Document:

Filed by sedaredgar.com - Pan American Gold Corporation - Exhibit 4.13

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
“AGREEMENT”) RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO
PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).
NONE OF THE SECURITIES TO WHICH THIS AGREEMENT RELATES HAVE BEEN REGISTERED
UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE JULY <>,
2006
___________________________ .” [Instruction for Date: Insert the
date that is 4 months and a day after the Closing Date]

CONFIDENTIAL
PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT
(Subscribers Resident in British Columbia or Overseas)

	TO: 	Pan American Gold Corporation (the “Company”)
    
	  	Suite 605 – 475 Howe Street 
	  	Vancouver, BC V6C 2B3 

Purchase of Units

1.            
Subscription

1.1          
On the basis of the representations and warranties and subject to the terms and
conditions set forth herein, the undersigned (the “Subscriber”) hereby
irrevocably subscribes for and agrees to purchase ___________ units (the
“Units”) at a price per Unit of US$0.60 (such subscription and agreement to
purchase being the “Subscription”), for an aggregate purchase price of
US$___________(the “Subscription Proceeds”).

1.2          
Each Unit will consist of one common share in the capital of the Company (each,
a “Share”) and one-half of one common share purchase warrant (each, a “Warrant”)
subject to adjustment. Each whole Warrant shall be non-transferable and shall
entitle the holder thereof to purchase one share of common stock in the capital
of the Company (each, a “Warrant Share”), as presently constituted, for a period
of twenty-four months commencing from the Closing (as defined hereafter), at a
price per Warrant Share of US$0.90. Certificate(s) representing the Warrants
will be in the form attached as Exhibit A. The Shares, Warrants and the Warrant
Shares are referred to as the “Securities”.

1.3          
On the basis of the representations and warranties and subject to the terms and
conditions set forth herein, the Company hereby irrevocably agrees to sell the
Units to the Subscriber.

1.4          
Subject to the terms hereof, the Subscription will be effective upon its
acceptance by the Company. The Subscriber acknowledges that the offering of
Units contemplated hereby (the “Offering”) is part a private placement of up to
an aggregate of 2,500,000 Units.

2.            
Payment

2.1          
The Subscription Proceeds must accompany this Subscription and shall be paid by
certified cheque or bank draft drawn on a Canadian chartered bank, or a bank in
the United States reasonably acceptable to the Company, and made payable and
delivered to the Company. Alternatively, the Subscription Proceeds may be 

- 2 -

wired to the Company or its lawyers pursuant to wiring
instructions that will be provided to the Subscriber upon request. If the funds
are wired to the Company’s lawyers, those lawyers are authorized to immediately
deliver the funds to the Company.

2.2          
The Subscriber acknowledges and agrees that this Agreement, the Subscription
Proceeds and any other documents delivered in connection herewith will be held
on behalf of the Company. In the event that this Agreement is not accepted by
the Company for whatever reason, which the Company expressly reserves the right
to do, within 30 days of the delivery of an executed Agreement by the
Subscriber, this Agreement, the Subscription Proceeds (without interest thereon)
and any other documents delivered in connection herewith will be returned to the
Subscriber at the address of the Subscriber as set forth in this Agreement.

2.3          
Where the Subscription Proceeds are paid to the Company, the Company is entitled
to treat such Subscription Proceeds as an interest free loan to the Company
until such time as the Subscription is accepted and the certificates
representing the Shares have been issued to the Subscriber.

3.            
Documents Required from Subscriber

3.1          
The Subscriber must complete, sign and return to the Company:

	 	(a) 	
      an executed copy of this Agreement; and

	 	 	 
	 	(b) 	
      a British Columbia Accredited Investor Questionnaire in
      the form attached as Exhibit B (the
“Questionnaire”).

3.2          
The Subscriber shall complete, sign and return to the Company as soon as
possible, on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by regulatory authorities, the OTC Bulletin
Board and applicable law.

4.            
Closing

4.1          
Closing of the offering of the Securities (the “Closing”) shall occur on or
before March 31, 2006, or on such other date as may be determined by the Company
(the “Closing Date”). The Company may, at its discretion, elect to close the
Offering in one or more closings, in which event the Company may agree with one
or more subscribers (including the Subscriber hereunder) to complete delivery of
the Shares and the Warrants to such subscriber(s) against payment therefor at
any time on or prior to the Closing Date.

5.            
Acknowledgements of Subscriber

5.1          
The Subscriber acknowledges and agrees that:

	 	(a) 	
      none of the Securities have been registered under the
      1933 Act, or under any state securities or “blue sky” laws of any state of
      the United States, and, unless so registered, may not be offered or sold
      in the United States or, directly or indirectly, to U.S. Persons, as that
      term is defined in Regulation S under the 1933 Act (“Regulation S”),
      except in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in accordance with any applicable state,
      provincial and foreign securities laws;

	 	 	 
	 	(b) 	
      the Subscriber acknowledges that the Company has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Agreement and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Company, and such decision is based entirely upon a review of information
      (the receipt of which is hereby acknowledged) which has been filed by the
      Company with the United States Securities

- 3 -

	 		
      and Exchange Commission and Canadian Securities
      Commissions and in compliance, or intended compliance, with applicable
      securities legislation (collectively, the "Public Record");

	 	 	 
	 	(d) 	
      if the Company has presented a business plan to the
      Subscriber, the Subscriber acknowledges that the business plan may not be
      achieved or be achievable;

	 	 	 
	 	(e) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(f) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
	 	(g) 	
      there are risks associated with an investment in the
      Securities, as more fully described in certain information forming part of
      the Public Record;

	 	 	 
	 	(h) 	
      the Company has advised the Subscriber that the Company
      is relying on an exemption from the requirements to provide the Subscriber
      with a prospectus and to sell the Securities through a person registered
      to sell securities under the Securities Act (British Columbia) (the
      “B.C. Act”) and, as a consequence of acquiring the Securities pursuant to
      this exemption, certain protections, rights and remedies provided by the
      B.C. Act, including statutory rights of rescission or damages, will not be
      available to the Subscriber;

	 	 	 
	 	(i) 	
      the Subscriber has not acquired the Securities as a
      result of, and will not itself engage in, any “directed selling efforts”
      (as defined in Regulation S under the 1933 Act) in the United States in
      respect of any of the Securities which would include any activities
      undertaken for the purpose of, or that could reasonably be expected to
      have the effect of, conditioning the market in the United States for the
      resale of any of the Shares or Warrant Shares; provided, however, that the
      Subscriber may sell or otherwise dispose of any of the Shares or Warrant
      Shares pursuant to registration thereof under the 1933 Act and any
      applicable state securities laws or under an exemption from such
      registration requirements;

	 	 	 
	 	(j) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Company in connection with the distribution of the Securities hereunder,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information about the Company;

	 	 	 
	 	(k) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Subscriber, the Subscriber’s lawyer
      and/or advisor(s);

	 	 	 
	 	(l) 	
      the Subscriber will indemnify and hold harmless the
      Company and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Subscriber contained herein, the Questionnaire or in any document
      furnished by the Subscriber to the Company in connection herewith being
      untrue in any material respect or any breach or failure by the Subscriber
      to comply with any covenant or agreement made by the Subscriber to the
      Company in connection therewith;

	 	 	 
	 	(m) 	
      none of the Securities are listed on any stock exchange
      or automated dealer quotation system and no representation has been made
      to the Subscriber that any of the Securities will become listed
  on

- 4 -

	 		
      any stock exchange or automated dealer quotation system;
      except that currently the common shares of the Company are quoted for
      trading on the OTC Bulletin Board;

	 	 	 	 
	 	(n) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell the Shares and the Warrant Shares under the B.C. Act and
      Multilateral Instrument 45-102 adopted by the British Columbia Securities
      Commission;

	 	 	 	 
	 	(o) 	
      the Company will refuse to register any transfer of the
      Shares or the Warrant Shares not made in accordance with the provisions of
      Regulation S, pursuant to an effective registration statement under the
      1933 Act or pursuant to an available exemption from the registration
      requirements of the 1933 Act;

	 	 	 	 
	 	(p) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer Securities, although in technical compliance with
      Regulation S, would not be available if the offering is part of a plan or
      scheme to evade the registration provisions of the 1933 Act;

	 	 	 	 
	 	(q) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Securities and with respect to
      applicable resale restrictions, and it is solely responsible (and the
      Company is not in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions; and

	 	 	 	 
	 	(r) 	
      this Agreement is not enforceable by the Subscriber
      unless it has been accepted by the Company.

