Document:

EXHIBIT
10.68

      

      

      

      Dated
December 23, 2008

      

      

      

      

      

      
        	
                 
      

              	
                 

              	
                

                  (1)   
      WITS BASIN PRECIOUS MINERALS
INC

                

              

      

      

      
        	
                 
      

              	
                 

              	
                

                  (2)   
      CHINA GLOBAL MINING RESOURCES (BVI)
  LIMITED

                

              

      

      

      

      

      

      

      TRANSFER
AGREEMENT

      RELATING
TO THE ENTIRE ISSUED SHARE CAPITAL

      OF CHINA
GLOBAL MINING RESOURCES LIMITED

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      

      CONTENTS

      

      Clause                                                                                                            Page

      

      
        
          	
                  1.

                	
                  Definitions
      and Interpretation 

                	
                  1

                

        

      

      
        	
                2.

              	
                Transfer
      of Shares 

              	
                4

              

      

      
        
          	
                  3.

                	
                  Consideration 

                	
                  4

                

        

      

      
        	
                4.

              	
                Completion 

              	
                4

              

      

      
        
          	
                  5.

                	
                  Warranties 

                	
                  4

                

        

      

      
        	
                6.

              	
                Applicable
      law and
      jurisdiction 

              	
                6

              

      

      
        
          	
                  7.

                	
                  General 

                	
                  6

                

        

      

      
        	
                8.

              	
                Notices 

              	
                7

              

      

      
        
          	
                  9.

                	
                  Counterparts 

                	
                  9

                

        

      

      

      Schedules

      

      
        	
                1.

              	
                Completion
      Obligations

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      

      THIS AGREEMENT is made
on                                                                23
December2008

      

      BETWEEN:

      

      
        	
                (1)

              	
                WITS BASIN PRECIOUS MINERALS
      INC. a company incorporated in the State of Minnesota, United
      States with registered number 84-1236619 whose registered office is at 80
      South 8th
      Street, Suite 900, Minneapolis, Minnesota 55402 ("Wits Basin");
      and

              

      

      

      
        	
                (2)

              	
                CHINA GLOBAL MINING RESOURCES
      (BVI) LIMITED, a company incorporated in the British Virgin
      Islands, Company No. 1513743, whose registered office is at 56
      Administration Drive, P.O. Box 3190, Road Town, Tortola, British Virgin
      Islands ("CGMR
      BVI").

              

      

      

      INTRODUCTION

      

      
        	
                (A)

              	
                Wits
      Basin has agreed to transfer all the issued and to be issued share capital
      in China Global Mining Resources Limited 中國環球礦業資源有限公司,
      a company incorporated in Hong Kong, Company No. 1110747, whose registered
      office is at 41st Floor Bank of China Tower, 1 Garden Road Central, Hong
      Kong ("HK Co") to
      CGMR BVI on the terms and conditions of this
  Agreement.

              

      

      

      
        	
                (B)

              	
                As
      consideration for the transfer of the Share, CGMR BVI has agreed to issue
      the Promissory Note to Wits Basin.

              

      

      

      IT IS AGREED as
follows:

      

      
        	
                1.

              	
                DEFINITIONS
      AND INTERPRETATION

              

      

      

      
        	
                1.1

              	
                Definitions

              

      

      

      
        	
                 
      

              	
                Throughout
      this Agreement, the following words and phrases have the meanings set out
      below:-

              

      

      

      
        	
                 
      

              	
                Business
    Day

              	
                means
      any day other than a Saturday or Sunday, on which clearing banks are open
      for business in the City of London, the British Virgin Islands, Hong Kong,
      the United States and the People's Republic of
  China.

              

      

      

      
        	
                 
      

              	
                China
    Gold

              	
                means
      China Gold, LLC, a limited liability company organised under the laws of
      the State of Kansas in the United
States.

              

      

      

      
        	
                 
      

              	
                Completion

              	
                means
      completion of the transfer of the Share in accordance with the terms of
      this Agreement.

