend, or such similar legend as deemed advisable by legal
counsel for the Company, to ensure compliance with

- 4 –

Regulation S of the Securities Act and to reflect the status of
the Shares and the Warrant Shares as restricted securities:

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

3.5                              
Warrant Exercises. The Subscriber acknowledges and agrees that the
Warrants may only be exercised (i) pursuant to an effective registration
statement under the Securities Act, or (ii) pursuant to exemption from the
registration requirements of the Securities Act. In order to establish the
availability of an exemption, the Subscriber acknowledges and agrees that it
will not be entitled to exercise the Warrants unless at the time of such
exercise the Subscriber is able to make the representations and warranties with
respect its purchase of the Warrant Shares set forth in the exercise form
attached to the certificate representing the Warrants.

3.6                              
Warrant Certificates. The Subscriber acknowledges and agrees that
certificates representing the Warrants will be in the form attached hereto as
Schedule B. The Subscriber further acknowledges and agrees that all
certificates representing the Warrants will be endorsed with the following
legend, or such similar legend as deemed advisable by legal counsel for the
Corporation, to ensure compliance with Rule 506 of Regulation D of the
Securities Act and to reflect the status of the Warrants as restricted
securities:

“THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES. THIS WARRANT MAY NOT BE EXERCISED UNLESS THE WARRANT AND THE UNDERLYING
SECURITIES HAVE BEEN REGISTERED UNDER THE ACT AND THE APPLICABLE SECURITIES
LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE.”

3.7                              
Representations and Warranties of the Subscriber. The Subscriber,
represents and warrants to the Company as follows, and acknowledges that the
Company is relying upon such covenants, representations and warranties in
connection with the sale of the Units to the Subscriber:

(a)                              
The Subscriber is an "Accredited Investor" as defined in Rule 501 of Regulation
D of the Securities Act by virtue of satisfying one or more of the following
categories:

If the Subscriber is an individual (that
  is, a natural person and not a corporation, partnership, trust or other entity),
  then it satisfies one or more of the categories indicated below (please place
  an “X” on the appropriate lines):

	 	 __________

         

      	A natural person whose individual net worth, or joint
      net worth with that person’s spouse, at the date of this Subscription
      Agreement exceeds US $1,000,000; 

- 5 –

	 	 __________	A natural person who had an individual income in
      excess of US $200,000 in each of the two most recent years or joint income
      with that person’s spouse in excess of US $300,000 in each of those years
      and has a reasonable expectation of reaching the same income level in the
      current year; 

If the Subscriber is a corporation,
partnership, trust or other entity), then it satisfies one or more of the
categories indicated below (please place an “X” on the appropriate
lines):

		 __________	An organization described in Section 501(c)(3) of
      the United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust or partnership, not formed for the specific purpose
      of acquiring the Securities, with total assets in excess of US $5,000,000;
    
		 __________	A trust that (a) has total assets in excess of US
      $5,000,000, (b) was not formed for the specific purpose of acquiring the
      Securities and (c) is directed in its purchases of securities by a person
      who has such knowledge and experience in financial and business matters
      that he/she is capable of evaluating the merits and risks of an investment
      in the Securities; 
		 __________	An investment company registered under the
      Investment Company Act of 1940 or a business development company as
      defined in Section 2(a)(48) of that Act; 
		 __________	A Small Business Investment Company licensed by the
      U.S. Small Business Administration under Section 301(c) or (d) of the
      Small Business Investment Act of 1958; 
		 __________	A private business development company as defined
      in Section 202(a)(22) of the Investment Advisors Act of 1940; or 
		 __________	An entity in which all of the equity owners satisfy
      the requirements of one or more of the foregoing categories.

(b)                              
The Subscriber has such knowledge, sophistication and experience in business and
financial matters such that it is capable of evaluating the merits and risks of
the investment in the Units. The Subscriber has evaluated the merits and risks
of an investment in the Units. The Subscriber can bear the economic risk of this
investment, and is able to afford a complete loss of this investment.

(c)                              
The Subscriber acknowledges that the Company is in the early stages of
development of its business and the Company’s success is subject to a number of
significant risks, including the risk that the Company will not be able to
finance its plan of operations and that the Company’s business plan will not
succeed. The Subscriber acknowledges that any forward-looking information
provided by the Company to the Subscriber are subject to risks and uncertainties
and that the Company’s actual results may differ materially from the results
anticipated.

(d)                              
The Units will be acquired by the Subscriber for investment for the Subscriber's
own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Subscriber has no present
intention of selling, granting any participation in,

- 6 –

or otherwise distributing the same. The
Subscriber does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to
any third person, with respect to any of the Units.

(e)                              
The Subscriber has received or has had full opportunity to review the SEC
Filings. The Subscriber has had full opportunity to ask questions and receive
answers from representatives of the Company regarding the SEC Filings, the terms
and conditions of the Offering and the business, properties, prospects and
financial condition of the Company, each as is necessary to evaluate the merits
and risks of investing in the Units. The Subscriber believes it has received all
the information it considers necessary or appropriate for deciding whether to
purchase the Units. The Subscriber has had full opportunity to discuss this
information with the Subscriber’s legal and financial advisers prior to
execution of this Agreement.

(f)                              
The Subscriber acknowledges that the Units will be offered and sold without
registration under the Securities Act in a private placement that is exempt from
the registration provisions of the Securities Act based on the truth and
accuracy of the representations of the Subscriber. The Subscribers understands
that the Units it is purchasing are characterized as “restricted securities”
under the Securities Act inasmuch as they are being acquired from the Company in
a transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under
the Securities Act only in certain limited circumstances. In this connection,
the Subscriber represents that it is familiar with SEC Rule 144, as presently in
effect, and understands the resale limitations imposed thereby and by the
Securities Act. The Subscriber further acknowledges that the offering of the
Units by the Company has not been reviewed by the SEC or any state or provincial
securities regulatory authority.

(g)                              
The Subscriber has satisfied himself or herself as to the full observance of the
laws of his or her jurisdiction in connection with any invitation to subscribe
for the Units or any use of this Agreement, including (i) the legal requirements
within his jurisdiction for the purchase of the Units; (ii) any foreign exchange
restrictions applicable to such purchase; (iii) any governmental or other
consents that may need to be obtained; (iv) the income tax and other tax
consequences, if any, that may be relevant to an investment in the Units; and
(v) any restrictions on transfer applicable to any disposition of the Units
imposed by the jurisdiction in which the Subscriber is resident.

(h)                              
The Subscriber has not purchased the Units as a result of any form of general
solicitation or general advertising, including advertisements, articles, notices
or other communications published in any newspaper, magazine or similar media or
broadcast over radio, television or other form of telecommunications, or any
seminar or meeting whose attendees have been invited by general solicitation or
general advertising.

(i)                              
This Agreement has been duly authorized, validly executed and delivered by the
Subscriber.

3.8                              
British Columbia Matters. The Subscriber acknowledges that certain of the
directors and officers of the Company and the head office of the Company are
presently located in the Province of British Columbia. In order to enable the
Company to ensure compliance with British Columbia securities law, the
Subscriber will, as a condition of acceptance by the Company of its
subscription, complete and deliver to the Company the Investor Certificate
attached hereto as Schedule A. The Subscriber acknowledges that the Units
may not be sold or otherwise disposed of for value in British Columbia, except
pursuant to either a prospectus or statutory exemption available only in
specific and limited circumstances. The Subscriber acknowledges that the Company
is not a reporting issuer in the Province of British Columbia and has no plans
to become a reporting issuer in the Province of British Columbia.

- 7 –

ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

                  4.1                              
Representations and Warranties of the Company. The Company represents and
warrants to the Subscriber and acknowledges that the Subscriber is relying upon
such representations and warranties in connection with the execution, delivery
and performance of this Agreement:

(a)                              
The Company is a corporation duly incorporated and in good standing under the
laws of the State of Nevada, and has the requisite corporate power and authority
to conduct its business as it is currently being conducted, to enter into this
Agreement and to sell the Units to the Subscriber.

(b)                              
The execution and delivery by the Company of this Agreement has been duly
authorized by all necessary action on the part of the Company, and no further
consent or action is required by the Company, its board of directors or its
stockholders.

(c)                              
The issuance of the Securities has been duly authorized by all necessary
corporate action of the Company.

(d)                              
Upon payment of the Subscription Price and issuance in accordance with the terms
and conditions of this Agreement, the Shares will be validly issued, fully paid
and non-assessable shares of the Company’s common stock. 

(e)                              
The Warrant Shares have been duly authorized and validly reserved for issuance,
and when issued upon exercise of the Warrant in accordance with the terms
thereof and payment of the exercise price for the Warrants has been received in
full, will be validly issued, fully paid and non-assessable shares of the
Company’s common stock.

(f)                              
The existing stockholders of the Company have no pre-emptive or similar rights
to purchase shares of Common Stock from the Company.

(g)                              
The issue and sale of the Securities by the Company does not and will not
conflict with, and does not and will not result in a breach of, any of the terms
of its Articles of Incorporation or Bylaws or any agreement or instrument to
which the Company is a party.

ARTICLE 5
MISCELLANEOUS PROVISIONS

5.1                              
Effectiveness of Representations; Survival. Each party is entitled to
rely on the representations, warranties and agreements of each of the other
parties and all such representation, warranties and agreement will be effective
regardless of any investigation that any party has undertaken or failed to
undertake. The representation, warranties and agreements will survive the
purchase and sale of the Units.

5.2                              
Further Assurances. Each of the parties hereto will cooperate with the
others and execute and deliver to the other parties hereto such other
instruments and documents and take such other actions as may be reasonably
requested from time to time by any other party hereto as necessary to carry out,
evidence, and confirm the intended purposes of this Agreement.

5.3                              
Amendment. This Agreement may not be amended except by an instrument in
writing signed by each of the parties.

- 8 –

5.4                              
Expenses. Each party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this
Agreement and the transactions contemplated hereby, including all fees and
expenses of agents, representatives, counsel, and accountants. 

5.5                              
Entire Agreement. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior
arrangements and understandings, both written and oral, expressed or implied,
with respect thereto. Any preceding correspondence or offers are expressly
superseded and terminated by this Agreement.

5.6                              
Severability. If one or more provisions of this Agreement is held to be
unenforceable under applicable law, such provision will be excluded from this
Agreement and the balance of this Agreement will be enforceable in accordance
with its terms.

5.7                              
Notices. All notices and other communications required or permitted under
to this Agreement must be in writing and will be deemed given if sent by
personal delivery, faxed with electronic confirmation of delivery,
internationally-recognized express courier or registered or certified mail
(return receipt requested), postage prepaid, to the parties at the following
addresses (or at such other address for a party as will be specified by like
notice):

If to the Subscriber:

AT THE ADDRESS SET FORTH ON THE

SIGNATURE PAGE TO THIS AGREEMENT

If to the Corporation:

LINCOLN GOLD
CORPORATION
Attention: Mr. Paul Saxton, President
Suite 350, 885
Dunsmuir Street
Vancouver, BC V6C 1N5 Canada

All such notices and other communications will be deemed to
have been received (a) in the case of personal delivery, on the date of such
delivery, (b) in the case of a fax, when the party sending such fax has received
electronic confirmation of its delivery, (c) in the case of delivery by
internationally-recognized express courier, on the business day following
dispatch and (d) in the case of mailing, on the fifth business day following
mailing.

5.8                              
Headings. The headings contained in this Agreement are for convenience
purposes only and will not affect in any way the meaning or interpretation of
this Agreement.

5.9                              
Benefits. This Agreement is and will only be construed as for the benefit
of or enforceable by those persons party to this Agreement.

5.10                             Assignment.
This Agreement may not be assigned (except by operation of law) by any party
without the consent of the other parties.

5.11                             Governing
Law. This Agreement will be governed by and construed in accordance with the
laws of the State of Nevada applicable to contracts made and to be performed
therein. 

5.12                             Construction.
The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent, and no rule of strict construction
will be applied against any party.

- 9 –

5.13                             Counterparts.
This Agreement may be executed in one or more counterparts, all of which will be
considered one and the same agreement and will become effective when one or more
counterparts have been signed by each of the parties and delivered to the other
parties, it being understood that all parties need not sign the same
counterpart.

5.14                             Fax
Execution. This Agreement may be executed by delivery of executed signature
pages by fax and such fax execution will be effective for all purposes.

5.15                             Schedules
and Exhibits. The schedules and exhibits are attached to this Agreement and
incorporated herein.

- 10 –

IN WITNESS WHEREOF, this Subscription Agreement is
executed as of the day and year first written above.

	Number of Units Subscribed for: 	Units 	 
	 	 	 
	Subscription Price (per Unit): 	US $0.10 per Unit 	 
	 	 	 
	Total Subscription Price: 	US
      $           
	 
	 	 	 
	Signature of Subscriber or Authorized Signatory of
      Subscriber: 		
	 	 	 
	Name of Authorized Signatory of Subscriber (if applicable):
    		
	 	 	 
	Title of Authorized Signatory of Subscriber (if
      applicable): 		
	 	 	 
	Name of Subscriber: 	  	 
	 	 	 
	Address of Subscriber: 	  	 
	  	  	 
	Telephone No. 	  	 
	 	 	 
	ACCEPTED BY: 	  	 
	 	 	 
	LINCOLN GOLD CORPORATION 	  	 
	 	 	 
	Signature of Authorized Signatory: 	  	 
	 	 	 
	Name of Authorized Signatory: 	Paul Saxton 	 
	 	 	 
	Position of Authorized Signatory: 	President & CEO 	 
	 	 	 
	Date of Acceptance: 	  	 

- 11 –

SCHEDULE A

INVESTOR CERTIFICATE

	TO: 	LINCOLN GOLD CORPORATION 

Certificate

In connection with the purchase by the undersigned (the
“Subscriber”) of Shares of Lincoln Gold Corporation (the “Company”), the
undersigned hereby represents, warrants, covenants to and with the Company and
certifies to the Company (on behalf of itself or on behalf of the disclosed
principal, as the case may be) that:

	1. 	
      if the Subscriber is a resident of a jurisdiction other
      than the Province of Ontario, the Subscriber is: (PLEASE CHECK THE
      APPROPRIATE BOX):

	 	 	 
		[   ] 	
      an “accredited investor” within the meaning of
      National Instrument 45-106 of the Canadian Securities Administrators by
      virtue of satisfying the indicated criterion as set out therein and has
      completed the Accredited Investor Questionnaire attached hereto as
      Schedule 1 to this Schedule A.

