Document:

Cables and Telegrams; MINILANDS            MINISTRY OF LANDS, FORESTRY AND MINES
Telephone: 233-21-687314                              P. O. BOX M. 212
Tel / Fax: 233-2 1-666801                                  Accra

In case of reply the
number and date of this
letter should be quoted.

Our Ref. No...DB-47/285/04
                                  [LOGO OMITTED]
Your Ref. No....                 REPUBLIC OF GHANA            26th October, 2006

THE MANAGING DIRECTOR
UPRIGHTNESS (GH) LTD.
P. O. BOX 3553
ACCRA NORTH.

PROF. EDWARD SOLOMON AYENSU
HABER MINING GHANA LIMITED
P. O. BOX KIA 16525
ACCRA.

Dear Sir,

            APPLICATION BY UPRIGHTNESS (GHANA) LIMITED TO ASSIGN ITS
            --------------------------------------------------------
             RECONNAISSANCE LICENCE TO HABER MINING COMPANY LIMITED
             ------------------------------------------------------

At a Special Meeting of the Minerals Commission held on the 18th September 2006,
the transfer of the reconnaissance licence of Uprightness (Ghana) Limited (UGL)
to Haber Mining Company Limited (Haber) was recommended for my approval.

Consequently, in accordance with Section 14 of the Minerals and Mining Act 2006,
(Act 703) I hereby grant my consent to the transfer between UGL and Haber
subject to the payment of the appropriate fees to the Minerals Commission.

Yours faithfully

/s/ Dominic Fobih
PROF. DOMINIC FOBIH (MP)
HON. MINISTER

                                                       cc:   The Chief Executive
                                                             Minerals Commission
                                                             Accra.

<PAGE>

                              UPRIGHTNESS (GH) LTD
                              --------------------

BANKERS:                                                           P.O. BOX 3553
--------                                                           ACCRA-NORTH
BARCLAYS BANK (GH) LTD.
HIGH STREET BRANCH, ACCRA.

Our Ref.: ...

Your Ref.: ...                                          Date: September 27, 2006

Elsie Addo
Managing Consultant
Lawfields Consulting
Accra.

Dear Ms. Addo,

RE: ASSIGNMENT OF RECONNAISSANCE
--------------------------------
LICENCE TO HABER MINING (GB) LIMITED
------------------------------------

Following the conclusion of the assignment of our reconnaissance license to
Haber Mining Gh. Ltd., under the Deed of Assignment dated 26th September 2006,
kindly transfer the consideration of two hundred thousand United States Dollars
($200,000.00) into the following:

BANKERS                                 :       STANDARD CHARTERED BANK
                                                HIGH STREET BRANCH, ACCRA

NAME OF ACCOUNTS HOLDER                 :       ALEX ADJEI

ACCOUNTS NUMBER                         :       501353-020101
                                                8700236344700-01.

Yours faithfully,

/s/ Alex Adjei
Alex Adjei
Chairman

<PAGE>

[MINERALS COMMISSION GHANA LOGO]

MINERALS COMMISSION
-------------------
#12 Switchback Road Residential Area, Cantoments
P. 0. Box M 248 Accra - Ghana
Tel: (233-21) 772783 / 772786 /773053 / 771318  Fax: (233-21) 773324
Email: mincom@mincomgh.org
website: www.mincomgh.org.

        RL.2/100                                               28 November, 2006

The Managing Director
Haber Mining Ghana Limited
P. O. Box KIA 16525
Accra

Dear Sir,

                              RE: LETER OF COMFORT
                              --------------------

We refer to your application dated 25th November, 2006 relating to the subject
above and wish to inform you that the validity period of your Reconnaissance
Licence at Sefwi Bekwai in the Western Region will be extended for a 12-month
period subject to the payment of a consideration fee of US$10,000.00 (Ten
Thousand United States Dollars).

Accordingly, you are advised to pay the amount to the Commission before the
extension will be granted.

The offer remains open for a period of thirty (30) days from the date of this
letter. If it is not accepted within the said period your application for
extension of the licence shall lapse.

                                Yours faithfully,

                               /s/ Amponsah Tawaih
                                (AMPONSAH TAWIAH)
                        DIRECTOR, MONITORING & EVALUATION
                              For: CHIEF EXECUTIVE

cc:      Chief Accountant
         Minerals Commission
         Accra

accunt serv Extension Offer - RecEOK

<PAGE>

[LOGO]    MINERALS COMMISSION
          ----------------------------------------------------------------------
          #12 Switchback Road Residential Area, Cantoments
          P. O. Box M 248 Accra - Ghana
          Tel: (233-21)772783/772786/773053/771318  Fax: (233-21)773324
          Email: minom@mincomgh.org
          website: www.mincomgh.org.

          RL.2/ 100                                            20 December, 2006

The Managing Director
Haber Mining Ghana Limited
P. O. Box KIA. 16525
Accra

Dear Sir,

                              RE: LETTER OF COMFORT
                              ---------------------

We refer to your application dated 25th November, 2006 relating to the above
subject matter.

The validity period of your Reconnaissance Licence at Sefwi Bekwai area in the
Western Region, is being extended for 12 months with effect from the date of
this letter.

At the end of the period, you will be required to submit the following documents
for the renewal of the licence.

     a.   Three (3) copies of a comprehensive technical terminal report, with
          maps, sections, assay results, budgeted work programme, where
          applicable;
     b.   Detailed financial report;
     c.   Eight (8) copies of a site plan indicating areas to be relinquished
          and those to be retained in accordance with Section 38(1) of Minerals
          and Mining Act, 2006 (Act 703);
     d.   Evidence of annual ground rent payments; and
     e.   An Environmental Permit from the Environmental Protection Agency
          (EPA).

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

cc:       - The Head, Inspectorate Division of Minerals Commission, Accra

          - The Director, Ghana Geological Survey, Accra

<PAGE>

[2 GHANA STAMP DUTIES OMITTED]

T H I S   A G R E E M E N T is made the 1 day of December 2005 BETWEEN THE
GOVERNMENT OF THE REPUBLIC OF GHANA (hereinafter called "THE GOVERNMENT")
acting by PROF. DOMINIC K. FOBIH, the Minister of Mines (hereinafter called "THE
MINISTER") of the One Part and UPRIGHTNESS GHANA LIMITED with registered address
at P. 0. BOX AN. 3553, ACCRA NORTH, GHANA (hereinafter called "THE COMPANY") of
the Other Part..
WHEREAS:
--------
A.   It is Government's policy to take all such steps as it deems appropriate
     and effective for carrying out reconnaissance for minerals throughout the
     Republic of Ghana to identify prospective areas of gold, diamonds and base
     metals mineralization.
B.   In pursuit of the above policy Government desires to secure the
     co-operation of companies which possess, the necessary financial and
     managerial qualifications and skills for carrying out mineral operations
C.   The Company, which warrants its financial, technical and managerial
     competence for undertaking mineral operations has declared itself will to
     engage in exploration in Ghana on the understanding that it shall bear the
     sole risk of reconnaissance operations on its own account; and upon
     establishing to the satisfaction of the Government that there are good
     prospects for gold, diamonds and base metals within the area covered by
     this licence may apply for and be granted a prospecting licence, or a
     mining lease subject to the provisions of the Minerals and Mining Law,
     1986, (PNDCL 153).
1.   WITNESSES AS FOLLOWS:
     ---------------------
     The Government hereby grants unto the Company the right to reconnoitre for
     and prove gold, diamonds and base metals in the area described in the
     Schedule hereto and demarcated on the map which forms part of this
     AGREEMENT (hereinafter called "the Licensed Area") excluding any parts

                            LAND REGISTRY NO 113/2006

                                                                               1
<PAGE>

     i.   to hunt game
     ii.  to gather firewood for domestic purposes
     iii. to collect snails
     iv.  to till and cultivate farms
     v.   to observe rites in respect of groves and other areas held to be
          sacred.
     Provided always that where the exercise of these customary rights and
     privileges unduly interferes with or obstructs the operations of the
     Company hereunder, the Company shall make arrangements with members of the
     said local population for the limitation or waiver of such rights and
     privileges, such arrangements to include the payment of compensation where
     necessary. The Government shall furnish such assistance as is reasonably
     required in the making of such arrangements.
4.   CONDUCT OF OPERATIONS:
     ----------------------
     a.   The Company shall conduct all of its operations hereunder with due
          diligence, efficiency and economy to the maximum extent possible
          consistent with good mining industry practice and in a proper
          workmanlike manner observing sound technical and engineering
          principles and practices, using. appropriate modern and efective
          equipment, machinery, materials and methods and pay particular regard
          to the protection of the environment.
     b.   The Company shall maintain all equipment in good repair and all areas
          in safe and good condition and take all practicable steps:
          i.   to prevent damage to adjoining farms and villages;
          ii.  to avoid damage to trees, crops, buildings, structures and other
               property in the Licensed Area; to the extent however that any
               such damage is unavoidable the Company shall pay fair and
               reasonable compensation.

                                                                               3
<PAGE>

          any revenue from its operations hereunder, finance such operations in
          the following manner:
          i.   by converting to Ghana currency through authorized dealers such
               amounts of foreign currency as will be sufficient to cover the
               Company's operating expenses required to be paid in Ghana
               currency including any payments to the Government and third
               parties provided that the terms of any loans obtained abroad for
               the company's operations shall be in conformity with current
               international commercial and monetary conditions.
          ii.  By directly purchasing and/or hiring abroad as is necessary for
               conducting the reconnaissance programme with its foreign currency
               funds and importing to and/or using in Ghana freely and without
               restrictions such machinery equipment materials and services of
               any nature whatsoever as will be required by the Company for its
               operations hereunder.
     b.   The Company may be required to pay all its rentals and other licensing
          fees to the Government in dollars or other freely convertible
          currency, or such currencies as shall be specified by the Bank of
          Ghana.
     c.   All conversions of currency shall be made at the prevailing official
          rates of exchange.
19.  PROSPECTING LICENCE:
     --------------------
     If upon the expiration of this Agreement the Company shall have carried out
     its obligations hereunder without default at that time and shall have
     successfully established to the Government that work done so far by the
     Company justifies further and more detailed enquiry, then the Government
     shall grant to the Company the first option to acquire a

                                                                              12
<PAGE>

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

SIGNED AND SEALED with the SEAL of the               ]
Ministry of Mines and DELIVERED by the Said          ] /s/ Dominic K. Fobih
PROF. DOMINIC K. FOBIH, Minister of                  ]         Minister
Lands, Forestry and Mines for and on behalf of the   ] MIN. OF LANDS, FORESTRY &
Government of the Republic of Ghana in the presence: ]           MINES

/s/ [ILLEGIBLE SIGNATURE]
-------------------------
      CHIEF DIRECTOR
MINISTRY OF LANDS, FORESTS & MINES

The COMMON SEAL/STAMP of the said                    ]
UPRIGHTNESS GHANA LIMITED                            ] [GHANA STAMP OMITTED]
was affixed to these presents and the                ]
same were DELIVERED in the presence of:              ]

/s/ [ILLEGIBLE SIGNATURE]

/s/ [ILLEGIBLE SIGNATURE]
-----------------
MANAGING DIRECTOR

/s/ [ILLEGIBLE SIGNATURE]

/s/ [ILLEGIBLE SIGNATURE]
------------------
DIRECTOR/SECRETARY

                                                                              15
<PAGE>

                                  OATH OF PROOF
                                  -------------

I [ILLEGIBLE NAME] of Minerals Commission MAKE OATH and SAY that on the 1st day
of December 2005. I was present and saw PROF. DOMINIC K. FOBIH, the Minister of
Lands, Forestry and Mines duly execute the Instrument now produced to me and
Marked "A" and that the said PROF. DOMINIC K. FOBIH can read and write,

Sworn at Accra this 21st day of December 2005

          Before Me

/s/ [ILLEGIBLE SIGNATURE]     [GHANA STAMP OMITTED]    /s/ [ILLEGIBLE SIGNATURE]
-------------------------                              -------------------------
     REGISTRAR OF LANDS                                         DEPONENT
         HIGH COURT
           ACCRA

This is the Instrument Marked "A" Referred to in the Oath of
Sworn before me, this 21st day of December 2005

                     /s/ [ILLEGIBLE SIGNATURE]    [GHANA STAMP OMITTED]
                     -------------------------
                        REGISTRAR OF LANDS

On the 21st day of Dec 2005 at [ILLEDGIBLE] O'clock in the [ILLEDGIBLE] noon
this Instrument was proved before me by the Oath of the within-named
____________ to have been duly executed by the within-named

PROF. DOMINIC K. FOBIH.

                     /s/ [ILLEGIBLE SIGNATURE]    [GHANA STAMP OMITTED]
                     -------------------------
                        REGISTRAR OF LANDS

                                                                              15
<PAGE>

     which shall be relinquished from time to time in accordance with the
     provisions with a right of extension as hereinafter provided.
2.   RIGHTS OF THE COMPANY:
     ----------------------
     a.   The Company shall have the right to conduct such geological and
          geophysical investigations in the Licensed Area as it considers
          necessary for identifying the potential for gold, diamonds and base
          metals mineralization within the licence area but shall conduct no
          excavation, drilling or other sub-surface operations unless it is
          specifically so authorized in writing by the Minister.
     b.   The Company may exercise all or any of the rights and powers granted
          hereunder through agents, independent contractors or sub-contractors.
     c.   The Company shall not conduct any operations in a sacred area and
          shall not without the prior consent of the Minister conduct any
          operations:
          i.   within 20 metres of any building, installations, reservoir, dam,
               public road, railway or area appropriated for a railway; or
          ii.  in an area occupied by a market, burial ground, cemetery or
               within a town or village or an area set apart for, used,
               appropriated or dedicated to a public purpose.
     d.   Nothing contained in this Agreement shall be deemed to permit the
          Company to dispense with the necessity of applying for and obtaining
          any permit or authority which the Company may be required by law or
          regulation to obtain in respect of any works and/or activities to be
          carried out hereunder.
3.   RIGHTS OF THIRD PARTIES:
     ------------------------
     The Company shall not hinder or prevent members of the local population
     from exercising the following customary rights and privileges in or over
     the Licensed Area:

                                                                               2
<PAGE>

     c.   The Company shall provide and maintain in good repair and condition
          proper roads, gates, stiles and fences for the convenient occupation
          of the surface of the Licensed Area.
     d.   The Company shall use its best efforts to exercise the rights and
          powers granted by this Agreement in such manner as not to cause
          interference with or avoidable instruction or interruption to the
          felling of timber by licensed timber operators within the Licensed
          Area and the Government shall furnish assistance to the Company to
          make appropriate arrangements with such operators to permit the
          reconnaissance programme to proceed without interference or delay.
5.   WORKING OBLIGATIONS:
     --------------------
     a.   The Company shall be means of modern geological, geophysical and other
          methods normally associated with reconnaissance and with due diligence
          and within three months of the date of this Agreement or at such time
          as the Minister may specify, commence reconnaissance operations in the
          Licensed Area with a view to establish the existence of gold, diamonds
          and base metals in commercial quantities.
     b.   The Company, having prior to the commencement of this Agreement
          submitted its programme of work to the Government, shall carry out its
          operations in accordance with the programme and the Chief Inspector of
          Mines shall from time to time inspect the operations to ensure that
          the Company does so.
     c.   The Company shall diligently continue to carry out its operations
          hereunder and shall spend as actual direct reconnaissance expenditure
          not less than the minimum amounts specified in its work programme.
     d.   The Company shall spend the minimum amounts stipulated in the work
          programme to be spent for the period of this Agreement and

                                                                               4
<PAGE>

          if at the expiration or termination of the Agreement the Company shall
          not have expended the stipulated minimum, it shall be liable to pay to
          the Government within 30 days from the date of such expiration or
          termination the difference between the amounts actually expended and
          the stipulated minimum for the period of the Agreement provided that
          if the termination shall be occasioned by force majeure or upon
          adequate proof by the Company that gold mineralization does not exist
          in sufficient quantities in the area to warrant completion of the work
          programme, the Company shall not be liable to pay to the Government
          any difference on the stipulated minimum expenditure.
6.   NOTIFICATION OF DISCOVERY OF OTHER MINERALS:
     --------------------------------------------
     The Company shall report forthwith to the Minister, the Chief Inspector of
     Mines, the Director of Ghana Geological Survey and the Chief Executive of
     the Minerals Commission the discovery in the Licensed Area of any other
     minerals and the Company shall be given the first option to explore for and
     work the said minerals subject to satisfactory arrangements between
     Government and the Company.
7.   SAMPLES:
     --------
     a.   The Company shall not during the currency of this Agreement destroy,
          except in analyses, any samples obtained from the Licensed Area
          without the prior consent of the Director of Ghana Geological Survey.
     b.   The Company shall provide the Director of Ghana Geological Survey and
          the Chief Inspector of Mines with such samples from the Licensed Area
          as they may from time to time reasonably request for.
8.   RECORDS:
     --------
     a.   The Company shall maintain at its registered office copies of the
          following:-

                                                                               5
<PAGE>

          movables placed thereon by the Company. Any structures, installations
          and movables not so removed within the said period shall become the
          property of the Government without charge.
17.  FORCE MAJEURE:
     --------------
     a.   Failure on the part of the Company to comply with any of the terms and
          conditions hereof (except the obligations to make payment of monies to
          the Government) shall not be grounds for cancellation or give the
          Government any claim for damages in so far as such failure arises from
          force majeure, the Company having taken all appropriate precautions
          due care and reasonable alternative measures with the objective of
          avoiding such failure and of carrying out its obligations hereunder.
          The Company shall take all reasonable measures to remove such
          inability to fulfill the obligations hereunder with the minimum of
          delay.
     b.   For purposes of this paragraph force majeure includes acts of God,
          war, insurrection, earthquake, storm, flood or other adverse weather
          condition but shall not include any event caused by a failure to
          observe good mining industry practice or by the negligence of the
          Company of its employees or contractors.
     c.   The Company shall notify the Minister within twenty-four hours of an
          event of force majeure affecting its ability to fulfill the terms and
          conditions hereof.
     d.   The period of this Agreement shall be extended for a period of time
          equal to the period or periods during which the Company was affected
          by conditions set forth in sub-paragraph (b) of this paragraph, but
          not to exceed six months in the aggregate.
18.  PAYMENT IN FOREIGN EXCHANGE:
     ----------------------------
     a.   Subject to sub-paragraph (b) of this paragraph the Company shall,
          during the term of this Agreement and so long as it does not derive

                                                                              11
<PAGE>

          i.   full and complete records and books of account relating to the
               reconnaissance programme in Ghana.
          ii.  the detailed records and results of analyses or all
               investigations, surveys and other tests conducted pursuant to the
               provisions of this Agreement.
     b.   The records referred to in the foregoing paragraph shall include
          copies of all geological, geophysical and geochemical investigations,
          relating to the Licensed Area and all maps, drawings and diagrams
          pertaining to these records.
     c.   The said records, with the exception of propriety technical
          information, shall be made available for inspection at reasonable
          times without delaying the reconnaissance programme to the Chief
          Executive, Minerals Commission, the Chief Inspector of Mines upon
          request, and shall be retained in Ghana unless removed with
          Government's consent.
     d.   Failure to keep such records and to produce them for inspection upon
          receipt of reasonable notice may be considered just cause for the
          cancellation of this Agreement.
     e.   Copies of the aforementioned records shall be delivered to the Chief
          Executive of the Minerals Commission and the Chief Inspector of Mines
          on the termination of this Agreement and in the event of the Company
          not continuing mineral operations in the Licensed Area.
9.   REPORTS:
     --------
     a.   The Company shall furnish to the Chief Executive of the Minerals
          Commission, the Chief Inspector of Mines and the Director of Ghana
          Geological Survey not later than the 15th of each third month, a
          report giving a general description of the work done by the Company in
          the preceding quarter and containing a description accompanied by a
          sketch plan of the areas where gold, diamonds

                                                                               6
<PAGE>

          and base metals and any other minerals were found, particulars of the
          type of minerals found and the number and weight of samples taken, if
          any.
     b.   The Company shall furnish to the Chief Executive of Minerals
          Commission, Chief Inspector of Mines and Director of Ghana Geological
          Survey not later than sixty days after the end of each calendar year,
          an Annual Report in such form as may be prescribed.
     c.   All records, reports, plans and information which the Company is
          required to supply to the Government and its agents. pursuant to the
          provisions of this Agreement shall be supplied at the expense of the
          Company.
     d.   Any information or material supplied by the Company to the Government
          pursuant to the provisions of this Agreement shall be treated by the
          Government, its officers and agents as confidential and shall not be
          revealed to third parties except with the consent of the Company
          (which consent shall not be unreasonably withheld) for a period of 12
          months with respect to technical information and 36 months with
          respect to financial information from the date of submission of such
          information. The Government and persons authorized by the Government
          may nevertheless use any such information received from the Company
          for the purpose of preparing and publishing general reports or
          analysis relating to minerals in Ghana.
10.  FINANCIAL OBLIGATIONS
     ---------------------
     a.   The Company shall pay to the Government:
          i.   in consideration of the grant of reconnaissance for gold,
               diamonds and base metals in the Licensed Area an amount of
               (cedis)25,000,000.00 (five million cedis) within 30 days from the
               date of this Agreement.

                                                                               7
<PAGE>

          ii.  A yearly rent of (cedis)41,122,000.00 (one million, one hundred
               and twenty two thousand cedis)
     b.   Payment of the rent specified in the foregoing paragraph shall be made
          yearly in advance, the first year's payment having been made on or
          before the issue of this Agreement.
11.  ASSIGNMENT, MORTGAGE, ETC:
     --------------------------
     a.   The Company shall not assign, mortgage, sublet or otherwise transfer
          any interest conferred by this licence without the prior written
          consent of the Government.
     b.   The Government may impose such conditions on the giving of such
          consent as it thinks fit.
12.  SURRENDER OF PART OF LICENSED AREA:
     -----------------------------------
     a.   The Company may surrender at any time and from time to time, by giving
          not less than three months notice to the Chief Inspector of Mines and
          the Chief Executive of the Minerals Commission, all its rights
          hereunder in respect of any part or parts of the Licensed Area. The
          Company shall be relieved of all obligations in respect of the part or
          parts of the Licensed Area so surrendered except those obligations
          which accrued prior to the effective date of surrender.
     b.   The Company shall leave the part of the Licensed Area surrendered and
          everything thereon in a safe condition, the Company shall take all
          reasonable measures to restore the surface of such part of the
          Licensed Area surrendered and all structures thereon not the property
          of the Company to their original condition. In the event that the
          Company fails to do so, the Chief Inspector of Mines shall make such
          part and everything thereon safe at the expense of the Company.
13.  EXTENSION:
     ----------
     a.   If the Company applies in writing to the Government not less than
          three months before the expiration of this Agreement for an

                                                                               8
<PAGE>

          extension of the term hereof and if the Company shall not be in
          default at that time in the performance of any of its obligations
          hereunder the Company may, subject to the provisions of the law, be
          granted an extension for a period not exceeding 12 months upon such
          terms and conditions as the parties may then agree.
     b.   A further extension may be granted in accordance with the provisions
          of the Minerals and Mining Law 1986, PNDCL 153.
14.  RE-ENTRY BY GOVERNMENT:
     -----------------------
     If the operations and activities of the Company in accordance with the
     reconnaissance programme shall cease in the Licensed Area before the same
     have been completed and if such cessation shall be due entirely to the
     fault of the Company, the Government may, upon giving the notice and
     following the procedure required in paragraph 15 below, re-enter the
     Licensed Area and take possession of all buildings, erections, plants and
     materials thereon without compensation to the Company (such right of entry
     not to prejudice any additional remedy of the Government), and thereupon
     the Agreement shall terminate.
15.  TERMINATION BY THE GOVERNMENT:
     ------------------------------
     a.   The Government may, subject to the provisions of this paragraph, and
          to section 67 of the Minerals and Mining Law 1986, PNDCL 153 terminate
          this Agreement if any. of the following events shall occur:
          i.   the Company shall fail to make any of the payments described in
               this Agreement of the payment date; or
          ii.  the Company shall contravene or fail to comply with any other
               condition of this Agreement; or
          iii. the Company shall become insolvent or commit any, act, of
               bankruptcy or enter into any agreement or composition with its
               creditors or take advantage of any law for the benefit of debtors
               or go into liquidation, whether compulsory or

                                                                               9
<PAGE>

               voluntary, except for the purposes of reconstruction or
               amalgamation; or
          iv.  the Company knowingly submits any false statement to the
               Government in connection with this Agreement.
     b.   if and whenever the Government decides to terminate this Agreement
          pursuant to clauses (i) and (ii) of the preceding sub paragraph, the
          Government shall give the Company notice specifying the particular
          contravention or failure and permit the Company to remedy the same
          within twenty one days of such notice or such longer period as the
          Minister may specify in such notice as reasonable in the circumstance.
     c.   If the Company shall fail to remedy an event specified in clause (i)
          and (ii) of sub-paragraph (a) of this paragraph within the stated
          period, or an event specify in clauses (iii) and (iv) of the said sub
          paragraph shall occur, the Government may by notice to the Company
          terminate this Agreement.
     d.   Upon termination of this Agreement by the Government, every right of
          the Company hereunder shall cease (save as specifcally otherwise
          provided hereunder) but subject nevertheless and without prejudice to
          any obligation or liability imposed or incurred under this Agreement
          or applicable law prior to the effective date of termination.
     e.   No delay or omission or course of dealing by the Government shall
          impair any of its rights hereunder or construed to be a waiver of an
          event specifed in sub-paragraph (a) of this paragraph or an
          acquiescence therein.
16.  ASSETS ON TERMINATION OR EXPIRATION:
     ------------------------------------
     Upon the termination or expiration, of this Agreement, the Company may,
     within sixty days from the effective date of such termination, remove from
     the Licensed Area any structures and installations erected and any

                                                                              10
<PAGE>

          any revenue from its operations hereunder, finance such operations in
          the following manner:
          i.   by converting to Ghana currency through authorized dealers such
               amounts of foreign currency as will be sufficient to cover the
               Company's operating expenses required to be paid in Ghana
               currency including any payments to the Government and third
               parties provided that the terms of any loans obtained abroad for
               the company's operations shall be in conformity with current
               international commercial and monetary conditions.
          ii.  By directly purchasing and/or hiring abroad as is necessary for
               conducting the reconnaissance programme with its foreign currency
               funds and importing to and/or using in Ghana freely and without
               restrictions such machinery equipment materials and services of
               any nature whatsoever as will be required by the Company for its
               operations hereunder.
     b.   The Company may be required to pay all its rentals and other licensing
          fees to the Government in dollars or other freely convertible
          currency, or such currencies as shall be specified by the Bank of
          Ghana.
     c.   All conversions of currency shall be made at the prevailing official
          rates of exchange.
19.  PROSPECTING LICENCE:
     --------------------
     If upon the expiration of this Agreement the Company shall have carried out
     its. obligations hereunder without default at that time and shall have
     successfully established to the Government that work done so far by the
     Company justifies further and more detailed enquiry, then the Government
     shall grant to the Company the first option to acquire a

                                                                              12
<PAGE>

                            UPRIGHTNESS GHANA LIMITED

                              PROPOSED WORK PROGRAM

                                     FOR THE

                           SEFWI BEKWAI RECONNAISSANCE
                                     LICENCE

Prepared by

Joseph Boateng
GhIG 258

<PAGE>

                               GENERAL INFORMATION

INTRODUCTION
Uprightness Ghana Limited (UGL) of P.0. Box AN 3553 Accra North, Accra has been
incorporated in Ghana to invest in and acquire mineral rights and licence to
undertake mineral exploration; it has been authorized to develop, operate and
manage mineral resource and mining lease.
UGL is well resourced and capable of conducting suitable exploration programs on
the reconnaissance licence, which is being applied for. The concession when
granted shall be held by UGL who will have the exclusive right of exploring for
gold on the concession during its one-year tenure. UGL believes that long-term
investment offers the best prospect of commercial returns both for itself and
for the country.
UGL anticipates a sound working relationship with the local inhabitants, the
Bibiani-Anhwiaso-Bekwai District Assembly and the Sefwi Anhwiaso Traditional
council.

LOCATION
The Sefwi Bekwai reconnaissance licence, which covers an approximate area of
564.5sq km, lies in the Bibiani Anhwiaso-Bekwai District of the Western Region.
The concession is situated in map sheets 603D1, 603D3 and 603B3 and is bounded
to the east and west by longitudes 2(degree)10'W and 2(degree)18W respectively
and to the north and south by latitudes 6(degree)33'N and 5(degree)05'N
respectively. The pillar coordinates of the application area are indicated on
the attached concession map. The northern boundary of the proposed concession is
about 70km WSW of Kumasi, the Ashanti Regional capital whereas the southern end
of the concession is approximately 140km NNE of the port city of Takoradi, the
Western Regional capital. It is also approximately 250km WNW of Ghana's capital
city of Accra.

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ACCESS
Access to the proposed concession is good. The main access to the concession
from Accra is via Kumasi along a paved highway to Bibiani and onwards to Sefwi
Bekwai. Another access to the proposed area from Kumasi is via Obuasi and Dunkwa
and westwards to Sefwi Bekwai. The access route from the port city of Takoradi
is via Tarkwa, Ayanfuri and onwards to Sefwi Bekwai and Bibiani. A network of
4WD dirt roads, logging tracks and footpaths traverse application area and
enable access to various parts of the concession. A railway spur line links
Awaso to the main line to Takoradi; this spur line is used to handle bauxite to
Takoradi for export.