6.           
 Representations, Warranties and Covenants of the
Subscriber

6.1          
The Subscriber hereby represents and warrants to and covenants with the Company
(which representations, warranties and covenants shall survive the Closing)
that:

	 	(a) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Subscriber is a corporation, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Subscriber;

	 	 	 
	 	(b) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or the constating documents of, the
      Subscriber or of any agreement, written or oral, to which the Subscriber
      may be a party or by which the Subscriber is or may be bound;

	 	 	 
	 	(c) 	
      the Subscriber has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the
      Subscriber enforceable against the Subscriber;

- 5 -

	 	(d) 	
      the Subscriber is (tick one or more of the following
    boxes): 
	 	
       

	 	  	
       
	
     
	 	
       

	 	  	
       
	
     
	 	
       

			
      (A) 
	
      a director, executive officer, employee or control person
    of the Company or an affiliate of the Company 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

			
      (B) 
	
      a spouse, parent, grandparent, brother, sister or child
      of a director, executive officer, founder or control person of the Company
    or an affiliate of the Company 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

			
      (C) 
	
      a parent, grandparent, brother, sister or child of the
      spouse of a director, executive officer, founder or control person of the
    Company or an affiliate of the Company 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

			
      (D) 
	
      a close personal friend of a director, executive officer,
    founder or control person of the Company 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

			
      (E) 
	
      a close business associate of a director, executive
      officer, founder or control person of the Company or an affiliate of the
    Company 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

	 	  	
       (F) 
	
    an accredited investor 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

			
      (G) 
	
      a company, partnership or other entity of which a
      majority of the voting securities are beneficially owned by, or a majority
    of the directors are, persons described in paragraphs A to F 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

			
      (H) 
	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees or executors are persons described in paragraphs
    A to F 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

			
      (I) 
	
      purchasing as principal Units with an aggregate
    acquisition cost of not less than CDN$150,000 
	 	
      [ ] 

	 	  	
       
	
     
	 	
       

		(e) 	
      if the Subscriber has ticked one or more of boxes B, C,
      D, E, G or H in Section 6.1(d) above, the director, executive officer,
      founder or control person of the Company with whom the undersigned has the
    relationship is: 
	 	
       

	 	  	
       
	
     
	 	
       

	 	  	
       
	
     
	 	
       

	 	  	
       
	
     
	 	
       

			
      (Instructions to Subscriber: fill in the name of each
      director, executive officer, founder and control person which you
      have the above-mentioned relationship with. If you have checked box
      G or H, also indicate which of A to F describes the securityholders,
      directors, trustees or beneficiaries which qualify you as box H or
      I and provide the names of those individuals. Please attach a
      separate page if necessary). 

	 	  	
       
	
     
	 	
       

		(f) 	
      If the Subscriber has ticked box F in Section 6.1(d)
      above, the Subscriber acknowledges and agrees that the Company shall not
      consider the Subscriber’s Subscription for acceptance unless the
      Subscriber provides to the Company, along with an executed copy of this
    Subscription: 

	 	  	
       
	
     
	 	
       

			
      (i) 
	
      a fully completed and executed Questionnaire in the form
    attached as Exhibit B hereto; and 

	 	  	
       
	
     
	 	
       

			
      (ii) 
	
      such other supporting documentation that the Company or
      its legal counsel may request to establish the undersigned’s qualification
as an Accredited Investor; 

- 6 -

	 	(g) 	
      the Subscriber is not a U.S. Person and is not acquiring
      the Securities for the account or benefit of, directly or indirectly, any
      U.S. Person;

	 	 	 	 
	 	(h) 	
      the Subscriber is resident in the jurisdiction set out
      under the heading “Name and Address of Subscriber” on the signature page
      of this Agreement;

	 	 	 	 
	 	(i) 	
      the sale of the Securities to the Subscriber as
      contemplated in this Agreement complies with or is exempt from the
      applicable securities legislation of the jurisdiction of residence of the
      Subscriber;

	 	 	 	 
	 	(j) 	
      the Subscriber is acquiring the Securities for investment
      only and not with a view to resale or distribution and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S. Persons;

	 	 	 	 
	 	(k) 	
      the Subscriber is outside the United States when
      receiving and executing this Agreement and is acquiring the Securities as
      principal for the Subscriber’s own account, for investment purposes only,
      and not with a view to, or for, resale, distribution or fractionalisation
      thereof, in whole or in part, and no other person has a direct or indirect
      beneficial interest in such Securities;

	 	 	 	 
	 	(l) 	
      the Subscriber is not an underwriter of, or dealer in,
      the common shares of the Company, nor is the Subscriber participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Securities;

	 	 	 	 
	 	(m) 	
      the Subscriber has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Units and the Company, and the
      Subscriber is providing evidence of such knowledge and experience in these
      matters through the information requested in the Questionnaire;

	 	 	 	 
	 	(n) 	
      all information contained in the Questionnaire is
      complete and accurate and may be relied upon by the Company;

	 	 	 	 
	 	(o) 	
      the Subscriber (i) is able to fend for itself in the
      Subscription; (ii) has such knowledge and experience in business matters
      as to be capable of evaluating the merits and risks of its prospective
      investment in the Securities; and (iii) has the ability to bear the
      economic risks of its prospective investment and can afford the complete
      loss of such investment;

	 	 	 	 
	 	(p) 	
      the Subscriber acknowledges that the Subscriber has not
      acquired the Securities as a result of, and will not itself engage in, any
      “directed selling efforts” (as defined in Regulation S under the 1933 Act)
      in the United States in respect of any of the Securities which would
      include any activities undertaken for the purpose of, or that could
      reasonably be expected to have the effect of, conditioning the market in
      the United States for the resale of any of the Securities; provided,
      however, that the Subscriber may sell or otherwise dispose of any of the
      Securities pursuant to registration of any of the Securities pursuant to
      the 1933 Act and any applicable state securities laws or under an
      exemption from such registration requirements and as otherwise provided
      herein;

	 	 	 	 
	 	(q) 	
      the Subscriber is not aware of any advertisement of any
      of the Securities; and

	 	 	 	 
	 	(r) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities;

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities;
      or

- 7 -

	 	(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Company on any stock exchange or automated dealer quotation system, except
      that currently certain market makers make market in the common shares of
      the Company on the OTC Bulletin Board.

7.            
Acknowledgement and Waiver

7.1          
The Subscriber has acknowledged that the decision to purchase the Securities was
solely made on the basis of publicly available information contained in the
Public Record. The Subscriber hereby waives, to the fullest extent permitted by
law, any rights of withdrawal, rescission or compensation for damages to which
the Subscriber might be entitled in connection with the distribution of any of
the Securities.

8.           
 Legending of Subject Securities

8.1          
The Subscriber hereby acknowledges that that upon the issuance thereof, and
until such time as the same is no longer required under the applicable
securities laws and regulations, the certificates representing any of the
Securities will bear a legend in substantially the following form:

	 	
      “THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION
      TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
      REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
      (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS
      CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S.
      STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR
      SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS
      DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR
      PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
      TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
      ACCORDANCE WITH THE 1933 ACT. 
	 
	 	
       
	 
		
      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
      OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE
      ___________________________ .” [Instruction for Date: Insert the
      date that is 4 months and a day after the Closing Date] 
	

8.2          
The Subscriber hereby acknowledges and agrees to the Company making a notation
on its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Agreement.

