Document:

Warrant Certificate No. A-__

 

[For Reg. D Purchasers — NEITHER
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH
RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION
EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY
TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.]

 

[Or]

 

[For Reg. S Purchasers — THE
SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED
IN REGULATION S) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).
ACCORDINGLY, NONE OF THE SECURITIES REPRESENTED THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT
HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD
IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT
TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, AND IN EACH CASE ONLY
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN ACCORDANCE WITH THE 1933 ACT.]

 

	Effective Date: March ___, 2012	Void After: March ___, 2014

 

CALIFORNIA GOLD CORP.

 

[FORM OF]

 

WARRANT TO PURCHASE COMMON STOCK

 

    	 

    	 

    

 

California Gold Corp.,
a Nevada corporation (the “Company”), for value received on March ___, 2012 (the “Effective Date”),
hereby issues to _________ (the “Holder”) this Warrant (the “Warrant”) to purchase, Three
Hundred Seventy-Five Thousand (375,000) shares (each such share as from time to time adjusted as hereinafter provided being a “Warrant
Share” and all such shares being the “Warrant Shares”) of the Company’s Common Stock (as defined
below), at the Exercise Price (as defined below), as adjusted from time to time as provided herein, on or before March ___, 2014
(the “Expiration Date”), all subject to the following terms and conditions. Unless otherwise defined in this
Warrant, terms appearing in initial capitalized form shall have the meaning ascribed to them in that certain Subscription Agreement
between the Company and the purchaser signatory thereto pursuant to which this Warrant was issued (the “Subscription Agreement”).
This Warrant is one of a series of Warrants issued in accordance with the terms of the Offering (collectively, the “Warrants”)
to the Holder and the other investors in the Offering (collectively, the “Holders”).

 

As used in this Warrant,
(i) “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the
City of New York, New York, are authorized or required by law or executive order to close; (ii) “Common Stock”
means the common stock of the Company, par value $0.001 per share, including any securities issued or issuable with respect thereto
or into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend, stock split, stock
combination, recapitalization, reclassification, reorganization or other similar event; (iii) “Exercise Price”
means $0.06 per share of Common Stock, subject to adjustment as provided herein; (iv) “Trading Day” means any
day on which the Common Stock is traded on the primary national or regional stock exchange on which the Common Stock is listed,
or if not so listed, the OTC Bulletin Board, if quoted thereon, is
open for the transaction of business; and (v) “Affiliate” means any person that, directly or indirectly, through
one or more intermediaries, controls, is controlled by, or is under common control with, a person, as such terms are used and construed
in Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

 

		1.	DURATION AND EXERCISE OF WARRANTS

 

(a)          Exercise
Period. The Holder may exercise this Warrant in whole or in part on any Business Day on or before 5:00 P.M., Eastern Time,
on the Expiration Date, at which time this Warrant shall become void and of no value.

 

(b)          Exercise
Procedures.

 

(i)          While
this Warrant remains outstanding and exercisable in accordance with Section 1(a), in addition to the manner set forth in Section
1(b)(ii) below, the Holder may exercise this Warrant in whole or in part at any time and from time to time by:

 

(A)         Delivery
to the Company of a duly completed and executed copy of the notice of exercise attached as Exhibit A (the “Notice
of Exercise”);

 

(B)         Surrender
of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify
in writing to the Holder; and

 

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(C)         Payment
of the then-applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise of the
Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check, wire
transfer, bank draft or money order payable in lawful money of the United States of America.

 

(ii)         Notwithstanding
the foregoing provisions of this Section 1(b), the Holder may not exercise this Warrant if and to the extent that such exercise
would require the Company to issue a number of shares of Common Stock in excess of its authorized but unissued shares of Common
Stock, less all amounts of Common Stock that have been reserved for issue upon the conversion of all outstanding securities convertible
into shares of Common Stock and the exercise of all outstanding options, warrants and other rights exercisable for shares of Common
Stock. If the Company does not have the requisite number of authorized but unissued shares of Common Stock to permit the Holder
to exercise this Warrant, then the Company shall use commercially reasonable efforts to obtain the necessary stockholder consent
to increase the authorized number of shares of Common Stock to permit such Holder to exercise this Warrant pursuant to Section
1(b)(i).

