Document:

EXHIBIT
      10.12

     

    NEITHER
      THIS CONVERTIBLE NOTE NOR THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION
      HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE
      SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION (TOGETHER, THE “SECURITIES
      LAWS”) AND MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED OR
      ENCUMBERED IN THE ABSENCE OF COMPLIANCE WITH SUCH SECURITIES LAWS AND UNTIL
      THE
      ISSUER THEREOF SHALL HAVE RECEIVED AN OPINION FROM COUNSEL ACCEPTABLE TO IT
      THAT
      THE PROPOSED DISPOSITION WILL NOT VIOLATE ANY APPLICABLE SECURITIES LAWS.
      TRANSFER OF THIS CONVERTIBLE NOTE IS ALSO RESTRICTED BY THE CONVERTIBLE NOTES
      PURCHASE AGREEMENT REFERRED TO HEREIN. 

     

    THE
      PAYMENT AND PERFORMANCE OF THIS CONVERTIBLE NOTE IS SUBJECT TO THE TERMS AND
      CONDITIONS OF THAT CERTAIN CONVERTIBLE NOTES PURCHASE AGREEMENT ENTERED INTO
      AS
      OF APRIL 10, 2007, AS AMENDED BY THAT CERTAIN AMENDMENT TO CONVERTIBLE NOTES
      PURCHASE AGREEMENT DATED JUNE 19, 2007 AND THAT CERTAIN AMENDMENT NO. 2 DATED
      NOVEMBER 10, 2008, BY THE HOLDER AND ISSUER.

     

    CERTIFICATE
      NO: 1

     

    AMENDED
      AND RESTATED PROMISSORY NOTE

    

      
        	
                $9,800,000.00

              	
                November
                  10, 2008

              

      

    

     

    FOR
      VALUE RECEIVED,
      Wits
      Basin Precious Minerals Inc., a corporation organized and existing under the
      laws of the State of Minnesota (“Issuer”),
      hereby unconditionally promises to pay to the order of China Gold LLC, a Kansas
      limited liability company, or its successors and assigns (the “Holder”)
      on
      demand at any time on or after December 31, 2008, subject to modification as
      set
      forth below (the “Maturity
      Date”),
      the
      principal sum of up to Nine Million Eight Hundred Thousand Dollars and 00/100
      Cents ($9,800,000.00) (the “Principal”),
      together with accrued and unpaid interest thereon, as provided herein and from
      the Prior Notes below until fully paid (the “Indebtedness”),
      all
      without relief from valuation or appraisement laws. 

     

    This
      Amended and Restated Promissory Note (the “Note”)
      is
      issued pursuant to that certain Convertible Notes Purchase Agreement dated
      as of
      April 10, 2007, as previously amended by that certain Amendment to Convertible
      Notes Purchase Agreement dated June 19, 2007, and as further amended on the
      date
      hereof (as amended, modified, or replace from time to time, the “Notes
      Purchase Agreement”).
      The
      Issuer and Holder hereby amend and consolidate into this Amended and Restated
      Promissory Note the following notes issued pursuant to the Notes Purchase
      Agreement: (i) Convertible Promissory Note issued on April 10, 2007 in the
      principal amount of $3,000,000; (ii) Convertible Promissory Note issued on
      May
      7, 2007 in the principal amount of $2,000,000; (iii) Convertible Promissory
      Note
      issued on June 19, 2007 in the principal amount of $4,000,000; and (iv)
      Convertible Promissory Note issued on July 9, 2007 in the principal amount
      of
      $800,000 (collectively, the “Prior
      Notes”).
      Holder has delivered the Prior Notes to Issuer and they have been cancelled
      in
      their entirety.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    1. Payment
      of Principal and Interest.
      Subject
      to acceleration or earlier payment as provided for elsewhere in this Note,
      the
      Notes Purchase Agreement or any of the other agreements, documents, and
      instruments relating to any of the Indebtedness or any security therefor that
      are required by the Notes Purchase Agreement to be executed and delivered to
      or
      for the benefit of Holder (collectively, together with this Note and the Notes
      Purchase Agreement, the “Investment
      Documents”),
      the
      principal balance of this Note, and any accrued and unpaid interest thereon,
      shall be due and payable at the earlier of (i) Holder’s demand on or after the
      Maturity Date or (ii) to the extent funds are available, upon the closing of
      Issuer’s joint venture with London Mining plc relating to China Global Mining
      Resources Limited, a British Virgin Islands corporation (“CGMR”),
      or an
      affiliate thereof, and the related acquisition by CGMR, or an affiliate thereof,
      of one or more iron ore mining properties in the People’s Republic of China.