GEOGRAPHY
As in most other areas in southwestern Ghana, there are two rainy sessions that
last from March-July and September-November with an average annual rainfall of
1500-2000mm; the dry season lasts from December to February. Daily minimum and
maximum temperatures are in the range 20(degree)-35(degree)-c. The topography in
the north of the concession is characterised by rolling hills with moderate
steep slopes and have elevations in the range 180-220m ASL. The area south of
Sefwi Bekwai has relatively low to moderate relief with elevations in the range
140-180m ASL. In the immediate north of Sefwi Bekwai, is a NE NNE trending
series of flat-topped range of hills that have extensive laterite capping. These
hills have elevations above 200m ASL and crest at 500-530m ASL; the slopes are
generally moderate to steep. The application area is drained by seasonal
streams, which either flow east into the Ankobra or west into the Tano River.
The area features considerable primary forest; which is preserved in most parts
as forest reserves. In several areas, lumbering and farming have rendered the
vegetation secondary.

                                       -2-
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INFRASTRCTURE
Bibiani, Sefwi Bekwai, Sefwi Anhwiaso and Awaso are major urban communities
within the concession and are all located along the paved highway from Kumasi.
The Sefwi Bekwai-Wiawso-Juabeso as well as the Sefwi Bekwai-Ayanfuri roads have
either been partly paved or are being paved.
Quite appreciable modem infrastructure (medical facilities, schools,
electricity, portable water, etc.) is available in these major urban
communities. Bibiani, the District capital, Sefwi Bekwai, Awaso and Sefwi Wiawso
offer many modern facilities and amenities; these include hotel accommodation,
medical facilities (hospitals and clinics), communication and education
facilities. Modern recreational facilities are available in the mining towns of
Bibiani and Awaso. All these urban communities and several other semi-urban
settlements and villages have been connected to the national power grid. Police
Stations and Post exist in these urban communities.
UGL will set up an exploration office in Sefwi Bewai and satellite field camps
in Bibiani and Awaso. The exploration office and satellite field camps will
receive the necessary assistance from various Government Departments in Bibiani.
In view of the current mining operations in Bibiani and Awaso, middle and lower
cadres will be locally recruited. Field labour will also be recruited on site on
temporary basis from villages close to the place of work.

                                       -3-
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                             GEOLOGICAL ENVIRONMENT

Regional Geology
Ghana is part of the extensive West African Precambrian Shield. Much of
southwestern Ghana, as well as parts of Ivory Coast, Mail and Burkina Faso are
underlain by units belonging to the Proterozoic Eburnean tectonic province (1.8
to 2.0 billion years). These greenstone belts represent island arc volcanism
that has been mildly metamorphosed to lower greenschist facies. In, Central and
Northern Ghana, the Eburnean rocks are covered by flat lying Intracambrian to
early Paleozoic sediments referred to as the Voltaian sequences.

The Eburnean province in Ghana is dominated by three main sequences: the Lower
and the Upper Birimian Series (2.17 - 2.18 billion years), and the marginally
Tarkwaian Series (2.1 - 2.13 billion years). The Lower Birimian Series largely
of phyllites, schists, metagreywackes and in places, metavolcaniclastics. This
dominantly metasedimentary series is conformably overlain and, in part,
interbedded with dominantly metavolcanic units grouped as the Upper Birimian
Series. These metavolcanics include lavas and pyroclastics, but also contain
fine to medium metasediments not unlike the Lower Birimian units. The greenstone
belt differ in some minor respect from the more familiar 'type' Archaean
examples most notably in the absence of banded iron formations, chert, pillow
lavas and komatiites (ultramafic lavas), and by the presence of manganese rich
formations. This difference probably reflects a more oxygen rich environment,
given equal or similar concentration of available iron and manganese. Volcanism
in the belt is regarded as being both sub-aqueous and sub-aerial and of mainly a
tholeiitic (low alkali) composition.

                                       -4-
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The Birimian is overlain by a thick Tarkwaian sedimentary sequence. These units
are largely derived from the Birimian rocks and from a variety of granitoid
intrusions that are widespread among the Birimian units. The greenstone belt and
the intervening sedimentary basins were both intruded by massive granites, which
can be loosely divided into 'belt' and 'basin' types. The belt-type granites
seen to be co-magmatic with the belt volcanics, as suggested by limited
radiometric age dating of both types at 2.1 billion years old. There is also
radiometric dating evidence indicating that most of the hornblende bearing
unfoliated belt-type granitoids are also older (60-90 million years) than the
biotite foliated basin granites in the Sunyani and Kumasi basin. Belt-type
granitoids, which are usually smaller bodies but more widespread are believed to
be mantle sourced ("I-type"). In contrast, basin-type granitoid generally show
narrower compositional ranges that suggest a partial melt from the base of the
sedimentary pile ("S-type").

Structurally, the Birimian units are intensely folder and faulted, whereas the
Tarkwaian units display more broad-scale folding and overall less tectonic
disruption. It is suspected that certain deep intra-basin faults, such as that
at Asankrangwa, gave rise to mantle sourced granites (ie "belt granites") and
volcanics. The 125 kilometres long Asankrangwa shear belt incorporates little
actual lava but. includes pyroclastic material (volcanic tuff) and chemical
sediments typical of major belt/basin boundary fault (manganese, silica and
sulphide rich lenses). Both the Birimian and Tarkwaian display low or medium
grade regional metamorphic effects.

In general, contacts between the Lower and Upper Birimian, as well as the
overall distribution of the Tarkwaian sediments, are closely aligned along major
regional structures that trend northeast and extend for hundreds of kilometres.

                                       -5-
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These structures are vital to gold exploration, since virtually all the major
known gold occurrences are closely associated with them.
The concession lies within the central portion of Kumasi Basin and is located
close to its contact within the Sefwi Belt to the west and the Asankragwa-Manso
Nkwanta Belt to the east. Regional mapping (GGS in 1970s and Hirdes et al, 1993)
revealed a fairly thick sequence of folded Birimian metasediments (greenschist
facies) that have been intruded by numerous small and very large basin-type
granitoids. The recent mapping indicates that the sediments consist of a variety
of sedimentary lithofacies that are made up a combination of interbedded
argillites (distal fades), coarse clastic (greywackes), volcaniclastics
(proximal facies) and minor chemical sediments.

Gold Mineralisation
Primary gold mineralisation in Ghana is predominantly associated with NE-SW
trending Proterozoic "greenstone" belts, separated by sedimentary basin, which
together form part of the West African Craton. The craton is believed to have
remained geologically stable for the last 1.7 billion years. Over 80% of Ghana's
current (and historic) gold production is derived from Birimian metasediments,
usually broadly described as "phyllites" and tuffs. The major historic mines
still producing, such as Obuasi, Prestea and Bogusu occur close to, but not on
the Ashanti greenstone belt's lithological contact with the Kumasi Basin
metasediments.

Structurally, the deposits occur on deep-seated, high-angle, near-contact faults
that have both shear and crosscutting components and which display several splay
and parallel developments. Gold deposits occur within structural dilational
zones as both sulphidic and carbonaceous quartz reefs/veins and in association
with disseminated iron sulphides. Frequently gold is associated, in a regional
sense, with chemical sediments. Disseminated gold has, on average, a 900

                                       -6-

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fineness or more. Where free gold occurs in carbonaceous quartz, with little
sulphide development, fineness may drop to as low as 730 mainly at the expense
of silver. Base metal content (copper, lead, zinc) of all Ghanaian Birimian
hosted gold deposits is low, though in carbonaceous quartz, gold is occasionally
associated with very minor lead and antimony sulphides.

The major belt-basin boundary structures have aggregate NE-SW strikes exceeding
100 kilometres in length. Deposits in dilational zones may maintain grades and
widths to depths exceeding 1 kilometre. There is relatively little supergene
enrichment in oxide zones and primary gold mineralisation is in many instances
higher tenor than its oxidized equivalent.

If the small (90,000 ounce) annual production of alluvial gold is discounted,
the remaining 20% of Ghana's gold is hosted by belt-type granitoids (Ayanfuri),
small deposit in Birimian lavas, or detrital deposits in the Tarkwaian "blanket"
conglomerate (Tarkwa, Iduapriem and Teberebie). Hydrothermal stockwork
minerlisation in Tarkwaian quartzites at Damang accounted for 270,000 ounce of
production in 1999. This is the first producing Tarkwaian hydrothermal stockwork
deposit in Ghana and is associated with a major anticline in Tarkwaian sediments
within the southern end of the Ashanti belt.

The two principal types of gold occurrence in Ghana are the lode or vein type,
which occur along northern trending structures in the Birimian and the lower
grade paleo-alluvial or blanket type, which occur in the younger overlying
Tarkwaian conglomerates. The vein deposits referred to above are usually found
within or in close proximity to the contact zones between the Birimain volcanics
and Birimain sediments.

                                       -7-
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Substantial amounts of gold mineralisation also occur in association with
disseminated sulphides in the vicinity of quartz veining and also as a dominant
form of mineralisation with relatively minor quartz. Sulphide mineralisation
occurs most abundantly at the south end of the Ashanti zone and at Bogosu.

GEOLOGY OF APPLICATION AREA

Lithologies and Structure
-------------------------
Metamorphosed marine sediments and volcaniclastics of the Birimian supergroup
underlie the concession area in the south and on the western edge. The Asenanyo
Batholith, a large basin-type granitoid, underlies the northern part of the
concession. Outcrop in the application area is generally poor. Except for few
visible outcrops observed, the entire application area is hidden under a thick
saprolitic overburden and in several areas by lateritic cappings.
Birimian metasediments
----------------------
The southern part of the concession is underlain by thinly bedded argillites,
thinly bedded coarse greywacke beds and interbedded argillites and greywackes
metamorphosed to greenschist facies. These sequences pass eastwards into a
section of carbonaceous phyllites and westwards into a section of pyritic
metacherts and tuffaceous units.
Birimian volcaniclastics
------------------------
Exposures of volcaniclastics, which are mainly metatuff with interbedded schists
and phyllites with occasional pyritic metacherts, are not just limited to the
Kumasi Basin Sefwi Belt contact zone but stretch over a wide zone in the
southern portion of the application area. They also occur as small exposures in
intrusive batholiths in the northern part.
Intrusive Rocks
---------------
Undifferentiated, mainly intermediate composition basin-type granitoids outcrop
over a large surface area, particularly in the northern half of the application
area. The largest granitoid in the concession area is the Asenanyo Batholith, in
which biotite is the dominant mafic mineral; it is typically foliated.

                                       -8-

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Structure
The structure in the application area features NE trending folds, which have
steeply dipping axial fold planes: in many places there are indication of
isoclinal folding. A major regional fault runs NE across the southern half of
the area. It appears to splay off the Bibiani fault system, veers off and runs
in northeasterly direction north of Sefwi Bekwai and Awaso. Several lineament
evident in satellite images run NW-SW, E-S and N-S in the area but they appear
to be less prominent.

PREVIOUS WORK IN APPLICATION AREA
The area was initially mapped by the Ghana Geological Survey (GGS) in the early
1970s to early 1980 (Dabowski, 1972; Trashliev, 1972; Senger, 1984) and
re-examined during the BGR/GGS mapping program (Hirdes et al, 1993) in late
1980s to early 1990s. The airborne geophysical survey carried out in 1995-96 by
Aerodat Inc covered the southern half of the concession. Gold mining and
exploration activities, which began in the Bibiani area in the late 1890s, was
extended to the south of the proposed area in the early 1900s. A few companies
acquired small concession covering Affoh and other prospects to work alluvial
and eluvial gold deposits in the saddles between the bauxite-capped hills north
of Awaso. The southern part of the application area did receive some attention
from a few local and foreign companies in the 1990s. Billiton group, Golden Rule
Resources and Opawka Exploration Inc, had acquired the ground around Sefwi
Bekwai and Awaso to prospect for bedrock and alluvial gold occurrences. Most of
these licences have since been allowed to lapse.

Prospects in Application Area
Three major prospects known in the area are Afoh Atruinso and Asanwinso. The
Affoh and Atriunso prospects are located within the Awaso mining lease of Ghana
Bauxite company. The Afoh prospect consists of auriferous, small lenticular
quartz veins and gold bearing lateritic or bauxitic materials. At Atriunso, gold
is hosted in laterite, bauxite and small quartz veins. Hirdes et al (1993)
report that gold mineralisation is related to small quartz veins in
argillite/volcaniclastic units at the Asawianso. Records of recent exploration
work in the application area are not available.

                                       -9-

<PAGE>

Types Of Gold Occurrences
There have been four main types of gold deposits in Ghana. These include the
following;
     i.   Recent unconsolidated placers
     ii.  Ancient paleoplacers in Tarkwaian conglomerates
     iii. Vein systems hosted primarily in Birimian metasediments and to a
          lesser extent, Birimian volcanics/volcaniclastics
     iv.  Deposit associated with intrusives

Exploration in the past and more recent mapping in the concession area has
indicated that the few known occurrences of lode mineralisation are associated
with both major and minor faults. There are also fairly widespread indications
of alluvial gold.
The hostrocks for gold mineralisation include argillites and greywackes that
have undergone low-grade greenschist metamorphism. The rocks are variably shear
and locally strongly graphitic and altered. Quartz vein is typically narrow and
are mainly strings.

Styles Of Mineralisation
The known types of gold mineralisation in the application area and in the
general basin area are:
     o    Recent placer gold derived from erosion and reworking of weathered
          vein and sulphide mineralisation in the modern drainage systems.
     o    Lateritic gold/oxidised ores comprising mainly clays, boulders of
          hard, ferruginous concretionary and mottled laterite and quartz. Gold
          is fee milling and very fine.

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     o    Mineralisation in highly deformed and altered sediments (greywackes,
          phyllites) including narrow quartz veins, stringers and stockwork with
          or without strong sulphide mineralisation in wallrocks.

The proposed concession is therefore highly considered for these recognised
styles of mineralisation.

                                      -11-
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                                  WORK PROGRAM

Uprightness Ghana Limited (UGL) intends to prospect for gold in the proposed
concession, which lies along the western margin of the Kumasi Basin and close to
the Sefwi Belt.
Geologically, there are very widespread indications of extensive historical
small-scale operation in the Kumasi Basin particular along its contact with
either the Sefwi belt to the west or the Ashanti belt to east. Although the
selected area will not rate highly in comparison to many other areas in
southwestern Ghana, certainly the apparent regional structure across the
proposed application area would warrant future evaluation.

Meetings will be held with government officials, traditional rulers, elders,
opinion leaders and the general public to fully inform the local population of
UGL's position, motives and plans for the proposed concession. Lines of
communication will be established with relevant authorities to enhance rapid
resolution of any problems. An elected farmers' committee will be set up to
negotiate term and rates for compensation of any damaged property or crops that
would be damaged by exploration activities on the concession.
A staff compliment comprising 1 geologist, 1 geological technician, 4 field
assistants and 20 unskilled casual labour will be engaged for field work on the
concession. Capital equipments including water pumps, gensets, communication
equipments, computers and assorted feld equipments will be purchased. A 4WD
vehicle will be hired for work.

Review of Previous Work and Available Data (1 month)
A desk study will precede fieldwork to design the appropriate exploration
methods that may be pursued. All known information on the general area

                                      -12-
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including lithology, structure, types of gold mineralisation, records of old
working, geochemical and geophysical data will be collated and evaluated. A
consulting Geologist in the review of literature will assist the company's
geologist assigned to the project.

Reconnaissance Visits
Short field visits will be undertaken prior to the commencement of prospecting
work. Field visits will be undertaken to prospective areas selected on the basis
of literature review in the first month. These visits will aim at assessing
possible infrastructural constraints, some of which may be critical and would be
of significance in our initial exploration work. Historical working sites
indicated in reports would also be visited.

Surveying
A Survey contractor will be contracted to undertake survey work that will
establish the boundaries of the proposed concession. Pillars will be then
erected at the various pillar locations.

Reconnaissance Work
The initial reconnaissance exploration work will involve broad-scale geological
mapping and stream sediment sampling, which have proven to be an effective means
to detect the presence of possible gold-bearing structures and to prioritise
areas for more detailed prospecting and exploration. The assessment of old
workings and other gold indices, which would be located using old records, local
knowledge and general reconnaissance, will be undertaken during this phase of
work.

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Regional Stream Sediment and HMC Sampling
The sampling program will be designed to cover the entire concession. A sampling
density of 1 sample per sq.km will be adopted in order to effectively locate
possible gold-bearing structures or bodies.
Two types of sampling will be taken; one type (active) will be taken from
straight portions of stream channels where the sediment would include typical
sediment load and a small proportion of heavy minerals such as gold; the second
type (trap) will be taken from areas in the channel where concentrations of
heavy minerals would be expected.
The stream sediment sampling program will thus involve the collection to minus
80 mesh silt fraction and minus 1mm Bulk Leach Extractable Gold (BLEG) samples
and heavy mineral concentrate. All silt fraction and BLEG samples will be
analysed for gold by Aqua Regia with AAS finish and Bottle Roll cyanide leach
extraction with AAS finish respectively,
Approximately 500 samples are expected to be generated.

Rock-float and Bedrock (Outcrop) Sampling
Outcrop and float sampling will be routinely undertaken in areas drained by
streams from which visible gold would be recorded in panned concentrates.
Sampling will however, be guided by the abundant evidence of shearing , tectonic
and hydrothermal brecciation, silicifcation, pyritisation and the presence of
secondary iron oxides/hydroxides. Particular attention will be paid to limonite
and iron-stained quartz veins and bedrock exposures.
Approximately 200 rock-chip and grabs samples are expected to be generated.

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Geological Traverses and Mapping
Mapping will be undertaken alongside the stream sediment-sampling program and be
presented on a scale of 1:25,000. In areas where a regional shear zone has been
established, mapping will be on a scale of 1:10,000. The existing geological
maps of the area compiled by BGR/GGS on 1:50,000 scale will be used as guides
during the mapping program. This program is aimed at identifying various
lithologic units, discernible alteration zones, structures and favorable
hostrocks.

Assessment of Old Workings and Other Gold Indices
The aim of this assessment is to describe and categorize the likely types of
occurrences, rank them according to priority for further work and to determine
the nature of such further work. The following geological and sampling
techniques will be employed at this stage of operation:

 -   rehabilitation of old workings
 -   sketch geological mapping
 -   grab/selective sampling of dumps, outcrops or tailings
 -   drainage sampling in the immediate vicinity of occurrence
Approximately 200 samples are expected to be generated.

FOLLOW-UP WORK
This follow-up work will aim at isolating and evaluating bedrock sources of
stream geochem anomalies. This work will entail the following:

     1.   Lithologic and structural studies
     2.   Reconnaissance Soil Sampling
     3.   Preliminary Ground Geophysical Survey.

                                      -15-
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Lithologic And Structural Studies
This will involve air photo/ landsat and airborne geophysical data
interpretation to identify and highlight structural and lithologic features
within the concession. This study will better define the regional structures
that may host gold mineralisation. It may likely confirm the extension of the
Yamfo-Kenyase structural corridor which host notable gold deposits to the
south. It will also aid in the identification of indications of intensely
sheared and mineralized granitoids reported to be favourable hostrock in the
general area. The regional air borne geophysical data collected by Aerodat and
High Sense as part of their surveys will be purchased for interpretation by an
independent consultant.

Reconnaissance Soil Sampling
Reconnaissance soil sampling to cover areas with significant stream geochem
anomalies and areas where favorable structures have been interpreted will follow
the regional lithologic and structural studies.
This phase of operation will include:-

Gridding
 -   establishment of baseline
 -   cutting of offset lines at 400-metre intervals.
A survey contractor will be contracted to traverse from the nearest government
trigonometric beacon onto the proposed concession and to establish a common
point for a local grid that would be tired into the Ghana National Grid. The
coordinates for this point will be checked and confirmed using a precision
Global Positioning System (GPS) survey instrument.
A baseline will be set out parallel to the geological or structural trend as
defined by the landsat and airborne geophysical data. Grid crosslines will be
out at 400m intervals to provide control for a reconnaissance soil sampling
program. Areas with significant anomalies on the 400metre lines will be
resurveyed with additional crosslines at 200m, 100m and 50m line spacing.

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Sampling
Soil sampling at 50metre spacing along lines will be undertaken at the initial
stage and every second sample will be analysed for gold; if the results from the
first set of analyses produce anomalies, the adjacent sample will be analysed.
In-fill grid will require sampling at 25metre interval.
Approximately 1500 soil sample are expected to be generated

Ground Geophysical Surveys
The reconnaissance soil survey will be followed by an Induced Polarization (IP)
survey in conjunction with combined Ground Magnetic-VLF survey over selected
target areas with demonstrated gold mineralisation potential. The intent of the
survey is to provide a better indication of bedrock geology, gold-sulphide
mineralisation and gold-quartz veins systems. It will also assist in the
identification and definition of bedrock structures.
A contractor, Spectral International, who has conducted many similar surveys in
Ghana over the past several years, will be contracted to carry out the survey.

Limited Pitting And Trenching
Where warranted, permission would be sought from the Minerals
Commission/Minister to undertake the excavation of a limited number of pits and
trenches to test major soil anomalies and for further assessment of promising
old workings by trenching. Pits and trenches will be hand-dug to depths of 4m
and 3m respectively and channel or grab sampled as appropriate.
Approximately 200 samples are expected to be generated.

                                      -17-
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ENVIRONMENTAL ISSUES
UGL will adopt a responsible mind-set that clearly recognizes the need to
minimize environmental damage in all stages of the work program.
Line cutting for control on soil sampling will be minimized and we anticipate
much of the bush will grow in 6-12 months. Large trees along grid lines will not
be cut. Soil sample holes will be back-filled immediately after each sample is
taken to ensure only minor, temporary surface disturbance.
Destruction of food and cash crops will be minimize during the soil sampling
program and farmers will be adequately compensated for cash and food crops
damaged or destroyed
The costs of reclamation work and compensation have been factored in the
proposed exploration budget.

                                      -18-
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                                 PROPOSED COSTS

Review Of Previous Exploration Data

Consultant                                                             $3000

1 Geologist @ (cent)250,000/day
for 30 days                                        (cent)7,500,000

                                        Sub-Total= (cent)7,500,000     $3000

Reconnaissance Work (3-months)

Staff/Labour Requirements
-------------------------

1 Geologist @ (cent)250,000/day
for 90 days                                        (cent)22,500,000

1 Geological Technician @ (cent)150,000 / day
for 90 days                                        (cent)13,500,000

4 Field Assistants @ (cent)75,000/man/day
for 90 days                                        (cent)27,000,000

20 Unskilled Casual Labour @ (cent)30,000/man/day
for 80 days                                        (cent)48,000,000

Transport
---------

1 Hired 4WD Vehicle @ $100/day for 90 days                             $9,000

Vehicle running cost @ (cent)180,000/day
for 90 days                                        (cent)16,200,000

Field Consumbles/Supplies
-------------------------

Hand and Mineral processing tools,                 (cent)20,000,000    $2000
Safety equipment, sample bags, etc

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Capital Equipments
------------------

Computers, Communication gadgets                                       $10,000
Water pumps, genet, etc

Administrative and Support Expenses
-----------------------------------

Office and Camps setup and running costs,          (cent)30,000,000
Utilities and services, travel cost, legal
and other retainer fees, etc

Licencing costs and Compensation
--------------------------------

Licence application cost, community                (cent)70,000,000
donations, crop compensation, etc

Assay costs
-----------

500 stream sediment samples @ $8.50/sample                             $4250
200 rock-chip and grab samples @ $7.50/sample                          $1500

                                        Sub-Total= (cent)247,200,000   $26,750

FOLLOW-UP WORK (6 months)

Staff/Labour Requirements
-------------------------

1 Geologist @ (cent)250,000/day
for 180 days                                       (cent)45,000,000

1 Geological Technician @ (cent)150,000/day
for 180 days                                       (cent)27,000,000

4 Field Assistants @ (cent)75,000/man/day
for 180 days                                       (cent)54,000,000

20 Unskilled Casual labour @ (cent)30,000/man/day
for 156 days                                       (cent)93,600,000

Transport
---------

1 Hired 4WD Vehicle @ $100/ day for 180 days                           $18,000

                                      -20-
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Vehicle running costs @ (cedis)180,000/ day
for 180 days                                     (cedis)32,400,000

Field Consumbles/Supplies
-------------------------

Same as above                                    (cedis)15,000,000       $2000

Data Acquisition and Interpretation
-----------------------------------

Airphotos, Landsat imagery, Airborne                                    $15,000
Geophysical data, relevant Geological
data

Administration and Support Expenses
-----------------------------------

Same as above                                    (cedis)70,000,000

Pitting and Trenching
---------------------

20 pits (1 * 1 * 4m) @ (cedis)60,000/m3           (cedis)4,800,000

200 metre trenching (3 metres depth)
@ (cedis)25,000/m3                                (cedis)15,000,000

Technical Consultancy
---------------------

Surveying/Geodetic                               (cedis)50,000,000

Geophysical Surveys                                                     $10,000

Assay Costs
-----------

1500 soil samples @ $8.50/sample                                        $12,750

400 rock channel and grab samples @ $7.50/sample                        $3,000

                                      Sub-Total= (cedis)406,800,000      $60,750

ASSESSMENT OF DATA & REPORT PREP
--------------------------------

General Consulting                                                      $10,00

                                      -21-
<PAGE>

Geologist's Salary                               (cedis)15,000,000

Geological Technician's salary                   (cedis)9,000,000
Computing, Database and GIS work,

Drafting, Reprographics, etc                     (cedis)15,000,000       $3,000

                                      Sub-Total= (cedis)39,000,000       $13,000

                                    Grand Total= (cedis)700,500,000     $103,500

                                                               /s/Joseph Boateng

                                                                  Joseph Boateng

                                      -22-
<PAGE>

                            UPRIGHTNESS GHANA LIMITED

      PROPOSED SCHEDULE OF EXPLORATION ACTIVITIES-SEFWI BECKWAI CONCESSION

<TABLE>
<CAPTION>
---------------------------------- ------------------------------------------------------------------------------------------------
                                                                           PERIOD (months)
---------------------------------- ------------------------------------------------------------------------------------------------
<S>                                      <C>     <C>     <C>     <C>     <C>     <C>     <C>     <C>     <C>    <C>     <C>     <C>
Activity                                 1       2       3       4       5       6       7       8       9      10      11      12
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
view of Previous work
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
eam Sediment Sampling
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
neral Mapping and Rock Samp.
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
sessment of Old Workings
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
photo/Landsat Interpretation
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
borne Geophysical Study
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
connaissance Soil Sampling
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
eliminary Ground Geophy.Survs
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
sessment of Data and Rept. Prep.
----------------------------------   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----   -----
</TABLE>

<PAGE>

THIS IS THE PLAN REFERRED TO

IN THE ANNEXED RECONNAISSANCE LICENCE

DATED THIS 1 DAY OF December 2005

                     Minister
        MIN. OF LANDS, FORESTRY & MINES

        /s/ [ILLEGIBLE SIGNATURE]

THE HON. MINISTER OF LANDS, FORESTRY AND MINES

                [STAMP OMITTED]

<PAGE>

     prospecting licence in the Licensed Area, subject to negotiation with the
     Government of satisfactory terms for such licence.

20.  NOTICE:
     -------
     Any application, notice, consent, approval, direction, or instruction
     hereunder shall be in writing and shall be served by hand or by registered
     mail. Delivery by hand shall be deemed to be effective when made, and
     delivery by registered mail shall be deemed to be effective at such time as
     it would in the ordinary course of registered mail be delivered to the
     addressee.

                         THE SCHEDULE ABOVE REFERRED TO:
                         -------------------------------

     All that piece or parcel of land containing an approximate area of 560.99
     square kilometres lying to the North of Latitudes 6(degree) 20' 00",
     6(degree) 16' 48", 6(degree) 16' 40", 6(degree) 16' 30", 6(degree) 16' 28",
     6(degree) 16' 15", 6(degree) 16' 00", 6(degree) 16' 05", 6(degree) 15' 58",
     6(degree) 15' 25", 6(degree) 15' 00", 6(degree) 13' 38", 6(degree) 13' 05",
     6(degree) 13' 08", 6(degree) 13' 45", 6(degree) 13' 40", 6(degree) 14' 08",
     6(degree) 15' 45", 6(degree) 13' 00", 6(degree) 12' 22", 6(degree) 11' 50",
     6(degree) 10' 45", 6(degree) 10' 20", 6(degree) 07' 14", 6(degree) 09' 10",
     6(degree) 09' 22", 6(degree) 10' 55", 6(degree) 17' 40", 6(degree) 16' 42",
     6(degree) 17' 30" and 6(degree) 20' 00"; South of Latitudes 6(degree) 22'
     22", 6(degree) 25' 55", 6(degree) 26' 48", 6(degree) 27' 10", 6(degree) 29'
     49", 6(degree) 32' 50", 6(degree) 28' 05", 6(degree) 25' 00", 6(degree) 20'
     30", 6(degree) 21' 05", and 6(degree) 20' 20"; East of Longitudes 2(degree)
     19' 08", 2(degree) 19' 18"  2(degree) 19' 15 , 2(degree) 19' 45" 2(degree)
     21' 00", 2(degree) 20' 34", 2(degree) 19' 49", 2(degree) 19' 10", 2(degree)
     22' 30"  2(degree) 21' 35", 2(degree) 23' 00", 2(degree) 21' 48", 2(degree)
     22' 05", 2(degree) 22' 20", 2(degree) 21' 55", 2(degree) 21' 32", 2(degree)
     20' 32", 2(degree) 19' 52", 2(degree) 20' 40", 2(degree) 19' 45", 2(degree)
     19' 13", 2(degree) 17' 45", 2(degree) 16' 30" and 2(degree) 17' 32"; West
     of Longitudes 2(degree) 15' 00", 2(degree) 15' 28", 2(degree) 15' 08",
     2(degree) 15' 10", 2(degree) 16' 30", 2(degree) 16' 52", 2(degree) 16' 15",
     2(degree) 16' 00", 2(degree) 15' 55", 2(degree) 15' 30", 2(degree) 15' 42",
     2(degree) 17' 20", 2(degree) 16' 19", 2(degree) 08' 25", 2(degree) 07' 42",
     2(degree) 10' 25", 2(degree) 12' 10", 2(degree) 12' 50" and 2(degree) 14'
     42" in the Atwima, Sefwi Wiawso, Wassa Amenfi and Bibiani-Anwhiaso-Bekwai
     Districts of the Ashanti and Western

                                                                              13
<PAGE>

     Regions of the Republic of Ghana which piece or parcel of land is more
     particularly delineated on the plan annexed hereto for the purposes of
     identification and not of limitation.

