Document:

Exhibit
      10.15

    

    UNLESS
      PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
      TRADE THE SECURITY BEFORE THE DATE THAT IS APRIL 29, 2007.

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER
      ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE LAWS”). THESE SECURITIES HAVE
      BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED
      OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT AND APPLICABLE STATE LAWS, OR PURSUANT TO APPLICABLE
      EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS WHICH MAY INCLUDE SALE THROUGH
      A
      DESIGNATED OFFSHORE SECURITIES MARKET. FURTHER, UNLESS THE SECURITIES HAVE
      BEEN
      REGISTERED UNDER THE SECURITIES ACT, THE SALE, TRANSFER, PLEDGE OR OTHER
      DISPOSITION OF THESE SECURITIES IN THE UNITED STATES IS PROHIBITED EXCEPT IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S (RULE 901 THROUGH 905 AND THE
      PRELIMINARY NOTES) PROMULGATED UNDER THE SECURITIES ACT.

    

    FLOW-THROUGH
      SPECIAL WARRANT CERTIFICATE

    

    of

    

    YUKON
      GOLD CORPORATION, INC.

    55
      York Street, Suite 401

    Toronto,
      Ontario M5J 1R7

    416-865-9790

    (herein
      referred to as the "Corporation")

    

      
        	
                No.
                  FTSW-2006-«Cert_No»

              	
                Dated
                  this 28th
                  day of December, 2006

              

      

    

    

    for

    

    «Flow_Through_Units»
      FLOW-THROUGH SPECIAL WARRANTS,

    entitling
      the Holder to acquire, one (1) Flow-Through Common Share for each Flow-Through
      Special Warrant represented hereby

    

    VOID
      AFTER April 29, 2007 (the “Expiration Date”)

    

    «Registration_Requirements»

    (hereinafter
      referred to as the "Holder") 

    

    Each
      Flow-Through Special Warrant ("Special
      Warrant")
      entitles the Holder to acquire one common share in the capital of the
      Corporation to be issued as a "flow-through share" (as defined in subsection
      66(15) of the Income Tax Act (Canada)) (“Flow-Through
      Share”),
      subject to adjustment as set out herein, without payment of additional
      consideration. The Special Warrants may be exercised at any time and from time
      to time on or before the Expiration Date, but will automatically be exercised
      without any further action on the part of the Holder at 5:00 p.m. (Toronto
      time)
      on the earlier of: (i) the Qualification Date (as hereinafter defined), and
      (ii)
      the Expiration Date (the "Automatic
      Exchange").
      

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    The
      terms
      and conditions which govern the Special Warrants are referred to herein and
      among other things, include provisions for the appropriate adjustment to the
      securities issuable upon exercise of the Special Warrants upon the occurrence
      of
      certain events, including any subdivision, consolidation or reclassification
      of
      the Corporation’s common shares, the payment of stock dividends and the
      amalgamation of the Corporation.

    

    Section
      1.
      Definitions.
      The
      following words and phrases shall have the respective meanings ascribed to
      them
      as follows:

    

    "Business
      Day"
      means a
      day other than a Saturday, Sunday or any other day on which the principal
      chartered banks located in Toronto are not open for business.

    

    "Closing
      Date"
      means
      the date of issue of the Special Warrants.

    

    "Final
      Receipt"
      means
      the final MRRS decision document issued in accordance with the Mutual Reliance
      Review System evidencing that final receipts for the Prospectus. 

    

    "Prospectus"
      means a
      final short form prospectus in respect of the distribution of the Flow-Through
      Shares issuable upon the exercise of the Special Warrants.

    

    "Qualification
      Date"
      means
      the third Business Day after the later of (i) the date of issuance of a Final
      Receipt and (ii) the clearance of a Registration Statement. 

    

    "Registration
      Statement"
      means
      the registration statement to be filed by the Corporation with the SEC with
      respect to the Flow-Through Shares. 

    

    “SEC”
      means
      the United States Securities and Exchange Commission. 

    

    Section
      2.
      Increase
      of Flow-Through Shares.
      If the
      Qualification Date has not occurred by 5:00 p.m. (Toronto time) on the date
      which is 60 days from the Closing Date, each holder of Special Warrants shall
      thereafter be entitled to receive, upon the exercise or deemed exercise of
      the
      Special Warrants, 1.1 Flow-Through Shares for every Special Warrant then held
      by
      the Holder (in lieu of the one Flow-Through Share) for no additional
      consideration. 

    

    Section
      3.
      Exercise
      of Special Warrant.
      This
      Special Warrant may be exercised by the Holder hereof ("Voluntary
      Exercise"),
      in
      whole or in part (but not as to a fractional share), by the completion of the
      subscription form attached hereto as Schedule "A" and by the surrender of the
      Special Warrants (properly endorsed) at the office of the Corporation at 55
      York
      Street, Suite 401, Toronto, Ontario M5J 1R7 (or at such other agency or office
      of the Corporation in the United States or Canada as it may designate by notice
      in writing to the Holder hereof at the address of the Holder hereof appearing
      on
      the books of the Corporation). If any Special Warrants have not been exercised
      prior to the Automatic Exchange, the Special Warrants shall be automatically
      exercised in full on the date of the Automatic Exchange. 

    

    In
      the
      event of a Voluntary Exercise of the rights represented by this Special Warrant,
      a certificate or certificates for the Flow-Through Shares so acquired,
      registered in the name of the Holder hereof, shall be delivered to the Holder
      hereof within a reasonable time, not exceeding five Business Days, after the
      rights represented by this Special Warrant shall have been so exercised. With
      respect to any such exercise, the Holder hereof shall for all purposes be deemed
      to have become the holder of record of the number of Flow-Through Shares
      evidenced by such certificate or certificates from the date on which this
      Special Warrant was surrendered irrespective of the date of delivery of such
      certificate, except that, if the date of such surrender and payment is a date
      on
      which the stock transfer books of the Corporation are closed, such person shall
      be deemed to have become the holder of such shares at the close of business
      on
      the next succeeding date on which the stock transfer books are open. No
      fractional shares shall be issued upon exercise of this Special Warrant. The
      holder may exercise less than all of the Special Warrants evidenced by this
      Special Warrant certificate, in which event a new Special Warrant certificate
      representing the Special Warrants not then exercised will be issued to the
      holder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      

      In
        the event of an Automatic Exercise of the rights represented by this Special
        Warrant, the right of a Holder to acquire Flow-Through Shares represented
        hereby
        will be deemed to have been exercised on the basis provided for herein (to
        the
        extent not previously exercised or repurchased). In the event of a deemed
        exercise of Special Warrants, the Corporation shall within five (5) Business
        Days mail or cause to be mailed a Flow-Through Share certificate registered
        in
        the same name and mailed to the same address as the Special Warrants are
        registered.

      

      The
        registered holder will be entitled to the right evidenced hereby free from
        all
        equities and rights of set-off or counterclaim between the Corporation and
        the
        original or any intermediate holder thereof and all person may act accordingly,
        and the delivery to any such registered holder of the Flow-Through Shares
        issued
        on exercise or deemed exercise of such Special Warrants will be a good discharge
        to the Corporation therefore and, unless the Corporation is required by statute
        or by an order of a court of competent jurisdiction, the Corporation will
        not be
        bound to inquire into the title of any such registered holder. 

      

      Section
        4.
        Adjustments.
        In the
        event of (i) any alteration of the common shares of the Corporation, including
        any subdivision, consolidation, reclassification or any other capital
        reorganization, (ii) any form of reorganization of the Corporation, including
        any amalgamation, merger, arrangement or other form of business combination
        with
        or into any other corporation, (iii) any sale, lease, exchange or transfer
        of
        the undertakings or assets of the Corporation as an entirety or substantially
        as
        an entirety to another corporation or entity, (iv) any issuance of common
        shares
        or securities exchangeable or convertible into common shares to all or
        substantially all of the holders of common shares by way of a stock dividend
        or
        other distribution, or (v) any extraordinary dividend or distribution outside
        of
        the ordinary course, the Holders of Special Warrants shall, upon exercise
        of the
        Special Warrants following the occurrence of any of those events, be entitled
        to
        receive the same number and kind of securities and/or assets, as applicable,
        that they would have been entitled to receive had they exercised their Special
        Warrants immediately prior to the occurrence of those events, as more
        particularly described below:

       

      
        	 	
                (a)

              	
                If
                  and whenever at any time the Corporation proposes to issue common
                  shares
                  or rights, options or securities entitling the holder thereof to
                  purchase
                  common shares to all or substantially all of the holders of the
                  common
                  shares, such shares or rights shall also be offered to holders
                  of Special
                  Warrants, and the Holder shall be entitled to purchase that percentage
                  of
                  the shares or rights so offered calculated by dividing the aggregate
                  number of common shares issuable on exercise or deemed exercise
                  of the
                  Special Warrants by the sum of: (i) the number of common shares
                  issuable
                  upon the exercise of the Special Warrants and (ii) all the common
                  shares
                  then issued and outstanding.

              

      

       

      
        	 	
                (b)

              	
                In
                  any case in which this section shall require that an adjustment
                  shall
                  become effective immediately after a record date for or effective
                  date of
                  an event referred to herein, the Corporation may defer, until the
                  occurrence and consummation of such event, issuing to the holder
                  of any
                  Special Warrant exercised or deemed to have been exercised after
                  such
                  record date or effective date and before the occurrence and consummation
                  of such event the additional common shares or other securities
                  or property
                  issuable upon such exercise or deemed exercise by reason of the
                  adjustment
                  required by such event, provided, however, that the Corporation
                  will
                  deliver to the Holder, as soon as reasonably practicable after
                  such record
                  date, an appropriate instrument evidencing the Holder's right to
                  receive
                  such additional common shares or other securities or property upon
                  the
                  occurrence and consummation of such event and the right to receive any
                  dividend or other distribution in respect of such additional common
                  shares
                  or other securities or property declared in favour of the holders
                  of
                  record of common shares or of such other securities or property
                  on or
                  after the date of the Voluntary Exercise or the Automatic Exchange,
                  as the
                  case may be, or such later date as such holder would, but for the
                  provisions of this subsection, have become the holder of record
                  of such
                  additional common shares or of such other securities or
                  property.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	 	
                (c)

              	
                If
                  the Corporation shall set a record date to determine the holders
                  of the
                  securities for the purpose of entitling them to receive any dividend
                  or
                  distribution or any subscription or exercise rights and shall,
                  thereafter
                  and before the distribution to such securityholders of any such
                  dividend,
                  distribution or subscription or exercise rights, legally abandon
                  its plan
                  to pay or deliver such dividend, distribution or subscription or
                  exercise
                  rights, then no adjustment in the number of Flow Through Shares
                  obtainable
                  upon exercise of the Special Warrants shall be required by reason
                  of the
                  setting of such record date.