     

    Issuer
      shall make all payments payable in cash under this Note in lawful money of
      the
      United States. All payments paid by Issuer to Holder under this Note and under
      the other Investment Documents shall be applied in the following order of
      priority: (a) to amounts, other than principal and interest, due to Holder
      pursuant to this Note for all costs of collection of any kind, including
      reasonable attorneys’ fees and expenses; (b) to accrued but unpaid interest on
      this Note; and (c) to the unpaid principal balance of this Note. If Issuer
      makes
      any payment of principal, interest or other amounts upon the Indebtedness by
      check, draft, or other remittance, Holder shall not be deemed to have received
      such payment until Holder actually receives the payment instrument.

     

    2. Calculation
      of Interest.
      Interest shall accrue on the outstanding principal balance at the end of each
      day on which any amount is outstanding under this Note at the rate of 12.25%
      (the “Interest
      Rate”)
      per
      annum. Interest shall be calculated on a basis of the actual number of days
      elapsed over a year of 365 days, commencing as of the date hereof.

     

    3. Prepayment.
      This
      Note may be prepaid in cash or other immediately available funds, in whole
      or in
      part, by Issuer at any time and from time to time, without premium or penalty
      (a
“Prepayment”).
      

     

    4. Waiver.
      Payment
      of principal and interest due under this Note shall be made without presentment
      or demand. The Issuer and all others at any time liable directly or indirectly
      (including, without limitation, the Issuer, any co-makers, endorsers, sureties
      and guarantors, all of which are referred to herein as “Parties”),
      severally waive presentment, demand and protest, notice of protest, demand,
      and
      dishonor, and nonpayment of this Note, and all diligence in collection and
      agree
      to pay all costs of collection when incurred, including reasonable attorneys’
fees, and to perform and comply with each of the covenants, conditions,
      provisions, and agreements of the Issuer contained in every instrument now
      evidencing the Indebtedness. No release by Holder of any security for payment
      of
      the Indebtedness or any modification or restructuring in respect of any lien
      or
      security interest held or at any time obtained or acquired by Holder for payment
      of such Indebtedness shall operate to release, discharge, impair or alter the
      liability of any Party liable at any time directly or indirectly for payment
      of
      such Indebtedness.

     

    5. Renewal
      and Modification.
      Issuer
      further agrees that the Indebtedness may be from time to time, extended,
      renewed, modified, rearranged, or evidenced by one or more other notes or
      obligations in substitution for this Note and upon and for such term or terms
      agreed to by Issuer and Holder in writing, and with or without notice to other
      Parties. Issuer agrees that upon and after such extension, renewal,
      modification, rearrangement, substitution, or other change in form of the
      Indebtedness, each of the other Parties shall remain liable in respect of the
      Indebtedness so renewed, extended, modified, rearranged, or otherwise evidenced
      in the same capacity and to the same extent as prior thereto. No release or
      discharge (in whole or in part) of any Party hereto by Holder shall in any
      manner impair, release, discharge, or alter the liability of any other
      Party.

    
      
         

      

      
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    6. Events
      of Default.
      Any one
      or more of the following events shall constitute an event of default (each,
      an
“Event
      of Default”)
      under
      this Note: (a) Issuer fails to timely pay as and when due any monetary
      obligation under this Note in accordance with the terms hereof; (b) Issuer’s
      assignment for the benefit of creditors, or filing of a petition in bankruptcy
      or for reorganization or to effect a plan or arrangement with creditors; (c)
      Issuer’s application for, or voluntary permission of, the appointment of a
      receiver of trustee for any or all Company property; (d) any action or
      proceeding described in the foregoing paragraphs (b) or (c) is commenced against
      Issuer and such action or proceeding is not vacated within sixty (60) days
      of
      its commencement; (e) Issuer’s dissolution or liquidation; and (f) an event of
      default under any other Investment Document shall have occurred.

     

    7. Rights
      and Remedies.
      Upon
      the occurrence, and during the continuation, of an Event of Default (a) all
      Indebtedness and all other amounts due and owing under this Note shall (at
      the
      option of Holder) immediately become due and payable without demand and without
      notice to Issuer, (b) Holder shall have all rights, powers and remedies set
      forth in the Investment Documents, as well as any and all rights and remedies
      available to it under any applicable law or as otherwise provided at law or
      in
      equity; and (c) Issuer shall pay to Holder, in addition to the sums stated
      above, the costs of collection, regardless of whether litigation is commenced,
      including reasonable attorneys’ fees.