                                                                              14
<PAGE>

                         AGREEMENT FOR THE ASSIGNMENT OF
                             RECONNAISSANCE LICENSE

                                     BETWEEN

                            UPRIGHTNESS GHANA LIMITED

                                       AND

                           HABER MINING GHANA LIMITED

                      Dated the 26th day of September 2006

<PAGE>

THIS AGREEMENT is made this 26th day of September 2006

BETWEEN

UPRIGHTNESS GHANA LIMITED a company incorporated under the laws of the Republic
of Ghana whose physical address is P.O.Box AN. 3553, Accra-North Ghana
(hereinafter referred to as the "Assignor") of the one part;

AND

HABER MINING GHANA LIMITED a company incorporated under the laws of the Republic
of Ghana whose physical office address is Number 1, 4th Circular Close, SSNIT
Estates, Cantonments Accra, Ghana (hereinafter referred to as the "Assignee") of
the other part.

WHEREAS:

A.   The Assignor is a company incorporated under the laws of the Republic of
     Ghana and is the registered owner of a Reconnaissance License issued by the
     Government of the Republic of Ghana on the 1st December 2005 in respect of
     a parcel of land in the area described in the Schedule to this Agreement;

B.   The Assignee is a company incorporated under the laws of the Republic of
     Ghana;

C.   The Assignee has ofered to acquire the rights of the Assignor under the
     Reconnaissance License for the unexpired term thereof;

D.   The Assignor has agreed to assign to the Assignee, its rights under the
     Reconnaissance License for the unexpired term thereof;

E.   The Assignor and the Assignee have agreed to enter into this Agreement to
     set the terms under which the residue of the term of the Reconnaissance
     License and Licensed Area will be assigned.

                                                                               2
<PAGE>

THE PARTIES HEREBY AGREE AS FOLLOWS:

1.   Definition and Interpretation

     1.1  In this Agreement unless the context otherwise requires, the following
          expressions shall have the following meanings:

          "Business Day"                    means any day on which banks are
                                            open for business in the Republic of
                                            Ghana;

          "Effective Date"                  means the date on which the Minister
                                            gives his consent to the assignment
                                            hereby made;

          "Licensed Area"                   means the area described in the
                                            Schedule to this Agreement  and
                                            demarcated on the map which forms
                                            part of this Agreement with respect
                                            to which the Government of Ghana
                                            issued the Reconnaissance License;

          "Minerals"                        means gold, diamonds and base metals
                                            covered by the Reconnaissance
                                            License;

          "Minister"                        means the Minister responsible for
                                            mining;

          "Parties"                         means the Assignor and the Assignee,
                                            and the expression 'Party' shall be
                                            construed to mean any of the
                                            Parties;

          "Reconnaissance
            Licence"                        means the licence issued by the
                                            Minerals Commission in favour of the
                                            Assignor to reconnoiter for and
                                            prove gold, diamonds and base metals
                                            in the Licenced Area.

                                                                               3
<PAGE>

          "This Agreement"                  means this Agreement, as varied from
                                            time to time, pursuant to its terms.

     1.2  The residue of the term of the Reconnaissance License is the period of
          time from the effective date of this Agreement to 30th November 2006
          when the Reconnaissance License shall expire.

     1.3  The Recitals form part of this Agreement and shall have the same force
          and effect as if set out in this Agreement.

     1.4  Unless otherwise specified, words importing the singular include the
          plural, words importing any gender include every gender, and words
          importing persons include bodies corporate and unincorporated, and (in
          each case) vice versa.

     1.5  The headings are inserted for convenience only and shall not affect
          the construction of this Agreement.

2.   Consideration

     2.1  In consideration of the Assignee paying to the Assignor the sum of
          three hundred thousand United States dollars (US$300,000.00) (receipt
          of which the Assignor hereby acknowledges) the Assignor hereby ASSIGNS
          to the Assignee, and the Assignee hereby accepts the rights under the
          unexpired legal and beneficial interests of the Assignor under the
          Reconnaissance License and Licensed Area.

     2.2  the Assignee shall pay the consideration stated in clause 2.1 as
          follows:

          (a)  Two hundred thousand United States Dollars (US$ 200,000.00) upon
               the signing of this Agreement by the Parties; and

          (b)  One hundred thousand United States Dollars (US$ 100,000.00) no
               later than thirty (30) days after the signing of this Agreement
               by the Parties.

                                                                               4
<PAGE>

WARRANTIES

3.   Government Consent

     The Assignment of the residue of the term of the Reconnaissance Licence
     hereby made to the Assignee is subject to the consent of the Government of
     the Republic of Ghana.

4.   Extension

     4.1  The Assignor warrants that it has applied to the Government of Ghana
          for an extension of the term of the Reconnaissance Licence in
          accordance with clause 13 of the License Agreement dated 1st December
          2005 under which it was granted the License to reconnoiter for
          minerals in the Licensed Area and has obtained confirmation from the
          Government of the Republic of Ghana that it shall renew the
          Reconnaissance Licence when it expires on 30th November 2006.

     4.2  The Assignor warrants that it shall make available all relevant
          information and other support that might be required by the Assignee
          or the Government of the Republic of Ghana for the purposes of
          extending the term of the Reconnaissance License.

     4.3  The Assignor further warrants that it shall provide to the Assignee on
          the effective date of this Agreement:

          (i)  all assay, testing, drilling, sampling, geological information or
               any other information relating to the Reconnaissance License and
               the Licensed Area in its possession; and

          (ii) the name and addresses of the person who provided the
               reconnaissance estimates in the License Agreement referred to in
               clause 4.1 of this Agreement.

5.   Full Powers

     The Parties warrant to each other that they have the full authority and
     consents of their respective Board of Directors to enter into this
     Agreement.

                                                                               5
<PAGE>

In the case of Uprightness Ghana Limited

To:                Hon. Alex Adjei

Address:           P.O Box 3553, Accra-North

Telephone:         +233-024-4020884, +233-020- 820884,
                   +233-021-305770

Fax:               +233-021-236999

In the case of Haber Mining Ghana Limited

To:                Prof. Edward Solomon Ayensu

Address:           No. 1,  4th Circular Close, SSNIT Estates, Cantonments
                   Accra. P.O. Box KIA 16525, Accra Ghana.

E-mail:            eayensu@ghana.com

Telephone:         +233-021-778677

Fax:               (233-21) 761315-6

14.2 A notice sent by facsimile or electronic mail should be confirmed by letter
     sent by prepaid courier service, registered or certified mail and where
     documentary evidence exists that a confirmatory letter was dispatched non
     receipt of that letter does not invalidate the notice sent by facsimile or
     electronic mail.

14.3 In each case the notice is to be addressed to the Party to whom it is
     intended at its last known address as stated herein, (which includes an
     electronic mail address, and/or facsimile number) or at such other address
     as the intended recipient shall have designated by written notice.

15.  Severability

     Where possible, each provision and every part of this Agreement shall be
     interpreted in such manner as to be effective and valid under applicable
     law, but if any provision or part of this Agreement shall be invalid or
     prohibited under the applicable law, such provision shall be ineffective
     only to

                                                                               9
<PAGE>

6.   Future Observance of License Agreement

     The Assignee agrees to be bound by and covenants to perform and observe the
     terms and conditions of the License Agreement dated 1st December 2005,
     between the Assignor and the Government of the Republic of Ghana.

7.   Further Assurance

     The Assignor shall from time to time and upon the request of the Assignee,
     provide any additional documents and/or do any other act or things which
     may reasonably be required to obtain the extension of the Reconnaissance
     License.

8.   Entire Understanding

     This Agreement constitutes the whole agreement or understanding between the
     Parties and shall supercede all promises, representations, warranties,
     undertakings, statements, whether written or oral made by or on behalf of
     one Party to the other of any nature whatsoever prior to the effective date
     of this Agreement.

9.   Waiver

     The failure of any Party to this Agreement at any time or times to require
     performance of any provision of this Agreement shall in no manner affect
     the right to enforce the same; and no waiver by any party to this Agreement
     of any provision (or breach of any provision) of this Agreement, whether by
     conduct or otherwise, in any one or more instances shall be deemed or
     construed either as a further or continuing waiver of any such provision or
     breach or as a waiver of any provision (or of a breach of any other
     provision) of this Agreement.

10.  Force Majeure

     None of the Parties shall have any liability to any of the Parties for any
     such failure or delay in the performance hereunder if such failure or delay
     arises out of causes occurring without its fault or negligence (except
     financial) reasonably beyond its control, or by force majeure such as
     explosion, earth quake, fire, flood or other natural disaster or government
     action that prevents performance. In the event of such delay or

                                                                               6
<PAGE>

     non-performance continuing for a continuous period of 90 days but not
     otherwise the other Party may by notice in writing terminate this Agreement
     forthwith.

11.  Non-Assignment

     11.1 None of the Parties hereto shall without the consent in writing of the
          other Party assign, transfer, alienate, or encumber in any way its
          rights and/or delegate its obligation under this Agreement, or this
          Agreement itself or any part thereof.

     11.2 Any purported assignment, transfer, alienation, encumbering or
          delegation in violation of clause 11.1 hereof shall be null and void.

12.  Commencement

     This Agreement shall come into effect on the Effective Date.

13.  Termination and Effect

     13.1 The Assignee may terminate this Agreement;

          (a)  where the Assignor fails or ceases to perform its obligations
               under this Agreement , seven (7) days after the Assignee has
               served notice on the Assignor of its failure or cessation to
               perform its obligations and the Assignor refuses or fails to
               perform its obligations;

          (b)  the Government of the Republic of Ghana does not extend the
               Reconnaissance License in favour of the Assignee.

     13.2 Without prejudice to clause 13.1, either Party may, by giving 30 day's
          written notice, terminate this Agreement if the other;

          (a)  becomes bankrupt;

          (b)  has a receiving order made against it; or

                                                                               7
<PAGE>

          (c)  makes any arrangement with its creditors generally or takes or
               suffers any similar action as a result of a debt.

     13.3 Where this Agreement is terminated where the Government of the
          Republic of Ghana does not extend the Reconnaissance License in favour
          of the Assignee, the Assignor shall refund to the Assignee within 30
          days of the date of termination, the whole of the three hundred
          thousand US dollars (US$300,000.00) paid as consideration for the
          assignment hereby made.

     13.4 The termination of this Agreement shall not in any way operate to
          impair or to destroy any of the rights or remedies of any Party, or to
          relieve any Party of its obligations to comply with any of the
          provisions of this Agreement, to the extent that those rights,
          remedies or obligations shall have accrued prior to the effective date
          of termination.

14.  Notices

     14.1 Every notice required or contemplated by this Agreement shall be given
          in writing and:

          (a)  delivered by hand, effective when received, or

          (b)  sent by prepaid courier services, registered or certified mail
               effective on the day it is officially recorded as delivered by
               return receipt or equivalent, or

          (c)  sent by facsimile effective on the business day after the date of
               dispatch where business day means a day on which the banks are
               open in the location to which the notice is sent and the times
               are those in that location, or

          (d)  sent by electronic mail, effective when acknowledged by the
               answer back of the addressee's electronic mail system.

                                                                              8
<PAGE>

     the extent of such prohibition in such jurisdiction and shall not affect
     the remainder of any such provision or where part of this Agreement are
     adjudged by a court or arbitrator to be invalid or unenforceable, the
     parties agree that the court or arbitrator making such determination of
     invalidity or unenforceability shall have the power to adjust the terms of
     this Agreement, to make this Agreement valid and enforceable as nearly as
     possible to the original intent of the parties.

16.  Successors Bound

     This Agreement shall be binding on and shall enure for the benefit of the
     successors and assigns and personal representatives (as the case may be) of
     each of the parties hereto.

17.  Continuing Agreement

     All the provisions of this Agreement shall so far as they are capable of
     being performed and observed continue in full force and effect
     notwithstanding Completion except in respect of those matters then already
     performed.

18.  Good Faith

     Each of the Parties hereto undertakes with each of the others to do all
     things reasonably within its power, which are necessary or desirable to
     give effect to the spirit and intent of this Agreement.

19.  Time of the Essence

     Any date or period mentioned in this Agreement may be extended by agreement
     between the Parties hereto failing which, as regards any such date or
     period, time shall be of the essence of this Agreement.

20.  Arbitration

     In the event of any misunderstanding or dispute between the Parties hereto
     such dispute shall be settled through negotiations but where this fails
     within a reasonable time the matter shall be referred to arbitration in
     accordance with the provisions of the Arbitrations Act, 1961 (Act 38) of

                                                                              10
<PAGE>

     the Republic of Ghana. The arbitral proceedings will be governed by the
     Rules of the Ghana Arbitration Centre in force at the time of arbitration.

21.  Supremacy of Minerals and Mining Law

     21.1 This agreement shall be subject to the Minerals and Mining Act 2006,
          (Act 703) subject to any subsequent replacement thereof.

     21.2 This Agreement shall be governed by and construed in accordance with
          the Laws of the Republic of Ghana and the right and duties of the
          parties shall be in accordance with the Laws of the Republic of Ghana.

IN WITNESS whereof the parties hereto have set their names, hands and seals on
the day and year above first written.

SIGNED for and on behalf of the Assignor, Uprightness Ghana Limited by:

/s/ Alex Adjei
--------------
Name: Hon. Alex Adjei
Designation: Chairman of the Board of Directors.

In the presence of:

/s/ [ILLEGIBLE SIGNATURE]
-------------------------
WITNESS
Name: [ILLEGIBLE NAME]
Occupation: Businessman
Address: P.O. Box 3553 Accra-North

                                                                              11
<PAGE>

SIGNED for and on behalf of the Assignee, Haber Mining Ghana Limited by

/s/ Edward Solomon Ayensu
-------------------------
Name: Prof. Edward Solomon Ayensu
Designation: Chairman of the Board of Directors

In the presence of:

/s/ [ILLEGIBLE SIGNATURE]
-------------------------
WITNESS

Name:  [ILLEGIBLE NAME]
Occupation: International Relations
Address: No. 12 [ILLEGIBLE], Accra Ghana

                                                                              12
<PAGE>

                                    SCHEDULE

ALL THAT piece or parcel of land containing an approximate total area of 560.99
square kilometers lying to the North of Latitudes 6(degree) 20' 00", 6(degree)
16' 48", 6(degree) 16' 40", 6(degree) 16' 30", 6(degree) 16' 28", 6(degree) 16'
15", 6(degree) 16' 00", 6(degree) 16' 05", 6(degree) 15' 58", 6(degree) 15' 25",
6(degree) 15' 00", 6(degree) 13' 38", 6(degree) 13' 05", 6(degree) 13' 08",
6(degree) 13' 45", 6(degree) 13' 40", 6(degree) 14' 08", 6(degree) 15' 45",
6(degree) 13' 00", 6(degree) 12' 22", 6(degree) 11' 50", 6(degree) 10' 45",
6(degree) 10' 20", 6(degree) 07' 14", 6(degree) 09' 10", 6(degree) 10' 55",
6(degree) 17' 40", 6(degree) 16' 42", 6(degree) 17' 30" and 6(degree) 20' 00";
South of Latitudes 6(degree) 22' 22", 6(degree) 25' 55", 6(degree) 26' 48",
6(degree) 27' 10", 6(degree) 29' 49", 6(degree) 32' 50", 6(degree) 28' 05",
6(degree) 25' 00", 6(degree) 20' 30", 6(degree) 21' 05" and 6(degree) 20' 20";
East of Longitudes 2(degree) 19' 08", 2(degree) 19' 18", 2(degree) 19' 15",
2(degree) 19' 45', 2(degree) 21' 00", 2(degree) 20' 34", 2(degree) 19'49",
2(degree) 19' 10", 2(degree) 22' 30", 2(degree) 21' 35", 2(degree) 23' 00",
2(degree) 21' 48", 2(degree) 22' 05", 2(degree) 22' 20", 2(degree) 21' 55",
2(degree) 21' 32", 2(degree) 20' 32", 2(degree) 19' 52", 2(degree) 20' 40",
2(degree) 19' 45", 2(degree) 19' 13", 2(degree) 17' 45", 2(degree) 16' 30" and
2(degree) 17' 32"; West of Longitudes 2(degree) 15' 00", 2(degree) 15' 28",
2(degree) 15' 08", 2(degree) 15' 10", 2(degree) 16' 30", 2(degree) 16' 52",
2(degree) 16' 15", 2(degree) 16' 00", 2(degree) 15' 55", 2(degree) 15' 30",
2(degree) 15' 42", 2(degree) 17' 20", 2(degree) 16' 19", 2(degree) 08' 25",
2(degree) 07' 42", 2(degree) 10' 25", 2(degree) 12' 10", 2(degree) 12' 50" and
2(degree) 14' 42" in the Atwima, Sefwi Wiawso, Wassa Amenfi and
Bibiani-Anwhiaso-Bekwai Districts of the Ashanti and Western Regions of the
Republic of Ghana which piece or parcel of land is more particularly delineated
on the plan annexed hereto for the purposes of identification and not of
limitation.
                                                                              13[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/114                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                               R E G I S T E R E D
Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Datano area of
the Western Region and wish to inform you that the Commission has in accordance
with Section 100(2) of the Minerals and Mining Act, 2006 (Act 703) favourably
recommended to the Minister of Lands, Forestry and Mines to grant you the
licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)200,000.00 (two hundred thousand cedis) payable
     to the Administrator of Stool Lands, Office of the Administrator of Stool
     Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. If they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/117                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                               R E G I S T E R E D

Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Sankore area of
the Brong Ahafo and wish to inform you that the Commission has in accordance
with Section 100(2) of the Minerals and Mining Act, 2006 (Act 703) favourably
recommended to the Minister of Lands, Forestry and Mines to grant you the
licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)226,000.00 (two hundred and twenty six thousand
     cedis) payable to the Administrator of Stool Lands, Office of the
     Administrator of Stool Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. If they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/116                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                               R E G I S T E R E D

Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Akrodie area of
the Brong Ahafo Region and wish to inform you that the Commission has in
accordance with Section 100(2) of the Minerals and Mining Act, 2006 (Act 703)
favourably recommended to the Minister of Lands, Forestry and Mines to grant you
the licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)250,000.00 (two hundred and fifty thousand
     cedis) payable to the Administrator of Stool Lands, Office of the
     Administrator of Stool Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. if they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                               For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/115                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                               R E G I S T E R E D

Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Asafo area of the
Western Region and wish to inform you that the Commission has in accordance with
Section 100(2) of the Minerals and Mining Act, 2006 (Act 703) favourably
recommended to the Minister of Lands, Forestry and Mines to grant you the
licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)266,000.00 (two hundred and sixty six thousand
     cedis) payable to the Administrator of Stool Lands, Office of the
     Administrator of Stool Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. If they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

                                            Lawfields
                                            C O N S U L T I N G
                                            #799/3, 5th Crescent
                                            Asylum Down, Accra (off Ring Road)
                                            PMB CT 244, Accra, Ghana
                                            Tel: (233.21) 240 649
                                            Fax: (233.21) 240 656
                                            E-mail: info@lawfieldsconsulting.com
                                            Website: www.lawfieldsconsulting.com

May 9, 2007

Mr. Al Conti,
Haber Inc.,
58 Medford Street,
Arlington, MA 02474.

Dear Mr. Al Conti,

PROSPECTING LICENCE AGREEMENT - HABER MINING GHANA LIMITED AND THE GOVERNMENT OF
THE REPUBLIC OF GHANA.

We are glad to forward herewith the four (4) Prospecting Licence Agreements
between Haber Mining Ghana Limited and the Government of the Republic of Ghana.

Also enclosed are the Eternity Transactions documents.

Please do not hesitate to inform us if you require any further information.

Yours faithfully,

[SIGNATURE ILLEGIBLE]
For: Elsie Addo (Ms.)
Managing Consultant

Encl.

<PAGE>

                                            Lawfields
                                            C O N S U L T I N G
                                            #799/3, 5th Crescent
                                            Asylum Down, Accra (off Ring Road)
                                            PMB CT 244, Accra, Ghana
                                            Tel: (233.21) 240 649
                                            Fax: (233.21) 240 656
                                            E-mail: info@lawfieldsconsulting.com
                                            Website: www.lawfieldsconsulting.com

May 9, 2007

Mr. Al Conti,
Haber Inc.,
58 Medford Street,
Arlington, MA 02474.

Dear Mr. Al Conti,

PROSPECTING LICENCE AGREEMENT - HABER MINING GHANA LIMITED AND THE GOVERNMENT OF
THE REPUBLIC OF GHANA.

We are glad to forward herewith the four (4) Prospecting Licence Agreements
between Haber Mining Ghana Limited and the Government of the Republic of Ghana.

Also enclosed are the Eternity Transactions documents.

Please do not hesitate to inform us if you require any further information.

Yours faithfully,

[SIGNATURE ILLEGIBLE]
For: Elsie Addo (Ms.)
Managing Consultant

Encl.

<PAGE>

                                            Lawfields
                                            C O N S U L T I N G
                                            #799/3, 5th Crescent
                                            Asylum Down, Accra (off Ring Road)
                                            PMB CT 244, Accra, Ghana
                                            Tel: (233.21) 240 649
                                            Fax: (233.21) 240 656
                                            E-mail: info@lawfieldsconsulting.com
                                            Website: www.lawfieldsconsulting.com

March 16, 2007

The Chief Executive
Minerals Commission
12 Switchback Road Residential Area
Cantonments
P.O. Box M 248
Accra-Ghana,

Dear Sir,

RE: CONVERSION OF RECONNAISSANCE LICENCE TO PROSPECTING LICENCE - HABER MINING
GHANA LIMITED

We refer to your letters of March 14, 2007, on the above-referenced matter. We
hereby forward a Bank of Ghana bank draft no. 820900 in the amount of sixty
thousand United States dollars (US$60,000.00) being the total consideration fee
for the conversion of Haber Mining (Gh) Limited's Reconnaissance Licence to
Prospecting Licence for Datano, Asafo, Sankore and Akrodie areas respectively.

Kindly acknowledge receipt.

Yours, faithfully,

[SIGNATURE ILLEGIBLE]
For: Elsie Addo (Ms.)
Managing Consultant

Encl.

<PAGE>

                                            Lawfields
                                            C O N S U L T I N G
                                            #799/3. 5th Crescent
                                            Asylum Down. Accra (off Ring Road)
                                            PMB CT 244. Accra. Ghana
                                            Tel: (233.21) 240 649
                                            Fax: (233.21) 240 656
                                            E-mail: info@lawfieldsconsulting.com
                                            Website: www.lawfieldsconsulting.com

March 16, 2007

The Chief Executive
Minerals Commission
12 Switchback Road Residential Area
Cantonments
P.O. Box M 248
Accra-Ghana,

Dear Sir,

RE: CONVERSION OF RECONNAISSANCE LICENCE TO PROSPECTING LICENCE - HABER MINING
GHANA LIMITED

We refer to your letters of March 14, 2007, on the above-referenced matter. We
hereby forward a Bank of Ghana bank draft no. 820900 in the amount of sixty
thousand United States dollars (US$60,000.00) being the total consideration fee
for the conversion of Haber Mining (Gh) Limited's Reconnaissance Licence to
Prospecting Licence for Datano, Asafo, Sankore and Akrodie areas respectively.

Kindly acknowledge receipt.

Yours, faithfully,

[SIGNATURE ILLEGIBLE]
For: Elsie Addo (Ms.)
Managing Consultant

Encl.

<PAGE>

                                            Lawfields
                                            C O N S U L T I N G
                                            #799/3. 5th Crescent
                                            Asylum Down, Accra (off Ring Road)
                                            PMB CT 244, Accra, Ghana
                                            Tel: (233.21) 240 649
                                            Fax: (233.21) 240 656
                                            E-mail: info@lawfieldsconsulting.com
                                            Website: www.lawfieldsconsulting.com

May 9, 2007

Mr. Al Conti,
Haber Inc.,
58 Medford Street,
Arlington, MA 02474.

Dear Mr. Al Conti,

PROSPECTING LICENCE AGREEMENT - HABER MINING GHANA LIMITED AND THE GOVERNMENT OF
THE REPUBLIC OF GHANA.

We are glad to forward herewith the four (4) Prospecting Licence Agreements
between Haber Mining Ghana Limited and the Government of the Republic of Ghana.

Also enclosed are the Eternity Transactions documents.

Please do not hesitate to inform us if you require any further information.

Yours faithfully,

[SIGNATURE ILLEGIBLE]
For: Elsie Addo (Ms.)
Managing Consultant

Encl.

<PAGE>

[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/114                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                               R E G I S T E R E D

Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Datano area of
the Western Region and wish to inform you that the Commission has in accordance
with Section 100(2) of the Minerals and Mining Act, 20064-Act 703) favourably
recommended to the Minister of Lands, Forestry and Mines to grant you the
licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)200,000.00 (two hundred thousand cedis) payable
     to the Administrator of Stool Lands, Office of the Administrator of Stool
     Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. If they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/116                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                                R E G I S T E R E D

Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Akrodie area of
the Brong Ahafo Region and wish to inform you that the Commission has in
accordance with Section 100(2) of the Minerals and Mining Act, 2006 (Act 703)
favourably recommended to the Minister of Lands, Forestry and Mines to grant you
the licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)250,000.00 (two hundred and fifty thousand
     cedis) payable to the Administrator of Stool Lands, Office of the
     Administrator of Stool Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. if they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/117                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                               R E G I S T E R E D

Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Sankore area of
the Brong Ahafo Region and wish to inform you that the Commission has in
accordance with Section 100(2) of the Minerals and Mining Act, 2006 (Act 703)
favourably recommended to the Minister of Lands, Forestry and Mines to grant you
the licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)226,000.00 (two hundred and twenty six thousand
     cedis) payable to the Administrator of Stool Lands, Office of the
     Administrator of Stool Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. If they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                 /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

[LOGO] MINERALS COMMISSION
       -------------------------------------------------------------------------
       #12 Switchback Road Residential Area, Cantoments
       P.O. Box M 248 Accra - Ghana
       Tel: (233-21) 772783/ 772786/ 773053/ 771318 Fax: (233-21) 773324
       Email: mincom@mincomgh.org
       website: www.mincomgh.org.

Our Ref:     PL.7/115                                             March 14, 2007

The Managing Director
Haber Mining (GH) Limited
P.O. Box KIA 16525
Cantonments, Accra
------------------

                               R E G I S T E R E D

Dear Sir,

                      CONVERSION OF RECONNAISSANCE LICENCE
                      ------------------------------------
                             TO PROSPECTING LICENCE
                             ----------------------

We refer to your application dated October 16, 2006 for the conversion of part
of your Reconnaissance Licence to a Prospecting Licence in the Asafo area of the
Western Region and wish to inform you that the Commission has in accordance with
Section 100(2) of the Minerals and Mining Act, 2006 (Act 703) favourably
recommended to the Minister of Lands, Forestry and Mines to grant you the
licence.

Before the Minister issues the licence, you will be required to pay the
following fees:

1.   Consideration fee of US$15,000.00 (fifteen thousand United States Dollars)
     payable to the Minerals Commission; and

2.   Annual Ground Rent of (cent)266,000.00 (two hundred and sixty six thousand
     cedis) payable to the Administrator of Stool Lands, Office of the
     Administrator of Stool Lands, Accra.

We therefore request that you pay the fees specified above and notify us in
writing and thereafter arrange for two competent officers of your company (with
company's seal/stamp) to call at the offices of the Commission and sign all
related documents after you have made full payment of the fees specified above.

The above terms remain open for a period of sixty (60) days from the date of
this letter. If they are not accepted within the said period, your application
for licence shall lapse.