	 	 	 
		[   ] 	
      a spouse, parent, grandparent, brother, sister or child
      of (i) ______________________, an executive officer, director, founder or
      control person of the Company, or (ii) the spouse of such executive
      officer, director, founder or control person.

	 	 	 
		[   ] 	
      a close personal friend of ______________________, an
      executive officer, director, founder or control person of the
    Company.

	 	 	 
	

	

	A close personal friend is an individual who has
      known the director, senior officer or control person well enough
      and for a sufficient period of time to be in a position to assess the
      capabilities and trustworthiness of the director, senior officer or
      control person. An individual is not a close personal friend solely
      because the individual is a member of the same organization, association
      or religious group.
	 	 	 
		[   ] 	
      a close business associate of ______________________, an
      executive officer, director, founder or control person of the
    Company.

	 	 	 
	

	

	A close business associate is an individual who
      has had sufficient prior business dealings with the director,
      senior officer or control person to be in a position to assess the
      capabilities and trustworthiness of the director, senior officer or
      control person. A casual business associate or a person introduced or
      solicited for the purpose of purchasing securities is not a close business
      associate. An individual is not a close business associate solely because
      the individual is a client or former client. For example, an individual is
      not a close business associate of a registrant or former registrant solely
      because the individual is a client or former client of that registrant or
      former registrant. The relationship between the purchaser and the
      director, senior officer or control person must be direct. For example,
      the exemption is not available for a close business associate of a close
      business associate of a director, senior officer or control
  person.
	 	 	 
		[   ] 	 a person or company of which a majority of the voting
        securities are beneficially owned by, or a majority of the directors are,
        persons or companies described in above, by virtue of such persons being
        a relative, close person friend or business associate or______________________,
        an executive officer, director, founder or control person of the Company.

- 12 –

	2. 	
      if the Subscriber is a resident of the Province of
      Ontario, the Subscriber is: (PLEASE CHECK THE APPROPRIATE
    BOX):

	 	 	 	 
		[   ] 	
      an “accredited investor” within the meaning of
      National Instrument 45-106 of the Canadian Securities Administrators by
      virtue of satisfying the indicated criterion as set out therein and has
      completed the Accredited Investor Questionnaire attached hereto as
      Schedule 1 to this Schedule A; or

	 	 	 	 
		[   ] 	
      one of the following: (PLEASE CHECK THE APPROPRIATE
      BOX)

	 	 	 	 
			[   ] 	
      a founder of the Company;

	 	 	 	 
			[   ] 	
      an affiliate of a founder of the Company

	 	 	 	 
			[   ] 	
      a spouse, parent, brother, sister, grandparent or child
      of an executive officer, director or founder of the issuer, or

	 	 	 	 
			[   ] 	
      a person that is a control person of the
issuer.

	 	 	 	 
			
      A “founder” is a person who (i) acting alone, in
      conjunction, or in concert with one or more persons, directly of
      indirectly, takes the initiative in founding, organizing of substantially
      reorganizing the business of an issuer, and (ii) at the time of the
      purchase is actively involved in the business of the issuer.

	 	 	 	 
	3. 	
      if the Subscriber is resident in the Province of Ontario
      or is subject to the laws of the Province of Ontario, the
    Subscriber:

	 	 	 	 
		
      (a) is hereby notified by the
Company

	 	(i) 	
      of the delivery to the Ontario Securities Commission of
      the following information pertaining to the Subscriber (the
      “Information”):

	 	 	 	 
	 		(A) 	
      the full name, residential address and telephone number
      of the Subscriber;

	 	 	 	 
	 		(B) 	
      the number and type of securities purchased by the
      Subscriber;

	 	 	 	 
	 		(C) 	
      the total purchase price paid by the
Subscriber,

	 	 	 	 
	 		(D) 	
      the Company’s reliance on the “Accredited Investor”
      exemption under National Instrument 45-106, and

	 	 	 	 
	 		(E) 	
      the date of distribution of the Units;

	 	 	 	 
	 	(ii) 	
      that the Information is being collected indirectly by the
      Ontario Securities Commission under the authority granted to it in
      securities legislation,

	 	 	 	 
	 	(iii) 	
      that the Information is being collected for the purposes
      of the administration and enforcement of the securities legislation of
      Ontario, and

- 13 –

	 	(iv) 	
      of the title, business address and business telephone
      number of the public official in Ontario, who can answer questions about
      the Ontario Securities Commission’s indirect collection of the
      Information, which are set out below:

Ontario Securities
Commission
Suite 1903, Box 5520 Queen Street West
Toronto, Ontario M5H
3S8
Telephone: (416) 593-3682
Facsimile: (416) 593-8252
Public official
contact regarding indirect collection of information:
Administrative
Assistant to the Director of Corporate Finance
Telephone (416) 593-8086, and

	 	(b) 	
      has authorized the indirect collection of the Information
      by the Ontario Securities Commission.

	4. 	
      the Subscriber:

	 	 	 	 
		(a) 	
      is hereby notified by the Company

	 	 	 	 
			(i) 	
      of the delivery to the British Columbia Securities
      Commission of the Information (as defined above),

	 	 	 	 
			(ii) 	
      that the Information is being collected indirectly by the
      British Columbia Securities Commission under the authority granted to it
      in securities legislation,

	 	 	 	 
			(iii) 	
      that the Information is being collected for the purposes
      of the administration and enforcement of the securities legislation of
      British Columbia, and

	 	 	 	 
			(iv) 	
      that the Subscriber may contact the British Columbia
      Securities Commission for further information about the collection and use
      of the Information at the following address and telephone and facsimile
      numbers:

British Columbia Securities
Commission
P.O. Box 10142, Pacific Centre
701 West Georgia
Street
Vancouver, British Columbia V7Y 1L2
Telephone: (604)
899-6500
Toll free in British Columbia and Alberta
1-800-373-6393
Facsimile: (604) 899-6506

	 	(b) 	
      has authorized the indirect collection of the Information
      by the British Columbia Securities Commission;

	5. 	
      The Subscriber acknowledges that:

	 	 	 
		(a) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
		(b) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
		(c) 	
      there are risks associated with the purchase of the
      Securities;

	 	 	 
		(d) 	
      the Company has no plans to become a reporting issuer in
      any Canadian province;

- 14 –

	 	(e) 	
      no person has made any written or oral
      representations:

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

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price for the
      Securities; or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of the
  Securities;

	 	 	 	 
	 	(f) 	
      no prospectus or other offering document has been filed
      by the Company with a securities commission or other securities regulatory
      authority in any province of Canada, or any other jurisdiction in or
      outside of Canada in connection with the issuance of the Securities, and
      such issuances are exempt from the prospectus requirements otherwise
      applicable under the provisions of applicable Canadian securities laws
      and, as a result, in connection with its purchase of the Subscriber’s
      Securities hereunder, as applicable:

	 	 	 	 
	 		(i) 	
      the Subscriber will not receive information that may
      otherwise be required to be provided to the Subscriber under applicable
      Canadian securities or contained in a prospectus prepared in accordance
      with applicable Canadian securities laws; and

	 	 	 	 
	 		(ii) 	
      the Company is relieved from certain obligations that
      would otherwise apply under such applicable Canadian securities laws;
      and

	 	 	 	 
	 	(g) 	
      the Company is relying on exemptions from the
      requirements to provide the Subscriber with a prospectus and to sell
      securities through a person or company registered to sell securities under
      applicable Canadian securities laws or other applicable securities
      legislation and, as a consequence of acquiring the Securities pursuant to
      this exemption, certain protections, rights and remedies provided by
      applicable Canadian securities laws including statutory rights of
      rescission or damages, will not be available to the Subscriber in
      connection with its purchase of the
Securities.

	6. 	
      The Subscriber will:

	 	 	 
		(a) 	
      not resell any of the Securities acquired (directly or
      indirectly) hereunder, in whole or in part, directly or indirectly, except
      in accordance with the provisions of applicable securities laws;
  and

	 	 	 
		(b) 	
      execute, deliver, file and otherwise assist the Company
      in filing, such further reports, undertakings, agreements, documents and
      writings, do all acts and things, and provide such further assurances as
      may be required to give effect to this Subscription Agreement as required,
      and, without limiting the generality of the foregoing, will execute and
      deliver all documents, agreements and writings and provide such
      assurances, undertakings, information and investment letters as may be
      required from time to time by all securities commissions, stock exchanges
      or other regulatory authorities having jurisdiction over the Company's
      affairs or as may be required from time to time under the applicable
      securities laws with respect to the issue and resale of the
    Securities.

	 	 	 
	6. 	
      The Subscriber acknowledges that:

	 	 	 
		(a) 	
      the Securities are subject to resale restrictions imposed
      under applicable Canadian securities laws and, as a consequence, the
      Subscriber may not be able to resell the Securities, except in accordance
      with resale restrictions and limited exemptions under applicable Canadian
      securities laws;

- 15 –

	 	(b) 	
      the Subscriber has the sole responsibility to determine
      and comply with restrictions on resale before reselling any of the
      Securities and has been independently advised as to applicable hold
      periods and restrictions with respect to trading in the Securities imposed
      by applicable Canadian securities laws and regulatory policy including
      applicable securities laws in the jurisdiction in which it resides or the
      jurisdiction in which such Securities will come to rest, and confirms that
      no representation has been made to it by or on behalf of the Company with
      respect thereto; and

	 	 	 
	 	(c) 	
      the certificates evidencing the Securities will bear a
      legend regarding restrictions on transfer as required pursuant to
      applicable Canadian securities laws, as well as the legend restricting
      transfer without registration under the U.S. Securities Act and applicable
      state securities laws.

	7. 	
      The foregoing agreements, representations, warranties and
      covenants are made by the undersigned with the intent that they be relied
      upon in determining the suitability of the undersigned as a Subscriber of
      the Securities and the eligibility of the Subscriber to purchase the
      Securities under applicable Canadian securities laws and the undersigned
      undertakes to immediately notify the Company of any change in any
      statement or other information relating to the Subscriber set forth herein
      which takes place prior to the closing time.

DATED: _________________________, 2007.

	 	Print Name of Subscriber 
	 	 	
	 	By: 	
	 	 	Signature 
	 	 	 
	 	 	Print name of Signatory (if different from
  
	 	 	Subscriber) 
	 	 	  
	 	 	Title 

EXHIBIT 10.1

SCHEDULE 1 TO SCHEDULE A

ACCREDITED INVESTOR QUESTIONNAIRE

In connection with the purchase by the Subscriber of the Units
of Lincoln Gold Corporation, the Subscriber certifies that it/he/she and any
beneficial purchaser, as applicable, is an “accredited investor” as defined in
National Instrument 45-106 – Prospectus and Registration Exemptions and,
as at the Closing, the Subscriber or the beneficial purchaser, as applicable,
qualifies as one of more of the following and acknowledges that the Company is
relying on this certificate in determining to sell the Units to the Subscriber.
(Please insert a checkmark in the box beside each applicable
paragraph)

“accredited investor” means

	 	(a) 	a Canadian financial institution, or a Schedule
      III bank; 	[   ] 
	 	  	  	  
		(b) 	the Business Development Bank of Canada
      incorporated under the Business Development Bank of Canada Act
      (Canada); 	[   ] 
	 	  	  	  
		(c) 	a subsidiary of any person referred to in
      paragraphs (a) or (b), if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary; 	[   ] 
	 	  	  	  
		(d) 	a person registered under the securities
      legislation of a jurisdiction of Canada as an adviser or dealer, other
      than a person registered solely as a limited market dealer under one or
      both of the Securities Act (Ontario) or the Securities Act
      (Newfoundland and Labrador); 	[   ] 
	 	  	  	  
		(e) 	an individual registered or formerly registered
      under the securities legislation of a jurisdiction of Canada as a
      representative of a person referred to in paragraph (d); 	[   ] 
	 	  	  	  
		(f) 	the Government of Canada or a jurisdiction of
      Canada, or any crown corporation, agency or wholly owned entity of the
      Government of Canada or a jurisdiction of Canada; 	[   ] 
	 	  	  	  
		(g) 	a municipality, public board or commission in
      Canada and a metropolitan community, school board, the Comité de gestion
      de la taxe scolaire de l’île de Montréal or an intermunicipal management
      board in Québec; 	[   ] 
	 	  	  	  
		(h) 	any national, federal, state, provincial,
      territorial or municipal government of or in any foreign jurisdiction, or
      any agency of that government; 	[   ] 
	 	  	  	  
		(i) 	a pension fund that is regulated by either the
      Office of the Superintendent of Financial Institutions (Canada) or a
      pension commission or similar regulatory authority of a jurisdiction of
      Canada; 	[   ] 
	 	  	  	  
		(j) 	an individual who, either alone or with a
      spouse, beneficially owns, directly or indirectly, financial assets having
      an aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds $1,000,000; 	[   ] 

- 2 –

		(k) 	an individual whose net income before taxes
      exceeded $200,000 in each of the 2 most recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded $300,000 in
      each of the 2 most recent calendar years and who, in either case,
      reasonably expects to exceed that net income level in the current calendar
      year; 	[   ] 
	 	  	  	  
		(l) 	an individual who, either alone or with a
      spouse, has net assets of at least $5,000,000; 	[   ] 
	 	  	  	  
		(m) 	a person, other than an individual or
      investment fund, that has net assets of at least $5,000,000 as shown on
      its most recently prepared financial statements; 	[   ] 
	 	  	  	  
	 	(n) 	an investment fund that distributes or has
      distributed its securities only to 	[   ] 

	 	(i) 	
      a person that is or was an accredited investor at the
      time of the distribution,
	 
	 	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in section 2.10 of NI 45-106 (being that (I) the
      person purchases as principal, (II) the security has an acquisition cost
      to the purchaser of not less than $150,000 paid in cash at the time of the
      trade, and (III) the trade is in the security of a single Company), and
      section 2.19 of NI 45-106 (being a trade by an investment fund in a
      security of its own issue to a security holder of the investment fund
      where (I) the security holder initially acquired securities of the
      investment fund as principal for an acquisition cost of not less than
      $150,000 paid in cash at the time of the trade, (II) the subsequent trade
      is for a security of the same class or series as the initial trade, and
      (III) the security holder, as at the date of the subsequent trade, holds
      securities of the investment fund that have an acquisition cost of not
      less than $150,000 or a net asset value of not less than $150,000);
    or
	 
	 	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 “Investment fund
      reinvestment” of NI 45-106;
	 

		(o) 	an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator or, in Québec, the securities regulatory authority,
      has issued a receipt; 	[   ] 
	 	  	  	  
		(p) 	a trust company or trust corporation registered
      or authorized to carry on business under the Trust and Loan Companies
      Act (Canada) or under comparable legislation in a jurisdiction of
      Canada or a foreign jurisdiction, acting on behalf of a fully managed
      account managed by the trust company or trust corporation, as the case may
      be; 	[   ] 

- 3 –

		(q) 	a person acting on behalf of a fully managed
      account managed by that person, if that person 	[   ]

	 	(i) 	
      is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction, and
	
	 	 	 	 
	 	(ii) 	
      in Ontario, is purchasing a security that is not a
      security of an investment fund;
	 

		(r) 	a registered charity under the Income Tax
      Act (Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded; 	[   ] 
	 	  	  	  
		(s) 	an entity organized in a foreign jurisdiction
      that is analogous to any of the entities referred to in paragraphs (a) to
      (d) or paragraph (i) in form and function; 	[   ] 
	 	  	  	  
		(t) 	a person in respect of which all of the owners
      of interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors; 	[   ] 
	 	  	  	  
		(u) 	an investment fund that is advised by a person
      registered as an adviser or a person that is exempt from registration as
      an adviser; or 	[   ] 
	 	  	  	  
		(v) 	a person that is recognized or designated by
      the securities regulatory authority or, except in Ontario and Québec, the
      regulator as 	[   ]

	 	(i) 	
      an accredited investor, or

	 	 	 
	 	(ii) 	
      an exempt purchaser in Alberta or British Columbia after
      National Instrument 45-106 comes into force.

