Document:

Exhibit
      4.3

     

    SECURITY
      AGREEMENT

    

    This
      SECURITY AGREEMENT, dated as of February 11, 2008 (this “Agreement”),
      is
      among
      Wits
      Basin Precious Minerals Inc., a Minnesota corporation (the
      “Company”),
      certain Subsidiaries of the Company
      (such
      subsidiaries,
      the
“Guarantors”
      and
      together with the Company,
      the
“Debtors”)
      and
      Platinum Long Term Growth V, LLC, a Delaware limited liability company (the
      “Secured
      Party”),
      the
      holder of the Company’s Senior Secured Note, issued on February 11, 2008 in the
      original principal amount of $1,020,000 (the “Note”),
      and
      its endorsees, transferees and assigns.

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      pursuant to the Note, the Secured Party has agreed to extend the loans to the
      Company evidenced by the Note;

    

    WHEREAS,
      pursuant to a certain Guarantee, dated as of the date hereof (the “Guarantee”),
      the
      Guarantors
      have
      jointly and severally agreed to guarantee and act as surety for payment of
      such
      Note; and

    

    WHEREAS,
      in order to induce the Secured Party to extend the loans evidenced by the Note,
      each Debtor has agreed to execute and deliver to the Secured Party this
      Agreement and to grant the Secured Party a security interest in certain property
      of such Debtor to secure the prompt payment, performance and discharge in full
      of all of the Company’s obligations under the Note and the Guarantors’
obligations under the Guarantee.

    

    NOW,
      THEREFORE, in consideration of the agreements herein contained and for other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereto hereby agree as follows:

    

    1.
       Certain
      Definitions.
      As used
      in this Agreement, the following terms shall have the meanings set forth in
      this
      Section 1. Terms used but not otherwise defined in this Agreement that are
      defined in Article 9 of the UCC (including the terms “account”, “chattel paper”,
“commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”,
“general intangibles”, “goods”, “instruments”, “inventory”, “investment
      property”, “letter-of-credit rights”, “proceeds”, “securities” and “supporting
      obligations”) shall have the respective meanings given such terms in Article 9
      of the UCC.

    

    (a)
       “Collateral”
means
      the collateral in which the Secured Party is granted a security interest by
      this
      Agreement and which shall include the following personal property of the
      Debtors, whether presently owned or existing or hereafter acquired or coming
      into existence, wherever situated, and all additions and accessions thereto
      and
      all substitutions and replacements thereof, and all proceeds, products and
      accounts thereof, including, without limitation, all proceeds from the sale
      or
      transfer of the Collateral and of insurance covering the same and of any tort
      claims in connection therewith,
      and all
      dividends, interest, cash, notes, securities, equity interest or other property
      at any time and from time to time acquired, receivable or otherwise distributed
      in respect of, or in exchange for, any or all of the Pledged Securities (as
      defined below):

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (i)
      All
      goods, including, without limitation, (A) all machinery, equipment, computers,
      motor vehicles, trucks, tanks, boats, ships, appliances, furniture, special
      and
      general tools, fixtures, test and quality control devices and other equipment
      of
      every kind and nature and wherever situated, together with all documents of
      title and documents representing the same, all additions and accessions thereto,
      replacements therefor, all parts therefor, and all substitutes for any of the
      foregoing and all other items used and useful in connection with any Debtor’s
      businesses and all improvements thereto; and (B) all inventory, including all
      materials, work in process and finished goods;

    

    (ii)
       All
      contract rights and other general intangibles, including, without limitation,
      all partnership interests, membership interests, stock or other securities,
      rights
      under any of the Organizational Documents, agreements related to the Pledged
      Securities, licenses,
      distribution and other agreements, computer software (whether “off-the-shelf”,
      licensed from any third party or developed by any Debtor), computer software
      development rights, leases, franchises, customer lists, quality control
      procedures, grants and rights, goodwill, trademarks, service marks, trade
      styles, trade names, patents, patent applications, copyrights, and income tax
      refunds; 

     

    (iii)
       All
      accounts, together with all instruments, all documents of title representing
      any
      of the foregoing, all rights in any merchandising, goods, equipment, motor
      vehicles and trucks which any of the same may represent, and all right, title,
      security and guaranties with respect to each account, including any right of
      stoppage in transit; 

    

    (iv)
       All
      documents, letter-of-credit rights, instruments and chattel paper;

    

    (v) All
      commercial tort claims;

    

    (vi) All
      deposit accounts and all cash (whether or not deposited in such deposit
      accounts);

    

    (vii) All
      investment property;

    

    (viii) All
      supporting obligations; 

    

    (ix) All
      files, records, books of account, business papers, and computer programs;
      and

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (x) the
      products and proceeds of all of the foregoing Collateral set forth in clauses
      (i)-(ix) above.

    

    Without
      limiting the generality of the foregoing, the “Collateral”
shall
      include, subject to the exclusions below, all investment property and general
      intangibles respecting ownership and/or other equity interests of Debtors in
      each wholly-owned, majority-owned or minority owned subsidiary (including Kwagga
      Gold (Barbados) Limited), including, without limitation, the shares of capital
      stock and the other equity interests listed on Schedule
      H
      hereto
      (as the same may be modified from time to time pursuant to the terms hereof),
      and any other shares of capital stock and/or other equity interests of any
      other
      direct or indirect subsidiary of any Debtor obtained in the future, and, in
      each
      case, all certificates representing such shares and/or equity interests and,
      in
      each case, all rights, options, warrants, stock, other securities and/or equity
      interests that may hereafter be received, receivable or distributed in respect
      of, or exchanged for, any of the foregoing and all rights arising under or
      in
      connection with the Pledged Securities, including, but not limited to, all
      dividends, interest and cash.

     

    Notwithstanding
      the foregoing, nothing herein shall be deemed to constitute an assignment of
      any
      asset which, in the event of an assignment, becomes void by operation of
      applicable law or the assignment of which is otherwise prohibited by applicable
      law (in each case to the extent that such applicable law is not overridden
      by
      Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law);
      provided, however, that to the extent permitted by applicable law, this
      Agreement shall create a valid security interest in such asset and, to the
      extent permitted by applicable law, this Agreement shall create a valid security
      interest in the proceeds of such asset.

    

    Notwithstanding
      the foregoing, the “Collateral”
shall
      not be deemed to include (i) any equity interest of the Debtors in China Global
      Mining Resources Ltd., a Hong Kong corporation, China Global Mining Resources
      Ltd., a British Virgin Islands corporation, Wits-China Acquisition Corp., or
      any
      other entity created by the Company or such entities after the date hereof
      (each, a “China
      Subsidiary”)
      to the
      extent all or substantially all of such entity’s assets are located in, or
      relate to, China and such assets are subject to a lien in favor of China Gold
      LLC (“China
      Gold”)
      pursuant to that certain Security Agreement dated June 19, 2007 by and between
      the Company and China Gold, the Amended and Restated Pledge Agreement dated
      as
      of February 7, 2008, or those certain Subsidiary Security Agreements by and
      between China Gold and any China Subsidiary, or any of the respective assets
      of
      such entities or the proceeds thereof, (ii) the portion of any equity interest
      of the Debtors in any Dividend Subsidiary (as defined in that certain Note
      and
      Warrant Purchase Agreement dated of even date herewith by and between the
      Company and Secured Party (the “Purchase
      Agreement”))
      to
      the extent such portion is distributed to the holders of the Company’s Common
      Stock pursuant to a Subsidiary Dividend (as defined in the Purchase Agreement)
      and (iii) the other assets identified in and defined as “Collateral” under the
      Security Agreement, dated as of June 19, 2007, between the Company and China
      Gold (without giving effect to any amendment to such Security Agreement), the
      Amended and Restated Pledge Agreement dated February 7, 2008 by and between
      the
      Company and China Gold, or those certain Subsidiary Security Agreements by
      and
      between China Gold and any China Subsidiary. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)
       “Intellectual
      Property”
means
      the collective reference to all rights, priorities and privileges relating
      to
      intellectual property, whether arising under United States, multinational or
      foreign laws or otherwise, including, without limitation, (i) all copyrights
      arising under the laws of the United States, any other country or any political
      subdivision thereof, whether registered or unregistered and whether published
      or
      unpublished, all registrations and recordings thereof, and all applications
      in
      connection therewith, including, without limitation, all registrations,
      recordings and applications in the United States Copyright Office, (ii) all
      letters patent of the United States, any other country or any political
      subdivision thereof, all reissues and extensions thereof, and all applications
      for letters patent of the United States or any other country and all divisions,
      continuations and continuations-in-part thereof, (iii) all trademarks, trade
      names, corporate names, company names, business names, fictitious business
      names, trade dress, service marks, logos, domain names and other source or
      business identifiers, and all goodwill associated therewith, now existing or
      hereafter adopted or acquired, all registrations and recordings thereof, and
      all
      applications in connection therewith, whether in the United States Patent and
      Trademark Office or in any similar office or agency of the United States, any
      State thereof or any other country or any political subdivision thereof, or
      otherwise, and all common law rights related thereto, (iv) all trade secrets
      arising under the laws of the United States, any other country or any political
      subdivision thereof, (v) all rights to obtain any reissues, renewals or
      extensions of the foregoing, (vi) all licenses for any of the foregoing, and
      (vii) all causes of action for infringement of the foregoing.