                                Yours faithfully,

                                /s/ Peter Awuah
                                  (PETER AWUAH)
                       PRINCIPAL PLANNING & POLICY OFFICER
                              For: CHIEF EXECUTIVE

Cc:  Chief Accountant                Administrator of Stool Lands
     Minerals Commission             Office of the Administration of Stool Lands
     ACCRA                           ACCRA

<PAGE>

[STAMPS OMITTED]

T H I S  A G R E E M E N T is made the 5th day of April 2007. BETWEEN THE
GOVERNMENT OF THE REPUBLIC OF GHANA (hereinafter called "THE GOVERNMENT") acting
by PROF. DOMINIC K. FOBIH, the Minister of Lands, Forestry and Mines
(hereinafter called "THE MINISTER") of the One Part and HABER MINING GHANA
LIMITED having its registered address at 4TH CIRCULAR CLOSE, SSNIT ESTATES,
CANTONMENTS-ACCRA, P.O. BOX K.I.A. 16525, ACCRA, GHANA (hereinafter called "THE
COMPANY") of the Other Part.
W H E R E A S:
--------------
A.   It is Government's policy to take all such steps as it deems appropriate
     and effective for prospecting for minerals in the Republic of Ghana and for
     producing gold and base metals hereby ensuring that the maximum possible
     benefits accrue to the nation from the exploitation of its mineral
     resources;
B.   In pursuit of the above policy Government desires to secure the
     co-operation of Companies which possess the necessary financial and
     managerial qualifications and skills for carrying out mineral operations;
C.   The Company, which warrants its financial, technical and managerial
     competence for undertaking mineral operations has declared itself willing
     to engage in prospecting operations in Ghana on the understanding that it
     shall bear the risk and cost of such prospecting operations and on
     establishing that there are good prospects for undertaking commercial
     mining operations it may apply for and be granted a mining lease subject to
     the provisions of the Minerals and Mining Act, 2006 (Act 703);
WITNESSESS AS FOLLOWS:
----------------------
1.   The Government hereby grants unto the Company the right and licence to
     Prospect for and prove gold and base metals under or in the area described
     in the Schedule hereto and demarcated on the map which forms part of this
     AGREEMENT (hereinafter called "the Licence Area") excluding any parts to be
     relinquished from time to time for a term of TWO (2)YEARS from the 5th day
     of April 2007 with a right of extension as hereinafter provided.

<PAGE>

2.   RIGHTS OF THE COMPANY:
     ----------------------
     a.   The Company shall have the right to conduct such geological and
          geophysical investigations in the Licensed Area, as it considers
          necessary to determine an adequate quantity of geologically proven and
          mineable reserve of gold and base metals.
     b.   The Company may exercise all or any of the rights and powers granted
          hereunder through agents, independent contractors or sub-contractors.
     c.   The Company shall not conduct any operations in a sacred area and
          shall not without the prior consent of the Minister conduct any
          operations:
          i.   within twenty metres of any building, installations, reservoir,
               dam, public road, railway or area appropriated for a railway; or
          ii.  in an area occupied by a market, burial ground, cemetery or
               within a town or village or an area set apart for, used,
               appropriated or dedicated to a public purpose.
     d.   Nothing contained in this Agreement shall be deemed to permit the
          Company to dispense with the necessity of applying for and obtaining
          any permit or authority, which the Company may be required by law or
          regulation to obtain in respect of any works and/or activities to be
          carried out hereunder.
3.   RIGHTS OF THIRD PARTIES:
     ------------------------
     a.   The Government reserves the right to grant licences to third parties
          for prospecting or to enter into Agreements for the production of
          minerals other than gold and base metals in the Licensed Area,
          provided that any such activity shall not unreasonably interfere with
          the rights granted to the Company hereunder.

<PAGE>

     b.   The Company shall not hinder or prevent members of the local
          population from exercising the following customary rights and
          privileges in or over the Licensed Area:
          i.   to hunt game
          ii.  to gather firewood for domestic purposes
          iii. to collect snails
          iv.  to till and cultivate farms
          v.   to observe rites in respect of groves and other areas held to be
               sacred.
          Provided always that where the exercise of these customary rights and
          privileges unduly interferes with or obstructs the operations of the
          Company hereunder, the Company shall make arrangements with members of
          the said local population for the limitation or waiver of such rights
          and privileges, such arrangements to include the payment of
          compensation where necessary. The Government shall furnish such
          assistance as is reasonably required in the making of such
          arrangements.
4.   CONDUCT OF OPERATIONS:
     ----------------------
     a.   The Company shall conduct all of its operations hereunder with due
          diligence, efficiency and economy to the maximum extent possible
          consistent with good mining industry practice and in a proper
          workmanlike manner observing sound technical and engineering
          principles and practices, using appropriate modern and effective
          equipment, machinery, materials and methods and to pay particular
          regard to the protection of the environment.
     b.   The Company shall maintain all equipment in good repair and all pits
          and trenches and all excavated areas in safe and good condition and
          take all practicable steps:-

<PAGE>

          i.   to prevent damage to adjoining farms and villages;
          ii.  to avoid damage to trees, crops, building, structures and other
               property in the Licensed Area except that where the damage is
               unavoidable the Company shall pay fair and reasonable
               compensation.
          The Company shall provide and maintain in good repair and proper
          condition roads, gates, stiles and fences for the convenient
          occupation of the surface of the Licensed Area.
     c.   The Company shall use its best efforts to exercise its rights and
          powers granted by this Agreement in such manner as not to cause
          interference with or avoidable obstruction or interruption to the
          felling of timber by the licensed timber operators within the Licensed
          Area and the Government shall furnish assistance to the Company to
          make appropriate arrangements with such operators to permit the
          prospecting programme to proceed without interference or delay.
5.   WORKING OBLIGATIONS:
     --------------------
     a.   The Company shall with due diligence and by means of modern
          geological, geophysical and other methods normally associated with
          mineral prospecting and within three months of the date of this
          Agreement or at such other time as the Minister may specify, commence
          prospecting operations with a view to establishing the existence of
          gold and base metals in economic quantities.
     b.   The Company, having prior to the commencement of this Agreement
          submitted its programme of work to the Government, shall carry out its
          operations in accordance with the programme and the Chief Executive of
          the Minerals Commission, Head of the Inspectorate Division of the
          Minerals Commission or any other officer authorized by the Government
          shall from time to time inspect the operations to ensure that the
          Company does so.

<PAGE>

     c.   The Company shall diligently continue to carry out its operations
          hereunder and shall spend as actual direct prospecting expenditure not
          less than the minimum amounts specified in its work programme.
     d.   If on the termination or expiration of this Agreement for any reason
          other than force majeure the Company shall not have spent the amounts
          specified in the work programme, the difference between the amount
          actually expended and the stipulated minimum for the year in which
          termination or expiration takes place shall be paid to the Government
          within thirty days after the date of such termination or expiration
          provided that if the termination shall be occasioned by force majeure
          or upon adequate proof, by the Company that gold and base metals
          mineralization does not exist in sufficient quantities in the area to
          warrant completion of the work programme, the Company shall not be
          liable to pay to the Government any difference on the stipulated
          minimum expenditure.
6.   NOTIFICATION OF DISCOVERY OF OTHER MINERALS:
     --------------------------------------------
     The Company shall report forthwith to the Minister, the Head of the
     Inspectorate Division of the Minerals Commission, the Director of
     Geological Survey and the Chief Executive of the Minerals Commission the
     discovery in the Licensed Area of any other minerals and the Company shall
     be given the first option to prospect further and to work the said minerals
     subject to satisfactory arrangements between the Government and the
     Company.
7.   SAMPLE:
     -------
     a.   The Company shall not during the currency of this Agreement destroy,
          except in analyses, any cores or samples obtained from the Licensed
          Area without the prior written consent of the Director of Ghana
          Geological Survey.

<PAGE>

     b.   The Company shall provide the Director of Ghana Geological Survey and
          the Head of the Inspectorate Division of the Minerals Commission with
          such samples from the Licensed Area as they may from time to time
          reasonably request.
     c.   All cores and samples obtained from the Licensed Area shall be
          delivered to the Director of Ghana Geological Survey on the
          termination of this Agreement and in the event of the Company not
          obtaining a mining lease.
8.   RECORDS:
     --------
     a.   The Company shall maintain at its registered Office copies of the
          following:-
          i.   full and complete records and books of account relating to the
               prospecting programme.
          ii.  the detailed results and analysis of all surveys, boring,
               pitting, investigations and other testing conducted pursuant to
               the provisions of this Agreement.
     b.   The records referred to in the foregoing paragraph shall include
          copies of all geological, geophysical, geochemical, drilling and
          pitting reports relating to the Licensed Area and all maps, drawings
          and diagrams pertaining to these reports.
     c.   The said records, with the exception of proprietary technical
          information, shall be made available for inspection at reasonable
          times without delaying work on the prospecting programme, by the Head
          of the Inspectorate Division of the Minerals Commission and the Chief
          Executive of the Minerals Commission or their representatives, upon
          request, and shall be retained in Ghana, unless removed with
          Government's consent.
     d.   Failure to keep such records and to produce them for inspection upon
          receipt of reasonable notice shall constitute just cause for the
          cancellation of this Licence.

<PAGE>

     e.   Copies of the aforementioned records shall be delivered to the Chief
          Executive of the Minerals Commission and the Head of the Inspectorate
          Division of the Minerals Commission on the termination of this
          Agreement and in the event of the Company not obtaining a mining lease
          in respect of the Licensed Area.
9.   REPORTS:
     --------
     a.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, the Director of Ghana Geological Survey and
          the Chief Executive of the Minerals Commission, not later than the
          15th of each third month, a report giving a general description of the
          work done by the Company in the preceding quarter and containing a
          description accompanied by a sketch plan of the areas where gold and
          base metals or any other minerals were found, particulars of the type
          of minerals found and the number and weight of samples taken, if any.
     b.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, Chief Executive of the Minerals Commission
          and the Director of Ghana Geological Survey not later than sixty days
          after the end of each calendar year, an Annual Report in such form as
          may be prescribed.
     c.   All records, reports, plans and information which the Company is
          required to supply to the Government and its agents pursuant to the
          provisions of this Agreement shall be supplied at the expense of the
          Company.
     d.   Any information or material supplied by the Company to the Government
          pursuant to the provisions of this Agreement shall be treated by the
          Government, its Officers and agents as confidential and shall not be
          revealed to third parties except with the consent of the Company
          (which consent shall not be unreasonably withheld) for a period of 12
          months with respect to technical information and 36 months with

<PAGE>

          respect to financial information from the date of submission of such
          information. The Government and persons authorized by the Government
          may nevertheless use any such information received from the Company
          for the purpose of preparing and publishing general reports on
          minerals in Ghana.
10.  FINANCIAL OBLIGATION:
     ---------------------
     a.   The Company shall pay to the Government:
          i.   in consideration of the grant of the right of prospecting for
               gold and base metals in the Licensed Area an amount of
               US$15,000.00 (fifteen thousand U.S. Dollars) within 30 days from
               the date of this Agreement.
          ii.  a yearly rent of (cent)266,000.00 (two hundred and sixty six
               thousand cedis).
     b.   Payment of the rent specified in the foregoing paragraph shall be made
          yearly in advance, the first year's payment having been made before
          the execution of this Agreement.
11.  ASSIGNMENT, MORTGAGE, ETC:
     --------------------------
     a.   The Company shall not assign, mortgage, sublet or otherwise transfer
          any interest in the Licensed Area without the prior written consent of
          the Government.
     b.   The Government may impose such conditions on the giving of such
          consent as it thinks fit.
12.  SURRENDER OF PART OF LICENSED AREA:
     -----------------------------------
     a.   The Company may surrender at any time and from time to time by giving
          not less than three months' notice to the Head of the Inspectorate
          Division of the Minerals Commission and the Chief Executive of the
          Minerals Commission, all its rights hereunder in respect of any part
          or parts of the Licensed Area. The Company shall be relieved of all
          obligations in respect of the part or parts of the Licensed Area so
          surrendered except those obligations, which accrued prior to the
          effective date of surrender.

<PAGE>

     b.   The Company shall leave the part of the Licensed Area surrendered and
          everything thereon in a safe condition. The Company shall take all
          reasonable measures to restore the surface of such part of the
          Licensed Area surrendered and all structures thereon not the property
          of the Company to their original condition. In the event that the
          Company fails to do so, the Head of the Inspectorate Division of the
          Minerals Commission shall make such part and everything thereon safe
          and in good condition at the expense of the Company.
13.  EXTENSION OF LICENCE:
     ---------------------
     a.   If the Company applies in writing to the Minister not less than three
          months before the expiration of this Agreement for an extension of the
          licence hereof and if the Company shall not be in default at that time
          in the performance of any of its obligations hereunder the Company
          may, subject to the provisions of the Act, be granted an extension for
          a period not exceeding three years upon such terms and conditions as
          the parties may agree.
     b.   The Company shall, prior to the or at the expiration of the. initial
          term, surrender not less than half the number of blocks of the
          prospecting area so long as a minimum of one hundred blocks remain
          subject to the licence and the blocks form not more than three
          discrete areas each consisting of a single block, or a number of
          blocks each having a side in common with at least one other block in
          that area.
14.  RE-ENTRY BY GOVERNMENT:
     -----------------------
     If the operations and activities of the Company in accordance with the
     prospecting programme shall cease in the Licensed Area before the same have
     been completed and if such cessation shall be due entirely to the fault of

<PAGE>

     the Company, the Government may, upon giving the notice and following the
     procedure required in paragraph 15 below, re-enter the Licensed Area and
     take possession of all buildings, erections, plants and materials thereon
     without compensation to the Company (such right of entry not to prejudice
     any additional remedy of the Government), and thereupon the Agreement shall
     terminate.
15.  TERMINATION BY THE GOVERNMENT:
     ------------------------------
     a.   The Government may, subject to the provisions of this paragraph,
          terminate this Agreement if any of the following events shall occur:
          i.   the Company shall fail to make any of the payments described in
               this Agreement on the payment date; or
          ii.  the Company shall contravene or fail to comply with any other
               condition of this Agreement; or
          iii. the Company shall become insolvent or commit any act of
               bankruptcy or enter into any agreement or composition with its
               creditors or take advantage of any law for the benefit of debtors
               or go into liquidation, whether compulsory or voluntary, except
               for the purposes of reconstruction or amalgamation; or
          iv.  the Company knowingly submits any false statement to the
               Government in connection with this Agreement.
     b.   If and whenever the Government decides to terminate this Agreement
          pursuant to clauses (i) and (ii) of the preceding sub paragraph, the
          Government shall give the Company notice specifying the particular
          contravention or failure and permit the Company to remedy the same
          within sixty days of such notice.
     c.   If the Company shall fail to remedy an event specified in clauses (i)
          and (ii) of sub-paragraph (a) of this paragraph within the stated
          period, or an event specified in clauses (iii) and (iv) of the said
          sub-paragraph shall occur, the Government may by notice to the
          Company terminate this Agreement.

<PAGE>

     d.   Upon termination of this Agreement by the Government every right of
          the Company hereunder shall cease (save as specifically otherwise
          provided hereunder) but subject nevertheless and without prejudice to
          any obligation or liability imposed or incurred under this Agreement
          or applicable law prior to the effective date of termination.
     e.   No delay or omission or course of dealing by the Government shall
          impair any of its rights hereunder or be construed to be a waiver of
          an event specified in sub-paragraph (a) of this paragraph or
          acquiescence therein.
16.  ASSETS ON TERMINATION OR EXPIRATION:
     ------------------------------------
     (a)  The Company may within six months of the termination of the Mining
          Lease or a further period allowed by the Minister, remove the mining
          plant if the mining plant is removed solely for the purpose of use by
          the Company or a person deriving title through the Company, in another
          relevant mining activity in the Country.
     (b)  A mining plant not removed by the Company within two months after the
          Minister gives notice to the Company at anytime after expiration of
          the period referred to in subsection (a), shall vest in the Republic
          on the expiration of the two-month notice period.
     (c)  Nothing in this Agreement removes or diminishes an obligation that the
          Company may have under the Minerals and Mining Act, 2006, (Act 703),
          another enactment or a condition of this Agreement to remove a mining
          plant and rehabilitate the land.
     (d)  Notwithstanding the foregoing, the Minister, may by notice to the
          Company require the removal or destruction of any assets of the
          Company in the Leased Area, and if the Company does not remove or
          destroy such assets within a period of thirty (30) days from the date
          of the Minister's notice to that effect, the Minister shall cause such
          removal or destruction at the expense of the Company.

<PAGE>

     (e)  The Company shall take all reasonable measures to ensure that all of
          the assets to be offered for sale to the Government or transferred to
          the Government in accordance with this paragraph shall be maintained
          in substantially the same condition in which they were at the date of
          the termination or the date on which the Company reasonably knew that
          such termination would occur and any such assets shall not be disposed
          of, dismantled or destroyed except as specifically provided for in
          this paragraph.
     (f)  Upon the termination or expiration of this Agreement, the Company
          shall leave the Lease Area and everything thereon in good condition,
          having regard to the ecology, drainage, reclamation, environmental
          protection, health and safety; provided however that the Company shall
          have no obligation in respect of areas where the Company has not
          undertaken any work or which have not been affected by the Company's
          operations. In this connection, unless the Head of the Inspectorate
          Division of the Minerals Commission otherwise directs, the Company
          shall, in accordance with good mining practices, fill up or fence and
          make safe all holes and excavations to the reasonable satisfaction of
          the Head of the Inspectorate Division of the Minerals Commission. In
          addition the Company shall take all reasonable measures to leave the
          surface of the Lease Area in usable condition and to restore all
          structures thereon not the property of the Company to their original
          condition. In the event that the Company fails to do so, the Minister
          shall restore and make safe the Lease Area and everything thereon at
          the expense of the Company.
     (g)  The Company shall have the right to enter upon the Lease Area for the
          aforesaid purposes, subject to the rights of surface owners or

<PAGE>
          others, for a period of six (6) months from the effective date of the
          termination or such longer period as the Minister may decide.
     (h)  On the termination of this Agreement, the Company shall deliver to the
          Minister the records which the Company is obliged to maintain under
          the Minerals and Mining Act, 2006, (Act 703); the plans and maps of
          the area covered by the mining lease prepared by the Company; and
          other documents, including in electronic format, if available that
          relate to the mineral right.
17.  FORCE MAJEURE:
     --------------
     a.   Failure on the part of the Company to comply with any of the terms and
          conditions hereof (except the obligations to make payment of monies to
          the Government) shall not be grounds for cancellation or give the
          Government any claim for damages in so far as such failure arises from
          force majeure, the Company having taken all appropriate precautions,
          due care and reasonable alternative measures with the objective of
          avoiding such failure and of carrying out its obligations hereunder.
          The Company shall take all reasonable measures to remove such
          inability to fulfil the obligations hereunder with the minimum of
          delay.
     b.   For purposes of this paragraph force majeure includes acts of God,
          war, insurrection, earthquake, storm, flood or other adverse weather
          condition but shall not include any event caused by the failure to
          observe good mining industry practice or by the negligence of the
          Company or any of its employees or contractors.
     c.   The Company shall notify the Minister within twenty-four hours of an
          event of force majeure affecting its ability to fulfil the terms and
          conditions hereof.
     d.   The period of this Agreement shall be extended for a period of time
          equal to the period or periods during which the company was affected
          by any of the conditions set forth in sub-paragraph (b) of this
          paragraph, but not to exceed six months in the aggregate.

<PAGE>

18.  FOREIGN EXCHANGE:
     -----------------
     a.   Subject to sub-paragraph (b) of this paragraph the Company shall,
          during the term of this Agreement and so long as it does not derive
          any revenue from its operations hereunder, finance such operations in
          the following manner:
          I.   by converting to Ghana currency through authorized dealers such
               amounts of foreign currency as will be sufficient to cover the
               Company's operating expenses required to be paid in Ghana
               currency including any payments to the Government and third
               parties provided that the terms of any loans obtained abroad
               shall be in conformity with currency international commercial and
               monetary conditions and that prior notice of such loans and
               advances shall be furnished to the Bank of Ghana.
          ii.  By directly purchasing and/or hiring abroad as is necessary for
               conducting the prospecting programme with its foreign currency
               funds and importing to and/or using in Ghana freely and without
               restrictions such machinery, equipment, materials and services of
               any nature whatsoever as will be required by the Company for its
               operations hereunder.
     b.   The Company may be required to pay all its rentals and other licensing
          fees to the Government in dollars or other freely convertible
          currency, or such currencies as shall be specified by the Bank of
          Ghana.
     c.   All conversions of currrency shall be made at the prevailing official
          rates of exchange.

<PAGE>

19.  PRODUCTION AGREEMENT:
     ---------------------
     If upon the expiration of this Agreement the Company shall have carried out
     its obligations hereunder to the satisfaction of the Government and shall
     have successfully established to the Government that the development of a
     mine from ore reserves established within the Licensed Area is economically
     and financially feasible, then the Government shall grant to the Company
     the first option to (i) acquire a lease for the purposes of mining in the
     Licensed Area, and (ii) participate in a mining project in the Licensed
     Area subject to negotiation with the Government of satisfactory terms for
     such licence and participation
20.  NOTICE:
     -------
     Any application, notice, consent, approval, direction, or instruction
     hereunder shall be in writing and shall be served by hand or by registered
     mail. Delivery by hand shall be deemed to be effective when made, and
     delivery by registered mail shall be deemed to be effective at such time as
     it would in the ordinary course of registered mail be delivered to the
     addressee. Until changed by appropriate notice, the Company's address in
     Ghana is its registered office as set forth above and the addresses of the
     Government officials are as follows:
     i.   The Hon. Minister, Ministry of Lands, Forestry and Mines, P.O. Box
          M.212, Accra.
     ii.  The Head of the Inspectorate Division of the Minerals Commission,
          Mines Department, P.O. Box 3634, Accra
     iii. The Director, Ghana Geological Survey, P.O. Box M.80, Accra
     iv.  The Chief Executive, Minerals Commission, P.O. Box M.248, Accra
     v.   The Director, Survey Department, P.O. Box 191, Accra
     vi.  The Governor, Bank of Ghana, P.O. Box 2674, Accra.
21.  ARBITRATION:
     ------------
     Subject to the provisions hereof, if any time during the continuance of
     this Agreement or after its termination any question or dispute arises

<PAGE>

                             CONVERSION APPLICATION

                  SEFWI ASAFO - AKRODIE RECONNAISSANCE LICENCE

                                       TO

                           SANKORE PROSPECTING LICENCE

                                       BY

                           HABER MINING GHANA LIMITED

          Prepared by:
          Haber Mining Ghana Ltd
          January, 2007.

                                                                             -1-
<PAGE>

INTRODUCTION
Haber Mining Ghana Limited requests the conversion of the Sefwi Asafo - Akrodie
Reconnaissance Licence to four prospecting licence on the basis of the
accompanying plans and coordinate lists. The conversion aims at following up on
work begun in the licence area during the reconnaissance stage from which
positive indications have been received in several areas.

The Sankore prospecting licence is one of the four prospecting licences
converted from the Sefwi Asafo - Akrodie reconnaissance licence. The Sankore
prospecting licence covers an area of 112.7km2 and its boundaries are defined by
the fifteen (15) points listed in the table below.

                         Coordinates of Licence Pillars
--------------------------------------------------------------------------------
                         Block A
--------------------------------------------------------------------------------
 Pillar                  Latitude                         Longitude
--------------------------------------------------------------------------------
    1                    6(degree) 30' 00"                2(degree) 35' 20"
--------------------------------------------------------------------------------
    2                    6(degree) 30' 00"                2(degree) 32' 40"
--------------------------------------------------------------------------------
    3                    6(degree) 28' 45"                2(degree) 32' 40"
--------------------------------------------------------------------------------
    4                    6(degree) 28' 50"                2(degree) 30' 05"
--------------------------------------------------------------------------------
    5                    6(degree) 30' 00"                2(degree) 30' 02"
--------------------------------------------------------------------------------
    6                    6(degree) 30' 00"                2(degree) 28' 08"
--------------------------------------------------------------------------------
    7                    6(degree) 25' 00"                2(degree) 28' 08"
--------------------------------------------------------------------------------
    8                    6(degree) 25' 00"                2(degree) 25' 00"
--------------------------------------------------------------------------------
    9                    6(degree) 21' 20"                2(degree) 25' 00"
--------------------------------------------------------------------------------
    10                   6(degree) 21' 20"                2(degree) 25' 54"
--------------------------------------------------------------------------------
    11                   6(degree) 24' 30"                2(degree) 28' 50"
--------------------------------------------------------------------------------
    12                   6(degree) 25' 05"                2(degree) 30' 35"
--------------------------------------------------------------------------------
    13                   6(degree) 24' 17"                2(degree) 32' 40"
--------------------------------------------------------------------------------
    14                   6(degree) 25' 09"                2(degree) 32' 42"
--------------------------------------------------------------------------------
    15                   6(degree) 26' 52"                2(degree) 32' 12"
--------------------------------------------------------------------------------

                                                                             -2-
<PAGE>

The reconnaissance stream sediment sampling program over the Sefwi-Asafo-Akrodie
concession was successful in detecting anomalous gold values in a number of
localities in the north eastern portion of the southern block. The conversion of
this portion of the reconnaissance licence to a prospecting licence is to enable
Haber carry out additional and more detailed exploration work not legally
permissible on a reconnaissance licence.

GEOLOGY
The northern half of the concession features thick sequences of Birimian
volcanic flows and metamorphics. The volcanic flow units consist mainly of
andestic units with minor felsic volcanic units. The Birimian metamorphics are
highly metamorphosed units, interpreted to be mainly metasediments and
volcaniclastcs with minor intercalating mafic volcanics. Minor dioritic
intrusives often described as porphyries and dykes occur in the metavolcanics
and metasediments.

The southern half of the concession is dominated by granitoid batholith. The
batholith, mapped as the belt -type intrusive complex, range from diorite
through granodiorite to trondhjemite and quartz monzonite. They are
characteristically hornblende - bearing and porphritic.

Major faults systems, which are typically NE trending, form prominent structural
features in the central part of the concession. The faults appear to be
localized along the contact of the metavolcanics and metasediments with the
large intrusive granitoid complex to the south. In addition to this dominant
structural feature, E-W, N-S and NW-SE oriented structural features are also
common.

                                                                             -3-
<PAGE>

GOLD MINERALIZATION
From a structural perspective, the most prospective zones in the concession area
are along the NE trending structural feature; areas that he along the N-S
trending lineaments are also prospective.

Exploration will target areas where E-W and N-S trending lineaments crosscut the
major regional-scale NE trending structural feature. The concession area can be
considered to host good potential for following styles gold mineralization:
     o    metasediment and metavolcanic hosted gold - quartz veins genetically
          related to major NE-NNE, and N-S trending structures.
     o    quartz veins and associated disseminated sulphides in Birimian
          metavolcanics.
     o    quartz vein and stockwork systems in intensely deformed and highly
          altered intrusives as seen in the Ntotoroso and Kenyase areas in the
          Yamfo district.

PLANNED WORK PROGRAM
The initial phase of work (Phase 1) will be dominated by geochemical sampling
(stream sediment, soil, auger), geological and regolith mapping, structural
interpretation as well as trenching.

Phase 2 works will involve detailed soil sampling, trenching, ground geophysical
surveys, RAB and RC drilling programs. Details of the work program are outlined
below.

PHASE I

     o    Replicate and Check Stream Sediment Sampling
          --------------------------------------------
     A couple of stream sediment samples in anomalous catchments in the
     concession area yielded gold counts above 10 in panned concentrates but
     returned low Au assay values. The gold contents and gold counts in stream

                                                                             -4-
<PAGE>

     sediments point to a bedrock source which remained to be explained by soil
     results. Fine fraction materials (minus 180 micron) will be collected from
     previous sampling sites and analyzed for gold by fire assay with AAS
     finish. Anomalous sites will be also be revisited for follow-up sampling.

     o    Geochem Anomaly Follow-up Sampling
          ----------------------------------
     All areas of anomalous stream sediment geochem and areas with up to 10 gold
     counts in stream sediment will be investigated by soil geochemistry.
     Initial sampling will be on a grid spacing of 50 X 200m and this will be
     infilled possibly to 100m as necessary.

     The sampling techniques and analytical methods will aim at enhancing
     anomaly to background contrast. Minus 80 mesh fractions will be analyzed
     for Au by fire assay with AAS finish for all soil samples. Bulk soil Au
     analysis will be done on selected samples particularly in anomalous zones.

     o    Deep (auger) Sampling
          ---------------------
     Deep sampling with hand auger across low level (+20ppb) anomalies and in
     areas covered by gold-bearing alluvium and colluvium will be undertaken to
     define targets for follow up work.

     o    Geological Mapping
          ------------------
     Detailed geological mapping aimed at compiling a detailed concession-scale
     geological map will be undertaken. This will be combined with the
     interpretation of landsat, digital terrain model and airborne geophysical
     data to produce a more detailed geological/structural framework for
     mineralization in the concession area.

                                                                             -5-
<PAGE>

     o    Regolith Mapping
         ----------------
     Regolith mapping will be conducted over the entire concession. The
     distribution of laterites and transported regolith materials and their
     effects on geochemical response in the concession area will be studied. A
     comprehensive geological and regolith map will be produced to aid in the
     interpretation of soil results.

     o    Trenching
          ---------
     Dependent on the result of soil sampling and hand augering, trenching will
     be undertaken on significant anomalies generated. Typically, this will be
     on initial spacing of 200m but would be in-filled as necessary.

     PHASE 2

     o    Soil Sampling - Detailed
          ------------------------
     Soil sampling on a grid spacing of 50m x 100m will be continued. This will
     aid in better definition of specific anomalies located during the phase 1
     work.

     o    Trenching
          ---------
     Additional trenching will be carried out on refined soil anomalies prior to
     RC drilling follow up.

     o    Ground Geophysical Surveys
          --------------------------
     Ground geophysical surveys will be carried out to prioritize drill targets
     and to assist in better definition of bedrock structure of interest. IP and
     ground magnetic surveys are envisaged.

     o    Drilling (RAB, RC)
          ------------------
     The initial drilling will probably consist of RAB drilling (approx 5000m),
     which will provide cheap and reliable data on gold values to shallow depths
     of 30-50m.

