Document:

<PAGE>
                                                                    EXHIBIT 10.2

                            SHARE PURCHASE AGREEMENT

THIS AGREEMENT is made as of the 15th day of October, 1999,

AMONG:

           PETER C. ELLSWORTH of 265 Benton Avenue, Missoula, Montana,
                                   59801, USA

AND:

         GARRY J. CARLSON of 921 West Spruce, Missoula, Montana, 59802,
                                       USA

                 (hereinafter collectively called the "Vendors")

                                OF THE FIRST PART

AND:

               DELTA INTERNATIONAL MINING AND EXPLORATION INC.,
               a body corporate duly incorporated pursuant to the laws of the
               State of Nevada, having its place of business at 11649 East
               Cortez Drive, Scottsdale, Arizona,85259, USA

                      (hereinafter called the "Purchaser")

                               OF THE SECOND PART

AND:

               BRITT MINERALS INC., a body corporate duly incorporated pursuant
               to the laws of the State of Montana having its registered
               office at 921 West Spruce, Missoula, Montana, 59802, USA

                     (hereinafter called the "Corporation")

                                OF THE THIRD PART

WHEREAS:

A. The Vendors have agreed to sell and the Purchaser has agreed to purchase 100%
of the issued and outstanding shares of the Corporation, being a total of 200
shares of the common stock of the Corporation;

<PAGE>

B. In order to record the terms and conditions of the agreement among them the
parties wish to enter into this agreement;

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the foregoing
and of the sum of $10.00 paid by the Purchaser to each of the Vendors and to the
Corporation, the receipt of which is hereby acknowledged, the parties hereto
agree each with the other as follows:

1.      INTERPRETATION

1.1 Where used herein or in any amendments or Schedules hereto, the following
terms shall have the following meanings:

        (a) "Financial Statements" means those financial statements of the
Corporation as at September 30, 1999 and attached hereto as Schedule "A";

        (b) "Shares" means the 200 shares of common stock in the capital of the
Corporation being sold to the Purchaser, being 100% of all of the issued and
outstanding shares of the Corporation;

        (c) "Purchaser Shares " means those 600,000 shares of common stock of
the Purchaser which will be issued to the Vendors as consideration for the
Shares;

        (d) "Royalty" means the gross returns royalty of 1.5% granted to the
Vendors by the Corporation, in the form which is attached to this agreement as
Schedule D. The Vendors have granted .5% of the gross returns royalty to Front
Range Exploration Corporation.

1.2 All dollar amounts referred to in this agreement are in American dollars,
unless expressly stated otherwise.

1.3 The following schedules are attached to and form part of this agreement:

        Schedule A - Financial Statements

        Schedule B - List of Mineral Claims and Leases

        Schedule C - Corporation Assets, Encumbrances, Litigation and
        other material information

        Schedule D - Form of the Royalty

                                       -2-

<PAGE>

2.      PURCHASE OF SHARES

2.1 The Vendors each hereby covenant and agree to sell, assign and transfer to
the Purchaser, and the Purchaser covenants and agrees to purchase from each of
the Vendors the Shares held by each Vendor.

2.2 As consideration for the sale of the Shares, the Purchaser shall allot and
issue the Purchaser Shares to the Vendors;

2.3 The Purchaser Shares shall be allotted and issued to the Vendors and to
Front Range Exploration Corporation in the following proportions; Peter
Ellsworth 300,000 shares, and Garry J. Carlson 300,000 shares.

2.4 In addition, the Purchaser will grant the Vendors a mineral royalty in the
form which is attached to this agreement as Schedule D in the Exploration
License, Mineral Purchase Option and lease Agreement entered into between the
William W. Lewis Equity Trust and David W. Lewis, as owners, and the Purchaser.
This agreement was entered into by Delta rather than by the Vendors or the
Corporation, as was the case with the mineral claims and leases listed in
Schedule B.

2.5 As of the date of this agreement the Vendors are negotiating leases on
property in Fergus County known as Homestead Kimberlite with Russell and Betty
Ann Gjerde, Noel Newberg, and John Schultz. The Corporation will be the lessee
under those leases. The Purchaser agrees to grant the Vendors a mineral royalty
in the form which is attached to this agreement as Schedule D in those leases.

3.      COVENANTS, REPRESENTATIONS AND WARRANTIES OF THE VENDORS AND THE
        CORPORATION

The Vendors and the Corporation jointly and severally covenant with and
represent and warrant to the Purchaser as follows, and acknowledge that the
Purchaser is relying upon such covenants, representations and warranties in
connection with the purchase by the Purchaser of the Shares:

3.1 The Corporation has been duly incorporated and organized, is validly
existing and is in good standing under the laws of the State of Montana; it has
the corporate power to own the claims and leases owned by it; it holds all
necessary prospectors or mineral exploration licenses required under the State
of Montana required to carry on the business of exploration for minerals in the
State of Montana; it is duly qualified as a corporation to do business and is in
good standing with respect thereto in each jurisdiction in which the nature of
the business conducted by the Corporation or the property owned or leased by it
makes such qualification necessary; and it has or will have on the Closing Date
all necessary licenses, permits, authorizations and consents to operate its
business.

3.2 The authorized capital of the Corporation consists of 50,000 shares of
common stock without par value, of which 200 shares have been duly issued and
are outstanding as fully paid and non-assessable.

                                       -3-

<PAGE>

3.3 The Shares owned by the Vendors are owned by them as the beneficial and
recorded owners with a good and marketable title thereto, free and clear of all
mortgages, liens, charges, security interests, adverse claims, pledges,
encumbrances and demands whatsoever as follows:

<TABLE>
<CAPTION>
                                             Percentage
                              Number of      of Issued
Name of Shareholder           Shares         Corporation Shares
---------------------------------------------------------------
<S>                           <C>            <C>
Garry J. Carlson              100            50%
Peter C. Ellsworth            100            50%
</TABLE>

3.4 No person, firm or corporation has any agreement or option or any right or
privilege (whether by law, pre-emptive o r contractual) capable of becoming an
agreement or option for the purchase from the Vendors of any of the Shares.