 

(iii)        Upon
the exercise of this Warrant in compliance with the provisions of this Section 1(b), and except as limited pursuant to Section
1(b)(ii), the Company shall promptly issue and cause to be delivered to the Holder a certificate for the Warrant Shares purchased
by the Holder. Each exercise of this Warrant shall be effective immediately prior to the close of business on the date (the “Date
of Exercise”) that the conditions set forth in Section 1(b) have been satisfied, as the case may be. On the first Business
Day following the date on which the Company has received each of this original Warrant, the Notice of Exercise and the Aggregate
Exercise Price (the “Exercise Delivery Documents”), the Company shall transmit an acknowledgment of receipt
of the Exercise Delivery Documents to the Company’s transfer agent (the “Transfer Agent”). On or
before the fifth Business Day following the date on which the Company has received all of the Exercise
Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating
in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the
Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the
Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y)
if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight
courier to the address as specified in the Notice of Exercise, a certificate, registered in the Company’s share register
in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to
such exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date
of delivery of the certificates evidencing such Warrant Shares.

 

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(v)         If
the Company shall fail for any reason or for no reason to issue to the Holder, within five (5) Business Days of receipt of the
Exercise Delivery Documents, a certificate for the number of shares of Common Stock to which the Holder is entitled and register
such shares of Common Stock on the Company’s share register or to credit the Holder’s balance account with DTC for
such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant, and if
on or after such Business Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving
from the Company (a “Buy-In”), then the Company shall, within five (5) Business Days after the Holder’s
request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total
purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”),
at which point the Company’s obligation to deliver such certificate (and to issue such shares of Common Stock) shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common
Stock and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number
of shares of Common Stock, times (B) the closing bid price on the date of exercise.

 

(c)          Partial
Exercise. This Warrant shall be exercisable, either in its entirety or, from time to time, for part only of the number of Warrant
Shares referenced by this Warrant; provided, that any such partial exercise must be for an integral number of Warrant Shares. If
this Warrant is exercised in part, the Company shall issue, at its expense, a new Warrant, in substantially the form of this Warrant,
referencing such reduced number of Warrant Shares that remain subject to this Warrant.

 

(d)          Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance
with Section 15.

 

		2.	ISSUANCE OF WARRANT SHARES

 

(a)          The
Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising
through the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

 

(b)          The
Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record holder
of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner thereof
for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

 

(c)          The
Company will not, by amendment of its articles of incorporation, by-laws or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying
out of all the provisions of this Warrant and in the taking of all action necessary or appropriate in order to protect the rights
of the Holder to exercise this Warrant, or against impairment of such rights.

 

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		3.	ADJUSTMENTS OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT
SHARES

 

(a)          The
Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of certain events described in this Section 3(a); provided, that notwithstanding the provisions
of this Section 3, the Company shall not be required to make any adjustment if and to the extent that such adjustment would require
the Company to issue a number of shares of Common Stock in excess of its authorized but unissued shares of Common Stock, less all
amounts of Common Stock that have been reserved for issue upon the conversion of all outstanding securities convertible into shares
of Common Stock and the exercise of all outstanding options, warrants and other rights exercisable for shares of Common Stock.
If the Company does not have the requisite number of authorized but unissued shares of Common Stock to make any adjustment, the
Company shall use its commercially reasonable efforts to obtain the necessary stockholder consent to increase the authorized number
of shares of Common Stock to make such an adjustment pursuant to this Section 3(a).

 

(i)          Subdivision
or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or
otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior
to such subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately increased, and conversely,
in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination, reverse stock
split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares shall be proportionately decreased. The Exercise Price and the Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in
this Section 3(a)(i).

 

(ii)         Dividends
in Stock, Property, Reclassification. If at any time, or from time to time, the holders of Common Stock (or any shares of stock
or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive,
without payment therefore:

 

(A)         any
shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common Stock,
or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution,
or

 

(B)         additional
stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares or
similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall
be covered by the terms of Section 3(a)(i) above),

 

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then and in each such case, the Exercise
Price and the number of Warrant Shares to be obtained upon exercise of this Warrant shall be adjusted proportionately, and the
Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock
receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and
property (including cash in the cases referred to above) that such Holder would hold on the date of such exercise had such Holder
been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive
such shares or all other additional stock and other securities and property. The Exercise Price and the Warrant Shares, as so adjusted,
shall be readjusted in the same manner upon the happening of any successive event or events described in this Section 3(a)(ii).