     

    Holder
      may employ an attorney to enforce its rights and remedies hereunder and Issuer
      hereby agrees to pay Holder’s reasonable attorneys’ fees and other reasonable
      expenses, including reasonable expenses relating to any assistance provided
      by
      Holder to Issuer in resolving such defaults and amounts incurred by Holder
      in
      exercising any of Holder’s rights and remedies upon an Event of Default.
      Holder’s rights and remedies under this Note and the other Investment Documents
      shall be cumulative. Holder shall have all other rights and remedies not
      inconsistent herewith as provided under the Uniform Commercial Code as in effect
      in the State of Kansas, or otherwise by law, or in equity. No exercise by Holder
      of one right or remedy shall be deemed an election, and no waiver by Holder
      of
      any Event of Default shall be deemed a continuing waiver. No delay by Holder
      shall constitute a waiver, election, or acquiescence by it.

     

    8. Revival
      and Reinstatement of Note.
      To the
      extent that any payment to Holder or any payment or proceeds of any collateral
      received by Holder in reduction of the Indebtedness is subsequently invalidated,
      declared to be fraudulent or preferential, set aside or required to be repaid
      to
      a trustee, to Issuer (or Issuer’s successor) as a debtor-in-possession, or to a
      receiver or any other party under any bankruptcy law, state or federal law,
      common law or equitable cause, then the portion of the Indebtedness intended
      to
      have been satisfied by such payment or proceeds shall remain due and payable
      hereunder, be evidenced by this Note, and shall continue in full force and
      effect as if such payment or proceeds had never been received by Holder whether
      or not this Note has been marked “paid” or otherwise canceled or satisfied or
      has been delivered to Issuer, and in such event Issuer shall be immediately
      obligated to return the original Note to Holder and any marking of “paid” or
      other similar marking shall be of no force and effect.

     

    9. Authority.
      Issuer
      warrants and represents that the persons or officers who are executing this
      Note
      and the other Investment Documents on behalf of Issuer have full right, power
      and authority to do so, and that this Note and the other Investment Documents
      constitute valid and binding documents, enforceable against Issuer in accordance
      with their terms, and that no other person, entity, or party is required to
      sign, approve, or consent to, this Note.

    
      
         

      

      
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    10. Governing
      Law; Consent to Forum.
      This
      Note shall be governed by the laws of the State of Kansas without giving effect
      to any choice of law rules thereof; provided,
      however,
      that if
      any of the collateral securing the Indebtedness shall be located in any
      jurisdiction other than Kansas, the laws of such jurisdiction shall govern
      the
      method, manner and procedure for foreclosure of Holder’s security interest, lien
      or mortgage upon such collateral and the enforcement of Holder’s other remedies
      in respect of such collateral to the extent that the laws of such jurisdiction
      are different from or inconsistent with the laws of Kansas. AS PART OF THE
      CONSIDERATION FOR NEW VALUE THIS DAY RECEIVED, ISSUER HEREBY CONSENTS TO THE
      JURISDICTION OF ANY STATE COURT LOCATED WITHIN JOHNSON COUNTY, KANSAS OR FEDERAL
      COURT IN THE DISTRICT OF KANSAS, AND WAIVES PERSONAL SERVICE OF ANY AND ALL
      PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY
      CERTIFIED OR REGISTERED MAIL AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED
      UPON ACTUAL RECEIPT THEREOF. ISSUER WAIVES ANY OBJECTION TO JURISDICTION AND
      VENUE OF ANY ACTION INSTITUTED AGAINST IT AS PROVIDED HEREIN AND AGREES NOT
      TO
      ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION OR VENUE. ISSUER FURTHER AGREES
      NOT TO ASSERT AGAINST HOLDER (EXCEPT BY WAY OF A DEFENSE OR COUNTERCLAIM IN
      A
      PROCEEDING INITIATED BY HOLDER) ANY CLAIM OR OTHER ASSERTION OF LIABILITY WITH
      RESPECT TO THIS NOTE, THE OTHER INVESTMENT DOCUMENTS, HOLDER’S CONDUCT OR
      OTHERWISE IN ANY JURISDICTION OTHER THAN THE FOREGOING
      JURISDICTIONS.