3.5 No person, firm or corporation has any agreement or option, including
convertible securities, warrants or convertible obligations of any nature, or
any right or privilege (whether by law, pre-emptive or contractual) capable of
becoming an agreement or option for the purchase, subscription, allotment or
issuance of any of the unissued shares in the capital of the Corporation or of
any securities of the Corporation.

3.6 The Corporation does not have any subsidiaries or agreements of any nature
to acquire any subsidiary or to acquire or lease any other business operations
and will not prior to the Closing Date acquire, or agree to acquire, any
subsidiary or business without the prior written consent of the Purchaser.

3.7 The Corporation will not, without the prior written consent of the
Purchaser, issue any additional shares from and after the date hereof to the
Closing Date or create any options, warrants or rights for any person to
subscribe for or acquire any unissued shares in the capital of the Corporation.

3.8 The Corporation is not a party to or bound by any agreement of guarantee,
warranty, indemnification, assumption or endorsement or any other like
commitment of the obligations, liabilities (contingent or otherwise) or
indebtedness of any other person, firm or corporation.

3.9 The books and records of the Corporation fairly and correctly set out and
disclose in all material respects, in accordance with generally accepted
accounting principles, the financial position of the Corporation as at the date
hereof, and all material financial transactions of the Corporation have been
accurately recorded in such books and records.

3.10 The Financial Statements present fairly the assets, liabilities (whether
accrued, absolute, contingent or otherwise) and the financial condition of the
Corporation as at the date thereof and there will not be, prior to the Closing
Date, any material increase in such liabilities.

                                       -4-

<PAGE>

3.11 Except as disclosed in the Schedules hereto the Corporation does not have
any indebtedness or contract of any asset, contract, or indebtedness of any
nature whatsoever.

3.12 The business of the Corporation has been carried on in the ordinary and
normal course by the Corporation since the date of the Financial Statements and
will be carried on by the Corporation in the ordinary and normal course after
the date hereof and up to the Closing Date.

3.13 Except as disclosed in the Schedules hereto, the Corporation is not a party
to any written or oral employment, service or pension agreement, and the
Corporation does not have any employees who cannot be dismissed on not more than
one months notice without further liability.

3.14 Except as disclosed in the Schedules hereto, the Corporation does not have
outstanding any bonds, debentures, mortgages, notes or other indebtedness, and
the Corporation is not under any agreement to create or issue any bonds,
debentures, mortgages, notes or other indebtedness.

3.15 Except as disclosed in the Schedules hereto, the Corporation is not the
owner or lessee under any agreement to own or lease any real property.

3.16 Except as disclosed in the Schedules hereto and except for the Royalty, the
Corporation owns, possesses and has good and marketable title to its
undertaking, property and assets, and without restricting the generality of the
foregoing, all of those mineral claims or leases described in Schedule "B"
hereto, free and clear of any and all mortgages, liens, pledges, charges,
security interests, encumbrances, actions, claims or demands of any nature
whatsoever or howsoever arising, accept for statutory commitments which are
required to keep the claims or leases in good standing.

3.17 The Corporation has no loans or indebtedness outstanding which have been
made to directors, former directors, officers, shareholders and employees of the
Corporation or to any person or corporation not dealing at arm's length with any
of the foregoing.

3.18 The Corporation has made full disclosure to the Purchaser of all aspects of
its business and has made all of its books and records available to the
representatives of the Purchaser in order to assist the Purchaser in the
performance of its due diligence searches and no material facts in relation to
its business have been concealed by the Corporation or the Vendors.

3.19 There are no material liabilities of the Corporation of any kind
whatsoever, whether or not accrued and whether or not determined or
determinable, in respect of which the Corporation or the Purchaser may become
liable on or after the consummation of the transaction contemplated by this
agreement.

3.20 The Articles, bylaws and other constituting documents of the Corporation in
effect with the appropriate corporate authorities as at the date of this
agreement will remain in full force and effect without any changes thereto as at
the Closing Date.

                                       -5-

<PAGE>

3.21    The directors and officers of the Corporation are as follows:

<TABLE>
<CAPTION>
        Name                  Position
        ------------------------------
<S>                           <C>
        Peter Ellsworth       President & Director
        Garry J. Carlson      Secretary, Treasurer & Director
</TABLE>

4.      CLOSING ARRANGEMENTS

4.1 The Closing shall take place within 30 days of the date of this Agreement at
the offices of A.F. Schaffer PC, 7537 East McDonald Drive, Scottsdale, Arizona
85250-6062, USA. On the Closing Date upon fulfilment of all the conditions set
out in article 3 which have not been waived in writing by the Purchaser, then

(a) the Vendors, shall deliver to the Purchaser certificates representing all
the Shares duly endorsed in blank for transfer or with a Stock Power of Attorney
(in either case with a signature guaranteed by the appropriate official).

(b) the Vendors and the Corporation shall cause the transfers of the Shares into
the name of the Purchaser or its subsidiary Global Gold Inc., to be duly and
regularly recorded in the books and records of the Corporation;

(c) the Purchaser shall deliver to the Vendors share certificates representing
the Purchaser Shares in the names of the Vendors.

5.      GENERAL PROVISIONS

5.1 Time shall be of the essence of this agreement.

5.2 This agreement contains the whole agreement between the parties hereto in
respect of the purchase and sale of the Shares and there are no warranties,
representations, terms, conditions or collateral agreements expressed, implied
or statutory, other than as expressly set forth in this agreement. All previous
statements, negotiations, preliminary instruments, and agreements between the
parties which relate to the Corporation and its assets are superseded by and
merged into this agreement.

5.3 This agreement shall enure to the benefit of and be binding upon the parties
hereto and their respective successors and permitted assigns. The Purchaser may
not assign this agreement without the consent of the Corporation which consent
may be unreasonably withheld.

5.4 Any notice to be given under this agreement shall be duly and properly given
if made in writing and by delivering or telecopying the same to the addressee at
the address as set out on page one of this agreement. Any notice given as
aforesaid shall be deemed to have been given or made on, if delivered, the date
on which it was delivered or, if telecopied, on the next business day after it
was

                                       -6-

<PAGE>

telecopied. Any party hereto may change its address for notice from time to time
by notice given to the other parties hereto in accordance with the foregoing.