              

      

       

      
        	 	
                (d)

              	
                The
                  adjustments provided for in this section are cumulative and will
                  apply
                  (without duplication) to successive subdivisions, consolidations,
                  distributions, issuances or other events resulting in any adjustment
                  under
                  the provisions of this section.

              

      

       

      
        	 	
                (e)

              	
                If
                  any question arises with respect to the adjustments provided in
                  this
                  section, such question shall be conclusively determined by the
                  Corporation’s auditors or, if they are unable or unwilling to act, by such
                  firm of chartered accountants as is appointed by the Corporation.
                  Such
                  accountants shall have access to all necessary records of the Corporation
                  and such determination shall be binding upon the
                  Corporation.

              

      

       

      
        	 	
                (f)

              	
                If
                  and whenever at any time the Corporation shall take any action
                  affecting
                  or relating to the common shares, other than any action described
                  in this
                  section, which in the opinion of the directors of the Corporation
                  would
                  adversely affect the rights of any holders of Special Warrants,
                  adjustments will be made by the directors in such manner, if any,
                  and at
                  such time, as the directors, may in their sole discretion determine
                  to be
                  equitable in the circumstances to such
                  holders.

              

      

       

      
        	 	
                (g)

              	
                As
                  a condition precedent to the taking of any action which would require
                  an
                  adjustment in any of the rights under the Special Warrants, the
                  Corporation will take any action which may, in the opinion of counsel
                  to
                  the Corporation, be necessary in order that the Corporation, or
                  any
                  successor to the Corporation or successor to the undertaking or
                  assets of
                  the Corporation, will be obligated to and may validly and legally
                  issue
                  all the Flow-Through Shares or other securities or property which
                  the
                  holders of Special Warrants would be entitled to receive thereafter
                  on the
                  exercise or deemed exercise thereof in accordance with the provisions
                  hereof.

              

      

       

      
        	 	
                (h)

              	
                At
                  least ten days before the earlier of the effective date of, or
                  record date
                  for, any event referred to in this section that requires or might
                  require
                  an adjustment in any of the rights under the Special Warrants or
                  such
                  longer notice period as may be applicable in respect of notices
                  required
                  to be delivered by the Corporation to holders of its common shares,
                  the
                  Corporation will give notice to the holders of Special Warrants
                  of the
                  particulars of such event and, to the extent determinable, any
                  adjustment
                  required and a description of how such adjustment will be calculated.
                  Such
                  notice need only set forth such particulars as have been determined
                  at the
                  date such notice is given. If any adjustment for which such notice
                  is
                  given is not then determinable, promptly after such adjustment
                  is
                  determinable the Corporation will give notice to the holders of
                  Special
                  Warrants of such adjustment.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Section
        5.
        Lost,
        Stolen, Mutilated, or Destroyed Special Warrant.
        If this
        Special Warrant is lost, stolen, mutilated or destroyed, the Corporation
        may, on
        such terms as to indemnify the Corporation or otherwise as it may in its
        discretion reasonably impose (which shall, in the case of a mutilated Special
        Warrant, include the surrender thereof), issue a new Special Warrant of like
        denomination and tenor as the Special Warrant so lost, stolen, mutilated
        or
        destroyed. Any such new Special Warrant shall constitute an original contractual
        obligation of the Corporation, whether or not the allegedly lost, stolen,
        mutilated, or destroyed Special Warrant shall be at any time enforceable
        by
        anyone.

      

      Section
        6.
        Transfer.
        The
        Special Warrants evidenced by this Special Warrant certificate may be
        transferred on the register kept at the offices of the Corporation by the
        registered Holder hereof or its legal representatives or its attorney duly
        appointed by completion of the instrument set out as Schedule "B" hereto,
        or any
        other written instrument satisfactory to the Corporation, and only upon
        compliance with such reasonable requirements as the Corporation may
        prescribe.

      

      Section
        7.
        CEE.
        The
        Corporation will renounce to the Holder of the Special Warrants, effective
        for
        the 2006 taxation year, an amount of Canadian Exploration Expense (“CEE”)
        equal
        to the gross aggregate proceeds from the issue of Special Warrants. In the
        event
        the Corporation fails to renounce CEE corresponding to 100% of the gross
        aggregate proceeds from the issue of the Special Warrants by the applicable
        deadline, or if there is a reduction in the amount purported to be renounced,
        the Corporation agrees to indemnify the original Holder for all additional
        taxes
        paid by such Holder.

      

      Section
        8.
        General
        Covenants Representations and Warrants.
        The
        Corporation represents, warrants, covenants and agrees with the Holder that
        so
        long as any Special Warrant remains outstanding and may be
        exercised:

       

      
        	 	
                (a)

              	
                the
                  Corporation is duly authorized to create and issue the Special
                  Warrants
                  and that this Special Warrant certificate be valid and enforceable
                  against
                  the Corporation;

              

      

       

      
        	 	
                (b)

              	
                the
                  Corporation will at all times maintain its corporate existence,
                  carry on
                  and conduct its business in a proper and business-like manner,
                  keep or
                  cause to be kept proper books of account in accordance with generally
                  accepted accounting practice;

              

      

       

      
        	 	
                (c)

              	
                the
                  Corporation will reserve for issuance a sufficient number of unissued
                  common shares to enable it to satisfy its obligations on the exercise
                  or
                  deemed exercise of the Special
                  Warrants;

              

      

       

      
        	 	
                (d)

              	
                the
                  Corporation will cause the common shares from time to time issued
                  pursuant
                  to the exercise or deemed exercise of the Special Warrants, and
                  the
                  certificates representing such common shares, to be duly issued
                  and
                  delivered in accordance with the Special Warrants and the terms
                  hereof;

              

      

       

      
        	 	
                (e)

              	
                all
                  common shares that are issued or created on exercise or deemed
                  exercise of
                  the Special Warrants will be fully paid and
                  non-assessable;

              

      

       

      
        	 	
                (f)

              	
                the
                  Corporation will keep the registers of holders of Special Warrants
                  open on
                  Business Days and will not take any action or omit to take any
                  action
                  which would have the effect of preventing the holders of Special
                  Warrants
                  from exercising any of the Special Warrants or receiving any of
                  the
                  Flow-Through Shares upon such
                  exercise;

              

      

       

      
        	 	
                (g)

              	
                the
                  Corporation will make all requisite filings in connection with
                  the
                  exercise of the Special Warrants and issue of the common shares;
                  and

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	 	
                (h)

              	
                generally,
                  the Corporation will well and truly perform and carry out all acts
                  and
                  things to be done by it as provided in this
                  certificate.

              

      

      

      Section
        9.
        Notices.
        All
        notices, requests and other communications required or permitted to be given
        or
        delivered hereunder shall be in writing, and shall be delivered, or shall
        be
        sent by certified or registered mail, postage prepaid and addressed, if to
        the
        Holder to such Holder at the address shown on the records of the Corporation
        or
        at such other address as shall have been furnished to the Corporation by
        notice
        from such Holder. All notices, requests and other communications required
        or
        permitted to be given or delivered hereunder shall be in writing, and shall
        be
        delivered, or shall be sent by certified or registered mail, postage prepaid
        and
        addressed to the Corporation at the offices of the Corporation at 55 York
        Street, Suite 401, Toronto, Ontario M5J 1R7, or at such other address as
        shall
        have been furnished to the Holder by notice from the Corporation.

      

      A
        notice
        so given by mail or so delivered will be deemed to have been given on the
        fifth
        Business Day after it has been mailed or on the day on which it has been
        delivered, as the case may be. In determining under any provision hereof
        the
        date when notice of any event must be given, the date of giving notice will
        be
        included and the date of the event will be excluded.

      

      Section
        10.
        Binding
        Effect.
        This
        Special Warrant certificate and all of its provisions shall enure to the
        benefit
        of the Holder and its successors and shall be binding upon the Corporation
        and
        its successors and permitted assigns. 

      

      Section
        11.
        Successor
        Corporations.
        In the
        case of the consolidation, amalgamation, arrangement, merger or transfer
        of the
        undertaking or assets of the Corporation as an entirety, or substantially
        as an
        entirety, to another corporation, the successor corporation resulting from
        such
        consolidation, amalgamation, arrangement, merger or transfer (if not the
        Corporation) will be bound by the provisions hereof and for the due and punctual
        performance and observance of each and every covenant and obligation contained
        in this certificate to be performed by the Corporation.

      

      Section
        12.
        Governing
        Law.
        This
        Special Warrant certificate shall be governed by the laws of the Province
        of
        Ontario and the federal laws of Canada applicable herein.

      

      Section
        13.
        Corporate
        Obligations Rather Than Individual.
        Subject
        as hereinafter provided, all or any of the rights conferred upon the Holder
        by
        the terms of this Special Warrant certificate may be enforced by the Holder
        by
        appropriate legal proceedings. No recourse under or upon any obligation,
        covenant or agreement contained herein shall be had against any shareholder,
        officer or director of the Corporation either directly or through the
        Corporation, it being expressly agreed and declared that the obligations
        under
        this Special Warrant certificate are solely corporate obligations and that
        no
        personal liability whatever shall attach to or be incurred by the shareholders,
        officers or directors of the Corporation or any of them in respect thereof,
        any
        and all rights and claims against every such shareholder, officer or director
        being hereby expressly waived as a condition of and as a consideration for
        the
        issue of the Special Warrants. The foregoing shall, with respect to the officers
        and directors of the Corporation, be subject to rights of action for damages
        or
        rescission which the Holder may have pursuant to applicable securities
        laws.

      

      Section
        14.
        Legends.
        The
        certificates representing the Flow-Through Shares, issued upon exercise hereof,
        shall bear such legends as determined to be applicable in the sole discretion
        of
        the Corporation. 

      

      Section
        15.
        Time.
        Time
        shall be of the essence of this Special Warrant certificate. 

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF
        the
        Corporation has caused this Special Warrant certificate to be signed by its
        duly
        authorized officer as of the date written above.

      
        	 	 	 
	 	
                YUKON
                  GOLD CORPORATION, INC.