     

    11. WAIVER
      OF JURY TRIAL AND COUNTERCLAIMS.
      TO THE
      FULLEST EXTENT PERMITTED BY LAW, AND AS SEPARATELY BARGAINED-FOR CONSIDERATION
      TO HOLDER, ISSUER HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY (WHICH HOLDER ALSO
      WAIVES) IN ANY ACTION, SUIT, PROCEEDING OR IN ANY COUNTERCLAIM OF ANY KIND
      ARISING OUT OF OR OTHERWISE RELATING TO THIS NOTE, THE INDEBTEDNESS, THE
      COLLATERAL SECURING THE INDEBTEDNESS, OR THE HOLDER’S CONDUCT IN RESPECT OF ANY
      OF THE FOREGOING.

     

    12. Transfer
      of Note.
      Issuer
      shall not transfer any obligations hereunder without Holder’s prior written
      consent, which may be withheld in Holder’s sole and absolute discretion. With
      the prior written consent of Issuer, which shall not be unreasonably withheld,
      conditioned, or delayed, Holder may participate, sell, assign, transfer or
      otherwise dispose of all or any portion of its interest in this Note (including
      Holder’s rights, title, interests, remedies, powers and duties hereunder) to a
      purchaser, participant, any syndicate, or any other Person (each, a
“Note
      Purchaser”).
      In
      connection with any such disposition (and thereafter), Holder may, with adequate
      safeguards of confidentiality in a manner satisfactory to Issuer, disclose
      any
      financial information Holder may have concerning Issuer to any such Note
      Purchaser or potential Note Purchaser.

     

    13. Further
      Assurances.
      Issuer
      agrees to execute and deliver such further documents and to do such other acts
      as Holder may request in order to effect or carry out the terms of this Note
      and
      the other Investment Documents and the due performance of Issuer’s obligations
      hereunder and thereunder.

     

    14. Relationship
      to Security Agreement.
      This
      Note shall be entitled to the benefits of, shall be construed in accordance
      with
      any Security Agreement securing the Indebtedness.

     

    15. Miscellaneous.

     

    (a) Time
      is
      of the essence with respect to this Note.

     

    (b) Issuer
      hereby waives presentment, demand, protest, and notice of dishonor and protest.
      No waiver of any right or remedy of the Holder under this Note shall be valid
      unless in a writing executed by the Holder and any such waiver shall be
      effective only in the specific instance and for the specific purpose given.
      All
      rights and remedies of the Holder of this Note shall be cumulative and may
      be
      exercised singly, concurrently, or successively. 

    
      
         

      

      
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    (c) Unless
      otherwise provided herein, any notice required or permitted to be given
      hereunder shall be given by Issuer to the Holder or the Holder to the Company
      in
      accordance with the Notes Purchase Agreement.

     

    (d) Any
      provision of this Note that is prohibited or unenforceable in any jurisdiction
      shall be ineffective to the extent of such prohibition or unenforceability
      without invalidating the remaining provisions hereof in that jurisdiction or
      affecting the validity or enforceability of such provision in any other
      jurisdiction.

     

    (e) This
      Note
      and the other Investment Documents collectively: (i) constitute the final
      expression of the agreement between Issuer and Holder concerning the
      Indebtedness; (ii) contain the entire agreement between Issuer and Holder
      respecting the matters set forth herein and in the other Investment Documents;
      and (iii) may not be contradicted by evidence of any prior or contemporaneous
      oral agreements or understandings between Issuer and Holder. Neither this Note
      nor any of the terms hereof may be terminated, amended, supplemented, waived
      or
      modified orally, but only by an instrument in writing executed by the party
      against which enforcement of the termination, amendment, supplement, waiver
      or
      modification is sought. 

     

    (f) If
      there
      is a conflict between or among the terms, covenants, conditions or provisions
      of
      this Note and the other Investment Documents, then any term, covenant, condition
      and/or provision that Holder may elect to enforce from time to time so as to
      enlarge the interest of Holder in its security for the Indebtedness, afford
      Holder the maximum financial benefits or security for the Indebtedness, and/or
      provide Holder the maximum assurance of payment of the Indebtedness and the
      Indebtedness in full, shall control. ISSUER ACKNOWLEDGES AND AGREES THAT IT
      HAS
      BEEN PROVIDED WITH SUFFICIENT AND NECESSARY TIME AND OPPORTUNITY TO REVIEW
      THE
      TERMS OF THIS NOTE AND EACH OF THE INVESTMENT DOCUMENTS WITH ANY AND ALL COUNSEL
      IT DEEMS APPROPRIATE, AND THAT NO INFERENCE IN FAVOR OF, OR AGAINST, HOLDER
      OR
      ISSUER SHALL BE DRAWN FROM THE FACT THAT EITHER SUCH PARTY HAS DRAFTED ANY
      PORTION OF THIS NOTE OR ANY OF THE INVESTMENT DOCUMENTS.

