Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Destiny Media Technologies Inc. - Exhibit 4.1

DESTINY MEDIA TECHNOLOGIES
INC. 
2006 AMENDED AND RESTATED STOCK OPTION PLAN 

          This
2006 Amended and Restated Stock Option Plan (the "Plan") provides for the grant
of options to acquire common shares (the "Common Shares") in the capital of
Destiny Media Technologies Inc., a corporation formed under the laws of the
State of Colorado (the "Corporation"). Stock options granted under this Plan
that qualify under Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code") are referred to in this Plan as "Incentive Stock Options" and stock
options that do not qualify under Section 422 of the Code are referred to as
"Non-Qualified Stock Options". Incentive Stock Options and Non-Qualified Stock
Options granted under this Plan are collectively referred to as "Options". 

1.        PURPOSE 

1.1      The purpose of this Plan is
to retain the services of valued key employees and consultants of the
Corporation and such other persons as the Plan Administrator shall select in
accordance with Section 2 below, and to encourage such persons to acquire a
greater proprietary interest in the Corporation, thereby strengthening their
incentive to achieve the objectives of the shareholders of the Corporation, and
to serve as an aid and inducement in the hiring of new employees and to provide
an equity incentive to consultants and other persons selected by the Plan
Administrator. 

1.2      This Plan shall at all times
be subject to all legal requirements relating to the administration of stock
option plans, if any, under applicable corporate laws, applicable United States
federal and state securities laws, the Code, the rules of any applicable stock
exchange or stock quotation system, and the rules of any foreign jurisdiction
applicable to Options granted to residents therein (collectively, the
"Applicable Laws"). 

2.        ADMINISTRATION

2.1      This Plan shall be
administered initially by the Board of Directors of the Corporation (the
"Board"), except that the Board may, in its discretion, establish a committee
composed of two (2) or more members of the Board or two (2) or more other
persons to administer the Plan, which committee (the "Committee") may be an
executive, compensation or other committee, including a separate committee
especially created for this purpose. The Board or, if applicable, the Committee
is referred to herein as the "Plan Administrator". 

2.2      If and so long as the Common
Shares is registered under Section 12(b) or 12(g) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act") and the Corporation wishes to
grant Incentive Stock Options, then the Board shall consider in selecting the
Plan Administrator and the membership of any Committee, with respect to any
persons subject or likely to become subject to Section 16 of the Exchange Act,
the provisions regarding (a) "outside directors" as contemplated by Section
162(m) of the Code, and (b) "Non-Employee Directors" as contemplated by Rule
16b-3 under the Exchange Act. 

2.3      The Committee shall have the
powers and authority vested in the Board hereunder (including the power and
authority to interpret any provision of the Plan or of any Option). The 

- 2 - 

members of any such Committee shall serve at the pleasure of
the Board. A majority of the members of the Committee shall constitute a quorum,
and all actions of the Committee shall be taken by a majority of the members
present. Any action may be taken by a written instrument signed by all of the
members of the Committee and any action so taken shall be fully effective as if
it had been taken at a meeting. 

2.4      Subject to the provisions of
this Plan and any Applicable Laws, and with a view to effecting the purpose of
the Plan, the Plan Administrator shall have sole authority, in its absolute
discretion, to: 

(a)      construe and interpret this
Plan; 

(b)      define the terms used in the
Plan; 

(c)      prescribe, amend and rescind
  the rules and regulations relating to this Plan;

 (d)      correct any defect, supply
  any omission or reconcile any inconsistency in this Plan; 

(e)      grant Options under this Plan;

(f)      determine the individuals to
whom Options shall be granted under this Plan and whether the Option is granted
as an Incentive Stock Option or a Non-Qualified Stock Option; 

(g)      determine the time or times
at which Options shall be granted under this Plan; 

(h)      determine the number of
Common Shares subject to each Option, the exercise price of each Option, the
duration of each Option and the times at which each Option shall become
exercisable; 

(i)      determine all other terms and
conditions of the Options; and 

(j)      make all other determinations
and interpretations necessary and advisable for the administration of the Plan.

2.5      All decisions, determinations
and interpretations made by the Plan Administrator shall be binding and
conclusive on all participants in the Plan and on their legal representatives,
heirs and beneficiaries. 

3.        ELIGIBILITY 

3.1      Incentive Stock Options may
be granted to any individual who, at the time the Option is granted, is an
employee of the Corporation or any Related Corporation (as defined below)
("Employees"). 

3.2      Non-Qualified Stock Options
may be granted to Employees and to such other persons who are not Employees as
the Plan Administrator shall select, subject to any Applicable Laws. 

3.3      Options may be granted in
substitution for outstanding Options of another corporation in connection with
the merger, consolidation, acquisition of property or stock or other 

- 3 - 

reorganization between such other corporation and the
Corporation or any subsidiary of the Corporation. Options also may be granted in
exchange for outstanding Options. 

3.4      Any person to whom an Option
is granted under this Plan is referred to as an "Optionee". Any person who is
the owner of an Option is referred to as a "Holder". 

3.5      As used in this Plan, the
term "Related Corporation" shall mean any corporation (other than the
Corporation) that is a "Parent Corporation" of the Corporation or "Subsidiary
Corporation" of the Corporation, as those terms are defined in Sections 424(e)
and 424(f), respectively, of the Code (or any successor provisions) and the
regulations thereunder (as amended from time to time). 

4.        STOCK 

4.1      The Plan Administrator is
authorized to grant Options to acquire up to a total of
________________________Common Shares. The number of Common Shares with respect
to which Options may be granted hereunder is subject to adjustment as set forth
in Section 5.1(m) hereof. In the event that any outstanding Option expires or is
terminated for any reason, the Common Shares allocable to the unexercised
portion of such Option may again be subject to an Option granted to the same
Optionee or to a different person eligible under Section 3 of this Plan;
provided however, that any cancelled Options will be counted against the maximum
number of shares with respect to which Options may be granted to any particular
person as set forth in Section 5.1(a) hereof. 

5.        TERMS AND
CONDITIONS OF OPTIONS 

5.1      Each Option granted under
this Plan shall be evidenced by a written agreement approved by the Plan
Administrator (each, an "Agreement"). Agreements may contain such provisions,
not inconsistent with this Plan or any Applicable Laws, as the Plan
Administrator in its discretion may deem advisable. All Options also shall
comply with the following requirements: 

(a)      Number of Shares and Type of
Option 

Each Agreement shall state the number of Common Shares to which
it pertains and whether the Option is intended to be an Incentive Stock Option
or a Non-Qualified Stock Option; provided that: 

(i)      the
number of Common Shares that may be reserved pursuant to the exercise of Options
granted to any person shall not exceed 10% of the issued and outstanding Common
Shares of the Corporation; 

(ii)     in the
absence of action to the contrary by the Plan Administrator in connection with
the grant of an Option, all Options shall be Non-Qualified Stock Options; 

(iii)    the
aggregate fair market value (determined at the Date of Grant, as defined below)
of the Common Shares with respect to which Incentive Stock Options are
exercisable for the first time by the Optionee during any calendar year (granted
under this Plan and all other Incentive Stock Option plans of the Corporation, a
Related Corporation 

- 4 - 

or a predecessor corporation) shall not
exceed U.S.$100,000, or such other limit as may be prescribed by the Code as it
may be amended from time to time (the "Annual Limit"); and 

(iv)     any
portion of an Option which exceeds the Annual Limit shall not be void but rather
shall be a Non-Qualified Stock Option. 

(b)      Date of Grant 

Each Agreement shall state the date the Plan Administrator has
deemed to be the effective date of the Option for purposes of this Plan (the
"Date of Grant"). 

(c)      Option Price 

Each Agreement shall state the price per Common Share at which
it is exercisable. The Plan Administrator shall act in good faith to establish
the exercise price in accordance with Applicable Laws; provided that:

(i)      the
per share exercise price for an Incentive Stock Option or any Option granted to
a "covered employee" as such term is defined for purposes of Section 162(m) of
the Code shall not be less than the fair market value per Common Share at the
Date of Grant as determined by the Plan Administrator in good faith;

(ii)     with
respect to Incentive Stock Options granted to greater-than-ten percent (>10%)
shareholders of the Corporation (as determined with reference to Section 424(d)
of the Code), the exercise price per share shall not be less than one hundred
ten percent (110%) of the fair market value per Common Share at the Date of
Grant as determined by the Plan Administrator in good faith; and 

(iii)    Options
granted in substitution for outstanding options of another corporation in
connection with the merger, consolidation, acquisition of property or stock or
other reorganization involving such other corporation and the Corporation or any
subsidiary of the Corporation may be granted with an exercise price equal to the
exercise price for the substituted option of the other corporation, subject to
any adjustment consistent with the terms of the transaction pursuant to which
the substitution is to occur, and provided that for Incentive Stock Options:

A.      the
excess of the aggregate fair market value of the shares subject to the option
immediately after the substitution over the aggregate exercise price of such
shares is not more than the excess of the aggregate fair market value of all
shares subject to the option immediately before such substitution over the
aggregate exercise price of such shares, and 

B.      the
substituted option does not give the employee additional benefits which he did
not have under the previously held Option; and 

- 5 - 

(iv)     with
respect to Non-Qualified Stock Options, the exercise price per share shall be
the fair market value of the Common Shares as determined by the Plan
Administrator in good faith. 

(d)      Duration of Options 

At the time of the grant of the Option, the Plan Administrator
shall designate, subject to Section 5.1(g) below, the expiration date of the
Option, which date shall not be later than ten (10) years from the Date of
Grant; provided, that the expiration date of any Incentive Stock Option
granted to a greater-than-ten percent (>10%) shareholder of the Corporation
(as determined with reference to Section 424(d) of the Code) shall not be later
than five (5) years from the Date of Grant. In the absence of action to the
contrary by the Plan Administrator in connection with the grant of a particular
Option, and except in the case of Incentive Stock Options as described above,
all Options granted under this Section 5 shall expire ten (10) years from the
Date of Grant. 