 

(iii)        Reorganization,
Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of the capital
stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially
all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive
stock, securities or other assets or property (an “Organic Change”), then 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 shares
of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented
by this Warrant) such shares of stock, securities or other assets or property as may be issued or payable with respect to or in
exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore
purchasable and receivable assuming the full exercise of the rights represented by this Warrant. In the event of any Organic Change,
appropriate provision shall be made by the Company with respect to the rights and interests of the Holder of this Warrant to the
end that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number
of shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, in relation to any shares
of stock, securities or assets thereafter deliverable upon the exercise hereof. To the extent necessary to effect the foregoing
provisions, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation
purchasing such assets shall assume by written instrument reasonably satisfactory in form and substance to the Holder executed
and mailed or delivered to the registered Holder hereof at the last address of such Holder appearing on the books of the Company,
the obligation to deliver to such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions,
such Holder may be entitled to purchase. If
there is an Organic Change, then the Company shall cause to be mailed to the Holder at its last address as it shall appear on the
books and records of the Company, at least 10 calendar days before the effective date of the Organic Change, a notice stating the
date on which such Organic Change is expected to become effective or close, and the date as of which it is expected that holders
of the Common Stock of record shall be entitled to exchange their shares for securities, cash, or other property delivered upon
such Organic Change; provided, that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this
Warrant during the 10-day period commencing on the date of such notice to the effective date of the event triggering such notice.
In any event, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation
purchasing such assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or
assets even in the absence of a written instrument assuming such obligation to the extent such assumption occurs by operation of
law. 

 

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(b)          Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at its expense
shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of this Warrant
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting forth: (i) such
adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property which at the time would
be received upon the exercise of the Warrant.

 

(c)          Certain
Events. If any event occurs as to which the other provisions of this Section 3 are not strictly applicable but the lack of
any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent
and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights of the Holder under this
Warrant in accordance with the basic intent and principles of such provisions, then the Company's Board of Directors will, in good
faith and subject to applicable law, make an appropriate adjustment to protect the rights of the Holder; provided, that
no such adjustment pursuant to this Section 3(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise
determined pursuant to this Section 3.

 

(d)           Adjustment
of Exercise Price Upon Issuance of Additional Shares of Common Stock.  In the event the Company shall at any time
prior to the Expiration Date issue Additional Shares of Common Stock, as defined below, without consideration or for a consideration
per share less than the Exercise Price in effect immediately prior to such issue, then the Exercise Price shall be reduced, concurrently
with such issue, to a price (calculated to the nearest cent) determined by multiplying such Exercise Price by a fraction, (A) the
numerator of which shall be (1) the number of shares of Common Stock outstanding immediately prior to such issue plus (2) the number
of shares of Common Stock which the aggregate consideration received or to be received by the Company for the total number of Additional
Shares of Common Stock so issued would purchase at such Exercise Price; and (B) the denominator of which shall be the number of
shares of Common Stock outstanding immediately prior to such issue plus the number of such Additional Shares of Common Stock so
issued; provided that, (i) for the purpose of this Section 3(d), all shares of Common Stock issuable upon conversion or
exchange of convertible securities outstanding immediately prior to such issue shall be deemed to be outstanding, and (ii) the
number of shares of Common Stock deemed issuable upon conversion or exchange of such outstanding convertible securities shall be
determined without giving effect to any adjustments to the conversion or exchange price or conversion or exchange rate of such
convertible securities resulting from the issuance of Additional Shares of Common Stock that is the subject of this calculation.  For
purposes of this Warrant, “Additional Shares of Common Stock” shall mean all shares of Common Stock issued by the Company
after the Effective Date (including without limitation any shares of Common Stock issuable upon conversion or exchange of any convertible
securities or upon exercise of any option or warrant, on an as-converted basis), other than: (i) shares of Common Stock issued
or issuable upon conversion or exchange of any convertible securities or exercise of any options outstanding on the Effective Date;
(ii) shares of Common Stock issued or issuable upon conversion of the warrants issued in connection with the Offering; (iii) shares
of Common Stock issued or issuable by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock
that is covered by Sections 3(a)(i) through 3(a)(iii) above; (iv) shares of Common Stock issued in a registered public offering
under the Securities Act; (v) shares of Common Stock issued or issuable pursuant to the acquisition of another corporation by the
Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement; or
(vi) shares of Common Stock issued or issuable to officers, directors and employees of, or consultants to, the Company pursuant
to stock grants, option plans, purchase plans or other employee stock incentive programs or arrangements approved by the Board
of Directors, or upon exercise of options or warrants granted to such parties pursuant to any such plan or arrangement.  The
provisions of this Section 3(d) shall not operate to increase the Exercise Price.  Whenever the Exercise Price is adjusted
pursuant to this Section 3(d), the number of shares of Common Stock issuable upon exercise of this Warrant shall be inversely proportionally
adjusted such that the aggregate Exercise Price of this Warrant remains equal immediately before and after any such adjustment.

