Document:

EXHIBIT 10.2

                            PROPERTY OPTION AGREEMENT

THIS AGREEMENT made effective as of November 26, 2010 (the "Effective Date").

BETWEEN:

     FIRST AMERICAN SILVER CORP., with an office at 10900 N. E. 4th Street,
     Suite 2300,
     Bellevue, Washington 98004
     (the "Optionee")
                                                               OF THE FIRST PART

AND:

     ALL AMERICAN  RESOURCES  LLC, with an address at 5695 Lausanne Drive,
     Reno, Nevada 89511
     (the "Optionor")
                                                              OF THE SECOND PART

WHEREAS:

A.  Pursuant to the terms  hereof,  the  Optionee  has the  exclusive  option to
acquire an undivided  100% right,  title and  interest in and to certain  mining
claims,  located in White Pine  County,  Nevada (the  "Property")  to consist of
patented mining claims totalling  approximately  68 acres currently  recorded in
the name of the Optionor with White Pine County, as more particularly  described
in Schedule A hereto,  subject only to the Royalty,  on the terms and conditions
hereinafter set forth;

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the sum of $1.00
now paid by the Optionee to the Optionor (the receipt and  sufficiency  of which
is hereby acknowledged),  the parties agree as follows:

1.  DEFINITIONS.  For the purposes of this  Agreement  the  following  words and
phrases shall have the following meanings, namely:

(a) "Commencement of Commercial Production" means:

     (i)  if a mill is located on the  Property,  the last day of a period of 40
          consecutive  days in  which,  for not  less  than 30  days,  the  mill
          processed  ore from the  Property  at 60% of its  rated  concentrating
          capacity; or

     (ii) if a mill is not located on the Property,  the last day of a period of
          30  consecutive  days  during  which  ore has  been  shipped  from the
          Property  on a  reasonably  regular  basis for the  purpose of earning
          revenues,

but any period of time  during  which ore or  concentrate  is  shipped  from the
Property for testing purposes, or during which milling operations are undertaken
as initial  tune-up,  shall not be taken into account in determining the date of
Commencement of Commercial Production;

(b)  "Option"  means the option to acquire an  undivided  100% right,  title and
     interest in and to the Property as provided in this Agreement;
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(c)  "Option  Period"  means the period from the date of this  Agreement  to and
     including the date of exercise or termination of the Option;

(d)  "Property" means the mining claims located in White Pine County,  Nevada as
     more  particularly  described in Schedule A,  including any  replacement or
     successor  claims,  and all  mineral  or mining  leases  and  other  mining
     interests  derived from any such claims.  The  Property  shall  include all
     unpatented  mining claims  located by Optionor or Optionee with the area of
     interest  described  in Section  18.  Any  reference  to any  mining  claim
     comprising  the  Property  includes  any mineral or mining  leases or other
     interests  by or into which such  mining  claim may have been  replaced  or
     converted;

(e)  "Property Rights" means all licenses,  permits,  easements,  rights-of-way,
     certificates  and other approvals  obtained by either of the parties either
     before  or  after  the  date  of  this  Agreement  and  necessary  for  the
     exploration  of the  Property,  or for the purpose of placing the  Property
     into production or continuing production therefrom;

(f)  "Royalty" means the mineral production royalty equal to two percent (2%) of
     the net smelter  returns,  as defined in Schedule B, payable to Optionor as
     prescribed in Section 9(a).

(g)  "Shares" means fully paid and  non-assessable  common shares in the capital
     of the  Optionee,  issued  pursuant to  exemptions  from  registration  and
     prospectus  requirements  contained in the United States  Securities Act of
     1933 and the rules and  regulations  promulgated  thereunder,  which Shares
     shall contain such restrictive legends regarding applicable hold periods as
     required by such securities laws.

(h)  For the purposes of this Agreement,  except as otherwise expressly provided
     or unless the context otherwise requires:

     (i)  "this Agreement" means this Property Option Agreement and all attached
          Schedules;

     (ii) any reference in this Agreement to a designated "Section", "Schedule",
          "paragraph" or other  subdivision  refers to the  designated  section,
          schedule, paragraph or other subdivision of this Agreement;

     (iii)the words "herein" and  "hereunder"  and other words of similar import
          refer to this Agreement as a whole and not to any  particular  Section
          or other subdivision of this Agreement;

     (iv) any reference to a statute  includes and, unless  otherwise  specified
          herein,  is a reference  to such statute and to the  regulations  made
          pursuant  thereto,  with all amendments made thereto and in force from
          time to time,  and to any  statute or  regulations  that may be passed
          which has the effect of  supplementing  or superseding such statute or
          such regulation;

     (v)  any reference to "party" or "parties" means the Optionor, the Optionee
          or both, as the context requires;  (vi) the headings in this Agreement
          are  for   convenience  of  reference  only  and  do  not  affect  the
          interpretation of this Agreement; and

     (vii) all references to currency refer to United States dollars.

(i)  The  following are the Schedules to this  Agreement,  and are  incorporated
     into this Agreement by reference:

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     Schedule A: Property-Legal Description and Location

     Schedule B: Definition of Net Smelter Returns

2. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONOR.

(a)  The Optionor  represents  and warrants to and covenants  with the Optionee,
     with the knowledge that the Optionee relies upon same in entering into this
     Agreement, that:

     (i)  no proceedings are pending for, and it is unaware of any basis for the
          institution of any proceedings  leading to, its dissolution or winding
          up or being placed into bankruptcy;

     (ii) it has all  requisite  power and  capacity,  and has duly obtained all
          requisite  authorizations  and performed all requisite  acts, to enter
          into and perform its obligations  hereunder,  it has duly executed and
          delivered  this  Agreement  and such  constitutes  a legal,  valid and
          binding obligation of it enforceable against it in accordance with the
          Agreement's  terms,  and the entering  into of this  Agreement and the
          performance of its obligations  hereunder does not and will not result
          in a breach of,  default  under or conflict  with any of the terms and
          provisions of any of its  constituting  documents,  any resolutions of
          its partners, any indenture, agreement or other instrument to which it
          is a party or by which it is bound or the Property may be subject,  or
          any statute,  order,  judgment or other law or ruling of any competent
          authority;

     (iii)subject to the  paramount  title of the United  States,  it is legally
          entitled to hold the Property and the Property  Rights and will remain
          so entitled  until and always to the extent  such is required  for the
          due transfer to the Optionee of its  requisite  interest in and to the
          Property pursuant to and upon the exercise of the Option;

     (iv) it is, and at the time of each transfer to the Optionee of an interest
          in and to the Property pursuant to and upon the exercise of the Option
          it will be, the beneficial  owner of all right,  title and interest in
          and to  such  transferred  interest,  free  and  clear  of all  liens,
          charges,  claims,  liabilities and adverse  interests of any nature or
          kind,  and no taxes or  rentals  are or will be due in  respect of the
          Property;

     (v)  the mining  claims  comprising  the Property  have been, to Optionor's
          best knowledge and belief after due inquiry, duly and validly located,
          granted,  entered into and recorded,  as the case may be,  pursuant to
          the laws of the jurisdiction in which the Property is situated and are
          in each case in good  standing  with respect to all  filings,  federal
          annual  mining claims  maintenance  fees and notices of intent to hold
          recordings  and  other   obligations   and  conditions   required  for
          maintenance of the Property for the period to and including August 31,
          2011,  except  the  payment of the Nevada  mining  claim fees  payable
          pursuant  to NRS 517.187 in the amount of $85 per claim for a total of
          $1,540 which is due and payable on or before June 1, 2011;

     (vi) there are neither any adverse claims or challenges  against, or to the
          ownership  or  title  to,  any of the  mining  claims  comprising  the
          Property or to the  validity or  enforceability  of any of the mineral
          agreements  in respect  thereof,  nor to the knowledge of the Optionor
          after  due  inquiry  is there  any  basis  therefor,  and there are no
          outstanding  agreements,  options  or other  rights and  interests  to
          acquire  or  purchase  the  Property  or any  portion  thereof  or any
          interest  therein,  and no person has any  royalty  or other  interest
          whatsoever in the production from any of the mining claims  comprising
          the Property or otherwise;  or Optionor  makes no  representations  or

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          warranties  concerning the discovery of valuable  minerals  within the
          boundaries of the mining claims which comprise the Property.

(b)  The representations  and warranties  contained in this section are provided
     for the exclusive benefit of the Optionee,  and a breach of any one or more
     thereof  may be  waived  by the  Optionee  in  whole or in part at any time
     without  prejudice to its rights in respect of any other breach of the same
     or any  other  representation  or  warranty,  and the  representations  and
     warranties  contained  in this  section  shall  survive the  execution  and
     performance of this Agreement and of any transfers,  assignments,  deeds or
     further documents or acts of the parties respecting the Property.

3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONEE.