(e)      Vesting Schedule 

No Option shall be exercisable until it has vested. The vesting
schedule for each Option shall be specified by the Plan Administrator at the
time of grant of the Option prior to the provision of services with respect to
which such Option is granted; provided, that if no vesting schedule is
specified at the time of grant, the Option shall vest according to the following
schedule: 

	Number of Years 	 Percentage of Total 
	Following
      Date of Grant 	Option Vested 
	One 	25% 
	Two 	50% 
	Three 	75% 
	Four 	100% 

The Plan Administrator may specify a
vesting schedule for all or any portion of an Option based on the achievement of
performance objectives established in advance of the commencement by the
Optionee of services related to the achievement of the performance objectives.
Performance objectives shall be expressed in terms of objective criteria,
including but not limited to, one or more of the following: return on equity,
return on assets, share price, market share, sales, earnings per share, costs,
net earnings, net worth, inventories, cash and cash equivalents, gross margin or
the Corporation's performance relative to its internal business plan.
Performance objectives may be in respect of the performance of the Corporation
as a whole (whether on a consolidated or unconsolidated basis), a Related
Corporation, or a subdivision, operating unit, product or product line of either
of the foregoing. Performance objectives may be absolute or relative and may be
expressed in terms 

- 6 - 

of a progression or a range. An Option
that is exercisable (in full or in part) upon the achievement of one or more
performance objectives may be exercised only following written notice to the
Optionee and the Corporation by the Plan Administrator that the performance
objective has been achieved. 

(f)      Acceleration of Vesting 

The vesting of one or more outstanding Options may be
accelerated by the Plan Administrator at such times and in such amounts as it
shall determine in its sole discretion. 

(g)      Term of Option 

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

A.      the
expiration of the Option, as designated by the Plan Administrator in accordance
with Section 5.1(d) above; 

B.      the
date of an Optionee's termination of employment or contractual relationship with
the Corporation or any Related Corporation for cause (as determined by the Plan
Administrator, acting reasonably); 

C.      the
expiration of three (3) months from the date of an Optionee's termination of
employment or contractual relationship with the Corporation or any Related
Corporation for any reason whatsoever other than cause, death or Disability (as
defined below) unless, in the case of a Non-Qualified Stock Option, the exercise
period is extended by the Plan Administrator until a date not later than the
expiration date of the Option; or 

D.      the
expiration of one year (1) from termination of an Optionee's employment or
contractual relationship by reason of death or Disability (as defined below)
unless, in the case of a Non-Qualified Stock Option, the exercise period is
extended by the Plan Administrator until a date not later than the expiration
date of the Option. 

(ii)    
Notwithstanding Section 5.1(g)(i) above, any vested Options which have been
granted to the Optionee in the Optionee's capacity as a director of the
Corporation or any Related Corporation shall terminate upon the occurrence of
the first of the following events: 

A.      the
event specified in Section 5.1(g)(i)A above; 

B.      the
event specified in Section 5.1(g)(i)D above; and 

C.      the
expiration of three (3) months from the date the Optionee ceases to serve as a
director of the Corporation or Related Corporation, as the case may be unless,
in the case of a Non-Qualified Stock Option, the exercise period is 

- 7 - 

extended by the Plan Administrator
until a date not later than the expiration date of the Option. 

(iii)    Upon the
death of an Optionee, any vested Options held by the Optionee shall be
exercisable only by the person or persons to whom such Optionee's rights under
such Option shall pass by the Optionee's will or by the laws of descent and
distribution of the Optionee's domicile at the time of death and only until such
Options terminate as provided above. 

(iv)     For
purposes of the Plan, unless otherwise defined in the Agreement, "Disability"
shall mean medically determinable physical or mental impairment which has lasted
or can be expected to last for a continuous period of not less than twelve (12)
months or that can be expected to result in death. The Plan Administrator shall
determine whether an Optionee has incurred a Disability on the basis of medical
evidence acceptable to the Plan Administrator. Upon making a determination of
Disability, the Plan Administrator shall, for purposes of the Plan, determine
the date of an Optionee's termination of employment or contractual relationship.

(v)     
Unless accelerated in accordance with Section 5.1(f) above, unvested Options
shall terminate immediately upon termination of employment of the Optionee by
the Corporation for any reason whatsoever, including death or Disability. 

(vi)     For
purposes of this Plan, transfer of employment between or among the Corporation
and/or any Related Corporation shall not be deemed to constitute a termination
of employment with the Corporation or any Related Corporation. Employment shall
be deemed to continue while the Optionee is on military leave, sick leave or
other bona fide leave of absence (as determined by the Plan
Administrator). The foregoing notwithstanding, employment shall not be deemed to
continue beyond the first ninety (90) days of such leave, unless the Optionee's
re-employment rights are guaranteed by statute or by contract. 

(h)      Exercise of Options 

(i)     
Options shall be exercisable, in full or in part, at any time after vesting,
until termination. If less than all of the Common Shares included in the vested
portion of any Option are purchased, the remainder may be purchased at any
subsequent time prior to the expiration of the Option term. Only whole Common
Shares may be issued pursuant to an Option, and to the extent that an Option
covers less than one (1) share, it is unexercisable. 

(ii)    Options or
portions thereof may be exercised by giving written notice to the Corporation,
which notice shall specify the number of Common Shares to be purchased, and be
accompanied by payment in the amount of the aggregate exercise price for the
Common Shares so purchased, which payment shall be in the form specified in
Section 5.1(i) below. The Corporation shall not be obligated to issue, transfer
or deliver a certificate representing Common Shares to the Holder of any Option,
until provision has been made by the Holder, to the satisfaction of the
Corporation, for the payment of the 

- 8 - 

aggregate exercise price for all Common Shares for which the
Option shall have been exercised and for satisfaction of any tax withholding
obligations associated with such exercise. During the lifetime of an Optionee,
Options are exercisable only by the Optionee. 

(i)      Payment upon Exercise of
Option 

Upon the exercise of any Option, the aggregate exercise price
shall be paid to the Corporation in cash or by certified or cashier's check. In
addition, if pre-approved in writing by the Plan Administrator who may
arbitrarily withhold consent, the Holder may pay for all or any portion of the
aggregate exercise price by complying with one or more of the following
alternatives: 

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

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

(j)      No Rights as a Shareholder

A Holder shall have no rights as a shareholder of the
Corporation with respect to any Common Shares covered by an Option until such
Holder becomes a record holder of such Common Shares, irrespective of whether
such Holder has given notice of exercise. Subject to the provisions of Section
5.1(m) hereof, no rights shall accrue to a Holder and no adjustments shall be
made on account of dividends (ordinary or extraordinary, whether in cash,
securities or other property) or distributions or other rights declared on, or
created in, the Common Shares for which the record date is prior to the date the
Holder becomes a record holder of the Common Shares covered by the Option,
irrespective of whether such Holder has given notice of exercise. 

(k)      Non-transferability of
Options 

(i)     Options granted under this Plan
and the rights and privileges conferred by this Plan may not be transferred,
assigned, pledged or hypothecated in any manner (whether by operation of law or
otherwise) other than by will or by applicable laws of descent and distribution
or, in the case of a Non-Qualified Stock Option, pursuant to a qualified
domestic relations order, and shall not be subject to execution, attachment or
similar process; provided however that, subject to applicable laws: 

A.      for
Non-Qualified Stock Options, any Agreement may provide or be amended to provide
that a Non-Qualified Stock Option to which it relates is transferable without
payment of consideration to immediate family members of the Optionee or to
trusts or partnerships or limited liability companies established exclusively
for the benefit of the Optionee and the Optionee's immediate family members;

- 9 - 

B.     for all
Options, the Optionee's heirs or administrators may exercise any portion of the
outstanding Options within one year of the Optionee's death. 

(ii)     Upon any
attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any
Option or of any right or privilege conferred by this Plan contrary to the
provisions hereof, or upon the sale, levy or any attachment or similar process
upon the rights and privileges conferred by this Plan, such Option shall
thereupon terminate and become null and void. 

(l)      Securities Regulation and Tax
Withholding 

(i)     
Common Shares shall not be issued with respect to an Option unless the exercise
of such Option and the issuance and delivery of such Common Shares shall comply
with all Applicable Laws, and such issuance shall be further subject to the
approval of counsel for the Corporation with respect to such compliance,
including the availability of an exemption from prospectus and registration
requirements for the issuance and sale of such Common Shares. The inability of
the Corporation to obtain from any regulatory body the authority deemed by the
Corporation to be necessary for the lawful issuance and sale of any Common
Shares under this Plan, or the unavailability of an exemption from prospectus
and registration requirements for the issuance and sale of any Common Shares
under this Plan, shall relieve the Corporation of any liability with respect to
the non-issuance or sale of such Common Shares. 

(ii)     As a
condition to the exercise of an Option, the Plan Administrator may require the
Holder to represent and warrant in writing at the time of such exercise that the
Common Shares are being purchased only for investment and without any
then-present intention to sell or distribute such Common Shares. If necessary
under Applicable Laws, the Plan Administrator may cause a stop-transfer order
against such Common Shares to be placed on the stock books and records of the
Corporation, and a legend indicating that the Common Shares may not be pledged,
sold or otherwise transferred unless an opinion of counsel is provided stating
that such transfer is not in violation of any Applicable Laws, may be stamped on
the certificates representing such Common Shares in order to assure an exemption
from registration. The Plan Administrator also may require such other
documentation as may from time to time be necessary to comply with applicable
securities laws. THE CORPORATION HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF
OPTIONS OR THE COMMON SHARES ISSUABLE UPON THE EXERCISE OF OPTIONS. 