              
	 
 	 
 	 
 
	
              	Per:  	
              
	 	
                

                Authorized
                  Officer 

              

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
        "A"

      

      EXERCISE
        FORM

      

      TO: YUKON
        GOLD CORPORATION, INC.

      

      The
        undersigned hereby exercises the right to acquire ____________Flow-Through
        Shares of Yukon Gold Corporation, Inc.

      

      The
        Flow-Through Shares are to be issued as follows:

      

      Name:

       

      
        
          

        

      

      (print
        clearly)

      

      Address
        in full:

       

      
        
 

        

      

       

      Number
        of
        Flow-Through Shares:
        _________________________________________________________________________

      

      
        	
                Note:

              	
                If
                  any of the Flow-Through Shares are to be issued in the name of
                  any other
                  person(s), please attach (and initial) a schedule giving these
                  particulars.

              

      

      

      

      DATED
        this ___________ day
        of
        ___________________,
        2006

      
        	 	 	 	 
	
              	 	 	
              
	
                
Signature
                Guaranteed	 	 	
                
Signature

  

      (Signature
        of Special Warrant Holder to be the same as appears on the face of the Special
        Warrant Certificate)

      
        	 	 	 	 
	
              	 	 	
              
	
              	 	 	
                
Print
                full name
	 	 	 	 
	 	 	 	 
	 	 	 	
                
 
	 	 	 	
                
Print
                full address
	 	 	 	 
	 	 	 	 
	 	 	 	
                
Social
                Insurance Number

      

       

      (see
        Instructions on next page)

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Instructions:

      

      
        	
                1.

              	
                The
                  registered Holder may exercise its right to receive Flow-Through
                  Shares by
                  completing this Exercise Form and surrendering this Exercise Form
                  and the
                  Special Warrant certificate representing the Special Warrants being
                  exercised to the Corporation at 55 York Street, Suite 401, Toronto,
                  Ontario M5J 1R7. Certificates for Flow-Through Shares will be delivered
                  or
                  mailed within five business day after receipt of the exercise of
                  the
                  Special Warrants.

              

      

      

      
        	
                2.

              	
                If
                  the Exercise Form indicates that Flow-Through Shares are to be
                  issued to a
                  person or persons other than the registered Holder of the Special
                  Warrant certificate, the signature of such Holder on the Exercise
                  Form
                  must be guaranteed by an authorized officer of a chartered bank,
                  trust
                  Corporation or an investment dealer who is a member of the Medallion
                  Stamp
                  Guarantee Program. The guarantor must affix a stamp bearing the
                  actual
                  words "Signature Guaranteed".

              

      

      

      
        	
                3.

              	
                If
                  the Exercise Form is signed by a trustee, executor, administrator,
                  curator, guardian, attorney, officer of a corporation or any person
                  acting
                  in a judicial or representative capacity, the certificate must be
                  accompanied by evidence of authority to sign satisfactory to the
                  Corporation.

              

      

      

      
        	
                4.

              	
                Flow-Through
                  Shares received on the exercise of the Special Warrants may be
                  subject to
                  a "hold period" under applicable securities laws if the Special
                  Warrants
                  are exercised prior to the date on which a registration statement
                  filed
                  under the Securities Act of 1933 as amended has been declared effective
                  with respect to the Flow-Through Shares of the Corporation issuable
                  on the
                  exercise of this Special Warrant certificate, and certificates
                  representing such Flow-Through Shares may, in such circumstances,
                  be
                  issued with a legend to reflect such hold
                  period.

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
        "B"

      

      TRANSFER
        FORM

      

      FLOW-THROUGH
        SPECIAL WARRANTS

      

      TO: YUKON
        GOLD CORPORATION, INC.

      

      

      FOR
        VALUE RECEIVED,
        the
        undersigned hereby sells, assigns and transfers  _____________Special
        Warrants of YUKON GOLD CORPORATION, INC. registered in the name of the
        undersigned on the records maintained by the Corporation represented by the
        Special Warrant certificate attached to 

       

      
        

      

       

      
        

      

       

      
        

      

      and
        irrevocably appoints the Corporation the attorney of the undersigned to transfer
        the said securities on the books or register of the Special Warrants with
        full
        power of substitution.

      

      DATED
        the
        _____________ day
        of
        ___________________ 200__.

      
        	 	 	 	 
	
              	 	 	
              
	
                
Signature
                Guaranteed	 	 	
                
Signature
                of Special Warrant
                Holder

      

       

      Instructions:

      

      
        	
                1.

              	
                If
                  the Transfer Form is signed by a trustee, executor, administrator,
                  curator, guardian, attorney, officer of a corporation or any person
                  acting
                  in a judicial or representative capacity, the certificate must
                  be
                  accompanied by evidence of authority to sign satisfactory to the
                  Corporation.

              

      

      

      
        	
                2.

              	
                The
                  signature on the Transfer Form must be guaranteed by an authorized
                  officer
                  of a chartered bank, trust Corporation or an investment dealer
                  who is a
                  member of the Medallion Stamp Guarantee Program. The guarantor
                  must affix
                  a stamp bearing the actual words "Signature
                  Guaranteed".

              

      

      

      
        	
                3.

              	
                Special
                  Warrants shall only be transferable in accordance with applicable
                  laws.
                  The transfer of Special Warrants to a purchaser resident in the
                  United
                  States is prohibited.Exhibit
      10.16

    

    UNLESS
      PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
      TRADE THE SECURITY BEFORE THE DATE THAT IS APRIL 29, 2007.

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER
      ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE LAWS”). THESE SECURITIES HAVE
      BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED
      OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT AND APPLICABLE STATE LAWS, OR PURSUANT TO APPLICABLE
      EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS WHICH MAY INCLUDE SALE THROUGH
      A
      DESIGNATED OFFSHORE SECURITIES MARKET. FURTHER, UNLESS THE SECURITIES HAVE
      BEEN
      REGISTERED UNDER THE SECURITIES ACT, THE SALE, TRANSFER, PLEDGE OR OTHER
      DISPOSITION OF THESE SECURITIES IN THE UNITED STATES IS PROHIBITED EXCEPT IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S (RULE 901 THROUGH 905 AND THE
      PRELIMINARY NOTES) PROMULGATED UNDER THE SECURITIES ACT.

    

    UNIT
      SPECIAL WARRANT CERTIFICATE

    

    of

    

    YUKON
      GOLD CORPORATION, INC.

    55
      York Street, Suite 401

    Toronto,
      Ontario M5J 1R7

    416-865-9790

    (herein
      referred to as the "Corporation")

    

    
      	
              No.
                USW-2006-«Cert_No_»

            	
              Dated
                this 28th
                day of December, 2006

            

    

    

    for

    

    «Units»
      UNIT SPECIAL WARRANTS,

    entitling
      the Holder to acquire, one (1) Common Share and (1) Common Share Purchase
      Special Warrant for each Unit Special Warrant represented hereby

    

    VOID
      AFTER April 29, 2007 (the “Expiration Date”)

    

    «Registration_Requirements»

    (hereinafter
      referred to as the "Holder")
      

    

    Each
      Unit
      Special Warrant ("Special
      Warrant")
      entitles the Holder to acquire one unit of the Corporation (a “Unit”)
      subject to adjustment as set out herein, without payment of additional
      consideration. Each Unit consists of one
      common share in the capital of the Corporation
      (a
“Common
      Share”)
      and
      one common share purchase warrant of the Corporation (a “Warrant”),
      each
      whole Warrant entitling the holder thereof to purchase one common share in
      the
      capital of the Corporation (a “Warrant
      Share”)
      at a
      price of $1.05, subject to adjustment in the circumstances set out in the terms
      of the Warrants, until the date which is 24 months following the Closing Date.
      The Special Warrants may be exercised at any time and from time to time on
      or
      before the Expiration Date, but will automatically be exercised without any
      further action on the part of the Holder at 5:00 p.m. (Toronto time) on the
      earlier of: (i) the Qualification Date (as hereinafter defined), and (ii) the
      Expiration Date (the "Automatic
      Exchange").
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    The
      terms
      and conditions which govern the Special Warrants are referred to herein and
      among other things, include provisions for the appropriate adjustment to the
      securities issuable upon exercise of the Special Warrants upon the occurrence
      of
      certain events, including any subdivision, consolidation or reclassification
      of
      the Common Shares, the payment of stock dividends and the amalgamation of the
      Corporation.

    

    The
      Warrants issuable upon the exercise or deemed exercise of the Special Warrants
      evidenced hereby shall be issued pursuant to and governed by a warrant
      certificate, the form of which is attached hereto as Schedule "C". The number
      of
      Common Shares comprising part of each Special Warrant (but not the number of
      Warrants) which the Holder is entitled to purchase upon the exercise or deemed
      exercise of the Special Warrants shall be subject to adjustment as hereinafter
      provided.

    

    Section
      1.
      Definitions.
      The
      following words and phrases shall have the respective meanings ascribed to
      them
      as follows:

    

    "Business
      Day"
      means a
      day other than a Saturday, Sunday or any other day on which the principal
      chartered banks located in Toronto are not open for business.

    

    "Closing
      Date"
      means
      the date of issue of the Special Warrants.

    

    "Final
      Receipt"
      means
      the final MRRS decision document issued in accordance with the Mutual Reliance
      Review System evidencing that final receipts for the Prospectus. 

    

    "Prospectus"
      means a
      final short form prospectus in respect of the distribution of the Common Shares
      and Warrants issuable upon the exercise of the Special Warrants.

    

    "Qualification
      Date"
      means
      the third Business Day after the later of (i) the date of issuance of a Final
      Receipt and (ii) the clearance of a Registration Statement. 

    

    "Registration
      Statement"
      means
      the registration statement to be filed by the Corporation with the SEC with
      respect to the Common Shares, Warrants and Warrant Shares. 

    

    “SEC”
      means
      the United States Securities and Exchange Commission. 

    

    Section
      2.
      Increase
      of Units.
      If the
      Qualification Date has not occurred by 5:00 p.m. (Toronto time) on the date
      which is 60 days from the Closing Date, each holder of Special Warrants shall
      thereafter be entitled to receive, upon the exercise or deemed exercise of
      the
      Special Warrants, 1.1 Units for every Special Warrant then held by the Holder
      (in lieu of the one Unit) for no additional consideration. 

