Document:

EXHIBIT 10.1
                     Assignment of Lease and Purchase Option
               between the Company and Leroy Halterman dated March
                                    22, 1998

<PAGE>
                     ASSIGNMENT OF LEASE AND PURCHASE OPTION

1.  PARTIES.  This  Assignment  is made as of  March  22,  1998,  between  Leroy
Halterman (the  "Assignor"),  and Rimpac  Resources Ltd., a Nevada  corporation,
with principal  offices at 11930 Menaul NE, Suite 219,  Albuquerque,  New Mexico
87112 (the "Assignee").

2. EXPLORATION  PERMIT.  Assignor has been issued a Mineral  Exploration  Permit
dated  September  17, 1997 (the  "Permit") by the State Land  Department  of the
State of  Arizona  (the  "State").  A true and  complete  copy of the  Permit is
attached as Exhibit A.

3.   ASSIGNMENT AND ASSUMPTION.

         a. ASSIGNMENT BY ASSIGNOR.  Assignor  assigns and transfers to Assignee
         all of  Assignor's  rights  and  interest  in the  Permit  and the land
         described in the Permit.  This  Assignment is effective as of March 22,
         1998 (the "Effective Date").

         b. ASSUMPTION BY ASSIGNEE.  Assignee assumes, as of the Effective Date,
         all of the terms and  obligations  of the  Permit  that are  imposed on
         Assignor,  and agrees to be bound by the provisions of the Permit as if
         Assignee were a party to the Permit.  Assignee will  indemnify and hold
         Assignor harmless against any claims or damages  (including  reasonable
         attorneys'  fees) arising out of Assignee's  default in performing  the
         terms of the Permit for the period on or after the Effective Date.

         c.  CONSIDERATION.  In consideration for the transfer and assignment of
         the Assignor's rights and interest in the Permit, Assignee agrees to:

                  1.       Assume  such  terms  and  obligations  of the  Permit
                           imposed on Assignor; and

                  2.       Issue five hundred  thousand shares of the Assignee's
                           Common Stock (the "Shares") to Assignor.

         Unless otherwise agreed or extended, Assignee shall issue the Shares no
         later than the Effective Date.

4.   ASSIGNOR'S REPRESENTATIONS.

         a. FULL FORCE.  Assignor  represents and warrants that the Permit is in
         full force and effect,  and that,  to  Assignor's  best  knowledge,  no
         default is outstanding  on either  Assignor's or the State's part under
         the Permit.

         b. NO  ENCUMBRANCES.  Assignor  represents  and  warrants  that neither
         Assignor's  interest in the Permit nor the land described in the Permit
         have been  encumbered  by Assignor or any prior  tenant.  In  addition,
         Assignor has the  authority to assign the Permit,  subject to Paragraph
         12 of the Permit,  and has not previously  assigned or agreed to assign
         the Permit.

<PAGE>

         c. NO AMENDMENTS. Assignor represents and warrants that the Permit will
         not be amended in any manner after the date of this Assignment.

         d. TRUTH AT CLOSING.  All of Assignor's  representations and warranties
         contained in this Paragraph 4 or otherwise contained in this Assignment
         must be true as of the  Effective  Date.  This  condition is an express
         condition to Assignee's obligations under this Assignment.

5. STATE'S  CONSENT.  The State's  consent is required for the assignment of the
Permit,  as  stated  in  Paragraph  12 of the  Permit.  In the  event  the State
withholds its consent to the assignment of the Permit,  this Assignment shall be
void and all parties hereto shall return any and all property received hereunder
to the party from which the property was received.

6.   ASSIGNOR'S OBLIGATIONS.

         a.  VACANT  PREMISES.  Assignor  agrees to deliver to  Assignee  actual
         possession of the land  described in the Permit on the Effective  Date.
         The land will be delivered vacant.

         b. FURTHER  INSTRUMENTS.  Assignor will execute and deliver to Assignee
         any further  instruments  and do such further acts as are  necessary to
         effectuate this Assignment, within reasonable request.

         c. INDEMNIFICATION.  Assignor will indemnify and hold Assignee harmless
         against any claims or damages  (including  reasonable  attorneys' fees)
         arising out of Assignor's default in performing the terms of the Permit
         for the period prior to the Effective Date.

7. GOVERNING  LAW. This Agreement  shall be governed by the laws of the State of
Nevada.

8.  MODIFICATION.  This Agreement  shall only be modified by a writing signed by
all parties hereto.

ASSIGNOR:
/s/LEROY HALTERMAN
-----------------------------------
Leroy Halterman

ASSIGNEE:

RIMPAC RESOURCES LTD.