     

    (g) The
      terms
“include”, “including” and similar terms shall be construed as if followed by
      the phrase “without being limited to.” The term “or” has, except where otherwise
      indicated, the inclusive meaning represented by the phrase “and/or.” Words of
      masculine, feminine or neuter gender shall mean and include the correlative
      words of the other genders, and words importing the singular number shall mean
      and include the plural number, and vice versa. All article, section, schedule,
      and exhibit captions are used for convenient reference only and in no way
      define, limit or describe the scope or intent of, or in any way affect, any
      such
      article, section, schedule, or exhibit. Unless the context of this Note clearly
      requires otherwise, references to the plural include the singular, references
      to
      the singular include the plural. Any reference in this Note or in the Investment
      Documents to this Note or to any of the Investment Documents shall include
      all
      alterations, amendments, changes, extensions, modifications, renewals,
      replacements, substitutions, and supplements thereto and thereof, as applicable.
      An Event of Default shall “continue” or be “continuing” until such Event of
      Default has been waived in writing by Holder or completely cured in accordance
      with the terms of the applicable Investment Documents.

     

    [The
      remainder of this page is intentionally blank. Signature page
      follows.]

    
      
         

      

      
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    IN
      WITNESS WHEREOF,
      Issuer
      has executed and delivered this Note as of the date first stated
      above.

     

    
      	
              ISSUER:

            
	 
	
              WITS
                BASIN PRECIOUS MINERALS INC.

            
	 	 
	
              By:

            	
              /s/
                Mark D Dacko

            
	
              Name:

            	
              Mark
                D. Dacko

            
	
              Title:

            	
              Chief
                Financial OfficerEXHIBIT
      10.13 

    

      AMENDED
        AND RESTATED

    

    CONSULTING
      AGREEMENT

     

    This
      Amended and Restated Consulting Agreement (the “Agreement”) is made effective as
      of November 12, 2008, by and between Wits Basin Precious Minerals Inc., a
      Minnesota corporation (“Wits Basin”), and Corporate Resource Management, Inc., a
      Minnesota corporation (the “Consultant”).

     

    RECITALS

     

    WHEREAS,
      the parties have entered into that certain Consulting Agreement dated as of
      May
      15, 2006 (the “Original Agreement”) relating to Consultant’s provision of
      certain investment banking services, as an independent contractor, in connection
      with the purchase and/or sale of mining-related assets (the “Asset
      Transactions”); and

     

    WHEREAS,
      the parties wish to amend the terms of their consulting arrangement to the
      terms
      set forth herein, superseding the Original Agreement in its entirety.

     

    AGREEMENT

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt of which is hereby
      acknowledged, the parties agree as follows:

     

    1. Effect
      of Original Agreement.
      The
      Original Agreement is hereby superseded in its entirety and shall not have
      further effect.

     

    2. Consulting
      Services.
      Consultant agrees to provide certain investor relations and back office services
      as set forth on Exhibit
      A
      hereto,
      and any other related services as agreed upon by the parties. Consultant is
      not
      authorized to, and will not, participate in the preparation or delivery of
      any
      materials relating to the sale of Wits Basin’s securities, offer Wits Basin’s
      securities, make any recommendations regarding Wits Basin’s securities, assist
      in or provide financing for purchases of Wits Basin’s securities, represent that
      Consultant is an agent of Wits Basin, participate in any negotiations relating
      to the sale of Wits Basin’s securities or the terms of any sale of securities by
      Wits Basin, or enter into agreements on behalf of or bind Wits
      Basin.

     

    3. Compensation.
      For the
      various services rendered hereunder, Consultant shall be entitled to a
      consulting fee in the amount of Thirteen Thousand Seven Hundred Fifty Dollars
      ($13,750) per month during the term of this Agreement (the “Monthly Fee”).
      Consultant shall be paid a prorated Monthly Fee for that portion of any
      less-than-complete month during which the Agreement was in force. The Monthly
      Fee is commencing retroactively to January 1, 2008.