(a)  The Optionee  represents  and warrants to and covenants  with the Optionor,
     with the knowledge that the Optionor relies upon same in entering into this
     Agreement, that:

     (i)  it has been duly  incorporated,  amalgamated  or continued and validly
          exists as a corporation in good standing with respect to the filing of
          annual reports under the laws of its  jurisdiction  of  incorporation,
          amalgamation or continuation;

     (ii) no proceedings are pending for, and it is unaware of any basis for the
          institution of any proceedings  leading to, its dissolution or winding
          up or being  placed  into  bankruptcy  or  subject  to any other  laws
          governing the affairs of insolvent corporations;

     (iii)it has all  requisite  corporate  power  and  capacity,  and has  duly
          obtained all  requisite  corporate  authorizations  and  performed all
          requisite  corporate  acts, to enter into and perform its  obligations
          hereunder,  it has duly executed and delivered this Agreement and such
          constitutes a legal,  valid and binding  obligation of it  enforceable
          against it in accordance with the Agreement's  terms, and the entering
          into  of  this  Agreement  and  the  performance  of  its  obligations
          hereunder  does not and will not result in a breach of,  default under
          or  conflict  with  any  of the  terms  and  provisions  of any of its
          constituting  documents,   any  resolutions  of  its  shareholders  or
          directors, any indenture, agreement or other instrument to which it is
          a party or by which it is bound or the Property may be subject, or any
          statute,  order,  judgment  or other law or  ruling  of any  competent
          authority applicable to it; and

     (iv) it is  lawfully  authorized  to hold mining  claims and real  property
          under the laws of the jurisdiction in which the Property is situate.

(b)  The representations  and warranties  contained in this section are provided
     for the exclusive benefit of the Optionor,  and a breach of any one or more
     thereof  may be  waived  by the  Optionor  in  whole or in part at any time
     without  prejudice to its rights in respect of any other breach of the same
     or any  other  representation  or  warranty,  and the  representations  and
     warranties contained in this section shall survive the execution hereof.

4. GRANT AND EXERCISE OF OPTION.

(a)  The Optionor hereby grants to the Optionee the sole and exclusive right and
     option to acquire up to an undivided 100% right,  title and interest in and
     to the  Property,  free and  clear of all  charges,  encumbrances,  claims,
     liabilities  and adverse  interests  of any nature or kind,  except for the
     Royalty.

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(b)  The Option  shall be in good  standing and  exercisable  by the Optionee in
     regard to the  Property  by paying the  following  amounts on or before the
     dates specified in the following schedule for the Property:

     (i)  paying the Optionor $10,000 within three (3) business days of the date
          of this  Agreement,  issuing  to the  Optionor  100,000  Shares in the
          capital stock of the Optionee;

     (ii) on  or  before  the  second  anniversary  of  the  execution  of  this
          Agreement,  issuing to the Optionor 25,000 Shares in the capital stock
          of the Optionee;

     (iii)on  or  before  the  third   anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $10,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (iv) on or before the third anniversary of the execution of this Agreement,
          paying to the  Optionor  $10,000  and issuing to the  Optionor  25,000
          Shares in the capital stock of the Optionee;

     (v)  on  or  before  the  fourth  anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $10,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (vi) on or before the fifth anniversary of the execution of this Agreement,
          paying to the  Optionor  $10,000  and issuing to the  Optionor  25,000
          Shares in the capital stock of the Optionee;

     (vii)on  or  before  the  sixth   anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $20,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (viii) on or  before  the  seventh  anniversary  of the  execution  of this
          Agreement,  paying to the Optionor $30,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (ix) on  or  before  the  eighth  anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $40,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (x)  on or before the ninth anniversary of the execution of this Agreement,
          paying to the  Optionor  $50,000  and issuing to the  Optionor  25,000
          Shares in the capital stock of the Optionee;

     (xi) on or before the tenth anniversary of the execution of this Agreement,
          in addition to the payments  described in (i) to (x) above,  paying to
          the Optionor $1,000,000, in which case the Optionor shall retain a two
          percent (2%) Royalty OR, paying to the Optionor  $2,000,000,  in which
          case the Optionor shall retain a one percent (1%) Royalty; and

     (xii)paying all  Property  maintenance  fees and  performing  all  property
          maintenance obligations as they become due.

(c)  The  Optionor  acknowledges  and agrees  that the Shares  will be issued in
     accordance with all applicable  securities laws and will be subject to hold
     periods and restrictions on resale in accordance with applicable securities

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     laws and it is the Optionor's  responsibility  to determine what those hold
     periods and restrictions  are before selling or otherwise  transferring any
     Shares.

5. TRANSFER OF PROPERTY.

(a)  On  Optionee's  exercise  of the Option and  payment of all of the cash and
     share  payments  prescribed in Section 4, the Optionor shall deliver to the
     Optionee a duly executed deed with reservation of the Royalty  transferring
     to the Optionee all of Optionor's  right,  title and interest in and to the
     Property,  except for and subject to the Reserved  Royalty.  The deed shall
     contain such covenants, conditions and terms as are customarily included in
     deeds of unpatented mining claims with  reservations of mineral  production
     royalties.

(b)  The  Optionee  shall file the deed with the Bureau of Land  Management  and
     shall  record  the  deed  in the  Office  of  the  County  Recorder  at the
     Optionee's  sole  cost in order to place  Optionor's  transfer  of title to
     Optionee of record.

6. RIGHT OF ENTRY. Throughout the Option Period, the Optionee and its directors,
officers,  employees,  servants, agents and independent contractors,  shall have
the sole and exclusive right in respect of the Property to:

(a)  enter thereon;

(b)  have exclusive and quiet possession thereof;

(c)  do such prospecting, exploration, development and other mining work thereon
     and  thereunder  as the  Optionee  in its  sole  discretion  may  determine
     advisable;

(d)  bring upon and erect upon the Property such buildings, plant, machinery and
     equipment as the Optionee may deem advisable; and

(e)  remove therefrom and dispose of reasonable quantities of ores, minerals and
     metals for the purposes of obtaining assays or making other tests.

7.  OBLIGATIONS OF THE OPTIONEE DURING OPTION PERIOD.  During the Option Period,
the Optionee shall:

(a)  maintain in good standing the mining claims which  comprise the Property by
     the doing and filing of  assessment  work or the making of payments in lieu
     thereof,  by payment of the federal annual mining claim  maintenance  fees,
     Nevada mining claim fees and all other fees, taxes and rentals required for
     maintenance of the Property, and the performance of all other actions which
     may be  necessary  in that regard and in order to keep such  mining  claims
     free and clear of all liens and other charges  arising from the  Optionee's
     activities  thereon except those at the time contested in good faith by the
     Optionee;  the Optionee shall pay such amounts and perform such obligations
     not less than sixty (60) days in advance of the  applicable  regulatory  or
     statutory deadline and shall deliver to the Optionor evidence of Optionee's
     performance of such  obligations  not less than thirty (30) days before the
     applicable regulatory or statutory deadline;

(b)  duly  record  all  exploration  work  carried  out on the  Property  by the
     Optionee as assessment  work;

(c)  following  commencement  of  exploration  activities,  provide the Optionor
     quarterly  reports on all  exploration and drilling work carried out on the
     Property and regularly transfer exploration data;

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(d)  permit the partners,  employees and designated consultants of the Optionor,
     at their own risk and  expense,  access to the  Property at all  reasonable
     times,  and the Optionor  agrees to indemnify  the Optionee  against and to
     save it harmless from all costs, claims,  liabilities and expenses that the
     Optionee  may incur or suffer as a result of any injury  (including  injury
     causing  death) to any partner,  employee or  designated  consultant of the
     Optionor while on the Property;

(e)  do all  work on the  Property  in a good  and  workmanlike  fashion  and in
     accordance with all applicable laws, regulations,  orders and ordinances of
     any governmental authority;

(f)  defend,  indemnify and save the Optionor harmless in respect of any and all
     costs,  claims,  liabilities  and  expenses  arising out of the  Optionee's
     activities  on the  Property,  but the Optionee  shall incur no  obligation
     hereunder in respect of any such costs,  claims.  liabilities  and expenses
     arising  or  damages  suffered  after  termination  of the  Option  if upon
     termination of the Option any workings on or  improvements  to the Property
     made by the Optionee are left in a safe  condition  and in full  compliance
     with requirements of all environmental laws and regulations;

(g)  permit the Optionor,  at its own expense,  reasonable access to the results
     of the work done on the Property during the last completed calendar year;

(h)  deliver to the  Optionor,  forthwith  upon receipt  thereof,  copies of all
     reports,  maps,  assay  results  and other  technical  data  compiled by or
     prepared at the direction of the Optionee with respect to the Property; and

(i)  maintain  an all risk  casualty  life and  property  insurance  policy with
     coverage  in an  amount  not less  than  $1,000,000  which  identifies  the
     Optionor as an  additional  or named  insured and deliver to the Optionor a
     copy of the certificate of the insurance policy.