The following definitions are included for convenience only;
reference should be had to the applicable legislation:

	 	(a) 	
      “director” means

	 	 	 	 
	 		(i) 	
      a member of the board of directors of a company or an
      individual who performs similar functions for a company, and

	 	 	 	 
	 		(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	 	 	 	 
	 	(b) 	
      “eligibility adviser” means

	 	 	 	 
	 		(i) 	
      a person that is registered as an investment dealer or in
      an equivalent category of registration under the securities legislation of
      the jurisdiction of a purchaser and authorized to give advice with respect
      to the type of security being distributed, and

	 	 	 	 
	 		(ii) 	
      in Saskatchewan or Manitoba, also means a lawyer who is a
      practicing member in good standing with a law society of a jurisdiction of
      Canada or a public accountant who is a member in good standing of an
      institute or association of chartered accountants, certified general
      accountants or certified management accountants in a jurisdiction of
      Canada provided that the lawyer or public accountant must
  not

- 4 –

	 	(a) 	
      have a professional, business or personal relationship
      with the Company, or any of its directors, executive officers, founders,
      or control persons, and
	 
	 	 	 	 
	 	(b) 	
      have acted for or been retained personally or otherwise
      as an employee, executive officer, director, associate or partner of a
      person that has acted for or been retained by the Company or any of its
      directors, executive officers, founders or control persons within the
      previous 12 months;
	 

	 	(c) 	
      “entity” means a company, syndicate, partnership,
      trust or unincorporated organization;
	 
	 	 	 	 	 
	 	(d) 	
      “financial assets” means cash, securities, or a
      contract of insurance, a deposit or an evidence of a deposit that is not a
      security for the purposes of securities legislation;
	 
	 	 	 	 	 
	 	(e) 	
      “fully managed account” means an account of a
      client for which a person makes the investment decisions if that person
      has full discretion to trade in securities for the account without
      requiring the client’s express consent to a transaction;
	 
	 	 	 	 	 
	 	(f) 	
      “investment fund” has the same meaning as in
      National Instrument 81-106 Investment Fund Continuous
      Disclosure;
	 
	 	 	 	 	 
	 	(g) 	
      “person” includes
	 
	 	 	 	 	 
	 		(i) 	
      an individual,
	 
	 	 	 	 	 
	 		(ii) 	
      a corporation,
	 
	 	 	 	 	 
	 		(iii) 	
      a partnership, trust, fund and an association, syndicate,
      organization or other organized group of persons, whether incorporated or
      not, and
	 
	 	 	 	 	 
	 		(iv) 	
      an individual or other person in that person’s capacity
      as a trustee, executor, administrator or personal or other legal
      representative;
	 
	 	 	 	 	 
	 	(h) 	
      “related liabilities” means
	 
	 	 	 	 	 
	 		(i) 	
      liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets, or
	 
	 	 	 	 	 
	 		(ii) 	
      liabilities that are secured by financial assets;
	 
	 	 	 	 	 
	 	(i) 	
      “spouse” means, an individual who,
	 
	 	 	 	 	 
	 		(i) 	
      is married to another individual and is not living
      separate and apart within the meaning of the Divorce Act (Canada),
      from the other individual,
	 
	 	 	 	 	 
	 		(ii) 	
      is living with another individual in a marriage-like
      relationship, including a marriage-like relationship between individuals
      of the same gender, or
	 
	 	 	 	 	 
	 		(iii) 	
      in Alberta, is an individual referred to in paragraph (i)
      or (ii), or is an adult interdependent partner within the meaning of the
      Adult Interdependent Relationships Act (Alberta); and
	 
	 	 	 	 	 
	 	(j) 	
      “subsidiary” means an Company that is controlled
      directly or indirectly by another Company and includes a subsidiary of
      that subsidiary.
	 

- 5 –

                      An
  Company is an “affiliate” of another Company if (i) one of
  them is the subsidiary of the other, or (ii) each of them is controlled by the
  same person.

                     
  In National Instrument 45-106 a person (first person) is considered to
  “control” another person (second person) if

	 	(i) 	
      the first person, directly or indirectly, beneficially
      owns or exercises control or direction over securities of the second
      person carrying votes which, if exercised, would entitle the first person
      to elect a majority of the directors of the second person, unless that
      first person holds the voting securities only to secure an
    obligation,

	 	 	 
	 	(ii) 	
      the second person is a partnership, other than a limited
      partnership, and the first person holds more than 50% of the interests of
      the partnership, or

	 	 	 
	 	(iii) 	
      the second person is a limited partnership and the
      general partner of the limited partnership is the first
  person.

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

                      The
  foregoing representation, warranty and certificate is true and accurate as of
  the date of this certificate and will be true and accurate as of closing of
  the purchase and sale of the Units (the “Closing”). If any such representation,
  warranty or certificate shall not be true and accurate prior to Closing, the
  undersigned shall give immediate written notice of such fact to the Company.

	 	Dated:	           ,
      2007 	 	Signed: 	 
	 	 	 	 
	 	 	 	 
	 	Witness (If Subscriber is an Individual) 	 	Print the name of Subscriber 
	 	 	 	 
	 	 	 	 
	 	Print Name of Witness 	 	If Subscriber is a Corporation, print
      name 
	 	  	 	and title of Authorized Signing
      Officer 

EXHIBIT 10.1

EXHIBIT 10.1

SCHEDULE B

WARRANT CERTIFICATE

THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES. THIS WARRANT MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED UNLESS THEY ARE REGISTERED UNDER THE APPLICABLE PROVISIONS OF THE
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE ACT. THIS WARRANT MAY NOT BE EXERCISED UNLESS THE WARRANT AND THE UNDERLYING
SECURITIES HAVE BEEN REGISTERED UNDER THE ACT AND THE APPLICABLE SECURITIES
LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE.

LINCOLN GOLD CORPORATION
Suite 350, 885 Dunsmuir
Street
Vancouver, BC V6C 1N5 Canada
A NEVADA
CORPORATION
(the “Company”)

COMMON STOCK PURCHASE WARRANT CERTIFICATE

[DATE OF ISSUE] (the “Date of Issue”)

S •-•

	Name of Holder: 	«NAME» 
	Address of Holder: 	«ADDRESS» 
	Number of Shares: 	«NUMBER_OF_WARRANTS» Shares 
	Exercise Price: 	$0.15 per Share. 
	Expiry Date: 	The date that is two (2) years from the Date
      of Issue, as set forth above 

THIS WARRANT CERTIFIES THAT, for value received, the
above named holder or its registered assigns (the “Holder”), shall have the
right to purchase from the Company the above referenced number of fully paid and
non-assessable shares (the “Shares”) of the Company’s common stock (the “Common
Stock”) at an exercise price equal to the exercise price set forth above (the
"Exercise Price"), subject to further adjustment as set forth in this
Certificate, at any time from the date hereof until 5:00 P.M., Pacific time, on
the expiry date set forth above (the “Expiry Date”). This Warrant is issued
pursuant to the Subscription Agreement between the Company and Holder (the
“Subscription Agreement”) pursuant to which the Holder purchased units
consisting of one share of Common Stock and one warrant to purchase one
additional share of Common Stock. The exercise of this Warrant shall be subject
to the provisions, limitations and restrictions contained herein. 

- 2 –

	1. 	
      Exercise.

                 1.1                  Procedure
for Exercise of Warrant. The Holder may exercise this Warrant by
delivering the following to the principal office of the Company in accordance
with Section 5.1 hereof: (a) a duly executed Notice of Exercise in substantially
the form attached as Schedule A, (b) payment of the Exercise Price then in
effect for each of the Shares being purchased, as designated in the Notice of
Exercise, and (c) this Warrant. Payment of the Exercise Price may be in cash,
certified or official bank check payable to the order of the Company, or wire
transfer of funds to the Company’s account (or any combination of any of the
foregoing) in the amount of the Exercise Price for each share being
purchased.

                 1.2                  Delivery
of Certificate and New Warrant. The Company agrees that the shares
of Common Stock purchased upon exercise of this Warrant shall be deemed to be
issued to the Holder hereof as the record owner of such shares as of the close
of business on the date on which this Warrant shall have been surrendered and
payment made for such shares as aforesaid. As soon as practicable after the
exercise of this Warrant in full or in part, and in any event within three (3)
days thereafter, the Company at its expense (including the payment by it of any
applicable issue taxes) will cause to be issued in the name of and delivered to
the Holder hereof, or as the Holder (upon payment by the Holder of any
applicable transfer taxes) may direct in compliance with applicable securities
laws, a certificate or certificates for the number of duly and validly issued,
fully paid and nonassessable shares of Common Stock to which the Holder shall be
entitled on such exercise, together with any other stock or other securities and
property (including cash, where applicable) to which the Holder is entitled upon
such exercise; and, unless this Warrant has expired, a new Warrant representing
the number of Shares (except a remaining fractional share), if any, with respect
to which this Warrant shall not then have been exercised shall also be issued to
the Holder hereof within such time.

                 1.3                  Restrictive
Legend. This Warrant and the Shares have not been registered under
the Securities Act of 1933, as amended, (the "Securities Act") and the Warrants
have been and the Shares, upon exercise of the Warrants, will be issued pursuant
to exemptions from the registration requirements of the Securities Act. Neither
this Warrant nor any of the Shares or any other security issued or issuable upon
exercise of this Warrant may be sold, transferred, pledged or hypothecated in
the absence of an effective registration statement under the Act relating to
such security or an exemption from the registration requirements of the
Securities Act. Each certificate for the Warrant, the Shares and any other
security issued or issuable upon exercise of this Warrant shall contain a legend
on the face thereof, in form and substance satisfactory to counsel for the
Company, setting forth the restrictions on transfer contained in this Section.
The Holder understands that this Warrant constitutes and the Shares upon
issuance will constitute “restricted securities” under the Securities Act. The
holder acknowledges and agrees that all certificates representing the Shares
will be endorsed with the following legend:

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

Any certificate issued at any time in exchange or substitution
for any certificate bearing such legend shall also bear such legend unless in
the opinion of counsel for the Holder thereof (which counsel shall be reasonably
satisfactory to counsel for the Company), the securities represented thereby are
not, at such time, required by law to bear such legend. 

- 3 –

                 1.4                  Fractional
Shares. No fractional Shares shall be issuable upon exercise or
conversion of the Warrant and the number of Shares to be issued shall be rounded
down to the nearest whole Share. If a fractional share interest arises upon any
exercise or conversion of the Warrant, the Company shall eliminate such
fractional share interest by paying to Holder an amount computed by multiplying
the fractional interest by the current market price of a full Share. 

	2. 	
      Covenants of the
Company.

                 2.1                  Authorized
Shares. The Company covenants and agrees that the Company will at all
times have authorized and reserved, free from preemptive rights, a sufficient
number of shares of Common Stock to provide for the exercise in full of the
rights represented by this Warrant.

                 2.2                 
Issuance of Shares. The Company covenants and agrees that all shares of
Common Stock that may be issued upon the exercise of the rights represented by
this Warrant will, upon issuance, be validly issued, fully paid and
non-assessable, and free from all transfer taxes, liens and charges with respect
to the issue thereof. 

	3. 	
      Transfer and
  Replacement.

                 (a)                  Subject
to compliance with any applicable securities laws and the conditions set forth
herein, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company,
together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees
and in the denomination or denominations specified in such instrument of
assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A
Warrant, if properly assigned, may be exercised by a new holder for the purchase
of Shares without having a new Warrant issued. 

                 (b)                  The
Company agrees to maintain, at its aforesaid office, books for the registration
and the registration of transfer of the Warrants.

                 (c)                  If,
at the time of the surrender of this Warrant in connection with any transfer of
this Warrant, the transfer of this Warrant shall not be registered pursuant to
an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such transfer (i) that the Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of
counsel in comparable transactions) to the effect that such transfer may be made
without registration under the Securities Act and under applicable state
securities or blue sky laws, (ii) that the holder or transferee execute and
deliver to the Company a Transfer Form, in the form attached hereto as Schedule
B, and any other investment letter in form and substance reasonably acceptable
to the Company in order to establish that the transfer is exempt from the
registration requirements of the Securities Act, and (iii) that the transferee
be an "accredited investor" as defined in Rule 501(a) promulgated under the
Securities Act.