     

    4. Reimbursement
      for Expenses.
      Wits
      Basin shall reimburse Consultant for all reasonable and necessary expenses
      incurred and paid by Consultant in connection with the completion of
      Consultant’s responsibilities, promptly following presentation to Wits Basin of
      receipts for such expenses, provided that Consultant shall be required to obtain
      the prior written consent of Wits Basin. 

     

    5. Independent
      Contractor.
      

     

    (a) Using
      its
      best efforts, Consultant shall devote such time to the performance of the
      services described in this Agreement as may be necessary to satisfactorily
      complete such services. 

    
      
         

      

      
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    (b) Consultant
      shall be an independent contractor in the performance of this Agreement and
      no
      employee of Consultant shall be deemed an employee of Wits Basin for any purpose
      whatsoever. Employees of Consultant shall not participate in any benefit
      programs for Wits Basin employees including, without limitation, health
      benefits, life insurance, pension or profit sharing plans and paid vacation
      and
      sick leave. Consultant shall be solely responsible for the payment of its income
      taxes as required by any and all governmental agencies with respect to
      compensation paid to Consultant by Wits Basin, and shall comply with all
      regulations thereto.

     

    (c) Consultant
      shall have no power to act as an agent of Wits Basin or bind Wits Basin in
      any
      respect.

     

    6. Intellectual
      Property.
      Consultant agrees that all documents and deliverables (collectively, the “Work
      Materials”) created in whole or in part by Consultant in the course of or
      related to the performance of this Agreement shall be treated as if they were
      “works for hire” for Wits Basin. All ownership and control of the above Work
      Materials, including any copyright, patent rights and all other
      intellectual-property rights herein, shall vest exclusively with Wits Basin;
      provided, however, that such Work Materials shall in no event cover materials
      that Consultant is required to keep confidentially (including materials that
      are
      proprietary to other clients of Consultant) or materials that Consultant does
      not have the right to sublicense to third parties.

     

    7. Property.
      Consultant will not remove from Wits Basin’s offices or premises any documents,
      records, notebooks, files, correspondence, reports, memoranda, computer tapes,
      computer disks or similar materials of or containing Confidential Information
      (as defined below), or other materials or property of any kind, unless necessary
      in accordance with Consultant’s duties and responsibilities, and in the event
      that any of such material or property is removed, all of the foregoing will
      be
      returned to their proper files or places of safekeeping as promptly as possible
      after the removal will have served its specific purpose; nor will Consultant
      make, retain, remove or distribute any copies of any of the foregoing for any
      reason whatsoever, except as may be necessary in the discharge of Consultant’s
      assigned duties; and upon the termination of this Agreement, Consultant will
      leave with or return to Wits Basin all originals and copies of the foregoing,
      then in Consultant’s possession, whether prepared by Consultant or by
      others.

     

    8. Confidential
      Information.
      

     

    (a) Consultant
      acknowledges and agrees that in the course of, or incident to, its provision
      of
      services to Wits Basin, Wits Basin will provide to Consultant, and Consultant
      will otherwise have access to, Wits Basin’s trade secrets and confidential
      information (collectively and singularly known as “Confidential Information” and
      defined further below). Except as will be necessary in the performance of
      Consultant’s obligations hereunder, Consultant will not disclose or use for
      Consultant’s direct or indirect benefit or the direct or indirect benefit of any
      third party, and Consultant will maintain, both during and after this Agreement
      and Consultant’s provision of services to Wits Basin outside of this Agreement,
      the confidentiality of any Confidential Information of Wits Basin. Upon Wits
      Basin’s written consent permitting Consultant to provide or disclose any
      Confidential Information, Consultant agrees to advise and inform any third
      party
      regarding the confidential nature of such information, and ensure that such
      third party independently agrees in writing to be bound by the terms and
      conditions set forth in Sections 6,
      7
      and
8
      hereof.