The Optionor  acknowledges  and agrees that all technical and other  information
concerning the Property  provided by the Optionee to it, directly or indirectly,
shall be treated as confidential information, and it shall not copy, transmit or
otherwise  disclose,  disseminate  or use such  information,  including  but not
limited  to  use in  violation  of  insider  trading  and  other  provisions  of
applicable securities laws, to any person other than the Optionor's professional
advisors and persons with whom  Optionor may  negotiate  the sale of  Optionor's
interest in the  Property or under this  Agreement,  provided  that such persons
with whom the Optionor  negotiates  execute and deliver an agreement to maintain
confidentiality  of such  information  consistent  with the  provisions  of this
Agreement.

8. TERMINATION OF OPTION.

(a)  In regards to any particular Property, the Option shall terminate:

     (i)  subject to paragraph 16 hereof,  upon the Optionee failing to make any
          payment or issuance of Shares which must be made or issued in exercise
          of the Option;

     (ii) subject to paragraph 16 hereof,  upon the Optionee failing to remedy a
          default as provided therein; or

     (iii)at any other  time,  by the  Optionee  giving a minimum  of sixty (60)
          days notice of such termination to the Optionor. In the event that the
          Optionee  provides  such  notice  less than sixty (60) days before the
          applicable  regulatory or statutory deadline for payment of any amount
          or  performance of any  obligation  for mining claim  maintenance  and
          mining claim fees,  file and record proof of such payments and perform
          all  such  obligations  not less  than  sixty  (60)  days  before  the
          applicable regulatory or statutory deadline.

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(b)  If the Option is terminated  otherwise than upon the exercise thereof,  the
     Optionee shall:

     (i)  leave in good  standing,  for a period of at least 12 months  from the
          termination of the Option Period,  those mining claims  comprising the
          Property,  to the extent  allowable by the laws of the jurisdiction in
          which the Property is situate;

     (ii) deliver or make  available at no cost to the Optionor,  within 90 days
          of such termination,  all drill core,  cuttings.  And pulps, copies of
          all reports,  maps,  assay results and other  relevant  technical data
          compiled by, prepared at the direction of, or in the possession of the
          Optionee with respect to the Property and not theretofore furnished or
          made available to the Optionor;

     (iii)reclaim  the  Property  in  accordance  with the  requirements  of all
          applicable environmental laws and regulations,  but only to the extent
          that such  requirements  result from the Optionee's  activities on the
          Property hereunder.

(c)  If the Option is terminated  otherwise than upon the exercise thereof,  the
     Optionee  shall have the right,  within a period of 180 days  following the
     end of the Option Period, to remove from the Property all buildings, plant,
     equipment,  machinery,  tools,  appliances  and  supplies  which  have been
     brought  upon the  Property by or on behalf of the  Optionee,  and any such
     property not removed within such 180 day period shall thereafter become the
     property of the Optionor.

9. ROYALTY.

(a)  Upon the Commencement of Commercial  Production,  the Optionee shall pay to
     the Optionor the Royalty.

(b)  Installments  of the Royalty  payable  shall be paid by the Optionee to the
     Optionor  immediately  upon the receipt by the Optionee of the payment from
     the  smelter,  refinery or other place of treatment of the proceeds of sale
     of the minerals, ore, concentrates or other product from the Property.

(c)  Within 120 days after the end of each fiscal year, commencing with the year
     in which Commencement of Commercial  Production occurs, the accounts of the
     Optionee  relating to  operations  on the  Property  and the  statement  of
     operations, which shall include the statement of calculation of the Royalty
     for the year  last  completed,  shall be  audited  by the  auditors  of the
     Optionee at its expense.  The Optionor  shall have 45 days after receipt of
     such  statements to question the accuracy  thereof in writing and,  failing
     such  objection,   the  statements  shall  be  deemed  to  be  correct  and
     unimpeachable thereafter.

(d)  If such  audited  financial  statements  disclose  any  overpayment  of the
     Royalty  by  the  Optionee  during  the  fiscal  year,  the  amount  of the
     overpayment shall be deducted from future installments of Royalty payable.

(e)  If such  audited  financial  statements  disclose any  underpayment  of the
     Royalty by the Optionee  during the year,  the amount thereof shall be paid
     to the Optionor forthwith after determination thereof.

(f)  The Optionee agrees to maintain for each mining  operation on the Property,
     up-to-date  and complete  records  relating to the  production  and sale of
     minerals,  ore,  bullion and other  product  from the  Property,  including
     accounts,  records,  statements  and  returns  relating  to  treatment  and
     smelting arrangements of such product, and the Optionor or its agents shall
     have the right at all reasonable times, including for a period of 12 months
     following the expiration or termination of this Agreement,  to inspect such

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     records,  statements and returns and make copies thereof at its own expense
     for the purpose of verifying the amount of the Royalty  payments to be made
     by the Optionee to the Optionor  pursuant  hereto.  The Optionor shall have
     the right to have such accounts audited by independent  auditors at its own
     expense once each fiscal year.

10. POWER TO CHARGE  PROPERTY.  The Optionor  shall not grant or permit to exist
any liens, charges or mortgages  (collectively  referred to as an "encumbrance")
upon the  property or any portion  thereof.  At any time after the  Optionee has
exercised the Option,  in whole or in part, the Optionee may grant  encumbrances
upon the  Property or any portion  thereof,  upon any mill or other fixed assets
located thereon,  and upon any or all of the tangible  personal property located
on or  used in  connection  with  the  Property,  to  secure  financing  for the
development of the Property, always provided that, unless otherwise agreed to by
the Optionor,  it shall be a term of each  encumbrance  that the encumbrancee or
other person acquiring title to the Property upon enforcement of the encumbrance
shall hold the same subject to the Royalty as if the  encumbrancee or such other
person had executed this Agreement.

11. TRANSFERS.  During the Option Period, the Optionee may transfer or otherwise
dispose of all or any portion of its interest in and to the Property  under this
Agreement  only with the  Optionor's  prior  written  consent which shall not be
unreasonably delayed or withheld and provided that any purchaser,  transferee or
recipient  of any such  interest  shall have first  delivered  to the Optionor a
written  agreement  to  be  bound  by  the  terms  of  this  Agreement.  In  its
consideration  of the Optionee's  request for consent to any such transfer,  the
Optionor may consider the proposed transferee's  financial and technical ability
to perform the  Optionee's  obligations  under this  Agreement  and the proposed
transferee's  administrative,  legal and  operating  experience  and  history in
respect of other properties controlled or owned by the proposed transferee.

12. FORCE MAJEURE.

(a)  If the  Optionee  is at  any  time  either  during  the  Option  Period  or
     thereafter  prevented or delayed in complying  with any  provisions of this
     Agreement  by  reason  of  strikes,   lock-outs,  labour  shortages,  power
     shortages,   fuel  shortages,   fires,  wars,  acts  of  God,  governmental
     regulations  restricting  normal  operations,  shipping delays or any other
     reason or  reasons,  other than lack of funds,  beyond  the  control of the
     Optionee,  the time  limited  for the  performance  by the  Optionee of its
     obligations hereunder shall be extended by a period of time equal in length
     to the period of each such  prevention or delay,  but nothing  herein shall
     discharge  the  Optionee  from its  obligations  hereunder  to maintain the
     Property in good standing;

(b)  The  Optionee  shall give  prompt  notice to the  Optionor of each event of
     force  majeure  and upon  cessation  of such  event  shall  furnish  to the
     Optionor with notice to that effect together with particulars of the number
     of days by which  the  obligations  of the  Optionee  hereunder  have  been
     extended by virtue of such event of force majeure and all preceding  events
     of force majeure.

(c)  After the Commencement of Commercial  Production,  the Optionee shall work,
     mine and operate the Property  during such time or times as the Optionee in
     its sole judgment considers such operations to be profitable.  The Optionee
     may suspend or curtail  operations,  both before and after  Commencement of
     Commercial  Production,  during periods when the products  derived from the
     Property  cannot  be  profitably  sold  at  prevailing   prices  or  if  an
     unreasonable  inventory  thereof,  in the  Optionee's  sole  judgment,  has
     accumulated or would otherwise accumulate.

13.  CONFIDENTIAL  INFORMATION.  No information furnished by the Optionee to the
     Optionor hereunder in respect of the activities carried out on the Property
     by the Optionee, or related to the sale of minerals,  ore, bullion or other
     product  derived from the Property,  shall be published or disclosed by the
     Optionor  without  the prior  written  consent  of the  Optionee,  but such
     consent  in  respect  of  the  reporting  of  factual  data  shall  not  be

                                       9
<PAGE>
     unreasonably  withheld, and shall not be withheld in respect of information
     required to be publicly  disclosed  pursuant to  applicable  securities  or
     corporation laws, regulations or policies.

14. ARBITRATION.

(a)  All questions or matters in dispute under this Agreement shall be submitted
     to arbitration pursuant to the terms hereof.

(b)  It shall be a condition  precedent  to the right of any party to submit any
     matter to  arbitration  pursuant to the provisions  hereof,  that any party
     intending to refer any matter to arbitration shall have given not less than
     10  days'  prior  notice  of its  intention  to do so to the  other  party,
     together with  particulars  of the matter in dispute.  On the expiration of
     such 10 days,  the party  who gave such  notice  may  proceed  to refer the
     dispute to arbitration as provided in paragraph (c).