    

    Section
      3.
      Exercise
      of Special Warrant.
      This
      Special Warrant may be exercised by the Holder hereof ("Voluntary
      Exercise"),
      in
      whole or in part (but not as to a fractional share), by the completion of the
      subscription form attached hereto as Schedule "A" and by the surrender of the
      Special Warrants (properly endorsed) at the office of the Corporation at 55
      York
      Street, Suite 401, Toronto, Ontario M5J 1R7 (or at such other agency or office
      of the Corporation in the United States or Canada as it may designate by notice
      in writing to the Holder hereof at the address of the Holder hereof appearing
      on
      the books of the Corporation). If any Special Warrants have not been exercised
      prior to the Automatic Exchange, the Special Warrants shall be automatically
      exercised in full on the date of the Automatic Exchange. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    In
      the
      event of a Voluntary Exercise of the rights represented by this Special Warrant,
      a certificate or certificates for the Common Shares and Warrants so acquired,
      registered in the name of the Holder hereof, shall be delivered to the Holder
      hereof within a reasonable time, not exceeding five Business Days, after the
      rights represented by this Special Warrant shall have been so exercised. With
      respect to any such exercise, the Holder hereof shall for all purposes be deemed
      to have become the holder of record of the number of Common Shares and Warrants
      evidenced by such certificate or certificates from the date on which this
      Special Warrant was surrendered irrespective of the date of delivery of such
      certificate, except that, if the date of such surrender and payment is a date
      on
      which the stock transfer books of the Corporation are closed, such person shall
      be deemed to have become the holder of such Common Shares and Warrants at the
      close of business on the next succeeding date on which the stock transfer books
      are open. No fractional shares shall be issued upon exercise of this Special
      Warrant. The holder may exercise less than all of the Special Warrants evidenced
      by this certificate, in which event a new certificate representing the Special
      Warrants not then exercised will be issued to the Holder.

    

    In
      the event of an Automatic Exercise of the rights represented by this Special
      Warrant, the right of a Holder to acquire Units represented hereby will be
      deemed to have been exercised on the basis provided for herein (to the extent
      not previously exercised or repurchased). In the event of a deemed exercise
      of
      Special Warrants, the Corporation shall within five (5) Business Days mail
      or
      cause to be mailed Common Share and Warrant certificate registered in the same
      name and mailed to the same address as the Special Warrants are
      registered.

    

    The
      registered holder will be entitled to the rights evidenced hereby free from
      all
      equities and rights of set-off or counterclaim between the Corporation and
      the
      original or any intermediate holder thereof and all persons may act accordingly,
      and the delivery to any such registered holder of the Common Shares and Warrants
      issued on exercise or deemed exercise of such Special Warrants will be a good
      discharge to the Corporation therefore and, unless the Corporation is required
      by statute or by an order of a court of competent jurisdiction, the Corporation
      will not be bound to inquire into the title of any such registered holder.
      

    

    Section
      4.
      Adjustments.
      In the
      event of (i) any alteration of the Common Shares, including any subdivision,
      consolidation, reclassification or any other capital reorganization, (ii) any
      form of reorganization of the Corporation, including any amalgamation, merger,
      arrangement or other form of business combination with or into any other
      corporation, (iii) any sale, lease, exchange or transfer of the undertakings
      or
      assets of the Corporation as an entirety or substantially as an entirety to
      another corporation or entity, (iv) any issuance of Common Shares or securities
      exchangeable or convertible into Common Shares to all or substantially all
      of
      the holders of Common Shares by way of a stock dividend or other distribution,
      or (v) any extraordinary dividend or distribution outside of the ordinary
      course, the Holders of Special Warrants shall, upon exercise of the Special
      Warrants following the occurrence of any of those events, be entitled to receive
      the same number and kind of securities and/or assets, as applicable, that they
      would have been entitled to receive had they exercised their Special Warrants
      immediately prior to the occurrence of those events, as more particularly
      described below:

     

    
      	 	
              (a)

            	
              If
                and whenever at any time the Corporation proposes to issue Common
                Shares
                or rights, options or securities entitling the holder thereof to
                purchase
                Common Shares to all or substantially all of the holders of the Common
                Shares, such shares or rights shall also be offered to holders of
                Special
                Warrants, and the Holder shall be entitled to purchase that percentage
                of
                the shares or rights so offered calculated by dividing the aggregate
                number of Common Shares issuable on exercise or deemed exercise of
                the
                Special Warrants by the sum of: (i) the number of Common Shares issuable
                upon the exercise of the Special Warrants and (ii) all the common
                shares
                then issued and outstanding.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              In
                any case in which this section shall require that an adjustment shall
                become effective immediately after a record date for or effective
                date of
                an event referred to herein, the Corporation may defer, until the
                occurrence and consummation of such event, issuing to the holder
                of any
                Special Warrant exercised or deemed to have been exercised after
                such
                record date or effective date and before the occurrence and consummation
                of such event the additional common shares or other securities or
                property
                issuable upon such exercise or deemed exercise by reason of the adjustment
                required by such event, provided, however, that the Corporation will
                deliver to the Holder, as soon as reasonably practicable after such
                record
                date, an appropriate instrument evidencing the Holder's right to
                receive
                such additional Common Shares or other securities or property upon
                the
                occurrence and consummation of such event and the right to receive
                any
                dividend or other distribution in respect of such additional common
                shares
                or other securities or property declared in favour of the holders
                of
                record of Common Shares or of such other securities or property on
                or
                after the date of the Voluntary Exercise or the Automatic Exchange,
                as the
                case may be, or such later date as such holder would, but for the
                provisions of this subsection, have become the holder of record of
                such
                additional Common Shares or of such other securities or
                property.

            

    

     

    
      	 	
              (c)

            	
              If
                the Corporation shall set a record date to determine the holders
                of the
                securities for the purpose of entitling them to receive any dividend
                or
                distribution or any subscription or exercise rights and shall, thereafter
                and before the distribution to such securityholders of any such dividend,
                distribution or subscription or exercise rights, legally abandon
                its plan
                to pay or deliver such dividend, distribution or subscription or
                exercise
                rights, then no adjustment in the number of Common Shares obtainable
                upon
                exercise of the Special Warrants shall be required by reason of the
                setting of such record date.

            

    

     

    
      	 	
              (d)

            	
              The
                adjustments provided for in this section are cumulative and will
                apply
                (without duplication) to successive subdivisions, consolidations,
                distributions, issuances or other events resulting in any adjustment
                under
                the provisions of this section.

            

    

     

    
      	 	
              (e)

            	
              If
                any question arises with respect to the adjustments provided in this
                section, such question shall be conclusively determined by the
                Corporation’s auditors or, if they are unable or unwilling to act, by such
                firm of chartered accountants as is appointed by the Corporation.
                Such
                accountants shall have access to all necessary records of the Corporation
                and such determination shall be binding upon the
                Corporation.

            

    

     

    
      	 	
              (f)

            	
              If
                and whenever at any time the Corporation shall take any action affecting
                or relating to the Common Shares, other than any action described
                in this
                section, which in the opinion of the directors of the Corporation
                would
                adversely affect the rights of any holders of Special Warrants,
                adjustments will be made by the directors in such manner, if any,
                and at
                such time, as the directors, may in their sole discretion determine
                to be
                equitable in the circumstances to such
                holders.

            

    

     

    
      	 	
              (g)

            	
              As
                a condition precedent to the taking of any action which would require
                an
                adjustment in any of the rights under the Special Warrants, the
                Corporation will take any action which may, in the opinion of counsel
                to
                the Corporation, be necessary in order that the Corporation, or any
                successor to the Corporation or successor to the undertaking or assets
                of
                the Corporation, will be obligated to and may validly and legally
                issue
                all the Common Shares or other securities or property which the holders
                of
                Special Warrants would be entitled to receive thereafter on the exercise
                or deemed exercise thereof in accordance with the provisions
                hereof.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (h)

            	
              At
                least ten days before the earlier of the effective date of, or record
                date
                for, any event referred to in this section that requires or might
                require
                an adjustment in any of the rights under the Special Warrants or
                such
                longer notice period as may be applicable in respect of notices required
                to be delivered by the Corporation to holders of its common shares,
                the
                Corporation will give notice to the holders of Special Warrants of
                the
                particulars of such event and, to the extent determinable, any adjustment
                required and a description of how such adjustment will be calculated.
                Such
                notice need only set forth such particulars as have been determined
                at the
                date such notice is given. If any adjustment for which such notice
                is
                given is not then determinable, promptly after such adjustment is
                determinable the Corporation will give notice to the holders of Special
                Warrants of such adjustment.

            

    

    

    For
      greater certainty, any adjustments to be made to the number of Warrants or
      the
      exercise price thereof shall be governed by the terms of the certificate
      evidencing the Warrants and not by the provisions set forth in this
      Section.

    

    Section
      5.
      Lost,
      Stolen, Mutilated, or Destroyed Special Warrant.
      If this
      Special Warrant is lost, stolen, mutilated or destroyed, the Corporation may,
      on
      such terms as to indemnify the Corporation or otherwise as it may in its
      discretion reasonably impose (which shall, in the case of a mutilated Special
      Warrant, include the surrender thereof), issue a new Special Warrant of like
      denomination and tenor as the Special Warrant so lost, stolen, mutilated or
      destroyed. Any such new Special Warrant shall constitute an original contractual
      obligation of the Corporation, whether or not the allegedly lost, stolen,
      mutilated, or destroyed Special Warrant shall be at any time enforceable by
      anyone.

    

    Section
      6.
      Transfer.
      The
      Special Warrants evidenced by this Special Warrant certificate may be
      transferred on the register kept at the offices of the Corporation by the
      registered Holder hereof or its legal representatives or its attorney duly
      appointed by completion of the instrument set out as Schedule "B" hereto, or
      any
      other written instrument satisfactory to the Corporation, and only upon
      compliance with such reasonable requirements as the Corporation may
      prescribe.