 

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		4.	TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT SHARES

 

(a)          Registration
of Transfers and Exchanges. Subject to Section 4(c), upon the Holder’s surrender of this Warrant, with a duly executed
copy of the Form of Assignment attached as Exhibit B, to the Secretary of the Company at its principal offices or at such
other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer of all or any
portion of this Warrant. Upon such registration of transfer, the Company shall issue a new Warrant, in substantially the form of
this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing the
remaining acquisition rights not transferred, to the Holder requesting the transfer.

 

(b)          Warrant
Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares, which may then be purchased
hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number of
Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding
such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency
as the Company may specify in writing to the Holder.

 

(c)          Restrictions
on Transfers. This Warrant may not be transferred at any time without (i) registration under the Securities Act or (ii) an
exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of
the Warrant may be effected without registration under the Securities Act, which opinion will be in form and from counsel reasonably
satisfactory to the Company.

 

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(d)          Permitted
Transfers and Assignments. Notwithstanding any provision to the contrary in this Section 4, the Holder may transfer, with or
without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s Affiliates (as such
term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required by Section
4(c)(ii), provided, that the Holder delivers to the Company and its counsel certification, documentation, and other assurances
reasonably required by the Company’s counsel to enable the Company’s counsel to render an opinion to the Company’s
Transfer Agent that such transfer does not violate applicable securities laws.

 

		5.	MUTILATED OR MISSING WARRANT CERTIFICATE

 

If this Warrant is
mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange for and
upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant, in substantially
the form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares; provided, that, as
a prerequisite to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or destruction
as well as an indemnity from the Holder of a lost, stolen or destroyed Warrant.

 

		6.	PAYMENT OF TAXES

 

The Company will pay
all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the Warrant Shares
(and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however, that
the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of certificates
for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to the Holder.

 

		7.	FRACTIONAL WARRANT SHARES

 

No fractional Warrant
Shares shall be issued upon exercise of this Warrant. Upon the full exercise of this Warrant, the Company, in lieu of issuing any
fractional Warrant Share, shall round up the number of Warrant Shares issuable to nearest whole share.

 

		8.	NO STOCK RIGHTS AND LEGEND

 

No holder of this Warrant,
as such, shall be entitled to vote or be deemed the holder of any other securities of the Company that may at any time be issuable
on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, the
rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting
stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise (except as provide herein).

 

Each certificate for
Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

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[For Reg D purchasers:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES,
WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES
LAWS.”]

 

[Or]

 

[For Reg. S purchasers:

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

 

		9.	RESERVED

 

		10.	NOTICES

 

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All
notices, consents, waivers, and other communications under this Warrant must be in writing and will be deemed given to a party
when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b)
sent by facsimile or e-mail with confirmation of transmission by the transmitting equipment; (c) received or rejected by the addressee,
if sent by certified mail, return receipt requested, if to the registered Holder hereof; or (d) seven days after the placement
of the notice into the mails (first class postage prepaid), to the Holder at the address, facsimile number, or e-mail address furnished
by the registered Holder to the Company in accordance with the Subscription Agreement by and between the Company and the Holder
or, if the registered Holder is not the original purchaser of this Warrant, then as provided in the Form of Assignment delivered
to the Company pursuant to Section 4(a) in connection with the assignment of this Warrant to such Holder, or if to the Company,
to it at 6830 Elm Street, McLean, VA 22101, Attention: James Davidson, Chief Executive Officer
(or to such other address, facsimile number, or e-mail address as the Holder or the Company as a party may designate by notice
the other party in accordance with this Section 10) with a copy to Gottbetter & Partners, LLP, 488 Madison Avenue, New York,
New York 10022, Attention: Adam S. Gottbetter.

 

		11.	SEVERABILITY

 

If a court of competent
jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant will remain in
full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain in full force
and effect to the extent not held invalid or unenforceable.

 

		12.	BINDING EFFECT

 

This Warrant shall
be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered Holder or
Holders from time to time of this Warrant and the Warrant Shares.