                 (d)                  The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
or any stock certificate relating to the Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new 

- 4 –

Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

	4. 	
      Adjustments of Exercise Price and/or Number of
      Shares.

                 4.1                  Subdivision
or Combination of Shares. The number and kind of securities
purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time upon the happening of any of the
following. In case the Company shall (i) pay a dividend in shares of Common
Stock or make a distribution in shares of Common Stock to holders of its
outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock, or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Shares purchasable upon exercise of this Warrant immediately prior thereto
shall be adjusted so that the Holder shall be entitled to receive the kind and
number of Shares or other securities of the Company which it would have owned or
have been entitled to receive had such Warrant been exercised in advance
thereof. Upon each such adjustment of the kind and number of Shares or other
securities of the Company which are purchasable hereunder, the Holder shall
thereafter be entitled to purchase the number of Shares or other securities
resulting from such adjustment at an Exercise Price per Warrant Share or other
security obtained by multiplying the Exercise Price in effect immediately prior
to such adjustment by the number of Shares purchasable pursuant hereto
immediately prior to such adjustment and dividing by the number of Shares or
other securities of the Company resulting from such adjustment. An adjustment
made pursuant to this paragraph shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such
event.

                 4.2                  Reorganization,
Reclassification, Consolidation, Merger or Sale. If any
recapitalization, reclassification or reorganization of the share capital of the
Company, or any consolidation or merger of the Company with another Company, or
the sale of all or substantially all of its shares and/or assets or other
transaction (including, without limitation, a sale of substantially all of its
assets followed by a liquidation) shall be effected in such a way that holders
of Common Stock shall be entitled to receive shares, securities or other assets
or property, then, as a condition of such recapitalizations, reclassifications,
reorganizations, consolidations, mergers or sales, lawful and adequate
provisions shall be made by the Company whereby the Holder hereof shall
thereafter have the right to purchase and receive (in lieu of the Common Stock
of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby) such shares, securities or other
assets or property as may be issued or payable with respect to or in exchange
for the number of outstanding Common Stock which such Holder would have been
entitled to receive had such Holder exercised this Warrant immediately prior to
the consummation of such recapitalizations, reclassifications, reorganizations,
consolidations, mergers or sales. The Company or its successor shall promptly
issue to Holder a new Warrant for such new securities or other property. The new
Warrant shall provide for adjustments which shall be as nearly equivalent as may
be practicable to give effect to the adjustments provided for in this Section 4
including, without limitation, adjustments to the Exercise Price and to the
number of securities or property issuable upon exercise of the new Warrant. The
provisions of this Section 4.2 shall similarly apply to successive
recapitalizations, reclassifications, reorganizations, consolidations, mergers
or sales. 

                 4.3                  Notice
of Adjustment. Whenever the number of Shares or number or kind of
securities or other property purchasable upon the exercise of this Warrant or
the Exercise Price is adjusted, as herein provided, the Company shall give
notice thereof to the Holder, which notice shall state the number of Shares (and
other securities or property) purchasable upon the exercise of this Warrant and
the Exercise Price of such Shares (and other securities or property) after such
adjustment, setting forth a brief statement of the facts requiring such
adjustment and setting forth the computation by which such adjustment was
made.

- 5 –

	5. 	
      Miscellaneous
  Provisions.

                 5.1                  Notices.
Any notice or other document required or permitted to be given or delivered to
the Holder shall be delivered or forwarded to the Holder at the address for
Holder provide on the first page of this Warrant or to such other address or
number as shall have been furnished to the Company in writing by the Holder. Any
notice or other document required or permitted to be given or delivered to the
Company shall be delivered or forwarded to the Company at Suite 350, 885
Dunsmuir Street, Vancouver, British Columbia, V6C 1N5 Attention: Paul Saxton,
with a copy to Lang Michener LLP, Suite 1500, 1055 West Georgia Street,
Vancouver, British Columbia V6B 2X6 Attention: Michael H. Taylor, Esq.
(Facsimile No. 604-685-7084), or to such other address or number as shall have
been furnished to Holder in writing by the Company. All notices, requests and
approvals required by this Warrant shall be in writing and shall be conclusively
deemed to be given (a) when hand-delivered to the other party, (b) when received
if sent by facsimile at the address and number set forth above; provided that
notices given by facsimile shall not be effective, unless either (i) a duplicate
copy of such facsimile notice is promptly given by depositing the same in the
mail, postage prepaid and addressed to the party as set forth below or (ii) the
receiving party delivers a written confirmation of receipt for such notice by
any other method permitted under this paragraph; and further provided that any
notice given by facsimile received after 5:00 p.m. (recipient’s time) or on a
non-business day shall be deemed received on the next business day; (c) five (5)
business days after deposit in the United States mail, certified, return receipt
requested, postage prepaid, and addressed to the party as set forth below; or
(d) the next business day after deposit with an international overnight delivery
service, postage prepaid, addressed to the party as set forth below with next
business day delivery guaranteed; provided that the sending party receives
confirmation of delivery from the delivery service provider. 

                 5.2                  Limitation
of Liability. No provision hereof, in the absence of affirmative
action by the Holder to purchase shares of Common Stock, and no mere enumeration
herein of the rights or privileges of the Holder, shall give rise to any
liability of the Holder for the Exercise Price hereunder or as a stockholder of
the Company, whether such liability is asserted by the Company or by creditors
of the Company. 

                 5.3                 
No Rights as Stockholder. This Warrant shall not entitle the
Holder to any of the rights of a stockholder of the Company except upon exercise
in accordance with the terms hereof.

                 5.4                 
Governing Law. This Warrant shall be governed by and construed
in accordance with the laws of the State of Nevada as applied to agreements
among Nevada residents made and to be performed entirely within the State of
Nevada, without giving effect to the conflict of law principles thereof.

- 6 –

                 5.5                  Waiver,
Amendments and Headings. This Warrant and any provision hereof may
be changed, waived, discharged or terminated only by an instrument in writing
signed by both parties (either generally or in a particular instance and either
retroactively or prospectively). The headings in this Warrant are for purposes
of reference only and shall not affect the meaning or construction of any of the
provisions hereof. 

IN WITNESS WHEREOF, the Company has caused this Warrant
to be signed by its duly authorized officer effective as of the _____day of
____________, 2007. 

LINCOLN GOLD CORPORATION

	Signature of Authorized Signatory: 	 _____________________________________
	 	 
	Name of Authorized Signatory: 	 _____________________________________
	 	 
	Position of Authorized Signatory: 	 _____________________________________

SCHEDULE A TO WARRANT CERTIFICATE

FORM OF NOTICE OF EXERCISE

	TO: 	LINCOLN GOLD CORPORATION

The undersigned hereby exercises the right to purchase the
number of shares of common stock of Lincoln Gold Corporation (the "Company") set
forth below (the "Shares") pursuant to the Warrant to Purchase Common Stock
issued by the Company and delivered concurrently with this Notice of Exercise.
In accordance with the provisions of the Warrant, the undersigned hereby tenders
the following concurrently with the delivery of this Notice of Exercise (i)
payment of the Exercise Price payable by the undersigned for the Shares (the
“Purchase Price”) in effect for each of the Shares being purchased, and (ii) the
original Warrant.

	Number of Shares Purchased: 	Shares 
	 	 
	Aggregate Purchase Price: 	$                             
    

The undersigned represents and warrants to the Company
that:

	1. 	
      It has such knowledge and experience in financial and
      business matters as to be capable of evaluating the merits and risks of an
      investment in the Shares and it is able to bear the economic risk of loss
      of its entire investment.

	 	 
	2. 	
      The Company has provided to it the opportunity to ask
      questions and receive answers concerning the terms and conditions of the
      offering and it has had access to such information concerning the Company
      as it has considered necessary or appropriate in connection with its
      investment decision to acquire the Shares.

	 	 
	3. 	
      It is acquiring the Shares for its own account, for
      investment purposes only and not with a view to any resale, distribution
      or other disposition of the Shares in violation of the United States
      securities laws.

	 	 
	4. 	
      It understands the Shares have not been registered under
      the United States Securities Act of 1933, as amended (the "1933 Act") or
      the securities laws of any state of the United States and that the sale
      contemplated hereby is being made in reliance on an exemption from such
      registration requirements.

	 	 
	5. 	
      The undersigned is an “accredited investor” as defined in
      Rule 501(a) of Regulation D promulgated under the 1933 Act.

	 	 
	7. 	
      It has not exercised the Warrants as a result of any form
      of general solicitation or general advertising, including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio, television or other
      form of telecommunications, or any seminar or meeting whose attendees have
      been invited by general solicitation or general
  advertising.

- 2 -

	8. 	
      It understands that the Shares are "restricted
      securities" under applicable federal securities laws and that the 1933 Act
      and the rules of the SEC provide in substance that the undersigned may
      dispose of the Shares only pursuant to an effective registration statement
      under the 1933 Act or an exemption therefrom.

	 	 
	9. 	
      The certificates representing the Shares (and any
      certificates issued in exchange or substitution for the Securities) will
      bear a legend in the form contemplated by the certificates representing
      the Warrants stating that such securities have not been registered under
      the 1933 Act or the securities laws of any state of the United States and
      may not be offered for sale or sold unless registered under the 1933 Act
      and the securities laws of all applicable states of the United States or
      an exemption from such registration requirements is
  available.

	Date of Execution: 	
	 	 
	Signature of Purchaser or Authorized Signatory of Purchaser
      (if the Purchaser is not an individual): 	
	 	 
	Name of Authorized Signatory of Purchaser(if the Purchaser
      is not an individual): 	
	 	 
	Title of Authorized Signatory of Purchaser(if the Purchaser
      is not an individual): 	
	 	 
	Name of Purchaser: 	 
	 	 
	Address of Purchaser:Filed by Automated Filing Services Inc. (604) 609-0244 - Lincoln Gold Corp. - Exhibit 10.2

EXHIBIT 10.2

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “ACT”), AND ARE PROPOSED TO BE ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

REGULATION S SUBSCRIPTION AGREEMENT

THIS AGREEMENT is made effective as of the ________day
of ___________________, 2007.

BETWEEN:

THE SUBSCRIBER LISTED ON THE
EXECUTION PAGE TO
THIS AGREEMENT

(hereinafter called the
“Subscriber”)

OF THE FIRST PART

AND:

LINCOLN GOLD CORPORATION, a
Nevada corporation

(hereinafter called the
“Company”)

OF THE SECOND PART

NOW THEREFORE, in consideration of the premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 

ARTICLE 1
DEFINITIONS

1.1                                  Definitions.
  The following terms will have the following meanings for all purposes of this
  Agreement.

(a)            
   “Agreement” shall mean this Agreement, and all schedules and
  amendments to in the Agreement.

(b)            
  “Common Stock” means the Common Stock of the Company with a par value
  of $0.001 per share.

(c)            
    “Exchange Act” shall mean the United States Securities Exchange
  Act of 1934, as amended.

(d)            
   “Subscriber” shall mean the Subscriber executing the signature
  page to this Agreement.

(e)            
  “Offering” shall mean the offering of up to 5,000,000 Units by the
  Company.

- 2 –

(f)             “SEC” shall mean the United States Securities and Exchange Commission.

(g)             “SEC Filings” means the reports, schedule, forms and other filings made by the
Company with the SEC in accordance with its obligations under Section 13(a) or
15(d) of the Exchange Act, including its annual reports on Form 10-KSB, its
quarterly reports on Form 10-QSB and its current reports on Form 8-K.

(h)             "Securities" means the Units, including the Shares and Warrants comprising the
Units, and the Warrant Shares;

(i)             “Securities Act” shall mean the United States Securities Act of 1933, as
amended.

(j)             "Shares" means those Common Stock to be purchased by the Subscriber and
comprising a portion of the Units;

(k)             “Subscription Price” means the subscription price of $0.10 per Unit payable by
the Subscriber to the Company in consideration for the purchase and sale of the
Units in accordance with Section 2.1 of this Agreement.

(l)             “Unit” means a unit consisting of one (1) Share and one (1) Warrant;

(m)             “Warrant” means one share purchase warrant entitling the Subscriber to purchase
one share of Common Stock of the Company for a two year term following the date
of the purchase and sale of the Units at a price of $0.15 per Warrant Share;

(n)             “Warrant Shares” means the Common Stock issuable upon exercise of the
Warrants.

1.2                              
Schedules. The following schedules are attached to and form part of this
Agreement:

	 	Schedule A 	Definition of U.S. Person 
	 	Schedule B 	Investor Certificate 
	 	Schedule C 	Warrant Certificate 

1.3                              
Currency. All dollar amounts referred to in this agreement are in United
States funds, unless expressly stated otherwise.

ARTICLE 2
PURCHASE AND SALE OF UNITS

2.1                              
Agreement to Subscribe. Subject to the terms and conditions of this
Agreement, the Subscriber hereby subscribes for and agrees to purchase from the
Company such number of Units as is set forth upon the signature page hereof at
the Subscription Price. Upon execution, the subscription by the Subscriber will
be irrevocable.

2.2                              
Payment of Subscription Price. The Subscription Price is payable by the
Subscriber contemporaneously with the execution and delivery of this
Subscription Agreement and will be advanced to the Company or its solicitors.
The Subscriber acknowledges that if the funds are advanced to the Company’s
solicitors, the solicitors shall release such funds to the Company on
confirmation by the Company that it will accept the subscription.

2.3                              
Acceptance by Company. Upon execution of this Agreement by the Company,
the Company agrees to sell such Units to the Subscriber for the Subscription
Price subject to the Company’s right to sell to the Subscriber such lesser
number of Units as it may, in its sole discretion, deem necessary or
desirable.

- 3 –

2.4                              
Compliance with Securities Laws. Any acceptance by the Company of the
Subscription is conditional upon compliance with all securities laws and other
applicable laws of the jurisdiction in which the Subscriber is resident. Each
Subscriber will deliver to the Company all other documentation, agreements,
representations and requisite government forms required by the lawyers for the
Company as required to comply with all securities laws and other applicable laws
of the jurisdiction of the Subscriber.

2.5                              
Loan Pending Subscription. Pending acceptance of this subscription by the
Company, all funds paid by the Subscriber shall be deposited by the Company and
immediately available to the Company for its corporate purposes. In the event
the subscription is not accepted, the subscription funds will constitute a
non-interest bearing demand loan of the Subscriber to the Company.