9.            
Costs

9.1          
The Subscriber acknowledges and agrees that all costs and expenses incurred by
the Subscriber (including any fees and disbursements of any special counsel
retained by the Subscriber) relating to the purchase of the Shares shall be
borne by the Subscriber.

10.            
Governing Law

10.1          
This Agreement is governed by the laws of the Province of British Columbia. The
Subscriber, in its personal or corporate capacity and, if applicable, on behalf
of each beneficial purchaser for whom it is acting, irrevocably attorns to the
jurisdiction of the courts of the Province of British Columbia.

11.            
Survival

11.1          
This Agreement, including without limitation the representations, warranties and
covenants contained herein, shall survive and continue in full force and effect
and be binding upon the parties hereto notwithstanding the completion of the
purchase of the Units by the Subscriber pursuant hereto.

- 8 -

12.           
 Assignment

12.1          
This Agreement is not transferable or assignable.

13.            
Severability

13.1          
The invalidity or unenforceability of any particular provision of this Agreement
shall not affect or limit the validity or enforceability of the remaining
provisions of this Agreement.

14.            
Entire Agreement

14.1          
Except as expressly provided in this Agreement and in the agreements,
instruments and other documents contemplated or provided for herein, this
Agreement contains the entire agreement between the parties with respect to the
sale of the Units and there are no other terms, conditions, representations or
warranties, whether expressed, implied, oral or written, by statute or common
law, by the Company or by anyone else.

15.            
Notices

15.1          
All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication. Notices to the Subscriber shall be directed to the address on
page 9 and notices to the Company shall be directed to it at Pan American Gold
Corporation, Suite 605 – 475 Howe Street, Vancouver, BC V6C 2B3 Attention:
Michael Sweatman, Fax No. (604) 608-3294.

16.           
 Counterparts and Electronic Means

16.1          
This Agreement may be executed in any number of counterparts, each of which,
when so executed and delivered, shall constitute an original and all of which
together shall constitute one instrument. Delivery of an executed copy of this
Agreement by electronic facsimile transmission or other means of electronic
communication capable of producing a printed copy will be deemed to be execution
and delivery of this Agreement as of the date hereinafter set forth.

- 9 -

17.           
 Delivery Instructions

17.1          
The Subscriber hereby directs the Company to deliver the Share and Warrant
Certificates to:

	 	 
	 	(name) 
	 	 
	 	(address) 

17.2          
The Subscriber hereby directs the Company to cause the Shares to be
registered on the books of the Company as follows:

	 	 
	 	(name) 
	 	 
	 	(address) 

IN WITNESS WHEREOF the Subscriber has duly executed this
Agreement as of the date of acceptance by the Company.

	 	 
	 	(Name of Subscriber – Please type or print)
  
	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	(Address of Subscriber) 
	 	 
	 	(City, State or Province, Postal Code of
      Subscriber) 
	 	 
	 	(Country of Subscriber)

- 10 -

A C C E P T A N C E

The above-mentioned Agreement in respect of the Shares is
hereby accepted by Pan American Gold Corporation.

DATED at _____________________________________, the ________day
of __________________, 2006.

PAN AMERICAN GOLD CORPORATION

	Per: 		 
	 	Authorized Signatory 	 

EXHIBIT A

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE
___________________________. [Instruction for Date: Insert the date that
is 4 months and a day after the Closing Date] 

THESE WARRANTS WILL EXPIRE AND BECOME NULL AND VOID 
AT 4:30
P.M. (VANCOUVER TIME) ON __________________, 2007.

SHARE PURCHASE WARRANTS 
TO PURCHASE COMMON SHARES
OF
PAN AMERICAN GOLD CORPORATION

incorporated in the Province of Ontario

     THIS IS TO CERTIFY THAT
___________________________________, (the “Holder”) of 
_________________________________________________, has the right to purchase,
upon and subject to the terms and conditions hereinafter referred to, up to
________________________________ fully paid and non-assessable common shares
(the “Shares”) in the capital of Pan American Gold Corporation (hereinafter
called the “Company”) on or before 4:30 p.m. (Vancouver time) on
__________________, ________ (the “Expiry Date”) at a price per Share (the
“Exercise Price”) of US$0.90 on the terms and conditions attached hereto as
Appendix “A” (the “Terms and Conditions”).

	 	1. 	
      ONE (1) WARRANT AND THE EXERCISE PRICE ARE REQUIRED TO
      PURCHASE ONE SHARE. THIS CERTIFICATE REPRESENTS __________________________
      WARRANTS.

	 	 	 
	 	2. 	
      These Warrants are issued subject to the Terms and
      Conditions, and the Warrant Holder may exercise the right to purchase
      Shares only in accordance with those Terms and Conditions.

	 	 	 
	 	3. 	
      Nothing contained herein or in the Terms and Conditions
      will confer any right upon the Holder hereof or any other person to
      subscribe for or purchase any Shares at any time subsequent to the Expiry
      Date, and from and after such time, this Warrant and all rights hereunder
      will be void and of no value.

- 2 -

     IN WITNESS WHEREOF the Company
has executed this Warrant Certificate this ________day of __________________,
2006.

PAN AMERICAN GOLD CORPORATION

	Per: 		 
	 	Michael Sweatman, Chief Financial
      Officer 	 

PLEASE NOTE THAT ALL SHARE CERTIFICATES MUST BE LEGENDED AS
FOLLOWS DURING THE CURRENCY OF APPLICABLE HOLD PERIODS:

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE
___________________________[Instruction for Date: Insert the date that is
4 months and a day after the Closing Date]. 

APPENDIX “A”

TERMS AND CONDITIONS dated _____________________ , 2004,
attached to the Warrants issued by Pan American Gold Corporation.

1.            
INTERPRETATION

1.1          
Definitions

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith:

	 	(a) 	
      “Company” means Pan American Gold Corporation until a
      successor corporation will have become such as a result of consolidation,
      amalgamation or merger with or into any other corporation or corporations,
      or as a result of the conveyance or transfer of all or substantially all
      of the properties and estates of the Company as an entirety to any other
      corporation and thereafter “Company” will mean such successor
      corporation;

	 	 	 
	 	(b) 	
      “Company’s Auditors” means an independent firm of
      accountants duly appointed as auditors of the Company;

	 	 	 
	 	(c) 	
      “Director” means a director of the Company for the time
      being, and reference, without more, to action by the directors means
      action by the directors of the Company as a Board, or whenever duly
      empowered, action by an executive committee of the Board;

	 	 	 
	 	(d) 	
      “herein”, “hereby” and similar expressions refer to these
      Terms and Conditions as the same may be amended or modified from time to
      time; and the expression “Article” and “Section,” followed by a number
      refer to the specified Article or Section of these Terms and
      Conditions;

	 	 	 
	 	(e) 	
      “person” means an individual, corporation, partnership,
      trustee or any unincorporated organization and words importing persons
      have a similar meaning;

	 	 	 
	 	(f) 	
      “shares” means the common shares in the capital of the
      Company as constituted at the date hereof and any shares resulting from
      any subdivision or consolidation of the shares;

	 	 	 
	 	(g) 	
      “Warrant Holders” or “Holders” means the holders of the
      Warrants; and

	 	 	 
	 	(h) 	
      “Warrants” means the warrants of the Company issued and
      presently authorized and for the time being
outstanding.

1.2          
Gender

Words importing the singular number include the plural and vice
versa and words importing the masculine gender include the feminine and neuter
genders.

1.3          
Interpretation not affected by Headings

The division of these Terms and Conditions into Articles and
Sections, and the insertion of headings are for convenience of reference only
and will not affect the construction or interpretation thereof.

1.4          
Applicable Law

The Warrants will be construed in accordance with the laws of
the Province of British Columbia.

- 2 -

2.            
ISSUE OF WARRANTS

2.1          
Additional Warrants

The Company may at any time and from time to time issue
additional warrants or grant options or similar rights to purchase shares of its
capital stock.