    

    (c) “Necessary
      Endorsement”
means
      undated stock powers endorsed in blank or other proper instruments of assignment
      duly executed and such other instruments or documents as the Secured Party
      may
      reasonably request.

    

    (d)
       “Obligations”
means
      all of the liabilities
      and obligations (primary, secondary, direct, contingent, sole, joint or several)
      due or to become due, or that are now or may be hereafter contracted or
      acquired, or owing to, of any Debtor to the Secured Party, including, without
      limitation, all
      obligations under this Agreement, the Purchase Agreement, the Note, the
      Guarantee, the Warrant issued by the Company to the Secured Party on the date
      hereof (the “Warrant”)
      and
      any other instruments, agreements or other documents executed and/or delivered
      in connection herewith or therewith, in each case, whether now or hereafter
      existing, voluntary or involuntary, direct or indirect, absolute or contingent,
      liquidated or unliquidated, whether or not jointly owed with others, and whether
      or not from time to time decreased or extinguished and later increased, created
      or incurred, and all or any portion of such obligations or liabilities that
      are
      paid, to the extent all or any part of such payment is avoided or recovered
      directly or indirectly from any of the Secured Party as a preference, fraudulent
      transfer or otherwise as such obligations may be amended, supplemented,
      converted, extended or modified from time to time. Without limiting the
      generality of the foregoing, the term “Obligations” shall include, without
      limitation: (i) principal of, and interest on the Note and the loans extended
      pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations
      and liabilities of the Debtors from time to time under or in connection with
      this Agreement, the Note, the Purchase Agreement, the Guarantee, the Warrant
      and
      any other instruments, agreements or other documents executed and/or delivered
      in connection herewith or therewith; and (iii) all amounts (including but not
      limited to post-petition interest) in respect of the foregoing that would be
      payable but for the fact that the obligations to pay such amounts are
      unenforceable or not allowable due to the existence of a bankruptcy,
      reorganization or similar proceeding involving any Debtor.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (e)
       “Organizational
      Documents”
means
      with respect to any Debtor, the documents by which such Debtor was organized
      (such as a certificate of incorporation, certificate of limited partnership
      or
      articles of organization, and including, without limitation, any certificates
      of
      designation for preferred stock or other forms of preferred equity) and which
      relate to the internal governance of such Debtor (such as bylaws, a partnership
      agreement or an operating, limited liability or members agreement).

    

    (f)
       “Pledged
      Securities”
shall
      have the meaning ascribed to such term in Section 4(i).

    

    (g) “UCC”
means
      the Uniform Commercial Code of the State of New York and or any other applicable
      law of any state or states which has jurisdiction with respect to all, or any
      portion of, the Collateral or this Agreement, from time to time. It is the
      intent of the parties that defined terms in the UCC should be construed in
      their
      broadest sense so that the term “Collateral” will be construed in its broadest
      sense. Accordingly if there are, from time to time, changes to defined terms
      in
      the UCC that broaden the definitions, they are incorporated herein and if
      existing definitions in the UCC are broader than the amended definitions, the
      existing ones shall be controlling. 

    

    2.
       Grant
      of Security Interest in Collateral.
      As an
      inducement for the Secured Party to extend the loans as evidenced by the Note
      and to secure the complete and timely payment, performance and discharge in
      full, as the case may be, of all of the Obligations, each Debtor hereby
      unconditionally and irrevocably pledges, grants and hypothecates to the Secured
      Party a security interest in and to, a lien upon and a right of set-off against
      all of their respective right, title and interest of whatsoever kind and nature
      in and to, the Collateral (a “Security
      Interest”
and
      collectively, the “Security
      Interests”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3. Delivery
      of Certain Collateral.
      Within
      ten (10) days of the execution of this Agreement, each Debtor shall deliver
      or
      cause to be delivered to the Secured Party (a) any and all certificates and
      other instruments representing or evidencing the Pledged Securities, and (b)
      any
      and all certificates and other instruments or documents representing any of
      the
      other Collateral, in each case, together with all Necessary Endorsements. The
      Debtors are, contemporaneously with the execution hereof, delivering to the
      Secured Party, or have previously delivered to the Secured Party, a true and
      correct copy of each Organizational Document governing any of the Pledged
      Securities.

    

     4.  Representations,
      Warranties, Covenants and Agreements of the Debtors.
      Except
      as set forth under the corresponding section of the disclosure schedules
      delivered to the Secured Party concurrently herewith (the “Disclosure
      Schedules”),
      which
      Disclosure Schedules shall be deemed a part hereof, each Debtor represents
      and
      warrants to, and covenants and agrees with, the Secured Party as
      follows:

    

    (a)
      Each
      Debtor has the requisite corporate, partnership, limited liability company
      or
      other power and authority to enter into this Agreement and otherwise to carry
      out its obligations hereunder. The execution, delivery and performance by each
      Debtor of this Agreement and the filings contemplated therein have been duly
      authorized by all necessary action on the part of such Debtor and no further
      action is required by such Debtor. This Agreement has been duly executed by
      each
      Debtor. This Agreement constitutes the legal, valid and binding obligation
      of
      each Debtor, enforceable against each Debtor in accordance with its terms except
      as such enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization and similar laws of general application relating to or affecting
      the rights and remedies of creditors and by general principles of
      equity.

    

    (b)
       The
      Debtors have no place of business or offices where their respective books of
      account and records are kept (other than temporarily at the offices of its
      attorneys or accountants) or places where Collateral is stored or located,
      except as set forth on Schedule
      A
      attached
      hereto. Except as specifically set forth on Schedule
      A,
      each
      Debtor is the record owner of the real property where such Collateral is
      located, and there exist no mortgages or other liens on any such real property
      except for Permitted Encumbrances (as defined in the Note). Except as disclosed
      on Schedule
      A,
      none of
      such Collateral is in the possession of any consignee, bailee, warehouseman,
      agent or processor.

    

    (c)
       Except
      for Permitted Encumbrances (as defined in the Note) and except as set forth
      on
Schedule
      B
      attached
      hereto, the Debtors are the sole owner of the Collateral, free and clear of
      any
      liens, security interests, encumbrances, rights or claims, and are fully
      authorized to grant the Security Interests. Except as set forth on Schedule
      B
      attached
      hereto, there is not on file in any governmental or regulatory authority, agency
      or recording office an effective financing statement, security agreement,
      license or transfer or any notice of any of the foregoing (other than those
      that
      will be filed in favor of the Secured Party pursuant to this Agreement) covering
      or affecting any of the Collateral. Except as set forth on Schedule B attached
      hereto and except pursuant to this Agreement, as long as this Agreement shall
      be
      in effect, the Debtors shall not execute and shall not knowingly permit to
      be on
      file in any such office or agency any other financing statement or other
      document or instrument (except to the extent filed or recorded in favor of
      the
      Secured Party pursuant to the terms of this Agreement).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (d)
       No
      written claim has been received that any Collateral or Debtor's use of any
      Collateral violates the rights of any third party. There has been no adverse
      decision to any Debtor's claim of ownership rights in or exclusive rights to
      use
      the Collateral in any jurisdiction or to any Debtor's right to keep and maintain
      such Collateral in full force and effect, and there is no proceeding involving
      said rights pending or, to the best knowledge of any Debtor, threatened before
      any court, judicial body, administrative or regulatory agency, arbitrator or
      other governmental authority.

    

    (e)
       Each
      Debtor shall at all times maintain its books of account and records relating
      to
      the Collateral at its principal place of business and its Collateral at the
      locations set forth on Schedule
      A
      attached
      hereto and may not relocate such books of account and records or tangible
      Collateral unless it delivers to the Secured Party at least 30 days prior to
      such relocation (i) written notice of such relocation and the new location
      thereof (which must be within the United States) and (ii) evidence that
      appropriate financing statements under the UCC and other necessary documents
      have been filed and recorded and other steps have been taken to perfect the
      Security Interests to create in favor of the Secured Party a valid, perfected
      and continuing perfected first priority lien in the Collateral.