                                                                             -6-
<PAGE>

     Dependent on results from trenching and RAB drilling, preliminary RC
     drilling program will be carried out and if positive would continue into
     resource definition.

9.   PROJECTED EXPENDITURE

The budget proposed for the two phases of exploration work in the initial 2-year
period is outlined below:

PHASE I
--------------------------------------------------------------------------------
               Proposed Work and Cost items                       Anticipated
                                                               Expenditures, USD
--------------------------------------------------------------------------------
Replicate Stream Sediment Sampling + analytical cost                   3500
--------------------------------------------------------------------------------
Soil Sampling incl. analytical costs                                  12000
--------------------------------------------------------------------------------
Hand Auger Sampling incl. analytical costs                            10000
--------------------------------------------------------------------------------
Geological and Regolith Mapping                                        5000
--------------------------------------------------------------------------------
Airborne Geophysics / Remote Sensing                                   7500
--------------------------------------------------------------------------------
Trenching incl. analytical cost                                       10000
--------------------------------------------------------------------------------
Field Equipments / Supplies                                            5000
--------------------------------------------------------------------------------
Accommodation and Travels                                              5000
--------------------------------------------------------------------------------
Vehicles                                                             15,000
--------------------------------------------------------------------------------
Tenement Administration                                               17000
--------------------------------------------------------------------------------
Crop Compensation                                                     5,000
--------------------------------------------------------------------------------
General Administration Costs                                           5000
--------------------------------------------------------------------------------
Salaries and Wages                                                    15000
--------------------------------------------------------------------------------
                                           PHASE 1 TOTAL             115000
--------------------------------------------------------------------------------

PHASE 2
--------------------------------------------------------------------------------
                                 Item                         Projected Cost US$
--------------------------------------------------------------------------------
Soil Sampling incl. analytical cost                                    5000
--------------------------------------------------------------------------------
Trenching incl. analytical costs                                      10000
--------------------------------------------------------------------------------
Ground Geophysical Surveys                                             5000
--------------------------------------------------------------------------------
RAB drilling incl. analytical costs                                   35000
--------------------------------------------------------------------------------
RC drilling incl. analytical costs                                    70000
--------------------------------------------------------------------------------
Field Equipment / Supplies                                            10000
--------------------------------------------------------------------------------
Accommodation and Travel                                               5000
--------------------------------------------------------------------------------
Vehicles                                                              15000
--------------------------------------------------------------------------------
Tenement Administration                                                2000
--------------------------------------------------------------------------------
General Administration Cost                                            5000
--------------------------------------------------------------------------------

                                                                             -7-
<PAGE>

--------------------------------------------------------------------------------
Crop Compensation                                                      8000
--------------------------------------------------------------------------------
Salaries and Wages                                                    15000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                               PHASE 2 TOTAL         185000
--------------------------------------------------------------------------------
GRAND TOTAL (Phase 1 + Phase 2)                                     300,000
--------------------------------------------------------------------------------

                                                                             -8-
<PAGE>

<TABLE>
<CAPTION>
                                 PROJECT SCHEDULE - SANKORE PL
-------------------------------------------------------------------------------------------------
<S>                                   <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>
                                      1    2    3    4    5    6    7    8    9    10   11   12
-------------------------------------------------------------------------------------------------
      PHASE 1
-------------------------------------------------------------------------------------------------
Stream Sediment Sampling              .....
-------------------------------------------------------------------------------------------------
Soil Geochemistry                          .........................
-------------------------------------------------------------------------------------------------
Hand Auger Drilling                                            ...............
-------------------------------------------------------------------------------------------------
Geological Mapping                    ...........................................................
-------------------------------------------------------------------------------------------------
Regolith Mapping                           ........................................
-------------------------------------------------------------------------------------------------
Trenching                                                                          ..............
-------------------------------------------------------------------------------------------------
                                      13   14   15   16   17   18   19   20   21   22    23   24
-------------------------------------------------------------------------------------------------
      PHASE 2
-------------------------------------------------------------------------------------------------
Soil Sampling - Detailed              ..........
-------------------------------------------------------------------------------------------------
Ground Geophysical Studies                 ...............
-------------------------------------------------------------------------------------------------
Trenching                                            ....................
-------------------------------------------------------------------------------------------------
Drilling (RAB)                                                 ..........
-------------------------------------------------------------------------------------------------
Drilling - Preim RC                                                      ..........
-------------------------------------------------------------------------------------------------
Database Compilation, Review &                                           ........................
Reporting
-------------------------------------------------------------------------------------------------
</TABLE>
                                                                             -9-
<PAGE>

                                 [MAP OMITTED]

<PAGE>

     be the Chairman and shall be appointed by the two arbitrators representing
     each party.

22.  GOVERNING LAW:
     --------------
     This Agreement shall be governed by, construed and interpreted in
     accordance with the laws of Ghana.
23.  HEADINGS:
     ---------
     The headings given to paragraphs in this Agreement are for convenience only
     and shall not affect the construction or interpretation of this Agreement.

                         THE SCHEDULE ABOVE REFERRED TO:
                         -------------------------------
     All that piece or parcel of land containing an approximate area of 112.7
     square kilometres lying to the North of Latitudes 6(degree)21'20",
     6(degree)24'30", 6(degree)25'05", 6(degree)24'17", 6(degree)25'09" and
     6(degree)26'52", South of Latitudes 6(degree)30'00", 6(degree)28'45",
     6(degree)28'50" and 6(degree)25' 00"; East of Longitude 2(degree)35'20",
     2(degree)30'05" 2(degree)30'02", 2(degree)25'54, 2(degree)28'50",
     2(degree)30'35", 2(degree)32'40", 2(degree)32'42" and 2(degree)32'12"; West
     of Longitudes 2(degree)32'40", 2(degree)28'08" and 2(degree)25'00" in the
     Asunafo District of the Brong Ahafo Region of the Republic of Ghana which
     piece or parcel of land is more particularly delineated on the plan annexed
     hereto for the purposes of identification and not of limitation.

<PAGE>
IN WITNESS WHEREOF the parties hereto have executed this Agreement the day and
year first above written.

SIGNED AND SEALED with the SEAL of         ]
the Ministry of Lands, Forestry and        ]
Mines and DELIVERED by the said            ]
PROF. DOMINIC K. FOBIH                     ]       /s/ [ILLEGIBLE SIGNATURE]
Minister of Lands, Forestry and Mines for  ]             [STAMP OMITTED]
and on behalf of the Government of the     ]
Republic of Ghana in the presence:         ]

/s/ [ILLEGIBLE SIGNATURE]
/s/ [ILLEGIBLE SIGNATURE]
-------------------------
MINISTRY OF LANDS FORESTRY & MINES

The COMMON SEAL/STAMP of the said          ]   HABER MINING GHANA LIMITED
HABER MINING GHANA LIMITED                 ]   4th CIRCULAR CLOSE, SSNIT ESTATES
was affixed to these presents and the      ]   CANTONMENTS, ACCRA
same were DELIVERED in the                 ]   P. O. BOX KIA 16525, ACCRA
presence of:                               ]

/s/ [ILLEGIBLE SIGNATURE]                       /s/ Edward S.  Ayensu
-------------------------                       Edward S. Ayensu
DIRECTOR/SECRETARY                              ----------------
                                                MANAGING DIRECTOR

<PAGE>

                                  OATH OF PROOF
                                  -------------

I George Banful of Minerals Commission MAKE OATH and SAY that on the 5 day of
April 2007 I was present and saw Prof. Dominic Fobih, the Minister of Lands,
Forestry and Mines duly execute the Instrument now produced to me and Marked "A"
and that the said PROF. DOMINIC K. FOBIH can read and write, Sworn at Accra this
19th day of April 2007
           Before Me.

/s/ [ILLEGIBLE SIGNATURE]     [SEAL OMITTED]     /s/ [ILLEGIBLE SIGNATURE]
     REGISTRAR OF LANDS                                    DEPONENT

This is the Instrument Marked "A" Referred to in the Oath of George Banful SWORN
before me this 19th day of April 2007

                  /s/ [ILLEGIBLE SIGNATURE]     [SEAL OMITTED]
                      REGISTRAR OF LANDS

On the 19th day of April 2007 at 8:30 O'clock in the forenoon this Instrument
was proved before me by the Oath of the within-named George Banful to have been
duly executed by the within-named PROF. DOMINIC K. FOBIH.

                  /s/ [ILLEGIBLE SIGNATURE]     [SEAL OMITTED]
                      REGISTRAR OF LANDS

<PAGE>

                        Dated this 5th day of April 2007

                       GOVERNMENT OF THE REPUBLIC OF GHANA

                                       AND

                           HABER MINING GHANA LIMITED

--------------------------------------------------------------------------------

                               PROSPECTING LICENCE

--------------------------------------------------------------------------------

                                SOLICITOR OF THE
                                 SUPREME COURT

TERM:          TWO (2) YEARS (RENEWABLE)

COMMENCEMENT:  5-4-2007

EXPIRY DATE:   4-4-2009

FILE, NO.:     PL.7/117

                                [STAMPS OMITTED]

<PAGE>

T H I S  A G R E E M E N T is made the 5th day of April BETWEEN THE GOVERNMENT
OF THE REPUBLIC OF GHANA (hereinafter called "THE GOVERNMENT") acting by PROF.
DOMINIC K. FOBIH, the Minister of Lands, Forestry and Mines (hereinafter called
"THE MINISTER") of the One Part and HABER MINING GHANA LIMITED having its
registered address at 4TH CIRCULAR CLOSE, SSNIT ESTATES, CANTONMENTS-ACCRA, P.O.
BOX K.I.A. 16525, ACCRA, GHANA (hereinafter called "THE COMPANY") of the Other
Part.
W H E R E A S:
--------------
A.   It is Government's policy to take all such steps as it deems appropriate
     and effective for prospecting for minerals in the Republic of Ghana and for
     producing gold and base metals hereby ensuring that the maximum possible
     benefits accrue to the nation from the exploitation of its mineral
     resources;
B.   In pursuit of the above policy Government desires to secure the co-
     operation of Companies which possess the necessary financial and managerial
     qualifications and skills for carrying out mineral operations;
C.   The Company, which warrants its financial, technical and managerial
     competence for undertaking mineral operations has declared itself willing
     to engage in prospecting operations in Ghana on the understanding that it
     shall bear the risk and cost of such prospecting operations and on
     establishing that there are good prospects for undertaking commercial
     mining operations it may apply for and be granted a mining lease subject to
     the provisions of the Minerals and Mining Act, 2006 (Act 703);
WITNESSESS AS FOLLOWS:
----------------------
1.   The Government hereby grants unto the Company the right and licence to
     Prospect for and prove gold and base metals under or in the area described
     in the Schedule hereto and demarcated on the map which forms part of this
     AGREEMENT (hereinafter called "the Licence Area") excluding any parts to be
     relinquished from time to time for a term of TWO (2) YEARS from the 5th day
     of April 2007 with a right of extension as hereinafter provided.

<PAGE>

2.   RIGHTS OF THE COMPANY:
     ----------------------
     a.   The Company shall have the right to conduct such geological and
          geophysical investigations in the Licensed Area, as it considers
          necessary to determine an adequate quantity of geologically proven and
          mineable reserve of gold and base metals.
     b.   The Company may exercise all or any of the rights and powers granted
          hereunder through agents, independent contractors or sub-contractors.
     c.   The Company shall not conduct any operations in a sacred area and
          shall not without the prior consent of the Minister conduct any
          operations:
          i.   within twenty metres of any building, installations, reservoir,
               dam, public road, railway or area appropriated for a railway; or
          ii.  in an area occupied by a market, burial ground, cemetery or
               within a town or village or an area set apart for, used,
               appropriated or dedicated to a public purpose.
     d.   Nothing contained in this Agreement shall be deemed to permit the
          Company to dispense with the necessity of applying for and obtaining
          any permit or authority, which the Company may be required by law or
          regulation to obtain in respect of any works and/or activities to be
          carried out hereunder.
3.   RIGHTS OF THIRD PARTIES:
     ------------------------
     a.   The Government reserves the right to grant licences to third parties
          for prospecting or to enter into Agreements for the production of
          minerals other than gold and base metals in the Licensed Area,
          provided that any such activity shall not

<PAGE>

          unreasonably interfere with the rights granted to the Company
          hereunder.
     b.   The Company shall not hinder or prevent members of the local
          population from exercising the following customary rights and
          privileges in or over the Licensed Area:
          i.   to hunt game
          ii.  to gather firewood for domestic purposes
          iii. to collect snails
          iv.  to till and cultivate farms
          v.   to observe rites in respect of groves and other areas held to be
               sacred.
          Provided always that where the exercise of these customary rights and
          privileges unduly interferes with or obstructs the operations of the
          Company hereunder, the Company shall make arrangements with members of
          the said local population for the limitation or waiver of such rights
          and privileges, such arrangements to include the payment of
          compensation where necessary. The Government shall furnish such
          assistance as is reasonably required in the making of such
          arrangements.
4.   CONDUCT OF OPERATIONS:
     ----------------------
     a.   The Company shall conduct all of its operations hereunder with due
          diligence, efficiency and economy to the maximum extent possible
          consistent with good mining industry practice and in a proper
          workmanlike manner observing sound technical and engineering
          principles and practices, using appropriate modern and effective
          equipment, machinery, materials and methods and to pay particular
          regard to the protection of the environment.
     b.   The Company shall maintain all equipment in good repair and all pits
          and trenches and all excavated areas in safe and good condition and
          take all practicable steps:-

<PAGE>

          i.   to prevent damage to adjoining farms and villages;
          ii.  to avoid damage to trees, crops, building, structures and other
               property in the Licensed Area except that where the damage is
               unavoidable the Company shall pay fair and reasonable
               compensation. The Company shall provide and maintain in good
               repair and proper condition roads, gates, stiles and fences for
               the convenient occupation of the surface of the Licensed Area.
     c.   The Company shall use its best efforts to exercise its rights and
          powers granted by this Agreement in such manner as not to cause
          interference with or avoidable obstruction or interruption to the
          felling of timber by the licensed timber operators within the Licensed
          Area and the Government shall furnish assistance to the Company to
          make appropriate arrangements with such operators to permit the
          prospecting programme to proceed without interference or delay.
5.   WORKING OBLIGATIONS:
     --------------------
     a.   The Company shall with due diligence and by means of modern
          geological, geophysical and other methods normally associated with
          mineral prospecting and within three months of the date of this
          Agreement or at such other time as the Minister may specify, commence
          prospecting operations with a view to establishing the existence of
          gold and base metals in economic quantities.
     b.   The Company, having prior to the commencement of this Agreement
          submitted its programme of work to the Government, shall carry out its
          operations in accordance with the programme and the Chief Executive of
          the Minerals Commission, Head of the Inspectorate Division of the
          Minerals Commission or any other officer authorized by the Government
          shall from time to time inspect the operations to ensure that the
          Company does so.

<PAGE>

     c.   The Company shall diligently continue to carry out its operations
          hereunder and shall spend as actual direct prospecting expenditure not
          less than the minimum amounts specified in its work programme.
     d.   If on the termination or expiration of this Agreement for any reason
          other than force majeure the Company shall not have spent the amounts
          specified in the work programme, the difference between the amount
          actually expended and the stipulated minimum for the year in which
          termination or expiration takes place shall be paid to the Government
          within thirty days after the date of such termination or expiration
          provided that if the termination shall be occasioned by force majeure
          or upon adequate proof, by the Company that gold and base metals
          mineralization does not exist in sufficient quantities in the area to
          warrant completion of the work programme, the Company shall not be
          liable to pay to the Government any difference on the stipulated
          minimum expenditure.
6.   NOTIFICATION OF DISCOVERY OF OTHER MINERALS:
     --------------------------------------------
     The Company shall report forthwith to the Minister, the Head of the
     Inspectorate Division of the Minerals Commission, the Director of
     Geological Survey and the Chief Executive of the Minerals Commission the
     discovery in the Licensed Area of any other minerals and the Company shall
     be given the first option to prospect further and to work the said minerals
     subject to satisfactory arrangements between the Government and the
     Company.
7.   SAMPLES:
     --------
     a.   The Company shall not during the currency of this Agreement destroy,
          except in analyses, any cores or samples obtained from the Licensed
          Area without the prior written consent of the Director of Ghana
          Geological Survey.

<PAGE>

     b.   The Company shall provide the Director of Ghana Geological Survey and
          the Head of the Inspectorate Division of the Minerals Commission with
          such samples from the Licensed Area as they may from time to time
          reasonably request.
     c.   All cores and samples obtained from the Licensed Area shall be
          delivered to the Director of Ghana Geological Survey on the
          termination of this Agreement and in the event of the Company not
          obtaining a mining lease.
8.   RECORDS:
     --------
     a.   The Company shall maintain at its registered office copies of the
          following:-
          i.   full and complete records and books of account relating to the
               prospecting programme.
          ii.  the detailed results and analysis of all surveys, boring,
               pitting, investigations and other testing conducted pursuant to
               the provisions of this Agreement.
     b.   The records referred to in the foregoing paragraph shall include
          copies of all geological, geophysical, geochemical, drilling and
          pitting reports relating to the Licensed Area and all maps, drawings
          and diagrams pertaining to these reports.
     c.   The said records, with the exception of proprietary technical
          information, shall be made available for inspection at reasonable
          times without delaying work on the prospecting programme, by the Head
          of the Inspectorate Division of the Minerals Commission and the Chief
          Executive of the Minerals Commission or their representatives, upon
          request, and shall be retained in Ghana, unless removed with
          Government's consent.
     d.   Failure to keep such records and to produce them for inspection upon
          receipt of reasonable notice shall constitute just cause for the
          cancellation of this Licence.

<PAGE>

     e.   Copies of the aforementioned records shall be delivered to the Chief
          Executive of the Minerals Commission and the Head of the Inspectorate
          Division of the Minerals Commission on the termination of this
          Agreement and in the event of the Company not obtaining a mining lease
          in respect of the Licensed Area.
9.   REPORTS:
     --------
     a.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, the Director of Ghana Geological Survey and
          the Chief Executive of the Minerals Commission, not later than the
          15th of each third month, a report giving a general description of the
          work done by the Company in the preceding quarter and containing a
          description accompanied by a sketch plan of the areas where gold and
          base metals or any other minerals were found, particulars of the type
          of minerals found and the number and weight of samples taken, if any.
     b.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, Chief Executive of the Minerals Commission
          and the Director of Ghana Geological Survey not later than sixty days
          after the end of each calendar year, an Annual Report in such form as
          may be prescribed.
     c.   All records, reports, plans and information which the Company is
          required to supply to the Government and its agents pursuant to the
          provisions of this Agreement shall be supplied at the expense of the
          Company.
     d.   Any information or material supplied by the Company to the Government
          pursuant to the provisions of this Agreement shall be treated by the
          Government, its offers and agents as confidential and shall not be
          revealed to third parties except with the consent of the Company
          (which consent shall not be unreasonably withheld) for a period of 12
          months with respect to technical information and 36 months with

<PAGE>

          respect to financial information from the date of submission of such
          information. The Government and persons authorized by the Government
          may nevertheless use any such information received from the Company
          for the purpose of preparing and publishing general reports on
          minerals in Ghana.
10.  FINANCIAL OBLIGATION:
     ---------------------
     a.   The Company shall pay to the Government:
          i.   in consideration of the grant of the right of prospecting for
               gold and base metals in the Licensed Area an amount of
               US$15,000.00 (fifteen thousand U.S. Dollars) within 30 days from
               the date of this Agreement.
          ii.  a yearly rent of (cent)266,000.00 (two hundred and sixty six
               thousand cedis).
     b.   Payment of the rent specified in the foregoing paragraph shall be made
          yearly in advance, the first year's payment having been made before
          the execution of this Agreement.
11.  ASSIGNMENT, MORTGAGE, ETC:
     --------------------------
     a.   The Company shall not assign, mortgage, sublet or otherwise transfer
          any interest in the Licensed Area without the prior written consent of
          the Government.
     b.   The Government may impose such conditions on the giving of such
          consent as it thinks ft.
12.  SURRENDER OF PART OF LICENSED AREA:
     -----------------------------------
     a.   The Company may surrender at any time and from time to time by giving
          not less than three months' notice to the Head of the Inspectorate
          Division of the Minerals Commission and the Chief Executive of the
          Minerals Commission, all its rights hereunder in respect of any part
          or parts of the Licensed Area. The Company shall be relieved of all
          obligations in respect of the part or parts of the Licensed Area so
          surrendered except those obligations, which accrued prior to the
          effective date of surrender.

<PAGE>

     b.   The Company shall leave the part of the Licensed Area surrendered and
          everything thereon in a safe condition. The Company shall take all
          reasonable measures to restore the surface of such part of the
          Licensed Area surrendered and all structures thereon not the property
          of the Company to their original condition. In the event that the
          Company fails to do so, the Head of the Inspectorate Division of the
          Minerals Commission shall make such part and everything thereon safe
          and in good condition at the expense of the Company.
13.  EXTENSION OF LICENCE:
     ---------------------
     a.   If the Company applies in writing to the Minister not less than three
          months before the expiration of this Agreement for an extension of the
          licence hereof and if the Company shall not be in default at that time
          in the performance of any of its obligations hereunder the Company
          may, subject to the provisions of the Act, be granted an extension for
          a period not exceeding three years upon such terms and conditions as
          the parties may agree.
     b.   The Company shall, prior to the or at the expiration of the initial
          term, surrender not less than half the number of blocks of the
          prospecting area so long as a minimum of one hundred blocks remain
          subject to the licence and the blocks form not more than three
          discrete areas each consisting of a single block, or a number of
          blocks each having a side in common with at least one other block in
          that area.
14.  RE-ENTRY BY GOVERNMENT:
     -----------------------
     If the operations and activities of the Company in accordance with the
     prospecting programme shall cease in the Licensed Area before the same have
     been completed and if such cessation shall be due entirely to the fault of

<PAGE>

     the Company, the Government may, upon giving the notice and following the
     procedure required in paragraph 15 below, re-enter the Licensed Area and
     take possession of all buildings, erections, plants and materials thereon
     without compensation to the Company (such right of entry not to prejudice
     any additional remedy of the Government), and thereupon the Agreement shall
     terminate.
15.  TERMINATION BY THE GOVERNMENT:
     ------------------------------
     a.   The Government may, subject to the provisions of this paragraph,
          terminate this Agreement if any of the following events shall occur:
          i.   the Company shall fail to make any of the payments described in
               this Agreement on the payment date; or
          ii.  the Company shall contravene or fail to comply with any other
               condition of this Agreement; or
          iii. the Company shall become insolvent or commit any act of
               bankruptcy or enter into any agreement or composition with its
               creditors or take advantage of any law for the benefit of debtors
               or go into liquidation, whether compulsory or voluntary, except
               for the purposes of reconstruction or amalgamation; or
          iv.  the Company knowingly submits any false statement to the
               Government in connection with this Agreement.
     b.   If and whenever the Government decides to terminate this Agreement
          pursuant to clauses (i) and (ii) of the preceding sub paragraph, the
          Government shall give the Company notice specifying the particular
          contravention or failure and permit the Company to remedy the same
          within sixty days of such notice.
     c.   If the Company shall fail to remedy an event specified in clauses (i)
          and (ii) of sub-paragraph (a) of this paragraph within the stated
          period, or an event specified in clauses (iii) and (iv) of the said
          sub-paragraph shall occur, the Government may by notice to the Company
          terminate this Agreement.

<PAGE>

     d.   Upon termination of this Agreement by the Government every right of
          the Company hereunder shall cease (save as specifically otherwise
          provided hereunder) but subject nevertheless and without prejudice to
          any obligation or liability imposed or incurred under this Agreement
          or applicable law prior to the effective date of termination.
     e.   No delay or omission or course of dealing by the Government shall
          impair any of its rights hereunder or be construed to be a waiver of
          an event specified in sub-paragraph (a) of this paragraph or
          acquiescence therein.
16.  ASSETS ON TERMINATION OR EXPIRATION:
     ------------------------------------
     (a)  The Company may within six months of the termination of the Mining
          Lease or a further period allowed by the Minister, remove the mining
          plant if the mining plant is removed solely for the purpose of use by
          the Company or a person deriving title through the Company, in another
          relevant mining activity in the Country.
     (b)  A mining plant not removed by the Company within two months after the
          Minister gives notice to the Company at anytime after expiration of
          the period referred to in subsection (a), shall vest in the Republic
          on the expiration of the two-month notice period.
     (c)  Nothing in this Agreement removes or diminishes an obligation that the
          Company may have under the Minerals and Mining Act, 2006, (Act 703),
          another enactment or a condition of this Agreement to remove a mining
          plant and rehabilitate the land.
     (d)  Notwithstanding the foregoing, the Minister, may by notice to the
          Company require the removal or destruction of any assets of the
          Company in the Leased Area, and if the Company does not remove or
          destroy such assets within a period of thirty (30) days from the

<PAGE>
          date of the Minister's notice to that effect, the Minister shall cause
          such removal or destruction at the expense of the Company.
     (e)  The Company shall take all reasonable measures to ensure that all of
          the assets to be offered for sale to the Government or transferred to
          the Government in accordance with this paragraph shall be maintained
          in substantially the same condition in which they were at the date of
          the termination or the date on which the Company reasonably knew that
          such termination would occur and any such assets shall not be disposed
          of, dismantled or destroyed except as specifically provided for in
          this paragraph.
     (f)  Upon the termination or expiration of this Agreement, the Company
          shall leave the Lease Area and everything thereon in good condition,
          having regard to the ecology, drainage, reclamation, environmental
          protection, health and safety; provided however that the Company shall
          have no obligation in respect of areas where the Company has not
          undertaken any work or which have not been affected by the Company's
          operations. In this connection, unless the Head of the Inspectorate
          Division of the Minerals Commission otherwise directs, the Company
          shall, in accordance with good mining practices, fall up or fence and
          make safe all holes and excavations to the reasonable satisfaction of
          the Head of the Inspectorate Division of the Minerals Commission. In
          addition the Company shall take all reasonable measures to leave the
          surface of the Lease Area in usable condition and to restore all
          structures thereon not the property of the Company to their original
          condition. In the event that the Company fails to do so, the Minister
          shall restore and make safe the Lease Area and everything thereon at
          the expense of the Company.
     (g)  The Company shall have the right to enter upon the Lease Area for the
          aforesaid purposes, subject to the rights of surface owners or others,

<PAGE>

          for a period of six (6) months from the effective date of the
          termination or such longer period as the Minister may decide.
     (h)  On the termination of this Agreement, the Company shall deliver to the
          Minister the records which the Company is obliged to maintain under
          the Minerals and Mining Act, 2006, (Act 703); the plans and maps of
          the area covered by the mining lease prepared by the Company; and
          other documents, including in electronic format, if available that
          relate to the mineral right.
17.  FORCE MAJEURE:
     --------------
     a.   Failure on the part of the Company to comply with any of the terms and
          conditions hereof (except the obligations to make payment of monies to
          the Government) shall not be grounds for cancellation or give the
          Government any claim for damages in so far as such failure arises from
          force majeure, the Company having taken all appropriate precautions,
          due care and reasonable alternative measures with the objective of
          avoiding such failure and of carrying out its obligations hereunder.
          The Company shall take all reasonable measures to remove such
          inability to full the obligations hereunder with the minimum of delay.
     b.   For purposes of this paragraph force majeure includes acts of God,
          war, insurrection, earthquake, storm, flood or other adverse weather
          condition but shall not include any event caused by the failure to
          observe good mining industry practice or by the negligence of the
          Company or any of its employees or contractors.
     c.   The Company shall notify the Minister within twenty-four hours of an
          event of force majeure affecting its ability to full the terms and
          conditions hereof.
     d.   The period of this Agreement shall be extended for a period of time
          equal to the period or periods during which the company was affected

<PAGE>

          by any of the conditions set forth in sub-paragraph (b) of this
          paragraph, but not to exceed six months in the aggregate.

18.  FOREIGN EXCHANGE:
     -----------------
     a.   Subject to sub-paragraph (b) of this paragraph the Company shall,
          during the term of this Agreement and so long as it does not derive
          any revenue from its operations hereunder, finance such operations in
          the following manner:
          i.   by converting to Ghana currency through authorized dealers such
               amounts of foreign currency as will be sufficient to cover the
               Company's operating expenses required to be paid in Ghana
               currency including any payments to the Government and third
               parties provided that the terms of any loans obtained abroad
               shall be in conformity with currency international commercial and
               monetary conditions and that prior notice of such loans and
               advances shall be furnished to the Bank of Ghana.
          ii.  By directly purchasing and/or hiring abroad as is necessary for
               conducting the prospecting programme with its foreign currency
               funds and importing to and/or using in Ghana freely and without
               restrictions such machinery, equipment, materials and services of
               any nature whatsoever as will be required by the Company for its
               operations hereunder.
     b.   The Company may be required to pay all its rentals and other licensing
          fees to the Government in dollars-- or other -freely convertible
          currency, or such currencies as shall be specified by the Bank of
          Ghana.
     c.   All conversions of currrency shall be made at the prevailing official
          rates of exchange.