              

      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      
 

      

      
        	
                 
      

              	
                Encumbrance

              	
                except
      for the Permitted Encumbrance, means (i) any option, warrant, right to
      acquire, right of conversion, right of pre-emption, restriction or equity;
      or (ii) any binding written agreement to create any of the foregoing; or
      (iii) any mortgage, assignment, charge, lien, pledge or other security
      interest of any kind and any binding written agreement to create any of
      the foregoing.

              

      

      

      
        	
                 
      

              	
                Hong
Kong

              	
                means
      the Hong Kong Special Administrative Region of the People's Republic of
      China

              

      

      

      
        	
                 
      

              	
                HK Co

              	
                means
      China Global Mining Resources Limited中國環球礦業資源有限公司,
      a limited liability company incorporated pursuant to the laws of Hong
      Kong, Company number 1110747 and whose registered office is at 41st
      Floor Bank of China Tower, 1 Garden Road Central, Hong
    Kong.

              

      

      

      
        	
                 
      

              	
                HK$

              	
                means
      Hong Kong dollars, the lawful currency for the time being of Hong
      Kong

              

      

      

      
        	
                 
      

              	
                London
      Mining

              	
                means
      London Mining Plc, a company incorporated in England and Wales with
      registered number 5424040 whose registered office is at 39 Sloane Street,
      London SW1X 9LP.

              

      

      

      
        	
                 
      

              	
                Permitted
      Encumbrance

              	
                means,
      from the date hereof until completion of the transactions contemplated in
      the Subscription Agreement, HK Co’s obligations under that certain
      Guaranty dated 7 February 2008 issued in favour of China Gold and the
      Subsidiary Security.

              

      

      

      
        	
                 
      

              	
                Promissory
      Note

              	
                means
      the promissory note for US$4,800,000 to be issued by CGMR BVI in favour of
      Wits Basin in connection with certain outstanding debt obligations owed by
      Wits Basin to China Gold.

              

      

      

      
        	
                 
      

              	
                Share

              	
                means
      the entire issued share capital of HK Co comprising 1 ordinary share of HK
      $1.00.

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                Subscription
      Agreement

              	
                means
      the agreement between London Mining and Wits Basin dated 17 November 2008
      relating to the incorporation of, and subscription into, CGMR
      BVI.

              

      

      

      
        	
                 
      

              	
                Subsidiary
      Security

              	
                the
      security given by HK Co in favour of China Gold under the Subsidiary
      Security Agreement dated 7 February 2008 in relation to that certain
      Convertible Notes Purchase Agreement dated 10 April 2007 between China
      Gold and Wits Basin, as amended from time to
  time.

              

      

      

      
        	
                 
      

              	
                US$

              	
                means
      United States Dollars, the lawful currency of the United
      States.

              

      

      

      
        	
                1.2

              	
                Interpretation

              

      

      

      
        	
                 
      

              	
                1.2.1

              	
                A
      reference to any statutory provision in this
  Agreement:-

              

      

      

      
        	
                 
      

              	
                (a)

              	
                includes
      any order, instrument, plan, regulation, permission and direction made or
      issued under such statutory provision or deriving validity from
      it;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                shall
      be construed as a reference to such statutory provision as in force at the
      date of this Agreement (including, for the avoidance of doubt, any
      amendments made to such statutory provisions that are in force at the date
      of this Agreement);

              

      

      

      
        	
                 
      

              	
                (c)

              	
                shall
      also be construed as a reference to any statutory provision of which such
      statutory provision is a re-enactment or consolidation;
  and

              

      

      

      
        	
                 
      

              	
                (d)

              	
                shall
      also be construed as a reference to any later statutory provision which
      re-enacts or consolidates such statutory
  provision.

              

      

      

      
        	
                 
      

              	
                1.2.2

              	
                References
      to a clause are (unless otherwise stated) to a clause of this
      Agreement.

              

      

      

      
        	
                 
      

              	
                1.2.3

              	
                The
      headings used in this Agreement are for convenience only and shall not
      affect its meaning.

              

      

      

      
        	
                 
      

              	
                1.2.4

              	
                Words
      importing one gender shall (where appropriate) include any other gender
      and words importing the singular shall (where appropriate) include the
      plural and vice versa.