(iii)     The
Holder shall pay to the Corporation by certified or cashier's check, promptly
upon exercise of an Option or, if later, the date that the amount of such
obligations becomes determinable, all applicable federal, state, local and
foreign withholding taxes that the Plan Administrator, in its discretion,
determines to result upon exercise of an Option or from a transfer or other
disposition of Common Shares acquired upon exercise of an Option or otherwise
related to an Option or Common Shares acquired in connection with an Option.
Upon approval of the Plan Administrator, a Holder may satisfy such obligation by
complying with one or more of the following alternatives selected by the Plan
Administrator: 

- 10 - 

A.      by
delivering to the Corporation Common Shares previously held by such Holder or by
the Corporation withholding Common Shares otherwise deliverable pursuant to the
exercise of the Option, which Common Shares received or withheld shall have a
fair market value at the date of exercise (as determined by the Plan
Administrator) equal to any withholding tax obligations arising as a result of
such exercise, transfer or other disposition; or 

B.      by
complying with any other payment mechanism approved by the Plan Administrator
from time to time. 

(iv)     The
issuance, transfer or delivery of certificates representing Common Shares
pursuant to the exercise of Options may be delayed, at the discretion of the
Plan Administrator, until the Plan Administrator is satisfied that the
applicable requirements of all Applicable Laws and the withholding provisions of
the Code have been met and that the Holder has paid or otherwise satisfied any
withholding tax obligation as described in Section 5.1(l)(iii) above. 

(m)      Adjustments Upon Changes In
Capitalization 

(i)      The
aggregate number and class of shares for which Options may be granted under this
Plan, the number and class of shares covered by each outstanding Option, and the
exercise price per share thereof (but not the total price), and each such
Option, shall all be proportionately adjusted for any increase or decrease in
the number of issued Common Shares of the Corporation resulting from: 

A.      a
subdivision or consolidation of Common Shares or any like capital adjustment, or

B.      the
issuance of any Common Shares, or securities exchangeable for or convertible
into Common Shares, to the holders of all or substantially all of the
outstanding Common Shares by way of a stock dividend (other than the issue of
Common Shares, or securities exchangeable for or convertible into Common Shares,
to holders of Common Shares pursuant to their exercise of options to receive
dividends in the form of Common Shares, or securities convertible into Common
Shares, in lieu of dividends paid in the ordinary course on the Common Shares).

(ii)     Except as provided in Section
5.1(m)(iii) hereof, upon a merger (other than a merger of the Corporation in
which the holders of Common Shares immediately prior to the merger have the same
proportionate ownership of common shares in the surviving corporation
immediately after the merger), consolidation, acquisition of property or stock,
separation, reorganization (other than a mere re-incorporation or the creation
of a holding Corporation) or liquidation of the Corporation, as a result of
which the shareholders of the Corporation, receive cash, shares or other
property in exchange for or in connection with their Common Shares, any Option
granted hereunder shall terminate, but the Holder shall have the right to
exercise such Holder's Option immediately prior to any such merger,
consolidation, acquisition of property or shares, separation, 

- 11 - 

reorganization or liquidation, and to
be treated as a shareholder of record for the purposes thereof, to the extent
the vesting requirements set forth in the Option agreement have been satisfied.

(iii)    If the
shareholders of the Corporation receive shares in the capital of another
corporation ("Exchange Shares") in exchange for their Common Shares in any
transaction involving a merger (other than a merger of the Corporation in which
the holders of Common Shares immediately prior to the merger have the same
proportionate ownership of Common Shares in the surviving corporation
immediately after the merger), consolidation, acquisition of property or shares,
separation or reorganization (other than a mere re-incorporation or the creation
of a holding Corporation), all Options granted hereunder shall be converted into
options to purchase Exchange Shares unless the Corporation and the corporation
issuing the Exchange Shares, in their sole discretion, determine that any or all
such Options granted hereunder shall not be converted into options to purchase
Exchange Shares but instead shall terminate in accordance with, and subject to
the Holder's right to exercise the Holder's Options pursuant to, the provisions
of Section 5.1(m)(ii) . The amount and price of converted options shall be
determined by adjusting the amount and price of the Options granted hereunder in
the same proportion as used for determining the number of Exchange Shares the
holders of the Common Shares receive in such merger, consolidation, acquisition
or property or stock, separation or reorganization. Unless accelerated by the
Board, the vesting schedule set forth in the option agreement shall continue to
apply to the options granted for the Exchange Shares. 

(iv)     In the
event of any adjustment in the number of Common Shares covered by any Option,
any fractional shares resulting from such adjustment shall be disregarded and
each such Option shall cover only the number of full shares resulting from such
adjustment. 

(v)      All
adjustments pursuant to Section 5.1(m) shall be made by the Plan Administrator,
and its determination as to what adjustments shall be made, and the extent
thereof, shall be final, binding and conclusive. 

(vi)     The grant
of an Option shall not affect in any way the right or power of the Corporation
to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure, to merge, consolidate or dissolve, to liquidate
or to sell or transfer all or any part of its business or assets. 

6.        EFFECTIVE DATE;
AMENDMENT; SHAREHOLDER APPROVAL 

6.1      Options may be granted by the
Plan Administrator from time to time on or after the date on which this Plan is
adopted by the Board (the "Effective Date"). 

6.2      Unless sooner terminated by
the Board, this Plan shall terminate on the tenth anniversary of the Effective
Date. No Option may be granted after such termination or during any suspension
of this Plan. 

6.3      Any Incentive Stock Options
granted by the Plan Administrator prior to the ratification of this Plan by the
shareholders of the Corporation shall be granted subject to approval of this
Plan 

- 12 - 

by the holders of a majority of the Corporation's outstanding
voting shares, voting either in person or by proxy at a duly held shareholders'
meeting within twelve (12) months before or after the Effective Date. If such
shareholder approval is sought and not obtained, all Incentive Stock Options
granted prior thereto and thereafter shall be considered Non-Qualified Stock
Options and any Options granted to Covered Employees will not be eligible for
the exclusion set forth in Section 162(m) of the Code with respect to the
deductibility by the Corporation of certain compensation. 

7.        NO OBLIGATIONS TO
EXERCISE OPTION 

7.1      The grant of an Option shall
impose no obligation upon the Optionee to exercise such Option. 

8.        NO RIGHT TO
OPTIONS OR TO EMPLOYMENT 

8.1      Whether or not any Options
are to be granted under this Plan shall be exclusively within the discretion of
the Plan Administrator, and nothing contained in this Plan shall be construed as
giving any person any right to participate under this Plan. The grant of an
Option shall in no way constitute any form of agreement or understanding binding
on the Corporation or any Related Corporation, express or implied, that the
Corporation or any Related Corporation will employ or contract with an Optionee
for any length of time, nor shall it interfere in any way with the Corporation's
or, where applicable, a Related Corporation's right to terminate Optionee's
employment at any time, which right is hereby reserved. 

9.        APPLICATION OF
FUNDS 

9.1      The proceeds received by the
Corporation from the sale of Common Shares issued upon the exercise of Options
shall be used for general corporate purposes, unless otherwise directed by the
Board. 

10.      INDEMNIFICATION OF PLAN
ADMINISTRATOR 

10.1    In addition to all other rights of
indemnification they may have as members of the Board, members of the Plan
Administrator shall be indemnified by the Corporation for all reasonable
expenses and liabilities of any type or nature, including attorneys' fees,
incurred in connection with any action, suit or proceeding to which they or any
of them are a party by reason of, or in connection with, this Plan or any Option
granted under this Plan, and against all amounts paid by them in settlement
thereof (provided that such settlement is approved by independent legal counsel
selected by the Corporation), except to the extent that such expenses relate to
matters for which it is adjudged that such Plan Administrator member is liable
for willful misconduct; provided, that within fifteen (15) days after the
institution of any such action, suit or proceeding, the Plan Administrator
member involved therein shall, in writing, notify the Corporation of such
action, suit or proceeding, so that the Corporation may have the opportunity to
make appropriate arrangements to prosecute or defend the same. 

- 13 - 

11.      AMENDMENT OF PLAN 

11.1    The Plan Administrator may, at any time,
modify, amend or terminate this Plan or modify or amend Options granted under
this Plan, including, without limitation, such modifications or amendments as
are necessary to maintain compliance with the Applicable Laws. The Plan
Administrator may condition the effectiveness of any such amendment on the
receipt of shareholder approval at such time and in such manner as the Plan
Administrator may consider necessary for the Corporation to comply with or to
avail the Corporation and/or the Optionees of the benefits of any securities,
tax, market listing or other administrative or regulatory requirements. 

Effective Date: January _____, 2007Filed by Automated Filing Services Inc. (604) 609-0244 - Lincoln Gold Corporation - Exhibit 10.1

EXHIBIT 10.1 

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “ACT”), AND ARE PROPOSED TO BE ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

REGULATION S SUBSCRIPTION AGREEMENT 

THIS AGREEMENT is made effective as of the ________ day
of ___________________, 2007. 

BETWEEN: 

THE SUBSCRIBER LISTED ON THE
EXECUTION PAGE TO THIS AGREEMENT 

(hereinafter called the “Subscriber”)

OF THE FIRST PART 

AND: 

LINCOLN GOLD CORPORATION, a
Nevada corporation 

(hereinafter called the “Company”)

OF THE SECOND PART 

NOW THEREFORE, in consideration of the premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

ARTICLE 1 
DEFINITIONS 

1.1                      
Definitions. The following terms will have the following meanings for all
purposes of this Agreement. 

(a)   
     “Agreement” shall mean this Agreement, and all
schedules and amendments to in the Agreement. 

(b)         “Common
Stock” means the Common Stock of the Company with a par value of $0.001 per
share. 

(c)         “Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended.

(d)         “Subscriber”
shall mean the Subscriber executing the signature page to this Agreement. 