5.5 This agreement may be executed in one or more counterparts, each of which so
executed shall constitute an original and all of which together shall constitute
one and the same agreement.

5.6 This agreement shall be construed and enforced in accordance with, and the
rights of the parties shall be governed by, the laws of the State of Nevada, and
each of the parties hereto irrevocably attorns to the exclusive jurisdiction of
the Courts of the State of Nevada.

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

DELTA INTERNATIONAL MINING AND EXPLORATION INC.

Per: /s/ Gary L. Boyd
     ----------------------------------------

Gary L. Boyd, President

Per: /s/ Robert Mathews
     ----------------------------------------

Robert Mathews, CFO

SIGNED, SEALED AND DELIVERED
by Peter C. Ellsworth in the presence of:

 /s/ Peter S. Dayton                         )
-----------------------------------------    )
Witness Signature                            )
                                             )       /s/ Peter C. Ellsworth
                                             )       ---------------------------
Name: Peter S. Dayton                        )       Peter C. Ellsworth
      -----------------------------------    )
                                             )
Address: 111 North Higgins, Suite 600        )
         --------------------------------    )
         Missoula, Montana 59802             )
         --------------------------------    )

SIGNED, SEALED AND DELIVERED
by Garry J. Carlson in the presence of:

 /s/ Peter S. Dayton                         )
-----------------------------------------    )
Witness Signature                            )
                                             )       /s/ Garry J. Carlson
                                             )       ---------------------------
Name: Peter S. Dayton                        )       Garry J. Carlson
      -----------------------------------    )
                                             )
Address:  111 North Higgins, Suite 600       )
        ---------------------------------    )
          Missoula, Montana 59802            )
        ---------------------------------    )

                                       -7-

<PAGE>

                                  SCHEDULE "A"

                              BRITT MINERALS, INC.
                                 PROFIT AND LOSS
                          JANUARY THROUGH DECEMBER 1998

<TABLE>
<CAPTION>
                                                                     Jan - Dec. '98
                                                                     --------------
<S>                                                                  <C>
               Ordinary Income/Expense
                   Expense
                       Bank Service Charges                                 30.00
                       Claim Fees
                           Assessment                                   27,349.43
                           Lease Contracts                                 150.00
                                                                       ----------
                       Total Claim Fees                                 27,499.43

                       Contract Services
                           Land Man                                     24,168.54
                                                                       ----------
                       Total Contract Services                          24,168.54

                       Field Supplies                                   12,575.67
                       Geological Exploration & Geophy                  14,199.22
                       Office Expenses
                           Office Supplies                                  18.00
                                                                       ----------
                       Total Office Expenses                                18.00

                       Publications                                         60.00
                                                                       ----------

                   Total Expense                                        78,550.86
                                                                       ----------
               Net Ordinary Income                                     -78,550.86
                                                                       ----------

               NET INCOME                                              -78,550.86
                                                                       ==========
</TABLE>

                                       -8-

<PAGE>

                              BRITT MINERALS, INC.
                                 PROFIT AND LOSS
                         JANUARY THROUGH SEPTEMBER 1999

<TABLE>
<CAPTION>
                                                            Jan - Sept. '99
                                                            ---------------
<S>                                                         <C>
       Ordinary Income/Expense
            Expense
                Bank Service Charges                                32.10
                Claim Fees
                     Assessment                                 17,466.00
                     Bonds                                       5,410.00
                     Lease Contracts                             3,107.49
                                                                ---------
                Total Claim Fees                                25,983.49
                Contract Services
                     Lab Fees                                    2,604.97
                     Land Man                                    2,026.59
                                                               ----------
                Total Contract Services                          4,631.56

                Field Expenses                                     573.72
                Field Supplies                                     155.18
                Geological Exploration & Geophy                 27,021.70
                Memberships                                      1,000.00
                Office Expenses
                     Office Supplies                               132.80
                     Postage and Delivery                           32.40
                     Printing & Copies                              30.50
                                                               ----------
                Total Office Expenses                              195.70

                Professional Fees
                     Accounting                                    185.00
                     Meetings                                      561.00
                                                               ----------
                Total Professional Fees                            746.00

                Publications                                     1,454.15
                Rent                                                58.00
                Travel & Entertainment
                     Lodging                                       394.60
                     Meals                                          16.75
                     Travel                                      1,817.21
                                                               ----------
                Total Travel & Entertainment                     2,228.56
            Total Expenses                                      64,080.16

       Net Ordinary Income                                     -64,080.16
       Other Income/Expense
            Other Income                                            59.58
                                                               ----------
            Total Other Income                                      59.58

       Net Other Income                                             59.58
                                                               ----------

       NET INCOME                                              -64,020.58
                                                               ==========
</TABLE>

                                       -9-

<PAGE>

                              BRITT MINERALS, INC.
                                 PROFIT AND LOSS
                         JANUARY THROUGH SEPTEMBER 1999

<TABLE>
<CAPTION>
                                                         Sept. 30, '99
                                                         -------------
<S>                                                      <C>
         ASSETS

          Current Assets
              Checking/Savings
                  Missoula Federal Credit Union             1,226.68
                  Missoula Federal Credit Union-S             101.88
                                                          ----------
              Total Checking/Savings                        1,328.56

          Total Current Assets                              1,328.56
                                                          ----------
      TOTAL ASSETS                                          1,328.56
                                                          ==========

      LIABILITIES & EQUITY

          Equity
              Investor
                  Carlson                                     100.00
                  Ellsworth                                   100.00
                  Global Gold                             143,700.00
                                                          ----------
              Total Investor                              143,900.00

              Retained Earnings                           -78,550.86
              Net Income                                  -64,020.58
                                                          ----------
          Total Equity                                      1,328.56
                                                          ----------
      TOTAL LIABILITIES & EQUITY                            1,328.56
                                                          ==========
</TABLE>