              

      

      

      
        	
                 
      

              	
                1.2.5

              	
                Any
      English legal term for any action, remedy, method of judicial proceeding,
      legal document, legal status, court, official or any legal concept or
      thing shall, in respect of any jurisdiction other than that of England, be
      deemed to include what most nearly approximates in that jurisdiction to
      the English legal term.

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                1.2.6

              	
                Any
      time or date shall be construed as a reference to the time or date
      prevailing in England.

              

      

      

      

      
        	
                1.3

              	
                In
      construing this Agreement, general words introduced by the word "other" shall not be
      given a restrictive meaning by reason of the
      fact that they are preceded by words indicating a particular class of
      acts, matters or things and general words shall not be given a restrictive
      meaning by reason of the fact that they are followed by particular
      examples intended to be embraced by the general
  words.

              

      

      

      
        	
                2.

              	
                TRANSFER
      OF THE SHARE

              

      

      

      
        	
                2.1

              	
                Wits
      Basin shall sell the Share and CGMR BVI shall buy the Share in accordance
      with the terms and conditions of this
Agreement.

              

      

      

      
        	
                2.2

              	
                CGMR
      BVI shall buy the Share with effect from and including the date of
      Completion to the intent that as from that date all rights and advantages
      accruing to the Share, including any dividends or distributions declared,
      made or paid on the Share on or after that date shall belong to CGMR
      BVI.

              

      

      

      
        	
                2.3

              	
                Wits
      Basin shall procure that CGMR BVI acquires good title to the Share with
      full title guarantee, free from Encumbrances and free from all third party
      claims.

              

      

      

      
        	
                2.4

              	
                Wits
      Basin waives any rights or restrictions conferred on which it may exist in
      relation to the Share under the articles of association of HK Co or
      otherwise.

              

      

      

      
        	
                3.

              	
                CONSIDERATION

              

      

      

      
        	
                3.1

              	
                As
      consideration for the transfer of the Share, CGMR BVI shall issue the
      Promissory Note in favour of Wits Basin at
  Completion.

              

      

      

      
        	
                4.

              	
                COMPLETION

              

      

      

      
        	
                4.1

              	
                Completion
      shall take place immediately following the execution of this
      Agreement.

              

      

      

      
        	
                4.2

              	
                At
      Completion, the parties shall perform their respective obligations in
      relation to the transfer of the Share as set out in Schedule
      1.

              

      

      

      
        	
                5.

              	
                WARRANTIES

              

      

      

      
        	
                5.1

              	
                Wits
      Basin warrants and represents to CGMR BVI as at the date of this Agreement
      that:

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                5.1.1

              	
                the
      Share is legally and beneficially owned by it;
  and

              

      

      

      
        	
                 
      

              	
                5.1.2

              	
                the
      Share is fully paid and has been properly and validly
      allotted.

              

      

      

      
        	
                5.2

              	
                Each
      party acknowledges and agrees that:

              

      

      

      
        	
                 
      

              	
                5.2.1

              	
                it
      is not entering into this Agreement on the basis of, and is not relying
      and has not relied on, any statement or representation (whether negligent
      or innocent) or warranty or other provision (in any case whether oral,
      written, express or implied) made, given or agreed to by any person
      (whether a party to this Agreement or not) except those expressly repeated
      or referred to in this Agreement or the Subscription Agreement and the
      only remedy or remedies available to a party in respect of any
      misrepresentation or untrue statement made to it shall be a claim for
      breach of contract under this
Agreement;

              

      

      

      
        	
                 
      

              	
                5.2.2

              	
                this
      clause 5.2.2 shall not apply to any statement, representation or warranty
      made fraudulently or to any provision of this Agreement which was induced
      by fraud for which the remedies shall be all those available under the law
      governing this Agreement regardless of the other terms of this Agreement;
      and

              

      

      

      
        	
                 
      

              	
                5.2.3

              	
                it
      has full power and authority and has obtained all necessary consents to
      enter into and perform the obligations expressed to be assumed by it under
      this Agreement or any document referred to in this Agreement, that the
      obligations expressed to be assumed by it under this Agreement are legal,
      valid and binding and enforceable against it in accordance with their
      terms and the execution, delivery and performance by it of this Agreement
      and each such other agreement and arrangement will
  not:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                result
      in a breach of, or constitute a default under, any agreement or
      arrangement to which it is a party or by which it is bound;
    or

              

      

      

      
        	
                 
      

              	
                (b)

              	
                result
      in a breach of any law or order, judgment or decree of any court,
      governmental agency or regulatory body to which it is a party or by which
      it is bound.