(e)         “Offering”
shall mean the offering of up to 3,500,000 Units by the Company. 

- 2 – 

(f)         “SEC”
shall mean the United States Securities and Exchange Commission. 

(g)         “SEC Filings”
means the reports, schedule, forms and other filings made by the Company with
the SEC in accordance with its obligations under Section 13(a) or 15(d) of the
Exchange Act, including its annual reports on Form 10-KSB, its quarterly reports
on Form 10-QSB and its current reports on Form 8-K. 

(h)         "Securities"
means the Units, including the Shares and Warrants comprising the Units, and the
Warrant Shares; 

(i)         “Securities
Act” shall mean the United States Securities Act of 1933, as amended. 

(j)         "Shares" means
those Common Stock to be purchased by the Subscriber and comprising a portion of
the Units; 

(k)         “Subscription
Price” means the subscription price of $0.10 per Unit payable by the Subscriber
to the Company in consideration for the purchase and sale of the Shares in
accordance with Section 2.1 of this Agreement. 

(l)         “Unit”
means a unit consisting of one (1) Share and one (1) Warrant; 

(m)         “Warrant”
means one share purchase warrant entitling the Subscriber to purchase one share
of Common Stock of the Company for a two year term following the date of the
purchase and sale of the Units at a price of $0.15 per Warrant Share; 

(n)         “Warrant
Shares” means the Common Stock issuable upon exercise of the Warrants. 

1.2                     
Schedules. The following schedules are attached to and form part of this
Agreement: 

Schedule
A         Definition of U.S. Person

Schedule B         Canadian
Investor Certificate 
Schedule
C         Warrant Certificate 

1.3                     
Currency. All dollar amounts referred to in this agreement are in United
States funds, unless expressly stated otherwise. 

ARTICLE 2 
PURCHASE AND SALE OF UNITS 

2.1                     
Agreement to Subscribe. Subject to the terms and conditions of this
Agreement, the Subscriber hereby subscribes for and agrees to purchase from the
Company such number of Units as is set forth upon the signature page hereof at
the Subscription Price. Upon execution, the subscription by the Subscriber will
be irrevocable. 

2.2                      Payment
of Subscription Price. The Subscription Price is payable by the Subscriber
contemporaneously with the execution and delivery of this Subscription Agreement
and will be advanced to the Company or its solicitors. The Subscriber
acknowledges that if the funds are advanced to the Company’s solicitors, the
solicitors shall release such funds to the Company on confirmation by the
Company that it will accept the subscription. 

2.3                     
Acceptance by Company. Upon execution of this Agreement by the Company,
the Company agrees to sell such Units to the Subscriber for the Subscription
Price subject to the Company’s right to sell to the Subscriber such lesser
number of Units as it may, in its sole discretion, deem necessary or desirable.

- 3 – 

2.4                     
Compliance with Securities Laws. Any acceptance by the Company of the
Subscription is conditional upon compliance with all securities laws and other
applicable laws of the jurisdiction in which the Subscriber is resident. Each
Subscriber will deliver to the Company all other documentation, agreements,
representations and requisite government forms required by the lawyers for the
Company as required to comply with all securities laws and other applicable laws
of the jurisdiction of the Subscriber. 

2.5                     
Loan Pending Subscription. Pending acceptance of this subscription by the
Company, all funds paid by the Subscriber shall be deposited by the Company and
immediately available to the Company for its corporate purposes. In the event
the subscription is not accepted, the subscription funds will constitute a
non-interest bearing demand loan of the Subscriber to the Company. 

2.6                     
Delivery of Certificates. The Subscriber hereby authorizes and directs
the Company to deliver the securities to be issued to such Subscriber pursuant
to this Agreement to the Subscriber’s address indicated on the signature page of
this Agreement. 

2.7                     
No Minimum Subscription. The Subscriber acknowledges and agrees that the
subscription for the Units and the Company’s acceptance of the subscription is
not subject to any minimum subscription for the Offering. 

ARTICLE 3 
AGREEMENTS, REPRESENTATIONS AND
WARRANTIES OF THE SUBSCRIBER 

3.1                     
Exemption from Registration. The Subscriber acknowledges and agrees that
the Units will be offered and sold to the Subscriber without such offers and
sales being registered under the Securities Act and will be issued to the
Subscriber in an offshore transaction outside of the United States in accordance
with a safe harbour from the registration requirements of the Securities Act
provided by Rule 903 of Regulation S of the Securities Act based on the
representations and warranties of the Subscriber in this Agreement. The
Subscriber further acknowledges and agrees that the Warrant Shares will be
offered and sold without registration under the Securities Act and will only be
issued to the Subscriber in an offshore transaction in accordance with Rule 903
of Regulation S of the Securities Act or pursuant to an available exemption from
the registration requirements of the Securities Act. As such, the Subscriber
further acknowledges and agrees that all Securities will, upon issuance, be
“restricted securities” within the meaning of the Securities Act. 

3.2                     
Resales of Securities. The Subscriber acknowledges that that the
Securities may not be offered, resold, pledged or otherwise transferred except
through an exemption from registration under the Securities Act or pursuant to
an effective registration statement under the Securities Act and in accordance
with all applicable state securities laws and the laws of any other
jurisdiction. The Subscriber agrees to resell the Securities only in accordance
with the provisions of Regulation S of the Securities Act, pursuant to
registration under the Securities Act, or pursuant to an available exemption
from registration pursuant to the Securities Act. The Subscriber agrees that the
Company will refuse to register any transfer of the Securities not made in
accordance with the provisions of Regulation S of the Securities Act, pursuant
to registration under the Securities Act, pursuant to an available exemption
from registration. The Subscriber agrees that the Company may require the
opinion of legal counsel reasonably acceptable to the Company in the event of
any offer, sale, pledge or transfer of any of the Securities by the Subscriber
pursuant to an exemption from registration under the Securities Act.

3.3                     
No Requirement to Register. The Subscriber acknowledges and agrees that
the Company has no obligation to register the resale of the Securities pursuant
to the Securities Act or to otherwise qualify the Securities for resale under
any federal, state or provincial securities laws. 

3.4                     
Hedging Transactions. The Subscriber agrees not to engage in hedging
transactions with regard to the Securities unless in compliance with the
Securities Act. 

- 4 – 

3.5                     
Share Certificates. The Subscriber acknowledges and agrees that all
certificates representing the Shares and the Warrant Shares will be endorsed
with the following legend, or such similar legend as deemed advisable by legal
counsel for the Company, to ensure compliance with Regulation S of the
Securities Act and to reflect the status of the Shares and the Warrant Shares as
restricted securities: 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.” 

3.6                     
Warrant Exercises. The Subscriber acknowledge and agree that the Warrants
may only be exercised (i) outside the United States in an offshore transaction
in accordance with Rule 903 of Regulation S, or (ii) within the United States
pursuant to exemption from the registration requirements of the Securities Act.
In order to establish the availability of Rule 903, the Subscriber acknowledges
and agrees that it will not be entitled to exercise the Warrants unless at the
time of such exercise the Subscriber is able to make the representations and
warranties with respect its purchase of the Warrant Shares set forth in the
exercise form attached to the certificate representing the Warrants. If the
Warrants are to be exercised pursuant to an exemption from the registration
requirements of the Securities Act, the Subscriber will be required to deliver a
legal opinion in form and substance satisfactory to the Company to the effect
that the Warrant Shares may be issued pursuant to an exemption from the
registration requirements of the Securities Act. 

3.7                     
Warrant Certificates. The Subscriber acknowledges and agrees that
certificates representing the Warrants will be in the form attached hereto as
Schedule C. The Subscriber further acknowledges and agrees that all certificates
representing the Warrants will be endorsed with the following legend, or such
similar legend as deemed advisable by legal counsel for the Corporation, to
ensure compliance with Rule 903 of Regulation S of the Securities Act and to
reflect the status of the Warrants as restricted securities: 

“THIS WARRANT AND THE SHARES TO BE
ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER
THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT
TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT BE EXERCISED IN
THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED STATES OR A U.S.
PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND 

- 5 – 

WARRANTS HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE
OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED
STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES
ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE ACT.” 

3.8                     
Representations and Warranties of the Subscriber. The Subscriber,
represents and warrants to the Company as follows, and acknowledges that the
Company is relying upon such covenants, representations and warranties in
connection with the sale of the Units to the Subscriber: 

(a)         The Subscriber
is not a “U.S. Person” as defined by Regulation S of the Securities Act, as set
forth in Schedule A of this Agreement.

(b)         The
Subscriber is not acquiring the Units for the account or benefit of a U.S.
Person. 

(c)         The Subscriber
was not in the United States at the time the offer to purchase the Units was
received or at the time this Agreement was executed. 

(d)         The
Subscriber has such knowledge, sophistication and experience in business and
financial matters such that it is capable of evaluating the merits and risks of
the investment in the Units. The Subscriber has evaluated the merits and risks
of an investment in the Units. The Subscriber can bear the economic risk of this
investment, and is able to afford a complete loss of this investment.

(e)         The
Subscriber acknowledges that the Company is in the early stages of development
of its business and the Company’s success is subject to a number of significant
risks, including the risk that the Company will not be able to finance its plan
of operations and that the Company’s business plan will not succeed. The
Subscriber acknowledges that any forward-looking information provided by the
Company to the Subscriber are subject to risks and uncertainties and that the
Company’s actual results may differ materially from the results anticipated.

(f)         The Units will
be acquired by the Subscriber for investment for the Subscriber's own account,
not as a nominee or agent, and not with a view to the resale or distribution of
any part thereof, and that the Subscriber has no present intention of selling,
granting any participation in, or otherwise distributing the same. The
Subscriber does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to
any third person, with respect to any of the Units. 