(c)  The party  desiring  arbitration  shall appoint one  arbitrator,  and shall
     notify the other  party of such  appointment,  and the other  party  shall,
     within  15  days  after  receiving  such  notice,  either  consent  to  the
     appointment of such  arbitrator  which shall then carry out the arbitration
     or  appoint  an  arbitrator,  and  the two  arbitrators  so  named,  before
     proceeding to act,  shall,  within 30 days of the  appointment  of the last
     appointed  arbitrator,  unanimously  agree  on the  appointment  of a third
     arbitrator  to act with  them and be  chairman  of the  arbitration  herein
     provided for. If the other party shall fail to appoint an arbitrator within
     15 days after receiving notice of the appointment of the first  arbitrator,
     the first arbitrator  shall be the only arbitrator.  If the two arbitrators
     appointed by the parties shall be unable to agree on the appointment of the
     chairman,  the chairman  shall be  appointed  under the  provisions  of the
     Chapter 37 of the Nevada Revised Statutes. Except as specifically otherwise
     provided in this  section,  the  arbitration  herein  provided for shall be
     conducted in accordance  with such Act. The chairman,  or in the case where
     only one arbitrator is appointed,  the single arbitrator,  shall fix a time
     and place in Reno,  Nevada,  for the  purpose of hearing the  evidence  and
     representations  of the parties,  and he shall preside over the arbitration
     and determine all questions of procedure not provided for under such Act or
     this  section.  After  hearing any  evidence and  representations  that the
     parties may submit, the single arbitrator, or the arbitrators,  as the case
     may be, shall make an award and reduce the same to writing, and deliver one
     copy thereof to each of the parties.  The expense of the arbitration  shall
     be paid as specified in the award.

(d)  The parties  agree that the award of a majority of the  arbitrators,  or in
     the case of a single  arbitrator,  of such  arbitrator,  shall be final and
     binding upon each of them.

15. DEFAULT. If at any time during the Option Period, the Optionee is in default
of any material  provision in this  Agreement,  the Optionor may terminate  this
Agreement, but only if:

(a)  it shall have first  given to the  Optionee a notice of default  containing
     particulars of the obligation which the Optionee has not performed,  or the
     warranty breached; and

(b)  the Optionee has not,  within 30 days following  delivery of such notice of
     default,  cured such default or commenced  proceedings to cure such default
     by appropriate  payment or  performance,  the Optionee hereby agreeing that
     should it so  commence to cure any  default it will  prosecute  the same to
     completion without undue delay.

Should the Optionee fail to comply with the provision of  subparagraph  (b), the
Optionor may thereafter terminate this Agreement by giving notice thereof to the
Optionee,  always  provided  that the default in question  has not been cured or
substantially  cured  at  the  time  of  the  Optionee  giving  such  notice  of
termination.

                                       10
<PAGE>
16. NOTICES. Each notice, demand or other communication required or permitted to
be given  under this  Agreement  shall be in writing and shall be  delivered  or
telecopied to such party at the address for such party specified above. The date
of receipt of such notice,  demand or other  communication  shall be the date of
delivery  thereof  if  delivered  or, if given by  telecopier  (with  electronic
confirmed  receipt),  shall be deemed  conclusively to be the next business day.
Either  party may at any time and from time to time  notify  the other  party in
writing of a change of address  and the new  address  to which  notice  shall be
given to it thereafter until further change.

17. GENERAL.

(a)  This  Agreement   shall  supersede  and  replace  any  other  agreement  or
     arrangement,  whether  oral or  written,  heretofore  existing  between the
     parties in respect of the subject matter of this Agreement.

(b)  No consent or waiver expressed or implied by either party in respect of any
     breach or  default  by the other in the  performance  by such  other of its
     obligations  hereunder shall be deemed or construed to be a consent to or a
     waiver of any other breach or default.

(c)  The parties shall  promptly  execute or cause to be executed all documents,
     deeds,  conveyances and other  instruments of further assurance and do such
     further and other acts which may be  reasonably  necessary  or advisable to
     carry  out  fully  the  intent  of this  Agreement  or to  record  wherever
     appropriate the respective interest from time to time of the parties in the
     Property.

(d)  This  Agreement  shall  enure to the  benefit  of and be  binding  upon the
     parties and their respective successors and permitted assigns.

(e)  This  Agreement  shall be governed by and construed in accordance  with the
     laws of the  State of  Nevada.  (f) Time  shall be of the  essence  in this
     Agreement.  (g) Wherever the neuter and singular is used in this  Agreement
     it shall be deemed to include the plural,  masculine and  feminine,  as the
     case may be.

18. AREA OF MUTUAL INTEREST.

(a)  The  parties  hereby  agree  that each and every  mining  claim  (including
     internal  fractions) or interest therein which they may locate or otherwise
     acquire during the currency of this Agreement and which lies in whole or in
     part within one mile from the outside  perimeter of the Property,  or which
     is contiguous to such claims which are otherwise within this area of mutual
     interest,  shall be  located  the  Optionor's  name  and all  title to such
     additional  claims or interests  shall be held subject to the terms of this
     Agreement.

(b)  Paragraph  (a) shall  cease to operate if and when the  Optionee  loses its
     right to exercise the Option in full.

                                       11
<PAGE>
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
and year first above written.

SIGNED AND DELIVERED BY FIRST AMERICAN SILVER CORP.

Per: /s/ Robert Suda
     -------------------------------
     Robert Suda

SIGNED AND DELIVERED BY
ALL AMERICAN RESOURCES LLC

Per: /s/ Thomas J. Menning Jr.
     -------------------------------
     Thomas J. Menning Jr.

                                       12
<PAGE>
                                   SCHEDULE A

                             DESCRIPTION OF PROPERTY

                                  EAGAN CANYON

                                   SCHEDULE A

1)   APN#099-028-17  PATENT #43405,  M/S 2165, GOLDEN RULE MINING CLAIM RECORDED
     IN WHITE PINE COUNTY.

RECORDED ON 01 DECEMBER 18, BOOK 336 PAGES 191-192

TOTALING APPROXIMATELY 17 ACRES

2)   APN#099-028-07  PATENT  #43405,  M/S 2165,  DOUBLE  STANDARD  MINING  CLAIM
     RECORDED IN WHITE PINE COUNTY.

RECORDED ON 01 DECEMBER 18, BOOK 336 PAGES 189-190

TOTALING APPROXIMATELY 14 ACRES

3)   APN#099-028-16  PATENT #43405,  M/S 2165, GOLD NUGGET MINING CLAIM RECORDED
     IN WHITE PINE COUNTY.

RECORDED ON 01 DECEMBER 18, BOOK 336 PAGES 185-186

TOTALING APPROXIMATELY 21 ACRES

4)   APN#099-028-27  PATENT  #43405,  M/S 2165,  SUNSET MINING CLAIM RECORDED IN
     WHITE PINE COUNTY.

RECORDED ON 01 DECEMBER 18, BOOK 336 PAGES 187-188

TOTALING APPROXIMATELY 16 ACRES

TOTAL COMBINED ACREAGE IS + OR -  68 ACRES

                                       13
<PAGE>
                                   SCHEDULE B

                        DEFINITION OF NET SMELTER RETURNS

1. For the purposes of this Agreement, the term "Net Smelter Returns" shall mean
the net proceeds  actually paid to the Optionee from the sale by the Optionee of
minerals mined and removed from the Property, after deduction of the following:

     (a)  smelting costs,  treatment  charges and penalties  including,  but not
          being limited to, metal losses,  penalties for  impurities and charges
          for refining,  selling and handling by the smelter,  refinery or other
          purchaser; and

     (b)  costs of handling,  transporting  and insuring  concentrates  and dore
          metal from the  Property  to a  smelter,  refinery  or other  place of
          treatment.

2. Each of the Optionor and the Optionee shall pay its  respective  share of the
Nevada net  proceeds  of mines taxes and any other  taxes  assessed  against the
revenues  realized from the production of minerals from the Property and each of
the Optionor and Optionee shall pay its own federal and state income taxes.

3. In the event the Optionee commingles minerals from the Property with minerals
from other properties,  the Optionee shall establish  procedures,  in accordance
with sound mining and metallurgical techniques, for determining the proportional
amount  of the  total  recoverable  metal  content  in the  commingled  minerals
attributable to the input from each of the properties by calculating the same on
a  metallurgical  basis,  in  accordance  with  sampling  schedules  and  mining
efficiency  experience,  so that  production  royalties  applicable  to minerals
produced from the Property may reasonably be determined.

                                       14EXHIBIT 10.3

                            PROPERTY OPTION AGREEMENT

THIS AGREEMENT made effective as of November 26, 2010 (the "Effective Date").