                                      -10-

<PAGE>

                                   SCHEDULE B
                        LIST OF MINERAL CLAIMS AND LEASES

                       STATE OF MONTANA LODE MINING CLAIMS

<TABLE>
<CAPTION>
Claim Name                      Serial Number                         County
----------------------------------------------------------------------------
<S>                             <C>                                   <C>
BB 5052 to 5054                 MMC 205425 to 205427                  Blaine
BB 5152 to 5153                 MMC 205428 to 205429                  Blaine
LT 5050 to 5055                 MMC 205430 to 205435                  Blaine
LT 5150 to 5159                 MMC 205436 to 205445                  Blaine
LT 5258 to 5259                 MMC 205446 to 205447                  Blaine
HW1 to HW6                      MMC 205515-205520                     Chouteau
GC 1 to GC 44                   MMC 204684-204727                     Philips
WC 5050 to 5054                 MMC 204804 to 204808                  Philips
WC 5150 to 5154                 MMC 204809 to 204813                  Philips
WC 5247 to 5254                 MMC 204814 to 204821                  Philips
WC 5350 to 5354                 MMC 204822 to 204826                  Philips
L 5155 to 5159                  MMC 204834 to 204838                  Philips
L 5255 to 5256                  MMC 204839 to 204840                  Philips
MC 5050 to 5054                 MMC 204841 to 204845                  Philips
MC 5150 to 5159                 MMC 204846 to 204855                  Philips
SB 4552 to 4553                 MMC 204856 to 204857                  Philips
SB 5152                         MMC 204858                            Philips
SB 5252                         MMC 204859                            Philips
SB 5357 to 5358                 MMC 204860 to 204861                  Philips
SB 5457 to 5458                 MMC 204862 to 204863                  Philips
WC 5042 to 5046                 MMC 205472 to 205476                  Philips
WC 5142 to 5146                 MMC 205477 to 205481                  Philips
WC 5242 to 5446                 MMC 205482 to 205486                  Philips
GOLD 5                          MMC 204950                            Rosebud
GOLD 6                          MMC 205401                            Rosebud
GOLD 9                          MMC 205402                            Rosebud
GOLD 10                         MMC 205403                            Rosebud
</TABLE>

All ownership rights in the Z claim group which consists of the Z #1 and #2 Lode
Mining Claims (BLM Serial Numbers MTMMC 205470 and 205471) located in Sections
16 and 20, T25N, R25E, M.P.M., Philips County, Montana.

                                      -11-

<PAGE>

                       MONTANA STATE METALLIFEROUS LEASES

<TABLE>
Lease Name                   Acres               County         Serial Number
<S>                          <C>               <C>              <C>
Rattler Gulch                 160               Granite           M-1943-99
Teigen Butte                  160              Petroleum          M-1947-99
Laird Creek                   480               Liberty           M-1944-98
Yellow Water Butte            156              Petroleum          MTM88979
Three Buttes                   80              Petroleum          MTM88980
</TABLE>

                                      -12-

<PAGE>

                                  SCHEDULE "C"

        to that Share Purchase Agreement dated as of October 15, 1999

             CORPORATION ASSETS, ENCUMBRANCES, LITIGATION AND OTHER
                              MATERIAL INFORMATION

                                   THE ROYALTY

                                      -13-

<PAGE>

                                  SCHEDULE "D"

                              MINERAL ROYALTY DEED

        This mineral royalty deed is made between Britt Minerals, Inc., a
Montana corporation whose address is 921 West Spruce Street, Missoula, Montana
59802 (referred to in this deed as "Britt"), and the following persons
(collectively referred to in this deed as the "Grantees"):

(a)     Peter Ellsworth, whose address is 265 Benton Avenue, Missoula, Montana
        59801, a three-fourths of one percent (0.75%) royalty interest; and

(b)     Garry J. Carlson, whose address is 921 Spruce Street, Missoula, Montana
        59802, a three-fourths of one percent (0.75%) royalty interest.

        FOR VALUE RECEIVED, Britt hereby grants, sells, assigns, transfers, and
conveys to the Grantees, as tenants in common, and to the Grantees' heirs and
assigns, a gross overriding royalty (referred to in this deed as the "Gross
Overriding Royalty"), in the amounts and on the terms and conditions described
in this deed, in all gem and industrial diamonds (referred to in this deed as
"Diamonds") recovered, sorted and graded from the mineral rights located in
________ County, Montana, described below (referred to in this deed as the
"Mineral Rights"):

                            [DESCRIBE MINERAL RIGHTS]

        Each of the Grantees is entitled to receive a Gross Overriding Royalty
which is equal to the percentages specified above of the "Appraised Value" (as
defined in this deed, and reconciled as provided for in this deed) of all
Diamonds recovered, sorted and graded from the Mineral Rights, free and clear of
all costs of development and operation, and subject only to taxes and royalties
(except income taxes) and the fees and expenses of graders as provided for in
this agreement.

        "Appraised Value" means the valuation in American Dollars of the
Diamonds at the minesite determined by an independent grade appointed by Britt.
The independent grader shall be duly qualified and accredited, and shall sort,
grade and value the Diamonds in accordance with industry standards, having
regard to, but without limiting the generality of the foregoing, the commercial
demand for the Diamonds, the grades of the Diamonds (gem or industrial), and the
colors, sizes and clarity of the Diamonds. The independent valuator shall value
each particular classification of the Diamonds in accordance with the industry
pricebooks, standards and formulas.

        The Gross Overriding Royalty will be calculated and paid within 30 days
of the end of each calendar quarter, based on all Diamonds from the Mineral
Rights which were graded in that calendar quarter.

        Within 90 days after Britt has received payment for all Diamonds from
the Mineral Rights which were graded in a calendar years, it will reconcile the
Appraised Value (deducting only taxes, royalties and the fees and expenses of
graders as aforesaid) of all such Diamonds with the actual

                                      -14-

<PAGE>

proceeds received by Britt from the sale of those Diamonds (deducting only
taxes, royalties and the fees and expenses of graders as described above), and
provide to the Grantees a statement showing all pertinent information in
sufficient detail to explain the calculation of the royalty payment. If the
aggregate proceeds (deducting only royalties and the fees and expenses of
graders as described above) are greater than the Appraised Value, Britt will pay
each Grantee its proportionate share of the excess. if the Appraised Value is
greater than the aggregate proceeds (deducting only taxes royalties and the fees
and expenses of graders as described above), then each Grantee will pay to Britt
its proportionate share of the excess.