(g)         The Subscriber
has received or has had full opportunity to review the SEC Filings. The
Subscriber has had full opportunity to ask questions and receive answers from
representatives of the Company regarding the SEC Filings, the terms and
conditions of the Offering and the business, properties, prospects and financial
condition of the Company, each as is necessary to evaluate the merits and risks
of investing in the Units. The Subscriber believes it has received all the
information it considers necessary or appropriate for deciding whether to
purchase the Units. The Subscriber has had full opportunity to discuss this
information with the Subscriber’s legal and financial advisers prior to
execution of this Agreement. 

(h)         The
Subscriber acknowledges that the Units will be offered and sold without
registration under the Securities Act in a private placement that is exempt from
the registration provisions of the Securities Act based on the truth and
accuracy of the representations of the Subscriber. The Subscribers understands
that the Units it is purchasing are characterized as “restricted securities”

- 6 – 

under the Securities Act inasmuch as
they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may
be resold without registration under the Securities Act only in certain limited
circumstances. In this connection, the Subscriber represents that it is familiar
with SEC Rule 144, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act. The Subscriber further
acknowledges that the offering of the Units by the Company has not been reviewed
by the SEC or any state or provincial securities regulatory authority. 

(i)         The
Subscriber has satisfied himself or herself as to the full observance of the
laws of his or her jurisdiction in connection with any invitation to subscribe
for the Units or any use of this Agreement, including (i) the legal requirements
within his jurisdiction for the purchase of the Units; (ii) any foreign exchange
restrictions applicable to such purchase; (iii) any governmental or other
consents that may need to be obtained; (iv) the income tax and other tax
consequences, if any, that may be relevant to an investment in the Units; and
(v) any restrictions on transfer applicable to any disposition of the Units
imposed by the jurisdiction in which the Subscriber is resident. 

(j)         The Subscriber
has not purchased the Units 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, television or other form of telecommunications, or any
seminar or meeting whose attendees have been invited by general solicitation or
general advertising. 

(k)         This Agreement
has been duly authorized, validly executed and delivered by the Subscriber. 

3.9                     
British Columbia Matters. The Subscriber acknowledges that certain of the
directors and officers of the Company and the head office of the Company are
presently located in the Province of British Columbia. In order to enable the
Company to ensure compliance with British Columbia securities law, the
Subscriber will, as a condition of acceptance by the Company of its
subscription, complete and deliver to the Company the Canadian Investor
Certificate attached hereto as Schedule B. The Subscriber acknowledges that the
Units may not be sold or otherwise disposed of for value in British Columbia,
except pursuant to either a prospectus or statutory exemption available only in
specific and limited circumstances. The Subscriber acknowledges that the Company
is not a reporting issuer in the Province of British Columbia and has no plans
to become a reporting issuer in the Province of British Columbia. 

ARTICLE 4 
REPRESENTATIONS AND WARRANTIES OF THE
COMPANY 

4.1                      Representations
and Warranties of the Company. The Company represents and warrants to the
Subscriber and acknowledges that the Subscriber is relying upon such
representations and warranties in connection with the execution, delivery and
performance of this Agreement: 

(a)         The
Company is a corporation duly incorporated and in good standing under the laws
of the State of Nevada, and has the requisite corporate power and authority to
conduct its business as it is currently being conducted, to enter into this
Agreement and to sell the Units to the Subscriber. 

(b)         The
execution and delivery by the Company of this Agreement has been duly authorized
by all necessary action on the part of the Company, and no further consent or
action is required by the Company, its board of directors or its
stockholders.

- 7 – 

(c)         The issuance
of the Securities has been duly authorized by all necessary corporate action of
the Company.

(d)         Upon payment
of the Subscription Price and issuance in accordance with the terms and
conditions of this Agreement, the Shares will be validly issued, fully paid and
non-assessable shares of the Company’s common stock.

(e)         The Warrant
Shares have been duly authorized and validly reserved for issuance, and when
issued upon exercise of the Warrant in accordance with the terms thereof and
payment of the exercise price for the Warrants has been received in full, will
be validly issued, fully paid and non-assessable shares of the Company’s common
stock. 

(f)         The existing
stockholders of the Company have no pre-emptive or similar rights to purchase
shares of Common Stock from the Company. 

(g)         The issue
and sale of the Securities by the Company does not and will not conflict with,
and does not and will not result in a breach of, any of the terms of its
Articles of Incorporation or Bylaws or any agreement or instrument to which the
Company is a party. 

ARTICLE 5 
MISCELLANEOUS PROVISIONS 

5.1                     
Effectiveness of Representations; Survival. Each party is entitled to
rely on the representations, warranties and agreements of each of the other
parties and all such representation, warranties and agreement will be effective
regardless of any investigation that any party has undertaken or failed to
undertake. The representation, warranties and agreements will survive the
purchase and sale of the Units. 

5.2                     
Further Assurances. Each of the parties hereto will cooperate with the
others and execute and deliver to the other parties hereto such other
instruments and documents and take such other actions as may be reasonably
requested from time to time by any other party hereto as necessary to carry out,
evidence, and confirm the intended purposes of this Agreement. 

5.3                     
Amendment. This Agreement may not be amended except by an instrument in
writing signed by each of the parties. 

5.4                     
Expenses. Each party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this
Agreement and the transactions contemplated hereby, including all fees and
expenses of agents, representatives, counsel, and accountants.

5.5                     
Entire Agreement. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior
arrangements and understandings, both written and oral, expressed or implied,
with respect thereto. Any preceding correspondence or offers are expressly
superseded and terminated by this Agreement. 

5.6                     
Severability. If one or more provisions of this Agreement is held to be
unenforceable under applicable law, such provision will be excluded from this
Agreement and the balance of this Agreement will be enforceable in accordance
with its terms. 

5.7                     
Notices. All notices and other communications required or permitted under
to this Agreement must be in writing and will be deemed given if sent by
personal delivery, faxed with electronic confirmation of delivery,
internationally-recognized express courier or registered or certified 

- 8 – 

mail (return receipt requested), postage prepaid, to the
parties at the following addresses (or at such other address for a party as will
be specified by like notice): 

If to the Investor: 

AT THE ADDRESS SET FORTH ON THE

SIGNATURE PAGE TO THIS AGREEMENT 

If to the Corporation: 

LINCOLN GOLD CORPORATION

Attention: Mr. Paul Saxton, President 
Suite 350, 885 Dunsmuir Street

Vancouver, BC V6C 1N5 Canada 

All such notices and other communications will be deemed to
have been received (a) in the case of personal delivery, on the date of such
delivery, (b) in the case of a fax, when the party sending such fax has received
electronic confirmation of its delivery, (c) in the case of delivery by
internationally-recognized express courier, on the business day following
dispatch and (d) in the case of mailing, on the fifth business day following
mailing. 

5.8                     
Headings. The headings contained in this Agreement are for convenience
purposes only and will not affect in any way the meaning or interpretation of
this Agreement. 

5.9                      Benefits.
This Agreement is and will only be construed as for the benefit of or
enforceable by those persons party to this Agreement. 

5.10                  
 Assignment. This Agreement may not be assigned (except by operation
of law) by any party without the consent of the other parties. 

5.11                  
 Governing Law. This Agreement will be governed by and construed in
accordance with the laws of the State of Nevada applicable to contracts made and
to be performed therein.

5.12                  
 Construction. The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent, and no
rule of strict construction will be applied against any party.

5.13                  
 Counterparts. This Agreement may be executed in one or more
counterparts, all of which will be considered one and the same agreement and
will become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties, it being understood that all
parties need not sign the same counterpart. 

5.14                    Fax
Execution. This Agreement may be executed by delivery of executed signature
pages by fax and such fax execution will be effective for all purposes. 

5.15                  
 Schedules and Exhibits. The schedules and exhibits are attached to
this Agreement and incorporated herein. 

- 9 – 

IN WITNESS WHEREOF, this Subscription Agreement is
executed as of the day and year first written above. 

	Number of Units Subscribed for: 	Units 
	 	 
	Subscription Price (per Share): 	US $0.10 per Unit 
	 	 
	Total Subscription Price: 	 US $ 
	 	 
	Signature of Subscriber or Authorized Signatory 	  
	of Subscriber: 	 
    
	 	 
	Name of Authorized Signatory of 	  
	Subscriber (if applicable): 	 
    
	 	 
	Title of Authorized Signatory of 	  
	Subscriber (if applicable): 	 
    
	 	 
	Name of Subscriber: 	 
    
	 	 
	Address of Subscriber: 	 
    
	 	 
	 	 
	  	  
	Telephone No. 	 
    
	 	 
	 	 
	ACCEPTED BY: 	  
	 	 
	LINCOLN GOLD CORPORATION 	  
	 	 
	Signature of Authorized Signatory: 	 
    
	 	 
	Name of Authorized Signatory: 	 
    
	 	 
	Position of Authorized Signatory: 	 
    
	 	 
	Date of Acceptance: 	 
    

- 10 – 

SCHEDULE A 

DEFINITION OF U.S. PERSON 

A “U.S. Person” is defined by Regulation S of the Act to be any
person who is: 

	 	(a) 	
      any natural person resident in the United
  States;

	 	 	 	 
	 	(b) 	
      any partnership or corporation organized or incorporated
      under the laws of the United States;

	 	 	 	 
	 	(c) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(d) 	
      any trust of which any trustee is a U.S.
person;

	 	 	 	 
	 	(e) 	
      any agency or branch of a foreign entity located in the
      United States;

	 	 	 	 
	 	(f) 	
      any non-discretionary account or similar account (other
      than an estate or trust) held by a dealer or other fiduciary organized,
      incorporate, or (if an individual) resident in the United States;
    and

	 	 	 	 
	 	(g) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any foreign
      jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the Act, unless it is
      organized or incorporated, and owned, by accredited Subscribers [as
      defined in Section 230.501(a) of the Act] who are not natural persons,
      estates or trusts.