    

    (f)
       This
      Agreement creates in favor of the Secured Party a valid, security interest
      in
      the Collateral, subject only to Permitted Encumbrances (as defined in the Note)
      securing the payment and performance of the Obligations. Upon Secured Party
      making the filings described in the immediately following paragraph, all
      security interests created hereunder in any Collateral which may be perfected
      by
      filing Uniform Commercial Code financing statements shall have been duly
      perfected. Except for the filing of the Uniform Commercial Code financing
      statements referred to in the immediately following paragraph, and
      the
      delivery of the certificates and other instruments provided in Section
      3,
      no
      action is necessary to create, perfect or protect the security interests created
      hereunder. Without limiting the generality of the foregoing, except for the
      filing of said financing statements, no consent of any third parties and no
      authorization, approval or other action by, and no notice to or filing with,
      any
      governmental authority or regulatory body is required for (i) the execution,
      delivery and performance of this Agreement, (ii) the creation or perfection
      of
      the Security Interests created hereunder in the Collateral or (iii) the
      enforcement of the rights of the Secured Party hereunder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (g)
       Each
      Debtor hereby authorizes the Secured Party to file one or more financing
      statements under the UCC, with respect to the Security Interests with the proper
      filing and recording agencies in any jurisdiction deemed proper by it, which
      UCC
      financing statement may describe the collateral as “All assets”. 

    

     (h)
       The
      execution, delivery and performance of this Agreement by the Debtors does not
      (i) violate any of the provisions of any Organizational Documents of any Debtor
      or any judgment, decree, order or award of any court, governmental body or
      arbitrator or any applicable law, rule or regulation applicable to any Debtor
      or
      (ii) conflict with, or constitute a default (or an event that with notice or
      lapse of time or both would become a default) under, or give to others any
      rights of termination, amendment, acceleration or cancellation (with or without
      notice, lapse of time or both) of, any agreement, credit facility, debt or
      other
      instrument (evidencing any Debtor's debt or otherwise) or other understanding
      to
      which any Debtor is a party or by which any property or asset of any Debtor
      is
      bound or affected. If any, all required consents (including, without limitation,
      from stockholders or creditors of any Debtor) necessary for any Debtor to enter
      into and perform its obligations hereunder have been obtained.

    

     (i)
       Except
      as
      excluded in Section 1(a) hereof, the capital stock and other equity interests
      listed on Schedule
      H
      hereto
      (the “Pledged
      Securities”)
      represent all of the capital stock and other equity interests of the Guarantors,
      and represent all capital stock and other equity interests owned, directly
      or
      indirectly, by the Company, other than the Dormant Subsidiaries (as defined
      below). All of the Pledged Securities are validly issued, fully paid and
      nonassessable, and the Company is the legal and beneficial owner of the Pledged
      Securities, free and clear of any lien, security interest or other encumbrance
      except for the security interests created by this Agreement and other Permitted
      Encumbrances (as defined in the Note).
      To the
      extent the Company owns capital stock or other equity interests in any
      Subsidiary that is not set forth on Schedule H hereto (such Subsidiaries, the
      “Dormant Subsidiaries”), such entity or entities shall be dissolved within 45
      days of the date hereof.

    

    (j)
       The
      ownership and other equity interests in partnerships and limited liability
      companies (if any)
      included
      in the Collateral
      (the
“Pledged
      Interests”)
      by
      their express terms do not provide that they are securities governed by Article
      8 of the UCC and are not held in a securities account or by any financial
      intermediary.

    

    (k)
       Except
      for Permitted Encumbrances (as defined in the Note), each Debtor shall at all
      times maintain the liens and Security Interests provided for hereunder as valid
      and perfected first priority liens and security interests in the Collateral
      in
      favor of the Secured Party until this Agreement and the Security Interest
      hereunder shall be terminated pursuant to Section 11 hereof. Each Debtor hereby
      agrees to defend the same against the claims of any and all persons and
      entities. Each Debtor shall safeguard and protect all Collateral for the account
      of the Secured Party. At the request of the Secured Party, each Debtor will
      sign
      and deliver to the Secured Party at any time or from time to time one or more
      financing statements pursuant to the UCC in form reasonably satisfactory to
      the
      Secured Party and will pay the cost of filing the same in all public offices
      wherever filing is, or is deemed by the Secured Party to be, necessary or
      desirable to effect the rights and obligations provided for herein. Without
      limiting the generality of the foregoing, each Debtor shall pay all fees, taxes
      and other amounts necessary to maintain the Collateral and the Security
      Interests hereunder, and each Debtor shall obtain and furnish to the Secured
      Party from time to time, upon demand, such releases and/or subordinations of
      claims and liens which may be required to maintain the priority of the Security
      Interests hereunder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (l)
       Except
      for Permitted Encumbrances (as defined in the Note), no Debtor will transfer,
      pledge, hypothecate, encumber, license, sell or otherwise dispose of any of
      the
      Collateral (except for non-exclusive licenses granted by a Debtor in its
      ordinary course of business and sales of inventory by a Debtor in its ordinary
      course of business) without the prior written consent of the
      Secured Party.

    

    (m) Each
      Debtor shall keep and preserve its equipment, inventory and other tangible
      Collateral in good condition, repair and order and shall not operate or locate
      any such Collateral (or cause to be operated or located) in any area excluded
      from insurance coverage.

    

    (n) Each
      Debtor shall maintain with financially sound and reputable insurers, insurance
      with respect to the Collateral, including Collateral hereafter acquired, against
      loss or damage of the kinds and in the amounts customarily insured against
      by
      entities of established reputation having similar properties similarly situated
      and in such amounts as are customarily carried under similar circumstances
      by
      other such entities and otherwise as is prudent for entities engaged in similar
      businesses but in any event sufficient to cover the full replacement cost
      thereof. Each Debtor shall cause each insurance policy issued in connection
      herewith to provide, and the insurer issuing such policy to certify to the
      Secured
      Party
      that (a)
      the Secured
      Party
      will be
      named as lender loss payee and additional insured under each such insurance
      policy; (b) if such insurance be proposed to be cancelled or materially changed
      for any reason whatsoever, such insurer will promptly notify the Secured
      Party
      and such
      cancellation or change shall not be effective as to the Secured
      Party
      for at
      least thirty (30) days after receipt by the Secured
      Party
      of such
      notice, unless the effect of such change is to extend or increase coverage
      under
      the policy; and (c) the Secured
      Party
      will
      have the right (but no obligation) at its election to remedy any default in
      the
      payment of premiums within thirty (30) days of notice from the insurer of such
      default. If no Event of Default (as defined in the Note) exists and if the
      proceeds arising out of any claim or series of related claims do not exceed
      $100,000, loss payments in each instance will be applied by the applicable
      Debtor to the repair and/or replacement of property with respect to which the
      loss was incurred to the extent reasonably feasible, and any loss payments
      or
      the balance thereof remaining, to the extent not so applied, shall be payable
      to
      the applicable Debtor, provided, however, that payments received by any Debtor
      after an Event of Default occurs and is continuing or in excess of $100,000
      for
      any occurrence or series of related occurrences shall be paid to the
Secured
      Party
      and, if
      received by such Debtor, shall be held in trust for the Secured Party and
      immediately paid over to the Secured
      Party
      unless
      otherwise directed in writing by the Secured
      Party.
      Copies
      of such policies or the related certificates, in each case, naming the
Secured
      Party
      as
      lender loss payee and additional insured shall be delivered to the Secured
      Party
      at least
      annually and at the time any new policy of insurance is issued.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (o)
       Each
      Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the
      Secured Party promptly, in sufficient detail, of any material adverse change
      in
      the Collateral, and of the occurrence of any event which would have a material
      adverse effect on the value of the Collateral or on the Secured Party’s security
      interest therein.

    

    (p)
       Each
      Debtor shall promptly execute and deliver to the Secured Party such further
      deeds, mortgages, assignments, security agreements, financing statements or
      other instruments, documents, certificates and assurances and take such further
      action as the Secured Party may from time to time request and may in its sole
      discretion deem necessary to perfect, protect or enforce the Secured Party’s
      security interest in the Collateral including, without limitation, if applicable
      and requested in writing by the Secured Party, the execution and delivery of
      a
      separate security agreement with respect to each Debtor’s Intellectual Property
      (“Intellectual
      Property Security Agreement”)
      in
      which the Secured Party have been granted a security interest hereunder,
      substantially in a form reasonably acceptable to the Secured Party, which
      Intellectual Property Security Agreement, other than as stated therein, shall
      be
      subject to all of the terms and conditions hereof. Without limiting the
      generality of the foregoing, Debtors shall cooperate with Secured Party to
      perfect the Secured Party’s security interests in (i) the Company’s rights in
      and to the Hunter Gold Mining Corporation assets in Colorado, (ii) the Company’s
      rights in the Vianey Mine Concession in the State of Guerrero, Mexico, and
      (iii)
      any other mining or mining related asset disclosed in the Company’s filings with
      the Securities and Exchange Commission and held by the Company on the date
      hereof, subject to the exclusions set forth in Section 1(a) hereof (each of
      (i)
      and (ii) above as described in the Company’s filings with the Securities and
      Exchange Commission). 

    

    (q)
       Each
      Debtor shall permit the Secured Party and its representatives and agents to
      inspect the Collateral during normal business hours and upon reasonable prior
      notice, and to make copies of records pertaining to the Collateral as may be
      reasonably requested by the Secured Party from time to time.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (r)
       Each
      Debtor shall take all steps reasonably necessary to diligently pursue and seek
      to preserve, enforce and collect any rights, claims, causes of action and
      accounts receivable in respect of the Collateral.