        All Gross Overriding Royalty payments shall be considered final and in
full satisfaction of all obligations of Britt with respect to those Gross
Overriding Royalties, unless a Grantee gives Britt written notice describing and
setting forth a specific objection to the calculation of the Gross Overriding
Royalty within 12 months after receipt by the Grantee of the statement provided
for above. If the Grantee objects to a particular statement, the Grantee shall,
for a period of 30 days after Britt's receipt of notice of the objection, have
the right upon reasonable notice and at a reasonable time, to have Britt's
accounts and records relating to the calculation of the Gross Overriding Royalty
in question audited by a chartered accountant acceptable to the Grantee and to
Britt. If the audit determines that there has been a deficiency or any excess in
the payment made to the Grantee, the deficiency or excess shall be resolved by
adjusting the next quarterly Gross Overriding Royalty payment due under this
deed. The Grantee shall pay all costs of the audit unless a deficiency of more
than ten percent (10%) of the amount due is determined to exist, in which case
Britt will pay the costs of the audit. All books and records used by Britt for
adjustment in such 12-month period shall establish the correctness and preclude
the filing of exceptions or making of claims for adjustment thereon.

        In addition, if Britt conducts an audit, either internally or by an
independent auditor, of the operations on or in respect of the Mineral Rights,
each of the Grantees will be notified and, at its request, will be provided with
a copy of the portion or portions of such audit which pertain to production
statistics.

        Dated November __, 1999.

                                      BRITT MINERALS, INC.

                                      By:
                                          ---------------------------------
                                             Peter Ellsworth, President

ATTEST:

By: /s/ Garry J. Carlson
    ------------------------------------
    Garry J. Carlson, Secretary

                                      -15-

<PAGE>

STATE OF MONTANA              )
                              :SS
COUNTY OF MISSOULA            )

        This instrument was acknowledged before me on November ___, 1999, by
Peter Ellsworth and Garry J. Carlson as the President and Secretary of Britt
Minerals, Inc.

                                    --------------------------------------------
        (SEAL)                      Notary Public for the State of Montana
                                    Residing at ________________________________
                                    My commission expires ______________________

                                      -16-<PAGE>

                                                                    EXHIBIT 10.3

        EXPLORATION LICENSE, MINERAL PURCHASE OPTION AND LEASE AGREEMENT

        THIS EXPLORATION LICENSE, MINERAL PURCHASE OPTION AND LEASE AGREEMENT is
made this 7th day of December, 1999 by and between A. Russell Gjerde and Betty
Ann Gjerde, h/w, Joint Tenants ("Owners"); and Britt Minerals, Inc. ("Britt").

        A. Owners own and possesses Mineral Property as shown on Exhibit "A"
heretofore attached and a part of this Agreement in Fergus County, Montana. All
ores, minerals, mineral rights, and the right to explore for, mine, remove the
same and so much of the water as will be required or with the right to drill a
water well, with ingress and egress over adjoining lands now owned by Owners
shall be referred to collectively as "Mineral Property", except oil and gas, and
the remainder of the surface, water rights and improvements, easements,
licenses, rights-of-way and other interests appurtenant thereto, shall be
referred to collectively as the "Surface".

        B. The parties now wish to enter into an agreement giving Britt an
exclusive license to explore the Mineral Property and the exclusive option to
purchase the Mineral Property on the terms and conditions set forth below.

        THEREFORE, the parties have agreed as follows.

                                   SECTION ONE
                               Exploration License

        1.1 Grant of Exploration License. Owners hereby grant to Britt the
exclusive right and option to enter upon and explore the Mineral Property. The
Exploration License shall have a term of Five (5) years commencing on execution
of this agreement by both parties (the "Effective Date"). During the term of the
license, Britt shall have the right to undertake geological, geophysical, and
geochemical examinations of the Mineral Property; to sample the Mineral Property
by means of pits, trenches, and drilling by any means; and to take mini-bulk
samples (not to exceed 1 ton total) from the Mineral Property for the purpose of
conducting mineralogical tests, etc. However, Britt shall not commence mining
activities on the Mineral Property unless it exercises its option to purchase
set forth in Section 2 below.

        1.2 Payments For Exploration License. In consideration of this License,
Britt shall pay Owners the sum of Three Thousand Dollars ($3,000.00) upon
execution of this agreement with annual payments of Three Thousand Dollars
($3,000.00) on or before the anniversary date shown above for the duration of
the Exploration License.

        1.3 Delivery of Data. Following execution of this Agreement, Owners
shall allow Britt to review and copy (at Britt's cost) all data and reports, if
any, in the possession of Owners.

        1.4 Termination of Exploration License. This exploration license shall
terminate Five (5) years from the Effective date, unless extended by mutual
agreement of the parties. Britt shall have the right to terminate the License at
any time and shall, upon delivery of a termination notice to Owners, be relieved
of all further obligations after termination date.

<PAGE>

        1.5 Work Commitment. The payment set forth in Section 1.2 above shall be
in lieu of any work commitment on the Mineral Property, and Britt shall have no
obligation, express or implied, to explore, develop, or mine the Mineral
Property.

        1.6 Environmental Liabilities. Owners shall remain solely liable and
responsible for all environmental conditions and reclamation responsibilities
which arose prior to the execution of this Agreement. Britt shall have
responsibility for all environmental conditions and reclamation responsibilities
arising from Britt's activities on the Surface after execution of this
Agreement.