<PAGE>

19.  PRODUCTION AGREEMENT:
     ---------------------
     If upon the expiration of this Agreement the Company shall have carried out
     its obligations hereunder to the satisfaction of the Government and shall
     have successfully established to the Government that the development of a
     mine from ore reserves established within the Licensed Area is economically
     and financially feasible, then the Government shall grant to the Company
     the first option to (i) acquire a lease for the purposes of mining in the
     Licensed Area, and (ii) participate in a mining project in the Licensed
     Area subject to negotiation with the Government of satisfactory terms for
     such licence and participation
20.  NOTICE:
     -------
     Any application, notice, consent, approval, direction, or instruction
     hereunder shall be in writing and shall be served by hand or by registered
     mail. Delivery by hand shall be deemed to be effective when made, and
     delivery by registered mail shall be deemed to be effective at such time as
     it would in the ordinary course of registered mail be delivered to the
     addressee. Until changed by appropriate notice, the Company's address in
     Ghana is its registered Office as set forth above and the addresses of the
     Government officials are as follows:
     i.   The Hon. Minister, Ministry of Lands, Forestry and Mines, P.O. Box
          M.212, Accra.
     ii.  The Head of the Inspectorate Division of the Minerals Commission,
          Mines Department, P.O. Box 3634, Accra
     iii. The Director, Ghana Geological Survey, P.O. Box M.80, Accra
     iv.  The Chief Executive, Minerals Commission, P.O. Box M.248, Accra
     v.   The Director, Survey Department, P.O. Box 191, Accra
     vi.  The Governor, Bank of Ghana, P.O. Box 2674, Accra.
21.  ARBITRATION:
     ------------
     Subject to the provisions hereof, if any time during the continuance of
     this Agreement or after its termination any question or dispute arises

<PAGE>

                             CONVERSION APPLICATION

                  SEFWI ASAFO - AKRODIE RECONNAISSANCE LICENCE

                                       TO

                         SEFWI ASAFO PROSPECTING LICENCE

                                       BY

                           HABER MINING GHANA LIMITED

Prepared by:
Haber Mining Ghana Ltd
January, 2007.

                                                                             -1-
<PAGE>

INTRODUCTION
Haber Mining Ghana Limited requests the conversion of the Sefwi Asafo Akrodie
Reconnaissance license to four (4) Prospecting Licences on the basis of the
accompanying site plans, which are marked by pillar coordinates.

The coordinates for the Sefwi Asafo prospecting licence, one of the four
converted prospecting licences, are indicated on the accompanying site plan and
in the table below. The Sefwi Asafo concession covers an area of 132.3km2. The
proposed area has received total coverage of stream sediment sampling and the
defined anomalous catchments warrant more detailed follow-up and testing.

                         Coordinates of License Pillars
-------------------------------------------------------------------
                               Block A
-------------------------------------------------------------------
   Pillar               Latitude                   Longitude
-------------------------------------------------------------------
     1               6(degree)25'20"            2(degree)32'43"
-------------------------------------------------------------------
     2               6(degree)24'17"            2(degree)32'40"
-------------------------------------------------------------------
     3               6(degree)24'00"            2(degree)33'20"
-------------------------------------------------------------------
     4               6(degree)23'20"            2(degree)33'20"
-------------------------------------------------------------------
     5               6(degree)21'18"            2(degree)31'48"
-------------------------------------------------------------------
     6               6(degree)21'18"            2(degree)33'00"
-------------------------------------------------------------------
     7               6(degree)21'38"            2(degree)32'47"
-------------------------------------------------------------------
     8               6(degree)23'29"            2(degree)35'09"
-------------------------------------------------------------------
     9               6(degree)21'35"            2(degree)36'15"
-------------------------------------------------------------------
     10              6(degree)22'46"            2(degree)36'30"
-------------------------------------------------------------------
     11              6(degree)20'20"            2(degree)39'20"
-------------------------------------------------------------------
     12              6(degree)23'20"            2(degree)38'29"
-------------------------------------------------------------------
     13              6(degree)24'06"            2(degree)40'55"
-------------------------------------------------------------------
     14              6(degree)23'32"            2(degree)41'20"
-------------------------------------------------------------------
     15              6(degree)29'07"            2(degree)41'20"
-------------------------------------------------------------------

                                                                             -2-
<PAGE>

------------------------------------------------------------------
     16              6(degree)29'15"            2(degree)40'22"
------------------------------------------------------------------
     17              6(degree)29'38"            2(degree)36'41"
------------------------------------------------------------------

GEOLOGY
The southeastern portion of the license is dominated by thick sequences of
Birimian volcanic flows. The metavolcanic units consist of basaltic and
andesitic flows with minor tuffs and interbeds of cherts. The central portion
also features highly metamorphosed units that are interpreted to be mainly
metasediments and volcaniclastics.

The northwestern portion is underlain by intrusives mapped as intermediate
belt-type intrusives. These are metaluminous with hornblende being the main
mafic component and are seldom foliated.

Major fault systems, which are typically NE trending, form prominent structural
features in the southeastern part of the concession. The faults appear to be
localized along the contacts of Birimian metasediments and metavolcanics and
large intrusive grantoids. In addition to this dominant structural feature, E-W
and N-S oriented structural features are also common.

GOLD MINERALIZATION
From a structural perspective, the most prospective zones in the concession area
are along the NE trending structural feature; areas that he along the N-S
trending lineaments are also prospective.

Exploration will target areas where E-W and N-S trending lineaments crosscut the
major regional-scale NE trending structural feature. The concession area can be
considered to host good potential for following styles of gold mineralization.
     o    metasediment and metavolcanic-hosted gold - quartz veins genetically
          related to major NE-NNE, and N-S trending structures.

                                                                             -3-
<PAGE>

     o    quartz veins and associated disseminated sulphides in Birimian
          metavolcanics.
     o    quartz vein and stockwork systems in intensely deformed and highly
          altered intrusives as seen in the Ntotoroso and Kenyase areas in the
          Yamfo district.

PLANNED WORK PROGRAM

Haber has since last year increased considerably the pace of regional
exploration, building on the success of the initial reconnaissance work, which
has highlighted several areas where indications are quite positive. Haber will
set up a field office at Sefwi Asafo from where work in the Asafo prospecting
licence would be run. The Sefwi Asafo concession will form part of the larger
Sefwi project, which will be handled by 4 Ghanaian geologists supported by field
technicians and other junior staff. The number of geologists will be increased
as the work progresses into the more detailed phases. The following is an
indication of the work programme that would be expected in order to follow up on
the results of the reconnaissance exploration.

PHASE 1
     o    Soil sampling on a grid spacing of 50m x 400m on a regional scale and
          on anomalies generated by stream sediment sampling and previous work.
          This will be in-filled to 200m and possibly 100m as necessary.
     o    Regolith mapping over the entire concession. Regolith data will be
          collected as soil sampling proceeds and regolith map compiled.
     o    Geological mapping throughout the area building from the compilation
          of the previous data and the interpretation of landsat, DTM and
          airborne geophysical data

                                                                             -4-
<PAGE>

     o    Trenching of significant anomalies generated. Typically, this will be
          on an initial spacing of 100m but would be in-filled to 50m based on
          the configuration and strength of trench anomalies uncovered.

PHASE 2
     o    RAB drilling will be undertaken in areas of thick lateritic and
          overburden cover. RAB drilling provides reliable data on gold values
          to shallow depths (perhaps to 50m depending on ground conditions).
     o    Ground geophysical studies will be carried out on both systematic and
          selective basis on the concession during the regional studies and
          prospect evaluation stage. The geophysical study will include
          magnetic/VLF-EM, IP and HLEM.
     o    Dependent on results from trenching and RAB drilling, first pass
          reverse circulation (RC) drilling will be carried out and if positive
          would continue into resource definition.
     o    Dependent on results of RC drilling, a limited diamond (core) drilling
          will also be undertaken to provide sub-surface geological information
          and samples for preliminary metallurgical testwork.

9.   PROJECTED EXPENDITURE
Dependent on results, the following is an indication of expenditure projected
for the initial period (2 years) of the prospecting License under application.

PHASE 1
--------------------------------------------------------------------------------
                        Item                                Projected Cost US$
--------------------------------------------------------------------------------
Salaries and Wages                                                 15,000
-------------------------------------------------------------------------------
Airborne Geophysics/Remote Sensing                                  7,500
--------------------------------------------------------------------------------
Soil Geochemistry-selected areas + regional                         10000
--------------------------------------------------------------------------------
Trenching incl. analytical costs                                   15,000
--------------------------------------------------------------------------------
Vehicles                                                            10000
--------------------------------------------------------------------------------
Subsistence and Accommodation                                        8000
--------------------------------------------------------------------------------

                                                                             -5-
<PAGE>

--------------------------------------------------------------------------------
Crop Compensation                                                    5000
--------------------------------------------------------------------------------
Field Supplies                                                      7,500
--------------------------------------------------------------------------------
Tenement Administration                                            17,000
--------------------------------------------------------------------------------
Project Support and Administration                                   5000
--------------------------------------------------------------------------------

PHASE 1 TOTAL                                                     100,000

--------------------------------------------------------------------------------

PHASE 2
--------------------------------------------------------------------------------
                        Item                                Projected Cost US$

--------------------------------------------------------------------------------
Salaries and Wages                                                  15000
--------------------------------------------------------------------------------
RAB drilling incl. analytical costs                                 30000
--------------------------------------------------------------------------------
RC drilling incl. analytical costs                                  70000
--------------------------------------------------------------------------------
Preliminary Diamond Drilling                                        20000
--------------------------------------------------------------------------------
Ground Geophysical Surveys                                           8000
--------------------------------------------------------------------------------
Vehicles                                                            10000
--------------------------------------------------------------------------------
Subsistence and Accommodation                                       10000
--------------------------------------------------------------------------------
Crop Compensation                                                    5000
--------------------------------------------------------------------------------
Field Supplies                                                      10000
--------------------------------------------------------------------------------
Tenement Administration                                              2000
--------------------------------------------------------------------------------
Project Support and Administration                                   5000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
PHASE 2 TOTAL                                                      185000
--------------------------------------------------------------------------------
GRAND TOTAL (Phase 1 + Phase 2)                                    285000
--------------------------------------------------------------------------------

                                                                             -6-
<PAGE>

<TABLE>
<CAPTION>
                                 PROJECT SCHEDULE - SEFWI ASAFO PL
-------------------------------------------------------------------------------------------------
<S>                                   <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>
  ACTIVITY/TIME (MONTH)               1    2    3    4    5    6    7    8    9    10   11   12
-------------------------------------------------------------------------------------------------
      PHASE 1
-------------------------------------------------------------------------------------------------
Soil Sampling                        ..............................
-------------------------------------------------------------------------------------------------
Regolith Mapping                     .........................
-------------------------------------------------------------------------------------------------
Geological Mapping                   ............................................................
-------------------------------------------------------------------------------------------------
Trenching
-------------------------------------------------------------------------------------------------
  ACTIVITY/TIME (MONTH)               13   14   15   16   17   18   19   20   21   22    23   24
-------------------------------------------------------------------------------------------------
      PHASE 2
-------------------------------------------------------------------------------------------------
RAB Drilling                                   ...............
-------------------------------------------------------------------------------------------------
Ground Geophysical Studies           ..........
-------------------------------------------------------------------------------------------------
RC Drilling                                                   ...............
-------------------------------------------------------------------------------------------------
Dimond Drilling                                                              .....
-------------------------------------------------------------------------------------------------
Database Compilation, Review &                                                    ...............
Reporting
-------------------------------------------------------------------------------------------------
</TABLE>

                                                                             -7-
<PAGE>

                                  [MAP OMITTED]

                                                                             -8-
<PAGE>

                     THIS IS THE PLAN REFERRED TO

                     IN THE ANNEXED PROSPECTING LICENCE

                     DATED THIS 5TH DAY OF APRIL 2007

                        /s/ Dominic Fobih
                     THE HON. MINISTER OF LANDS, FORESTRY AND MINES
                     [SEAL/STAMP - MIN. OF LANDS, FORESTRY & MINES]

                        /s/ Edward Ayensu
                     HABER MINING GHANA LIMITED
                     4TH CIRCULAR CLOSE, SSNIT ESTATES
                     CANTONMENTS. ACCRA
                     P.0. BOX KIA 16525, ACCRA

<PAGE>

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

SIGNED AND SEALED with the SEAL of         ]
the Ministry of Lands, Forestry and        ]
Mines and DELIVERED by the said            ]         /s/ Dominic Fobih
PROF. DOMINIC K. FOBIH                     ]         -----------------
Minister of Lands, Forestry and Mines for  ]            [STAMP/SEAL]
and on behalf of the Government of the     ]
Republic of Ghana in the presence:         ]

[SIGNATURE ILLEGIBLE]
[SIGNATURE ILLEGIBLE]
---------------------
CHIEF DIRECTOR
MINISTRY OF LANDS, FORESTRY & MINES

The COMMON SEAL/STAMP of said              ]
HABER MINING GHANA LIMITED                 ]   HABER MINING GHANA LIMITED
was affixed to these presents and the      ]   4TH CIRCULAR CLOSE, SSNIT ESTATES
same were DELIVERED in the                 ]   CANTONMENTS, ACCRA
presence of:                               ]   P.O. BOX K1A 16525, ACCRA

                                                  /s/ Edward Ayensu
[SIGNATURE ILLEGIBLE]                             Edward S. Ayensu
---------------------                             -----------------
 DIRECTOR/SECRETARY                               MANAGING DIRECTOR

<PAGE>

                                  OATH OF PROOF
                                  -------------

I George Banful of Minerals Commission MAKE OATH and SAY that on the 5th day of
April 2007 I was present and saw ................, the Minister of Lands,
Forestry and Mines duly execute the Instrument now produced to me and Marked "A"
and that the said PROF. DOMINIC K. FOBIH can read and write, Sworn at Accra this
19th day of April 2007

        Before Me.

  [SIGNATURE ILLEGIBLE]                          /s/ George Banful
  ---------------------                          ---------------------
   REGISTRAR OF LANDS                                  DEPONENT
   [STAMP ILLEGIBLE]

This is the Instrument Marked "A" Referred to in the Oath of George Banful SWORN
before me this 19th day of April 2007

                             [SIGNATURE ILLEGIBLE]
                             ---------------------
                               REGISTRAR OF LANDS
                               [STAMP ILLEGIBLE]

On the 19th day of April 2007 at 8:30 O'clock in the forenoon this instrument
was proved before me by the Oath of the within-named George Banful to have been
duly executed by the within-named PROF. DOMINIC K. FOBIH.

                              [SIGNATURE ILLEGIBLE]
                              ---------------------
                               REGISTRAR OF LANDS
                                [STAMP ILLEGIBLE]

<PAGE>

Dated this 5th day of April 2007

                               GHANA LAND REGISTRY
                          Registered as No........21/2007
                             [SIGNATURE ILLEGIBLE]
                             ---------------------
                                Registrar of Land

                      GOVERNMENT OF THE REPUBLIC OF GHANA

THIS INSTRUMENT WAS DELIVERED TO
ME FOR REGISTRATION BY G. BANFUL        AND
OF ACCRA AT 3:00
O'CLOCK IN THE AFTERNOON THIS
3RD DAY OF MAY, 2007
/s/ George Banful
--------------------------------
      Registrar of Lands

                           HABER MINING GHANA LIMITED

--------------------------------------------------------------------------------

                               PROSPECTING LICENCE

--------------------------------------------------------------------------------

                                SOLICITOR OF THE
                                  SUPREME COURT

TERM:          TWO (2) YEARS (RENEWABLE)

COMMENCEMENT:  5-4-2007

EXPIRY DATE:   4-4-2009

FILE NO.:      PL. 7/115
[COMMISSIONER OF INCOME TAX STAMP/SEAL]

<PAGE>

T H I S  A G R E E M E N T is made the 5TH day of April 2007 BETWEEN THE
GOVERNMENT OF THE REPUBLIC OF GHANA (hereinafter called "THE GOVERNMENT") acting
by PROF. DOMINIC K. FOBIH, the Minister of Lands, Forestry and Mines
(hereinafter called "THE MINISTER") of the One Part and HABER MINING GHANA
LIMITED having its registered address at 4TH CIRCULAR CLOSE, SSNIT ESTATES,
CANTONMENTS-ACCRA, P.O. BOX K.I.A. 16525, ACCRA, GHANA (hereinafter called "THE
COMPANY") of the Other Part.
W H E R E A S:
--------------
A.   It is Government's policy to take all such steps as it deems appropriate
     and effective for prospecting for minerals in the Republic of Ghana and for
     producing gold and base metals hereby ensuring that the maximum possible
     benefits accrue to the nation from the exploitation of its mineral
     resources;
B.   In pursuit of the above policy Government desires to secure the co-
     operation of Companies which possess the necessary financial and
     managerial qualifications and skills for carrying out mineral operations;
C.   The Company, which warrants its financial, technical and managerial
     competence for undertaking mineral operations has declared itself willing
     to engage in prospecting operations in Ghana on the understanding that it
     shall bear the risk and cost of such prospecting operations and on
     establishing that there are good prospects for undertaking commercial
     mining operations it may apply for and be granted a mining lease subject to
     the provisions of the Minerals and Mining Act, 2006 (Act 703);
WITNESSESS AS FOLLOWS:
----------------------
1.   The Government hereby grants unto the Company the right and licence to
     Prospect for and prove gold and base metals under or in the area described
     in the Schedule hereto and demarcated on the map which forms part of this
     AGREEMENT (hereinafter called "the Licence Area") excluding any parts to be
     relinquished from time to time for a term of TWO (2) YEARS from the

     LAND REGISTRY NO 22/2007

<PAGE>

     ............... day of ................. 2007 with a right of extension as
     hereinafter provided.
2.   RIGHTS OF THE COMPANY:
     ----------------------
     a.   The Company shall have the right to conduct such geological and
          geophysical investigations in the Licensed Area, as it considers
          necessary to determine an adequate quantity of geologically proven and
          mineable reserve of gold and base metals.
     b.   The Company may exercise all or any of the rights and powers granted
          hereunder through agents, independent contractors or sub-contractors.
     c.   The Company shall not conduct any operations in a sacred area and
          shall not without the prior consent of the Minister conduct any
          operations:
          i.   within twenty metres of any building, installations, reservoir,
               dam, public road, railway or area appropriated for a railway;
               or
          ii.  in an area occupied by a market, burial ground, cemetery or
               within a town or village or an area set apart for, used,
               appropriated or dedicated to a public purpose.
     d.   Nothing contained in this Agreement shall be deemed to permit the
          Company to dispense with the necessity of applying for and obtaining
          any permit or authority, which the Company may be required by law or
          regulation to obtain in respect of any works and/or activities to be
          carried out hereunder.
3.   RIGHTS OF THIRD PARTIES:
     ------------------------
     a.   The Government reserves the right to grant licenses to third parties
          for prospecting or to enter into Agreements for the production of
          minerals other than gold and base metals in the Licenced Area,

<PAGE>

          provided that any such activity shall not unreasonably interfere with
          the rights granted to the Company hereunder.
     b.   The Company shall not hinder or prevent members of the local
          population from exercising the following customary rights and
          privileges in or over the Licensed Area:
          i.   to hunt game
          ii.  to gather firewood for domestic purposes
          iii. to collect snails
          iv.  to till and cultivate farms
          v.   to observe rites in respect of groves and other areas held to be
               sacred.
          Provided always that where the exercise of these customary rights and
          privileges unduly interferes with or obstructs the operations of the
          Company hereunder, the Company shall make arrangements with members of
          the said local population for the limitation or waiver of such rights
          and privileges, such arrangements to include the payment of
          compensation where necessary. The Government shall furnish such
          assistance as is reasonably required in the making of such
          arrangements.
4.   CONDUCT OF OPERATIONS:
     ----------------------
     a.   The Company shall conduct all of its operations hereunder with due
          diligence, efficiency and economy to the maximum extent possible
          consistent with good mining industry practice and in a proper
          workmanlike manner observing sound technical and engineering
          principles and practices, using appropriate modern and effective
          equipment, machinery, materials and methods and to pay particular
          regard to the protection of the environment.
     b.   The Company shall maintain all equipment in good repair and all pits
          and trenches and all excavated areas in safe and good condition and
          take all practicable steps:-

<PAGE>

          i.   to prevent damage to adjoining farms and villages;
          ii.  to avoid damage to trees, crops, building, structures and other
               property in the Licenced Area except that where the damage is
               unavoidable the Company shall pay fair and reasonable
               compensation.
          The Company shall provide and maintain in good repair and proper
          condition roads, gates, stiles and fences for the convenient
          occupation of the surface of the Licensed Area.
     c.   The Company shall use its best efforts to exercise its rights and
          powers granted by this Agreement in such manner as not to cause
          interference with or avoidable obstruction or interruption to the
          felling of timber by the licensed timber operators within the Licensed
          Area and the Government shall furnish assistance to the Company to
          make appropriate arrangements with such operators to permit the
          prospecting programme to proceed without interference or delay.
5.   WORKING OBLIGATIONS:
     --------------------
     a.   The Company shall with due diligence and by means of modern
          geological, geophysical and other methods normally associated with
          mineral prospecting and within three months of the date of this
          Agreement or at such other time as the Minister may specify, commence
          prospecting operations with a view to establishing the existence of
          gold and base metals in economic quantities.
     b.   The Company, having prior to the commencement of this Agreement
          submitted its programme of work to the Government, shall carry out its
          operations in accordance with the programme and the Chief Executive of
          the Minerals Commission, Head of the Inspectorate Division of the
          Minerals Commission or any other officer authorized by the Government
          shall from time to time inspect the operations to ensure that the
          Company does so.

<PAGE>

     c.   The Company shall diligently continue to carry out its operations
          hereunder and shall spend as actual direct prospecting expenditure not
          less than the minimum amounts specified in its work programme.
     d.   If on the termination or expiration of this Agreement for any reason
          other than force majeure the Company shall not have spent the amounts
          specified in the work programme, the difference between the amount
          actually expended and the stipulated minimum for the year in which
          termination or expiration takes place shall be paid to the Government
          within thirty days after the date of such termination or expiration
          provided that if the termination shall be occasioned by force majeure
          or upon adequate proof, by the Company that gold and base metals
          mineralization does not exist in sufficient quantities in the area to
          warrant completion of the work programme, the Company shall not be
          liable to pay to the Government any difference on the stipulated
          minimum expenditure.
6.   NOTIFICATION OF DISCOVERY OF OTHER MINERALS:
     --------------------------------------------
     The Company shall report forthwith to the Minister, the Head of the
     Inspectorate Division of the Minerals Commission, the Director of
     Geological Survey and the Chief Executive of the Minerals Commission the
     discovery in the Licensed Area of any other minerals and the Company shall
     be given the first option to prospect further and to work the said minerals
     subject to satisfactory arrangements between the Government and the
     Company.
7.   SAMPLES:
     --------
     a.   The Company shall not during the currency of this Agreement destroy,
          except in analyses, any cores or samples obtained from the Licensed
          Area without the prior written consent of the Director of Ghana
          Geological Survey.

<PAGE>

     b.   The Company shall provide the Director of Ghana Geological Survey and
          the Head of the Inspectorate Division of the Minerals Commission with
          such samples from the Licensed Area as they may from time to time
          reasonably request.
     c.   All cores and samples obtained from the Licensed Area shall be
          delivered to the Director of Ghana Geological Survey on the
          termination of this Agreement and in the event of the Company not
          obtaining a mining lease.
8.   RECORDS:
     --------
     a.   The Company shall maintain at its registered office copies of the
          following:-
          i.   full and complete records and books of account relating to the
               prospecting programme.
          ii.  the detailed results and analysis of all surveys, boring,
               pitting, investigations and other testing conducted pursuant to
               the provisions of this Agreement.
     b.   The records referred to in the foregoing paragraph shall include
          copies of all geological, geophysical, geochemical, drilling and
          pitting reports relating to the Licensed Area and all maps, drawings
          and diagrams pertaining to these reports.
     c.   The said records, with the exception of proprietary technical
          information, shall be made available for inspection at reasonable
          times without delaying work on the prospecting programme, by the Head
          of the Inspectorate Division of the Minerals. Commission and the Chief
          Executive of the Minerals Commission or their representatives, upon
          request, and shall be retained in Ghana, unless removed with
          Government's consent.
     d.   Failure to keep such records and to produce them for inspection upon
          receipt of reasonable notice shall constitute just cause for the
          cancellation of this License.

<PAGE>

     e.   Copies of the aforementioned records shall be delivered to the Chief
          Executive of the Minerals Commission and the Head of the Inspectorate
          Division of the Minerals Commission on the termination of this
          Agreement and in the event of the Company not obtaining a mining lease
          in respect of the Licensed Area.
9.   REPORTS:
     --------
     a.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, the Director of Ghana Geological Survey and
          the Chief Executive of the Minerals Commission, not later than the
          15th of each third month, a report giving a general description of the
          work done by the Company in the preceding quarter and containing a
          description accompanied by a sketch plan of the areas where gold and
          base metals or any other minerals were found, particulars of the type
          of minerals found and the number and weight of samples taken, if any.
     b.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, Chief Executive of the Minerals Commission
          and the Director of Ghana Geological Survey not later than sixty days
          after the end of each calendar year, an Annual Report in such form as
          may be prescribed.
     c.   All records, reports, plans and information which the Company is
          required to supply to the Government and its agents pursuant to the
          provisions of this Agreement shall be supplied at the expense of the
          Company.
     d.   Any information or material supplied by the Company to the Government
          pursuant to the provisions of this Agreement shall be treated by the
          Government, its officers and agents as confidential and shall not be
          revealed to third parties except with the consent of the Company
          (which consent shall not be unreasonably withheld) for a period of 12
          months with respect to technical information and 36 months with

<PAGE>

          respect to financial information from the date of submission of such
          information. The Government and persons authorized by the Government
          may nevertheless use any such information received from the Company
          for the purpose of preparing and publishing general reports on
          minerals in Ghana.
10.  FINANCIAL OBLIGATION:
     ----------------------
     a.   The Company shall pay to the Government:
          i.   in consideration of the grant of the right of prospecting for
               gold and base metals in the Licensed Area an amount of
               US$15,000.00 (fifteen thousand U.S. Dollars) within 30 days from
               the date of this Agreement.
          ii.  a yearly rent of (cent)250,000.00 (two hundred and fifty thousand
               cedis).
     b.   Payment of the rent specified in the foregoing paragraph shall be made
          yearly in advance, the first year's payment having been made before
          the execution of this Agreement.
11.  ASSIGNMENT, MORTGAGE, ETC:
     --------------------------
     a.   The Company shall not assign, mortgage, sublet or otherwise transfer
          any interest in the Licensed Area without the prior written consent of
          the Government.
     b.   The Government may impose such conditions on the giving of such
          consent as it thinks fit.
12.  SURRENDER OF PART OF LICENSED AREA:
     -----------------------------------
     a.   The Company may surrender at any time and from time to time by giving
          not less than three months' notice to the Head of the Inspectorate
          Division of the Minerals Commission and the Chief Executive of the
          Minerals Commission, all its rights hereunder in respect of any part
          or parts of the Licensed Area. The Company shall be relieved of all
          obligations in respect of the part or parts of the Licensed Area so
          surrendered except those obligations, which accrued prior to the
          effective date of surrender.

<PAGE>

     b.   The Company shall leave the part of the Licensed Area surrendered and
          everything thereon in a safe condition. The Company shall take all
          reasonable measures to restore the surface of such part of the
          Licensed Area surrendered and all structures thereon not the property
          of the Company to their original condition. In the event that the
          Company fails to do so, the Head of the Inspectorate Division of the
          Minerals Commission shall make such part and everything thereon safe
          and in good condition at the expense of the Company.
13.  EXTENSION OF LICENCE:
     ----------------------
     a.   If the Company applies in writing to the Minister not less than three
          months before the expiration of this Agreement for an extension of the
          license hereof and if the Company shall not be in default at that time
          in the performance of any of its obligations hereunder the Company
          may, subject to the provisions of the Act, be granted an extension for
          a period not exceeding three years upon such terms and conditions as
          the parties may agree.
     b.   The Company shall, prior to the or at the expiration of the initial
          term, surrender not less than half the number of blocks of the
          prospecting area so long, as a minimum of one hundred blocks remain
          subject to the license and the blocks form not more than three
          discrete areas each consisting of a single block, or a number of
          blocks each having a side in common with at least one other block in
          that area.
14.  RE-ENTRY BY GOVERNMENT:
     -----------------------
     If the operations and activities of the Company in accordance with the
     prospecting programme shall cease in the Licensed Area--before-the same
     have been completed and if such cessation shall be due entirely to the

<PAGE>

     fault of the Company, the Government may, upon giving the notice and
     following the procedure required in paragraph 15 below, re-enter the
     Licensed Area and take possession of all buildings, erections, plants and
     materials thereon without compensation to the Company (such right of entry
     not to prejudice any additional remedy of the Government), and thereupon
     the Agreement shall terminate.
15.  TERMINATION BY THE GOVERNMENT:
     ------------------------------
     a.   The Government may, subject to the provisions of this paragraph,
          terminate this Agreement if any of the following events shall occur:
          i.   the Company shall fail to make any of the payments described in
               this Agreement on the payment date; or
          ii.  the Company shall contravene or fail to comply with any other
               condition of this Agreement; or
          iii. the Company shall become insolvent or commit any act of
               bankruptcy or enter into any agreement or composition with its
               creditors or take advantage of any law for the benefit of debtors
               or go into liquidation, whether compulsory or voluntary, except
               for the purposes of reconstruction or amalgamation; or
          iv.  the Company knowingly submits any false statement to the
               Government in connection with this Agreement.
     b.   If and whenever the Government decides to terminate this Agreement
          pursuant to clauses (i) and (ii) of the preceding sub paragraph, the
          Government shall give the Company notice specifying the particular
          contravention or failure and permit the Company to remedy the same
          within sixty days of such notice.
     c.   If the Company shall fail to remedy an event specified in clauses (i)
          and (ii) of sub-paragraph (a) of this paragraph within the stated
          period, or an event specified in clauses (iii) and (iv) of the said
          sub-paragraph shall occur, the Government may by notice to the Company
          terminate this Agreement.