BETWEEN:

     FIRST AMERICAN SILVER CORP., with an office at 10900 N. E. 4th Street,
     Suite 2300,
     Bellevue, Washington 98004
     (the "Optionee")
                                                               OF THE FIRST PART

AND:

     ALL AMERICAN  RESOURCES  LLC, with an address at 5695 Lausanne Drive,
     Reno, Nevada 89511
     (the "Optionor")
                                                              OF THE SECOND PART

WHEREAS:

A.  Pursuant to the terms  hereof,  the  Optionee  has the  exclusive  option to
acquire an undivided  100% right,  title and  interest in and to certain  mining
claims,  located in White Pine  County,  Nevada (the  "Property")  to consist of
patented mining claims totalling  approximately 110 acres currently  recorded in
the name of the Optionor with White Pine County, as more particularly  described
in Schedule A hereto,  subject only to the Royalty,  on the terms and conditions
hereinafter set forth;

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the sum of $1.00
now paid by the Optionee to the Optionor (the receipt and  sufficiency  of which
is hereby acknowledged),  the parties agree as follows:

1.  DEFINITIONS.  For the purposes of this  Agreement  the  following  words and
phrases shall have the following meanings, namely:

(a)  "Commencement of Commercial Production" means:

     (i)  if a mill is located on the  Property,  the last day of a period of 40
          consecutive  days in  which,  for not  less  than 30  days,  the  mill
          processed  ore from the  Property  at 60% of its  rated  concentrating
          capacity; or

     (ii) if a mill is not located on the Property,  the last day of a period of
          30  consecutive  days  during  which  ore has  been  shipped  from the
          Property  on a  reasonably  regular  basis for the  purpose of earning
          revenues,

but any period of time  during  which ore or  concentrate  is  shipped  from the
Property for testing purposes, or during which milling operations are undertaken
as initial  tune-up,  shall not be taken into account in determining the date of
Commencement of Commercial Production;

(b)  "Option"  means the option to acquire an  undivided  100% right,  title and
     interest in and to the Property as provided in this Agreement;
<PAGE>
(c)  "Option  Period"  means the period from the date of this  Agreement  to and
     including the date of exercise or termination of the Option;

(d)  "Property" means the mining claims located in White Pine County,  Nevada as
     more  particularly  described in Schedule A,  including any  replacement or
     successor  claims,  and all  mineral  or mining  leases  and  other  mining
     interests  derived from any such claims.  The  Property  shall  include all
     unpatented  mining claims  located by Optionor or Optionee with the area of
     interest  described  in Section  18.  Any  reference  to any  mining  claim
     comprising  the  Property  includes  any mineral or mining  leases or other
     interests  by or into which such  mining  claim may have been  replaced  or
     converted;

(e)  "Property Rights" means all licenses,  permits,  easements,  rights-of-way,
     certificates  and other approvals  obtained by either of the parties either
     before  or  after  the  date  of  this  Agreement  and  necessary  for  the
     exploration  of the  Property,  or for the purpose of placing the  Property
     into production or continuing production therefrom;

(f)  "Royalty" means the mineral production royalty equal to two percent (2%) of
     the net smelter  returns,  as defined in Schedule B, payable to Optionor as
     prescribed in Section 9(a).

(g)  "Shares" means fully paid and  non-assessable  common shares in the capital
     of the  Optionee,  issued  pursuant to  exemptions  from  registration  and
     prospectus  requirements  contained in the United States  Securities Act of
     1933 and the rules and  regulations  promulgated  thereunder,  which Shares
     shall contain such restrictive legends regarding applicable hold periods as
     required by such securities laws.

(h)  For the purposes of this Agreement,  except as otherwise expressly provided
     or unless the context otherwise requires:

     (i)  "this Agreement" means this Property Option Agreement and all attached
          Schedules;

     (ii) any reference in this Agreement to a designated "Section", "Schedule",
          "paragraph" or other  subdivision  refers to the  designated  section,
          schedule, paragraph or other subdivision of this Agreement;

     (iii)the words "herein" and  "hereunder"  and other words of similar import
          refer to this Agreement as a whole and not to any  particular  Section
          or other subdivision of this Agreement;

     (iv) any reference to a statute  includes and, unless  otherwise  specified
          herein,  is a reference  to such statute and to the  regulations  made
          pursuant  thereto,  with all amendments made thereto and in force from
          time to time,  and to any  statute or  regulations  that may be passed
          which has the effect of  supplementing  or superseding such statute or
          such regulation;

     (v)  any reference to "party" or "parties" means the Optionor, the Optionee
          or both, as the context requires;  (vi) the headings in this Agreement
          are  for   convenience  of  reference  only  and  do  not  affect  the
          interpretation of this Agreement; and

     (vii) all references to currency refer to United States dollars.

(i)  The  following are the Schedules to this  Agreement,  and are  incorporated
     into this Agreement by reference:

                                       2
<PAGE>
     Schedule A: Property-Legal Description and Location

     Schedule B: Definition of Net Smelter Returns

2. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONOR.

(a)  The Optionor  represents  and warrants to and covenants  with the Optionee,
     with the knowledge that the Optionee relies upon same in entering into this
     Agreement, that:

     (i)  no proceedings are pending for, and it is unaware of any basis for the
          institution of any proceedings  leading to, its dissolution or winding
          up or being placed into bankruptcy;

     (ii) it has all  requisite  power and  capacity,  and has duly obtained all
          requisite  authorizations  and performed all requisite  acts, to enter
          into and perform its obligations  hereunder,  it has duly executed and
          delivered  this  Agreement  and such  constitutes  a legal,  valid and
          binding obligation of it enforceable against it in accordance with the
          Agreement's  terms,  and the entering  into of this  Agreement and the
          performance of its obligations  hereunder does not and will not result
          in a breach of,  default  under or conflict  with any of the terms and
          provisions of any of its  constituting  documents,  any resolutions of
          its partners, any indenture, agreement or other instrument to which it
          is a party or by which it is bound or the Property may be subject,  or
          any statute,  order,  judgment or other law or ruling of any competent
          authority;

     (iii)subject to the  paramount  title of the United  States,  it is legally
          entitled to hold the Property and the Property  Rights and will remain
          so entitled  until and always to the extent  such is required  for the
          due transfer to the Optionee of its  requisite  interest in and to the
          Property pursuant to and upon the exercise of the Option;

     (iv) it is, and at the time of each transfer to the Optionee of an interest
          in and to the Property pursuant to and upon the exercise of the Option
          it will be, the beneficial  owner of all right,  title and interest in
          and to  such  transferred  interest,  free  and  clear  of all  liens,
          charges,  claims,  liabilities and adverse  interests of any nature or
          kind,  and no taxes or  rentals  are or will be due in  respect of the
          Property;

     (v)  the mining  claims  comprising  the Property  have been, to Optionor's
          best knowledge and belief after due inquiry, duly and validly located,
          granted,  entered into and recorded,  as the case may be,  pursuant to
          the laws of the jurisdiction in which the Property is situated and are
          in each case in good  standing  with respect to all  filings,  federal
          annual  mining claims  maintenance  fees and notices of intent to hold
          recordings  and  other   obligations   and  conditions   required  for
          maintenance of the Property for the period to and including August 31,
          2011,  except  the  payment of the Nevada  mining  claim fees  payable
          pursuant  to NRS 517.187 in the amount of $85 per claim for a total of
          $1,540 which is due and payable on or before June 1, 2011;

     (vi) there are neither any adverse claims or challenges  against, or to the
          ownership  or  title  to,  any of the  mining  claims  comprising  the
          Property or to the  validity or  enforceability  of any of the mineral
          agreements  in respect  thereof,  nor to the knowledge of the Optionor
          after  due  inquiry  is there  any  basis  therefor,  and there are no
          outstanding  agreements,  options  or other  rights and  interests  to
          acquire  or  purchase  the  Property  or any  portion  thereof  or any
          interest  therein,  and no person has any  royalty  or other  interest
          whatsoever in the production from any of the mining claims  comprising
          the Property or otherwise;  or Optionor  makes no  representations  or

                                       3
<PAGE>
          warranties  concerning the discovery of valuable  minerals  within the
          boundaries of the mining claims which comprise the Property.

(b)  The representations  and warranties  contained in this section are provided
     for the exclusive benefit of the Optionee,  and a breach of any one or more
     thereof  may be  waived  by the  Optionee  in  whole or in part at any time
     without  prejudice to its rights in respect of any other breach of the same
     or any  other  representation  or  warranty,  and the  representations  and
     warranties  contained  in this  section  shall  survive the  execution  and
     performance of this Agreement and of any transfers,  assignments,  deeds or
     further documents or acts of the parties respecting the Property.

3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONEE.