                                   SECTION TWO
                                 Option to Lease

        2.1 Grant of Option. In consideration of the payment made in Section
1.2, Owners hereby grant to Britt the exclusive right and option to Purchase
Owners' ownership interest, in and to all mineral interests, as defined in "A"
above, and Lease so much of the Surface as needed and/or required for the sum of
Five Hundred Dollars ($500.00) per acre to be paid according to the schedule set
forth below. The option shall have a term of five (5) years unless sooner
terminated or canceled as hereinafter provided, and the Surface Lease shall run
for five (5) years or so long after the end of such term as there is production
from the Mineral Property. The Lease shall commence on the date Britt gives
Owners' notice of execution of Option to Purchase and makes a payment of Twenty
Five Dollars ($25.00) per acre. In order to maintain the option in effect, Britt
shall make the following annual option payments to Owners:

<TABLE>
<CAPTION>
        Anniversary of Option Date                    Option Payment
        -------------------------------------------------------------
<S>                                                   <C>
                       1                              $37.50 per acre

                       2                              $62.50 per acre

                       3                              $100.00 per acre

                       4                              $125.00 per acre

                       5                              $150.00 per acre
</TABLE>

        2.2 Exercise of Option. Britt shall elect (a) to terminate this
Agreement and relinquish the Mineral Property and Surface to Owners in
accordance with Section 6.1 below, or (b) to exercise its option and purchase
the Mineral Property for the price set forth in Section 2.1 and Lease so much of
the Surface as is needed and/or required. During the term of the 5 year Option,
if Britt elects to purchase the Mineral Property, the parties shall open an
escrow account and proceed to complete the sales transaction within sixty (60)
days following Britt's election. Owners shall deposit a Warranty Deed into the
escrow account conveying the Mineral Property to Britt, and Britt shall deposit
the purchase price in to escrow. Upon deposit of both the deed and purchase
payment, the deed shall be released and recorded, and the initial payment shall
be delivered to owners. Britt shall bear all of the costs of escrow, and
recording.

                                       -2-

<PAGE>

        The parties acknowledge that Britt shall have the right to terminate the
option at any time in accordance with Section 6 below.

        2.3 Production Royalty. If the Premises are placed into commercial
production, Britt agrees to pay to Owners a production royalty of two percent
(2%) of the Net Returns, as defined herein, from the proceeds received from
commercial production from the Mineral Property, where Owners hold 100% of all
minerals and there is no outstanding royalty. Britt agrees to pay the Owners a
royalty reduced proportionately to the Owners actual Mineral Property ownership
percentage. In the case that the said Mineral Property contains outstanding
royalties, Britt agrees to pay Owners two percent (2%) royalty minus the
outstanding royalty amount, and no royalty will be paid to Owners if the
outstanding royalty on Mineral Property equals or exceeds two percent (2%).
Payments of such production royalty from the proceeds received from commercial
production shall be determined at the end of each calendar quarter after the
effective date. Payments of the production royalty shall be made within thirty
(30) days after the end of each calendar quarter.

               2.3.1   "Net Returns" shall mean for any period the amount of
                       earned revenues actually paid to and received by Britt by
                       any refinery or other purchaser of metals, ores, minerals
                       or mineral substances, or concentrates produced therefrom
                       for products mined from the Property, less all of the
                       following:

               2.3.2   Treatment charges and penalties, including, but without
                       being limited to, penalties for impurities and charges
                       for refining, selling, and transportation to refinery and
                       from refinery to market;

               2.3.3   Production taxes, net proceeds of mine taxes, severance
                       taxes and sales, privileges and other taxes levied on
                       product or on the production thereof.

                       Net Returns for product treated at a refinery owned,
               operated or controlled by Britt, shall be computed in the above
               manner, with deductions for all charges and items of cost
               equivalent to the deductions described above.

        2.4 Quitclaim of Mineral Rights. Upon completion of mining operations,
the Mineral Property ownership will be quit claimed to Owner, at the sole
discretion of Britt.

                                  SECTION THREE
                              Conduct of Operations

        3.1 Right to Explore. Following the execution of this Agreement, Britt
shall have the right to make geological investigations and surveys, to drill on
the Surface by any means, and to have all the rights and privileges incident to
Owner's ownership of the Mineral Property. However, Britt shall not commence
development or mining operations on the Mineral Property unless it has executed
the option to purchase the Mineral Property in accordance with Section 2 above.

        3.2 Conduct of Work. Britt shall perform its activities on the Mineral
Property in accordance with good mining practices, shall comply with the
applicable laws and regulations

                                       -3-

<PAGE>

relating to the performance of exploration operations on the Mineral Property,
and shall comply with the applicable worker's compensation laws of the State of
Montana.

        3.3 Liability. During the term of the Agreement, Britt shall indemnify
and hold Owners harmless from any claims, demands, liabilities or liens arising
out of Britt's activities on the Mineral Property.

        3.4 Liens. Britt shall keep the Mineral Property free and clear from any
and all mechanics' or laborers' liens arising from labor performed on or
material furnished to the Mineral Property at Britt's request.

        3.5 Installation of Equipment. Britt may install, maintain, replace, and
remove during the term of this Agreement any and all machinery, equipment,
tools, and facilities which it may desire to use in connection with its
exploration activities on the Mineral Property. Upon termination of this
Agreement for any reason, Britt shall have a period of ninety (90) days
following such termination during which it may remove all or part of the above
items at its sole cost and expense. Any equipment remaining on the Mineral
Property after ninety (90) days shall become property of Owners.

        3.6 Acquisition of Permits. Britt shall acquire all federal, state and
county permits required for its operations. In the event that Britt is required
to post a reclamation bond, the bond will revert to Britt upon satisfactory
completion of the reclamation program.

                                  SECTION FOUR
                               Inspection by Owner

        During the term of this Agreement, Owners, or their authorized agents or
representatives, shall be permitted to enter upon the Mineral Property for the
purpose of inspection. Owners shall enter upon the Mineral Property at their own
risk and so not to hinder unreasonably the operations of Britt. Owners shall
indemnify and hold Britt harmless from any damage, claim, or demand by reason of
injury to Owners or their agents or representatives on the Mineral Property or
the approaches thereto.

                                  SECTION FIVE
                                      Taxes

        Britt shall pay all taxes levied or assessed upon any improvements
placed on the Mineral Property by Britt. Upon termination of this Agreement for
any reason, taxes shall be paid by Britt for the remaining portion of the
calender year. However, Owners shall not be liable for taxes on any tools,
equipment, machinery, facilities, or improvements placed upon the Surface unless
Britt fails to remove them within the time provided by this Agreement.

                                       -4-

<PAGE>

                                   SECTION SIX
                             Termination and Default

        6.1 Termination. Britt shall have the right to terminate this Agreement
at its sole discretion at any time upon written notice to Owners. Upon
termination, Owners shall retain all payments previously made as liquidated
damages and this Agreement shall cease and terminate. Britt will also deliver a
Quitclaim Deed to Owners.