2.6                              
Delivery of Certificates. The Subscriber hereby authorizes and directs
the Company to deliver the securities to be issued to such Subscriber pursuant
to this Agreement to the Subscriber’s address indicated on the signature page of
this Agreement.

2.7                              
No Minimum Subscription. The Subscriber acknowledges and agrees that the
subscription for the Units and the Company’s acceptance of the subscription is
not subject to any minimum subscription for the Offering.

ARTICLE 3
AGREEMENTS, REPRESENTATIONS AND
WARRANTIES OF THE SUBSCRIBER

3.1                              
Exemption from Registration. The Subscriber acknowledges and agrees that
the Units will be offered and sold to the Subscriber without such offers and
sales being registered under the Securities Act and will be issued to the
Subscriber in an offshore transaction outside of the United States in accordance
with a safe harbour from the registration requirements of the Securities Act
provided by Rule 903 of Regulation S of the Securities Act based on the
representations and warranties of the Subscriber in this Agreement. The
Subscriber further acknowledges and agrees that the Warrant Shares will be
offered and sold without registration under the Securities Act and will only be
issued to the Subscriber in an offshore transaction in accordance with Rule 903
of Regulation S of the Securities Act or pursuant to an available exemption from
the registration requirements of the Securities Act. As such, the Subscriber
further acknowledges and agrees that all Securities will, upon issuance, be
“restricted securities” within the meaning of the Securities Act.

3.2                              
Resales of Securities. The Subscriber acknowledges that that the
Securities may not be offered, resold, pledged or otherwise transferred except
through an exemption from registration under the Securities Act or pursuant to
an effective registration statement under the Securities Act and in accordance
with all applicable state securities laws and the laws of any other
jurisdiction. The Subscriber agrees to resell the Securities only in accordance
with the provisions of Regulation S of the Securities Act, pursuant to
registration under the Securities Act, or pursuant to an available exemption
from registration pursuant to the Securities Act. The Subscriber agrees that the
Company will refuse to register any transfer of the Securities not made in
accordance with the provisions of Regulation S of the Securities Act, pursuant
to registration under the Securities Act, pursuant to an available exemption
from registration. The Subscriber agrees that the Company may require the
opinion of legal counsel reasonably acceptable to the Company in the event of
any offer, sale, pledge or transfer of any of the Securities by the Subscriber
pursuant to an exemption from registration under the Securities Act. 

3.3                              
No Requirement to Register. The Subscriber acknowledges and agrees that
the Company has no obligation to register the resale of the Securities pursuant
to the Securities Act or to otherwise qualify the Securities for resale under
any federal, state or provincial securities laws.

3.4                              
Hedging Transactions. The Subscriber agrees not to engage in hedging
transactions with regard to the Securities unless in compliance with the
Securities Act.

- 4 –

3.5                              
Share Certificates. The Subscriber acknowledges and agrees that all
certificates representing the Shares and the Warrant Shares will be endorsed
with the following legend, or such similar legend as deemed advisable by legal
counsel for the Company, to ensure compliance with Regulation S of the
Securities Act and to reflect the status of the Shares and the Warrant Shares as
restricted securities:

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT
TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

3.6                              
Warrant Exercises. The Subscriber acknowledge and agree that the Warrants
may only be exercised (i) outside the United States in an offshore transaction
in accordance with Rule 903 of Regulation S, or (ii) within the United States
pursuant to exemption from the registration requirements of the Securities Act.
In order to establish the availability of Rule 903, the Subscriber acknowledges
and agrees that it will not be entitled to exercise the Warrants unless at the
time of such exercise the Subscriber is able to make the representations and
warranties with respect its purchase of the Warrant Shares set forth in the
exercise form attached to the certificate representing the Warrants. If the
Warrants are to be exercised pursuant to an exemption from the registration
requirements of the Securities Act, the Subscriber will be required to deliver a
legal opinion in form and substance satisfactory to the Company to the effect
that the Warrant Shares may be issued pursuant to an exemption from the
registration requirements of the Securities Act.

3.7                              
Warrant Certificates. The Subscriber acknowledges and agrees that
certificates representing the Warrants will be in the form attached hereto as
Schedule C. The Subscriber further acknowledges and agrees that all
certificates representing the Warrants will be endorsed with the following
legend, or such similar legend as deemed advisable by legal counsel for the
Corporation, to ensure compliance with Rule 903 of Regulation S of the
Securities Act and to reflect the status of the Warrants as restricted
securities:

“THIS WARRANT AND THE SHARES TO BE
ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER
THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT
TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT BE EXERCISED IN
THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED STATES OR A U.S.
PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND

- 5 –

WARRANTS HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE
OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED
STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES
ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE ACT.”

3.8                              
Representations and Warranties of the Subscriber. The Subscriber,
represents and warrants to the Company as follows, and acknowledges that the
Company is relying upon such covenants, representations and warranties in
connection with the sale of the Units to the Subscriber:

(a)             The Subscriber is not a “U.S. Person” as defined by Regulation S of the
Securities Act, as set forth in Schedule A of this Agreement.

(b)             The Subscriber is not acquiring the Units for the account or benefit of a U.S.
Person.

(c)             The Subscriber was not in the United States at the time the offer to purchase
the Units was received or at the time this Agreement was executed.

(d)             The Subscriber has such knowledge, sophistication and experience in business and
financial matters such that it is capable of evaluating the merits and risks of
the investment in the Units. The Subscriber has evaluated the merits and risks
of an investment in the Units. The Subscriber can bear the economic risk of this
investment, and is able to afford a complete loss of this investment.

(e)             The Subscriber acknowledges that the Company is in the early stages of
development of its business and the Company’s success is subject to a number of
significant risks, including the risk that the Company will not be able to
finance its plan of operations and that the Company’s business plan will not
succeed. The Subscriber acknowledges that any forward-looking information
provided by the Company to the Subscriber are subject to risks and uncertainties
and that the Company’s actual results may differ materially from the results
anticipated.

(f)             The Units will be acquired by the Subscriber for investment for the Subscriber's
own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Subscriber has no present
intention of selling, granting any participation in, or otherwise distributing
the same. The Subscriber does not have any contract, undertaking, agreement or
arrangement with any person to sell, transfer or grant participations to such
person or to any third person, with respect to any of the Units.

(g)             The Subscriber has received or has had full opportunity to review the SEC
Filings. The Subscriber has had full opportunity to ask questions and receive
answers from representatives of the Company regarding the SEC Filings, the terms
and conditions of the Offering and the business, properties, prospects and
financial condition of the Company, each as is necessary to evaluate the merits
and risks of investing in the Units. The Subscriber believes it has received all
the information it considers necessary or appropriate for deciding whether to
purchase the Units. The Subscriber has had full opportunity to discuss this
information with the Subscriber’s legal and financial advisers prior to
execution of this Agreement.

(h)             The Subscriber acknowledges that the Units will be offered and sold without
registration under the Securities Act in a private placement that is exempt from
the registration provisions of the Securities Act based on the truth and
accuracy of the representations of the Subscriber. The Subscribers understands
that the Units it is purchasing are characterized as “restricted securities”

- 6 –

under the Securities Act inasmuch as
they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may
be resold without registration under the Securities Act only in certain limited
circumstances. In this connection, the Subscriber represents that it is familiar
with SEC Rule 144, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act. The Subscriber further
acknowledges that the offering of the Units by the Company has not been reviewed
by the SEC or any state or provincial securities regulatory authority.

(i)             The Subscriber has satisfied himself or herself as to the full observance of the
laws of his or her jurisdiction in connection with any invitation to subscribe
for the Units or any use of this Agreement, including (i) the legal requirements
within his jurisdiction for the purchase of the Units; (ii) any foreign exchange
restrictions applicable to such purchase; (iii) any governmental or other
consents that may need to be obtained; (iv) the income tax and other tax
consequences, if any, that may be relevant to an investment in the Units; and
(v) any restrictions on transfer applicable to any disposition of the Units
imposed by the jurisdiction in which the Subscriber is resident.

(j)             The Subscriber has not purchased the Units as a result of any form of general
solicitation or general advertising, including advertisements, articles, notices
or other communications published in any newspaper, magazine or similar media or
broadcast over radio, television or other form of telecommunications, or any
seminar or meeting whose attendees have been invited by general solicitation or
general advertising.

(k)             This Agreement has been duly authorized, validly executed and delivered by the
Subscriber.

3.9                              
British Columbia Matters. The Subscriber acknowledges that certain of the
directors and officers of the Company and the head office of the Company are
presently located in the Province of British Columbia. In order to enable the
Company to ensure compliance with British Columbia securities law, the
Subscriber will, as a condition of acceptance by the Company of its
subscription, complete and deliver to the Company the Investor Certificate
attached hereto as Schedule B. The Subscriber acknowledges that the Units
may not be sold or otherwise disposed of for value in British Columbia, except
pursuant to either a prospectus or statutory exemption available only in
specific and limited circumstances. The Subscriber acknowledges that the Company
is not a reporting issuer in the Province of British Columbia and has no plans
to become a reporting issuer in the Province of British Columbia.

ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

                   4.1                              
Representations and Warranties of the Company. The Company represents and
warrants to the Subscriber and acknowledges that the Subscriber is relying upon
such representations and warranties in connection with the execution, delivery
and performance of this Agreement:

(a)             The Company is a corporation duly incorporated and in good standing under the
laws of the State of Nevada, and has the requisite corporate power and authority
to conduct its business as it is currently being conducted, to enter into this
Agreement and to sell the Units to the Subscriber.

(b)             The execution and delivery by the Company of this Agreement has been duly
authorized by all necessary action on the part of the Company, and no further
consent or action is required by the Company, its board of directors or its
stockholders.

- 7 –

(c)             The issuance of the Securities has been duly authorized by all necessary
corporate action of the Company.

(d)             Upon payment of the Subscription Price and issuance in accordance with the terms
and conditions of this Agreement, the Shares will be validly issued, fully paid
and non-assessable shares of the Company’s common stock. 

(e)             The Warrant Shares have been duly authorized and validly reserved for issuance,
and when issued upon exercise of the Warrant in accordance with the terms
thereof and payment of the exercise price for the Warrants has been received in
full, will be validly issued, fully paid and non-assessable shares of the
Company’s common stock.

(f)             The existing stockholders of the Company have no pre-emptive or similar rights
to purchase shares of Common Stock from the Company.

(g)             The issue and sale of the Securities by the Company does not and will not
conflict with, and does not and will not result in a breach of, any of the terms
of its Articles of Incorporation or Bylaws or any agreement or instrument to
which the Company is a party.

ARTICLE 5
MISCELLANEOUS PROVISIONS

5.1                              
   Effectiveness of Representations; Survival. Each party is entitled
  to rely on the representations, warranties and agreements of each of the other
  parties and all such representation, warranties and agreement will be effective
  regardless of any investigation that any party has undertaken or failed to undertake.
  The representation, warranties and agreements will survive the purchase and
  sale of the Units.

5.2                              
   Further Assurances. Each of the parties hereto will cooperate
  with the others and execute and deliver to the other parties hereto such other
  instruments and documents and take such other actions as may be reasonably requested
  from time to time by any other party hereto as necessary to carry out, evidence,
  and confirm the intended purposes of this Agreement.

5.3                              
  Amendment. This Agreement may not be amended except by an instrument
  in writing signed by each of the parties.

5.4                              
Expenses. Each party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this
Agreement and the transactions contemplated hereby, including all fees and
expenses of agents, representatives, counsel, and accountants. 

5.5                              
Entire Agreement. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior
arrangements and understandings, both written and oral, expressed or implied,
with respect thereto. Any preceding correspondence or offers are expressly
superseded and terminated by this Agreement.

5.6                              
Severability. If one or more provisions of this Agreement is held to be
unenforceable under applicable law, such provision will be excluded from this
Agreement and the balance of this Agreement will be enforceable in accordance
with its terms.

5.7                              
Notices. All notices and other communications required or permitted under
to this Agreement must be in writing and will be deemed given if sent by
personal delivery, faxed with electronic confirmation of delivery,
internationally-recognized express courier or registered or certified

- 8 –

mail (return receipt requested), postage prepaid, to the
parties at the following addresses (or at such other address for a party as will
be specified by like notice):

If to the Subscriber:

AT THE ADDRESS SET FORTH ON THE

SIGNATURE PAGE TO THIS AGREEMENT

If to the Corporation:

LINCOLN GOLD
CORPORATION
Attention: Mr. Paul Saxton, President
Suite 350, 885
Dunsmuir Street
Vancouver, BC V6C 1N5 Canada

All such notices and other communications will be deemed to
have been received (a) in the case of personal delivery, on the date of such
delivery, (b) in the case of a fax, when the party sending such fax has received
electronic confirmation of its delivery, (c) in the case of delivery by
internationally-recognized express courier, on the business day following
dispatch and (d) in the case of mailing, on the fifth business day following
mailing.

5.8                              
Headings. The headings contained in this Agreement are for convenience
purposes only and will not affect in any way the meaning or interpretation of
this Agreement.

5.9                              
Benefits. This Agreement is and will only be construed as for the benefit
of or enforceable by those persons party to this Agreement.

5.10             
              
Assignment. This Agreement may not be assigned (except by operation of
law) by any party without the consent of the other parties.

5.11                            
Governing Law. This Agreement will be governed by and construed in
accordance with the laws of the State of Nevada applicable to contracts made and
to be performed therein. 

5.12                            
Construction. The language used in this Agreement will be deemed to be
the language chosen by the parties to express their mutual intent, and no rule
of strict construction will be applied against any party.

5.13                            
Counterparts. This Agreement may be executed in one or more counterparts,
all of which will be considered one and the same agreement and will become
effective when one or more counterparts have been signed by each of the parties
and delivered to the other parties, it being understood that all parties need
not sign the same counterpart.

5.14                            
Fax Execution. This Agreement may be executed by delivery of executed
signature pages by fax and such fax execution will be effective for all
purposes.

5.15                            
Schedules and Exhibits. The schedules and exhibits are attached to this
Agreement and incorporated herein.