2.2          
Warrant to Rank Pari Passu

All Warrants and additional warrants, options or similar rights
to purchase shares from time to time issued or granted by the Company, will rank
pari passu whatever may be the actual dates of issue or grant thereof, or
of the dates of the certificates by which they are evidenced.

2.3          
Issue in substitution for Lost Warrants

	 	(a) 	
      In case a Warrant becomes mutilated, lost, destroyed or
      stolen, the Company, at its discretion, may issue and deliver a new
      Warrant of like date and tenor as the one mutilated, lost, destroyed or
      stolen, in exchange for and in place of and upon cancellation of such
      mutilated Warrant, or in lieu of, and in substitution for such lost,
      destroyed or stolen Warrant and the substituted Warrant will be entitled
      to the benefit hereof and rank equally in accordance with its terms with
      all other Warrants issued or to be issued by the Company.

	 	 	 
	 	(b) 	
      The applicant for the issue of a new Warrant pursuant
      hereto will bear the cost of the issue thereof and in case of loss,
      destruction or theft furnish to the Company such evidence of ownership and
      of loss, destruction, or theft of the Warrant so lost, destroyed or stolen
      as will be satisfactory to the Company in its discretion and such
      applicant may also be required to furnish indemnity in amount and form
      satisfactory to the Company in its discretion, and will pay the reasonable
      charges of the Company in connection therewith.

2.4          
Warrant Holder Not a Shareholder

The holding of a Warrant will not constitute the Holder thereof
a shareholder of the Company, nor entitle him to any right or interest in
respect thereof except as in the Warrant expressly provided.

3.           
 NOTICE

3.1          
Notice to Warrant Holders

Any notice required or permitted to be given to the Holders
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Holder appearing on the Holder’s
Warrant or to such other address as any Holder may specify by notice in writing
to the Company, and any such notice will be deemed to have been given and
received by the Holder to whom it was addressed if mailed, on the third day
following the mailing thereof, if by facsimile or other electronic
communication, on successful transmission, or, if delivered, on delivery; but if
at the time or mailing or between the time of mailing and the third business day
thereafter there is a strike, lockout, or other labour disturbance affecting
postal service, then the notice will not be effectively given until actually
delivered.

3.2          
Notice to the Company

Any notice required or permitted to be given to the Company
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Company set forth below or such
other address as the Company may specify by notice in writing to the Holder, and
any such notice will be deemed to have been given and received by the Company to
whom it was addressed if mailed, on the third day following the mailing thereof,
if by facsimile or other 

- 3 -

electronic communication, on successful transmission, or, if
delivered, on delivery; but if at the time or mailing or between the time of
mailing and the third business day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered:

	 	Pan American Gold Corporation 
	 	Suite 605 – 475 Howe Street 
	 	Vancouver, British Columbia 
	 	Canada V6C 2B3 
	 	  
	 	Attention: Michael Sweatman, Chief Financial
      Officer 
	 	  
	 	Fax No. (604) 608-3294 
	 	  
	 	with a copy to: 
	 	  
	 	Clark, Wilson 
	 	Barristers and Solicitors 
	 	800 – 885 West Georgia Street 
	 	Vancouver, British Columbia 
	 	Canada V6C 3H1 
	 	  
	 	Attention: Virgil Hlus 
	 	  
	 	Fax: (604) 687-6314 

4.            
EXERCISE OF WARRANTS

4.1          
Method of Exercise of Warrants

The right to purchase shares conferred by the Warrants may be
exercised by the Holder surrendering the Warrant Certificate representing same,
with a duly completed and executed subscription in the form attached hereto and
a bank draft or certified cheque payable to or to the order Company, at par, in
Vancouver, Canada, for the purchase price applicable at the time of surrender in
respect of the shares subscribed for in lawful money of the United States of
America, to the Company at the address set forth in, or from time to time
specified by the Company pursuant to, Section 3.2.

4.2          
Effect of Exercise of Warrants

	 	(a) 	
      Upon surrender and payment as aforesaid the shares so
      subscribed for will be deemed to have been issued and such person or
      persons will be deemed to have become the Holder or Holders of record of
      such shares on the date of such surrender and payment, and such shares
      will be issued at the subscription price in effect on the date of such
      surrender and payment.

	 	 	 
	 	(b) 	
      Within ten business days after surrender and payment as
      aforesaid, the Company will forthwith cause to be delivered to the person
      or persons in whose name or names the shares so subscribed for are to be
      issued as specified in such subscription or mailed to him or them at his
      or their respective addresses specified in such subscription, a
      certificate or certificates for the appropriate number of shares not
      exceeding those which the Warrant Holder is entitled to purchase pursuant
      to the Warrant surrendered.

4.3          
Subscription for Less Than Entitlement

The Holder of any Warrant may subscribe for and purchase a
number of shares less than the number which he is entitled to purchase pursuant
to the surrendered Warrant. In the event of any purchase of a number of shares
less than the number which can be purchased pursuant to a Warrant, the Holder
thereof upon exercise thereof will in 

- 4 -

addition be entitled to receive a new Warrant in respect of the
balance of the shares which he was entitled to purchase pursuant to the
surrendered Warrant and which were not then purchased.

4.4          
Warrants for Fractions of Shares

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such shares.

4.5          
Expiration of Warrants

After the expiration of the period within which a Warrant is
exercisable, all rights thereunder will wholly cease and terminate and such
Warrant will be void and of no effect.

4.6          
Time of Essence Time will be of the essence hereof. 

4.7          
Subscription Price

Each Warrant is exercisable at a price per share (the “Exercise
Price”) of US$0.90. One (1) Warrant and the Exercise Price are required to
subscribe for each share during the term of the Warrants.

4.8          
Adjustment of Exercise Price

	 	(a) 	
      The Exercise Price and the number of shares deliverable
      upon the exercise of the Warrants will be subject to adjustment in the
      event and in the manner following:

	 	 	 	 
	 		(i) 	
      If and whenever the shares at any time outstanding are
      subdivided into a greater or consolidated into a lesser number of shares
      the Exercise Price will be decreased or increased proportionately as the
      case may be; upon any such subdivision or consolidation the number of
      shares deliverable upon the exercise of the Warrants will be increased or
      decreased proportionately as the case may be.

	 	 	 	 
	 		(ii) 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Company or in the case of the
      consolidation, merger or amalgamation of the Company with or into any
      other Company (hereinafter collectively referred to as a
      “Reorganization”), each Warrant will after such Reorganization confer the
      right to purchase the number of shares or other securities of the Company
      (or of the Company’s resulting from such Reorganization) which the Warrant
      Holder would have been entitled to upon Reorganization if the Warrant
      Holder had been a shareholder at the time of such
Reorganization.

	 	 	 	 
	 			
      In any such case, if necessary, appropriate adjustments
      will be made in the application of the provisions of this Article Four
      relating to the rights and interest thereafter of the Holders of the
      Warrants so that the provisions of this Article Four will be made
      applicable as nearly as reasonably possible to any shares or other
      securities deliverable after the Reorganization on the exercise of the
      Warrants.

	 	 	 	 
	 			
      The subdivision or consolidation of shares at any time
      outstanding into a greater or lesser number of shares (whether with or
      without par value) will not be deemed to be a Reorganization for the
      purposes of this clause 4.8(a)(ii).

- 5 -

	 	(b) 	
      The adjustments provided for in this Section 4.8 are
      cumulative and will become effective immediately after the record date or,
      if no record date is fixed, the effective date of the event which results
      in such adjustments.

4.9          
Determination of Adjustments

If any questions will at any time arise with respect to the
Exercise Price or any adjustment provided for in Section 4.8, such questions
will be conclusively determined by the Company’s Auditors, or, if they decline
to so act any other firm of certified public accountants in the United States of
America that the Company may designate and who will have access to all
appropriate records and such determination will be binding upon the Company and
the Holders of the Warrants.