    

    Section
      7.
      General
      Covenants Representations and Warrants.
      The
      Corporation represents, warrants, covenants and agrees with the Holder that
      so
      long as any Special Warrant remains outstanding and may be
      exercised:

     

    
      	 	
              (a)

            	
              the
                Corporation is duly authorized to create and issue the Special Warrants
                and that this Special Warrant certificate be valid and enforceable
                against
                the Corporation;

            

    

     

    
      	 	
              (b)

            	
              the
                Corporation will at all times maintain its corporate existence, carry
                on
                and conduct its business in a proper and business-like manner, keep
                or
                cause to be kept proper books of account in accordance with generally
                accepted accounting practice and the
                Corporation;

            

    

     

    
      	 	
              (c)

            	
              the
                Corporation will reserve for issuance sufficient number of unissued
                Common
                Shares to enable it to satisfy its obligations on the exercise or
                deemed
                exercise of the Special Warrants;

            

    

     

    
      	 	
              (d)

            	
              the
                Corporation will cause the Common Shares from time to time issued
                pursuant
                to the exercise or deemed exercise of the Special Warrants, and the
                certificates representing such Common Shares, to be duly issued and
                delivered in accordance with the Special Warrants and the terms
                hereof;

            

    

     

    
      	 	
              (e)

            	
              all
                Common Shares that are issued or created on exercise or deemed exercise
                of
                the Special Warrants will be fully paid and
                non-assessable;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              the
                Corporation will keep the registers of holders of Special Warrants
                open on
                Business Days and will not take any action or omit to take any action
                which would have the effect of preventing the holders of Special
                Warrants
                from exercising any of the Special Warrants or receiving any of the
                Common
                Shares or Warrants upon such
                exercise;

            

    

     

    
      	 	
              (g)

            	
              the
                Corporation will make all requisite filings in connection with the
                exercise of the Special Warrants and issue of the Common Shares and
                Warrants; and

            

    

     

    
      	 	
              (h)

            	
              generally,
                the Corporation will well and truly perform and carry out all acts
                and
                things to be done by it as provided in this
                certificate.

            

    

    

    Section
      8.
      Notices.
      All
      notices, requests and other communications required or permitted to be given
      or
      delivered hereunder shall be in writing, and shall be delivered, or shall be
      sent by certified or registered mail, postage prepaid and addressed, if to
      the
      Holder to such Holder at the address shown on the records of the Corporation
      or
      at such other address as shall have been furnished to the Corporation by notice
      from such Holder. All notices, requests and other communications required or
      permitted to be given or delivered hereunder shall be in writing, and shall
      be
      delivered, or shall be sent by certified or registered mail, postage prepaid
      and
      addressed to the Corporation at the offices of the Corporation at 55 York
      Street, Suite 401, Toronto, Ontario M5J 1R7, or at such other address as shall
      have been furnished to the Holder by notice from the Corporation.

    

    A
      notice
      so given by mail or so delivered will be deemed to have been given on the fifth
      Business Day after it has been mailed or on the day on which it has been
      delivered, as the case may be. In determining under any provision hereof the
      date when notice of any event must be given, the date of giving notice will
      be
      included and the date of the event will be excluded.

    

    Section
      9.
      Binding
      Effect.
      This
      Special Warrant certificate and all of its provisions shall enure to the benefit
      of the Holder and its successors and shall be binding upon the Corporation
      and
      its successors and permitted assigns. 

    

    Section
      10.
      Successor
      Corporations.
      In the
      case of the consolidation, amalgamation, arrangement, merger or transfer of
      the
      undertaking or assets of the Corporation as an entirety, or substantially as
      an
      entirety, to another corporation, the successor corporation resulting from
      such
      consolidation, amalgamation, arrangement, merger or transfer (if not the
      Corporation) will be bound by the provisions hereof and for the due and punctual
      performance and observance of each and every covenant and obligation contained
      in this certificate to be performed by the Corporation.

    

    Section
      11.
      Governing
      Law.
      This
      Special Warrant certificate shall be governed by the laws of the Province of
      Ontario and the federal laws of Canada applicable herein.

    

    Section
      12.
      Corporate
      Obligations Rather Than Individual.
      Subject
      as hereinafter provided, all or any of the rights conferred upon the Holder
      by
      the terms of this Special Warrant certificate may be enforced by the Holder
      by
      appropriate legal proceedings. No recourse under or upon any obligation,
      covenant or agreement contained herein shall be had against any shareholder,
      officer or director of the Corporation either directly or through the
      Corporation, it being expressly agreed and declared that the obligations under
      this Special Warrant certificate are solely corporate obligations and that
      no
      personal liability whatever shall attach to or be incurred by the shareholders,
      officers or directors of the Corporation or any of them in respect thereof,
      any
      and all rights and claims against every such shareholder, officer or director
      being hereby expressly waived as a condition of and as a consideration for
      the
      issue of the Special Warrants. The foregoing shall, with respect to the officers
      and directors of the Corporation, be subject to rights of action for damages
      or
      rescission which the Holder may have pursuant to applicable securities
      laws.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      13.
      Legends.
      The
      certificates representing the Common Shares and Warrants, issued upon exercise
      hereof, shall bear such legends as determined to be applicable in the sole
      discretion of the Corporation. 

    

    Section
      14.
      Time.
      Time
      shall be of the essence of this Special Warrant certificate. 

    

    IN
      WITNESS WHEREOF
      the
      Corporation has caused this Special Warrant certificate to be signed by its
      duly
      authorized officer as of the date written above.

    
      	 	 	 
	 	
              YUKON
                GOLD CORPORATION, INC.

            
	 
 	 
 	 
 
	
            	Per:  	
            
	 	
              
Authorized
              Officer
	 	
            

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      "A"

    

    EXERCISE
      FORM

    

    TO: YUKON
      GOLD CORPORATION, INC.

    

    The
      undersigned hereby exercises the right to acquire ____________ Common Shares
      and
      ____________ Warrants of Yukon Gold Corporation, Inc.

    

    The
      Common Shares and Warrants are to be issued as follows:

    

    Name:

     

    
      
        

      

      (print
        clearly)

    

    

    Address
      in full:

     

    
      
 

      

    

    

    Number
      of
      Common Shares and Warrants:
      ____________________________________________________________

    

    
      	
              Note:

            	
              If
                any of the Common Shares and Warrants are to be issued in the name
                of any
                other person(s), please attach (and initial) a schedule giving these
                particulars.

            

    

     

    DATED
      this __________ day
      of  ___________________,
      2006

    
      	 	 	 	 
	
            	 	 	
            
	
              
Signature
              Guaranteed	 	 	
              
Signature

    

    

    (Signature
      of Special Warrant Holder to be the same as appears on the face of the Special
      Warrant certificate)

    
      	 	 	 	 
	
            	 	 	
            
	
            	 	 	
              
Print
              full name
	 	 	 	 
	 	 	 	 
	
            	 	 	
              
 
	 	 	 	
              
Print
              full address
	 	 	 	 
	 	 	 	 
	 	 	 	
              
Social
              Insurance Number

     

    (see
      Instructions on next page)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Instructions:

    

    
      	
              1.

            	
              The
                registered Holder may exercise its right to receive Common Shares
                and
                Warrants by completing this Exercise Form and surrendering this Exercise
                Form and the Special Warrant certificate representing the Special
                Warrants
                being exercised to the Corporation at 55 York Street, Suite 401,
                Toronto,
                Ontario M5J 1R.. Certificates for Common Shares and Warrants will
                be
                delivered or mailed within five business day after receipt of the
                exercise
                of the Special Warrants.

            

    

    

    
      	
              2.

            	
              If
                the Exercise Form indicates that Common Shares and Warrants are to
                be
                issued to a person or persons other than the registered Holder of
                the
                Special Warrant certificate, the signature of such Holder on the
                Exercise
                Form must be guaranteed by an authorized officer of a chartered bank,
                trust Corporation or an investment dealer who is a member of the
                Medallion
                Stamp Guarantee Program. The guarantor must affix a stamp bearing
                the
                actual words "Signature
                Guaranteed".

            

    

    

    
      	
              3.

            	
              If
                the Exercise Form is signed by a trustee, executor, administrator,
                curator, guardian, attorney, officer of a corporation or any person
                acting
                in a judicial or representative capacity, the certificate must be
                accompanied by evidence of authority to sign satisfactory to the
                Corporation.

            

    

    

    
      	
              4.

            	
              Common
                Shares and Warrants received on the exercise of the Special Warrants
                may
                be subject to a "hold period" under applicable securities laws if
                the
                Special Warrants are exercised prior to the date on which a registration
                statement filed under the Securities Act of 1933 as amended has been
                declared effective with respect to the Common Shares and Warrants
                issuable
                on the exercise of this Special Warrant certificate, and certificates
                representing such Common Shares and Warrants may, in such circumstances,
                be issued with a legend to reflect such hold
                period.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      "B"

    

    TRANSFER
      FORM

    

    UNIT
      SPECIAL WARRANTS

    

    TO: YUKON
      GOLD CORPORATION, INC.

    

    FOR
      VALUE RECEIVED,
      the
      undersigned hereby sells, assigns and transfers  _____________Special
      Warrants of YUKON GOLD CORPORATION, INC. registered in the name of the
      undersigned on the records maintained by the Corporation represented by the
      Special Warrant certificate attached to 

    

    
      

    

     

    
      

    

     

    
      

    

    and
      irrevocably appoints the Corporation the attorney of the undersigned to transfer
      the said securities on the books or register of the Special Warrants with full
      power of substitution.

    

    DATED
      the
      ____________ day
      of
      ___________________200__.

    
      	 	 	 	 
	
            	 	 	
            
	
              
Signature
              Guaranteed	 	 	
              
Signature
              of Special Warrant
              Holder

    

     

    Instructions:

    

    
      	
              1.

            	
              If
                the Transfer Form is signed by a trustee, executor, administrator,
                curator, guardian, attorney, officer of a corporation or any person
                acting
                in a judicial or representative capacity, the certificate must be
                accompanied by evidence of authority to sign satisfactory to the
                Corporation.

            

    

    

    
      	
              2.

            	
              The
                signature on the Transfer Form must be guaranteed by an authorized
                officer
                of a chartered bank, trust Corporation or an investment dealer who
                is a
                member of the Medallion Stamp Guarantee Program. The guarantor must
                affix
                a stamp bearing the actual words "Signature
                Guaranteed".

            

    

    

    
      	
              3.

            	
              Special
                Warrants shall only be transferable in accordance with applicable
                laws.
                The transfer of Special Warrants to a purchaser resident in the United
                States is prohibited.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      "C"

    

    FORM
      OF WARRANT

    

    UNLESS
      PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
      TRADE THE SECURITY BEFORE THE DATE THAT IS APRIL ·,
      2007. 