EXHIBIT 10.1 

SCHEDULE B 

CANADIAN INVESTOR CERTIFICATE 

TO:      LINCOLN GOLD CORPORATION

Certificate 

In connection with the purchase by the undersigned (the “Subscriber”)
  of Shares of Lincoln Gold Corporation (the “Company”), the undersigned
  hereby represents, warrants, covenants to and with the Company and certifies
  to the Company (on behalf of itself or on behalf of the disclosed principal,
  as the case may be) that:

	1. 	
      if the Subscriber is a resident of Canada but is not a
      resident of the Province of Ontario, the Subscriber is: (PLEASE CHECK
      THE APPROPRIATE BOX):

	 	
       
	
       

		
      [   ] 
	
      an “accredited investor” within the meaning of
      National Instrument 45-106 of the Canadian Securities Administrators by
      virtue of satisfying the indicated criterion as set out therein.

	 	
       
	
       

		
      [   ] 
	
      a spouse, parent, grandparent, brother, sister or child
      of (i) ______________________, an executive officer, director, founder or
      control person of the Company, or (ii) the spouse of such executive
      officer, director, founder or control person.

	 	
       
	
       

		
      [   ] 
	
      a close personal friend of ______________________, an
      executive officer, director, founder or control person of the
    Company.

	 	
       
	
       

			
      A close personal friend is an individual who
      has known the director, senior officer or control person well
      enough and for a sufficient period of time to be in a position to assess
      the capabilities and trustworthiness of the director, senior officer or
      control person. An individual is not a close personal friend solely
      because the individual is a member of the same organization, association
      or religious group.

	 	
       
	
       

		
      [   ] 
	
      a close business associate of ______________________, an
      executive officer, director, founder or control person of the
    Company.

	 	
       
	
       

			
      A  close business associate is an
      individual who has had sufficient prior business dealings with the
      director, senior officer or control person to be in a position to assess
      the capabilities and trustworthiness of the director, senior officer or
      control person. A casual business associate or a person introduced or
      solicited for the purpose of purchasing securities is not a close business
      associate. An individual is not a close business associate solely because
      the individual is a client or former client. For example, an individual is
      not a close business associate of a registrant or former registrant solely
      because the individual is a client or former client of that registrant or
      former registrant. The relationship between the purchaser and the
      director, senior officer or control person must be direct. For example,
      the exemption is not available for a close business associate of a close
      business associate of a director, senior officer or control
    person.

	 	
       
	
       

		
      [   ] 
	
      a person or company of which a majority of the voting
      securities are beneficially owned by, or a majority of the directors are,
      persons or companies described in above, by virtue of such persons being a
      relative, close person friend or business associate or
      ______________________, an executive officer, director, founder or control
      person of the Company.

- 2 – 

	2. 	
      if the Subscriber is a resident of the Province of
      Ontario, the Subscriber is: (PLEASE CHECK THE APPROPRIATE
    BOX):

	 	
       
	
       
	
       

		
      [   ] 
	
      an “accredited investor” within the meaning of
      National Instrument 45-106 of the Canadian Securities Administrators by
      virtue of satisfying the indicated criterion as set out therein;
  or

	 	
       
	
       
	
       

		
      [   ] 
	
      one of the following: (PLEASE CHECK THE APPROPRIATE
      BOX)

	 	
       
	
       
	
       

			
      [   ] 
	
      a founder of the Company;

	 	
       
	
       
	
       

			
      [   ] 
	
      an affiliate of a founder of the Company

	 	
       
	
       
	
       

			
      [   ] 
	
      a spouse, parent, brother, sister, grandparent or child
      of an executive officer, director or founder of the issuer, or

	 	
       
	
       
	
       

			
      [   ] 
	
      a person that is a control person of the
issuer.

	 	
       
	
       
	
       

			
      A “founder” is a person who (i) acting alone, in
      conjunction, or in concert with one or more persons, directly of
      indirectly, takes the initiative in founding, organizing of substantially
      reorganizing the business of an issuer, and (ii) at the time of the
      purchase is actively involved in the business of the issuer.

	 	
       
	
       
	
       

	3. 	
      if the Subscriber is resident in the Province of Ontario
      or is subject to the laws of the Province of Ontario, the
    Subscriber:

	 	
       
	
       
	
       

		
      (a)
		
      is hereby notified by the Company

	 	
       
	
       
	
       

		
       
	
      (i)
	
      of the delivery to the Ontario Securities Commission of
      the following information pertaining to the Subscriber (the
      “Information”):

	 	
       
	
       
	
       

				
      (A)       the full name,
      residential address and telephone number of the Subscriber;

	 	
       
	
       
	
       

				
      (B)       the number and
      type of securities purchased by the Subscriber;

	 	
       
	
       
	
       

				
      (C)       the total purchase
      price paid by the Subscriber,

	 	
       
	
       
	
       

				
      (D)       the Company’s reliance
      on the “Accredited Investor” exemption under National Instrument 45-106,
      and

	 	
       
	
       
	
       

				
      (E)        the date of
      distribution of the Units;

	 	
       
	
       
	
       

			
      (ii) 
	
      that the Information is being collected indirectly by the
      Ontario Securities Commission under the authority granted to it in
      securities legislation,

	 	
       
	
       
	
       

			
      (iii) 
	
      that the Information is being collected for the purposes
      of the administration and enforcement of the securities legislation of
      Ontario, and

	 	
       
	
       
	
       

			
      (iv) 
	
      of the title, business address and business telephone
      number of the public official in Ontario, who can answer questions about
      the Ontario Securities Commission’s indirect collection of the
      Information, which are set out below:

- 3 – 

Ontario Securities Commission

Suite 1903, Box 5520 Queen Street West 
Toronto, Ontario M5H 3S8

Telephone: (416) 593-3682 
Facsimile: (416) 593-8252 
Public official
contact regarding indirect collection of information: 
Administrative
Assistant to the Director of Corporate Finance 
Telephone (416) 593-8086,
and

	 	(b) 	
      has authorized the indirect collection of the Information
      by the Ontario Securities Commission.

	4. 	
      the Subscriber:

	 	 	 	 
		(a) 	
      is hereby notified by the Company

	 	 	 	 
			(i) 	
      of the delivery to the British Columbia Securities
      Commission of the Information (as defined above),

	 	 	 	 
			(ii) 	
      that the Information is being collected indirectly by the
      British Columbia Securities Commission under the authority granted to it
      in securities legislation,

	 	 	 	 
			(iii) 	
      that the Information is being collected for the purposes
      of the administration and enforcement of the securities legislation of
      British Columbia, and

	 	 	 	 
			(iv) 	
      that the Subscriber may contact the British Columbia
      Securities Commission for further information about the collection and use
      of the Information at the following address and telephone and facsimile
      numbers:

British Columbia Securities
Commission 
P.O. Box 10142, Pacific Centre 
701 West Georgia Street

Vancouver, British Columbia V7Y 1L2 
Telephone: (604) 899-6500
Toll
free in British Columbia and Alberta 1-800-373-6393 
Facsimile: (604)
899-6506

		(b) 	
      has authorized the indirect collection of the Information
      by the British Columbia Securities Commission;

	 	 	 
	5. 	
      The Subscriber acknowledges that:

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

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

	 	 	 
		(c) 	
      there are risks associated with the purchase of the
      Securities;

	 	 	 
		(d) 	
      the Company has no plans to become a reporting issuer in
      any Canadian province;

	 	 	 
		(e) 	
      no person has made any written or oral
      representations:

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

- 4 – 

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

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

	 	 	 	 
	 	(f) 	
      no prospectus or other offering document has been filed
      by the Company with a securities commission or other securities regulatory
      authority in any province of Canada, or any other jurisdiction in or
      outside of Canada in connection with the issuance of the Securities, and
      such issuances are exempt from the prospectus requirements otherwise
      applicable under the provisions of applicable Canadian securities laws
      and, as a result, in connection with its purchase of the Subscriber’s
      Securities hereunder, as applicable:

	 	 	 	 
	 		(i) 	
      the Subscriber will not receive information that may
      otherwise be required to be provided to the Subscriber under applicable
      Canadian securities or contained in a prospectus prepared in accordance
      with applicable Canadian securities laws; and

	 	 	 	 
	 		(ii) 	
      the Company is relieved from certain obligations that
      would otherwise apply under such applicable Canadian securities laws;
      and

	 	 	 	 
	 	(g) 	
      the Company is relying on exemptions from the
      requirements to provide the Subscriber with a prospectus and to sell
      securities through a person or company registered to sell securities under
      applicable Canadian securities laws or other applicable securities
      legislation and, as a consequence of acquiring the Securities pursuant to
      this exemption, certain protections, rights and remedies provided by
      applicable Canadian securities laws including statutory rights of
      rescission or damages, will not be available to the Subscriber in
      connection with its purchase of the
Securities.

	6. 	
      The Subscriber will:

	 	 	 
		(a) 	
      not resell any of the Securities acquired (directly or
      indirectly) hereunder, in whole or in part, directly or indirectly, except
      in accordance with the provisions of applicable securities laws;
  and

	 	 	 
		(b) 	
      execute, deliver, file and otherwise assist the Company
      in filing, such further reports, undertakings, agreements, documents and
      writings, do all acts and things, and provide such further assurances as
      may be required to give effect to this Subscription Agreement as required,
      and, without limiting the generality of the foregoing, will execute and
      deliver all documents, agreements and writings and provide such
      assurances, undertakings, information and investment letters as may be
      required from time to time by all securities commissions, stock exchanges
      or other regulatory authorities having jurisdiction over the Company's
      affairs or as may be required from time to time under the applicable
      securities laws with respect to the issue and resale of the
    Securities.