5.           
 COVENANTS BY THE COMPANY

5.1          
Reservation of Shares

The Company will reserve and there will remain unissued out of
its authorized capital a sufficient number of shares to satisfy the rights of
purchase provided for herein and in the Warrants should the Holders of all the
Warrants from time to time outstanding determine to exercise such rights in
respect of all shares which they are or may be entitled to purchase pursuant
thereto and hereto.

6.            
WAIVER OF CERTAIN RIGHTS

6.1          
Immunity of Shareholders, etc.

The Warrant Holder, as part of the consideration for the issue
of the Warrants, waives and will not have any right, cause of action or remedy
now or hereafter existing in any jurisdiction against any past, present or
future incorporator, shareholder, Director or Officer (as such) of the Company
for the issue of shares pursuant to any Warrant or on any covenant, agreement,
representation or warranty by the Company herein contained or in the
Warrant.

7.            
MODIFICATION OF TERMS, MERGER, SUCCESSORS

7.1          
Modification of Terms and Conditions for Certain Purposes

From time to time the Company may, subject to the provisions of
these presents, modify the Terms and Conditions hereof, for the purpose of
correction or rectification of any ambiguities, defective provisions, errors or
omissions herein.

7.2          
Warrants Not Transferable

The Warrant and all rights attached to it are not
transferable.

DATED as of the date first above written in these Terms and
Conditions.

 

	 	PAN AMERICAN
      GOLD CORPORATION 
	 	 	 
	 	By: 	
	 	 	Michael Sweatman, Chief Financial Officer
  

FORM OF SUBSCRIPTION

	TO: 	Pan American Gold Corporation 
	  	Suite 605 – 475 Howe Street 
	  	Vancouver, BC 
	  	V6C 2B3 

The undersigned Holder of the within Warrants hereby subscribes
for ____________common shares (the “Shares”) of Pan American Gold Corporation
(the “Company) pursuant to the within Warrants at US$0.90 per Share on the terms
specified in the said Warrants. This subscription is accompanied by a certified
cheque or bank draft payable to or to the order of the Company for the whole
amount of the purchase price of the Shares.

The undersigned Holder hereby certifies that the undersigned is
not a U.S. person and is not subscribing for the Shares on behalf of a U.S.
person.

The undersigned hereby directs that the Shares be registered as
follows:

	NAME(S) IN FULL 	 	ADDRESS(ES) 	 	 	NUMBER OF SHARES 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	  	 	TOTAL: 	 	 	 
    	 

(Please print full name in which share certificates are to be
issued, stating whether Mr., Mrs. or Miss is applicable).

DATED this ________day of __________________, ______.

In the presence of:

	 	 	 
	Signature of Witness 	 	Signature of Warrant Holder

	Please print below your name and address in
      full. 
	 	 
	Name (Mr./Mrs./Miss) 	 
	 	 
	 	 
	Address 	 
	 	 
	 	 

INSTRUCTIONS FOR SUBSCRIPTION

The signature to the subscription must correspond in every
particular with the name written upon the face of the Warrant without alteration
or enlargement or any change whatever. If there is more than one subscriber, all
must sign. In the case of persons signing by agent or attorney or by personal
representative(s), the authority of such agent, attorney or representative(s) to
sign must be proven to the satisfaction of the Company. If the Warrant
certificate and the form of subscription are being forwarded by mail, registered
mail must be employed

EXHIBIT B

MULTILATERAL INSTRUMENT 45-106

ACCREDITED INVESTOR QUESTIONNAIRE

The purpose of this Questionnaire is to assure PAN AMERICAN
GOLD CORPORATION (the “Company”) that the undersigned (the “Subscriber”)
will meet certain requirements for the registration and prospectus exemptions
provided for under National Instrument 45-106 (“NI 45-106”), as adopted by the
Securities Commissions in Canada, in respect of a proposed private placement of
securities by the Company (the “Transaction”). The Company will rely on the
information contained in this Questionnaire for the purposes of such
determination.

The undersigned Subscriber covenants, represents and warrants
to the Company that:

	 	1. 	
      the Subscriber has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of the Transaction and the Subscriber is able to bear the
      economic risk of loss arising from such Transaction;

	 	 	 	 
	 	2. 	
      the Subscriber satisfies one or more of the categories of
      “accredited investor” (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

	 	 	 	 
	 		[ ] 	
      (a) a Canadian financial institution as defined in
      National Instrument 14-101, or an authorized foreign bank listed in
      Schedule III of the Bank Act (Canada);

	 	 	 	 
	 		[ ] 	
      (b) the Business Development Bank of Canada incorporated
      under the Business Development Bank Act (Canada);

	 	 	 	 
	 		[ ] 	
      (c) a subsidiary of any person referred to in any of the
      foregoing categories, if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary;

	 	 	 	 
	 		[ ] 	
      (d) an individual registered or formerly registered under
      securities legislation in a jurisdiction of Canada, as a representative of
      a person or company registered under securities legislation in a
      jurisdiction of Canada, as an adviser or dealer, other than a limited
      market dealer registered under the Securities Act (Ontario) or the
      Securities Act (Newfoundland);

	 	 	 	 
	 		[ ] 	
      (e) an individual registered or formerly registered under
      the securities legislation of a jurisdiction of Canada as a representative
      of a person referred to in paragraph (d);

	 	 	 	 
	 		[ ] 	
      (f) the government of Canada or a province, or any crown
      corporation or agency of the government of Canada or a province;

	 	 	 	 
	 		[ ] 	
      (g) a municipality, public board or commission in Canada
      and a metropolitan community, school board, the Comite de gestion de la
      taxe scholaire de l’ile de Montreal or an intermunicipal management board
      in Québec;

	 	 	 	 
	 		[ ] 	
      (h) a national, federal, state, provincial, territorial
      or municipal government of or in any foreign jurisdiction, or any agency
      thereof;

	 	 	 	 
	 		[ ] 	
      (i) a pension fund that is regulated by either the Office
      of the Superintendent of Financial Institutions (Canada) or a pension
      commission or similar regulatory authority of a jurisdiction of
    Canada;

- 2 -

	 	[ ] 	
      (j) an individual who either alone or with a spouse
      beneficially owns, directly or indirectly, financial assets (as defined in
      NI 45-106) having an aggregate realizable value that, before taxes but net
      of any related liabilities, exceeds CDN$1,000,000;

	 	 	 
	 	[ ] 	
      (k) an individual whose net income before taxes exceeded
      CDN$200,000 in each of the two more recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded $300,000 in
      each of those years and who, in either case, reasonably expects to exceed
      that net income level in the current calendar year;

	 	 	 
	 	[ ] 	
      (l) an individual who, either alone or with a spouse, has
      net assets of at least CDN $5,000,000;

	 	 	 
	 	[ ] 	
      (m) a person, other than a person or investment fund,
      that had net assets of at least CDN$5,000,000 as reflected on its most
      recently prepared financial statements;

	 	 	 
	 	[ ] 	
      (n) an investment fund that distributes it securities
      only to persons that are accredited investors at the time of distribution,
      a person that acquires or acquired a minimum of CDN$150,000 of value in
      securities, or a person that acquires or acquired securities under
      Sections 2.18 or 2.19 of NI 45-106;

	 	 	 
	 	[ ] 	
      (o) an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator or, in Québec, the securities regulatory authority,
      has issued a receipt;

	 	 	 
	 	[ ] 	
      (p) a trust company or trust corporation registered or
      authorized to carry on business under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed account
      managed by the trust company or trust corporation, as the case may
    be;

	 	 	 
	 	[ ] 	
      (q) a person acting on behalf of a fully managed account
      managed by that person, if that person (i) is registered or authorized to
      carry on business as an adviser or the equivalent under the securities
      legislation of a jurisdiction of Canada or a foreign jurisdiction, and
      (ii) in Ontario, is purchasing a security that is not a security of an
      investment fund;

	 	 	 
	 	[ ] 	
      (r) a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility advisor or an advisor registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded;

	 	 	 
	 	[ ] 	
      (s) an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (a) to (d) or
      paragraph (i) in form and function;

	 	 	 
	 	[ ] 	
      (t) a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law are persons or companies that are accredited
    investors.