By:      /s/LEROY HALTERMAN
         Leroy Halterman
         President

K:\FMM\RIMPAC\ASSIGN.AGT

                                     Page 2

<PAGE>EXHIBIT 10.2
                    State Land Department, State of Arizona,
       Mineral Exploration Permit No. 08-103044, dated September 17, 1997

<PAGE>
                                               PERMIT NO. 08-103044
                                               EFFECTIVE DATE SEPTEMBER 17, 1997

                              STATE LAND DEPARTMENT
                                STATE OF ARIZONA

                           MINERAL EXPLORATION PERMIT

THE STATE OF ARIZONA grants to LEROY HALTERMAN the exclusive right, for a period
of one (1) year from date,  subject to renewals as hereinafter set forth, but in
no event  beyond the 16TH day of  SEPTEMBER , 2002 , to prospect for minerals on
the State land  hereinafter  described upon the following  expressed  conditions
which are a part of the permit.

1. The Permittee  shall have those surface rights  necessary for the prospecting
and  exploration  for mineral,  but may remove from the land only that amount of
mineral required for sampling, assay and metallurgical testing purposes.

2. The  Permittee  shall have the right of  ingress to and egress  from the land
covered by the permit but only along  routes  first  approved  by the State Land
Commissioner.

3. The Permittee shall be liable to and shall compensate the owner and lessee of
the  surface  of the State  land  covered by this  permit,  or across  which the
Permittee  exercises the right of ingress and egress, for any loss to such owner
and lessee from damage or destruction caused by the Permittee, his or its agents
or employees, to grasses, forage, crops or improvements upon such State land.

4. This permit shall terminate automatically, as of the end of any annual period
from and after the date of issuance thereof unless during such annual period the
Permittee  shall have expended in exploration for valuable  mineral  deposits on
the Subject Land covered by this Permit the prescribed  amount per acre, file an
application  for renewal and submit proof of the amount expended on exploration.
The amount to be  expended  during  each of the first two (2) annual  periods in
which this permit may be in effect  shall not be less than ten dollars  ($10.00)
for each acre of land covered by this permit at the  commencement of such annual
period,  and the amount to be  expended  during  each of the last  three  annual
periods in which  this  Permit  may be in effect  shall be not less than  twenty
dollars  ($20.00)  for each acre covered by this Permit at the  commencement  of
such annual period.

5. Prior to the  termination  of any annual  period,  the  Permittee  may file a
release  with the State  Land  Department,  releasing  acreage  covered  by this
permit,  provided  that the  acreage  released be  contained  within one or more
rectangular  subdivisions of twenty (20) acres more or less, or lots,  according
to the lines of the public land survey.

6. Upon any partial or total  relinquishment,  or the cancellation or expiration
of the permit,  other than by issuance of a mineral lease,  the Permittee  shall
fill any holes, ditches, or other excavations as

<PAGE>

may be  required  by  the  State  Land  Commissioner  and  so far as  reasonably
possible, restore the surface to its former condition.

7. The  Permittee  may,  prior to  expiration of the annual period for which the
permit was issued,  or prior to the expiration  period for which this permit was
renewed,  file with the State Land Department an application for renewal for the
ensuing annual  period.  This permit shall not be renewed for more than four (4)
successive annual periods following expiration of the first annual period.

8. No rental shall be payable for the first  annual  period for which the permit
may be renewed.  The rental for each of the three (3) subsequent  annual periods
following  the first annual  period for which a permit may be renewed,  shall be
one dollar  ($1.00)  for each acre of State land for which the  application  for
renewal is filed.

9. The Permittee  shall file an affidavit of expenditure of the required  amount
in exploration during the current annual period,  together with proof in support
of such expenditure.

10. Following  discovery of a valuable mineral deposit on the State land covered
by this permit within a rectangular  subdivision  of twenty (20) acres,  more or
less,  or lot, of the public land survey,  the  Permittee may apply to the State
Land  Commissioner  for  a  mineral  lease  upon  the  State  land  within  such
rectangular subdivision, or lot.

11. This permit is subject to existing  laws and rules and  regulations  and any
laws or rules and regulations  hereinafter  enacted, or adopted, and in no event
shall the State be liable for damages or otherwise under the provisions hereof.

12. The Permittee shall not assign or sub-let this mineral  exploration  permit,
or any right or rights  thereunder,  without first obtaining the written consent
of the State Land Commissioner thereto.

In order to minimize or prevent  surface or underground  waste and pollution and
promote  maximum  conservation,  the Permittee  shall seal or separate oil, gas,
helium,  water,  mineral or other  natural  resource  strata in order to prevent
their contents from passing into another stratum.

The Lessee agrees to indemnify,  hold and save Lessor harmless against all loss,
damage,  liability,  expense,  costs and charges incident to or resulting in any
way from any  injuries  to person or damage to property  caused by or  resulting
from the use, condition or occupation of the land.

The Permittee shall not, for exploration  purposes,  enter upon that part of the
permitted area encompassed by  rights-of-way  and permits granted to the Arizona
State Highway  Department  without the express  written  permission of the State
Highway Engineer and not then until the State Land Commissioner has, in writing,
approved such entry.