- 9 –

IN WITNESS WHEREOF, this Subscription Agreement is executed
  as of the day and year first written above.

	Number of Units Subscribed for: 	Units 	 
	 	 	 
	Subscription Price (per Unit): 	US $0.10 per Unit 	 
	 	 	 
	Total Subscription Price: 	US $           
    	 
	 	 	 
	Signature of Subscriber or Authorized Signatory of Subscriber:
    		
	 	 	 
	Name of Authorized Signatory of Subscriber (if applicable):
    		
	 	 	 
	Title of Authorized Signatory of Subscriber (if applicable):
    		
	 	 	 
	Name of Subscriber: 	  	 
	 	 	 
	Address of Subscriber: 	  	 
	  	  	 
	Telephone No. 	  	 
	 	 	 
	ACCEPTED BY: 	  	 
	 	 	 
	LINCOLN GOLD CORPORATION 	  	 
	 	 	 
	Signature of Authorized Signatory: 	  	 
	 	 	 
	Name of Authorized Signatory: 	Paul Saxton 	 
	 	 	 
	Position of Authorized Signatory: 	President & CEO 	 
	 	 	 
	Date of Acceptance: 	  	 

 

- 10 –

SCHEDULE A

DEFINITION OF U.S. PERSON

A “U.S. Person” is defined by Regulation S of the Act to be any
person who is:

	 	(a) 	
      any natural person resident in the United
  States;

	 	 	 	 
	 	(b) 	
      any partnership or corporation organized or incorporated
      under the laws of the United States;

	 	 	 	 
	 	(c) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(d) 	
      any trust of which any trustee is a U.S.
person;

	 	 	 	 
	 	(e) 	
      any agency or branch of a foreign entity located in the
      United States;

	 	 	 	 
	 	(f) 	
      any non-discretionary account or similar account (other
      than an estate or trust) held by a dealer or other fiduciary organized,
      incorporate, or (if an individual) resident in the United States;
    and

	 	 	 	 
	 	(g) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any foreign
      jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the Act, unless it is
      organized or incorporated, and owned, by accredited Subscribers [as
      defined in Section 230.501(a) of the Act] who are not natural persons,
      estates or trusts.

EXHIBIT 10.2

SCHEDULE B

INVESTOR CERTIFICATE

TO:    LINCOLN GOLD CORPORATION

Certificate

In connection with the purchase by the undersigned (the
“Subscriber”) of Units of Lincoln Gold Corporation (the “Company”), the
undersigned hereby represents, warrants, covenants to and with the Company and
certifies to the Company (on behalf of itself or on behalf of the disclosed
principal, as the case may be) that:

	1. 	
      if the Subscriber is a resident of a jurisdiction other
      than the Province of Ontario, the Subscriber is: (PLEASE CHECK THE
      APPROPRIATE BOX):

	 	 	 
		[   ] 	
      an “accredited investor” within the meaning of
      National Instrument 45-106 of the Canadian Securities Administrators by
      virtue of satisfying the indicated criterion as set out therein and has
      completed the Accredited Investor Questionnaire attached hereto as
      Schedule 1 to this Schedule B.

	 	 	 
		[   ] 	
      a spouse, parent, grandparent, brother, sister or child
      of (i) ______________________, an executive officer, director, founder or
      control person of the Company, or (ii) the spouse of such executive
      officer, director, founder or control person.

	 	 	 
		[   ] 	
      a close personal friend of ______________________, an
      executive officer, director, founder or control person of the
    Company.

	 	 	 
			A close personal friend is an individual who has
      known the director, senior officer or control person well enough
      and for a sufficient period of time to be in a position to assess the
      capabilities and trustworthiness of the director, senior officer or
      control person. An individual is not a close personal friend solely
      because the individual is a member of the same organization, association
      or religious group.
	 	 	 
		[   ] 	
      a close business associate of ______________________, an
      executive officer, director, founder or control person of the
    Company.

	 	 	 
			A close business associate is an individual who
      has had sufficient prior business dealings with the director,
      senior officer or control person to be in a position to assess the
      capabilities and trustworthiness of the director, senior officer or
      control person. A casual business associate or a person introduced or
      solicited for the purpose of purchasing securities is not a close business
      associate. An individual is not a close business associate solely because
      the individual is a client or former client. For example, an individual is
      not a close business associate of a registrant or former registrant solely
      because the individual is a client or former client of that registrant or
      former registrant. The relationship between the purchaser and the
      director, senior officer or control person must be direct. For example,
      the exemption is not available for a close business associate of a close
      business associate of a director, senior officer or control
  person.
	 	 	 
		[   ] 	
      a person or company of which a majority of the voting securities
        are beneficially owned by, or a majority of the directors are, persons
        or companies described in above, by virtue of such persons being a relative,
        close person friend or business associate or ______________________, an
        executive officer, director, founder or control person of the Company.

- 2 –

	2. 	
      if the Subscriber is a resident of the Province of
      Ontario, the Subscriber is: (PLEASE CHECK THE APPROPRIATE
    BOX):

	 	 	 	 
		[   ] 	
      an “accredited investor” within the meaning of
      National Instrument 45-106 of the Canadian Securities Administrators by
      virtue of satisfying the indicated criterion as set out therein and has
      completed the Accredited Investor Questionnaire attached hereto as
      Schedule 1 to this Schedule B; or

	 	 	 	 
		[   ] 	
      one of the following: (PLEASE CHECK THE APPROPRIATE
      BOX)

	 	 	 	 
			[   ] 	
      a founder of the Company;

	 	 	 	 
			[   ] 	
      an affiliate of a founder of the Company

	 	 	 	 
			[   ] 	
      a spouse, parent, brother, sister, grandparent or child
      of an executive officer, director or founder of the issuer, or

	 	 	 	 
			[   ] 	
      a person that is a control person of the
issuer.

	 	 	 	 
			
      A “founder” is a person who (i) acting alone, in
      conjunction, or in concert with one or more persons, directly of
      indirectly, takes the initiative in founding, organizing of substantially
      reorganizing the business of an issuer, and (ii) at the time of the
      purchase is actively involved in the business of the issuer.

	 	 	 	 
	3. 	
      if the Subscriber is resident in the Province of Ontario
      or is subject to the laws of the Province of Ontario, the
    Subscriber:

	 	 	 	 
		
      (a) 
	is hereby notified by the
Company

	 	(i) 	
      of the delivery to the Ontario Securities Commission of
      the following information pertaining to the Subscriber (the
      “Information”):

	 	 	 	 
	 		(A) 	
      the full name, residential address and telephone number
      of the Subscriber;

	 	 	 	 
	 		(B) 	
      the number and type of securities purchased by the
      Subscriber;

	 	 	 	 
	 		(C) 	
      the total purchase price paid by the
Subscriber,

	 	 	 	 
	 		(D) 	
      the Company’s reliance on the “Accredited Investor”
      exemption under National Instrument 45-106, and

	 	 	 	 
	 		(E) 	
      the date of distribution of the Units;

	 	 	 	 
	 	(ii) 	
      that the Information is being collected indirectly by the
      Ontario Securities Commission under the authority granted to it in
      securities legislation,

	 	 	 	 
	 	(iii) 	
      that the Information is being collected for the purposes
      of the administration and enforcement of the securities legislation of
      Ontario, and

	 	 	 	 
	 	(iv) 	
      of the title, business address and business telephone
      number of the public official in Ontario, who can answer questions about
      the Ontario Securities Commission’s indirect collection of the
      Information, which are set out below:

- 3 –

Ontario Securities Commission

  Suite 1903, Box 5520 Queen Street West

  Toronto, Ontario M5H 3S8

  Telephone: (416) 593-3682

  Facsimile: (416) 593-8252

  Public official contact regarding indirect collection of information:

  Administrative Assistant to the Director of Corporate Finance

  Telephone (416) 593-8086, and 

	 	(b) 	
      has authorized the indirect collection of the Information
      by the Ontario Securities Commission.

	4. 	
      the Subscriber:

	 	 	 	 
		(a) 	
      is hereby notified by the Company

	 	 	 	 
			(i) 	
      of the delivery to the British Columbia Securities
      Commission of the Information (as defined above),

	 	 	 	 
			(ii) 	
      that the Information is being collected indirectly by the
      British Columbia Securities Commission under the authority granted to it
      in securities legislation,

	 	 	 	 
			(iii) 	
      that the Information is being collected for the purposes
      of the administration and enforcement of the securities legislation of
      British Columbia, and

	 	 	 	 
			(iv) 	
      that the Subscriber may contact the British Columbia
      Securities Commission for further information about the collection and use
      of the Information at the following address and telephone and facsimile
      numbers:

British Columbia Securities
Commission
P.O. Box 10142, Pacific Centre
701 West Georgia
Street
Vancouver, British Columbia V7Y 1L2
Telephone: (604)
899-6500
Toll free in British Columbia and Alberta
1-800-373-6393
Facsimile: (604) 899-6506

	 	(b) 	
      has authorized the indirect collection of the Information
      by the British Columbia Securities Commission;

	5. 	
      The Subscriber acknowledges that:

	 	 	 
		(a) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
		(b) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
		(c) 	
      there are risks associated with the purchase of the
      Securities;

	 	 	 
		(d) 	
      the Company has no plans to become a reporting issuer in
      any Canadian province;

	 	 	 
		(e) 	
      no person has made any written or oral
      representations:

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

- 4 –

	 	(ii) 	
      that any person will refund the purchase price for the
      Securities; or

	 	 	 
	 	(iii) 	
      as to the future price or value of the
  Securities;

	 	(f) 	
      no prospectus or other offering document has been filed
      by the Company with a securities commission or other securities regulatory
      authority in any province of Canada, or any other jurisdiction in or
      outside of Canada in connection with the issuance of the Securities, and
      such issuances are exempt from the prospectus requirements otherwise
      applicable under the provisions of applicable Canadian securities laws
      and, as a result, in connection with its purchase of the Subscriber’s
      Securities hereunder, as applicable:

	 	 	 	 
	 		(i) 	
      the Subscriber will not receive information that may
      otherwise be required to be provided to the Subscriber under applicable
      Canadian securities or contained in a prospectus prepared in accordance
      with applicable Canadian securities laws; and

	 	 	 	 
	 		(ii) 	
      the Company is relieved from certain obligations that
      would otherwise apply under such applicable Canadian securities laws;
      and

	 	 	 	 
	 	(g) 	
      the Company is relying on exemptions from the
      requirements to provide the Subscriber with a prospectus and to sell
      securities through a person or company registered to sell securities under
      applicable Canadian securities laws or other applicable securities
      legislation and, as a consequence of acquiring the Securities pursuant to
      this exemption, certain protections, rights and remedies provided by
      applicable Canadian securities laws including statutory rights of
      rescission or damages, will not be available to the Subscriber in
      connection with its purchase of the
Securities.

	6. 	
      The Subscriber will:

	 	 	 
		(a) 	
      not resell any of the Securities acquired (directly or
      indirectly) hereunder, in whole or in part, directly or indirectly, except
      in accordance with the provisions of applicable securities laws;
  and

	 	 	 
		(b) 	
      execute, deliver, file and otherwise assist the Company
      in filing, such further reports, undertakings, agreements, documents and
      writings, do all acts and things, and provide such further assurances as
      may be required to give effect to this Subscription Agreement as required,
      and, without limiting the generality of the foregoing, will execute and
      deliver all documents, agreements and writings and provide such
      assurances, undertakings, information and investment letters as may be
      required from time to time by all securities commissions, stock exchanges
      or other regulatory authorities having jurisdiction over the Company's
      affairs or as may be required from time to time under the applicable
      securities laws with respect to the issue and resale of the
    Securities.

	 	 	 
	6. 	
      The Subscriber acknowledges that:

	 	 	 
		(a) 	
      the Securities are subject to resale restrictions imposed
      under applicable Canadian securities laws and, as a consequence, the
      Subscriber may not be able to resell the Securities, except in accordance
      with resale restrictions and limited exemptions under applicable Canadian
      securities laws;

	 	 	 
		(b) 	
      the Subscriber has the sole responsibility to determine
      and comply with restrictions on resale before reselling any of the
      Securities and has been independently advised as to applicable hold
      periods and restrictions with respect to trading in the Securities imposed
      by applicable Canadian securities laws and regulatory policy including
      applicable securities laws in the jurisdiction in which it resides or the
      jurisdiction in which such

- 5 –

Securities will come to rest, and
confirms that no representation has been made to it by or on behalf of the
Company with respect thereto; and

	 	(c) 	
      the certificates evidencing the
      Securities will bear a legend regarding restrictions on transfer as
      required pursuant to applicable Canadian securities laws, as well as the
      legend restricting transfer without registration under the U.S. Securities
      Act and applicable state securities laws.

	7. 	
      The foregoing agreements, representations, warranties and
      covenants are made by the undersigned with the intent that they be relied
      upon in determining the suitability of the undersigned as a Subscriber of
      the Securities and the eligibility of the Subscriber to purchase the
      Securities under applicable Canadian securities laws and the undersigned
      undertakes to immediately notify the Company of any change in any
      statement or other information relating to the Subscriber set forth herein
      which takes place prior to the closing time.

DATED: _________________________, 2007.