(a)  The Optionee  represents  and warrants to and covenants  with the Optionor,
     with the knowledge that the Optionor relies upon same in entering into this
     Agreement, that:

     (i)  it has been duly  incorporated,  amalgamated  or continued and validly
          exists as a corporation in good standing with respect to the filing of
          annual reports under the laws of its  jurisdiction  of  incorporation,
          amalgamation or continuation;

     (ii) no proceedings are pending for, and it is unaware of any basis for the
          institution of any proceedings  leading to, its dissolution or winding
          up or being  placed  into  bankruptcy  or  subject  to any other  laws
          governing the affairs of insolvent corporations;

     (iii)it has all  requisite  corporate  power  and  capacity,  and has  duly
          obtained all  requisite  corporate  authorizations  and  performed all
          requisite  corporate  acts, to enter into and perform its  obligations
          hereunder,  it has duly executed and delivered this Agreement and such
          constitutes a legal,  valid and binding  obligation of it  enforceable
          against it in accordance with the Agreement's  terms, and the entering
          into  of  this  Agreement  and  the  performance  of  its  obligations
          hereunder  does not and will not result in a breach of,  default under
          or  conflict  with  any  of the  terms  and  provisions  of any of its
          constituting  documents,   any  resolutions  of  its  shareholders  or
          directors, any indenture, agreement or other instrument to which it is
          a party or by which it is bound or the Property may be subject, or any
          statute,  order,  judgment  or other law or  ruling  of any  competent
          authority applicable to it; and

     (iv) it is  lawfully  authorized  to hold mining  claims and real  property
          under the laws of the jurisdiction in which the Property is situate.

(b)  The representations  and warranties  contained in this section are provided
     for the exclusive benefit of the Optionor,  and a breach of any one or more
     thereof  may be  waived  by the  Optionor  in  whole or in part at any time
     without  prejudice to its rights in respect of any other breach of the same
     or any  other  representation  or  warranty,  and the  representations  and
     warranties contained in this section shall survive the execution hereof.

4. GRANT AND EXERCISE OF OPTION.

(a)  The Optionor hereby grants to the Optionee the sole and exclusive right and
     option to acquire up to an undivided 100% right,  title and interest in and
     to the  Property,  free and  clear of all  charges,  encumbrances,  claims,
     liabilities  and adverse  interests  of any nature or kind,  except for the
     Royalty.

                                       4
<PAGE>
(b)  The Option  shall be in good  standing and  exercisable  by the Optionee in
     regard to the  Property  by paying the  following  amounts on or before the
     dates specified in the following schedule for the Property:

     (i)  paying the Optionor $10,000 within three (3) business days of the date
          of this  Agreement,  issuing  to the  Optionor  100,000  Shares in the
          capital stock of the Optionee;

     (ii) on  or  before  the  second  anniversary  of  the  execution  of  this
          Agreement,  issuing to the Optionor 25,000 Shares in the capital stock
          of the Optionee;

     (iii)on  or  before  the  third   anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $10,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (iv) on or before the third anniversary of the execution of this Agreement,
          paying to the  Optionor  $10,000  and issuing to the  Optionor  25,000
          Shares in the capital stock of the Optionee;

     (v)  on  or  before  the  fourth  anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $10,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (vi) on or before the fifth anniversary of the execution of this Agreement,
          paying to the  Optionor  $10,000  and issuing to the  Optionor  25,000
          Shares in the capital stock of the Optionee;

     (vii)on  or  before  the  sixth   anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $20,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (viii) on or  before  the  seventh  anniversary  of the  execution  of this
          Agreement,  paying to the Optionor $30,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (ix) on  or  before  the  eighth  anniversary  of  the  execution  of  this
          Agreement,  paying to the Optionor $40,000 and issuing to the Optionor
          25,000 Shares in the capital stock of the Optionee;

     (x)  on or before the ninth anniversary of the execution of this Agreement,
          paying to the  Optionor  $50,000  and issuing to the  Optionor  25,000
          Shares in the capital stock of the Optionee;

     (xi) on or before the tenth anniversary of the execution of this Agreement,
          in addition to the payments  described in (i) to (x) above,  paying to
          the Optionor $1,000,000, in which case the Optionor shall retain a two
          percent (2%) Royalty OR, paying to the Optionor  $2,000,000,  in which
          case the Optionor shall retain a one percent (1%) Royalty; and

     (xii)paying all  Property  maintenance  fees and  performing  all  property
          maintenance obligations as they become due.

(c)  The  Optionor  acknowledges  and agrees  that the Shares  will be issued in
     accordance with all applicable  securities laws and will be subject to hold
     periods and restrictions on resale in accordance with applicable securities

                                       5
<PAGE>
     laws and it is the Optionor's  responsibility  to determine what those hold
     periods and restrictions  are before selling or otherwise  transferring any
     Shares.

5. TRANSFER OF PROPERTY.

(a)  On  Optionee's  exercise  of the Option and  payment of all of the cash and
     share  payments  prescribed in Section 4, the Optionor shall deliver to the
     Optionee a duly executed deed with reservation of the Royalty  transferring
     to the Optionee all of Optionor's  right,  title and interest in and to the
     Property,  except for and subject to the Reserved  Royalty.  The deed shall
     contain such covenants, conditions and terms as are customarily included in
     deeds of unpatented mining claims with  reservations of mineral  production
     royalties.

(b)  The  Optionee  shall file the deed with the Bureau of Land  Management  and
     shall  record  the  deed  in the  Office  of  the  County  Recorder  at the
     Optionee's  sole  cost in order to place  Optionor's  transfer  of title to
     Optionee of record.

6. RIGHT OF ENTRY. Throughout the Option Period, the Optionee and its directors,
officers,  employees,  servants, agents and independent contractors,  shall have
the sole and exclusive right in respect of the Property to:

(a)  enter thereon;

(b)  have exclusive and quiet possession thereof;

(c)  do such prospecting, exploration, development and other mining work thereon
     and  thereunder  as the  Optionee  in its  sole  discretion  may  determine
     advisable;

(d)  bring upon and erect upon the Property such buildings, plant, machinery and
     equipment as the Optionee may deem advisable; and

(e)  remove therefrom and dispose of reasonable quantities of ores, minerals and
     metals for the purposes of obtaining assays or making other tests.

7.  OBLIGATIONS OF THE OPTIONEE DURING OPTION PERIOD.  During the Option Period,
the Optionee shall:

(a)  maintain in good standing the mining claims which  comprise the Property by
     the doing and filing of  assessment  work or the making of payments in lieu
     thereof,  by payment of the federal annual mining claim  maintenance  fees,
     Nevada mining claim fees and all other fees, taxes and rentals required for
     maintenance of the Property, and the performance of all other actions which
     may be  necessary  in that regard and in order to keep such  mining  claims
     free and clear of all liens and other charges  arising from the  Optionee's
     activities  thereon except those at the time contested in good faith by the
     Optionee;  the Optionee shall pay such amounts and perform such obligations
     not less than sixty (60) days in advance of the  applicable  regulatory  or
     statutory deadline and shall deliver to the Optionor evidence of Optionee's
     performance of such  obligations  not less than thirty (30) days before the
     applicable regulatory or statutory deadline;

(b)  duly  record  all  exploration  work  carried  out on the  Property  by the
     Optionee as assessment work;

(c)  following  commencement  of  exploration  activities,  provide the Optionor
     quarterly  reports on all  exploration and drilling work carried out on the
     Property and regularly transfer exploration data;

                                       6
<PAGE>
(d)  permit the partners,  employees and designated consultants of the Optionor,
     at their own risk and  expense,  access to the  Property at all  reasonable
     times,  and the Optionor  agrees to indemnify  the Optionee  against and to
     save it harmless from all costs, claims,  liabilities and expenses that the
     Optionee  may incur or suffer as a result of any injury  (including  injury
     causing  death) to any partner,  employee or  designated  consultant of the
     Optionor while on the Property;

(e)  do all  work on the  Property  in a good  and  workmanlike  fashion  and in
     accordance with all applicable laws, regulations,  orders and ordinances of
     any governmental authority;

(f)  defend,  indemnify and save the Optionor harmless in respect of any and all
     costs,  claims,  liabilities  and  expenses  arising out of the  Optionee's
     activities  on the  Property,  but the Optionee  shall incur no  obligation
     hereunder in respect of any such costs,  claims.  liabilities  and expenses
     arising  or  damages  suffered  after  termination  of the  Option  if upon
     termination of the Option any workings on or  improvements  to the Property
     made by the Optionee are left in a safe  condition  and in full  compliance
     with requirements of all environmental laws and regulations;

(g)  permit the Optionor,  at its own expense,  reasonable access to the results
     of the work done on the Property during the last completed calendar year;

(h)  deliver to the  Optionor,  forthwith  upon receipt  thereof,  copies of all
     reports,  maps,  assay  results  and other  technical  data  compiled by or
     prepared at the direction of the Optionee with respect to the Property; and

(i)  maintain  an all risk  casualty  life and  property  insurance  policy with
     coverage  in an  amount  not less  than  $1,000,000  which  identifies  the
     Optionor as an  additional  or named  insured and deliver to the Optionor a
     copy of the certificate of the insurance policy.

The Optionor  acknowledges  and agrees that all technical and other  information
concerning the Property  provided by the Optionee to it, directly or indirectly,
shall be treated as confidential information, and it shall not copy, transmit or
otherwise  disclose,  disseminate  or use such  information,  including  but not
limited  to  use in  violation  of  insider  trading  and  other  provisions  of
applicable securities laws, to any person other than the Optionor's professional
advisors and persons with whom  Optionor may  negotiate  the sale of  Optionor's
interest in the  Property or under this  Agreement,  provided  that such persons
with whom the Optionor  negotiates  execute and deliver an agreement to maintain
confidentiality  of such  information  consistent  with the  provisions  of this
Agreement.