The Permittee agrees that any mineral lease of a claim issued as a result of
exploratory  activity  under this permit shall contain an additional and special
condition   denying  the  Lessee  entry  to  the  area   encompassed   by  those
rights-of-way  and permits  mentioned  next above for the purposes of extracting
and  shipping  mineral  unless and until the State  Highway  Engineer  has given
express written  permission and not then until the State Land  Commissioner has,
in writing, approved such entry.

If at any time during the  duration of the permit,  the whole or any part of the
permitted premises  shall

                                        2
<PAGE>

be taken for any quasi-public or public purpose by any person, private or public
corporation,  or any governmental  agency having authority to exercise the power
of eminent  domain or  condemnation  proceedings  pursuant to any law,  general,
special or  otherwise,  this permit shall expire on the date when the  permitted
propety  shall  be so  taken  or  acquired  and  the  Permittee  shall  have  no
compensable  right or interest in the real  property  being  condemned and shall
have no compensable  right or interest in severance  damages which may accrue to
the remaining  permitted proerty not acquired by condemnation  proceedings.  Net
rent to be paid by the tenant shall be apportioned  and paid to the date of such
taking.

The State shall be entitled to and shall  receive any and all awards,  including
severance  damages to remaining  State  lands,  that may be made for any eminent
domain or condemnation  proceedings  concerning the land which is the subject of
this permit,  except that the Permittee  shall have the right to receive any and
all awards or payments  made for any  buildings or other  improvements  lawfully
placed on the subject  property by the Permittee  with the approval of the State
Land Department.

This  permit  is issued  for such  leasable  minerals  now owned by the State of
Arizona and in regard to which there has been no reservation by a predecessor in
title to the State of Arizona.

Federal records may or may not reflect mineral interest claims that pre-date the
State's claim to some or all of these lands;  the State does not warrant that it
owns the minerals sought to be prospected under this permit.

This  permit  issued  subject to all the rights of the owner of the  non-mineral
land estate.

Provided  however,  in regard to those  parcels  of State  lands  sold under the
provisions of ARS 37-231,  providing for a reservation of minerals to the State,
there  shall be no entry  upon such lands by an  Arizona  State Land  Department
lessee or permittee  without express written  approval of the Arizona State Land
Commissioner  following  compliance  with  Arizona  State Land  Department  Rule
#12-5-707D by such lessee or permittee.

"Before significant earth movement may commence,  the Lessee or Permittee hereof
shall satisfy the Arizona State Land Department, in writing, that no significant
cultural, historical, antiquity or archaeological values will be destroyed, and,
in the event such values will be destroyed, that proper mitigation measures have
been agreed upon  between said Lessee or  Permittee  and the Arizona  State Land
Department, and further said Lessee or Permittee shall report all of such values
as they are later discovered after such approval is given initially."

NOTICE OF STATE AUTHORITY TO CANCEL THIS CONTRACT:

A. The State may cancel any  contract,  without  penalty or further  obligation,
made after  September 4, 1978 by the State or any of its departments or agencies
if any person  significantly  involved  in  initiating,  negotiating,  securing,
drafting  or  creating  the  contract  on  behalf  of  the  State  or any of its
departments  or agencies is, at any time while the contract or any  extension of
the contract is in effect, an employee of any other party to the contract in any
capacity or a consultant  to any other party of the contract with respect to the
subject matter of the contract.

B. This contract is subject to cancellation pursuant to A.R.S. 38-511.

                                        3
<PAGE>

NATIVE PLANT LAW:

If the  removal  of plants  protected  under  the  Arizona  Native  Plant Law is
necessary to enjoy the privilege of this document,  the Permittee hereunder must
previously  acquire the written  permission of the Arizona State Land Department
and the Arizona Department of Agriculture to remove those plants.

                              ADDITIONAL CONDITION

PRIOR TO THE BEGINNING OF ANY EXPLORATION,  A PLAN OF OPERATIONS AND RESTORATION
MUST BE FILED  WITH THE STATE LAND  DEPARTMENT  AND  APPROVED  BY THE STATE LAND
COMMISSIONER OR HIS DEPUTY.

                                        4
<PAGE>

DESCRIPTION OF LAND LEASED  CONTAINED IN LEASE  SUPPLEMENT  ATTACHED  HERETO AND
MADE A PART HEREOF.

                                        /s/LEROY HALTERMAN
                                        ----------------------------------
                                               Permittee Signature

                                        ----------------------------------
                                               Permittee Signature

Signed in the  County of  BERNALILLO,  State of NEW  MEXICO,  on the 17TH day of
SEPTEMBER, 1997.

/S/[UNKNOWN]
--------------------------------
                  Notary Public

                                                   (SEAL)
My commission expires:APRIL 25, 1999

         (SEAL)

                                        STATE LAND DEPARTMENT

                                        BY/S/[UNKNOWN]
                                           State Land Commissioner

<PAGE>

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