	 	 	 
	6. 	
      The Subscriber acknowledges that:

	 	 	 
		(a) 	
      the Securities are subject to resale restrictions imposed
      under applicable Canadian securities laws and, as a consequence, the
      Subscriber may not be able to resell the Securities, except in accordance
      with resale restrictions and limited exemptions under applicable Canadian
      securities laws;

	 	 	 
		(b) 	
      the Subscriber has the sole responsibility to determine
      and comply with restrictions on resale before reselling any of the
      Securities and has been independently advised as to applicable hold
      periods and restrictions with respect to trading in the Securities imposed
      by applicable Canadian securities laws and regulatory policy including
      applicable securities laws in the jurisdiction in which it resides or the
      jurisdiction in which such

- 5 – 

	 		
      Securities will come to rest, and confirms that no
      representation has been made to it by or on behalf of the Company with
      respect thereto; and

	 	 	 
	 	(c) 	
      the certificates evidencing the Securities will bear a
      legend regarding restrictions on transfer as required pursuant to
      applicable Canadian securities laws, as well as the legend restricting
      transfer without registration under the U.S. Securities Act and applicable
      state securities laws.

	7. 	
      The foregoing agreements, representations, warranties and
      covenants are made by the undersigned with the intent that they be relied
      upon in determining the suitability of the undersigned as a Subscriber of
      the Securities and the eligibility of the Subscriber to purchase the
      Securities under applicable Canadian securities laws and the undersigned
      undertakes to immediately notify the Company of any change in any
      statement or other information relating to the Subscriber set forth herein
      which takes place prior to the closing time.

DATED: _________________________, 2007. 

 

_____________________________________________________
Print
Name of Subscriber 

By:      
_______________________________________________
            
Signature 

            
_______________________________________________
            
Print name of Signatory (if different from Subscriber) 

            
_______________________________________________
            
Title 

EXHIBIT 10.1 

SCHEDULE C 

WARRANT CERTIFICATE 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE
SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S
PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR
RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT
BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED
STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND
WARRANTS HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE
SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY
REGULATION S UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

LINCOLN GOLD CORPORATION 
Suite 350, 885 Dunsmuir Street

Vancouver, BC V6C 1N5 Canada 
A NEVADA CORPORATION 
(the
“Company”) 

 

COMMON STOCK PURCHASE WARRANT CERTIFICATE 

 

[DATE OF ISSUE]
 (the “Date of Issue”) 

S<>-<>

	Name of Holder: 	«NAME» 
	Address of Holder: 	«ADDRESS» 
	Number of Shares: 	«NUMBER_OF_WARRANTS»
      Shares 
	Exercise Price: 	$0.15 per Share. 
	Expiry Date: 	The date that is two (2) years
      from the Date of Issue, as set forth above

THIS WARRANT CERTIFIES THAT, for value received, the
above named holder or its registered assigns (the “Holder”), shall have the
right to purchase from the Company the above referenced number of fully paid and
non-assessable shares (the “Shares”) of the Company’s common stock (the “Common

- 2 – 

Stock”) at an exercise price equal to the exercise price set
forth above (the "Exercise Price"), subject to further adjustment as set forth
in this Certificate, at any time from the date hereof until 5:00 P.M., Pacific
time, on the expiry date set forth above (the “Expiry Date”). This Warrant is
issued pursuant to the Subscription Agreement between the Company and Holder
(the “Subscription Agreement”) pursuant to which the Holder purchased units
consisting of one share of Common Stock and one warrant to purchase one
additional share of Common Stock. The exercise of this Warrant shall be subject
to the provisions, limitations and restrictions contained herein.

1.    
   Exercise. 

           
1.1          
Procedure for Exercise of Warrant. The Holder may exercise
this Warrant by delivering the following to the principal office of the Company
in accordance with Section 5.1 hereof: 

	 	(a) 	
      a duly executed Notice of Exercise in the form attached
      as Schedule A,

	 	 	 
	 	(b) 	
      either (i) a written certification that the Holder is not
      a U.S. person, as defined under Regulation S of the Securities Act, and
      that the Warrant is not being exercised on behalf of a U.S. person, which
      written certificate may be contained in the Notice of Exercise delivered
      pursuant to sub-paragraph (a) above; or (ii) a written opinion of counsel
      to the effect that the Shares issuable upon exercise of this Warrant have
      been registered under the Securities Act or are exempt from registration
      thereunder;

	 	 	 
	 	(c) 	
      payment of the Exercise Price then in effect for each of
      the Shares being purchased, as designated in the Notice of Exercise,
      and

	 	 	 
	 	(d) 	
      this Warrant.

Payment of the Exercise Price may be in cash, certified or
official bank check payable to the order of the Company, or wire transfer of
funds to the Company’s account (or any combination of any of the foregoing) in
the amount of the Exercise Price for each share being purchased.

           
1.2          
Delivery of Certificate and New Warrant. In the event of any
exercise of the rights represented by this Warrant, a certificate or
certificates for the shares of Common Stock so purchased, registered in the name
of the Holder, together with any other securities or other property which the
Holder is entitled to receive upon exercise of this Warrant, shall be delivered
to the Holder hereof, at the Company’s expense, within a reasonable time, not
exceeding fifteen (15) calendar days, after the rights represented by this
Warrant shall have been so exercised; and, unless this Warrant has expired, a
new Warrant representing the number of Shares (except a remaining fractional
share), if any, with respect to which this Warrant shall not then have been
exercised shall also be issued to the Holder hereof within such time. The person
in whose name any certificate for shares of Common Stock is issued upon exercise
of this Warrant shall for all purposes be deemed to have become the holder of
record of such shares on the date on which the Warrant was surrendered and
payment of the Exercise Price was received by the Company, irrespective of the
date of delivery of such certificate.

           
1.3          
Restrictive Legend. This Warrant and the Shares have not been
registered under the Securities Act of 1933, as amended, (the "Securities Act")
and the Warrants have been and the Shares, upon exercise of the Warrants, will
be issued pursuant to exemptions from the registration requirements of the
Securities Act. Neither this Warrant nor any of the Shares or any other security
issued or issuable upon exercise of this Warrant may be sold, transferred,
pledged or hypothecated in the absence of an effective registration statement
under the Act relating to such security or an exemption from the registration
requirements of the Securities Act. Each certificate for the Warrant, the Shares
and any other security issued or issuable upon exercise of this Warrant shall
contain a legend on the face thereof, in form and substance satisfactory to
counsel for the Company, setting forth the restrictions on transfer 

- 3 – 

contained in this Section. The Holder understands that this
Warrant constitutes and the Shares upon issuance will constitute “restricted
securities” under the Securities Act. The holder acknowledges and agrees that
all certificates representing the Shares will be endorsed with the following
legend: 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), AND HAVE BEEN ISSUED WITHOUT REGISTRATION UNDER THE ACT IN
ACCORDANCE WITH REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT
BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER
THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT.
HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE ACT.” 

           
1.4          
Fractional Shares. No fractional Shares shall be issuable upon
exercise or conversion of the Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional share interest
arises upon any exercise or conversion of the Warrant, the Company shall
eliminate such fractional share interest by paying to Holder an amount computed
by multiplying the fractional interest by the current market price of a full
Share.

2.       
Covenants of the Company. 

           
2.1           Authorized
Shares. The Company covenants and agrees that the Company will at all times
have authorized and reserved, free from preemptive rights, a sufficient number
of shares of Common Stock to provide for the exercise in full of the rights
represented by this Warrant.

           
2.2           Issuance of
Shares. The Company covenants and agrees that all shares of Common Stock
that may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be validly issued, fully paid and non-assessable, and free
from all transfer taxes, liens and charges with respect to the issue
thereof.

3.       
Transfer and Replacement.

           
(a)           Subject
to compliance with any applicable securities laws and the conditions set forth
herein, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company,
together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees
and in the denomination or denominations specified in such instrument of
assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A
Warrant, if properly assigned, may be exercised by a new holder for the purchase
of Shares without having a new Warrant issued.

       
    (b)           The
Company agrees to maintain, at its aforesaid office, books for the registration
and the registration of transfer of the Warrants. 

       
    (c)           If,
at the time of the surrender of this Warrant in connection with any transfer of
this Warrant, the transfer of this Warrant shall not be registered pursuant to
an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such transfer that the Holder or transferee of this
Warrant, as the case may be, 

- 4 – 

furnish to the Company a written opinion of counsel (which
opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that such transfer may be made without
registration under the Securities Act and under applicable state securities or
blue sky laws, and (ii) that the holder or transferee execute and deliver to the
Company such documentation as is necessary to establish that the shares are
being transferred pursuant to an exemption from the registration requirements of
the Securities Act and applicable state securities laws or in an offshore
transaction pursuant to and in accordance with Rule 904 of Regulation S of the
Securities Act. 

           
(d)           The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
or any stock certificate relating to the Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate. 

4.      
 Adjustments of Exercise Price and/or Number of
Shares.

           
4.1          
Subdivision or Combination of Shares. The number and kind of
securities purchasable upon the exercise of this Warrant and the Exercise Price
shall be subject to adjustment from time to time upon the happening of any of
the following. In case the Company shall (i) pay a dividend in shares of Common
Stock or make a distribution in shares of Common Stock to holders of its
outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock, or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Shares purchasable upon exercise of this Warrant immediately prior thereto
shall be adjusted so that the Holder shall be entitled to receive the kind and
number of Shares or other securities of the Company which it would have owned or
have been entitled to receive had such Warrant been exercised in advance
thereof. Upon each such adjustment of the kind and number of Shares or other
securities of the Company which are purchasable hereunder, the Holder shall
thereafter be entitled to purchase the number of Shares or other securities
resulting from such adjustment at an Exercise Price per Warrant Share or other
security obtained by multiplying the Exercise Price in effect immediately prior
to such adjustment by the number of Shares purchasable pursuant hereto
immediately prior to such adjustment and dividing by the number of Shares or
other securities of the Company resulting from such adjustment. An adjustment
made pursuant to this paragraph shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such
event. 