              

      

      

      
        	
                5.3

              	
                CGMR
      BVI acknowledges and agrees that it is a company validly incorporated
      under the laws of the British Virgin
Islands.

              

      

      

      
        	
                5.4

              	
                Wits
      Basin acknowledges and agrees that it is a company validly incorporated
      under the laws of the State of
Minnesota.

              

      

      

      
        	
                5.5

              	
                The
      parties acknowledge and agree that the express terms of this Agreement are
      in lieu of all warranties, conditions, terms, undertakings and obligations
      implied by statute, common law or otherwise all of which are hereby
      excluded to the fullest extent permitted by
law.

              

      

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      

      
        	
                6.

              	
                APPLICABLE
      LAW AND JURISDICTION

              

      

      

      
        	
                6.1

              	
                This
      Agreement and the rights and obligations of the parties shall be governed
      by and construed in accordance with the laws of England and
      Wales.

              

      

      

      
        	
                6.2

              	
                The
      parties irrevocably submit to the non-exclusive jurisdiction of the courts
      of England and Wales in respect of any claim, dispute or difference
      arising out of or in connection with this
  Agreement.

              

      

      

      
        	
                7.

              	
                GENERAL

              

      

      

      Announcements

      

      
        	
                7.1

              	
                Wits
      Basin and CGMR BVI each agree that they will not make any announcement
      relating to the subject matter of this Agreement or any related matter
      without the prior written approval of the other
  party.

              

      

      

      Entire
agreement

      

      
        	
                7.2

              	
                This
      Agreement (together with any documents referred to in this Agreement or
      the Subscription Agreement or required to be entered into pursuant to this
      Agreement or the Subscription Agreement) contains the entire agreement and
      understanding of the parties and supersedes all prior agreements,
      understandings or arrangements (both oral and written) relating to the
      subject matter of this Agreement and any such
  document.

              

      

      

      Variations
and waivers

      

      
        	
                7.3

              	
                No
      variation of this Agreement shall be effective unless made in writing
      signed by or on behalf of each of the parties and expressed to be such a
      variation.

              

      

      

      
        	
                7.4

              	
                No
      failure or delay by any party or time or indulgence given in exercising
      any remedy or right under or in relation to this Agreement shall operate
      as a waiver of the same, nor shall any single or partial exercise of any
      remedy or right preclude any further exercise of the same or the exercise
      of any other remedy or right.

              

      

      

      
        	
                7.5

              	
                No
      waiver by either party of any requirement of this Agreement, or of any
      remedy or right under this Agreement, shall have effect unless given in
      writing and signed by such party.  No waiver of any particular
      breach of the provisions of this Agreement shall operate as a waiver of
      any repetition of such breach.

              

      

      

      Other
remedies

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      
        	
                7.6

              	
                Any
      remedy or right conferred on either party for breach of this Agreement
      shall be in addition to and without prejudice to all other rights and
      remedies available to it.

              

      

      

      Assignment

      

      
        	
                7.7

              	
                Neither
      party shall be entitled to assign, transfer or create any trust in respect
      of the benefit or burden of any provision of this Agreement (or any of the
      documents referred to in this Agreement) without the prior written consent
      of the other party.

              

      

      

      Further
assurance

      

      
        	
                7.8

              	
                The
      provisions of this Agreement shall remain in full force and effect after
      its completion so far as they remain to be observed and
      performed.