    

    (s)
       Each
      Debtor shall promptly notify the Secured Party in sufficient detail upon
      becoming aware of any attachment, garnishment, execution or other legal process
      levied against any Collateral and of any other information received by such
      Debtor that may materially affect the value of the Collateral, the Security
      Interest or the rights and remedies of the Secured Party hereunder.

    

    (t)
       All
      information heretofore, herein or hereafter supplied to the Secured Party by
      or
      on behalf of any Debtor with respect to the Collateral is accurate and complete
      in all material respects as of the date furnished.

    

    (u)
       The
      Debtors shall at all times preserve and keep in full force and effect their
      respective valid existence and good standing and any rights and franchises
      material to its business.

    

    (v)
       No
      Debtor
      will change its name, type of organization, jurisdiction of organization,
      organizational identification number (if it has one), legal or corporate
      structure, or identity, or add any new fictitious name unless it provides at
      least 30 days prior written notice to the Secured Party of such change and,
      at
      the time of such written notification, such Debtor provides any financing
      statements or fixture filings necessary to perfect and continue the perfection
      of the Security Interests granted and evidenced by this Agreement.

    

    (w) Except
      in
      the ordinary course of business and except for Permitted Encumbrances (as
      defined in the Note), no Debtor may consign any of its Inventory or sell any
      of
      its Inventory on bill and hold, sale or return, sale on approval, or other
      conditional terms of sale without the consent of the
      Secured Party, which shall not be unreasonably withheld.

    

    (x)
       No
      Debtor
      may relocate its chief executive office to a new location without providing
      30
      days prior written notification thereof to the Secured Party and so long as,
      at
      the time of such written notification, such Debtor provides any financing
      statements or fixture filings necessary to perfect and continue the perfection
      of the Security Interests granted and evidenced by this Agreement.

    

    (y) Each
      Debtor was organized and remains organized solely under the laws of the state
      set forth next to such Debtor’s name in Schedule
      D
      attached
      hereto, which Schedule
      D
      sets
      forth each Debtor’s organizational identification number or, if any Debtor does
      not have one, states that one does not exist.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (z) 
      (i) The
      actual name of each Debtor is the name set forth in Schedule
      D
      attached
      hereto; (ii) no Debtor has any trade names except as set forth on Schedule
      E
      attached
      hereto; (iii) no Debtor has used any name other than that stated in the preamble
      hereto or as set forth on Schedule
      E
      for the
      preceding five years; and (iv) no entity has merged into any Debtor or been
      acquired by any Debtor within the past five years except as set forth on
Schedule
      E.

    

    (aa) At
      any
      time and from time to time that any Collateral consists of instruments,
      certificated securities or other items that require or permit possession by
      the
      secured party to perfect the security interest created hereby, the applicable
      Debtor shall deliver such Collateral to the Secured Party.

    

    (bb)
       Each
      Debtor, in its capacity as issuer, hereby agrees to comply with any and all
      orders and instructions of Secured
      Party
      regarding the Pledged Interests consistent with the terms of this Agreement
      without the further consent of any Debtor as contemplated by Section 8-106
      (or
      any successor section) of the UCC. Further, each Debtor agrees that it shall
      not
      enter into a similar agreement (or one that would confer “control” within the
      meaning of Article 8 of the UCC) with any other person or entity.

     

    (cc) Each
      Debtor shall cause all tangible chattel paper constituting Collateral to be
      delivered to the Secured Party, or, if such delivery is not possible, then
      to
      cause such tangible chattel paper to contain a legend noting that it is subject
      to the security interest created by this Agreement. To the extent that any
      Collateral consists of electronic chattel paper, the applicable Debtor shall
      cause the underlying chattel paper to be “marked” within the meaning of Section
      9-105 of the UCC (or successor section thereto).

    

    (dd) If
      there
      is any investment property or deposit account included as Collateral that can
      be
      perfected by “control” through an account control agreement, the applicable
      Debtor shall cause such an account control agreement, in form and substance
      in
      each case satisfactory to the Secured Party, to be entered into and delivered
      to
      the Secured Party.

    

    (ee)
       To
      the
      extent that any Collateral consists of letter-of-credit rights, the applicable
      Debtor shall cause the issuer of each underlying letter of credit to consent
      to
      an assignment of the proceeds thereof to the Secured Party.

    

    (ff)
       To
      the
      extent that any Collateral is in the possession of any third party, the
      applicable Debtor shall join with the Secured Party in notifying such third
      party of the Secured Party’s security interest in such Collateral and shall
      obtain an acknowledgement and agreement from such third party with respect
      to
      the Collateral, in form and substance reasonably satisfactory to the Secured
      Party.

    

    (gg) If
      any
      Debtor shall at any time hold or acquire a commercial tort claim, such Debtor
      shall promptly notify the Secured Party in a writing signed by such Debtor
      of
      the particulars thereof and grant to the Secured Party in such writing a
      security interest therein and in the proceeds thereof, all upon the terms of
      this Agreement, with such writing to be in form and substance satisfactory
      to
      the Secured Party.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (hh) Each
      Debtor shall immediately provide written notice to the Secured Party of any
      and
      all accounts which arise out of contracts with any governmental authority and,
      to the extent necessary to perfect or continue the perfected status of the
      Security Interests in such accounts and proceeds thereof, shall execute and
      deliver to the Secured Party an assignment of claims for such accounts and
      cooperate with the Secured Party in taking any other steps required, in its
      judgment, under the Federal Assignment of Claims Act or any similar federal,
      state or local statute or rule to perfect or continue the perfected status
      of
      the Security Interests in such accounts and proceeds thereof.

    

    (ii) Each
      Debtor shall cause each subsidiary
      of such
      Debtor with operations or material operations (which, if in doubt, shall be
      in
      the sole determination of the Secured Party) to immediately become a party
      hereto (an “Additional
      Debtor”),
      by
      executing and delivering an Additional Debtor Joinder in substantially the
      form
      of Annex
      A
      attached
      hereto and comply with the provisions hereof applicable to the Debtors. As
      of
      the date hereof, the Company represents and warrants that none of its
      subsidiaries have any operations or material assets. Concurrent therewith,
      the
      Additional Debtor shall deliver replacement schedules for, or supplements to
      all
      other Schedules to (or referred to in) this Agreement, as applicable, which
      replacement schedules shall supersede, or supplements shall modify, the
      Schedules then in effect. The Additional Debtor shall also deliver such opinions
      of counsel, authorizing resolutions, good standing certificates, incumbency
      certificates, organizational documents, financing statements and other
      information and documentation as the Secured Party may reasonably request.
      Upon
      delivery of the foregoing to the Secured Party, the Additional Debtor shall
      be
      and become a party to this Agreement with the same rights and obligations as
      the
      Debtors, for all purposes hereof as fully and to the same extent as if it were
      an original signatory hereto and shall be deemed to have made the
      representations, warranties and covenants set forth herein as of the date of
      execution and delivery of such Additional Debtor Joinder, and all references
      herein to the “Debtors” shall be deemed to include each Additional
      Debtor.

    

    (jj)
       Each
      Debtor shall vote the Pledged Securities to comply with the covenants and
      agreements set forth herein and in the Note.

    

    (kk) Each
      Debtor shall register the pledge of the applicable Pledged Securities on the
      books of such Debtor. Each Debtor shall notify each issuer of Pledged Securities
      to register the pledge of the applicable Pledged Securities in the name of
      the
      Secured Party on the books of such issuer. Further, except with respect to
      certificated securities delivered to the Secured
      Party,
      the
      applicable Debtor shall deliver to Secured
      Party
      an
      acknowledgement of pledge (which, where appropriate, shall comply with the
      requirements of the relevant UCC with respect to perfection by registration)
      signed by the issuer of the applicable Pledged Securities, which acknowledgement
      shall confirm that: (a) it has registered the pledge on its books and records;
      and (b) at any time directed by Secured
      Party
      during
      the continuation of an Event of Default, such issuer will transfer the record
      ownership of such Pledged Securities into the name of any designee of
Secured
      Party,
      will
      take such steps as may be necessary to effect the transfer, and will comply
      with
      all other instructions of Secured
      Party
      regarding such Pledged Securities without the further consent of the applicable
      Debtor.
      The
      Debtor shall vote the Pledged Securities so as to comply with the covenants
      and
      agreements of the Debtor set forth in the Note and the Transaction Documents
      (as
      defined in the Purchase Agreement).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (ll)
      In
      the
      event that, upon an occurrence of an Event of Default, Secured
      Party
      shall
      sell all or any of the Pledged Securities to another party or parties (herein
      called the “Transferee”)
      or
      shall purchase or retain all or any of the Pledged Securities, each Debtor
      shall, to the extent applicable: (i) deliver to Secured
      Party
      or the
      Transferee, as the case may be, the articles of incorporation, bylaws, minute
      books, stock certificate books, corporate seals, deeds, leases, indentures,
      agreements, evidences of indebtedness, books of account, financial records
      and
      all other Organizational Documents and records of the Debtors and their direct
      and indirect subsidiaries; (ii) use its best efforts to obtain resignations
      of
      the persons then serving as officers and directors of the Debtors and their
      direct and indirect subsidiaries, if so requested; and (iii) use its best
      efforts to obtain any approvals that are required by any governmental or
      regulatory body in order to permit the sale of the Pledged Securities to the
      Transferee or the purchase or retention of the Pledged Securities by
Secured
      Party
      and
      allow the Transferee or Secured
      Party
      to
      continue the business of the Debtors and their direct and indirect
      subsidiaries.