<PAGE>

     d.   Upon termination of this Agreement by the Government every right of
          the Company hereunder shall cease (save as specifically otherwise
          provided hereunder) but subject nevertheless and without prejudice to
          any obligation or liability imposed or incurred under this Agreement
          or applicable law prior to the effective date of termination.
     e.   No delay or omission or course of dealing by the Government shall
          impair any of its rights hereunder or be construed to be a waiver of
          an event specified in sub-paragraph (a) of this paragraph or
          acquiescence therein.
16.  ASSETS ON TERMINATION OR EXPIRATION:
     -------------------------------------
     (a)  The Company may within six months of the termination of the Mining
          Lease or a further period allowed by the Minister, remove the mining
          plant if the mining plant is removed solely for the purpose of use by
          the Company or a person deriving title through the Company, in another
          relevant mining activity in the Country.
     (b)  A mining plant not removed by the Company within two months after the
          Minister gives notice to the Company at anytime after expiration of
          the period referred to in subsection (a), shall vest in the Republic
          on the expiration of the two-month notice period.
     (c)  Nothing in this Agreement removes or diminishes an obligation that the
          Company may have under the Minerals and Mining Act, 2006, (Act 703),
          another enactment or a condition of this Agreement to remove a mining
          plant and rehabilitate the land.
     (d)  Notwithstanding the foregoing, the Minister, may by notice to the
          Company require the removal or destruction of any assets of the
          Company in the Leased Area, and if the Company does not remove or
          destroy such assets within a period of thirty (30) days from the date
          of the Minister's notice to that effect, the Minister shall cause such
          removal or destruction at the expense of the Company.

<PAGE>

     (e)  The Company shall take all reasonable measures to ensure that all of
          the assets to be offered for sale to the Government or transferred to
          the Government in accordance with this paragraph shall be maintained
          in substantially the same condition in which they were at the date of
          the termination or the date on which the Company reasonably knew that
          such termination would occur and any such assets shall not be disposed
          of, dismantled or destroyed except as specifically provided for in
          this paragraph.
     (f)  Upon the termination or expiration of this Agreement, the Company
          shall leave the Lease Area and everything thereon in good condition,
          having regard to the ecology, drainage, reclamation, environmental
          protection, health and safety; provided however that the Company shall
          have no obligation in respect of areas where the Company has not
          undertaken any work or which have not been affected by the Company's
          operations. In this connection, unless the Head of the Inspectorate
          Division of the Minerals Commission otherwise directs, the Company
          shall, in accordance with good mining practices, fill up or fence and
          make safe all holes and excavations to the reasonable satisfaction of
          the Head of the Inspectorate Division of the Minerals Commission. In
          addition the Company shall take all reasonable measures to leave the
          surface of the Lease Area in usable condition and to restore all
          structures thereon not the property of the Company to their original
          condition. In the event that the Company fails to do so, the Minister
          shall restore and make safe the Lease Area and everything thereon at
          the expense of the Company.
     (g)  The Company shall have the right to enter upon the Lease Area for the
          aforesaid purposes, subject to the rights of surface owners or others,
          for a period of six (6) months from the effective date of the
          termination or such longer period as the Minister may decide.

<PAGE>

     (h)  On the termination of this Agreement, the Company shall deliver to the
          Minister the records which the Company is obliged to maintain under
          the Minerals and Mining Act, 2006, (Act 703); the plans and maps of
          the area covered by the mining lease prepared by the Company; and
          other documents, including in electronic format, if available that
          relate to the mineral right.
17.  FORCE MAJEURE:
     --------------
     a.   Failure on the part of the Company to comply with any of the terms and
          conditions hereof (except the obligations to make payment of monies to
          the Government) shall not be grounds for cancellation or give the
          Government any claim for damages in so far as such failure arises from
          force majeure, the Company having taken all appropriate precautions,
          due care and reasonable alternative measures with the objective of
          avoiding such failure and of carrying out its obligations hereunder.
          The Company shall take all reasonable measures to remove such
          inability to fulfill the obligations hereunder with the minimum of
          delay.
     b.   For purposes of this paragraph force majeure includes acts of God,
          war, insurrection, earthquake, storm, flood or other adverse weather
          condition but shall not include any event caused by the failure to
          observe good mining industry practice or by the negligence of the
          Company or any of its employees or contractors.
     c.   The Company shall notify the Minister within twenty-four hours of an
          event of force majeure affecting its ability to fulfill the terms and
          conditions hereof.
     d.   The period of this Agreement shall be extended for a period of time
          equal to the period or periods during which the company was affected
          by any of the conditions set forth in sub-paragraph (b) of this
          paragraph, but not to exceed six months in the aggregate.

<PAGE>

18.  FOREIGN EXCHANGE:
     -----------------
     a.   Subject to sub-paragraph (b) of this paragraph the Company shall,
          during the term of this Agreement and so long as it does not derive
          any revenue from its operations hereunder, finance such operations in
          the following manner:
          i.   by converting to Ghana currency through authorized dealers such
               amounts of foreign currency as will be sufficient to cover the
               Company's operating expenses required to be paid in Ghana
               currency including any payments to the Government and third
               parties provided that the terms of any loans obtained abroad
               shall be in conformity with currency international commercial and
               monetary conditions and that prior notice of such loans and
               advances shall be furnished to the Bank of Ghana.
          ii.  By directly purchasing and/or hiring abroad as is necessary for
               conducting the prospecting programme with its foreign currency
               funds and importing to and/or using in Ghana freely and without
               restrictions such machinery, equipment, materials and services of
               any nature whatsoever as will be required by the Company for its
               operations hereunder.
     b.   The Company may be required to pay all its rentals and other licensing
          fees to the Government in dollars or other freely convertible
          currency, or such currencies as shall be specified by the Bank of
          Ghana.
     c.   All conversions of currency shall be made at the prevailing official
          rates of exchange.

<PAGE>

19.  PRODUCTION AGREEMENT:
     ---------------------
     If upon the expiration of this Agreement the Company shall have carried out
     its obligations hereunder to the satisfaction of the Government and shall
     have successfully established to the Government that the development of a
     mine from ore reserves established within the Licensed Area is economically
     and financially feasible, then the Government shall grant to the Company
     the first option to (i) acquire a lease for the purposes of mining in the
     Licensed Area, and (ii) participate in a mining project in the Licensed
     Area subject to negotiation with the Government of satisfactory terms for
     such license and participation
20.  NOTICE:
     -------
     Any application, notice, consent, approval, direction, or instruction
     hereunder shall be in writing and shall be served by hand or by registered
     mail. Delivery by hand shall be deemed to be effective when made, and
     delivery by registered mail shall be deemed to be effective at such time as
     it would in the ordinary course of registered mail be delivered to the
     addressee. Until changed by appropriate notice, the Company's address in
     Ghana is its registered office as set forth above and the addresses of the
     Government officials are as follows:
     i.   The Hon. Minister, Ministry of Lands, Forestry and Mines, P.O. Box
          M.212, Accra.
     ii.  The Head of the Inspectorate Division of the Minerals Commission,
          Mines Department, P.O. Box 3634, Accra
     iii. The Director, Ghana Geological Survey, P.O. Box M.80, Accra
     iv.  The Chief Executive, Minerals Commission, P.O. Box M.248, Accra
     v.   The Director, Survey Department, P.O. Box 191, Accra
     vi.  The Governor, Bank of Ghana, P.O. Box 2674, Accra.
21.  ARBITRATION:
     ------------
     Subject to the provisions hereof, if any time during the continuance of
     this Agreement or after its termination any question or dispute arises

<PAGE>

                             CONVERSION APPLICATION

                  SEFWI ASAFO - AKRODIE RECONNAISSANCE LICENCE

                                       TO

                           AKRODIE PROSPECTING LICENCE

                                       BY

                           HABER MINING GHANA LIMITED

Prepared by:
Haber Mining Ghana Ltd
January, 2007.

                                                                             -1-
<PAGE>

INTRODUCTION
Haber Mining Ghana Limited requests the conversion of the Asafo Akrodie
Reconnaissance License to four (4) prospecting licenses on the basis of the
accompanying plans and coordinate lists. Haber aims at following up on work
begun in the concession area during the reconnaissance stage from which positive
indications have been received in several areas.

The Akrodie Prospecting License covers a total area of approximately 125km2 and
comprises of two (2) separate blocks. Block 'A' (81.99km2) is centered on the
towns of Akrodie and Fawohoyeden and block 'B' (42.15km2) is also centred on the
village of Durowaakurom. The two blocks, 'A' and 'B', are each defined by eleven
(11) points that are listed in the table below and on the accompanying site
plan.

These converted license area received appreciable coverage of stream sediments
sampling during the reconnaissance stage of work. All defined anomalous
catchments clearly warrant a more detailed follow-up and testing.

Haber intends to increase considerably the pace of its regional exploration
building on the success of the initial reconnaissance work. Haber is
establishing a permanent office in Accra and an exploration base in Akrodie from
where work in the license will be run.

                         Coordinates of License Pillars
--------------------------------------------------------------------
                               Block A
--------------------------------------------------------------------
   Pillar               Latitude                    Longitude
--------------------------------------------------------------------
     1               6(degree)45'18"            2(degree)35'00"
--------------------------------------------------------------------
     2               6(degree)45'00"            2(degree)35'00"
--------------------------------------------------------------------
     3               6(degree)45'00"            2(degree)33'28"
--------------------------------------------------------------------
     4               6(degree)37'10"            2(degree)33'28"
--------------------------------------------------------------------

                                                                             -2-
<PAGE>

--------------------------------------------------------------------
     5               6(degree)39'01"            2(degree)36'06"
--------------------------------------------------------------------
     6               6(degree)39'21"            2(degree)35'50"
--------------------------------------------------------------------
     7               6(degree)39'10"            2(degree)35'00"
--------------------------------------------------------------------
     8               6(degree)39'40"            2(degree)34'10"
--------------------------------------------------------------------
     9               6(degree)40'20"            2(degree)34'00"
--------------------------------------------------------------------
     10              6(degree)41'24"            2(degree)37'00"
--------------------------------------------------------------------
     11              6(degree)45'18"            2(degree)39'23"
--------------------------------------------------------------------
                               Block B
--------------------------------------------------------------------
     1               6(degree)37'53"            2(degree)37'38"
--------------------------------------------------------------------
     2               6(degree)35'00"            2(degree)33'40"
--------------------------------------------------------------------
     3               6(degree)35'00"            2(degree)40'00"
--------------------------------------------------------------------
     4               6(degree)32'52"            2(degree)40'00"
--------------------------------------------------------------------
     5               6(degree)32'52"            2(degree)40'25"
--------------------------------------------------------------------
     6               6(degree)34'34"            2(degree)40'38"
--------------------------------------------------------------------
     7               6(degree)34'52"            2(degree)41'19"
--------------------------------------------------------------------
     8               6(degree)35'50"            2(degree)41'20"
--------------------------------------------------------------------
     9               6(degree)36'38"            2(degree)42'20"
--------------------------------------------------------------------
     10              6(degree)37'04"            2(degree)41'29"
--------------------------------------------------------------------
     11              6(degree)35'27"            2(degree)40'10"
--------------------------------------------------------------------
     12              6(degree)36'50"            2(degree)38'10"
--------------------------------------------------------------------

GEOLOGY
The proposed area features Birimian metavolcanic and metasedimentary units as
well as granitoids. The Birimian metavolcanic units, which are dominant in the
eastern part, consist of basaltic and andesitic lava flows with minor interbeds
of tuffs and volcaniclastics. The area also features highly metamorphosed units
that are interpreted to be mainly metasediments and volcaniclastics.

                                                                             -3-
<PAGE>

Granitoids are widespread in the western parts of the blocks. These intrusive
complexes are predominantly intermediate in composition however, in some areas;
they are fairly mafic in composition and commonly feature large roof pendants or
xenoliths of metavolcanics.

The concession area features a major NNE-NE trending fault system, possibly
splays off the main Ahafo fault/shear system along the belt-basin margin. In
addition to this dominant structure, there are crosscutting features oriented
E-W and NW-SE.

GOLD MINERALIZATION
The concession area is considered prospective for the following styles of gold
mineralization:

     o    Shear-hosted low-grade laterally extensive disseminated sulphide and
          quartz stockwork systems in Birimian metasediments.
     o    Gold mineralization associated with shallow-dipping quartz vein and
          stockwork systems in intensely deformed and altered intrusives as seen
          in the Ntotoroso and Kenyase areas in the Yamfo district.
     o    Shear zone - hosted quartz veins of variable strike length and width.

PLANNED WORK PROGRAM

The work program proposed for the next 24 months will be dominated by regional
soil geochemistry and prospect evaluation. Exploration will be conducted in two
phases, the second of which will be dependent upon the positive results from
phase 1.

                                                                             -4-
<PAGE>

PHASE 1
     o    Continued detailed stream sediment sampling throughout the license
          area at a density of 1-2 samples | km2.

     o    Soil sampling on a grid spacing of 50m x 400m on a regional scale and
          on anomalies generated by stream sediment sampling and previous work.
          This will be infilled to 200m and possibly 100m as necessary.

     o    Regolith mapping over the entire concession. Regolith data will be
          collected as soil sampling proceeds and regolith map compiled.

     o    Geological mapping throughout the area building from the compilation
          of previous data and interpretation of landsat, DTM and airborne
          geophysical data.

     o    Airborne Geophysics/Remote Sensing interpretation. Haber will
          purchase existing airborne geophysical data covering the four
          tenements and the surrounding areas. Alternatively, the company may
          elect to commission a new airborne survey (Helicopter-borne surveys),
          much more detailed than the currently available dataset. This would
          allow the geophysical signatures of known orebodies to be studied as
          an aid to targeting for new gold deposits.

          Haber, as part of a detailed structural interpretation of the tenement
          areas in the Sefwi Belt, will commission a study to process and
          interpret Landsat imagery data derived from satellite-based remose
          sensing.

     o    Trenching of significant anomalies generated. Typically, this will be
          on an initial spacing of 100m but would be in-filled to 50m based on
          the configuration and strength of trench anomalies uncovered.

                                                                             -5-
<PAGE>

PHASE 2
     o    RAB drilling will be undertaken in areas of thick lateritic and
          overburben cover. RAB drilling provides reliable data on gold values
          to shallow depths (perhaps to 50m depending on ground conditions).

     o    Ground geophysical studies will be carried out on both systematic and
          selective basis on the concession during the regional studies and
          prospect evaluation stage. The geophysical study will include magnetic
          / VLF-EM, IP and HLEM.

     o    Dependent on results from trenching and RAB drilling, first pass
          reverse circulation (RC) drilling will be carried out and if positive
          would continue into resource definition.

     o    Dependent on results of RC drilling, a limited diamond (core) drilling
          will also be undertaken to provide sub-surface geological information
          and samples for preliminary metallurgical testwork.

                                                                             -6-
<PAGE>

PROJECTED EXPENDITURE
Dependent on results, the following is an indication of expenditure projected
for the converted licence during initial period (2 years).

        Item                                                  Projected Cost USA
        ----                                                  ------------------

                                     Phase 1
Stream Sediment Sampling                                            5,000
Soil Geochemistry-selected areas + regional                         10,000
General Mapping - geological + regolith                             5,000
Geophysics / Remote Sensing                                         7,500
Trenching - incl analytical costs                                   20,000
Vehicles                                                            10,000
Subsistence and Accommodation                                       10,000
Crop Compensation                                                   5,000
Field Supplies                                                      5,000
Tenement Administration                                             17,500
Project Support and Administration                                  5,000

                                           Phase 1 Total            100,000

                                     Phase 2
Ground Geophysical Surveys                                          10,000
RAB drilling                                                        30,000
RC Drilling                                                         90,000
Prelim. Diamond Drilling                                            20,000
Vehicles                                                            10,000
Subsistence and Accommodation                                       10,000
Crop Compensation                                                   5,000

                                                                             -7-

<PAGE>

Tenement Administration                                             5,000
Field Supplies                                                      10,000
Project Support and Administration                                  10,000

                                           Phase 2 Total            200,000

                         Grand Total (Phase 1 + Phase 2)            300,000

                                                                             -8-

<PAGE>

                                [CHART OMITTED]

<PAGE>

     be the Chairman and shall be appointed by the two arbitrators representing
     each party.
22.  GOVERNING LAW:
     --------------
     This Agreement shall be governed by, construed and interpreted in
     accordance with the laws of Ghana.
23.  HEADINGS:
     ---------
     The headings given to paragraphs in this Agreement are for convenience only
     and shall not affect the construction or interpretation of this Agreement.
               THE SCHEDULE ABOVE REFERRED TO:
               -------------------------------
                                    AREA 'A'
                                    --------
     All that piece or parcel of land containing an approximate area of 81.99
     square kilometres lying to the North of Latitudes 6(degree)37'10",
     6(degree)39'01", 6(degree)40'20" and 6(degree)41'24", South of Latitudes
     6(degree)45'18", 6(degree)45'00", 6(degree)39'20" 6(degree)39'10",
     6(degree)39'40" and 6(degree)45'18"; East of Longitudes 2(degree)36'06",
     2(degree)35'50" 2(degree)35'00", 2(degree)34'10, 2(degree)34'00",
     2(degree)37'00" and 2(degree)39'23"; West of Longitudes 2(degree)35'00" and
     2(degree)33'28" in the Asunafo District of the Brong Ahafo Region of the
     Republic of Ghana which piece or parcel of land is more particularly
     delineated on the plan annexed hereto for the purposes of identification
     and not of limitation.
                                    AREA 'B'
                                    --------
     All that piece or parcel of land containing an approximate area of 43.00
     square kilometres lying to the North of Latitudes 6(degree)35'00",
     6(degree)3252", 6(degree)34'34" 6(degree)34'52" and 6(degree)35'50", South
     of Latitudes 6(degree)37'53", 6(degree)36'38", 6(degree)37'04"
     6(degree)35'27", and 6(degree)36'50'; East of Longitudes 2(degree)37'38",
     2(degree)40'25" 2(degree)40'38", 2(degree)41'19, 2(degree)41'20",
     2(degree)42'20" 2(degree)41'29" and 2(degree)38'10"; West of Longitudes
     2(degree)33'40" 2(degree)40'00" and 2(degree)40'10" in the Asunafo District
     of the Brong Ahafo Region of the Republic of Ghana which piece or parcel of
     land is more particularly delineated on the plan annexed hereto for the
     purposes of identification and not of limitation.

<PAGE>

                                 [MAP OMITTED]

<PAGE>

                     THIS IS THE PLAN REFERRED TO

                     IN THE ANNEXED PROSPECTING LICENCE

                     DATED THIS 5TH DAY OF April 2007

                              /s/ Dominik Fobih
                     THE HON. MINISTER OF LANDS, FORESTRY AND MINES
                     [MIN. OF LANDS, FORESTRY & MINES STAMP/SEAL]

                              /s/ Edward Ayensu
                         HABER MINING GHANA LIMITED
                         4TH CIRCULAR CLOSE, SSNIT ESTATES
                         CANTONMENTS, ACCRA
                         P.O. BOX KIA 16525, ACCRA

<PAGE>

     regarding the rights, powers, duties and liabilities of the parties hereto
     such question or dispute shall be referred to arbitration in accordance
     with the Arbitration Act 1961 (Act 38). In such event, there shall be three
     arbitrators, one to be appointed by each party. The third arbitrator shall
     be the Chairman and shall be appointed by the two arbitrators representing
     each party.
22.  GOVERNING LAW:
     --------------
     This Agreement shall be governed by, construed and interpreted in
     accordance with the laws of Ghana.
23.  HEADINGS:
     ---------
     The headings given to paragraphs in this Agreement are for convenience only
     and shall not affect the construction or interpretation of this Agreement.

                         THE SCHEDULE ABOVE REFERRED TO:
                         -------------------------------
     All that piece or parcel of land containing an approximate area of 132.30
     square kilometres lying to the North of Latitudes 6(degree)20'20",
     6(degree)21'18", 6(degree)21'35", 6(degree)21'38", 6(degree)22'46",
     6(degree)23'20", 6(degree)23'29", 6(degree)23'32" and 6(degree)24'06' South
     of Latitudes 6(degree)25'20", 6(degree)26'38", 6(degree)29'07" and
     6(degree)29'15"; East of Longitudes 2(degree)38'29", 2(degree)39'20" and
     2(degree)41'20"; West of Longitudes 2(degree)31'48", 2(degree)32'40",
     2(degree)32'43" and 2(degree)33'20" in the Sefwi Wiawso District of the
     Western Region of the Republic of Ghana which piece or parcel of land is
     more particularly delineated on the plan annexed hereto for the purposes of
     identification and not of limitation.

<PAGE>

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

SIGNED AND SEALED with the SEAL of        ]
the Ministry of Lands, Forestry and       ]   /s/ Dominic Fobih
Mines and DELIVERED by the said           ]   -----------------
PROF. DOMINIC K. FOBIH                    ]   [MIN. OF LANDS, FORESTRY & MINES
Minister of Lands, Forestry and Mines for ]   STAMP/SEAL]
and on behalf of the Government of the    ]
Republic of Ghana in the presence:        ]

[SIGNATURE ILLEGIBLE]
[SIGNATURE ILLEGIBLE]
---------------------
CHIEF DIRECTOR
MINISTRY OF LANDS, FORESTRY & MINES

The COMMON SEAL/STAMP of the said         ]
HABER MINING GHANA LIMITED                ]    HABER MINING GHANA LIMITED
was affixed to these presents and the     ]    4th CIRCULAR CLOSE, SSNIT ESTATES
same were DELIVERED in the                ]    CANTONMENTS, ACCRA
presence of:                              ]    P.O. BOX K1A 16525, ACCRA

                                                  /s/ Edward Ayensu
[SIGNATURE ILLEGIBLE]                             Edward S. Ayensu
---------------------                             -----------------
 DIRECTOR/SECRETARY                               MANAGING DIRECTOR

<PAGE>

                                  OATH OF PROOF
                                  -------------

I George Banful of Minerals Commission MAKE OATH and SAY that on the
.............. day of ............... 2007 I was present and saw
...................... the Minister of Lands, Forestry and Mines duly execute the
Instrument now produced to me and Marked "A" and that the said PROF. DOMINIC K.
FOBIH can read and write, Sworn at Accra this 19th day of April 2007

          Before Me.

  [SIGNATURE ILLEGIBLE]
  ---------------------                          ---------------------
   REGISTRAR OF LANDS                                  DEPONENT
   [STAMP ILLEGIBLE]

This is the Instrument Marked "A" Referred to in the Oath of George Banful SWORN
before me this 19th day of April 2007

                             [SIGNATURE ILLEGIBLE]
                             ---------------------
                               REGISTRAR OF LANDS
                               [STAMP ILLEGIBLE]

On the 19th day of April 2007 at 8:30 O'clock in the forenoon this Instrument
was proved before me by the Oath of the within-named George Banful to have been
duly executed by the within-named PROF. DOMINIC K. FOBIH.

                             [SIGNATURE ILLEGIBLE]
                             ---------------------
                               REGISTRAR OF LANDS
                               [STAMP ILLEGIBLE]

<PAGE>

T H I S  A G R E E M E N T is made the 5TH day of April 2007 BETWEEN THE
GOVERNMENT OF THE REPUBLIC OF GHANA (hereinafter called "THE GOVERNMENT") acting
by PROF. DOMINIC K. FOBIH, the Minister of Lands, Forestry and Mines
(hereinafter called "THE MINISTER") of the One Part and HABER MINING GHANA
LIMITED having its registered address at 4TH CIRCULAR CLOSE, SSNIT ESTATES,
CANTONMENTS-ACCRA, P.O. BOX K.I.A. 16525, ACCRA, GHANA (hereinafter called "THE
COMPANY") of the Other Part.
W H E R E A S:
--------------
A.   It is Government's policy to take all such steps as it deems appropriate
     and effective for prospecting for minerals in the Republic of Ghana and for
     producing gold and base metals hereby ensuring that the maximum possible
     benefits accrue to the nation from the exploitation of its mineral
     resources;
B.   In pursuit of the above policy Government desires to secure the operation
     of Companies which possess the necessary financial managerial
     qualifications and skills for carrying out mineral operations;
C.   The Company, which warrants its financial, technical and managerial
     competence for undertaking mineral operations has declared itself willing
     to engage in prospecting operations in Ghana on the understanding that it
     shall bear the risk and cost of such prospecting operations and on
     establishing that there are good prospects for undertaking commercial
     mining operations it may apply for and be granted a mining lease subject to
     the provisions of the Minerals and Mining Act, 2006 (Act 703);
WITNESSESS AS FOLLOWS:
----------------------
1.   The Government hereby grants unto the Company the right and licence to
     Prospect for and prove gold and base metals under or in the area described
     in the Schedule hereto and demarcated on the map which forms part of this
     AGREEMENT (hereinafter called "the Licence Area") excluding any parts to be
     relinquished from time to time for a term of TWO (2) YEARS from the 5TH day
     of April 2007 with a right of extension as hereinafter provided.

     LAND REGISTRY NO 19/2007

<PAGE>

2.   RIGHTS OF THE COMPANY:
     ----------------------
     a.   The Company shall have the right to conduct such geological and
          geophysical investigations in the Licensed Area, as it considers
          necessary to determine an adequate quantity of geologically proven and
          mineable reserve of gold and base metals.
     b.   The Company may exercise all or any of the rights and powers granted
          hereunder through agents, independent contractors or sub-contractors.
     c.   The Company shall not conduct any operations in a sacred area and
          shall not without the prior consent of the Minister conduct any
          operations:
          i.   within twenty metres of any building, installations, reservoir,
               dam, public road, railway or area appropriated for a railway; or
          ii.  in an area occupied by a market, burial ground, cemetery or
               within a town or village or an area set apart for, used,
               appropriated or dedicated to a public purpose.
     d.   Nothing contained in this Agreement shall be deemed to permit the
          Company to dispense with the necessity of applying for and obtaining
          any permit or authority, which the Company may be required by law or
          regulation to obtain in respect of any works and/or activities to be
          carried out hereunder.
3.   RIGHTS OF THIRD PARTIES:
     ------------------------
     a.   The Government reserves the right to grant licences to third parties
          for prospecting or to enter into Agreements for the production of
          minerals other than gold and base metals in the Licensed Area,
          provided that any such activity shall not unreasonably interfere with
          the rights granted to the Company hereunder.

<PAGE>

     b.   The Company shall not hinder or prevent members of the local
          population from exercising the following customary rights and
          privileges in or over the Licensed Area:
          i.   to hunt game
          ii.  to gather firewood for domestic purposes
          iii. to collect snails
          iv.  to till and cultivate farms
          v.   to observe rites in respect of groves and other areas held to be
               sacred.
          Provided always that where the exercise of these customary rights and
          privileges unduly interferes with or obstructs the operations of the
          Company hereunder, the Company shall make arrangements with members of
          the said local population for the limitation or waiver of such rights
          and privileges, such arrangements to include the payment of
          compensation where necessary. The Government shall furnish such
          assistance as is reasonably required in the making of such
          arrangements.
4.   CONDUCT OF OPERATIONS:
     ----------------------
     a.   The Company shall conduct all of its operations hereunder with due
          diligence, efficiency and economy to the maximum extent possible
          consistent with good mining industry practice and in a proper
          workmanlike manner observing sound technical and engineering
          principles and practices, using appropriate modern and effective
          equipment, machinery, materials and methods and to pay particular
          regard to the protection of the environment.
     b.   The Company shall maintain all equipment in good repair and all pits
          and trenches and all excavated areas in safe and good condition and
          take all practicable steps:-

<PAGE>

          i.   to prevent damage to adjoining farms and villages;
          ii.  to avoid damage to trees, crops, building, structures and other
               property in the Licensed Area except that where the damage is
               unavoidable the Company shall pay fair and reasonable
               compensation.
          The Company shall provide and maintain in good repair and proper
          condition roads, gates, stiles and fences for the convenient
          occupation of the surface of the Licensed Area.
     c.   The Company shall use its best efforts. to exercise its rights and
          powers granted by this Agreement in such manner as not to cause
          interference with or avoidable obstruction or interruption to the
          felling of timber by the licensed timber operators within the Licensed
          Area and the Government shall furnish assistance to the Company to
          make appropriate arrangements with such operators to permit the
          prospecting programme to proceed without interference or delay.
5.   WORKING OBLIGATIONS:
     --------------------
     a.   The Company shall with due diligence and by means of modern
          geological, geophysical and other methods normally associated with
          mineral prospecting and within three months of the date of this
          Agreement or at such other time as the Minister may specify, commence
          prospecting operations with a view to establishing the existence of
          gold and base metals in economic quantities.
     b.   The Company, having prior to the commencement of this Agreement
          submitted its programme of work to the Government, shall carry out its
          operations in accordance with the programme and the Chief Executive of
          the Minerals Commission, Head of the Inspectorate Division of the
          Minerals Commission or any other officer authorized by the Government
          shall from time to time inspect the operations to ensure that the
          Company does so.