	 	Print Name of Subscriber 
	 	 	
	 	By: 	
	 	 	Signature 
	 	 	 
	 	 	Print name of Signatory (if different from 
	 	 	Subscriber) 
	 	 	  
	 	 	Title 

EXHIBIT 10.2

SCHEDULE 1 TO SCHEDULE B

ACCREDITED INVESTOR QUESTIONNAIRE

In connection with the purchase by the Subscriber of the Units
of Lincoln Gold Corporation, the Subscriber certifies that it/he/she and any
beneficial purchaser, as applicable, is an “accredited investor” as defined in
National Instrument 45-106 – Prospectus and Registration Exemptions and,
as at the Closing, the Subscriber or the beneficial purchaser, as applicable,
qualifies as one of more of the following and acknowledges that the Company is
relying on this certificate in determining to sell the Units to the Subscriber.
(Please insert a checkmark in the box beside each applicable
paragraph)

“accredited investor” means

	 	(a) 	a Canadian financial institution, or a Schedule
      III bank; 	[   ] 
	 	  	  	  
	 	(b) 	the Business Development Bank of Canada
      incorporated under the Business Development Bank of Canada Act
      (Canada); 	[   ] 
	 	  	  	  
	 	(c) 	a subsidiary of any person referred to in
      paragraphs (a) or (b), if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary; 	[   ] 
	 	  	  	  
	 	(d) 	a person registered under the securities
      legislation of a jurisdiction of Canada as an adviser or dealer, other than
      a person registered solely as a limited market dealer under one or both
      of the Securities Act (Ontario) or the Securities Act (Newfoundland
      and Labrador); 	[   ] 

	 	  	  	  
	 	(e) 	an individual registered or formerly
      registered under the securities legislation of a jurisdiction of Canada
      as a representative of a person referred to in paragraph (d); 	[   ] 

	 	  	  	  
	 	(f) 	the Government of Canada or a jurisdiction of
      Canada, or any crown corporation, agency or wholly owned entity of the
      Government of Canada or a jurisdiction of Canada; 	[   ] 
	 	  	  	  
	 	(g) 	a municipality, public board or commission in
      Canada and a metropolitan community, school board, the Comité de gestion
      de la taxe scolaire de l’île de Montréal or an intermunicipal management
      board in Québec; 	[   ] 
	 	  	  	  
	 	(h) 	any national, federal, state, provincial,
      territorial or municipal government of or in any foreign jurisdiction, or
      any agency of that government; 	[   ] 
	 	  	  	  
	 	(i) 	a pension fund that is regulated by either the
      Office of the Superintendent of Financial Institutions (Canada) or a
      pension commission or similar regulatory authority of a jurisdiction of
      Canada; 	[   ] 
	 	  	  	  
	 	(j) 	an individual who, either alone or with a
      spouse, beneficially owns, directly or indirectly, financial assets having
      an aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds $1,000,000; 	[   ] 

- 2 –

		(k) 	an individual whose net income before taxes
      exceeded $200,000 in each of the 2 most recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded $300,000 in
      each of the 2 most recent calendar years and who, in either case,
      reasonably expects to exceed that net income level in the current calendar
      year; 	[   ] 
	 	  	  	  
		(l) 	an individual who, either alone or with a
      spouse, has net assets of at least $5,000,000; 	[   ] 
	 	  	  	  
		(m) 	a person, other than an individual or
      investment fund, that has net assets of at least $5,000,000 as shown on
      its most recently prepared financial statements; 	[   ] 
	 	  	  	  
	 	(n) 	an investment fund that distributes or has
      distributed its securities only to 	[   ]

	 	(i) 	
      a person that is or was an accredited investor at the
      time of the distribution,

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in section 2.10 of NI 45-106 (being that (I) the
      person purchases as principal, (II) the security has an acquisition cost
      to the purchaser of not less than $150,000 paid in cash at the time of the
      trade, and (III) the trade is in the security of a single Company), and
      section 2.19 of NI 45-106 (being a trade by an investment fund in a
      security of its own issue to a security holder of the investment fund
      where (I) the security holder initially acquired securities of the
      investment fund as principal for an acquisition cost of not less than
      $150,000 paid in cash at the time of the trade, (II) the subsequent trade
      is for a security of the same class or series as the initial trade, and
      (III) the security holder, as at the date of the subsequent trade, holds
      securities of the investment fund that have an acquisition cost of not
      less than $150,000 or a net asset value of not less than $150,000);
    or

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 “Investment fund
      reinvestment” of NI 45-106;

		(o) 	an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator or, in Québec, the securities regulatory authority,
      has issued a receipt; 	[   ] 
	 	  	  	  
		(p) 	a trust company or trust corporation registered
      or authorized to carry on business under the Trust and Loan Companies
      Act (Canada) or under comparable legislation in a jurisdiction of
      Canada or a foreign jurisdiction, acting on behalf of a fully managed
      account managed by the trust company or trust corporation, as the case may
      be; 	[   ]

- 3 –

		(q) 	a person acting on behalf of a fully managed account
      managed by that person, if that person 	[   ] 

	 	(i) 	 is registered or authorized to carry on
        business as an adviser or the equivalent under the securities legislation
        of a jurisdiction of Canada or a foreign jurisdiction, and
	
	 	 	 	 
	 	(ii) 	 in Ontario, is purchasing a security that
        is not a security of an investment fund;
	 

		(r) 	a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an eligibility
      adviser or an adviser registered under the securities legislation of the
      jurisdiction of the registered charity to give advice on the securities
      being traded; 	[   ] 
	 	  	  	  
		(s) 	an entity organized in a foreign jurisdiction that
      is analogous to any of the entities referred to in paragraphs (a) to (d)
      or paragraph (i) in form and function; 	[   ] 
	 	  	  	  
		(t) 	a person in respect of which all of the owners
      of interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors; 	[   ] 
	 	  	  	  
		(u) 	an investment fund that is advised by a person
      registered as an adviser or a person that is exempt from registration as
      an adviser; or 	[   ] 
	 	  	  	  
		(v) 	a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as 	[   ] 

	 	(i) 	 an accredited investor, or

	 	 	 
	 	(ii) 	 an exempt purchaser in Alberta or British Columbia after
        National Instrument 45-106 comes into force.

The following definitions are included for convenience only;
reference should be had to the applicable legislation:

	(a) 	
      “director” means

	 	 	 
		(i) 	
      a member of the board of directors of a company or an
      individual who performs similar functions for a company, and

	 	 	 
		(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	 	 	 
	(b) 	
      “eligibility adviser” means

	 	 	 
		(i) 	
      a person that is registered as an investment dealer or in
      an equivalent category of registration under the securities legislation of
      the jurisdiction of a purchaser and authorized to give advice with respect
      to the type of security being distributed, and

	 	 	 
		(ii) 	
      in Saskatchewan or Manitoba, also means a lawyer who is a
      practicing member in good standing with a law society of a jurisdiction of
      Canada or a public accountant who is a member in good standing of an
      institute or association of chartered accountants, certified general
      accountants or certified management accountants in a jurisdiction of
      Canada provided that the lawyer or public accountant must
  not

- 4 –

	 	(a) 	 have a professional, business or personal
        relationship with the Company, or any of its directors, executive officers,
        founders, or control persons, and
	 
	 	 	 	 
	 	(b) 	 have acted for or been retained personally
        or otherwise as an employee, executive officer, director, associate or
        partner of a person that has acted for or been retained by the Company
        or any of its directors, executive officers, founders or control persons
        within the previous 12 months;
	 

	 	(c) 	 “entity” means
        a company, syndicate, partnership, trust or unincorporated organization;
	 
	 	 	 	 	 
	 	(d) 	 “financial assets”
        means cash, securities, or a contract of insurance, a deposit or an
        evidence of a deposit that is not a security for the purposes of securities
        legislation;
	 
	 	 	 	 	 
	 	(e) 	 “fully managed account”
        means an account of a client for which a person makes the investment
        decisions if that person has full discretion to trade in securities for
        the account without requiring the client’s express consent to a transaction;
	 
	 	 	 	 	 
	 	(f) 	 “investment fund”
        has the same meaning as in National Instrument 81-106 Investment
        Fund Continuous Disclosure;
	 
	 	 	 	 	 
	 	(g) 	 “person” includes
	 
	 	 	 	 	 
	 		(i) 	 an individual,
	 
	 	 	 	 	 
	 		(ii) 	 a corporation,
	 
	 	 	 	 	 
	 		(iii) 	 a partnership, trust, fund and an association,
        syndicate, organization or other organized group of persons, whether incorporated
        or not, and
	 
	 	 	 	 	 
	 		(iv) 	 an individual or other person in that person’s
        capacity as a trustee, executor, administrator or personal or other legal
        representative;
	 
	 	 	 	 	 
	 	(h) 	 “related liabilities”
        means
	 
	 	 	 	 	 
	 		(i) 	 liabilities incurred or assumed for the
        purpose of financing the acquisition or ownership of financial assets,
        or
	 
	 	 	 	 	 
	 		(ii) 	 liabilities that are secured by financial
        assets;
	 
	 	 	 	 	 
	 	(i) 	 “spouse” means,
        an individual who,
	 
	 	 	 	 	 
	 		(i) 	 is married to another individual and is
        not living separate and apart within the meaning of the Divorce Act
        (Canada), from the other individual,
	 
	 	 	 	 	 
	 		(ii) 	 is living with another individual in a marriage-like
        relationship, including a marriage-like relationship between individuals
        of the same gender, or
	 
	 	 	 	 	 
	 		(iii) 	 in Alberta, is an individual referred to
        in paragraph (i) or (ii), or is an adult interdependent partner within
        the meaning of the Adult Interdependent Relationships Act (Alberta);
        and
	 
	 	 	 	 	 
	 	(j) 	 “subsidiary” means
        an Company that is controlled directly or indirectly by another Company
        and includes a subsidiary of that subsidiary.
	 

- 5 –

                      An
  Company is an “affiliate” of another Company if (i) one of
  them is the subsidiary of the other, or (ii) each of them is controlled by the
  same person.

                      In
  National Instrument 45-106 a person (first person) is considered to “control”
  another person (second person) if

	 	(i) 	
      the first person, directly or indirectly, beneficially
      owns or exercises control or direction over securities of the second
      person carrying votes which, if exercised, would entitle the first person
      to elect a majority of the directors of the second person, unless that
      first person holds the voting securities only to secure an
    obligation,

	 	 	 
	 	(ii) 	
      the second person is a partnership, other than a limited
      partnership, and the first person holds more than 50% of the interests of
      the partnership, or

	 	 	 
	 	(iii) 	
      the second person is a limited partnership and the
      general partner of the limited partnership is the first
  person.

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

                      The
  foregoing representation, warranty and certificate is true and accurate as of
  the date of this certificate and will be true and accurate as of closing of
  the purchase and sale of the Units (the “Closing”). If any such representation,
  warranty or certificate shall not be true and accurate prior to Closing, the
  undersigned shall give immediate written notice of such fact to the Company.

	 	Dated:	          
      , 2007 	 	Signed: 	 
	 	 	 	 
	 	 	 	 
	 	Witness (If Subscriber is an Individual) 	 	Print the name of Subscriber 
	 	 	 	 
	 	 	 	 
	 	Print Name of Witness 	 	If Subscriber is a Corporation, print
      name 
	 	  	 	and title of Authorized Signing Officer
    

EXHIBIT 10.2

SCHEDULE C

WARRANT CERTIFICATE

THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE
SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S
PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR
RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT
BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED
STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND
WARRANTS HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE
SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY
REGULATION S UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

LINCOLN GOLD CORPORATION
Suite 350, 885 Dunsmuir
Street
Vancouver, BC V6C 1N5 Canada
A NEVADA
CORPORATION
(the “Company”)

COMMON STOCK PURCHASE WARRANT CERTIFICATE

[DATE OF ISSUE]
(the “Date of Issue”)

	Name of Holder: 	«NAME» 
	Address of Holder: 	«ADDRESS» 
	Number of Shares: 	«NUMBER_OF_WARRANTS» Shares 
	Exercise Price: 	$0.15 per Share. 
	Expiry Date: 	The date that is two (2) years from the Date
      of Issue, as set forth above 

THIS WARRANT CERTIFIES THAT, for value received, the
above named holder or its registered assigns (the “Holder”), shall have the
right to purchase from the Company the above referenced number of fully paid and
non-assessable shares (the “Shares”) of the Company’s common stock (the “Common
Stock”) at an exercise price equal to the exercise price set forth above (the
"Exercise Price"), subject to

- 2 –

further adjustment as set forth in this Certificate, at any
time from the date hereof until 5:00 P.M., Pacific time, on the expiry date set
forth above (the “Expiry Date”). This Warrant is issued pursuant to the
Subscription Agreement between the Company and Holder (the “Subscription
Agreement”) pursuant to which the Holder purchased units consisting of one share
of Common Stock and one warrant to purchase one additional share of Common
Stock. The exercise of this Warrant shall be subject to the provisions,
limitations and restrictions contained herein. 

	1. 	
      Exercise.

                 1.1                  Procedure
for Exercise of Warrant. The Holder may exercise this Warrant by
delivering the following to the principal office of the Company in accordance
with Section 5.1 hereof:

	 	(a) 	
      a duly executed Notice of Exercise in the form attached
      as Schedule A,

	 	 	 
	 	(b) 	
      either (i) a written certification that the Holder is not
      a U.S. person, as defined under Regulation S of the Securities Act, and
      that the Warrant is not being exercised on behalf of a U.S. person, which
      written certificate may be contained in the Notice of Exercise delivered
      pursuant to sub-paragraph (a) above; or (ii) a written opinion of counsel
      to the effect that the Shares issuable upon exercise of this Warrant have
      been registered under the Securities Act or are exempt from registration
      thereunder;

	 	 	 
	 	(c) 	
      payment of the Exercise Price then in effect for each of
      the Shares being purchased, as designated in the Notice of Exercise,
      and

	 	 	 
	 	(d) 	
      this Warrant.

Payment of the Exercise Price may be in cash, certified or
official bank check payable to the order of the Company, or wire transfer of
funds to the Company’s account (or any combination of any of the foregoing) in
the amount of the Exercise Price for each share being purchased.

                  1.2                  Delivery
of Certificate and New Warrant. In the event of any exercise of the
rights represented by this Warrant, a certificate or certificates for the shares
of Common Stock so purchased, registered in the name of the Holder, together
with any other securities or other property which the Holder is entitled to
receive upon exercise of this Warrant, shall be delivered to the Holder hereof,
at the Company’s expense, within a reasonable time, not exceeding fifteen (15)
calendar days, after the rights represented by this Warrant shall have been so
exercised; and, unless this Warrant has expired, a new Warrant representing the
number of Shares (except a remaining fractional share), if any, with respect to
which this Warrant shall not then have been exercised shall also be issued to
the Holder hereof within such time. The person in whose name any certificate for
shares of Common Stock is issued upon exercise of this Warrant shall for all
purposes be deemed to have become the holder of record of such shares on the
date on which the Warrant was surrendered and payment of the Exercise Price was
received by the Company, irrespective of the date of delivery of such
certificate. 