 

		13.	SURVIVAL OF RIGHTS AND DUTIES

 

This Warrant shall
terminate and be of no further force and effect on the earlier of 5:00 P.M., Eastern Time, on the Expiration Date or the date on
which this Warrant has been exercised in full.

 

		14.	GOVERNING LAW

 

This Warrant will be
governed by and construed under the laws of the State of New York without regard to conflicts of laws principles that would require
the application of any other law.

 

		15.	DISPUTE RESOLUTION

 

In
the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall submit the disputed determinations or arithmetic calculations via facsimile within five (5)
Business Days of receipt of the Notice of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three
Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, at
its sole discretion, within five (5) Business Days, submit via facsimile (a) the disputed determination of the Exercise Price to
an independent, reputable investment bank selected by the Company and approved by the Holder, or (b) the disputed arithmetic calculation
of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment
bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder
of the results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations; provided
that, if such disputed determination or arithmetic calculation being submitted by the Holder is determined to be incorrect, then
the expense of the investment bank or the accountant shall be the responsibility of the Holder. Such investment bank’s or
accountant’s determination or calculation, as the case may be, shall be final, binding and conclusive upon the parties
thereto. 

 

    	A-11

    	 

    

 

		16.	NOTICES OF RECORD DATE

 

Upon (a) any establishment
by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof who
are entitled to receive any dividend or other distribution, or right or option to acquire securities of the Company, or any other
right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation of the Company with or into
any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary dissolution,
liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the Company’s voting stock
(whether newly issued, or from treasury, or previously issued and then outstanding, or any combination thereof), the Company shall
mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law, prior to the record date specified
therein, a notice specifying (i) the date established as the record date for the purpose of such dividend, distribution, option
or right and a description of such dividend, option or right, (ii) the date on which any such reorganization, reclassification,
transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected to become effective and (iii) the
date, if any, fixed as to when the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock
for securities or other property deliverable upon such reorganization, reclassification, transfer, consolation, merger, dissolution,
liquidation or winding up.

 

		17.	RESERVATION OF SHARES

 

The Company shall reserve
and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of this Warrant, free
from pre-emptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable. The
Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation. Without limiting the generality of the foregoing, the Company covenants
that it will use commercially reasonable efforts to take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents, including but not limited to consents from the Company’s
stockholders or Board of Directors or any public regulatory body, as may be necessary to enable the Company to perform its obligations
under this Warrant.

 

    	A-12

    	 

    

 

		18.	HEADINGS

 

The headings used in
this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

		19.	AMENDMENT AND WAIVERS

 

Any term of this Warrant
may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively), with the written consent of the Company and the Holders of a majority of the Warrant Shares
issuable upon exercise of the Warrants (the “Majority in Interest”).

 

		20.	NO THIRD PARTY RIGHTS

 

This Warrant is not
intended, and will not be construed, to create any rights in any parties other than the Company and the Holder, and no person or
entity may assert any rights as third-party beneficiary hereunder.

 

[SIGNATURE PAGE FOLLOWS]

 

    	A-13

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed as of the date first set forth above.

 

	 	CALIFORNIA GOLD CORP.
	 	 	 
	 	By: 	 
	 	Name:	James D. Davidson
	 	Title:	Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

(To be executed by the Holder of Warrant
if such Holder desires to exercise Warrant)

 

To California Gold Corp.:

 

The undersigned hereby irrevocably elects
to exercise this Warrant and to purchase thereunder, ___________________ full shares of California Gold Corp. common stock issuable
upon exercise of the Warrant and delivery of $____________ (in cash as provided for in the foregoing Warrant) and any applicable
taxes payable by the undersigned pursuant to such Warrant

 

The undersigned requests
that certificates for such shares be issued in the name of:

 

_________________________________________

(Please print name, address and social security or federal employer

identification number (if applicable))*

 

_________________________________________

 

_________________________________________

 

If the shares issuable
upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon the exercise of
the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued in the name of and delivered
to:

 

_________________________________________

(Please print name, address and social security or federal employer

identification number (if applicable))*

 

_________________________________________

 

_________________________________________

 

	 	Name of Holder (print):	 

	 	(Signature):	 

	 	(By:)	 

	 	(Title:)	 

	 	Dated:	 

 

 

 

*               If
Warrant Shares are to be issued in any name other than that of the registered Holder of the Warrant, then the Holder must include
an opinion of counsel, reasonably satisfactory to the Company, to the effect that such issuance complies with all applicable securities
laws.