8. TERMINATION OF OPTION.

(a)  In regards to any particular Property, the Option shall terminate:

     (i)  subject to paragraph 16 hereof,  upon the Optionee failing to make any
          payment or issuance of Shares which must be made or issued in exercise
          of the Option;

     (ii) subject to paragraph 16 hereof,  upon the Optionee failing to remedy a
          default  as  provided  therein;  or (iii) at any  other  time,  by the
          Optionee   giving  a  minimum  of  sixty  (60)  days  notice  of  such
          termination to the Optionor.  In the event that the Optionee  provides
          such notice less than sixty (60) days before the applicable regulatory
          or statutory  deadline for payment of any amount or performance of any
          obligation for mining claim  maintenance  and mining claim fees,  file
          and record proof of such payments and perform all such obligations not
          less  than  sixty  (60)  days  before  the  applicable  regulatory  or
          statutory deadline.

                                       7
<PAGE>
(b)  If the Option is terminated  otherwise than upon the exercise thereof,  the
     Optionee shall:

     (i)  leave in good  standing,  for a period of at least 12 months  from the
          termination of the Option Period,  those mining claims  comprising the
          Property,  to the extent  allowable by the laws of the jurisdiction in
          which the Property is situate;

     (ii) deliver or make  available at no cost to the Optionor,  within 90 days
          of such termination,  all drill core,  cuttings.  And pulps, copies of
          all reports,  maps,  assay results and other  relevant  technical data
          compiled by, prepared at the direction of, or in the possession of the
          Optionee with respect to the Property and not theretofore furnished or
          made available to the Optionor;

     (iii)reclaim  the  Property  in  accordance  with the  requirements  of all
          applicable environmental laws and regulations,  but only to the extent
          that such  requirements  result from the Optionee's  activities on the
          Property hereunder.

(c)  If the Option is terminated  otherwise than upon the exercise thereof,  the
     Optionee  shall have the right,  within a period of 180 days  following the
     end of the Option Period, to remove from the Property all buildings, plant,
     equipment,  machinery,  tools,  appliances  and  supplies  which  have been
     brought  upon the  Property by or on behalf of the  Optionee,  and any such
     property not removed within such 180 day period shall thereafter become the
     property of the Optionor.

9. ROYALTY.

(a)  Upon the Commencement of Commercial  Production,  the Optionee shall pay to
     the Optionor the Royalty.

(b)  Installments  of the Royalty  payable  shall be paid by the Optionee to the
     Optionor  immediately  upon the receipt by the Optionee of the payment from
     the  smelter,  refinery or other place of treatment of the proceeds of sale
     of the minerals, ore, concentrates or other product from the Property.

(c)  Within 120 days after the end of each fiscal year, commencing with the year
     in which Commencement of Commercial  Production occurs, the accounts of the
     Optionee  relating to  operations  on the  Property  and the  statement  of
     operations, which shall include the statement of calculation of the Royalty
     for the year  last  completed,  shall be  audited  by the  auditors  of the
     Optionee at its expense.  The Optionor  shall have 45 days after receipt of
     such  statements to question the accuracy  thereof in writing and,  failing
     such  objection,   the  statements  shall  be  deemed  to  be  correct  and
     unimpeachable thereafter.

(d)  If such  audited  financial  statements  disclose  any  overpayment  of the
     Royalty  by  the  Optionee  during  the  fiscal  year,  the  amount  of the
     overpayment shall be deducted from future installments of Royalty payable.

(e)  If such  audited  financial  statements  disclose any  underpayment  of the
     Royalty by the Optionee  during the year,  the amount thereof shall be paid
     to the Optionor forthwith after determination thereof.

(f)  The Optionee agrees to maintain for each mining  operation on the Property,
     up-to-date  and complete  records  relating to the  production  and sale of
     minerals,  ore,  bullion and other  product  from the  Property,  including
     accounts,  records,  statements  and  returns  relating  to  treatment  and
     smelting arrangements of such product, and the Optionor or its agents shall
     have the right at all reasonable times, including for a period of 12 months
     following the expiration or termination of this Agreement,  to inspect such

                                       8
<PAGE>
     records,  statements and returns and make copies thereof at its own expense
     for the purpose of verifying the amount of the Royalty  payments to be made
     by the Optionee to the Optionor  pursuant  hereto.  The Optionor shall have
     the right to have such accounts audited by independent  auditors at its own
     expense once each fiscal year.

10. POWER TO CHARGE  PROPERTY.  The Optionor  shall not grant or permit to exist
any liens, charges or mortgages  (collectively  referred to as an "encumbrance")
upon the  property or any portion  thereof.  At any time after the  Optionee has
exercised the Option,  in whole or in part, the Optionee may grant  encumbrances
upon the  Property or any portion  thereof,  upon any mill or other fixed assets
located thereon,  and upon any or all of the tangible  personal property located
on or  used in  connection  with  the  Property,  to  secure  financing  for the
development of the Property, always provided that, unless otherwise agreed to by
the Optionor,  it shall be a term of each  encumbrance  that the encumbrancee or
other person acquiring title to the Property upon enforcement of the encumbrance
shall hold the same subject to the Royalty as if the  encumbrancee or such other
person had executed this Agreement.

11. TRANSFERS.  During the Option Period, the Optionee may transfer or otherwise
dispose of all or any portion of its interest in and to the Property  under this
Agreement  only with the  Optionor's  prior  written  consent which shall not be
unreasonably delayed or withheld and provided that any purchaser,  transferee or
recipient  of any such  interest  shall have first  delivered  to the Optionor a
written  agreement  to  be  bound  by  the  terms  of  this  Agreement.  In  its
consideration  of the Optionee's  request for consent to any such transfer,  the
Optionor may consider the proposed transferee's  financial and technical ability
to perform the  Optionee's  obligations  under this  Agreement  and the proposed
transferee's  administrative,  legal and  operating  experience  and  history in
respect of other properties controlled or owned by the proposed transferee.

12. FORCE MAJEURE.

(a)  If the  Optionee  is at  any  time  either  during  the  Option  Period  or
     thereafter  prevented or delayed in complying  with any  provisions of this
     Agreement  by  reason  of  strikes,   lock-outs,  labour  shortages,  power
     shortages,   fuel  shortages,   fires,  wars,  acts  of  God,  governmental
     regulations  restricting  normal  operations,  shipping delays or any other
     reason or  reasons,  other than lack of funds,  beyond  the  control of the
     Optionee,  the time  limited  for the  performance  by the  Optionee of its
     obligations hereunder shall be extended by a period of time equal in length
     to the period of each such  prevention or delay,  but nothing  herein shall
     discharge  the  Optionee  from its  obligations  hereunder  to maintain the
     Property in good standing;

(b)  The  Optionee  shall give  prompt  notice to the  Optionor of each event of
     force  majeure  and upon  cessation  of such  event  shall  furnish  to the
     Optionor with notice to that effect together with particulars of the number
     of days by which  the  obligations  of the  Optionee  hereunder  have  been
     extended by virtue of such event of force majeure and all preceding  events
     of force majeure.

(c)  After the Commencement of Commercial  Production,  the Optionee shall work,
     mine and operate the Property  during such time or times as the Optionee in
     its sole judgment considers such operations to be profitable.  The Optionee
     may suspend or curtail  operations,  both before and after  Commencement of
     Commercial  Production,  during periods when the products  derived from the
     Property  cannot  be  profitably  sold  at  prevailing   prices  or  if  an
     unreasonable  inventory  thereof,  in the  Optionee's  sole  judgment,  has
     accumulated or would otherwise accumulate.

13. CONFIDENTIAL  INFORMATION.  No information  furnished by the Optionee to the
Optionor  hereunder in respect of the activities  carried out on the Property by
the Optionee, or related to the sale of minerals,  ore, bullion or other product
derived  from the  Property,  shall be  published  or  disclosed by the Optionor
without the prior written  consent of the Optionee,  but such consent in respect
of the reporting of factual data shall not be unreasonably  withheld,  and shall

                                       9
<PAGE>
not be withheld  in respect of  information  required  to be publicly  disclosed
pursuant to applicable securities or corporation laws, regulations or policies.

14. ARBITRATION.

(a)  All questions or matters in dispute under this Agreement shall be submitted
     to arbitration pursuant to the terms hereof.

(b)  It shall be a condition  precedent  to the right of any party to submit any
     matter to  arbitration  pursuant to the provisions  hereof,  that any party
     intending to refer any matter to arbitration shall have given not less than
     10  days'  prior  notice  of its  intention  to do so to the  other  party,
     together with  particulars  of the matter in dispute.  On the expiration of
     such 10 days,  the party  who gave such  notice  may  proceed  to refer the
     dispute to arbitration as provided in paragraph (c).