    
      
         

      

      
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    (b) For
      purposes of this Agreement, “Confidential Information” means any and all
      proprietary information of Wits Basin that derives independent economic value
      by
      virtue of its not being known to Wits Basin’s competitors or the general public
      including, but not limited to, mining prospects, assay results, customer lists,
      customer information, intellectual property, employee lists, employee
      information, prospect lists, prospect information, pricing information,
      inventions, graphic designs, product research and development, financial
      statements, marketing plans, management systems and procedures, trade secrets,
      supplier lists, sales techniques, software specifications and information,
      results of research and development, whether complete or in process, and any
      other information which Wits Basin identifies as Confidential Information.
      Consultant will deliver to Wits Basin at the termination of this Agreement,
      or
      upon the completion of any services by Consultant to Wits Basin outside of
      this
      Agreement, or at any other time that Wits Basin may request, all memoranda,
      notes, plans, records, diskettes, tapes and other storage media, documentation
      and other materials (and copies thereof) containing Confidential Information,
      no
      matter where such material is located and no matter what form the material
      may
      be in, which Consultant may then possess or have under his control. If requested
      by Wits Basin, Consultant will provide to Wits Basin written confirmation that
      all such materials have been delivered to Wits Basin or have been destroyed.
      Consultant will take all appropriate steps to safeguard Confidential Information
      and to protect it against disclosure, misuse, espionage, loss and theft.
“Confidential Information” also includes any and all information which Wits
      Basin obtains from another third party and treats as proprietary or designates
      as confidential. The obligations of this Section will survive indefinitely
      the
      termination of this Agreement or Consultant’s provision of services to Wits
      Basin outside this Agreement. All Wits Basin Confidential Information and any
      and all results derived therefrom in any way will at all times remain the sole
      property of Wits Basin.

     

    For
      the
      purposes of this Agreement, “Confidential Information” shall not include
      information which (i) had been made previously available to the public by Wits
      Basin; (ii) is or becomes generally available to the public, unless the
      information being made available to the public results in a breach of this
      Agreement; (iii) prior to disclosure to Consultant or Consultant’s
      representatives or agents, was already rightfully in any such person’s
      possession without any requirement of confidentiality; or (iv) is obtained
      by
      Consultant or Consultant’s representatives or agents from a third party who is
      lawfully in possession of such information, and not in violation of any
      contractual, legal or fiduciary obligation to Wits Basin, with respect to such
      information and who does not require Consultant to refrain from disclosing
      such
      information to others. In any dispute relating to the obligations under this
      Section 8,
      the
      burden of proof will be on the party receiving the Confidential Information
      to
      show that the exclusions herein apply.

     

    9. Term;
      Termination.
      This
      Agreement will become effective as of the date hereof and will continue for
      one
      (1) year thereafter (the “Term”), unless terminated earlier by either party for
      any reason with thirty (30) days’ prior written notice to the other party. The
      Term shall automatically extend for additional successive one (1) year period
      unless either party provides to the other party written notice of such party’s
      intent not to renew the term for an additional year at least thirty (30) days
      prior to the end of the then current period. During any renewal term, either
      party may terminate this Agreement for any reason with thirty (30) days’ prior
      written notice to the other party. Notwithstanding the foregoing, either party
      may immediately terminate this Agreement without thirty (30) days’ prior written
      notice in the event the other party breaches any of its material obligations
      hereunder and such party fails to cure such breach within ten (10) days of
      receipt of notice of such breach from the other party.

     

    In
      the
      event Wits Basin terminates this Agreement for any reason, prior to the first
      anniversary of the date of this Agreement, other than a breach by Consultant
      of
      its material obligations under this Agreement (and failure to cure within the
      period specified above), Consultant will be entitled to a termination fee in
      the
      amount of Seventy-Five Thousand Dollars ($75,000).

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    10. Representations
      and Warranties.
      Wits
      Basin and Consultant hereby represent and warrant to each other that their
      respective execution, delivery and performance of this Agreement will not (a)
      violate or breach Wits Basin’s and/or Consultant’s articles of incorporation or
      corporate bylaws, or (b) result in a breach of any of the terms or conditions
      of, or constitute a default under, any mortgage, note, bond, indenture,
      agreement, license or other instrument or obligation to which Wits Basin or
      Consultant is now a party or by which any of them or any of their respective
      properties or assets may be bound or affected, or (c) violate any order, writ,
      injunction or decree of any court, administrative agency or governmental body
      in
      any respect, the violation or breach of which would prevent Wits Basin or
      Consultant from consummating the transactions contemplated herein.

     

    11. Indemnification.
      Consultant shall indemnify and hold Wits Basin, and its shareholders, directors,
      employees and agents (collectively, together with Wits Basin, the “Affiliates”)
      harmless from and against any and all liabilities, losses, damages, claims,
      costs, causes of action and expenses, including but not limited to the costs
      of
      defense and reasonable attorneys’ fees, suffered, paid or incurred by any of the
      Affiliates, whether or not suit is filed, arising out of, resulting from or
      connected with, in whole or in part, the intentional misconduct or gross
      negligence of Consultant. The obligations of this Section 11
      shall
      forever survive the termination of this Agreement.