        6.2 Default. If Britt fails to perform its obligations under this
Agreement and in particular fails to make any payment due to Owners hereunder,
Owners may declare Britt in default by giving Britt written notice of default
which specifies the obligation(s) which Britt has failed to perform. If Britt
fails to remedy or satisfactorily respond to a notice of default within thirty
(30) days, Owners may terminate this Agreement and Britt shall peaceably
surrender possession of the Mineral Property to Owners. Notice of termination
shall be in writing and served in accordance with this Agreement.

        6.3 Obligations Following Termination. In the event of voluntary or
involuntary termination, Britt shall surrender possession of the Mineral
Property to the Owners and shall have no further liability or obligation under
this Agreement except for its obligation (1) to pay its apportioned share of
taxes, as provided for in Section Five, (2) to pay the cost of removal of all
equipment, (3) to fulfill its reclamation responsibility, and (4) to satisfy any
accrued obligations or liabilities, and (5) to satisfy any other obligation
imposed by this agreement or by law. Upon termination of this Agreement, except
termination upon Britt's exercise of the Option, Britt will provide a copy of
all drilling logs, assays, maps and other factual data which Britt has prepared
in connection with its exploration and development of the Mineral Property under
this Agreement.

                                  SECTION SEVEN
                              Notices and Payments

        7.1 Notices. All notices to Britt or Owners shall be in writing and
shall be sent certified or registered mail, return receipt requested, to the
addresses below. Notice of any change in address shall be given in the same
manner.

        TO Owners:     A. Russell Gjerde or Betty Ann Gjerde
                       P.O. Box 57
                       Grassrange, MT 59032

        TO Britt:      Peter C. Ellsworth, President
                       Britt Minerals, Inc.
                       P.O. Box 7495
                       Missoula, MT 59807

        7.2 Payments. All payments shall be in U.S. currency payable to Owners
at the address above.

                                       -5-

<PAGE>

                                  SECTION EIGHT
                                   Assignment

        Britt may assign this Agreement at any time, in whole or in part, upon
the prior notification to Owners. Owners, prior to conveying their royalty
interest under this Agreement to any other party, shall first offer Britt a
60-day opportunity to acquire Owners' interests on the same terms and conditions
offered by a third party.

                                  SECTION NINE
                                Warranty of Title

        9.1 Warranty. Owners represent that they are the owners of the Mineral
Property and Surface as described; that Owners have created no Liens or
encumbrances affecting the Mineral Property, and that Owners have and will
continue to have the right to commit the Mineral Property and Surface to this
Agreement.

        9.2 Examination of Title Documents. Promptly after execution of the
Option to Purchase section of this Agreement, Owners shall deliver to Britt
available copies of all documents bearing upon Owners' title, interest, and
ownership in the Mineral Property. Britt may then undertake such further
investigation of the title and status as Britt shall deem necessary. If that
investigation should reveal defects in the title, Britt agrees to proceed
forthwith to cure the title defects to their own satisfaction.

                                   SECTION TEN
                            Miscellaneous Provisions

        10. 1 Binding Effect. This Agreement shall inure to the benefit of and
be binding upon the parties hereto, their respective heirs, executors,
administrators, successors, and assigns.

        10.2 Applicable Law. The terms and provisions of this Agreement shall be
interpreted in accordance with the laws of the State of Montana.

        10.3 Entire Agreement. This Agreement terminates and replaces all prior
agreements, either written, oral or implied, between the parties hereto, and
constitutes the entire agreement between the parties.

        10.4 Recording Memorandum of Agreement. The parties hereto agree to
execute a Memorandum of this Agreement (short form) for the purpose of recording
same in the records of Fergus County, Montana so as to give public notice,
pursuant to the laws of the State of Montana, of the existence of this
Agreement.

        10.5 Void or Invalid Provisions. If any term, provision, covenant or
condition of this agreement, or any application thereof, should be held by a
court of competent jurisdiction to be invalid, void or unenforceable, all
provisions, covenants and conditions of this Agreement, and all applications
there of not held invalid, void or unenforceable, shall continue in full force
and effect and shall in no way be affected, impaired, or invalidated thereby.

                                       -6-

<PAGE>

        10.6 Time of the Essence. Time is of the essence of this Agreement and
each and every part thereof.

        10.7 Confidentiality. All reports and data provided by Britt to Owners
shall be held in strictest confidence, and Owners shall not disclose such
information without Britt's prior written consent.

        10.8 Water Well Development. In the event that Britt should encounter
productive groundwater during the course of the exploration drilling, the Owners
will be notified and Britt agrees to install, to the best of their ability,
water well casing to be provided by Owners, into exploration drillhole, upon the
request of the Owners. Water well casing will be installed using drill rig
before removing from drill site.

        10.9 Preservation of Rattlesnake Butte. Britt recognizes the importance
of preserving Rattlesnake Butte (also known as Elk Creek Butte) as a local
landmark, located in the SE1/4 Sec. 13, T14N, R24E, Fergus County, Montana.
Britt agrees to restrict open pit mining of the Rattlesnake Butte landmark.
Underground mining techniques beneath the surface of Rattlesnake Butte will be
deemed acceptable, so long as the natural character of the Butte is not
disturbed.

                                 SECTION ELEVEN
                                  Surface Owner

        The Surface Owner now wishes to enter into this agreement giving Britt
the exclusive right to Lease so much of the surface as is needed and/or required
to explore for, mine, produce and remove the Mineral Property, as defined above
in "A" and referenced to Exhibit "A". In consideration for the right to use so
much of the surface as is needed and/or required, Britt will pay Surface Owners
$150.00 per acre per year for grazing land and $240.00 per acre per year for
crop land taken out of production until the time Britt reclaims the land to its
original productivity. Britt also agrees to pay Surface Owners $1,000.00 per
acre for crop land and $500.00 per acre for grazing land as compensation for any
land taken out of permanent grazing or farming production.

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

Owners:

  /s/ A.  Russell Gjerde                            /s/ Betty Ann Gjerde
------------------------------                    ------------------------------
A. Russell Gjerde                                 Betty Ann Gjerde

                                             Britt Minerals, Inc.