	 	 	 
	 	[ ] 	
      (u) an investment funds that is advised by a person
      registered as an advisor or a person that is exempt from registration as
      an advisor; or

	 	 	 
	 	[ ] 	
      (v) a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as (i) an accredited investor, or (ii) an exempt purchaser in
      Alberta or British Columbia after this instrument comes into
  force;

- 3 -

The Subscriber acknowledges and agrees that the Subscriber may
be required by the Company to provide such additional documentation as may be
reasonably required by the Company and its legal counsel in determining the
Subscriber’s eligibility to acquire the Shares under relevant Legislation.

     IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the ________day of
__________________, 2006.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	Print or Type Name of Entity 	 	Signature 
	 	 	 
	Signature of Authorized Signatory 	 	Print or Type Name 
	 	 	 
	Type of EntityFiled by sedaredgar.com - Pan American Gold Corporation - Exhibit 4.14

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”). 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S.
PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SHARES UNDERLYING THE OPTIONS MUST NOT TRADE THE SHARES BEFORE THAT DAY THAT
IS FOUR MONTHS AND ONE DAY FROM THE DATE OF GRANT.

STOCK OPTION AND SUBSCRIPTION AGREEMENT

THIS STOCK OPTION AND SUBSCRIPTION AGREEMENT is entered into as
of the 5th day of September, 2007 (the “Date of Grant”).

BETWEEN:

PAN AMERICAN GOLD CORPORATION, a
company with a business 
office at 501-1540 West 2nd Avenue,
Vancouver, BC V6J 1H2 (the “Company”)

AND:

_______________, with a business
address at __________________
(the “Optionee”).

RECITALS

WHEREAS:

A.      The Optionee is a director of
the Company;

B.      The Board of Directors of the
Company (the “Board”) has approved and adopted the 2006 Stock Option Plan (the
“Plan”), pursuant to which the Board is authorized to grant to employees and
other selected persons stock options to purchase common shares of the Company;
and

C.      The Board has authorized the
grant to the Optionee of stock options to purchase a total of _______________
common shares of the Company.

2

THEREFORE in consideration of the covenants and agreements set
forth herein and for other good and valuable consideration (the receipt and
sufficiency whereof is hereby acknowledged), it is hereby agreed by and between
the parties as follows: 

1.1          
In this Agreement, the following terms shall have the following meanings:

	 	(a) 	
      “Common Stock” means the shares of common stock of
      the Company;

	 	 	 
	 	(b) 	
      “Exercise Payment” means the amount of money equal
      to the Exercise Price multiplied by the number of Optioned Shares
      specified in the Notice of Exercise;

	 	 	 
	 	(c) 	
      “Exercise Price” means $0.05;

	 	 	 
	 	(d) 	
      “Expiry Date” means September 5, 2012;

	 	 	 
	 	(e) 	
      “Notice of Exercise” means a notice in writing
      addressed to the Company at its address first recited (or such other
      address of the Company as may from time to time be notified to the
      Optionee in writing), substantially in the form attached as Exhibit A,
      which notice shall specify therein the number of Optioned Shares in
      respect of which the Options are being exercised;

	 	 	 
	 	(f) 	
      “Options” means the irrevocable right and option
      to purchase, from time to time, all, or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to Section 1.3 of this
      Agreement;

	 	 	 
	 	(g) 	
      “Optioned Shares” means the shares of Common
      Stock, subject to the Options;

	 	 	 
	 	(h) 	
      “Securities” means, collectively, the Options and
      the Optioned Shares;

	 	 	 
	 	(i) 	
      “Shareholders” means holders of record of the
      shares of Common Stock;

	 	 	 
	 	(j) 	
      “U.S. Person” shall have the meaning ascribed
      thereto in Regulation S under the 1933 Act, and for the purpose of the
      Agreement includes any person in the United States; and

	 	 	 
	 	(k) 	
      “Vested Options” means the Options that have
      vested in accordance with Section 1.4 of this
Agreement.

1.2          
Capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Plan.

1.3          
The Company agrees to offer to the Optionee the option to purchase, upon the
terms and conditions set forth herein and in the Plan, Options to purchase a
total of five hundred thousand (100,000) Optioned Shares at the Exercise Price.

1.4          
The Options may be exercised after vesting and only in accordance with the
following schedule:

	 	(i) 	
      on the Date of Grant, 25% of the options shall vest and
      shall become exercisable;

	 	 	 
	 	(ii) 	
      three months after the Date of Grant, the Option shall
      vest and shall become exercisable with respect to an additional 25% of the
      Common Stock to which it pertains;

3

	 	(iii) 	
      six months after the Date of Grant, an additional 25% of
      the options shall vest and shall become exercisable; and

	 	 	 
	 	(iv) 	
      nine months after the Date of Grant, an additional 25% of
      the options shall vest and shall become
exercisable.

1.5          
The Options shall, at 5:00 p.m. (Vancouver time) on the Expiry Date, forthwith
expire and be of no further force or effect whatsoever.

1.6          
Vested Options shall terminate, to the extent not previously exercised, upon the
occurrence of the first of the following events:

(a) five (5) years from the Date of
Grant.

(b) The date of an Optionee’s
termination of employment or contractual relationship with the Company or any
Related Company (as defined in the Plan) for cause (as determined in the sole
discretion of the Plan Administrator, acting reasonably) or the date of
resignation by an Optionee from the Optionee’s employment or contractual
relationship with the Company or any Related Company.

(c) The expiration of one (1) year from
the date of the death of the Optionee, or the expiration of one (1) year from
termination of an Optionee’s employment or contractual relationship by reason of
Disability (as defined in Section 5(g) of the Plan).

(d) The expiration of three (3) months
from the date of an Optionee’s termination of employment or contractual
relationship with the Company or any Related Company for any reason whatsoever
other than cause, death or Disability.

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of or resignation from the Optionee’s employment or
contractual relationship with the Company for any reason whatsoever unless
vesting is accelerated in accordance with Section 5.1(f) of the Plan.

1.7          
Subject to compliance with any applicable securities laws, the Options shall be
exercisable, in full or in part, at any time after vesting, until termination;
provided, however, that any Optionee who is subject to the reporting and
liability provisions of Section 16 of the Securities Exchange Act of 1934
with respect to the Common Stock shall be precluded from selling, transferring
or otherwise disposing of any Common Stock underlying any Options during the six
(6) months immediately following the grant of that Option. If less than all of
the shares included in the vested portion of any Options are purchased, the
remainder may be purchased at any subsequent time prior to the Expiry Date. No
portion of any Options for less than fifty (50) shares (as adjusted pursuant to
Section 5.1(m) of the Plan) may be exercised; provided, that if the vested
portion of any Options is less than fifty (50) shares, it may be exercised with
respect to all shares for which it is vested. Only whole shares may be issued
pursuant to the exercise of any Options, and to the extent that any Options
covers less than one (1) share, it is unexercisable.

Each exercise of the Options shall be by means of delivery of a
Notice of Exercise (which must substantially be in the form attached as Exhibit
A) to the Secretary of the Company at its principal executive office, specifying
the number of shares of Common Stock to be purchased and accompanied by payment
in cash by certified check or cashier’s check in the amount of the full exercise
price for the Common Stock to be purchased. In addition to payment in cash by
certified check or cashier’s check, an Optionee or transferee of the Options may
pay for all or any portion of the aggregate exercise price by complying with one
or more of the following alternatives:

4

(a) by delivering a properly executed
Notice of Exercise together with irrevocable instructions to a broker promptly
to sell or margin a sufficient portion of the Common Stock and deliver directly
to the Company the amount of sale or margin loan proceeds to pay the exercise
price; or

(b) by complying with any other payment
mechanism approved by the Plan Administrator at the time of exercise.

It is a condition precedent to the issuance of Optioned Shares
that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.1 of the Plan.