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED,
___________________________________ hereby sells, assigns and transfers to each assignee set forth below all of the rights of the
undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set
opposite the name of such assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares
issuable upon exercise of the Warrant:

 

 

	
        Name of Assignee

        (and social security or federal employer

        identification number (if applicable))
	 	Address	 	Number of Shares
	
        

         
	 	 	 	 
	
        

         
	 	 	 	 
	
        

         
	 	 	 	 
	
        

         
	 	 	 	 

 

If the total of the
Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests that a new Warrant
evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to the undersigned.

 

	 	Name of Holder (print):	 

	 	(Signature):	 

	 	(By:)	 

	 	(Title:)	 

	 	Dated:	 

  

    	 

    	 

    

 

Schedule of Investors

 

Note: For the Exhibit listed in
the first column below, only the form of the 2012 private placement warrant has been filed as an exhibit to the Registrant's Form
S-1 registration statement. This Schedule provides detail as to the actual warrants issued under the form filed as an exhibit and
lists the material details in which each such warrant differs from the form of document filed.

 

	Exhibit

No.	 	Exhibit Name	 	Name of Holder to Whom

Instrument was Issued	 	Date of Issuance	 	Number of

Warrants Issued
	 	 	 	 	 	 	 	 	 
	4.8	 	March 2012 Private Placement Warrant	 	Barry Honig	 	3/16/12	 	375,000
	 	 	 	 	Ed Karr	 	3/16/12	 	375,000
	 	 	 	 	Michael Brauser	 	3/16/12	 	375,000
	 	 	 	 	Gottbetter & Partners LLP, in Trust	 	3/16/12	 	375,000
	 	 	 	 	Sandor Capital Master Fund, L.P.	 	3/16/12	 	625,000STOCK OPTION AGREEMENT

 

CALIFORNIA
GOLD CORP.

 

THIS AGREEMENT is entered into as of the
____ day of ________ (the “Date of Grant”)

 

BETWEEN:

 

CALIFORNIA GOLD CORP., a
company incorporated pursuant to the laws of the State of Nevada, of 4515 Ocean View Blvd., Suite 305, La Canada, CA 91011

 

(the “Company”)

 

AND:

 

(the “Optionee”)

 

WHEREAS:

 

A.           The
Board of Directors of the Company (the “Board”) has approved and adopted the 2007 Stock Option Plan (the “Plan”),
pursuant to which the Board is authorized to grant to employees and other selected persons stock options to purchase common shares
of the Company (the “Common Stock”);

 

B.           The
Plan provides for the granting of stock options that either (i) are intended to qualify as “Incentive Stock Options”
within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), or (ii) do not qualify
under Section 422 of the Code (“Non-Qualified Stock Options”); and

 

C.           The
Board has authorized the grant to Optionee of options to purchase a total of 100,000 shares of Common Stock (the “Options”),
which Options are intended to be (select one):

 

		 ̈	Incentive Stock Options;

		 ̈	Non Qualified Stock Options

 

NOW THEREFORE, the Company agrees to offer
to the Optionee the option to purchase, upon the terms and conditions set forth herein and in the Plan, [Insert Number of Shares]
shares of Common Stock. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Plan.

 

1.          Exercise
Price. The exercise price of the options shall be US$[Insert Price] per share.

 

    	 

    	 

    

 

2.          Limitation
on the Number of Shares. If the Options granted hereby are Incentive Stock Options, the number of shares which may be acquired
upon exercise thereof is subject to the limitations set forth in Section 5.1 of the Plan.

 

3.          Vesting
Schedule. The Options shall vest in accordance with Exhibit A.

 

4.          Options
not Transferable. The Options may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation
of law or otherwise) other than by will, 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 if the Options represent a Non-Qualified Stock Option, such Option is transferable without payment
of consideration to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit
of the Optionee and Optionee’s immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose
of any Option or of any right or privilege conferred by the Plan contrary to the provisions thereof, or upon the sale, levy or
attachment or similar process upon the rights and privileges conferred by the Plan, such Option shall thereupon terminate and become
null and void.

 

5.          Investment
Intent. By accepting the Options, the Optionee represents and agrees that none of the shares of Common Stock purchased upon
exercise of the Options will be distributed in violation of applicable federal and state laws and regulations. In addition, the
Company may require, as a condition of exercising the Options, that the Optionee execute an undertaking, in such a form as the
Company shall reasonably specify, that the Stock is being purchased only for investment and without any then-present intention
to sell or distribute such shares.