     

    (mm) Without
      limiting the generality of the other obligations of the Debtors hereunder,
      each
      Debtor shall promptly give the Secured Party notice whenever it acquires
      (whether absolutely or by license) or creates any additional material
      Intellectual Property.

    

    (nn) Each
      Debtor will from time to time, at the joint and several expense of the Debtors,
      promptly execute and deliver all such further instruments and documents, and
      take all such further action as may be necessary or desirable, or as the Secured
      Party may reasonably request, in order to perfect and protect any security
      interest granted or purported to be granted hereby or to enable the Secured
      Party to exercise and enforce their rights and remedies hereunder and with
      respect to any Collateral or to otherwise carry out the purposes of this
      Agreement.

    

    (oo) Schedule
      F
      attached
      hereto lists all of the patents, patent applications, trademarks, trademark
      applications, registered copyrights, and domain names owned by any of the
      Debtors as of the date hereof. Schedule
      F
      lists
      all material licenses in favor of any Debtor for the use of any patents,
      trademarks, copyrights and domain names as of the date hereof. All material
      patents and trademarks of the Debtors have been duly recorded at the United
      States Patent and Trademark Office and all material copyrights of the Debtors
      have been duly recorded at the United States Copyright Office.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (pp) Except
      as
      set forth on Schedule
      G
      attached
      hereto, none of the account debtors or other persons or entities obligated
      on
      any of the Collateral is a governmental authority covered by the Federal
      Assignment of Claims Act or any similar federal, state or local statute or
      rule
      in respect of such Collateral.

    

    5. Effect
      of Pledge on Certain Rights. If
      any of
      the Collateral subject to this Agreement consists of nonvoting equity or
      ownership interests (regardless of class, designation, preference or rights)
      that may be converted into voting equity or ownership interests upon the
      occurrence of certain events (including, without limitation, upon the transfer
      of all or any of the other stock or assets of the issuer), it is agreed that
      the
      pledge of such equity or ownership interests pursuant to this Agreement or
      the
      enforcement of any of Secured
      Party’s
      rights
      hereunder shall not be deemed to be the type of event which would trigger such
      conversion rights notwithstanding any provisions in the Organizational Documents
      or agreements to which any Debtor is subject or to which any Debtor is
      party.

    

    6.
       Defaults.
      The
      following events shall be “Events
      of Default”:

    

    (a)
      The
      occurrence of an Event of Default (as defined in the Note) under the
      Note;

    

    (b)
      Any
      representation or warranty of any Debtor in this Agreement shall prove to have
      been incorrect in any material respect when made;

    

    (c)
      The
      failure by any Debtor to observe or perform any of its obligations hereunder
      for
      three (3) days after delivery to such Debtor of notice of such failure by or
      on
      behalf of a Secured Party unless such default is capable of cure but cannot
      be
      cured within such time frame and such Debtor is using best efforts to cure
      same
      in a timely fashion; or

    

    (d)
      If
      any provision of this Agreement shall at any time for any reason be declared
      to
      be null and void, or the validity or enforceability thereof shall be contested
      by any Debtor, or a proceeding shall be commenced by any Debtor, or by any
      governmental authority having jurisdiction over any Debtor, seeking to establish
      the invalidity or unenforceability thereof, or any Debtor shall deny that any
      Debtor has any liability or obligation purported to be created under this
      Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     7.  Duty
      To Hold In Trust.
      

    

    (a) Upon
      the
      occurrence of any Event of Default and at any time thereafter, each Debtor
      shall, upon receipt of any revenue, income,
      dividend, interest
      or other
      sums subject to the Security Interests, whether payable pursuant to the Note
      or
      otherwise, or of any check, draft, note, trade acceptance or other instrument
      evidencing an obligation to pay any such sum, hold the same in trust for the
      Secured Party and shall forthwith endorse and transfer any such sums or
      instruments, or both, to the Secured Party. 

    

    (b) If
      any
      Debtor shall become entitled to receive or shall receive any securities or
      other
      property (including, without limitation, shares of Pledged Securities or
      instruments representing Pledged Securities acquired after the date hereof,
      or
      any options, warrants, rights or other similar property or certificates
      representing a dividend, or any distribution in connection with any
      recapitalization, reclassification or increase or reduction of capital, or
      issued in connection with any reorganization of such Debtor or any of its direct
      or indirect subsidiaries) in respect of the Pledged Securities (whether as
      an
      addition to, in substitution of, or in exchange for, such Pledged Securities
      or
      otherwise), such Debtor agrees to (i) accept the same as the agent of the
      Secured Party; (ii) hold the same in trust on behalf of and for the benefit
      of
      the Secured Party; and (iii) to deliver any and all certificates or instruments
      evidencing the same to Secured
      Party
      on or
      before the close of business on the fifth business day following the receipt
      thereof by such Debtor, in the exact form received together with the Necessary
      Endorsements, to be held by Secured
      Party
      subject
      to the terms of this Agreement as Collateral.

    

     8.  Rights
      and Remedies Upon Default.
      

    

    (a) Upon
      the
      occurrence of any Event of Default and at any time thereafter, the Secured
      Party
      shall have the right to exercise all of the remedies conferred hereunder and
      under the Note, and the Secured Party shall have all the rights and remedies
      of
      a secured party under the UCC. Without limitation, the Secured Party shall
      have
      the following rights and powers:

    

    (i)
      The
      Secured Party shall have the right to take possession of the Collateral and,
      for
      that purpose, enter, with the aid and assistance of any person, any premises
      where the Collateral, or any part thereof, is or may be placed and remove the
      same, and each Debtor shall assemble the Collateral and make it available to
      the
      Secured Party at places which the Secured Party shall reasonably select, whether
      at such Debtor's premises or elsewhere, and make available to the Secured Party,
      without rent, all of such Debtor’s respective premises and facilities for the
      purpose of the Secured Party taking possession of, removing or putting the
      Collateral in saleable or disposable form.

    

    (ii) Upon
      notice to the Debtors by Secured
      Party,
      all
      rights of each Debtor to exercise the voting and other consensual rights which
      it would otherwise be entitled to exercise and all rights of each Debtor to
      receive the dividends and interest which it would otherwise be authorized to
      receive and retain, shall cease. Upon such notice, Secured
      Party
      shall
      have the right to receive any interest, cash dividends or other payments on
      the
      Collateral and, at the option of Secured
      Party,
      to
      exercise in the Secured
      Party’s
      discretion all voting rights pertaining thereto. Without limiting the generality
      of the foregoing, Secured
      Party
      shall
      have the right (but not the obligation) to exercise all rights with respect
      to
      the Collateral as it were the sole and absolute owner thereof, including,
      without limitation, to vote and/or to exchange, at its sole discretion, any
      or
      all of the Collateral in connection with a merger, reorganization,
      consolidation, recapitalization or other readjustment concerning or involving
      the Collateral or any Debtor or any of its direct or indirect
      subsidiaries.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (iii)
      The
      Secured Party shall have the right to operate the business of each Debtor using
      the Collateral and shall have the right to assign, sell, lease or otherwise
      dispose of and deliver all or any part of the Collateral, at public or private
      sale or otherwise, either with or without special conditions or stipulations,
      for cash or on credit or for future delivery, in such parcel or parcels and
      at
      such time or times and at such place or places, and upon such terms and
      conditions as the Secured Party may deem commercially reasonable, all without
      (except as shall be required by applicable statute and cannot be waived)
      advertisement or demand upon or notice to any Debtor or right of redemption
      of a
      Debtor, which are hereby expressly waived. Upon each such sale, lease,
      assignment or other transfer of Collateral, the Secured Party, may, unless
      prohibited by applicable law which cannot be waived, purchase all or any part
      of
      the Collateral being sold, free from and discharged of all trusts, claims,
      right
      of redemption and equities of any Debtor, which are hereby waived and
      released.

    

    (iv) The
      Secured Party shall have the right (but not the obligation) to notify any
      account debtors and any obligors under instruments or accounts to make payments
      directly to the Secured Party, and to enforce the Debtors’ rights against such
      account debtors and obligors.

    

    (v) The
      Secured Party, may (but is not obligated to) direct any financial intermediary
      or any other person or entity holding any investment property to transfer the
      same to the Secured Party, or its designee.