                                             By: /s/ Peter Ellsworth
                                                 -------------------------------
                                                 Peter C.  Ellsworth, President

                                       -7-

<PAGE>

STATE OF MONTANA              )
                              )ss:
COUNTY OF FERGUS              )

        On this 7th day of December, in the year 1999, before me, a Notary
Public in and for said state, personally appeared Peter C. Ellsworth, who is
Director of Britt Minerals, Inc., personally known (or proved) to me to be the
person who executed the above instrument, and acknowledged to me that he
executed the same for purposes stated therein.

                                               /s/ Sheryl M. Cramer
                                             -----------------------------------
                                             Notary Public
                                             My Commission Expires   6/5/2002
                                                                   -------------

STATE OF MONTANA              )
                              )ss:
COUNTY OF FERGUS              )

        On this 7th day of December, in the year 1999, before me, a Notary
Public in and for said state, personally appeared A. Russell Gjerde and Betty
Ann Gjerde, personally known (or proved) to me to be the person who executed the
above instrument, and acknowledged to me that he executed the same for purposes
stated therein.

                                               /s/ Sheryl M. Cramer
                                             -----------------------------------
                                             Notary Public
                                             My Commission Expires   6/5/2002
                                                                   -------------

                                       -8-

<PAGE>

                                   EXHIBIT "A"

Made a part of and attached to that certain EXPLORATION LICENSE, MINERAL
PURCHASE OPTION AND LEASE AGREEMENT, dated 7th day of December, 1999 by and
between A. Russell Gjerde and Betty Ann Gjerde, h/w, Joint Tenants and Britt
Minerals, Inc.

Township 13 North, Range 24 East

Section 2:     Lots 3(39.71 ac), 4(39.77 ac); SW1/4NW1/4;
Section 3:     Lots 2(40.03 ac), 3(40.17 ac); 4(40.33 ac); S1/2NE1/4; SW1/4NW;
               SW1/4; W1/2SE1/4; SE1/4SE1/4;

Section 4:     Lots 1(40.42 ac), 2(40.46 ac); 3(40.50 ac), 4(40.54 ac);
               S1/2N1/2; S1/2S1/2;
Section 5:     Lot 1(40.57 ac);  SE1/4NE1/4;  NE1/4SE1/4;

Township 14 North, Range 24 East

Section 13:    S1/2;
Section 14:    S1/2S1/2; NW1/4SW1/4; NE1/4SE1/4;
Section 15:    SE1/4NE1/4; E1/2SE1/4;
Section 22:    E1/2;
Section 23:    All;
Section 24:    All;
Section 25:    All;
Section 26:    All;
Section 27:    NE1/4; S1/2NW1/4; S1/2;
Section 28:    S1/2NE1/4; SE1/4SW1/4; SE1/4;
Section 32:    SE1/4SE1/4;
Section 33:    E1/2; E1/2NW1/4; S1/2SW1/4;
Section 34:    All;
Section 35:    W1/2SE1/4; SW1/4NE1/4; W1/2.

                                       -9-

<PAGE>

A.  Russell Gjerde & Betty Ann Gjerde, h/w, JT

Township 14 North, Range 24 East
--------------------------------

Section 13:    S1/2;
               100% of all minerals with a 6-1/4% Royalty to Fergus County

Section 22:    NE1/4; E1/2SE1/4
               100% of all minerals

Section 22:    W1/2SE1/4;
               97.5% of the minerals (somewhere in past 2.5% outstanding)

Section 23:    W1/2NE1/4;
               50% of the minerals - Noel M. Newberg - 50% of the minerals

Section 23:    E1/2NE1/4; SE1/4NW1/4; W1/2NW1/4; SW1/4; N1/2SE1/4;
               100% of all minerals with a 6-1/4 % Royalty to Fergus County

Section 23:    NE1/4NW1/4;
               BLM minerals

Section 23:    S1/2SE1/4;
               100% of all minerals

Section 24:    All;
               100% of all minerals with a 6-1/4% Royalty to Fergus County

Section 25:    SW1/4NW1/4; SW1/4SW1/4;
               100% of all minerals

Section 25:    N1/2NW1/4; SE1/4NW1/4; E1/2; N1/2SW1/4; SE1/4SW1/4;
               100% of all minerals with a 6-1/4% Royalty to Fergus County

Section 26:    S1/2; NE1/4; S1/2NW1/4;
               100% of all minerals

Section 26:    N1/2NW1/4;
               100% of all minerals with a 6-1/4% Royalty to Fergus County

Section 27:    NE1/4; N1/2SE1/4;
               97.5% of the minerals (somewhere in past 2.5% outstanding)

Section 27:    S1/2NW1/4; SW1/4; S1/2SE1/4;
               100% of all minerals

                                      -10-

<PAGE>

Section 28:    S1/2NE1/4; N1/2SE1/4; SW1/4SE1/4
               100% of all minerals

Section 28:    SE1/4SW1/4; SE1/4SE1/4;
               50% of the minerals (somewhere in past 50% outstanding)

Section 33:    E1/2NW1/4; E1/2; S1/2SW1/4;
               100% of all minerals

Section 33:    NE1/4SW1/4;
               BLM minerals

Section 34:    All;
               100% of all minerals

Section 35:    W1/2NW1/4; SE1/4NW1/4; SW1/4NE1/4; SW1/4; SW1/4SE1/4;
               100% of all minerals

Township 13 North, Range 24 East
--------------------------------

Section 2:     Lots 3(39.71 ac), 4(39.77 ac); SW1/4NW1/4;
               100% of all minerals

Section 3:     Lots 2(40.03 ac), 3(40.17 ac), 4(40.33 ac); S1/2NE1/4;
               SW1/4NW1/4; SW1/4; W1/2SE1/4; SE1/4SE1/4;
               100% of all minerals

Section 4:     Lots 1(40.42 ac), 2(40.46 ac), 3(4.50 ac), 4(40.54 ac);
               S1/2NE1/4; S1/2NW1/4; S1/2S1/2;
               100% of all minerals

Section 5:     Lot 1(40.57 ac); SE1/4NE1/4; NE1/4SE1/4;
               100% of all minerals

                                      -11-

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