     

    12. Miscellaneous.

     

    (a) Entire
      Agreement.
      This
      Agreement sets forth the entire agreement of the parties with respect to the
      subject matter hereof, and supersedes all prior agreements. This Agreement
      may
      not be amended or modified in any manner except by an instrument in writing
      signed by the parties.

     

    (b) Severability.
      The
      invalidity or unenforceability of one or more provisions of this Agreement
      shall
      not affect the validity or enforceability of any of the other provisions, and
      this Agreement shall be construed as if such invalid or unenforceable provisions
      were omitted. If any provision is unenforceable because it is overbroad, the
      parties agree that such provision shall be limited to the extent necessary
      to
      make it enforceable, it being the intent of the parties that provisions of
      this
      Agreement be enforced to the maximum extent possible.

     

    (c) Governing
      Law; Remedies.
      This
      Agreement shall be deemed to have been entered into in, and shall be construed
      and enforced in accordance with the laws of, the State of Minnesota without
      regard to conflicts of law principles. Consultant acknowledges and agrees that
      a
      violation of the terms of this Agreement would cause irreparable harm to Wits
      Basin, and that Wits Basin’s remedy at law for any such violation would be
      inadequate. In recognition of the foregoing, Consultant agrees that, in addition
      to any other relief afforded by law, including damages sustained by a breach
      of
      this Agreement, Wits Basin shall have the right to enforce this Agreement by
      specific remedies, which shall include, among other things, temporary and
      permanent injunctions, it being the understanding of Consultant and Wits Basin
      that both damages and injunctions shall be proper modes of relief and are not
      to
      be considered as alternative remedies.

     

    (d) Waivers.
      The
      failure of any party to insist, in any one or more instances, upon the
      performance of any of the terms or conditions of this Agreement or to exercise
      any right, shall not be construed as a waiver of the future performance of
      any
      such term or condition or the future exercise of such right.

     

    (e) Assignment
      and Delegation.
      Consultant will not have the right to assign its rights under this Agreement
      or
      delegate any of his obligations under this Agreement without Wits Basin’s prior
      written consent, which consent may be withheld in Wits Basin’s sole and absolute
      discretion. To the extent assignable or delegable as described in the preceding
      sentence, the rights of each party hereunder shall inure to the benefit of
      each
      party’s successors and assigns.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    In
      Witness Whereof, the undersigned have set their hands to this Agreement to
      be
      effective as of the date first written above.

     

    
      	
              WITS
                BASIN:

            
	 
	
              WITS
                BASIN PRECIOUS MINERALS INC. 

            
	 
	 	 
	
              By:

            	
              /s/
                Mark D Dacko

            
	 	
              Mark
                D. Dacko, Chief Financial Officer 

            
	 	 
	
              CONSULTANT:

            
	 
	
              CORPORATE
                RESOURCE MANAGEMENT, INC.

            
	 
	 	 
	
              By:

            	
              /s/
                Debra Kramer

            
	 	
              Debra
                Kramer, President

            

    

     

    Signature
      Page to

    
      Amended
        and Restated Consulting Agreement

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Exhibit
      A

     

    CRM
      Contract Description of Services

    

    Consultant
      agrees to provide general oversight and management in regard to strategic
      planning, team management and resource management related to but not limited
      to:

     

    
      	 	
              ·

            	
              Investor
                Relations / Public Relations

            

    

     

    
      	 	
              ·

            	
              Marketing

            

    

     

    
      	 	
              ·

            	
              Support
                Resources for Wits Basin executive
                team

            

    

     

    
      	 	
              ·

            	
              Investment
                banking services regarding project capitalization and corporate
                finance

            

    

     

    Consultant
      is not authorized to, and will not, participate in the preparation or delivery
      of any materials relating to the sale of Wits Basin’s securities, offer Wits
      Basin’s securities, make any recommendations regarding Wits Basin’s securities,
      assist in or provide financing for purchase of Wits Basin’s securities,
      represent that Consultant is an agent for Wits Basin, participate in any
      negotiations relating to the sale of Wits Basin’s securities or the terms of any
      sale of securities by Wits Basin, or enter into agreements on behalf of or
      bind
      Wits Basins. Consultant is not a licensed broker-dealer.

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