(c)  The party  desiring  arbitration  shall appoint one  arbitrator,  and shall
     notify the other  party of such  appointment,  and the other  party  shall,
     within  15  days  after  receiving  such  notice,  either  consent  to  the
     appointment of such  arbitrator  which shall then carry out the arbitration
     or  appoint  an  arbitrator,  and  the two  arbitrators  so  named,  before
     proceeding to act,  shall,  within 30 days of the  appointment  of the last
     appointed  arbitrator,  unanimously  agree  on the  appointment  of a third
     arbitrator  to act with  them and be  chairman  of the  arbitration  herein
     provided for. If the other party shall fail to appoint an arbitrator within
     15 days after receiving notice of the appointment of the first  arbitrator,
     the first arbitrator  shall be the only arbitrator.  If the two arbitrators
     appointed by the parties shall be unable to agree on the appointment of the
     chairman,  the chairman  shall be  appointed  under the  provisions  of the
     Chapter 37 of the Nevada Revised Statutes. Except as specifically otherwise
     provided in this  section,  the  arbitration  herein  provided for shall be
     conducted in accordance  with such Act. The chairman,  or in the case where
     only one arbitrator is appointed,  the single arbitrator,  shall fix a time
     and place in Reno,  Nevada,  for the  purpose of hearing the  evidence  and
     representations  of the parties,  and he shall preside over the arbitration
     and determine all questions of procedure not provided for under such Act or
     this  section.  After  hearing any  evidence and  representations  that the
     parties may submit, the single arbitrator, or the arbitrators,  as the case
     may be, shall make an award and reduce the same to writing, and deliver one
     copy thereof to each of the parties.  The expense of the arbitration  shall
     be paid as specified in the award.

(d)  The parties  agree that the award of a majority of the  arbitrators,  or in
     the case of a single  arbitrator,  of such  arbitrator,  shall be final and
     binding upon each of them.

15. DEFAULT. If at any time during the Option Period, the Optionee is in default
of any material  provision in this  Agreement,  the Optionor may terminate  this
Agreement, but only if:

(a)  it shall have first  given to the  Optionee a notice of default  containing
     particulars of the obligation which the Optionee has not performed,  or the
     warranty breached; and

(b)  the Optionee has not,  within 30 days following  delivery of such notice of
     default,  cured such default or commenced  proceedings to cure such default
     by appropriate  payment or  performance,  the Optionee hereby agreeing that
     should it so  commence to cure any  default it will  prosecute  the same to
     completion without undue delay.

Should the Optionee fail to comply with the provision of  subparagraph  (b), the
Optionor may thereafter terminate this Agreement by giving notice thereof to the
Optionee,  always  provided  that the default in question  has not been cured or
substantially  cured  at  the  time  of  the  Optionee  giving  such  notice  of
termination.

                                       10
<PAGE>
16. NOTICES. Each notice, demand or other communication required or permitted to
be given  under this  Agreement  shall be in writing and shall be  delivered  or
telecopied to such party at the address for such party specified above. The date
of receipt of such notice,  demand or other  communication  shall be the date of
delivery  thereof  if  delivered  or, if given by  telecopier  (with  electronic
confirmed  receipt),  shall be deemed  conclusively to be the next business day.
Either  party may at any time and from time to time  notify  the other  party in
writing of a change of address  and the new  address  to which  notice  shall be
given to it thereafter until further change.

17. GENERAL.

(a)  This  Agreement   shall  supersede  and  replace  any  other  agreement  or
     arrangement,  whether  oral or  written,  heretofore  existing  between the
     parties in respect of the subject matter of this Agreement.

(b)  No consent or waiver expressed or implied by either party in respect of any
     breach or  default  by the other in the  performance  by such  other of its
     obligations  hereunder shall be deemed or construed to be a consent to or a
     waiver of any other breach or default.

(c)  The parties shall  promptly  execute or cause to be executed all documents,
     deeds,  conveyances and other  instruments of further assurance and do such
     further and other acts which may be  reasonably  necessary  or advisable to
     carry  out  fully  the  intent  of this  Agreement  or to  record  wherever
     appropriate the respective interest from time to time of the parties in the
     Property.

(d)  This  Agreement  shall  enure to the  benefit  of and be  binding  upon the
     parties and their respective successors and permitted assigns.

(e)  This  Agreement  shall be governed by and construed in accordance  with the
     laws of the  State of  Nevada.  (f) Time  shall be of the  essence  in this
     Agreement.  (g) Wherever the neuter and singular is used in this  Agreement
     it shall be deemed to include the plural,  masculine and  feminine,  as the
     case may be.

18. AREA OF MUTUAL INTEREST.

(a)  The  parties  hereby  agree  that each and every  mining  claim  (including
     internal  fractions) or interest therein which they may locate or otherwise
     acquire during the currency of this Agreement and which lies in whole or in
     part within one mile from the outside  perimeter of the Property,  or which
     is contiguous to such claims which are otherwise within this area of mutual
     interest,  shall be  located  the  Optionor's  name  and all  title to such
     additional  claims or interests  shall be held subject to the terms of this
     Agreement.

(b)  Paragraph  (a) shall  cease to operate if and when the  Optionee  loses its
     right to exercise the Option in full.

                                       11
<PAGE>
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
and year first above written.

SIGNED AND DELIVERED BY FIRST AMERICAN SILVER CORP.

Per: /s/ Robert Suda
     -------------------------------
     Robert Suda

SIGNED AND DELIVERED BY
ALL AMERICAN RESOURCES LLC

Per: /s/ Thomas J. Menning Jr.
     -------------------------------
     Thomas J. Menning Jr.

                                       12
<PAGE>
                                   MUNCY CREEK

                                   SCHEDULE A

1)   APN#099-053-17  PATENT  #17798,  PLAGEMAN  & BUSH  RECORDED  IN WHITE  PINE
     COUNTY.

RECORDED ON 02 SEPTEMBER 13, BOOK 348 PAGES 7-8

TOTALING APPROXIMATELY

2)   APN#099-053-04 PATENT #18079, M/S 37S, BUSH PLAGEMAN RECORDED IN WHITE PINE
     COUNTY.

RECORDED ON 02 SEPTEMBER 13, BOOK 348 PAGES 11-12

TOTALING APPROXIMATELY

3)   APN#099-053-15 PATENT #28709, M/S 1733, LITTLE AGNES RECORDED IN WHITE PINE
     COUNTY.

RECORDED ON 02 SEPTEMBER 13, BOOK 348 PAGES 5-6

TOTALING APPROXIMATELY

4)   APN#099-053-01  PATENT  #28709,  M/S 1733,  ANNIE W RECORDED  IN WHITE PINE
     COUNTY.

RECORDED ON 02 SEPTEMBER 13, BOOK 348 PAGES 15-16

TOTALING APPROXIMATELY

5)   APN#099-053-07  PATENT #28709,  M/S 1733,  COLUMBIA  RECORDED IN WHITE PINE
     COUNTY.

RECORDED ON 02 SEPTEMBER 13, BOOK 348 PAGES 9-10

TOTALING APPROXIMATELY

6)   APN#099-053-16  PATENT #28709,  M/S 1733,  LONE PINE RECORDED IN WHITE PINE
     COUNTY.

RECORDED ON 02 SEPTEMBER 13, BOOK 348 PAGES 3-4

TOTALING APPROXIMATELY

7)   APN#099-053-02  PATENT #28709,  M/S 1733,  AVALANCHE  FRACTION  RECORDED IN
     WHITE PINE COUNTY.

RECORDED ON 02 SEPTEMBER 13, BOOK 348 PAGES 13-14

TOTAL COMBINED ACREAGE IS + OR -  110 ACRES

                                       13
<PAGE>
                                   SCHEDULE B

                        DEFINITION OF NET SMELTER RETURNS

1. For the purposes of this Agreement, the term "Net Smelter Returns" shall mean
the net proceeds  actually paid to the Optionee from the sale by the Optionee of
minerals mined and removed from the Property, after deduction of the following:

     (a)  smelting costs,  treatment  charges and penalties  including,  but not
          being limited to, metal losses,  penalties for  impurities and charges
          for refining,  selling and handling by the smelter,  refinery or other
          purchaser; and

     (b)  costs of handling,  transporting  and insuring  concentrates  and dore
          metal from the  Property  to a  smelter,  refinery  or other  place of
          treatment.

2. Each of the Optionor and the Optionee shall pay its  respective  share of the
Nevada net  proceeds  of mines taxes and any other  taxes  assessed  against the
revenues  realized from the production of minerals from the Property and each of
the Optionor and Optionee shall pay its own federal and state income taxes.

3. In the event the Optionee commingles minerals from the Property with minerals
from other properties,  the Optionee shall establish  procedures,  in accordance
with sound mining and metallurgical techniques, for determining the proportional
amount  of the  total  recoverable  metal  content  in the  commingled  minerals
attributable to the input from each of the properties by calculating the same on
a  metallurgical  basis,  in  accordance  with  sampling  schedules  and  mining
efficiency  experience,  so that  production  royalties  applicable  to minerals
produced from the Property may reasonably be determined.

                                       14

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