              

      

      

      
        	
                7.9

              	
                Each
      party shall, and shall use all reasonable endeavours to procure that any
      necessary third party shall, do and execute and perform all such further
      deeds, documents, assurances, acts and things as may reasonably be
      required to give effect to this
Agreement.

              

      

      

      Third
party rights

      

      
        	
                7.10

              	
                The
      parties do not intend this Agreement or any part of it to be enforceable
      by virtue of the Contracts (Rights of Third Parties) Act 1999 but this
      shall not affect any right or remedy of a third party which exists or is
      available apart from that Act.

              

      

      

      Successors

       

      
        	
                7.11

              	
                Subject
      to clause 7.7, this Agreement shall be binding on each party's assigns and
      successors in title.

              

      

      

      
        	
                7.12

              	
                Neither
      party shall have any right to terminate or rescind this
      Agreement.

              

      

      

      Costs

      

      
        	
                7.13

              	
                Each
      party shall pay its own costs and expenses incurred in the negotiation,
      preparation and execution of this
Agreement.

              

      

      

      
        	
                7.14

              	
                The
      cost of all stamp duty and other similar duty payable in respect of the
      sale and purchase of the Share will be borne by CGMR
  BVI.

              

      

      

      
        	
                8.

              	
                NOTICES

              

      

      

      Form
of notice

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
 

      
        	
                8.1

              	
                Any
      notice, consent, request, demand, approval or other communication to be
      given or made under or in connection with this Agreement (each a "Notice" for the purposes
      of this clause) shall be in English, legible, in writing and signed by or
      on behalf of the person giving it.

              

      

      

      Method
of service

      

      
        	
                8.2

              	
                Service
      of a Notice must be effected by one of the following
    methods:

              

      

      

      
        	
                 
      

              	
                8.2.1

              	
                by
      hand to the relevant address set out in clause 8.4 and shall be deemed
      served upon delivery if delivered during a Business Day, or at the start
      of the next Business Day if delivered at any other time;
  or

              

      

      

      
        	
                 
      

              	
                8.2.2

              	
                by
      prepaid first-class post to the relevant address set out in clause 8.4 and
      shall be deemed served at the start of the second Business Day after the
      date of posting; or

              

      

      

      
        	
                 
      

              	
                8.2.3

              	
                by
      prepaid international airmail to the relevant address set out in clause
      8.4 and shall be deemed served at the start of the fourth Business Day
      after the date of posting; or

              

      

      

      
        	
                 
      

              	
                8.2.4

              	
                by
      facsimile transmission to the relevant facsimile number set out in clause
      8.4 and shall be deemed served on despatch, if despatched during a
      Business Day, or at the start of the next Business Day if despatched at
      any other time, provided that in each case a receipt indicating complete
      transmission of the Notice is obtained by the sender and that a copy of
      the Notice is also despatched to the recipient using a method described in
      clauses 8.2.1 to 8.2.3 (inclusive) no later than the end of the next
      Business Day.

              

      

      

      
        	
                8.3

              	
                In
      clause 8.2 "during a
      Business Day" means any time between 9.30 a.m. and 5.30 p.m. on a
      Business Day based on the local time where the recipient of the Notice is
      located. References to "the start of [a] Business
      Day" and "the end
      of [a] Business Day" shall be construed
  accordingly.

              

      

      

      Address
for service

      

      

      
        	
                8.4

              	
                Notices
      shall be addressed as follows:

              

      

      

      
        	
                 
      

              	
                8.4.1

              	
                Notices
      for Wits Basin shall be marked for the attention
  of:

              

      

      

      Name:                        Mark
D Dacko

      

      Address:                  
80 South 8th Street,
Suite 900, Minneapolis, Minnesota 55402

      

      Fax
number:              (US)
1 (612) 395 5276

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                8.4.2

              	
                Notices
      for CGMR BVI shall be marked for the attention
  of:

              

      

      

      Name:                        c/o
Corporate Secretary

      

      
        	
                 
      

              	
                Address:

              	
                56
      Administration Drive, P.O. Box 3190, Road Town, Tortola, British Virgin
      Islands

              

      

      

      

      Copies
of Notices

      

      
        	
                8.5

              	
                Copies
      of all Notices sent to CGMR BVI shall also be sent or given to Graeme
      Hossie of London Mining, 39 Sloane Street, London SW1X 9LP and Spencer
      Summerfield of Travers Smith LLP, 10 Snow Hill, London EC1A
      2AL.  Such copies shall be sent or given in accordance with one
      of the methods described in clause 8. Failure to communicate such copies
      shall not invalidate such Notice.