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER
      ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE LAWS”). THESE SECURITIES HAVE
      BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED
      OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT AND APPLICABLE STATE LAWS, OR PURSUANT TO APPLICABLE
      EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS WHICH MAY INCLUDE SALE THROUGH
      A
      DESIGNATED OFFSHORE SECURITIES MARKET. FURTHER, UNLESS THE SECURITIES HAVE
      BEEN
      REGISTERED UNDER THE SECURITIES ACT, THE SALE, TRANSFER, PLEDGE OR OTHER
      DISPOSITION OF THESE SECURITIES IN THE UNITED STATES IS PROHIBITED EXCEPT IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S (RULE 901 THROUGH 905 AND THE
      PRELIMINARY NOTES) PROMULGATED UNDER THE SECURITIES ACT.

    

    No.
      

    

    
      	
              Warrant
                to subscribe for shares of

            	 
	
              Common
                Stock

            	
              [Date
                of Issuance]

            

    

     

    YUKON
      GOLD CORPORATION, INC.

    WARRANT

    

    VOID
      AFTER 5:00 p.m. (Toronto time) on December ·,
      2008 (the “Expiration Date”)

     

    
      
        

      

    THIS
      CERTIFIES that, for value received, · [Name](the
      “Holder”),
      or
      registered assigns, is entitled, subject to the terms of Section 1 hereof,
      to
      subscribe for and purchase from Yukon Gold Corporation, Inc, a Delaware
      corporation (hereinafter called the “Company”),
      at
      any time and from time to time on or before the Expiration Date, subject to
      adjustment as hereinafter provided, up to ·
      fully
      paid, non-assessable shares of the Company’s common stock, $0.0001 par value
      (“Common
      Stock”),
      at a
      price of CDN.$1.05 per share, as from time to time to be adjusted as hereinafter
      provided, being hereinafter referred to as the “Warrant
      Price”,
      subject, however, to the provisions and upon the terms and conditions
      hereinafter set forth.

    

    Section
      1. Exercise
      of Warrant.
      This
      Warrant may be exercised by the Holder hereof , in whole or in part (but not
      as
      to a fractional share), by the completion of the subscription form attached
      hereto as Schedule "A" and by the surrender of the Warrants (properly endorsed)
      at the office of the Company at 55 York Street, Suite 401, Toronto, Ontario
      M5J
      1R7 (or at such other agency or office of the Company in the United States
      or
      Canada as it may designate by notice in writing to the Holder hereof at the
      address of the Holder hereof appearing on the books of the Company), and by
      payment to the Company of the Warrant Price, by certified check or official
      bank
      check for the number of shares of Common Stock being purchased. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    In
      the
      event of an exercise of the rights represented by this Warrant, a certificate
      or
      certificates for the Common Stock so purchased, registered in the name of the
      Holder hereof, shall be delivered to the Holder hereof within a reasonable
      time,
      not exceeding five Business Days, after the rights represented by this Warrant
      shall have been so exercised. With respect to any such exercise, the Holder
      hereof shall for all purposes be deemed to have become the holder of record
      of
      the number of shares of Common Stock evidenced by such certificate or
      certificates from the date on which this Warrant was surrendered and payment
      of
      the Warrant Price was made irrespective of the date of delivery of such
      certificate, except that, if the date of such surrender and payment is a date
      on
      which the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the holder of such shares at the close of business on
      the
      next succeeding date on which the stock transfer books are open. No fractional
      shares shall be issued upon exercise of this Warrant. The holder may exercise
      less than all of the Warrants evidenced by this Warrant Certificate, in which
      event a new certificate representing the Warrants not then exercised will be
      issued to the Holder.

    

    For
      the
      purposes of this certificate, the term "Business
      Day"
      shall
      mean a day other than a Saturday, Sunday or any other day on which the principal
      chartered banks located in Toronto are not open for business

    

    Section
      2. Adjustments
      to Warrant Price.
      

    

    (a)
      Definitions.
      For the
      purpose of Section 2, the words and terms defined below shall have the
      respective meanings ascribed to them as follows: 

    

    "Current
      Market Price"
      of the
      Common Stock at any date means the price per share equal to the weighted average
      price at which the Common Stock have traded on (i) the Toronto Stock Exchange
      (the "TSX"),
      (ii)
      if the Common Stock are not then listed on the TSX, on such other Canadian
      stock
      exchange on which the Common Stock then trades, or (iii), if the Common Stock
      are not then listed on any Canadian stock exchange, on any over-the-counter
      market on which the Common Stock traded, during the period of any twenty
      consecutive trading days ending not more than five (5) Business Days before
      such
      date; provided that the weighted average price shall be determined by dividing
      the aggregate sale price of all Common Stock sold on said exchange or market,
      as
      the case may be, during the said twenty consecutive trading days by the total
      number of shares of Common Stock so sold; and provided further that if the
      Common Stock are not then listed on any Canadian stock exchange or traded in
      the
      over-the-counter market, then the Current Market Price shall be determined
      by
      the directors of the Company in their sole discretion, acting
      reasonably;

    

    "director"
      means a
      director of the Company for the time being and, unless otherwise specified
      herein, a reference to action "by the directors" means action by the directors
      of the Company as a board or, whenever empowered, action by the executive
      committee of such board; and

    

    "trading
      day"
      with
      respect to a stock exchange or over-the-counter market means a day on which
      such
      stock exchange or market is open for business.

    

    (b)
       If
      at any
      time after December 28, 2006 and prior to 5:00 p.m. (Toronto time) on the
      Expiration Date the Company shall (i) subdivide or re-divide its then
      outstanding shares of Common Stock into a greater number of shares of Common
      Stock, (ii) reduce, combine or consolidate its then outstanding shares of Common
      Stock into a lesser number of shares of Common Stock or (iii) issue Common
      Stock
      (or securities exchangeable for or convertible into Common Stock) to the holders
      of all or substantially all of its then outstanding shares of Common Stock
      by
      way of a stock dividend or other distribution (any of such events herein called
      a "Common
      Stock Reorganization"),
      then
      the Warrant Price shall be adjusted effective immediately after the effective
      date of any such event in (i) or (ii) above or the record date at which the
      holders of Common Stock are determined for the purpose of any such dividend
      or
      distribution in (iii) above, as the case may be, by multiplying the Warrant
      Price in effect on such effective date or record date, as the case may be,
      by a
      fraction, the numerator of which shall be the number of shares of Common Stock
      outstanding on such effective date or record date, as the case may be, before
      giving effect to such Common Stock Reorganization and the denominator of which
      shall be the number of shares of Common Stock outstanding immediately after
      giving effect to such Common Stock Reorganization including, in the case where
      securities exchangeable for or convertible into Common Stock are distributed,
      the number of shares of Common Stock that would be outstanding if such
      securities were exchanged for or converted into Common Stock.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (c)
      If at
      any time after December 28, 2006 and prior to 5:00 p.m. (Toronto time) on the
      Expiration Date the Company shall fix a record date for the issue or
      distribution to the holders of all or substantially all of the outstanding
      Common Stock, of rights, options or warrants pursuant to which such holders
      are
      entitled, during a period expiring not more than 45 days after the record date
      for such issue (such period being the "Rights
      Period"),
      to
      subscribe for or purchase shares of Common Stock or securities exchangeable
      for
      or convertible into Common Stock at a price per share (or in the case of
      securities exchangeable for or convertible into Common Stock at an exchange
      or
      conversion price per share at the date of issue of such securities) of less
      than
      95% of the Current Market Price of the Common Stock on such record date (any
      of
      such events being herein called a "Rights
      Offering"),
      the
      Warrant Price shall be adjusted effective immediately after the record date
      for
      the Rights Offering to the amount determined by multiplying the Warrant Price
      in
      effect on such record date by a fraction:

    

    (i) the
      numerator of which shall be the aggregate of

     

    
      	 	
              (A)

            	
              the
                number of shares of Common Stock outstanding on the record date for
                the
                Rights Offering; and

            

      	 	 	 

      	 	(B)	the quotient determined by
              dividing

    

     

    
      	 	
              (I)

            	
              either
                (a) the product of the number of shares of Common Stock offered during
                the
                Rights Period pursuant to the Rights Offering and the price at which
                such
                shares of Common Stock are offered, or, (b) the product of the exchange
                or
                conversion price of the securities so offered and the number of shares
                of
                Common Stock for or into which the securities offered pursuant to
                the
                Rights Offering may be exchanged or converted, as the case may be,
                by

            

    

     

    
      	 	
              (II)

            	
              the
                Current Market Price of the Common Stock as of the record date for
                the
                Rights Offering; and

            

    

     

    
      	 	
              (ii)

            	
              the
                denominator of which shall be the aggregate of the number of shares
                of
                Common Stock outstanding on such record date and the number of shares
                of
                Common Stock offered pursuant to the Rights Offering (including in
                the
                case of the issue or distribution of securities exchangeable for
                or
                convertible into Common Stock the number of shares of Common Stock
                for or
                into which such securities may be exchanged or
                converted).

            

    

     

    If
      by the
      terms of the rights, options, or warrants referred to in this Subsection 2(c),
      there is more than one purchase, conversion or exchange price per share of
      Common Stock, the aggregate price of the total number of additional shares
      of
      Common Stock offered for subscription or purchase, or the aggregate conversion
      or exchange price of the convertible or exchangeable securities so offered,
      shall be calculated for purposes of the adjustment on the basis of each
      applicable purchase, conversion or exchange price per share of Common Stock,
      as
      the case may be. Any Common Stock owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      calculation. To the extent that any adjustment in the Warrant Price occurs
      pursuant to this Subsection 2(c) as a result of the fixing by the Company of
      a
      record date for the issue or distribution of rights, options or warrants
      referred to in this Subsection 2(c), the Warrant Price shall be readjusted
      immediately after the expiry of any relevant exchange, conversion or exercise
      right to the Warrant Price which would then be in effect based upon the number
      of shares of Common Stock actually issued and remaining issuable after such
      expiry and shall be further readjusted in such manner upon the expiry of any
      further such right.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (d) If
      at any
      time after December 28, 2006 and prior to 5:00 p.m. (Toronto time) on the
      Expiration Date, the Company shall fix a record date for the issue or
      distribution to the holders of all or substantially all of the Common Stock
      of:

     

    
      	 	(i)	shares of the Company of any class other than Common
              Stock;

      	 	 	 

      	 	
              (ii)