    

    (vi) The
      Secured Party may (but is not obligated to) transfer any or all Intellectual
      Property registered in the name of any Debtor at the United States Patent and
      Trademark Office and/or Copyright Office into the name of the Secured Party
      or
      any designee or any purchaser of any Collateral.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b) The
      Secured Party shall comply with any applicable law in connection with a
      disposition of Collateral and such compliance will not be considered adversely
      to affect the commercial reasonableness of any sale of the Collateral. The
      Secured Party may sell the Collateral without giving any warranties and may
      specifically disclaim such warranties. If the Secured Party sells any of the
      Collateral on credit, the Debtors will only be credited with payments actually
      made by the purchaser. In addition, each Debtor waives any and all rights that
      it may have to a judicial hearing in advance of the enforcement of any of the
      Secured Party’s rights and remedies hereunder, including, without limitation,
      its right following an Event of Default to take immediate possession of the
      Collateral and to exercise its rights and remedies with respect
      thereto.

     

    (c) For
      the
      purpose of enabling the Secured Party to further exercise rights and remedies
      under this Section 8 or elsewhere provided by agreement or applicable law,
      each
      Debtor hereby grants to the Secured Party, an irrevocable, nonexclusive license
      (exercisable without payment of royalty or other compensation to such Debtor)
      to
      use, license or sublicense following an Event of Default, any Intellectual
      Property now owned or hereafter acquired by such Debtor, and wherever the same
      may be located, and including in such license access to all media in which
      any
      of the licensed items may be recorded or stored and to all computer software
      and
      programs used for the compilation or printout thereof.

    

     9.  Applications
      of Proceeds.
      The
      proceeds of any such sale, lease or other disposition of the Collateral
      hereunder or from payments made on account of any insurance policy insuring
      any
      portion of the Collateral shall be applied first, to the expenses of retaking,
      holding, storing, processing and preparing for sale, selling, and the like
      (including, without limitation, any taxes, fees and other costs incurred in
      connection therewith) of the Collateral, to the reasonable attorneys’ fees and
      expenses incurred by the Secured Party in enforcing the Secured Party’s rights
      hereunder and in connection with collecting, storing and disposing of the
      Collateral, and then to satisfaction of the Obligations, and to the payment
      of
      any other amounts required by applicable law, after which the Secured Party
      shall pay to the applicable Debtor any surplus proceeds. If, upon the sale,
      license or other disposition of the Collateral, the proceeds thereof are
      insufficient to pay all amounts to which the Secured Party is legally entitled,
      the Debtors will be liable for the deficiency, together with interest thereon,
      at the rate of 20% per annum or the lesser amount permitted by applicable law
      (the “Default
      Rate”),
      and
      the reasonable fees of any attorneys employed by the Secured Party to collect
      such deficiency. To the extent permitted by applicable law, each Debtor waives
      all claims, damages and demands against the Secured Party arising out of the
      repossession, removal, retention or sale of the Collateral, unless due solely
      to
      the gross negligence or willful misconduct of the Secured Party as determined
      by
      a final judgment (not subject to further appeal) of a court of competent
      jurisdiction.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    10. Securities
      Law Provision.
      Each
      Debtor recognizes that Secured Party may be limited in its ability to effect
      a
      sale to the public of all or part of the Pledged Securities by reason of certain
      prohibitions in the Securities Act of 1933, as amended, or other federal or
      state securities laws (collectively, the “Securities
      Laws”),
      and
      may be compelled to resort to one or more sales to a restricted group of
      purchasers who may be required to agree to acquire the Pledged Securities for
      their own account, for investment and not with a view to the distribution or
      resale thereof. Each Debtor agrees that sales so made may be at prices and
      on
      terms less favorable than if the Pledged Securities were sold to the public,
      and
      that Secured Party has no obligation to delay the sale of any Pledged Securities
      for the period of time necessary to register the Pledged Securities for sale
      to
      the public under the Securities Laws. Each Debtor shall cooperate with Secured
      Party in its attempt to satisfy any requirements under the Securities Laws
      (including, without limitation, registration thereunder if requested by Secured
      Party) applicable to the sale of the Pledged Securities by Secured
      Party.

     

     11.  Costs
      and Expenses.
      Each
      Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses
      incurred in connection with any filing required hereunder, including without
      limitation, any financing statements pursuant to the UCC, continuation
      statements, partial releases and/or termination statements related thereto
      or
      any expenses of any searches reasonably required by the Secured Party. The
      Debtors shall also pay all other claims and charges which in the reasonable
      opinion of the Secured Party is reasonably likely to prejudice, imperil or
      otherwise affect the Collateral or the Security Interests therein. The Debtors
      will also, upon demand, pay to the Secured Party the amount of any and all
      reasonable expenses, including the reasonable fees and expenses of its counsel
      and of any experts and agents, which the Secured Party, may incur in connection
      with (i) the enforcement of this Agreement, (ii) the custody or preservation
      of,
      or the sale of, collection from, or other realization upon, any of the
      Collateral, or (iii) the exercise or enforcement of any of the rights of the
      Secured Party under the Note. Until so paid, any fees payable hereunder shall
      be
      added to the principal amount of the Note and shall bear interest at the Default
      Rate.

    

     12.  Responsibility
      for Collateral.
      The
      Debtors assume all liabilities and responsibility in connection with all
      Collateral, and the Obligations shall in no way be affected or diminished by
      reason of the loss, destruction, damage or theft of any of the Collateral or
      its
      unavailability for any reason. Without limiting the generality of the foregoing,
      (a) in no event shall the Secured Party (i) have any duty (either before or
      after an Event of Default) to collect any amounts in respect of the Collateral
      or to preserve any rights relating to the Collateral, or (ii) have any
      obligation to clean-up or otherwise prepare the Collateral for sale, and (b)
      each Debtor shall remain obligated and liable under each contract or agreement
      included in the Collateral to be observed or performed by such Debtor
      thereunder. The Secured Party shall not have any obligation or liability under
      any such contract or agreement by reason of or arising out of this Agreement
      or
      the receipt by the Secured Party of any payment relating to any of the
      Collateral, nor shall the Secured Party be obligated in any manner to perform
      any of the obligations of any Debtor under or pursuant to any such contract
      or
      agreement, to make inquiry as to the nature or sufficiency of any payment
      received by the Secured Party in respect of the Collateral or as to the
      sufficiency of any performance by any party under any such contract or
      agreement, to present or file any claim, to take any action to enforce any
      performance or to collect the payment of any amounts which may have been
      assigned to the Secured Party or to which the Secured Party may be entitled
      at
      any time or times.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    13.  Security
      Interests Absolute.
      All
      rights of the Secured Party and all obligations of the Debtors hereunder, shall
      be absolute and unconditional, irrespective of: (a) any lack of validity or
      enforceability of the Note or any agreement entered into in connection with
      the
      Note, or any portion hereof or thereof; (b) any change in the time, manner
      or
      place of payment or performance of, or in any other term of, all or any of
      the
      Obligations, or any other amendment or waiver of or any consent to any departure
      from the Note or any other agreement entered into in connection with the
      foregoing; (c) any exchange, release or nonperfection of any of the Collateral,
      or any release or amendment or waiver of or consent to departure from any other
      collateral for, or any guarantee, or any other security, for all or any of
      the
      Obligations; (d) any action by the Secured Party to obtain, adjust, settle
      and
      cancel in its sole discretion any insurance claims or matters made or arising
      in
      connection with the Collateral; or (e) any other circumstance which might
      otherwise constitute any legal or equitable defense available to a Debtor,
      or a
      discharge of all or any part of the Security Interests granted hereby. Until
      the
      Obligations shall have been paid and performed in full, the rights of the
      Secured Party shall continue even if the Obligations are barred for any reason,
      including, without limitation, the running of the statute of limitations or
      bankruptcy. Each Debtor expressly waives presentment, protest, notice of
      protest, demand, notice of nonpayment and demand for performance. In the event
      that at any time any transfer of any Collateral or any payment received by
      the
      Secured Party hereunder shall be deemed by final order of a court of competent
      jurisdiction to have been a voidable preference or fraudulent conveyance under
      the bankruptcy or insolvency laws of the United States, or shall be deemed
      to be
      otherwise due to any party other than the Secured Party, then, in any such
      event, each Debtor’s obligations hereunder shall survive cancellation of this
      Agreement, and shall not be discharged or satisfied by any prior payment thereof
      and/or cancellation of this Agreement, but shall remain a valid and binding
      obligation enforceable in accordance with the terms and provisions hereof.
      Each
      Debtor waives all right to require the Secured Party to proceed against any
      other person or entity
      or
to
      apply
      any Collateral which the Secured Party may hold at any time, or to marshal
      assets, or to pursue any other remedy. Each Debtor waives any defense arising
      by
      reason of the application of the statute of limitations to any obligation
      secured hereby.