              

      

      

      Change
of details

      

      
        	
                8.6

              	
                A
      party may change its address for service provided that it gives the other
      party not less than 14 days' prior notice in accordance with this clause
      8.  Until the end of such notice period, service on either
      address shall remain effective.

              

      

      

      
        	
                9.

              	
                COUNTERPARTS

              

      

      

      This
Agreement may be executed as two or more counterparts and execution by each of
the parties of any one of such counterparts will constitute due execution of
this Agreement.

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
 

      THIS AGREEMENT has been duly
executed on the date first stated above.

      SCHEDULE
1

      COMPLETION
OBLIGATIONS

      

      PART
I - OBLIGATIONS OF WITS BASIN

      

      
        	
                1.

              	
                Wits
      Basin shall deliver, or (if CGMR BVI shall so agree) make available, to
      CGMR BVI:

              

      

      

      
        	
                1.1

              	
                a
      form of the instrument of transfer of the Share executed by Wits Basin in
      favour of CGMR BVI, the relevant share certificate (or any indemnity in
      respect of any lost share certificate or share certificate not issued by
      the HK Co) and any additional documentation necessary to establish Wits
      Basin's title to the Share and to authorise execution of such
      transfer;

              

      

      

      
        	
                1.2

              	
                a
      Sold Note executed by Wits Basin in favour of CGMR
  BVI;

              

      

      

      
        	
                1.3

              	
                the
      common seal (if any), all certificates of incorporation of HK Co and any
      certificates on change of name, the statutory books (duly written up to
      the date of Completion) and other record books of HK
  Co;

              

      

      

      
        	
                1.4

              	
                letter
      of resignation, effective as from completion of the Subscription
      Agreement, from William Barton Green, Mark Dennis Dacko and Harvey Vance
      White as directors and officers of HK Co;
and

              

      

      

      
        	
                1.5

              	
                a
      duly executed release of the Subsidiary Security and Guaranty of HK Co
      issued in favour of China Gold, in a form agreed to and approved in
      accordance with the Subscription
Agreement.

              

      

      

      
        	
                2.

              	
                CGMR
      shall deliver to Wits Basin:

              

      

      

      
        	
                2.1

              	
                a
      form of the instrument of transfer of the Share executed by CGMR BVI as
      transferee; and

              

      

      

      
        	
                2.2

              	
                a
      Bought Note executed by Wits Basin in favour of CGMR
  BVI;

              

      

      

      
        	
                3.

              	
                Wits
      Basin agrees with CGMR BVI to procure that a board resolution, in the
      approved terms, of HK Co is passed
sanctioning:

              

      

      

      
        	
                3.1

              	
                for
      registration (subject, where necessary, to due stamping) the transfer in
      respect of the Share;

              

      

      

      
        	
                3.2

              	
                the
      issue of a share certificate in the name of CGMR BVI;
  and

              

      

      

      
        	
                3.3

              	
                subject
      to completion of the Subscription Agreement, the removal of William Barton
      Green, Mark Dennis Dacko and Harvey Vance White as directors and officers
      of HK Co and the appointment of Graeme Hossie as a director, subject to
      receipt of any necessary consent to
appointment.

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      
 

      

      
        	
                4.

              	
                Wits
      Basin agrees with CGMR BVI to procure that it
  shall:

              

      

      

      
        	
                4.1

              	
                submit
      the Agreement and all relevant documents and applicable stamp duty payment
      to the Stamp Office of the Inland Revenue Department for an assessment of
      stamp duty payable under the Agreement;
and

              

      

      

      
        	
                4.2

              	
                make
      all necessary regulatory filings to give effect to the transfer of the
      Share and the other matters contemplated under this
    Agreement.