1.8          
Nothing in this Agreement shall obligate the Optionee to purchase any Optioned
Shares except those Optioned Shares in respect of which the Optionee shall have
exercised the Options in the manner provided in this Agreement.

1.9          
The terms of the Options are subject to the provisions of the Plan, as the same
may from time to time be amended, and any inconsistencies between this Agreement
and the Plan, as the same may be from time to time amended, shall be governed by
the provisions of the Plan, a copy of which has been delivered to the Optionee,
and which is available for inspection at the principal offices of the
Company.

2.        
    Acknowledgements of the Optionee

2.1          
The Optionee acknowledges and agrees that:

	 	(a) 	
      none of the Options or the Optioned Shares have been
      registered under the 1933 Act or under any state securities or “blue sky”
      laws of any state of the United States, and, unless so registered, may not
      be offered or sold in the United States or, directly or indirectly, to
      U.S. Persons, except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state securities laws;

	 	 	 
	 	(b) 	
      the Company has not undertaken, and will have no
      obligation, to register any of the Securities under the 1933
Act;

	 	 	 
	 	(c) 	
      the Optionee has received and carefully read this
      Agreement and the public information which has been publicly filed with
      the Securities and Exchange Commission (the “SEC”) in the United States
      and with the applicable provincial securities commissions in Canada in
      compliance or intended compliance with applicable securities legislation
      (collectively, the “Company Information”);

	 	 	 
	 	(d) 	
      the decision to execute this Agreement and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Company, and such decision is based entirely upon a review of the Company
      Information (the receipt of which is hereby acknowledged);

	 	 	 
	 	(e) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(f) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
	 	(g) 	
      there are risks associated with an investment in the
      Securities;

5

	 	(h) 	
      the Company has advised the Optionee that the Company is
      relying on an exemption from the requirements to provide the Optionee with
      a prospectus and to sell the Securities through a person registered to
      sell securities under the Securities Act (British Columbia) and
      (Ontario) (the “Provincial Acts”) and, as a consequence of acquiring the
      Securities pursuant to this exemption, certain protections, rights and
      remedies provided by the Provincial Acts, including statutory rights of
      rescission or damages, will not be available to the Optionee;

	 	 	 
	 	(i) 	
      the Optionee has not acquired the Securities as a result
      of, and will not itself engage in, any “directed selling efforts” (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of the Securities which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      the Securities; provided, however, that the Optionee may sell or otherwise
      dispose of the Securities pursuant to registration thereof under the 1933
      Act and any applicable state and provincial securities laws or under an
      exemption from such registration requirements;

	 	 	 
	 	(j) 	
      the Optionee and the Optionee’s advisor(s) (if
      applicable) have had a reasonable opportunity to ask questions of and
      receive answers from the Company in connection with the distribution of
      the Securities hereunder, and to obtain additional information, to the
      extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information about the
    Company;

	 	 	 
	 	(k) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Optionee during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Optionee, the Optionee’s attorney
      and/or advisor(s) (if applicable);

	 	 	 
	 	(l) 	
      the Company is entitled to rely on the representations
      and warranties and the statements and answers of the Optionee contained in
      this Agreement;

	 	 	 
	 	(m) 	
      the Optionee will indemnify and hold harmless the Company
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including any and all fees, costs
      and expenses whatsoever reasonably incurred in investigating, preparing or
      defending against any claim, lawsuit, administrative proceeding or
      investigation whether commenced or threatened) arising out of or based
      upon any representation or warranty of the Optionee contained herein or in
      any document furnished by the Optionee to the Company in connection
      herewith being untrue in any material respect or any breach or failure by
      the Optionee to comply with any covenant or agreement made by the Optionee
      to the Company in connection therewith;

	 	 	 
	 	(n) 	
      none of the Securities are listed on any stock exchange
      or automated dealer quotation system and no representation has been made
      to the Optionee that any of the Securities will become listed on any stock
      exchange or automated dealer quotation system; except that currently
      certain market makers make market in the common shares of the Company on
      the OTC Bulletin Board service of the National Association of Securities
      Dealers, Inc.;

	 	 	 
	 	(o) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Optionee’s
      ability to resell the Securities under the Provincial Acts and
      Multilateral Instrument 45-102 adopted by the British Columbia and Ontario
      Securities Commissions;

6

	 	
(p) 		
the Company will refuse to register any transfer of the Securities not made in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the 1933 Act or pursuant to an available
exemption from the registration requirements of the 1933 Act and in accordance with applicable state and provincial securities laws;
	
	 	 	 	 
	 	
(q) 		
the statutory and regulatory basis for the exemption claimed for the offer of the Securities, although in technical compliance with Regulation S, would not be available if the offering is part of a plan or scheme to evade the
registration provisions of the 1933 Act or any applicable state and provincial securities laws;
	
	 	 	 	 
	 	
(r) 		
the Optionee has been advised to consult the Optionee’s own legal, tax and other advisors with respect to the merits and risks of an investment in the Securities and with respect to applicable resale restrictions, and it is
solely responsible (and the Company is not in any way responsible) for compliance with:
	
	 	 	 	 
			
(i) 		
any applicable laws of the jurisdiction in which the Optionee is resident in connection with the distribution of the Securities hereunder, and
	
	 	 	 	 
			
(ii) 		
applicable resale restrictions; and
	
	 	 	 	 
	 	
(s) 		
this Agreement is not enforceable by the Optionee unless it has been accepted by the Company.
	

3. Representations, Warranties and Covenants of the Optionee

3.1 The Optionee hereby represents and warrants to and covenants with the Company (which representations, warranties and covenants shall survive the closing) that:

	 	
(a) 		
the Optionee is a director, officer or employee of the Company;
	
	 	 	 
	 	
(b) 		
the Optionee has the legal capacity and competence to enter into and execute this Agreement and to take all actions required pursuant hereto;
	
	 	 	 
	 	
(c) 		
the Optionee has received and carefully read this Agreement;
	
	 	 	 
	 	
(d) 		
the Optionee has duly executed and delivered this Agreement and it constitutes a valid and binding agreement of the Optionee enforceable against the Optionee in accordance with its terms;
	
	 	 	 
	 	
(e) 		
the Optionee is not acquiring the Securities for the account or benefit of, directly or indirectly, any U.S. Person;
	
	 	 	 
	 	
(f) 		
the Optionee is not a U.S. Person;
	
	 	 	 
	 	
(g) 		
the Optionee is resident in the jurisdiction set out on page 1 of this Agreement;
	
	 	 	 
	 	
(h) 		
the acquisition of the Securities by the Optionee as contemplated in this Agreement complies with or is exempt from the applicable securities legislation of the jurisdiction of residence of the Optionee;
	
	 	 	 
	 	
(i) 		
the Optionee is acquiring the Securities for investment only and not with a view to resale or distribution and, in particular, it has no intention to distribute either directly or indirectly any of the Securities in the United
States or to U.S. Persons;
	

7

	 	(j) 	
      the Optionee is outside the United States when receiving
      and executing this Agreement and is acquiring the Securities as principal
      for the Optionee’s own account, for investment purposes only, and not with
      a view to, or for, resale, distribution or fractionalisation thereof, in
      whole or in part, and no other person has a direct or indirect beneficial
      interest in such Securities;

	 	 	 
	 	(k) 	
      the Optionee is not an underwriter of, or dealer in, the
      common shares of the Company, nor is the Optionee participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Securities;

	 	 	 
	 	(l) 	
      the Optionee (i) has adequate net worth and means of
      providing for his/her/its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time, and can afford the complete
      loss of such investment;

	 	 	 
	 	(m) 	
      the Optionee is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment;

	 	 	 
	 	(n) 	
      the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the
    Company;

	 	 	 
	 	(o) 	
      the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Agreement, and agrees
      that if any of such acknowledgements, representations and agreements are
      no longer accurate or have been breached, the Optionee shall promptly
      notify the Company;