            	
              rights,
                options or warrants to acquire Common Stock or securities exchangeable
                for
                or convertible into Common Stock (other than rights, options or warrants
                pursuant to which holders of Common Stock are entitled, during a
                period
                expiring not more than 45 days after the record date for such issue,
                to
                subscribe for or purchase Common Stock at a price per share (or in
                the
                case of securities exchangeable for or convertible into Common Stock
                at an
                exchange or conversion price per share at the date of issue of such
                securities) of at least 95% of the Current Market Price of the Common
                Stock on such record date);

            

      	 	 	 

      	 	(iii)	evidences of indebtedness of the Company;
              or

    

     

    
      	 	
              (iv)

            	
              any
                property or assets of the Company (for greater certainty, excluding
                a cash
                dividend in the ordinary course);

            

    

     

    and
      if
      such issue or distribution does not constitute a Common Stock Reorganization
      or
      a Rights Offering (any of such non-excluded events being herein called a
      "Special
      Distribution"),
      the
      Warrant Price shall be adjusted effective immediately after the record date
      for
      the Special Distribution to the amount determined by multiplying the Warrant
      Price in effect on the record date for the Special Distribution by a
      fraction:

    
       

      
        	 	
                (A)

              	
                the
                  numerator of which shall be the difference
                  between

              

      

    

     

    
      	 	
              (I)

            	
              the
                product of the number of shares of Common Stock outstanding on such
                record
                date and the Current Market Price of the Common Stock on such record
                date,
                and

            

    

     

    
      	 	
              (II)

            	
              the
                fair value, as determined by the directors of the Company, to the
                holders
                of the Common Stock of the shares, rights, options, warrants, evidences
                of
                indebtedness or property or assets to be issued or distributed in
                the
                Special Distribution, and

            

    

     

    
      	 	
              (B)

            	
              the
                denominator of which shall be the product obtained by multiplying
                the
                number of shares of Common Stock outstanding on such record date
                by the
                Current Market Price of the Common Stock on such record
                date.

            

    

     

    Any
      Common Stock owned by or held for the account of the Company shall be deemed
      not
      to be outstanding for the purpose of such calculation. To the extent that any
      adjustment in the Warrant Price occurs pursuant to this Subsection 2(d) as
      a
      result of the fixing by the Company of a record date for the issue or
      distribution of rights, options or warrants to acquire Common Stock or
      securities exchangeable for or convertible into Common Stock referred to in
      this
      Subsection 2(d), the Warrant Price shall be readjusted immediately after the
      expiry of any relevant exercise, exchange or conversion right to the amount
      which would then be in effect if the fair market value had been determined
      on
      the basis of the number of shares of Common Stock issued and remaining issuable
      immediately after such expiry, and shall be further readjusted in such manner
      upon the expiry of any further such right.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e) If
      at any
      time after December 28, 2006 and prior to 5:00 p.m. (Toronto time) on the
      Expiration Date there is a capital reorganization of the Company or a
      reclassification or other change in the Common Stock (other than a Common Stock
      Reorganization) or a consolidation or merger or amalgamation of the Company
      with
      or into any other corporation or other entity (other than a consolidation,
      merger or amalgamation which does not result in any reclassification of the
      outstanding Common Stock or a change of the Common Stock into other securities),
      or a transfer of all or substantially all of the Company's undertaking and
      assets to another corporation or other entity in which the holders of Common
      Stock are entitled to receive shares, other securities or other property (any
      of
      such events being called a "Capital
      Reorganization"),
      after
      the effective date of the Capital Reorganization the Holder shall be entitled
      to
      receive, and shall accept, for the same aggregate consideration, upon exercise
      of the Warrants, in lieu of the number of shares of Common Stock to which the
      Holder was theretofore entitled upon the exercise of the Warrants, the kind
      and
      aggregate number of shares of Common Stock and other securities or property
      resulting from the Capital Reorganization which the Holder would have been
      entitled to receive as a result of the Capital Reorganization if, on the
      effective date thereof, the Holder has been the registered holder of the number
      of shares of Common Stock to which the Holder was theretofore entitled to
      purchase or receive upon the exercise of the Warrants. If necessary, as a result
      of any Capital Reorganization, appropriate adjustments shall be made in the
      application of the provisions of this Warrant Certificate with respect to the
      rights and interest thereafter of the Holder to the end that the provisions
      of
      this Warrant Certificate shall thereafter correspondingly be made applicable
      as
      nearly as may reasonably be possible in relation to any shares or other
      securities or property thereafter deliverable upon the exercise of this Warrant
      Certificate.

     

    (f) If
      at any
      time after December 28, 2006 and prior to 5:00 p.m. (Toronto time) on the
      Expiration Date, any of the events set out in Subsections 2(a), (b), (c), (d)
      or
      (e) shall occur and the occurrence of such event results in an adjustment of
      the
      Warrant Price pursuant to the provisions of this Section 2, then the number
      of
      shares of Common Stock purchasable pursuant to this Warrant shall be adjusted
      contemporaneously with the adjustment of the Warrant Price by multiplying the
      number of shares of Common Stock then otherwise purchasable on the exercise
      thereof by a fraction, the numerator of which shall be the Warrant Price in
      effect immediately prior to the adjustment and the denominator of which shall
      be
      the Warrant Price resulting from such adjustment.

     

    (g) If
      the
      Company takes any action affecting its Common Stock to which the foregoing
      provisions of this Section 2, in the opinion of the board of directors of the
      Company, acting in good faith, are not strictly applicable, or if strictly
      applicable would not fairly adjust the rights of the Holder against dilution
      in
      accordance with the intent and purposes hereof, or would otherwise materially
      affect the rights of the Holder hereunder, then the Company shall, subject
      to
      the approval of the TSX (or such other stock exchange or quotation system on
      which the Common Stock are then listed and posted (or quoted) for trading,
      as
      applicable), execute and deliver to the Holder an amendment hereto providing
      for
      an adjustment in the application of such provisions so as to adjust such rights
      as aforesaid in such manner as the board of directors of the Company may
      determine to be equitable in the circumstances, acting in good faith. The
      failure of the taking of action by the board of directors of the Company to
      so
      provide for any adjustment on or prior to the effective date of any action
      or
      occurrence giving rise to such state of facts will be conclusive evidence that
      the board of directors has determined that it is equitable to make no adjustment
      in the circumstances

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      3. Adjustment
      Rules.
      The
      following rules and procedures shall be applicable to the adjustments made
      pursuant to Section 2:

    

    
      	 	
              (a)

            	
              any
                Common Stock owned or held by or for the account of the Company shall
                be
                deemed not be to outstanding except that, for the purposes of Section
                2,
                any Common Stock owned by a pension plan or profit sharing plan for
                employees of the Company or any of its subsidiaries shall not be
                considered to be owned or held by or for the account of the
                Company;

            

    

     

    
      	 	
              (b)

            	
              no
                adjustment in the Warrant Price or
                the number of shares of Common Stock purchasable pursuant to this
                Warrant
                shall be required unless a change of at least 1% of the prevailing
                Warrant
                Price or
                the number of shares of Common Stock purchasable pursuant to this
                Warrant
                would result, provided, however, that any adjustment which, except
                for the
                provisions of this Section 3(b), would otherwise have been required
                to be
                made, shall be carried forward and taken into account in any subsequent
                adjustment;

            

    

     

    
      	 	
              (c)

            	
              the
                adjustments provided for in Section 2 are cumulative and shall apply
                to
                successive subdivisions, consolidations, dividends, distributions
                and
                other events resulting in any adjustment under the provisions of
                such
                Section;

            

    

     

    
      	 	
              (d)

            	
              in
                the absence of a resolution of the board of directors of the Company
                fixing a record date for any dividend or distribution referred to
                in
                Subsection 2(a)(iii) above, the Company shall be deemed to have fixed
                as
                the record date therefor the date on which such dividend or distribution
                is effected;

            

    

     

    
      	 	
              (e)

            	
              if
                the Company sets a record date to take any action and thereafter
                and
                before the taking of such action abandons its plan to take such action,
                then no adjustment to the Warrant Price will be required by reason
                of the
                setting of such record date;

            

    

     

    
      	 	
              (f)

            	
              as
                a condition precedent to the taking of any action which would require
                any
                adjustment to the Warrants evidenced hereby, including the Warrant
                Price,
                the Company must take any corporate action which may be necessary
                in order
                that the Company shall have unissued and reserved in its authorized
                capital and may validly and legally issue as fully paid and non-assessable
                all of the shares or other securities which the Holder is entitled
                to
                receive on the full exercise thereof in accordance with the provisions
                hereof;

            

    

     

    
      	 	
              (g)

            	
              forthwith,
                but no later than fourteen (14) days, after any adjustment to the
                Warrant
                Price or the number of shares of Common Stock purchasable pursuant
                to the
                Warrants, the Company shall provide to the Holder a notice as to
                the
                amount of such adjustment and, in reasonable detail, describing the
                event
                requiring and the manner of computing or determining such
                adjustment;

            

    

     

    
      	 	
              (h)

            	
              any
                question that at any time or from time to time arises with respect
                to the
                amount of any adjustment to the Warrant Price or other adjustment
                pursuant
                to Section 2 shall be conclusively determined by a firm of independent
                chartered accountants (who may be the Company's auditors) and shall
                be
                binding upon the Company and the
                Holder;

            

    

     

    
      	 	
              (i)

            	
              any
                adjustment to the Warrant Price under the terms of this Warrant
                Certificate shall be subject to the prior approval of the TSX (or
                such
                other stock exchange or quotation system on which the Common Stock
                are
                then listed and posted (or quoted) for trading, as
                applicable);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (j)

            	
              in
                case the Company, after the date of issue of this Warrant Certificate,
                takes any action affecting the Common Stock, other than an action
                described in Section 2, which in the opinion of the directors of
                the
                Company would materially affect the rights of the Holder, the Warrant
                Price will be adjusted in such manner, if any, and at such time,
                by action
                by the directors of the Company but subject in all cases to any necessary
                regulatory approval, including approval of the TSX (or such other
                stock
                exchange or quotation system on which the Common Stock are then listed
                and
                posted (or quoted) for trading, as applicable). Failure of the taking
                of
                action by the directors of the Company so as to provide for an adjustment
                on or prior to the effective date of any action by the Company affecting
                the Common Stock will be conclusive evidence that the board of directors
                of the Company has determined that it is equitable to make no adjustment
                in the circumstances; and

            

    

     

    
      	 	
              (k)

            	
              on
                the happening of each and every such event set out in Section 2,
                the
                applicable provisions of this Warrant Certificate, including the
                Warrant
                Price, shall, ipso
                facto,
                be deemed to be amended accordingly and the Company shall take all
                necessary action so as to comply with such provisions as so
                amended.