              

      

      

      
        	
                4.3

              	
                Obtain
      the release at completion of the Subscription Agreement of the Subsidiary
      Security and the Guaranty issued in favour of China
  Gold.

              

      

      

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      

      

      

      

      

      SIGNED by

      WITS BASIN PRECIOUS MINERALS
INC.     )

      acting
by: Mark D.
Dacko                                       )

      

      

      /s/ Mark D.
Dacko

      Chief
Financial Officer

      

      

      

       

       

       

      SIGNED by

      CHINA GLOBAL MINING RESOURCES
(BVI) LIMITED

       

      )

      acting
by: Mark D.
Dacko                                      )

      

      

      /s/ Mark D.
Dacko

      Director

      

      

      

      
        
          
          

        

        
          12EXHIBIT
10.69

    

    AGREEMENT
ON AMENDMENT

    

    THIS AGREEMENT ON AMENDMENT
("Agreement") is
executed on Jan 13th, 2009 by and between:

    

    
      	
              (1)

            	
              China Global Mining Resources
      Limited, a corporation duly established in British Virgin Island,
      with BVI Company Number 1386052 ("Company"
    );

            

    

    

    
      	
              (2)

            	
              Mr. Lu Benzhao of No.
      204, Block 17, Liyuan Village, Huashan District, Maanshan Municipality,
      Anhui Province (ID
      No.                                )
      ("Consultant");

            

    

    

    For
purposes of this Agreement, Company and Consultant are each referred as a “Party” and collectively as the
“Parties”.

    

    本修订协议(“本协议”)由以下各方于2009年1月13日签订:

    

    
      	
              (1)

            	
              China Global Mining Resources
      Limited(中国环球矿业资源有限公司),一家依法成立于英属维尔京群岛的公司,BVI公司号码:1386052(“公司”);

            

    

    

    
      	
              (2)

            	
              鲁本昭先生,现居住于安徽省马鞍山市花山区梨苑村17栋204号,身份证号码为    (“顾问”);

            

    

    

    在本协议中,公司和顾问各单称“一方”,合称“各方”。

    

    

    Whereas:

    鉴于

    

    
      	
              (A)  

            	
              The
      Company and Consultant have entered into a Consulting Agreement dated 11
      August, 2008 (the "Consulting Agreement").  According to this
      Consulting Agreement, the Consultant shall provide consulting service to
      Maanshan Xiaonanshan Mining Co., Ltd ("XNS"), Nanjing Sudan
      Mining Co., Ltd ("Sudan") and Maanshan
      Zhaoyuan Mining Co., Ltd ("Zhaoyuan" and
      collectively with the XNS and Sudan "Three Subsidiaries"),
      and  the Company shall pay consulting fee to the
      Consultant.

            

    

    

    
      	
               
      

            	
              转让方和顾问于2008年8月11日签订了咨询服务协议(“咨询服务协议”)。根据该协议,顾问将向马鞍山小南山矿业有限公司(“小南山”)、南京苏丹矿业
6377;限公司(“苏丹”)以及马鞍山昭源矿业有限公司(“昭源”,与另外两家合称“子公司”)提供咨询服务,公司将向顾问支付对价。

            

    

    

    
      	
              (B)  

            	
              The
      Company and Consultant have agreed to amend the Consulting Agreement as
      described below and then to transfer all rights and obligations of the
      Company under the Consulting Agreement to China Global Mining Resources
      (BVI) Limited.

            

    

    

    公司和顾问已经同意对咨询服务协议作如下修订,并随后将公司在咨询服务协议下的权利和义务转让给China Global Mining
Resources (BVI) Limited.

    

    THE COMPANY AND CONSULTANT HEREBY
AGREED:

    

    公司与顾问同意如下:

    

    
      	
              1.

            	
              AMENDMENT

            

    

    
      	
               
      

            	
              修订

            

    

    

    
      	
              1.1

            	
              Parties
      agree that Clause 2, Service Term of the Consulting Agreement is amended
      as:  The service term under this Agreement shall be 5 years,
      commencing from the closing date of Equity
  Transfers.