 

6.          Termination
of Employment and Options. Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the
first of the following events:

 

		(a)	Expiration. Ten (10) years from the Date of Grant.

 

		(b)	Termination for Cause. The date of the first discovery by the Company of any reason for
the termination of an Optionee’s employment or contractual relationship with the Company or any related company for cause
(as determined in the sole discretion of the Plan Administrator), and, if an Optionee’s employment is suspended pending any
investigation by the Company as to whether the Optionee’s employment should be terminated for cause, the Optionee’s
rights under this Agreement and the Plan shall likewise be suspended during the period of any such investigation.

 

		(c)	Termination Due to Death or Disability. The expiration of one (1) year from the date of
the death of the Optionee or cessation of an Optionee’s employment or contractual relationship by reason of disability (as
defined in Section 5.1(g) of the Plan). If an Optionee’s employment or contractual relationship is terminated by death, any
Option 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.

 

    	2

    	 

    

 

		(d)	Termination for Any Other Reason. The expiration of three (3) months from the date of an
Optionee’s termination of employment or contractual relationship with the Company or any Related Corporation for any reason
whatsoever other than termination of service as a director, cause, death or Disability (as defined in Section 5.1(g) of the Plan).

 

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

 

7.          Stock.
In the case of any stock split, stock dividend or like change in the nature of shares of Stock covered by this Agreement, the number
of shares and exercise price shall be proportionately adjusted as set forth in Section 5.1(m) of the Plan.

 

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

 

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

 

		(a)	by delivering to the Company shares of Common Stock previously held by such person, duly endorsed
for transfer to the Company, or by the Company withholding shares of Common Stock otherwise deliverable pursuant to exercise of
the Option, which shares of Common Stock received or withheld shall have a fair market value at the date of exercise (as determined
by the Plan Administrator) equal to the aggregate purchase price to be paid by the Optionee upon such exercise; or

 

    	3

    	 

    

 

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

 

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

 

9.          Holding
period for Incentive Stock Options. In order to obtain the tax treatment provided for Incentive Stock Options by Section 422
of the Code, the shares of Common Stock received upon exercising any Incentive Stock Options received pursuant to this Agreement
must be sold, if at all, after a date which is later of two (2) years from the date of this agreement is entered into or one (1)
year from the date upon which the Options are exercised. The Optionee agrees to report sales of shares prior to the above determined
date to the Company within one (1) business day after such sale is concluded. The Optionee also agrees to pay to the Company, within
five (5) business days after such sale is concluded, the amount necessary for the Company to satisfy its withholding requirement
required by the Code in the manner specified in Section 5.1(l) of the Plan. Nothing in this Section 9 is intended as a representation
that Common Stock may be sold without registration under state and federal securities laws or an exemption therefrom or that such
registration or exemption will be available at any specified time.

 

10.         Resale
restrictions may apply. Any resale of the shares of Common Stock received upon exercising any Options will be subject to resale
restrictions contained in the securities legislation applicable to the Optionee. The Optionee acknowledges and agrees that the
Optionee is solely responsible (and the Company is not in any way responsible) for compliance with applicable resale restrictions.

 

11.         Subject
to 2007 Stock Option Plan. The terms of the Options are subject to the provisions of the Plan, as the same may from time to
time be amended, and any inconsistencies between this Agreement and the Plan, as the same may be from time to time amended, shall
be governed by the provisions of the Plan, a copy of which has been delivered to the Optionee, and which is available for inspection
at the principal offices of the Company.

 

12.         Professional
Advice. The acceptance of the Options and the sale of Common Stock issued pursuant to the exercise of Options may have consequences
under federal and state tax and securities laws which may vary depending upon the individual circumstances of the Optionee. Accordingly,
the Optionee acknowledges that he or she has been advised to consult his or her personal legal and tax advisor in connection with
this Agreement and his or her dealings with respect to Options. Without limiting other matters to be considered with the assistance
of the Optionee’s professional advisors, the Optionee should consider: (a) whether upon the exercise of Options, the Optionee
will file an election with the Internal Revenue Service pursuant to Section 83(b) of the Code and the implications of alternative
minimum tax pursuant to the Code; (b) the merits and risks of an investment in the underlying shares of Common Stock; and (c) any
resale restrictions that might apply under applicable securities laws.