	 	 	 
	 	(p) 	
      the Optionee acknowledges that the Optionee has not
      acquired the Securities as a result of, and will not itself engage in, any
      “directed selling efforts” (as defined in Regulation S under the 1933 Act)
      in the United States in respect of the Securities which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of the Securities; provided, however, that the
      Optionee may sell or otherwise dispose of the Securities pursuant to
      registration of the Securities pursuant to the 1933 Act and any applicable
      state and provincial securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 
	 	(q) 	
      the Optionee has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Optionee’s decision to invest in the Securities and the Company;

	 	 	 
	 	(r) 	
      the Optionee understands and agrees that none of the
      Options or the Optioned Securities have been or will be registered under
      the 1933 Act, or under any state securities or “blue sky” laws of any
      state of the United States, and, unless so registered, may not be offered
      or sold except in accordance with the provisions of Regulation S, pursuant
      to an effective registration statement under the 1933 Act, or pursuant to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with
      applicable state securities laws;

8

	 	(s) 	
      it understands and agrees that the Company will refuse to
      register any transfer of the Optioned Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from,
      or in a transaction not subject to, the registration requirements of the
      1933 Act;

	 	 	 	 
	 	(t) 	
      the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;

	 	 	 	 
	 	(u) 	
      no person has made to the Optionee any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities; or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities;
      and

	 	 	 	 
	 	(v) 	
      if the Optionee is a consultant of the Company, the
      Optionee has entered into a written consulting agreement with the Company
      or a related entity of the Company and spends or will spend a significant
      amount of time and attention on the affairs and business of the Company or
      such related entity.

4.         
   Acknowledgement and Waiver

4.1          
The Optionee has acknowledged that the decision to purchase the Securities was
solely made on the basis of publicly available information contained in the
Company Information. The Optionee hereby waives, to the fullest extent permitted
by law, any rights of withdrawal, rescission or compensation for damages to
which the Optionee might be entitled in connection with the distribution of any
of the Securities.

5.            
Provincial Resale Restriction

5.1          
The Optionee acknowledges that the Securities are subject to resale restrictions
in British Columbia and Ontario and may not be traded in such jurisdictions
except as permitted by the Provincial Acts and the rules made thereunder.

5.2          
Pursuant to Multilateral Instrument 45-102, as adopted by the securities
commissions of British Columbia and Ontario, a subsequent trade in the
Securities will be a distribution subject to the prospectus and registration
requirements of applicable Canadian securities legislation (including the
Provincial Acts) unless certain conditions are met, which conditions include a
hold period (the “Canadian Hold Period”) that shall have elapsed from the date
on which the Securities were issued to the Optionee and, during the currency of
the Canadian Hold Period, any certificate representing the Securities is to be
imprinted with a restrictive legend (the “Canadian Legend”).

6.            
Legending of Subject Securities

6.1          
The Optionee hereby acknowledges that that upon the issuance thereof, and until
such time as the same is no longer required under the applicable securities laws
and regulations, the certificates representing any of the Securities will bear a
US legend in substantially the following form:

	  	 	  
		
      THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN
      AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS
      DEFINED HEREIN) 
	

9

	  	 	  
		
      PURSUANT TO REGULATION S UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). NONE OF THE
      SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933
      ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED,
      MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
      STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE
      WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO
      AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT
      TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
      THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
      IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN
      ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT
      BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED
      STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
      1933 ACT. 
	

6.2          
The Optionee acknowledges and agrees that the Securities will be subject to
resale restrictions and that the Company may be required to legend the
certificates representing the Securities with those restrictions. In this
regard, the Subscriber acknowledges that such resale restrictions generally
provide that the Subscriber must hold and not sell, transfer, trade or in any
manner dispose of the Securities before the date that is 4 months and a day
after the date of distribution and that the Securities shall bear the following
Canadian legend:

	 	 	 
		
      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THAT
      DAY THAT IS FOUR MONTHS AND ONE DAY FROM THE CLOSING DATE].
    
	

6.3          
The Optionee hereby acknowledges and agrees to the Company making a notation on
its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Agreement.

7.            
Costs

7.1          
The Optionee acknowledges and agrees that all costs and expenses incurred by the
Optionee (including any fees and disbursements of any special counsel retained
by the Optionee) relating to the acquisition of the Securities shall be borne by
the Optionee.

8.            
Governing Law

8.1          
This Agreement is exclusively governed by the laws of the Province of British
Columbia and the federal laws of Canada applicable therein. The Optionee
irrevocably attorns to the exclusive jurisdiction of the courts of the Province
of British Columbia.

9.            
Survival

9.1          
This Agreement, including without limitation the representations, warranties and
covenants contained herein, shall survive and continue in full force and effect
and be binding upon the parties hereto notwithstanding the completion of the
purchase of the shares underlying the Options by the Optionee pursuant
hereto.

10.           
 Assignment

10.1          
This Agreement is not transferable or assignable.

10

11.            
Counterparts and Electronic Means

11.1          
This Agreement may be executed in several counterparts, each of which will be
deemed to be an original and all of which will together constitute one and the
same instrument. Delivery of an executed copy of this Agreement by electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy will be deemed to be execution and delivery of this
Agreement as of the date first above written.

12.            
Severability

12.1          
The invalidity or unenforceability of any particular provision of this Agreement
shall not affect or limit the validity or enforceability of the remaining
provisions of this Agreement.

13.            
Entire Agreement

13.1          
Except as expressly provided in this Agreement and in the agreements,
instruments and other documents contemplated or provided for herein, this
Agreement is the only agreement between the Optionee and the Company with
respect to the Options, and this Agreement and the Plan supersede all prior and
contemporaneous oral and written statements and representations and contain the
entire agreement between the parties with respect to the Options.

14.            
Effectiveness

14.1          
This Agreement shall be deemed to be effective following the delivery by the
Optionee to the Company of two fully executed copies of this Agreement.

IN WITNESS WHEREOF the parties hereto have duly executed
this Agreement as of the date first above written.

PAN AMERICAN GOLD CORPORATION

	By: 		 
	 	Authorized Signatory 	 

	Signed by
      ______________________________  in the presence 	) 	 
	of: 	) 	 
	 	) 	 
	 	) 	 
	Signature 	) 	 
	 	) 	 
	Print Name 	) 	 
	 	) 	 
	Address 	) 	 
	 	) 	 
	 	) 	 
	 	) 	 
	Occupation 	) 	 

EXHIBIT A

	TO: 	Pan American Gold Corporation 
		 501-1540 West 2nd
      Avenue  
	 	Vancouver, BC V6J
    1H2  

Notice of Exercise

     This Notice of Election to
Exercise shall constitute proper notice pursuant to Section 5.1(h) of Pan
American Gold Corporation’s (the “Company”) 2006 Stock Option Plan (the “Plan”)
and Section 1.7 of that certain Stock Option Agreement (the “Agreement") dated
as of September 5, 2007, between the Company and the undersigned. The
undersigned hereby elects to exercise Optionee’s option to purchase
____________________ shares of the common stock of the Company at a price of
$0.05 per share, for aggregate consideration of $____________, on the terms and
conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 1.7 of the Agreement,
accompanies this notice.

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows:

	 	 	 
	  Registration
      Information: 	 	 
      Delivery Instructions: 
	 	 	 
	 	 	 
	  Name to
      appear on certificates 	 	 
      Name 
	 	 	 
	 	 	 
	  Address 	 	 
      Address 
	 	 	 
	 	 	 
	  	 	  
	 	 	 
	  	 	 
      Telephone Number 
	 	 	 

DATED at ____________________________________, the _______day
of______________, _______.

	 	 	 
	 	 	(Name of Optionee – Please type or print)

	 	 	 
	 	 	 
	 	 	(Signature and, if applicable, Office) 
	 	 	 
	 	 	 
	 	 	(Address of Optionee) 
	 	 	 
	 	 	 
	 	 	(City, State, and Zip Code of Optionee) 
	 	 	 
	 	 	 
	 	 	(Fax Number)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]