            

    

    

    各方同意,咨询服务协议的第2条服务期限修改为:本协议下的服务期限为5年,自股权转让交割日起计算。

    

    
      	
              1.2

            	
              Parties
      agree that Clause 3.1 of the Consulting Agreement shall be amended to read
      as follows: "The Surety Deposit (the amount is subject to valid receipt)
      paid by the Company to the Consultant under an Equity and Asset Transfer
      Heads of Agreement dated 4 May, 2007 shall automatically be converted as
      the upfront payment to the Consultant, and shall be deducted from the
      Second Payment."

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    各方同意,在咨询服务协议的3.1条应当修改为:“公司根据2007年5月4日的股权和资产转让框架协议向顾问支付的保证金(数额以有效收据为准)应自动转为顾问的预付款,并从第二期付款中扣除。”

    

    
      	
              1.3

            	
              Parties
      agree that all payments to the Consultant under the schedule B of
      Consulting Agreement shall be subject to there being available cash at
      China Global Mining Resources (BVI) Limited (BVI Company Number
      1513743).

            

    

    

    
      	
               
      

            	
              各方同意,在咨询服务协议下的附件B下对顾问的支付均应受制于China
      Global Mining Resources (BVI) Limited (BVI 公司代码 1513743)
      可获得的现金。

            

    

    

    
      	
              2.

            	
              FURTHER
      ASSURANCE

            

    

    

    
      	
               
      

            	
              进一步的保证

            

    

    

    
      	 	
              Each
      Party shall do such acts and things as necessary and desirable to give
      effect to the Assignment.

            

    

    

    每一方都应采取和办理为使该转让产生充分效力所必需的和可取的所有行为和事项。

    

    

    3.           GOVERNING
LAW

    

    管辖法律

    

    This
Agreement shall be construed and enforced in accordance with the procedural and
substantive laws of  Hong Kong.

    

    本协议应当按照香港的程序法和实体法解释并执行。

    

    4.           MISCELLANEOUS

    

    其他

    

    
      	
              4.1

            	
              The
      Parties shall comply with any and all applicable laws, rules and
      regulations of the governmental authorities of both the Peoples Republic
      of China and Hong Kong concerned for performing the said services in this
      Agreement.

            

    

    各方应遵守中华人民共和国和香港与提供本协议中约定的服务有关的任何和全部适用的法律和政府部门的规章制度。

    

    

    
      	
              4.2

            	
              The
      Parties shall not issue any press releases or make any other similar
      publications with respect to this Agreement without first consulting with,
      and obtaining the prior written approval of the other
    Party.

            

    

    

    未经事先征求其他方意见并获得书面批准,各方不得以发表新闻或其他类似方式公布与本协议有关的事项。

    

    

    
      	
              4.3

            	
              Consultant
      agrees to indemnify the Company for any violation by Consultant of the
      requirements under section 18.1 in performing services pursuant to this
      Agreement.

            

    

    

    顾问同意就其在根据本协议提供服务的过程中对第18.1条的任何违反对受让方作出赔偿。

    

    
      	
              5.

            	
              EFFECTIVENESS

            

    

    
      	
               
      

            	
              生效

            

    

    

    

    
      	
               
      

            	
              This
      Agreement shall become effective and binding on the Parties upon execution
      by the Parties.

            

    

    

    
      	
               
      

            	
              本协议经各方授权代表签署后生效并对各方具有约束力。

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    IN WITNESS THEREOF, the Parties have caused this Agreement to be executed on
the date as set forth above by their duly authorized
representatives.

    

    各方已指派其正式授权代表于以上开篇写明的日期签署本协议,特此证明。

    

    

    
      
        	
                公司:

              
	
                
                  China
      Global Mining Resources Limited

                

                 

                /s/
      Stephen D.
      King          13 Jan
      09

              
	
                姓名:

              
	
                职务:

              

      

    

    

    

    

    

    
      
        	
                顾问:

              
	
                鲁本昭先生

                 

                Lu
      Benzhao

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