<PAGE>

     c.   The Company shall diligently continue to carry out its operations
          hereunder and shall spend as actual direct prospecting expenditure not
          less than the minimum amounts specified in its work programme.
     d.   If on the termination or expiration of this Agreement for any reason
          other than force majeure the Company shall not have spent the amounts
          specified in the work programme, the difference between the amount
          actually expended and the stipulated minimum for the year in which
          termination or expiration takes place shall be paid to the Government
          within thirty days after the date of such termination or expiration
          provided that if the termination shall be occasioned by force majeure
          or upon adequate proof, by the Company that gold and base metals
          mineralization does not exist in sufficient quantities in the area to
          warrant completion of the work programme, the Company shall not be
          liable to pay to the Government any difference on the stipulated
          minimum expenditure.
6.   NOTIFICATION OF DISCOVERY OF OTHER MINERALS:
     --------------------------------------------
     The Company shall report forthwith to the Minister, the Head of the
     Inspectorate Division of the Minerals Commission, the Director of
     Geological Survey and the Chief Executive of the Minerals Commission the
     discovery in the Licensed Area of any other minerals and the Company shall
     be given the first option to prospect further and to work the said minerals
     subject to satisfactory arrangements between the Government and the
     Company.
7.   SAMPLES:
     --------
     a.   The Company shall not during the currency of this Agreement destroy,
          except in analyses, any cores or samples obtained from the Licensed
          Area without the prior written consent of the Director of Ghana
          Geological Survey.

<PAGE>

     b.   The Company shall provide the Director of Ghana Geological Survey and
          the Head of the Inspectorate Division of the Minerals Commission with
          such samples from the Licensed Area as they may from time to time
          reasonably request.
     c.   All cores and samples obtained from the Licensed Area shall be
          delivered to the Director of Ghana Geological Survey on the
          termination of this Agreement and in the event of the Company not
          obtaining a mining lease.
8.   RECORDS:
     --------
     a.   The Company shall maintain at its registered office copies of the
          following:
          i.   full and complete records and books of account relating to the
               prospecting programme.
          ii.  the detailed results and analysis of all surveys, boring,
               pitting, investigations and other testing conducted pursuant to
               the provisions of this Agreement.
     b.   The records referred to in the foregoing paragraph shall include
          copies of all geological, geophysical, geochemical, drilling and
          pitting reports relating to the Licensed Area and all maps, drawings
          and diagrams pertaining to these reports.
     c.   The said records, with the exception of proprietary technical
          information, shall be made available for inspection at reasonable
          times without delaying work on the prospecting programme, by the Head
          of the Inspectorate Division of the Minerals Commission and the Chief
          Executive of the Minerals Commission or their representatives, upon
          request, and shall be retained in Ghana, unless removed with
          Government's consent.
     d.   Failure to keep such records and to produce them for inspection upon
          receipt of reasonable notice shall constitute just cause for the
          cancellation of this Licence.

<PAGE>

     e.   Copies of the aforementioned records shall be delivered to the Chief
          Executive of the Minerals Commission and the Head of the Inspectorate
          Division of the Minerals Commission on the termination of this
          Agreement and in the event of the Company not obtaining a mining lease
          in respect of the Licensed Area.
9.   REPORTS:
     --------
     a.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, the Director of Ghana Geological Survey and
          the Chief Executive of the Minerals Commission, not later than the
          15th of each third month, a report giving a general description of the
          work done by the Company in the preceding quarter and containing a
          description accompanied by a sketch plan of the areas where gold and
          base metals or any other minerals were found, particulars of the type
          of minerals found and the number and weight of samples taken, if any.
     b.   The Company shall furnish to the Head of the Inspectorate Division of
          the Minerals Commission, Chief Executive of the Minerals Commission
          and the Director of Ghana Geological Survey not later than sixty days
          after the end of each calendar year, an Annual Report in such form as
          may be prescribed.
     c.   All records, reports, plans and information which the Company is
          required to supply to the Government and its agents pursuant to the
          provisions of this Agreement shall be supplied at the expense of the
          Company.
     d.   Any information or material supplied by the Company to the Government
          pursuant to the provisions of this Agreement shall be treated by the
          Government, its officers and agents as confidential and shall not be
          revealed to third parties except with the consent of the Company
          (which consent shall not be unreasonably withheld) for a period of 12
          months with respect to technical information and 36 months with

<PAGE>

          respect to financial information from the date of submission of such
          information. The Government and persons authorized by the Government
          may nevertheless use any such information received from the Company
          for the purpose of preparing and publishing general reports on
          minerals in Ghana.
10.  FINANCIAL OBLIGATION:
     ---------------------
     a.   The Company shall pay to the Government:
          i.   in consideration of the grant of the right of prospecting for
               gold and base metals in the Licensed Area an amount of
               US$15,000.00 (fifteen thousand U.S. Dollars) within 30 days from
               the date of this Agreement.
          ii.  a yearly rent of (cent)200,000.00 (two hundred thousand cedis).
     b.   Payment of the rent specified in the foregoing paragraph shall be made
          yearly in advance, the first year's payment having been made before
          the execution of this Agreement.
11.  ASSIGNMENT, MORTGAGE, ETC:
     --------------------------
     a.   The Company shall not assign, mortgage, sublet or otherwise transfer
          any interest in the Licensed Area without the prior written consent of
          the Government.
     b.   The Government may impose such conditions on the giving of such
          consent as it thinks fit.
12.  SURRENDER OF PART OF LICENSED AREA:
     -----------------------------------
     a.   The Company may surrender at any time and from time to time by giving
          not less than three months' notice to the Head of the Inspectorate
          Division of the Minerals Commission and the Chief Executive of the
          Minerals Commission, all its rights hereunder in respect of any part
          or parts of the Licensed Area. The Company shall be relieved of all
          obligations in respect of the part or parts of the Licensed Area so
          surrendered except those obligations, which accrued prior to the
          effective date of surrender.

<PAGE>

     b.   The Company shall leave the part of the Licensed Area surrendered and
          everything thereon in a safe condition. The Company shall take all
          reasonable measures to restore the surface of such part of the
          Licensed Area surrendered and all structures thereon not the property
          of the Company to their original condition. In the event that the
          Company fails to do so, the Head of the Inspectorate Division of the
          Minerals Commission shall make such part and everything thereon safe
          and in good condition at the expense of the Company.
13.  EXTENSION OF LICENCE:
     ---------------------
     a.   If the Company applies in writing to the Minister not less than three
          months before the expiration of this Agreement for an extension of the
          licence hereof and if the Company shall not be in default at that time
          in the performance of any of its obligations hereunder the Company
          may, subject to the provisions of the Act, be granted an extension for
          a period not exceeding three years upon such terms and conditions as
          the parties may agree.
     b.   The Company shall, prior to the or at the expiration of the initial
          term, surrender not less than half the number of blocks of the
          prospecting area so long as a minimum of one hundred blocks remain
          subject to the licence and the blocks form not more than three
          discrete areas each consisting of a single block, or a number of
          blocks each having a side in common with at least one other block in
          that area.
14.  RE-ENTRY BY GOVERNMENT:
     -----------------------
     If the operations and activities of the Company in accordance with the
     prospecting programme shall cease in the Licensed Area before the same have
     been completed and if such cessation shall be due entirely to the fault of
     the Company, the Government may, upon giving the notice and following the
     procedure required in paragraph 15 below, re-enter the Licensed Area and

<PAGE>

     take possession of all buildings, erections, plants and materials thereon
     without compensation to the Company (such right of entry not to prejudice
     any additional remedy of the Government), and thereupon the Agreement shall
     terminate.
15.  TERMINATION BY THE GOVERNMENT:
     ------------------------------
     a.   The Government may, subject to the provisions of this paragraph,
          terminate this Agreement if any of the following events shall occur:
          i.   the Company shall fail to make any of the payments described in
               this Agreement on the payment date; or
          ii.  the Company shall contravene or fail to comply with any other
               condition of this Agreement; or
          iii. the Company shall become insolvent or commit any act of
               bankruptcy or enter into any agreement or composition with its
               creditors or take advantage of any law for the benefit of debtors
               or go into liquidation, whether compulsory or voluntary, except
               for the purposes of reconstruction or amalgamation; or
          iv.  the Company knowingly submits any false statement to the
               Government in connection with this Agreement.
     b.   If and whenever the Government decides to terminate this Agreement
          pursuant to clauses (i) and (ii) of the preceding sub paragraph, the
          Government shall give the Company notice specifying the particular
          contravention or failure and permit the Company to remedy the same
          within sixty days of such notice.
     c.   If the Company shall fail to remedy an event specified in clauses (i)
          and (ii) of sub-paragraph (a) of this paragraph within the stated
          period, or an event specified in clauses (iii) and (iv) of the said
          sub paragraph shall occur, the Government, may by notice to the
          Company terminate this Agreement.

<PAGE>

     d.   Upon termination of this Agreement by the Government every right of
          the Company hereunder shall cease (save as specifically otherwise
          provided hereunder) but subject nevertheless and without prejudice to
          any obligation or liability imposed or incurred under this Agreement
          or applicable law prior to the effective date of termination.
     e.   No delay or omission or course of dealing by the Government shall
          impair any of its rights hereunder or be construed to be a waiver of
          an event specified in sub-paragraph (a) of this paragraph or
          acquiescence therein.
16.  ASSETS ON TERMINATION OR EXPIRATION:
     ------------------------------------
     (a)  The Company may within six months of the termination of the Mining
          Lease or a further period allowed by the Minister, remove the mining
          plant if the mining plant is removed solely for the purpose of use by
          the Company or a person deriving title through the Company, in another
          relevant mining activity in the Country.
     (b)  A mining plant not removed by the Company within two months after the
          Minister gives notice to the Company at anytime after expiration of
          the period referred to in subsection (a), shall vest in the Republic
          on the expiration of the two-month notice period.
     (c)  Nothing in this Agreement removes or diminishes an obligation that the
          Company may have under the Minerals and Mining Act, 2006, (Act 703),
          another enactment or a condition of this Agreement to remove a mining
          plant and rehabilitate the land.
     (d)  Notwithstanding the foregoing, the Minister, may by notice to the
          Company require the removal or destruction of any assets of the
          Company in the Leased Area, and if the Company does not remove or
          destroy such assets within a period of thirty (30) days from the date
          of the Minister's notice to that effect, the Minister shall cause such
          removal or destruction at the expense of the Company.

<PAGE>

     (e)  The Company shall take all reasonable measures to ensure that all of
          the assets to be offered for sale to the Government or transferred to
          the Government in accordance with this paragraph shall be maintained
          in substantially the same condition in which they were at the date of
          the termination or the date on which the Company reasonably knew that
          such termination would occur and any such assets shall not be disposed
          of, dismantled or destroyed except as specifically provided for in
          this paragraph.
     (f)  Upon the termination or expiration of this Agreement, the Company
          shall leave the Lease Area and everything thereon in good condition,
          having regard to the ecology, drainage, reclamation, environmental
          protection, health and safety; provided however that the Company shall
          have no obligation in respect of areas where the Company has not
          undertaken any work or which have not been affected by the Company's
          operations. In this connection, unless the Head of the Inspectorate
          Division of the Minerals Commission otherwise directs, the Company
          shall, in accordance with good mining practices, fill up or fence and
          make safe all holes and excavations to the reasonable satisfaction of
          the Head of the Inspectorate Division of the Minerals Commission. In
          addition the Company shall take all reasonable measures to leave the
          surface of the Lease Area in usable condition and to restore all
          structures thereon not the property of the Company to their original
          condition. In the event that the Company fails to do so, the Minister
          shall restore and make safe the Lease Area and everything thereon at
          the expense of the Company.
     (g)  The Company shall have the right to enter upon the Lease Area for the
          aforesaid purposes, subject to the rights of surface owners or others,
          for a period of six (6) months from the effective date of the
          termination or such longer period as the Minister may decide.

<PAGE>

          others, for a period of six (6) months from the effective date of the
          termination or such longer period as the Minister may decide.
     (h)  On the termination of this Agreement, the Company shall deliver to the
          Minister the records which the Company is obliged to maintain under
          the Minerals and Mining Act, 2006, (Act 703); the plans and maps of
          the area covered by the mining lease prepared by the Company; and
          other documents, including in electronic format, if available that
          relate to the mineral right.
17.  FORCE MAJEURE:
     --------------
     a.   Failure on the part of the Company to comply with any of the terms and
          conditions hereof (except the obligations to make payment of monies to
          the Government) shall not be grounds for cancellation or give the
          Government any claim for damages in so far as such failure arises from
          force majeure, the Company having taken all appropriate precautions,
          due care and reasonable alternative measures with the objective of
          avoiding such failure and of carrying out its obligations hereunder.
          The Company shall take all reasonable measures to remove such
          inability to fulfill the obligations hereunder with the minimum of
          delay.
     b.   For purposes of this paragraph force majeure includes acts of God,
          war, insurrection, earthquake, storm, flood or other adverse weather
          condition but shall not include any event caused by the failure to
          observe good mining industry practice or by the negligence of the
          Company or any of its employees or contractors.
     c.   The Company shall notify the Minister within twenty-four hours of an
          event of force majeure affecting its ability to fulfill the terms and
          conditions hereof.
     d.   The period of this Agreement shall be extended for a period of time
          equal to the period or periods during which the company was affected

<PAGE>

          by any of the conditions set forth in sub-paragraph (b) of this
          paragraph, but not to exceed six months in the aggregate.
18.  FOREIGN EXCHANGE:
     -----------------
     a.   Subject to sub-paragraph (b) of this paragraph the Company shall,
          during the term, of this Agreement and so long as it does not derive
          any revenue from its operations hereunder, finance such operations in
          the following manner:
          i.   by converting to Ghana currency through authorized dealers such
               amounts of foreign currency as will be sufficient to cover the
               Company's operating expenses required to be paid in Ghana
               currency including any payments to the Government and third
               parties provided that the terms of any loans obtained abroad
               shall be in conformity with currency international commercial and
               monetary conditions and that prior notice of such loans and
               advances shall be furnished to the Bank of Ghana.
          ii.  By directly purchasing and/or hiring abroad as is necessary for
               conducting the prospecting programme with its foreign currency
               funds and importing to and/or using in Ghana freely and without
               restrictions such machinery, equipment, materials and services of
               any nature whatsoever as will be required by the Company for its
               operations hereunder.
     b.   The Company may be required to pay all its rentals and other licensing
          fees to the Government in dollars or other freely convertible
          currency, or such currencies as shall be specified by the Bank of
          Ghana.
     c.   All conversions of currency shall be made at the prevailing official
          rates of exchange.

<PAGE>

19.  PRODUCTION AGREEMENT:
     ---------------------
     If upon the expiration of this Agreement the Company shall have carried out
     its obligations hereunder to the satisfaction of the Government and shall
     have successfully established to the Government that the development of a
     mine from ore reserves established within the Licensed Area is economically
     and financially feasible, then the Government shall grant to the Company
     the first option to (i) acquire a lease for the purposes of mining in the
     Licensed Area, and (ii) participate in a mining project in the Licensed
     Area subject to negotiation with the Government of satisfactory terms for
     such licence and participation
20.  NOTICE:
     -------
     Any application, notice, consent, approval, direction, or instruction
     hereunder shall be in writing and shall be served by hand or by registered
     mail. Delivery by hand shall be deemed to be effective when made, and
     delivery by registered mail shall be deemed to be effective at such time as
     it would in the ordinary course of registered mail be delivered to the
     addressee. Until changed by appropriate notice, the Company's address in
     Ghana is its registered office as set forth above and the addresses of the
     Government officials are as follows:
     i    The Hon. Minister, Ministry of Lands, Forestry and Mines, P.O. Box
          M.212, Accra.
     ii.  The Head of the Inspectorate Division of the Minerals Commission,
          Mines Department, P.O. Box 3634, Accra
     iii. The Director, Ghana Geological Survey, P.O. Box M.80, Accra
     iv.  The Chief Executive, Minerals Commission, P.O. Box M.248, Accra
     v.   The Director, Survey Department, P.O. Box 191, Accra
     vi.  The Governor, Bank of Ghana, P.O. Box 2674, Accra.
21.  ARBITRATION:
     ------------
     Subject to the provisions hereof, if any time during the continuance of
     this Agreement or after its termination any question or dispute shall arise

<PAGE>

                             CONVERSION APPLICATION

                  SEFWI ASAFO - AKRODIE RECONNAISSANCE LICENCE

                                       TO

                           DATANO PROSPECTING LICENCE

                                       BY

                           HABER MINING GHANA LIMITED

Prepared by:
Haber Mining Ghana Ltd
January, 2007

<PAGE>

INTRODUCTION
Haber Mining Ghana Limited requests the conversion of the portions of the Sefwi
Asafo - Akrodie reconnaissance licence to the Datano prospecting licence.

The main focus of Haber exploration activities during the past one year has been
define areas within the broader reconnaissance licence with sufficient potion to
justify conversion to prospecting licence(s), and to gain preliminary
information on the subsurface extent and tenor of identified anomalies.

The Datano prospecting licence is one of the four prospecting concessions
converted from the original Sefwi Asafo - Akrodie reconnaissance licence. The
Datano concession covers an area of 99km2 and has boundaries defined by fifteen
(15) points that are listed in the table below.

                         Coordinates of Licence Pillars
--------------------------------------------------------------------
   Pillar               Latitude                    Longitude
--------------------------------------------------------------------
     1               6(degree)21'20"            2(degree)25'00"
--------------------------------------------------------------------
     2               6(degree)17'43"            2(degree)25'00"
--------------------------------------------------------------------
     3               6(degree)15'00"            2(degree)25'48"
--------------------------------------------------------------------
     4               6(degree)15'00"            2(degree)30'00"
--------------------------------------------------------------------
     5               6(degree)15'18"            2(degree)30'00"
--------------------------------------------------------------------
     6               6(degree)15'18"            2(degree)32'50"
--------------------------------------------------------------------
     7               6(degree)16'10"            2(degree)32'50"
--------------------------------------------------------------------
     8               6(degree)16'10"            2(degree)35'37"
--------------------------------------------------------------------
     9               6(degree)18'10"            2(degree)34'44"
--------------------------------------------------------------------
     10              6(degree)18'10"            2(degree)31'45"
--------------------------------------------------------------------
     11              6(degree)20'39"            2(degree)30'39"
--------------------------------------------------------------------
     12              6(degree)15'28"            2(degree)28'55"
--------------------------------------------------------------------
     13              6(degree)15'29"            2(degree)28'25"
--------------------------------------------------------------------

                                                                             -2-
<PAGE>

--------------------------------------------------------------------
     14              6(degree)16'40"            2(degree)27'35"
--------------------------------------------------------------------
     15              6(degree)21'20"            2(degree)25'30"
--------------------------------------------------------------------

GEOLOGY
Much of the proposed area is underlain by an intrusive complex, the Tano River
batholith. The intrusive complex is predominantly intermediate in composition
and commonly feature large roof pendants or xenoliths of metavolcanics. The Tano
River complex ranges from diorite through granodiorite to trondhjemite and
quartz monzonite. These are characteristically hornblende-bearing and
porphyritic. Metasomatized phases of the Tano River complex, which appear as
albite-veined quartz porphyry, are present along the eastern margin of the
complex. Felsic phases, usually distinguished by high radiometric potassium
content, are also present.

Structurally, the proposed concession is dominated by N-S, E-W, WNE-ESE and NW
trending cross faults and lineaments interpreted from landsat imagery.

GOLD MINERALIZATION
Gold mineralization is associated with sheared and fractured quartz veins, which
are typically shallow dipping. Isolated quartz veins of limited strike extents
with little or no alteration haloes have been reported in the intrusive complex.

The concession is also considered highly prospective for gold mineralization
associated with shallow-dipping quartz vein and stockwork systems in intensely
deformed and highly altered intrusives as seen in the Ntotoroso and Kenyase
areas in the Yamfo district.

                                                                             -3-
<PAGE>

PLANNED WORK PROGRAM

The following exploration program is planned during the initial 2 year tenure of
the prospecting licence.

o    Stream Sediments Sampling - Replicate and Check
The company proposes to collect and analyze fine fraction material (minus 180
micron) as finer fractions in the Sefwi belt generally yield more consistent
results than the bulk sampling (BLEG) techniques adopted at the reconnaissance
stage.

All previous sampling sites will be re-sampled and anomalous sites will then be
revisited for follow up sampling particularly sites where specks of visible gold
have been recorded.

o    Soil Sampling
The soil sampling technique will be used to cover any catchment areas which have
gold in the stream sediment samples and along the litho-structural zones
identified. A grid spacing of 50m * 400m is planned but this will be in-filled
to 200m and possibly 100m as necessary.

o    Regolith Mapping
Correct interpretation of soil sampling results requires an understanding of the
local regolith. Regolith data will be collected as sampling proceeds.

o    Geological and Structural Mapping
Geological mapping will be undertaken with soil sampling and independently in
areas of particular geological interest. The geological and structural mapping
will be built up from the interpretation of landsat, digital terrain model and
airborne geophysical data.

                                                                             -4-
<PAGE>

o    Ground Geophysical Surveys
Ground geophysical studies will be carried out to get a better understanding of
bedrock geology. IP and ground magnetic surveys are envisaged. Ground magnetics
will assist in better definition of bedrock structure and IP may be quite
effective in outlining zones in bedrock with disseminated sulphides, which are
probably associated with gold-bearing structures and vein systems.

o    Trenching
Trenching of significant soil anomalies generated will be undertaken. Typically,
this will be on an initial spacing of 200m but would be infilled to 100m and 50m
based on the configuration and strength of trench anomalies uncovered.

o    RAB Drilling
RAB drilling will be undertaken to shallow depths of 30-50m in areas of thick
overburden cover and lateritic cappings. The RAB drilling will precede any first
pass RC drilling program.

Proposed Exploration Budget
The estimated cost of the exploration program outlined above during the initial
2 years of work is:

--------------------------------------------------------------------------------
             Cost Item                                                US $
--------------------------------------------------------------------------------
Geochemistry - Stream Sediments                                     5000
--------------------------------------------------------------------------------
Geochemistry - Soil Sampling                                        10000
--------------------------------------------------------------------------------
Geochemical Analysis (stream, soil, rock)                           15000
--------------------------------------------------------------------------------
Regolith Mapping                                                    5000
--------------------------------------------------------------------------------
Geological Mapping                                                  5000
--------------------------------------------------------------------------------
Ground Geophysical Surveys                                          8,000
--------------------------------------------------------------------------------
Airborne Geophysics /Remote Sensing                                 5000
--------------------------------------------------------------------------------
Trenching incl. analytical costs                                    15000
--------------------------------------------------------------------------------
RAB drilling incl analytical costs                                  50000
--------------------------------------------------------------------------------
Vehicles and running costs                                          15,000
--------------------------------------------------------------------------------
Accommodation and Travels                                           10,000
--------------------------------------------------------------------------------
Crop Compensation                                                   5,000
--------------------------------------------------------------------------------

                                                                             -5-
<PAGE>

--------------------------------------------------------------------------------
Tenement Adminstration                                              17,000
--------------------------------------------------------------------------------
General Administration Costs                                        10,000
--------------------------------------------------------------------------------
                                                Total Budget        175,000
                                                --------------------------------

                                                                             -6-
<PAGE>

<TABLE>
<CAPTION>
                                   PROJECT SCHEDULE - DATANO PL
-------------------------------------------------------------------------------------------------
<S>                                   <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>
  ACTIVITY/TIME (MONTH)               1    2    3    4    5    6    7    8    9    10   11   12
-------------------------------------------------------------------------------------------------
Stream Sediment Sampling             ..........
-------------------------------------------------------------------------------------------------
Soil Sampling                                  .........................               ..........
-------------------------------------------------------------------------------------------------
Regolith Mapping                               ..............................
-------------------------------------------------------------------------------------------------
Geological Mapping                             ..................................................
-------------------------------------------------------------------------------------------------
  ACTIVITY/TIME (MONTH)               13   14   15   16   17   18   19   20   21   22   23   24
-------------------------------------------------------------------------------------------------
Ground Geophysical Studies           ..........
-------------------------------------------------------------------------------------------------
Trenching                                      ....................
-------------------------------------------------------------------------------------------------
RAB Drilling                                                       ...............
-------------------------------------------------------------------------------------------------
Database Review & Reporting                                                       ...............
-------------------------------------------------------------------------------------------------
</TABLE>

                                                                             -7-
<PAGE>

                                 [MAP OMITTED]

<PAGE>

     be the Chairman and shall be appointed by the two arbitrators representing
     each party.
22.  GOVERNING LAW:
     --------------
     This Agreement shall be governed by, construed and interpreted in
     accordance with the laws of Ghana.
23.  HEADINGS:
     ---------
     The headings given to paragraphs in this Agreement are for convenience only
     and shall not affect the construction or interpretation of this Agreement.

                         THE SCHEDULE ABOVE REFERRED TO:
                         -------------------------------

     All that piece or parcel of land containing an approximate area of 99.00
     square kilometres lying to the North of Latitudes 6(degree)17'43",
     6(degree)15'00", 6(degree)15'18" and 6(degree)16'10", South of Latitudes
     6(degree)21'20", 6(degree)18'10", 6(degree)20'39" 6(degree)15'28",
     6(degree)15'29" and 6(degree)16'40"; East of Longitudes 2(degree)30'00",
     2(degree)32'50" 2(degree)35'37", 2(degree)34'44, 2(degree)31'45",
     2(degree)28'25", 2(degree)27'35""and 2(degree)25'30"; West of Longitudes
     2(degree)25'00", 2(degree)26'20" and 2(degree)28'55" in the Sefwi Wiawso
     District of the Western Region of the Republic of Ghana which piece or
     parcel of land is more particularly delineated on the plan annexed hereto
     for the purposes of identification and not of limitation.

<PAGE>

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

SIGNED AND SEALED with the SEAL of           ]
the Ministry of Lands, Forestry and          ]
Mines and DELIVERED by the said              ]     /s/ [ILLEGIBLE SIGNATURE]
PROF. DOMINIC K. FOBIH                       ]              Minister
Minister of Lands, Forestry and Mines for    ]  MIN. OF LANDS, FORESTRY & MINES
and on behalf of the Government of the       ]
Republic of Ghana in the presence:           ]

/s/ [ILLEGIBLE SIGNATURE]
/s/ [ILLEGIBLE SIGNATURE]
       CHIEF DIRECTOR
MINISTRY OF LANDS, FORESTRY & MINES

The COMMON SEAL/STAMP of the said            ] HABER MINING GHANA LIMITED
HABER MINING GHANA LIMITED                   ] 4th CIRCULAR CLOSE, SSNIT ESTATES
was affixed to these presents and the        ] CANTONMENTS, ACCRA
same were DELIVERED in the                   ] P. O. BOX KIA 16525, ACCRA
presence of:

/s/ [ILLEGIBLE SIGNATURE]                    /s/ Edward S. Ayensu
DIRECTOR/SECRETARY                              Edward S. Ayensu
                                                MANAGING DIRECTOR

<PAGE>

                                 OATH OF PROOF
                                 -------------

I George Banful of Minerals Commission MAKE OATH and SAY that on the 5 day April
2007 I was present and saw Prof. Dominic k. Fobih, the Minister of Lands,
Forestry and Mines duly execute the instrument now produced to me and Marked "A"
and that the said PROF. DOMINIC K. FOBIH an read and write, Sworn at Accra this
19th day of April 2007
          Before Me.

 /s/ [ILLEGIBLE SIGNATURE]                      /s/ [ILLEGIBLE SIGNATURE]
    REGISTRAR OF LANDS                                    DEPONENT

This is the Instrument Marked "A" Referred to in the Oath of George Banful SWORN
before me this 19th day of April 2007

                            /s/ [ILLEGIBLE SIGNATURE]
                               REGISTRAR OF LANDS

On the 19th day of April 2007 at 8:30 O'clock in the forenoon this Instrument
was proved before me by the Oath of the within-named George Banful to have been
duly executed by the within-named PROF. DOMINIC K. FOBIH.

                            /s/ [ILLEGIBLE SIGNATURE]
                               REGISTRAR OF LANDS

<PAGE>

                        Dated this 5th day of April 2007

                       GOVERNMENT OF THE REPUBLIC OF GHANA

                           HABER MINING GHANA LIMITED

--------------------------------------------------------------------------------

                               PROSPECTING LICENCE

--------------------------------------------------------------------------------

                                SOLICITOR OF THE
                                  SUPREME COURT

TERM:               TWO (2) YEARS RENEWABLE

COMMENCEMENT:       5-4-2007

EXPIRY DATE:        4-4-2009

FILE NO.:           PL.7/114

                                [STAMPS OMITTED]

<PAGE>

                        Dated this 5th day of April 2007

                    GOVERNMENT OF THE REPUBLIC OF GHANA

                                                       GHANA LAND REGISTRY
                                                Registered as No..............
                                   AND              /s/ George Banful
                                                    ---------------------
                                                      Registrar of Lands

                         HABER MINING GHANA LIMITED

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                             PROSPECTING LICENCE

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                                                THIS INSTRUMENT WAS DELIVERED TO
                                                ME FOR REGISTRATION BY G. BANFUL
                              SOLICITOR OF THE  OF ACCRA AT 3:00
                                SUPREME COURT   O'CLOCK IN THE AFTERNOON THIS
                                                3RD DAY OF MAY, 2007
                                                /s/ George Banful
                                                --------------------------------
TERM:          TWO (2) YEARS (RENEWABLE)              Registrar of Lands

COMMENCEMENT:  5-4-2007

EXPIRY DATE:   4-4-2009

FILE NO.:      PL.7/116

[COMMISSIONER OF INCOME TAX STAMP/SEAL]

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