 

    	4

    	 

    

 

13.         No
Employment Relationship. 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 Company
or any Related Company, express or implied, that the Company or any Related Company will employ or contract with an Optionee, for
any length of time, nor shall it interfere in any way with the Company’s or, where applicable, a Related Company’s
right to terminate Optionee’s employment at any time, which right is hereby reserved.

 

14.         Entire
Agreement. This Agreement is the only agreement between the Optionee and the Company with respect to the Options, and this
Agreement and the Plan supersede all prior and contemporaneous oral and written statements and representations and contain the
entire agreement between the parties with respect to the Options.

 

15.         Notices.
Any notice required or permitted to be made or given hereunder shall be mailed or delivered personally to the addresses set forth
below, or as changed from time to time by written notice to the other:

 

The Company:

 

California Gold Corp.

4515 Ocean View Blvd., Suite 305

La Canada, CA 91011

Attention: President

 

With a copy to:

 

Gottbetter & Partners LLP

488 Madison Avenue, 12th Floor

New York, NY 10022

Attention: [Insert Name]

 

		The Optionee:	[Insert Name and Address]

 

    	5

    	 

    

 

 

	CALIFORNIA GOLD CORP.	 
	 	 	 
	Per:	 	 
	 	Authorized Signatory	 
	 	 	 
	 	 	 	 
	 	Print Name of Optionee:	 
	 	 	 
	 	Address of Optionee:	 

 

    	6

    	 

    

 

EXHIBIT
A

 

TERMS OF THE OPTION

 

	Name of the Optionee:
	 
	Date of Grant:
	 
	Designation:

 

		1.	Number of Options granted:

 

		2.	Purchase Price:

 

		3.	Vesting Dates:

 

		4.	Expiration Date:

 

    	7

    	 

    

 

EXHIBIT
B

 

To:

 

California Gold Corp.

4515 Ocean View Blvd., Suite 305

La Canada, CA 91011

Attention: President

 

Notice of Election to Exercise

 

This Notice of Election to Exercise shall
constitute proper notice pursuant to Section 5.1(h) of California Gold Corp.’s (the “Company”) 2007 Stock Option
Plan (the “Plan”) and Section 8 of that certain Stock Option Agreement (the “Agreement”) dated as of the
____ day of ____, 20__, between the Company and the undersigned.

 

The undersigned hereby elects to exercise
Optionee’s option to purchase 100,000 shares of the common stock of the Company at a price of US$0.50 per share, for aggregate
consideration of US$50,000, on the terms and conditions set forth in the Agreement and the Plan. Such aggregate consideration,
in the form specified in Section 8 of the Agreement, accompanies this notice.

 

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

 

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

 

    	8

    	 

    

 

DATED at ____________________________________, the day of ________________________,
20___.

 

	 	 
	 	(Name of Optionee – Please type or print)
	 	 
	 	 
	 	(Signature and, if applicable, Office)
	 	 
	 	 
	 	(Address of Optionee)
	 	 
	 	 
	 	(City, State, and Zip Code of Optionee)

 

    	9

    	 

    

 

Note: For the Exhibit listed in
the first column below, only the form of instrument has been filed as an exhibit to the Registrant's Form S-1 registration statement.
This Schedule provides detail as to the actual instruments issued under the form filed as an exhibit and lists the material details
in which each such instrument differs from the form of document filed.

 

	Exhibit

No.	 	Title of Instrument	 	Name of

Optionee	 	Number of

Option Grant

Shares	 	Issue

Date	 	Option Status
	10.2	 	Option Grant under the Registrant’s 2007 Stock Option Plan	 	James Davidson	 	1,000,000	 	7/27/2011	 	Non-Qualified
	 	 	 	 	David Rector	 	1,000,000	 	7/27/2011	 	Non-Qualified
	 	 	 	 	George Duggan	 	1,000,000	 	7/27/2011	 	Non-Qualified
	 	 	 	 	Rob Rainer	 	1,000,000	 	7/27/2011	 	Non-Qualified
	 	 	 	 	Feliciano Leon	 	1,000,000	 	7/27/2011	 	Non-Qualified
	 	 	 	 	Ed Karr	 	2,000,000	 	7/27/2011	 	Non-Qualified
	 	 	 	 	Barry Honig	 	2,000,000	 	7/27/2011	 	Non-Qualified
	 	 	 	 	Michael Baybak	 	2,000,000	 	7/27/2011	 	Non-Qualified

 

    	10

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