                 1.3                  Restrictive
Legend. This Warrant and the Shares have not been registered under
the Securities Act of 1933, as amended, (the "Securities Act") and the Warrants
have been and the Shares, upon exercise of the Warrants, will be issued pursuant
to exemptions from the registration requirements of the Securities Act. Neither
this Warrant nor any of the Shares or any other security issued or issuable upon
exercise of this Warrant may be sold, transferred, pledged or hypothecated in
the absence of an effective registration statement under the Act relating to
such security or an exemption from the registration requirements of the
Securities Act. Each certificate for the Warrant, the Shares and any other
security issued or issuable upon exercise of this Warrant shall contain a legend
on the face thereof, in form and substance satisfactory to counsel for the
Company, setting forth the restrictions on transfer contained in this Section.
The Holder understands that this Warrant constitutes and the Shares upon

- 3 –

issuance will constitute “restricted securities” under the
Securities Act. The holder acknowledges and agrees that all certificates
representing the Shares will be endorsed with the following legend:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND
HAVE BEEN ISSUED WITHOUT REGISTRATION UNDER THE ACT IN ACCORDANCE WITH
REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR
SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE ACT.”

                 1.4                  Fractional
Shares. No fractional Shares shall be issuable upon exercise or
conversion of the Warrant and the number of Shares to be issued shall be rounded
down to the nearest whole Share. If a fractional share interest arises upon any
exercise or conversion of the Warrant, the Company shall eliminate such
fractional share interest by paying to Holder an amount computed by multiplying
the fractional interest by the current market price of a full Share. 

	2. 	 Covenants of the Company.

                 2.1                 Authorized
Shares. The Company covenants and agrees that the Company will at all
times have authorized and reserved, free from preemptive rights, a sufficient
number of shares of Common Stock to provide for the exercise in full of the
rights represented by this Warrant.

                 2.2                  Issuance
of Shares. The Company covenants and agrees that all shares of Common
Stock that may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance, be validly issued, fully paid and non-assessable,
and free from all transfer taxes, liens and charges with respect to the issue
thereof. 

	3. 	 Transfer and Replacement.

		

                 (a)                  Subject
to compliance with any applicable securities laws and the conditions set forth
herein, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company,
together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees
and in the denomination or denominations specified in such instrument of
assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A
Warrant, if properly assigned, may be exercised by a new holder for the purchase
of Shares without having a new Warrant issued.

                 (b)                  The
Company agrees to maintain, at its aforesaid office, books for the registration
and the registration of transfer of the Warrants.

                 (c)                  If,
at the time of the surrender of this Warrant in connection with any transfer of
this Warrant, the transfer of this Warrant shall not be registered pursuant to
an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such transfer that the Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written opinion of counsel
(which opinion shall be in form, substance and scope

- 4 –

customary for opinions of counsel in comparable transactions)
to the effect that such transfer may be made without registration under the
Securities Act and under applicable state securities or blue sky laws, and (ii)
that the holder or transferee execute and deliver to the Company such
documentation as is necessary to establish that the shares are being transferred
pursuant to an exemption from the registration requirements of the Securities
Act and applicable state securities laws or in an offshore transaction pursuant
to and in accordance with Rule 904 of Regulation S of the Securities Act.

                 (d)                  The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
or any stock certificate relating to the Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

	 	4. 	
      Adjustments of Exercise Price and/or Number of
      Shares.

                 4.1                  Subdivision
or Combination of Shares. The number and kind of securities purchasable
upon the exercise of this Warrant and the Exercise Price shall be subject to
adjustment from time to time upon the happening of any of the following. In case
the Company shall (i) pay a dividend in shares of Common Stock or make a
distribution in shares of Common Stock to holders of its outstanding Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater
number of shares, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares of Common Stock, or (iv) issue any shares of its
capital stock in a reclassification of the Common Stock, then the number of
Shares purchasable upon exercise of this Warrant immediately prior thereto shall
be adjusted so that the Holder shall be entitled to receive the kind and number
of Shares or other securities of the Company which it would have owned or have
been entitled to receive had such Warrant been exercised in advance thereof.
Upon each such adjustment of the kind and number of Shares or other securities
of the Company which are purchasable hereunder, the Holder shall thereafter be
entitled to purchase the number of Shares or other securities resulting from
such adjustment at an Exercise Price per Warrant Share or other security
obtained by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of Shares purchasable pursuant hereto immediately prior
to such adjustment and dividing by the number of Shares or other securities of
the Company resulting from such adjustment. An adjustment made pursuant to this
paragraph shall become effective immediately after the effective date of such
event retroactive to the record date, if any, for such event.

                 4.2                  Reorganization,
Reclassification, Consolidation, Merger or Sale. If any
recapitalization, reclassification or reorganization of the share capital of the
Company, or any consolidation or merger of the Company with another Company, or
the sale of all or substantially all of its shares and/or assets or other
transaction (including, without limitation, a sale of substantially all of its
assets followed by a liquidation) shall be effected in such a way that holders
of Common Stock shall be entitled to receive shares, securities or other assets
or property, then, as a condition of such recapitalizations, reclassifications,
reorganizations, consolidations, mergers or sales, lawful and adequate
provisions shall be made by the Company whereby the Holder hereof shall
thereafter have the right to purchase and receive (in lieu of the Common Stock
of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby) such shares, securities or other
assets or property as may be issued or payable with respect to or in exchange
for the number of outstanding Common Stock which such Holder would have been
entitled to receive had such Holder exercised this Warrant immediately prior to
the consummation of such recapitalizations, reclassifications, reorganizations,
consolidations, mergers or sales. The Company or its successor shall promptly
issue to Holder a new Warrant for such new securities or other property. The new
Warrant shall provide for adjustments which shall be as nearly equivalent as may
be practicable to give effect to the adjustments provided for in this Section 4
including, without limitation, adjustments to the Exercise Price and to the

- 5 –

number of securities or property issuable upon exercise of the
new Warrant. The provisions of this Section 4.2 shall similarly apply to
successive recapitalizations, reclassifications, reorganizations,
consolidations, mergers or sales. 

                 4.3                  Notice
of Adjustment. Whenever the number of Shares or number or kind of
securities or other property purchasable upon the exercise of this Warrant or
the Exercise Price is adjusted, as herein provided, the Company shall give
notice thereof to the Holder, which notice shall state the number of Shares (and
other securities or property) purchasable upon the exercise of this Warrant and
the Exercise Price of such Shares (and other securities or property) after such
adjustment, setting forth a brief statement of the facts requiring such
adjustment and setting forth the computation by which such adjustment was
made.

	5. 	
      Miscellaneous
  Provisions.

                 5.1                  Notices.
Any notice or other document required or permitted to be given or delivered to
the Holder shall be delivered or forwarded to the Holder at the address for
Holder provide on the first page of this Warrant or to such other address or
number as shall have been furnished to the Company in writing by the Holder. Any
notice or other document required or permitted to be given or delivered to the
Company shall be delivered or forwarded to the Company at Suite 350, 885
Dunsmuir Street, Vancouver, British Columbia, V6C 1N5 Attention: Paul Saxton,
with a copy to Lang Michener LLP, Suite 1500, 1055 West Georgia Street,
Vancouver, British Columbia V6B 2X6 Attention: Michael H. Taylor, Esq.
(Facsimile No. 604-685-7084), or to such other address or number as shall have
been furnished to Holder in writing by the Company. All notices, requests and
approvals required by this Warrant shall be in writing and shall be conclusively
deemed to be given (a) when hand-delivered to the other party, (b) when received
if sent by facsimile at the address and number set forth above; provided that
notices given by facsimile shall not be effective, unless either (i) a duplicate
copy of such facsimile notice is promptly given by depositing the same in the
mail, postage prepaid and addressed to the party as set forth below or (ii) the
receiving party delivers a written confirmation of receipt for such notice by
any other method permitted under this paragraph; and further provided that any
notice given by facsimile received after 5:00 p.m. (recipient’s time) or on a
non-business day shall be deemed received on the next business day; (c) five (5)
business days after deposit in the United States mail, certified, return receipt
requested, postage prepaid, and addressed to the party as set forth below; or
(d) the next business day after deposit with an international overnight delivery
service, postage prepaid, addressed to the party as set forth below with next
business day delivery guaranteed; provided that the sending party receives
confirmation of delivery from the delivery service provider. 

                 5.2                  Limitation
of Liability. No provision hereof, in the absence of affirmative
action by the Holder to purchase shares of Common Stock, and no mere enumeration
herein of the rights or privileges of the Holder, shall give rise to any
liability of the Holder for the Exercise Price hereunder or as a stockholder of
the Company, whether such liability is asserted by the Company or by creditors
of the Company. 

                 5.3                  No
Rights as Stockholder. This Warrant shall not entitle the Holder to
any of the rights of a stockholder of the Company except upon exercise in
accordance with the terms hereof.

                 5.4                  Governing
Law. This Warrant shall be governed by and construed in accordance
with the laws of the State of Nevada as applied to agreements among Nevada
residents made and to be performed entirely within the State of Nevada, without
giving effect to the conflict of law principles thereof. 

                 5.5                  Waiver,
Amendments and Headings. This Warrant and any provision hereof may
be changed, waived, discharged or terminated only by an instrument in writing
signed by both parties (either generally or in a particular instance and either
retroactively or prospectively). The headings in this 

- 6 –

Warrant are for purposes of reference only and shall not affect
the meaning or construction of any of the provisions hereof. 

IN WITNESS WHEREOF, the Company has caused this Warrant
to be signed by its duly authorized officer effective as of the _____day of
____________, 2007. 

LINCOLN GOLD CORPORATION

	Signature of Authorized Signatory: 	 _____________________________________
	 	 
	Name of Authorized Signatory: 	 _____________________________________
	 	 
	Position of Authorized Signatory: 	 _____________________________________

LM DRAFT – March 19, 2007

SCHEDULE A TO WARRANT CERTIFICATE

FORM OF NOTICE OF EXERCISE

	TO: 	LINCOLN GOLD CORPORATION 

The undersigned hereby exercises the right to purchase the
number of shares of common stock of Lincoln Gold Corporation (the "Company") set
forth below (the "Shares") pursuant to the Warrant to Purchase Common Stock
issued by the Company and delivered concurrently with this Notice of Exercise.
In accordance with the provisions of the Warrant, the undersigned hereby tenders
the following concurrently with the delivery of this Notice of Exercise (i)
payment of the Exercise Price payable by the undersigned for the Shares (the
“Purchase Price”) in effect for each of the Shares being purchased, and (ii) the
original Warrant.

	Number of Shares Purchased: 	Shares 
	 	 
	Aggregate Purchase Price: 	$                             
    

The undersigned represents and warrants to and agrees with the
Company that:

	1. 	
      It has such knowledge and experience in financial and
      business matters as to be capable of evaluating the merits and risks of an
      investment in the Shares and it is able to bear the economic risk of loss
      of its entire investment.

	 	 
	2. 	
      The Company has provided to it the opportunity to ask
      questions and receive answers concerning the terms and conditions of the
      offering and it has had access to such information concerning the Company
      as it has considered necessary or appropriate in connection with its
      investment decision to acquire the Shares.

	 	 
	3. 	
      It is acquiring the Shares for its own account, for
      investment purposes only and not with a view to any resale, distribution
      or other disposition of the Shares in violation of the United States
      securities laws.

	 	 
	4. 	
      It understands the Shares have not been and will not be
      registered under the United States Securities Act of 1933, as amended (the
      "1933 Act") or the securities laws of any state of the United States and
      that the sale contemplated hereby is being made in reliance on a
      safe-harbour from such registration requirements.

	 	 
	5. 	
      The undersigned is not a “U.S. Person” as defined by
      Regulation S of the Securities Act and is not acquiring the Shares for the
      account or benefit of a U.S. Person.

A “U.S. Person” is defined by
Regulation S of the Act to be any person who is:

	 	(h) 	
      any natural person resident in the United
      States;

	 	 	 
	 	(i) 	
      any partnership or corporation organized or
      incorporated under the laws of the United
States;

- 2 -

	 	(j) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(k) 	
      any trust of which any trustee is a U.S.
      person;

	 	 	 	 
	 	(l) 	
      any agency or branch of a foreign entity located in
      the United States;

	 	 	 	 
	 	(m) 	
      any non-discretionary account or similar account
      (other than an estate or trust) held by a dealer or other fiduciary
      organized, incorporate, or (if an individual) resident in the United
      States; and

	 	 	 	 
	 	(n) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any
      foreign jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the Act, unless it is
      organized or incorporated, and owned, by accredited Subscribers [as
      defined in Section 230.501(a) of the Act] who are not natural persons,
      estates or trusts.

	6. 	
      The undersigned was not in the United States at the time
      the offer to purchase the Shares was received and the Subscriber was not
      in the United States at the time these Warrants were exercised.

	 	 
	7. 	
      The undersigned acknowledges that the Shares are
      “restricted securities” within the meaning of the Securities Act and will
      be issued to the Subscriber in accordance with Regulation S of the
      Securities Act without registration under the Securities Act.

	 	 
	8. 	
      The undersigned agrees to resell the Shares only in
      accordance with the provisions of Regulation S of the Securities Act,
      pursuant to registration under the Securities Act, or pursuant to an
      available exemption from registration pursuant to the Securities
    Act.

	 	 
	9. 	
      The undersigned agrees not to engage in hedging
      transactions with regard to the Shares unless in compliance with the
      Securities Act.

	 	 
	10. 	
      The Subscriber acknowledges and agrees that all
      certificates representing the Shares will be endorsed with the following
      legend in accordance with Regulation S of the Securities Act:

	 	 
		
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE
      BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE
      ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
      TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S,
      PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS
      INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
      THE ACT”.

- 3 -

	11. 	
      The Subscriber and the Company agree that the Company
      will refuse to register any transfer of the Shares not made in accordance
      with the provisions of Regulation S of the Securities Act, pursuant to
      registration under the Securities Act, pursuant to an available exemption
      from registration, or pursuant to this Agreement.

	Date of Execution: 	
	 	 
	Signature of Purchaser or Authorized Signatory of Purchaser
      (if the Purchaser is not an individual): 	
	 	 
	Name of Authorized Signatory of Purchaser(if the Purchaser
      is not an individual): 	
	 	 
	Title of Authorized Signatory of Purchaser(if the Purchaser
      is not an individual): 	
	 	 
	Name of Purchaser: 	 
	 	 
	Address of Purchaser:

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