    

     14.
       Term
      of Agreement; Release of Security.
      This
      Agreement and the Security Interests shall terminate on the date on which all
      payments under the Note have been indefeasibly paid in full and all other
      Obligations have been paid or discharged; provided, however, that all
      indemnities of the Debtors contained in this Agreement shall survive and remain
      operative and in full force and effect regardless of the termination of this
      Agreement. With respect to any Subsidiary Dividend, so long as the Note has
      not
      matured and remain unpaid or so long as the Secured Party has not accelerated
      the obligations of the Company under the Note, the Secured Party’s security
      interest in the assets of any Subsidiary or Dividend Subsidiary and the security
      interest in the portion of the equity interest in such Subsidiary or Dividend
      Subsidiary so distributed shall be released and discharged. With respect to
      any
      other dividend to the Company’s common stock holders of any equity interest in
      any Subsidiary, so long as the Note has not matured and remain unpaid or so
      long
      as the Secured Party has not accelerated the obligations of the Company under
      the Note, and upon the prior written consent of the Secured Party (not to be
      unreasonably withheld or delayed), the Secured Party’s security interest in the
      assets of such Subsidiary and the security interest in the portion of the equity
      interest in such Subsidiary so distributed shall be released and
      discharged.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    15.
       Power
      of Attorney; Further Assurances.

    

    (a)
       Each
      Debtor authorizes the Secured Party, and does hereby make, constitute and
      appoint the Secured Party and its officers, agents, successors or assigns with
      full power of substitution, as such Debtor’s true and lawful attorney-in-fact,
      with power, in the name of the Secured Party or such Debtor, to, after the
      occurrence and during the continuance of an Event of Default, (i) endorse any
      note, checks, drafts, money orders or other instruments of payment (including
      payments payable under or in respect of any policy of insurance) in respect
      of
      the Collateral that may come into possession of the Secured Party; (ii) to
      sign
      and endorse any financing statement pursuant to the UCC or any invoice, freight
      or express bill, bill of lading, storage or warehouse receipts, drafts against
      debtors, assignments, verifications and notices in connection with accounts,
      and
      other documents relating to the Collateral; (iii) to pay or discharge taxes,
      liens, security interests or other encumbrances at any time levied or placed
      on
      or threatened against the Collateral; (iv) to demand, collect, receipt for,
      compromise, settle and sue for monies due in respect of the Collateral; (v)
      to
      transfer any Intellectual Property or provide licenses respecting any
      Intellectual Property; and (vi) generally, at the option of the Secured Party,
      and at the expense of the Debtors, at any time, or from time to time, to execute
      and deliver any and all documents and instruments and to do all acts and things
      which the Secured Party deems necessary to protect, preserve and realize upon
      the Collateral and the Security Interests granted therein in order to effect
      the
      intent of this Agreement and the Note all as fully and effectually as the
      Debtors might or could do; and each Debtor hereby ratifies all that said
      attorney shall lawfully do or cause to be done by virtue hereof. This power
      of
      attorney is coupled with an interest and shall be irrevocable for the term
      of
      this Agreement and thereafter as long as any of the Obligations shall be
      outstanding. The
      designation set forth herein shall be deemed to amend and supersede any
      inconsistent provision in the Organizational Documents or other documents or
      agreements to which any Debtor is subject or to which any Debtor is a party.
      Without
      limiting the generality of the foregoing, after the occurrence and during the
      continuance of an Event of Default, each Secured Party is specifically
      authorized to execute and file any applications for or instruments of transfer
      and assignment of any patents, trademarks, copyrights or other Intellectual
      Property with the United States Patent and Trademark Office and the United
      States Copyright Office.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)
       On
      a
      continuing basis, each Debtor will make, execute, acknowledge, deliver, file
      and
      record, as the case may be, with the proper filing and recording agencies in
      any
      jurisdiction, including, without limitation, the jurisdictions indicated on
      Schedule
      C
      attached
      hereto, all such instruments, and take all such action as may reasonably be
      deemed necessary or advisable, or as reasonably requested by the Secured Party,
      to perfect the Security Interests granted hereunder and otherwise to carry
      out
      the intent and purposes of this Agreement, or for assuring and confirming to
      the
      Secured Party the grant or perfection of a perfected security interest in all
      the Collateral under the UCC.

    

    (c)
       Each
      Debtor hereby irrevocably appoints the Secured Party as such Debtor’s
      attorney-in-fact, with full authority in the place and stead of such Debtor
      and
      in the name of such Debtor, from time to time in the Secured Party’s discretion,
      to take any action and to execute any instrument which the Secured Party may
      deem necessary or advisable to accomplish the purposes of this Agreement,
      including the filing, in its sole discretion, of one or more financing or
      continuation statements and amendments thereto, relative to any of the
      Collateral without the signature of such Debtor where permitted by law, which
      financing statements may (but need not), describe the Collateral as “all assets”
or “all personal property” or words of like import, and ratifies all such
      actions taken by the Secured Party. This power of attorney is coupled with
      an
      interest and shall be irrevocable for the term of this Agreement and thereafter
      as long as any of the Obligations shall be outstanding.

    

     16.  Notices.
      Any
      demand upon or notice to the Debtors hereunder shall be effective when delivered
      by hand or when properly deposited in the mails postage prepaid, or sent by
      telex, answerback received, or electronic facsimile transmission, receipt
      acknowledged, or delivered to a telegraph company or overnight courier, in
      each
      case addressed to the Debtor at the address shown below. Any notice by the
      Debtors to the Secured Party shall be given as aforesaid, addressed to the
      Secured Party at the address shown below or such other address as the Secured
      Party may advise the Debtors in writing.

    

    Secured
      Party: 

    Platinum
      Long Term Growth V, LLC

    Carnegie
      Hall Tower

    152
      W.
      57th Street

    54th
      Floor

    New
      York,
      NY 10019

    Fax:
      _____________________

     

    Debtors: 

    c/o
      Wits
      Basin Precious Minerals Inc.

    80
      South
      Eighth Street, Suite 900

    Minneapolis,
      MN 55402

    Fax:
      (612) 395-5276

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

      17.  Other
      Security.
      To the
      extent that the Obligations are now or hereafter secured by property other
      than
      the Collateral or by the guarantee, endorsement or property of any other person,
      firm, corporation or other entity, then the Secured Party shall have the right,
      in its sole discretion, to pursue, relinquish, subordinate, modify or take
      any
      other action with respect thereto, without in any way modifying or affecting
      any
      of the Secured Party’s rights and remedies hereunder.

    

     18.  Miscellaneous.

    

    (a)
       No
      course
      of dealing between the Debtors and the Secured Party, nor any failure to
      exercise, nor any delay in exercising, on the part of the Secured Party, any
      right, power or privilege hereunder or under the Note shall operate as a waiver
      thereof; nor shall any single or partial exercise of any right, power or
      privilege hereunder or thereunder preclude any other or further exercise thereof
      or the exercise of any other right, power or privilege.

    

    (b)
       All
      of
      the rights and remedies of the Secured Party with respect to the Collateral,
      whether established hereby or by the Note or by any other agreements,
      instruments or documents or by law shall be cumulative and may be exercised
      singly or concurrently.

    

    (c)
       This
      Agreement,
      together with the exhibits and schedules hereto, contain the entire
      understanding of the parties with respect to the subject matter hereof and
      supersede all prior agreements and understandings, oral or written, with respect
      to such matters, which the parties acknowledge have been merged into this
      Agreement and the exhibits and schedules hereto.
      No
      provision of this Agreement may be waived, modified, supplemented or amended
      except in a written instrument signed, in the case of an amendment, by the
      Debtors and the Secured Party or, in the case of a waiver, by the party against
      whom enforcement of any such waived provision is sought. 

    

    (d)
       If
      any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their commercially reasonable
      efforts to find and employ an alternative means to achieve the same or
      substantially the same result as that contemplated by such term, provision,
      covenant or restriction. It is hereby stipulated and declared to be the
      intention of the parties that they would have executed the remaining terms,
      provisions, covenants and restrictions without including any of such that may
      be
      hereafter declared invalid, illegal, void or unenforceable.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (e)
       No
      waiver
      of any default with respect to any provision, condition or requirement of this
      Agreement shall be deemed to be a continuing waiver in the future or a waiver
      of
      any subsequent default or a waiver of any other provision, condition or
      requirement hereof, nor shall any delay or omission of any party to exercise
      any
      right hereunder in any manner impair the exercise of any such
      right.

    

    (f)
       This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns. The Company and the Guarantors may
      not
      assign this Agreement or any rights or obligations hereunder without the prior
      written consent of the Secured Party (other than by merger). The Secured Party
      may assign any or all of its rights under this Agreement to any Person to whom
      such Secured Party assigns or transfers any Securities, provided such transferee
      agrees in writing to be bound, with respect to the transferred Securities,
      by
      the provisions of this Agreement that apply to the “Secured Party.”

    

    (g)
       Each
      party shall take such further action and execute and deliver such further
      documents as may be necessary or appropriate in order to carry out the
      provisions and purposes of this Agreement.