           
4.2          
Reorganization, Reclassification, Consolidation, Merger or
Sale. If any recapitalization, reclassification or reorganization
of the share capital of the Company, or any consolidation or merger of the
Company with another Company, or the sale of all or substantially all of its
shares and/or assets or other transaction (including, without limitation, a sale
of substantially all of its assets followed by a liquidation) shall be effected
in such a way that holders of Common Stock shall be entitled to receive shares,
securities or other assets or property, then, as a condition of such
recapitalizations, reclassifications, reorganizations, consolidations, mergers
or sales, lawful and adequate provisions shall be made by the Company whereby
the Holder hereof shall thereafter have the right to purchase and receive (in
lieu of the Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby) such shares,
securities or other assets or property as may be issued or payable with respect
to or in exchange for the number of outstanding Common Stock which such Holder
would have been entitled to receive had such Holder exercised this Warrant
immediately prior to the consummation of such recapitalizations,
reclassifications, reorganizations, consolidations, mergers or sales. The
Company or its successor shall promptly issue to Holder a new Warrant for such
new securities or other property. The new Warrant shall provide for adjustments
which shall be as nearly equivalent as may be practicable to give effect to the
adjustments 

- 5 – 

provided for in this Section 4 including, without limitation,
adjustments to the Exercise Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 4.2
shall similarly apply to successive recapitalizations, reclassifications,
reorganizations, consolidations, mergers or sales.

           
4.3           Notice
of Adjustment. Whenever the number of Shares or number or kind of
securities or other property purchasable upon the exercise of this Warrant or
the Exercise Price is adjusted, as herein provided, the Company shall give
notice thereof to the Holder, which notice shall state the number of Shares (and
other securities or property) purchasable upon the exercise of this Warrant and
the Exercise Price of such Shares (and other securities or property) after such
adjustment, setting forth a brief statement of the facts requiring such
adjustment and setting forth the computation by which such adjustment was made.

5.           
 Miscellaneous Provisions.

           
5.1          
Notices. Any notice or other document required or permitted to
be given or delivered to the Holder shall be delivered or forwarded to the
Holder at the address for Holder provide on the first page of this Warrant or to
such other address or number as shall have been furnished to the Company in
writing by the Holder. Any notice or other document required or permitted to be
given or delivered to the Company shall be delivered or forwarded to the Company
at Suite 350, 885 Dunsmuir Street, Vancouver, British Columbia, V6C 1N5
Attention: Paul Saxton, with a copy to Lang Michener LLP, Suite 1500, 1055 West
Georgia Street, Vancouver, British Columbia V6B 2X6 Attention: Michael H.
Taylor, Esq. (Facsimile No. 604-685-7084), or to such other address or number as
shall have been furnished to Holder in writing by the Company. All notices,
requests and approvals required by this Warrant shall be in writing and shall be
conclusively deemed to be given (a) when hand-delivered to the other party, (b)
when received if sent by facsimile at the address and number set forth above;
provided that notices given by facsimile shall not be effective, unless either
(i) a duplicate copy of such facsimile notice is promptly given by depositing
the same in the mail, postage prepaid and addressed to the party as set forth
below or (ii) the receiving party delivers a written confirmation of receipt for
such notice by any other method permitted under this paragraph; and further
provided that any notice given by facsimile received after 5:00 p.m.
(recipient’s time) or on a non-business day shall be deemed received on the next
business day; (c) five (5) business days after deposit in the United States
mail, certified, return receipt requested, postage prepaid, and addressed to the
party as set forth below; or (d) the next business day after deposit with an
international overnight delivery service, postage prepaid, addressed to the
party as set forth below with next business day delivery guaranteed; provided
that the sending party receives confirmation of delivery from the delivery
service provider.

           
5.2          
Limitation of Liability. No provision hereof, in the absence
of affirmative action by the Holder to purchase shares of Common Stock, and no
mere enumeration herein of the rights or privileges of the Holder, shall give
rise to any liability of the Holder for the Exercise Price hereunder or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

  
         5.3           No
Rights as Stockholder. This Warrant shall not entitle the Holder to any
of the rights of a stockholder of the Company except upon exercise in accordance
with the terms hereof.

    
       5.4          
Governing Law. This Warrant shall be governed by and construed
in accordance with the laws of the State of Nevada as applied to agreements
among Nevada residents made and to be performed entirely within the State of
Nevada, without giving effect to the conflict of law principles thereof.

  
         5.5          
Waiver, Amendments and Headings. This Warrant and any
provision hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by both parties (either 

- 6 – 

generally or in a particular instance and either retroactively
or prospectively). The headings in this Warrant are for purposes of reference
only and shall not affect the meaning or construction of any of the provisions
hereof.

IN WITNESS WHEREOF, the Company has caused this Warrant
to be signed by its duly authorized officer effective as of the _____ day of
____________, 2007.

LINCOLN GOLD CORPORATION 

	Signature of Authorized Signatory: 	 
	 	 
	Name of Authorized Signatory: 	 
	 	 
	Position of Authorized Signatory: 	 

LM DRAFT – March 19, 2007 

SCHEDULE A TO WARRANT CERTIFICATE 

FORM OF NOTICE OF EXERCISE

TO:      LINCOLN
GOLD CORPORATION 

The undersigned hereby exercises the right to purchase the
number of shares of common stock of Lincoln Gold Corporation (the "Company") set
forth below (the "Shares") pursuant to the Warrant to Purchase Common Stock
issued by the Company and delivered concurrently with this Notice of Exercise.
In accordance with the provisions of the Warrant, the undersigned hereby tenders
the following concurrently with the delivery of this Notice of Exercise (i)
payment of the Exercise Price payable by the undersigned for the Shares (the
“Purchase Price”) in effect for each of the Shares being purchased, and (ii) the
original Warrant. 

	Number of Shares Purchased: 	Shares 
	 	 
	Aggregate Purchase Price: 	$ 

The undersigned represents and warrants to and agrees with the
Company that: 

	1. 	
      It has such knowledge and experience in financial and
      business matters as to be capable of evaluating the merits and risks of an
      investment in the Shares and it is able to bear the economic risk of loss
      of its entire investment.

	 	 
	2. 	
      The Company has provided to it the opportunity to ask
      questions and receive answers concerning the terms and conditions of the
      offering and it has had access to such information concerning the Company
      as it has considered necessary or appropriate in connection with its
      investment decision to acquire the Shares.

	 	 
	3. 	
      It is acquiring the Shares for its own account, for
      investment purposes only and not with a view to any resale, distribution
      or other disposition of the Shares in violation of the United States
      securities laws.

	 	 
	4. 	
      It understands the Shares have not been and will not be
      registered under the United States Securities Act of 1933, as amended (the
      "1933 Act") or the securities laws of any state of the United States and
      that the sale contemplated hereby is being made in reliance on a
      safe-harbour from such registration requirements.

	 	 
	5. 	
      The undersigned is not a “U.S. Person” as defined by
      Regulation S of the Securities Act and is not acquiring the Shares for the
      account or benefit of a U.S. Person.

A “U.S. Person” is defined by
Regulation S of the Act to be any person who is: 

	 	(h) 	
      any natural person resident in the United
      States;

	 	 	 
	 	(i) 	
      any partnership or corporation organized or
      incorporated under the laws of the United
States;

- 2 - 

	 	(j) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(k) 	
      any trust of which any trustee is a U.S.
      person;

	 	 	 	 
	 	(l) 	
      any agency or branch of a foreign entity located in
      the United States;

	 	 	 	 
	 	(m) 	
      any non-discretionary account or similar account
      (other than an estate or trust) held by a dealer or other fiduciary
      organized, incorporate, or (if an individual) resident in the United
      States; and

	 	 	 	 
	 	(n) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any
      foreign jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the Act, unless it is
      organized or incorporated, and owned, by accredited Subscribers [as
      defined in Section 230.501(a) of the Act] who are not natural persons,
      estates or trusts.

	6. 	
      The undersigned was not in the United States at the time
      the offer to purchase the Shares was received and the Subscriber was not
      in the United States at the time these Warrants were exercised.

	 	 
	7. 	
      The undersigned acknowledges that the Shares are
      “restricted securities” within the meaning of the Securities Act and will
      be issued to the Subscriber in accordance with Regulation S of the
      Securities Act without registration under the Securities Act.

	 	 
	8. 	
      The undersigned agrees to resell the Shares only in
      accordance with the provisions of Regulation S of the Securities Act,
      pursuant to registration under the Securities Act, or pursuant to an
      available exemption from registration pursuant to the Securities
    Act.

	 	 
	9. 	
      The undersigned agrees not to engage in hedging
      transactions with regard to the Shares unless in compliance with the
      Securities Act.

	 	 
	10. 	
      The Subscriber acknowledges and agrees that all
      certificates representing the Shares will be endorsed with the following
      legend in accordance with Regulation S of the Securities Act:

	 	 
		
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE
      BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE
      ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
      TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S,
      PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS
      INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
      THE ACT”.

- 3 - 

	11. 	
      The Subscriber and the Company agree that the Company
      will refuse to register any transfer of the Shares not made in accordance
      with the provisions of Regulation S of the Securities Act, pursuant to
      registration under the Securities Act, pursuant to an available exemption
      from registration, or pursuant to this Agreement.

 

	Date of Execution: 	 
	 	 
	Signature of Purchaser or Authorized Signatory 	 
	of Purchaser (if the Purchaser is not an 	 
	individual): 	 
	 	 
	Name of Authorized Signatory of 	 
	Purchaser(if the Purchaser is not an individual): 	 
	 	 
	Title of Authorized Signatory of 	 
	Purchaser(if the Purchaser is not an individual): 	 
	 	 
	Name of Purchaser: 	 
	 	 
	Address of Purchaser:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]