            

    

     

    Section
      4. Shares
      Reserved.  The
      Company covenants and agrees that until the Expiration Date, while any of the
      Warrants shall be outstanding, it shall reserve and there shall remain unissued
      out of its authorized capital a sufficient number of shares of Common Stock
      to
      satisfy the right of purchase herein provided, as such right of purchase may
      be
      adjusted pursuant to Sections 2 and 3 hereof. The Company further covenants
      and
      agrees that while any of the Warrants shall be outstanding, the Company shall
      (a) comply with the securities legislation applicable to it in order that the
      Company not be in default of any requirements of such legislation; (b) use
      its
      commercially reasonable efforts to do or cause to be done all things necessary
      to preserve and maintain its corporate existence; and (c) at its own expense
      expeditiously use its commercially reasonable best efforts to obtain the listing
      of such shares of Common Stock (subject to issue or notice of issue) on each
      stock exchange or over-the-counter market on which the Common Stock may be
      listed from time to time. All Common Stock which shall be issued upon the
      exercise of the right to purchase herein provided for, upon payment therefor
      of
      the amount at which such Common Stock may at the time be purchased pursuant
      to
      the provisions hereof, shall be issued as fully paid and non-assessable shares
      and the holders thereof shall not be liable to the Company or its creditors
      in
      respect thereof

    

    Section
      5. Lost,
      Stolen, Mutilated, or Destroyed Warrant.
      If this
      Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms
      as to indemnify the Company or otherwise as it may in its discretion reasonably
      impose (which shall, in the case of a mutilated Warrant, include the surrender
      thereof), issue a new Warrant of like denomination and tenor as the Warrant
      so
      lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute
      an
      original contractual obligation of the Company, whether or not the allegedly
      lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable
      by anyone.

    

    Section
      6. Transfer.
      The
      Warrants evidenced by this Warrant certificate may be transferred on the
      register kept at the offices of the Company by the registered Holder hereof
      or
      its legal representatives or its attorney duly appointed by completion of the
      instrument set out as Schedule "B" hereto, or any other written instrument
      satisfactory to the Company, and only upon compliance with such reasonable
      requirements as the Company may prescribe.

    

    Section
      7. Notices.
      All
      notices, requests and other communications required or permitted to be given
      or
      delivered hereunder shall be in writing, and shall be delivered, or shall be
      sent by certified or registered mail, postage prepaid and addressed, if to
      the
      Holder to such Holder at the address shown on the records of the Company or
      at
      such other address as shall have been furnished to the Company by notice from
      such Holder. All notices, requests and other communications required or
      permitted to be given or delivered hereunder shall be in writing, and shall
      be
      delivered, or shall be sent by certified or registered mail, postage prepaid
      and
      addressed to the Company at the offices of the Company at 55 York Street, Suite
      401, Toronto, Ontario M5J 1R7, or at such other address as shall have been
      furnished to the Holder by notice from the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    A
      notice
      so given by mail or so delivered will be deemed to have been given on the fifth
      Business Day after it has been mailed or on the day which it has been delivered,
      as the case may be. In determining under any provision hereof the date when
      notice of a meeting or other event must be given, the date of giving notice
      will
      be included and the date of the meeting or other event will be excluded.

    

    Section
      8. Meeting
      of Warrant holders.
      The
      registered holders of Warrants shall have the power from time to time by an
      extraordinary resolution (as hereinafter defined):

    

    
      	 	
              (a)

            	
              to
                sanction any modification, abrogation, alteration or compromise of
                the
                rights of the registered holders of Warrants against the Company
                which
                shall be agreed to by the Company;
                and/or

            

    

     

    
      	 	
              (b)

            	
              to
                assent to any modification of or change in or omission from the provisions
                contained herein or in any instrument ancillary or supplemental hereto
                which shall be agreed to by the Company;
                and/or

            

    

     

    
      	 	
              (c)

            	
              to
                restrain any registered holder of a Warrant from taking or instituting
                any
                suit or proceedings against the Company for the enforcement of any
                of the
                covenants on the part of the Company conferred upon the registered
                holders
                of Warrants by the terms of the
                Warrants.

            

    

     

    All
      Warrant holders shall be bound by any extraordinary resolution passed by the
      registered holders of the Warrants, whether assenting in writing or passed
      at a
      duly called meeting of the Warrant holders, and each registered holder of the
      Warrants shall be bound to give effect thereto accordingly. Any such
      extraordinary resolution shall, where applicable, be binding on the Company,
      which shall give effect thereto accordingly.

     

    The
      expression "extraordinary
      resolution"
      when
      used herein shall mean a resolution assented to in writing, in one or more
      counterparts, by the registered holders of Warrants holding not less than
      seventy-five (75%) of the aggregate number of Common Stock called for by all
      of
      the Warrants which are, at the applicable time, then issued and
      outstanding.

    

    Section
      9. Failure
      to Perform.
      If for
      any reason, other than as a result of a failure or default of the Holder, the
      Company is unable to issue and deliver the Common Stock or other securities
      as
      contemplated herein to the Holder upon the proper exercise by the Holder of
      the
      right to purchase any of the Common Stock purchasable upon exercise of the
      Warrants represented hereby, the Company may pay, at its option and in complete
      satisfaction of its obligations and the rights of the Holder hereunder, to
      the
      Holder, in cash, an amount equal to the difference between the Warrant Price
      and
      the Current Market Price of such Common Stock or other securities on the date
      of
      exercise by the Holder, and upon such payment the Company shall have no
      liability or other obligation to the Holder relating to or in respect of the
      Warrants or this Warrant Certificate.

    

    Section
      10. Binding
      Effect.
      This
      Warrant certificate and all of its provisions shall enure to the benefit of
      the
      Holder and its successors and shall be binding upon the Company and its
      successors and permitted assigns. 

    

    Section
      11. Governing
      Law.
      This
      Warrant certificate shall be governed by the laws of the Province of Ontario
      and
      the federal laws of Canada applicable herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      12. Corporate
      Obligations Rather Than Individual.
      Subject
      as hereinafter provided, all or any of the rights conferred upon the Holder
      by
      the terms of this Warrant certificate may be enforced by the Holder by
      appropriate legal proceedings. No recourse under or upon any obligation,
      covenant or agreement contained herein shall be had against any shareholder,
      officer or director of the Company either directly or through the Company,
      it
      being expressly agreed and declared that the obligations under this Warrant
      certificate are solely corporate obligations and that no personal liability
      whatever shall attach to or be incurred by the shareholders, officers or
      directors of the Company or any of them in respect thereof, any and all rights
      and claims against every such shareholder, officer or director being hereby
      expressly waived as a condition of and as a consideration for the issue of
      the
      Warrants. The foregoing shall, with respect to the officers and directors of
      the
      Company, be subject to rights of action for damages or rescission which the
      Holder may have pursuant to applicable securities laws.

    

    Section
      13. Legends.
      The
      certificates representing the Common Stock issued upon exercise hereof, shall
      bear such legends as determined to be applicable in the sole discretion of
      the
      Company. 

    

    Section
      14. Time.
      Time
      shall be of the essence of the Warrant Certificate. 

    

    IN
      WITNESS WHEREOF
      the
      Company has caused this Warrant certificate to be signed by its duly authorized
      officer as of the date written above.

    
      	 	 	 
	 	
              YUKON
                GOLD CORPORATION, INC.

            
	 
 	 
 	 
 
	
            	Per:  	
            
	 	
              

              Authorized
                Officer 

            
	 	
            

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      "A"

    ELECTION
      TO PURCHASE

    

    The
      undersigned Holder hereby irrevocably elects to exercise the within Warrant
      to
      purchase __________________________ Shares(*)
      of Common Stock issuable upon the exercise thereof and requests that
      certificates for such Shares be issued in his/her/its name and delivered to
      him/her/it at the following address:

     

      
        

      

       

    

    
      

    

    

    Date: _________________________

     

     

    
      

    

    Signature(s)
      (**)

    

    
      

    

    Print
      Name(s)

     

    Upon
      execution of this Exercise Form and delivery of this Warrant Certificate to
      the
      Company, the undersigned also presents a certified cheque or bank draft payable
      to the Company for an amount totalling $1.05 multiplied by the number of Shares
      indicated above on the Election to Purchase Form.

     

    Total
      amount tendered by the Holder: _________________________________

    

    * If
      the
      Warrant is to be exercised or transferred in its entirety, insert the word
      "All"
      before "Shares"; otherwise insert the number of shares then purchasable on
      the
      exercise thereof as to which transferred or exercised. If such Warrants shall
      not be transferred or exercised to purchase all shares purchasable upon exercise
      thereof, that a new Warrant to purchase the balance of such shares be issued
      in
      the name of, and delivered to, the Holder at the address stated
      above.

    

    **
      Signature(s) must conform exactly to the names(s) of the Holder as set forth
      on
      the first page of this Warrant.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      "B"

    ASSIGNMENT

    

    FOR
      VALUE RECEIVED, the
      undersigned hereby sells, assigns and transfers the within Warrant to the extent
      of _______________________
      Shares
      (*) purchasable upon exercise thereof to
      _________________________________________,
      whose
      address is ______________________________________________ and
      hereby irrevocably constitute and appoint
      ____________________________________________ his/her/its
      Attorney to transfer said Warrant on the book of the Company, with full power
      of
      substitution.

     

    The
      undersigned hereby certifies that the transfer of these securities is not being
      made to, and the offer of these securities was not made to, and the person
      named
      below is not, a person in the United States or a U.S. Person (as such terms
      are
      defined in Regulation S under the United States Securities Act of
      1933).

     

    Date: ______________________________

     

     

    
      
        

      

    

    Signature(s)
      (**)

     

    
      

    

    Print
      Name(s)

    

    * If
      the
      Warrant is transferred in its entirety, insert the word "All" before "Shares";
      otherwise insert the number of shares then purchasable on the exercise thereof
      as to which are being transferred. If such Warrants shall not be transferred
      or
      exercised to purchase all shares purchasable upon exercise thereof, that a
      new
      Warrant to purchase the balance of such shares be issued in the name of, and
      delivered to, the Holder at the address stated above.

    

    **
      Signature(s) must conform exactly to the names(s) of the Holder as set forth
      on
      the first page of this Warrant.

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