    

    (h)
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each Debtor agrees that all proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement and the Note (whether brought against a party
      hereto or its respective affiliates, directors, officers, shareholders,
      partners, members, employees or agents) shall be commenced exclusively in the
      state and federal courts sitting in the City of New York, Borough of Manhattan.
      Each Debtor hereby irrevocably submits to the exclusive jurisdiction of the
      state and federal courts sitting in the City of New York, Borough of Manhattan
      for the adjudication of any dispute hereunder or in connection herewith or
      with
      any transaction contemplated hereby or discussed herein, and hereby irrevocably
      waives, and agrees not to assert in any proceeding, any claim that it is not
      personally subject to the jurisdiction of any such court, that such proceeding
      is improper. Each party hereto hereby irrevocably waives personal service of
      process and consents to process being served in any such proceeding by mailing
      a
      copy thereof via registered or certified mail or overnight delivery (with
      evidence of delivery) to such party at the address in effect for notices to
      it
      under this Agreement and agrees that such service shall constitute good and
      sufficient service of process and notice thereof. Nothing contained herein
      shall
      be deemed to limit in any way any right to serve process in any manner permitted
      by law. Each party hereto hereby irrevocably waives, to the fullest extent
      permitted by applicable law, any and all right to trial by jury in any legal
      proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby. If any party shall commence a proceeding to enforce any
      provisions of this Agreement, then the prevailing party in such proceeding
      shall
      be reimbursed by the other party for its reasonable attorney’s fees and other
      costs and expenses incurred with the investigation, preparation and prosecution
      of such proceeding.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (i)
       This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

    

    (j) All
      Debtors shall jointly and severally be liable for the obligations of each Debtor
      to the Secured Party hereunder.

    

    (k) Each
      Debtor shall indemnify, reimburse and hold harmless the Secured Party and its
      partners, members, shareholders, officers, directors, employees and agents
      (and
      any other persons with other titles that have similar functions) (collectively,
      “Indemnitees”)
      from
      and against any and all losses, claims, liabilities, damages, penalties, suits,
      costs and expenses, of any kind or nature, (including fees relating to the
      cost
      of investigating and defending any of the foregoing) imposed on, incurred by
      or
      asserted against such Indemnitee in any way related to or arising from or
      alleged to arise from this Agreement or the Collateral, except any such losses,
      claims, liabilities, damages, penalties, suits, costs and expenses which result
      from the gross negligence or willful misconduct of the Indemnitee as determined
      by a final, nonappealable decision of a court of competent jurisdiction. This
      indemnification provision is in addition to, and not in limitation of, any
      other
      indemnification provision in the Note, the Purchase Agreement (as such term
      is
      defined in the Note) or any other agreement, instrument or other document
      executed or delivered in connection herewith or therewith.

    

    (l) Nothing
      in this Agreement shall be construed to subject the Secured Party to liability
      as a partner in any Debtor or any if its direct or indirect subsidiaries that
      is
      a partnership or as a member in any Debtor or any of its direct or indirect
      subsidiaries that is a limited liability company, nor shall the Secured Party
      be
      deemed to have assumed any obligations under any partnership agreement or
      limited liability company agreement, as applicable, of any such Debtor or any
      if
      its direct or indirect subsidiaries or otherwise, unless and until the Secured
      Party exercises its right to be substituted for such Debtor as a partner or
      member, as applicable, pursuant hereto.

    

    (m)
       To
      the
      extent that the grant of the security interest in the Collateral and the
      enforcement of the terms hereof require the consent, approval or action of
      any
      partner or member, as applicable, of any Debtor or any direct or indirect
      subsidiary of any Debtor or compliance with any provisions of any of the
      Organizational Documents, the Debtors hereby grant such consent and approval
      and
      waive any such noncompliance with the terms of said documents.

    

    [SIGNATURE
      PAGES FOLLOW]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Security
      Agreement to be duly executed on the day and year first above
      written.

     

    
      	
              WITS
                BASIN PRECIOUS MINERALS INC. 

            
	 	 
	
              By:

            	
              /s/
                Mark D. Dacko

            
	 	
              Name:
                Mark D. Dacko

            
	 	
              Title:
                Chief Financial Officer

            
	 	 
	
              GREGORY
                GOLD PRODUCERS, INCORPORATED 

            
	 	 
	
              By:

            	
              /s/
                Mark D. Dacko

            
	 	
              Name:
                Mark D. Dacko

            
	 	
              Title:
                Chief Financial Officer

            
	 	 
	
              PLATINUM
                LONG TERM GROWTH V, LLC

            
	 	 
	
              By:

            	
              /s/
                Mark Nordlicht 

            
	 	
              Name:
                Mark Nordlicht

            
	 	
              Title:
                General Manager

            

    

     

    Signature
      Page

    to
      Security Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
      A

    to

    SECURITY

    AGREEMENT

    

    FORM
      OF ADDITIONAL DEBTOR JOINDER

    

    Security
      Agreement dated as of February 11, 2008 made by

    Wits
      Basin Precious Minerals Inc.

    and
      its
      subsidiaries party thereto from time to time, as Debtors

    to
      and in
      favor of

    the
      Secured Party identified therein (the “Security
      Agreement”)

    

    Reference
      is made to the Security Agreement as defined above; capitalized terms used
      herein and not otherwise defined herein shall have the meanings given to such
      terms in, or by reference in, the Security Agreement.

    

    The
      undersigned hereby agrees that upon delivery of this Additional Debtor Joinder
      to the Secured Party referred to above, the undersigned shall (a) be an
      Additional Debtor under the Security Agreement, (b) have all the rights and
      obligations of the Debtors under the Security Agreement as fully and to the
      same
      extent as if the undersigned was an original signatory thereto and (c) be deemed
      to have made the representations and warranties set forth therein as of the
      date
      of execution and delivery of this Additional Debtor Joinder. WITHOUT LIMITING
      THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE
      SECURED PARTY A SECURITY INTEREST IN THE COLLATERAL AS MORE FULLY SET FORTH
      IN
      THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL
      PROVISIONS SET FORTH THEREIN.

    

    Attached
      hereto are supplemental and/or replacement Schedules to the Security Agreement,
      as applicable.

    

    An
      executed copy of this Joinder shall be delivered to the Secured Party, and
      the
      Secured Party may rely on the matters set forth herein on or after the date
      hereof. This Joinder shall not be modified, amended or terminated without the
      prior written consent of the Secured Party.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the undersigned has caused this Joinder to be executed in
      the
      name and on behalf of the undersigned.

    

    
      	
              [Name
                of Additional Debtor]

            
	 
	
              By:

            
	 
	
              Name:

            
	
              Title:

            
	 
	
              Address:

            

    

     

    Dated:Exhibit
4.4

    
      ADDITIONAL
DEBTOR JOINDER

    

    

    Security
Agreement dated as of February 11, 2008 made by

    Wits
Basin Precious Minerals Inc.

    and its
subsidiaries party thereto from time to time, as Debtors

    to and in
favor of

    the
Secured Party identified therein (the “Security Agreement”)

    

    Reference is made to the Security
Agreement as defined above; capitalized terms used herein and not otherwise
defined herein shall have the meanings given to such terms in, or by reference
in, the Security Agreement.

    

    The undersigned, Hunter Bates Mining
Corporation, a Minnesota corporation, hereby agrees that upon delivery of this
Additional Debtor Joinder to the Secured Party referred to above, the
undersigned shall (a) be an Additional Debtor under the Security Agreement, (b)
have all the rights and obligations of the Debtors under the Security Agreement
as fully and to the same extent as if the undersigned was an original signatory
thereto and (c) be deemed to have made the representations and warranties set
forth therein as of the date of execution and delivery of this Additional
Debtor Joinder (as supplemented or replaced as referenced
below).  WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE
UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTY A SECURITY INTEREST IN THE
COLLATERAL AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES
AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH
THEREIN.

    

    Attached hereto are supplemental and/or
replacement Schedules to the Security Agreement, as applicable.

    

    An executed copy of this Joinder shall
be delivered to the Secured Party, and the Secured Party may rely on the matters
set forth herein on or after the date hereof.  This Joinder shall not
be modified, amended or terminated without the prior written consent of the
Secured Party.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
4.4

    

     

    IN WITNESS WHEREOF, the undersigned has
caused this Joinder to be executed in the name and on behalf of the
undersigned.

    

    
      
        
          
            
              	 
      	
                      HUNTER
      BATES MINING

                      CORPORATION

                    
	 
      	 
      	 
      
	 
      	
                      By:

                    	
                      /s/
      Mark D. Dacko

                    
	 	 	 
	 
      	
                      Name:

                    	
                      Mark
      D. Dacko

                    
	 
      	
                      Title:

                    	
                      Chief
      Financial Officer

                    
	 
      	 
      	 
      
	 
      	
                      Address:  

                    	
                      900
      IDS Center

                    
	 
      	 
      	
                      80
      South 8th Street

                    
	 
      	 
      	
                      Minneapolis,
      MN  55402-8773

                    

            

          

        

      

    

    

    
      Dated:  July
10, 2008

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