Document:

All American Gold Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

CONSULTING AGREEMENT

THIS AGREEMENT is dated and effective on the ______ day
of  ____________, 2010.

	BETWEEN: 
	 	ALL AMERICAN GOLD CORP. of 8 Hart Avenue, 15th
      Floor, Flat D, 
	 	Tsim Sha Tsui, Kowloon, Hong Kong 
	 	 
	 	(the "Company") 
	AND: 
	 	BRENT WELKE, with an address at 4839 N. College Ave. P.O.
      Box 
	 	55058, Indianapolis, Indiana 46205 
	 	  
	 	(the "Contractor") 

WHEREAS:

A. The Company desires to retain the Contractor to provide the
Company with the services as the Company's President and Chief Executive Officer
and a member of the Board of Directors (the "Services") in regards to the
Company's management and operations;

B. The Contractor has agreed to provide the Services to the
Company on the terms and conditions of this Agreement.

     NOW THEREFORE THIS AGREEMENT
WITNESSES that in consideration of the mutual covenants and promises set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by each, the parties hereto agree as
follows:

ARTICLE 1
APPOINTMENT AND AUTHORITY OF
CONTRACTOR

1.1 Appointment of Contractor. The Company hereby
appoints the Contractor to perform the Services for the benefit of the Company
as hereinafter set forth, and the Company hereby authorizes the Contractor to
exercise such powers as provided under this Agreement. The Contractor accepts
such appointment on the terms and conditions herein set forth.

1.2 Performance of Services. The Services hereunder have
been and shall continue to be provided on the basis of the following terms and
conditions:

	 	(a) 	
      the Contractor shall report directly to the Board of
      Directors of the Company;

	 	 	 
	 	(b) 	
      the Contractor shall faithfully, honestly and diligently
      serve the Company and cooperate with the Company and utilize maximum
      professional skill and care to ensure that all services rendered hereunder, including the Services, are
      to the satisfaction of the Company, acting reasonably, and the Contractor
      shall provide any other services not specifically mentioned herein, but
      which by reason of the Contractor's capability the Contractor knows or
      ought to know to be necessary to ensure that the best interests of the
  Company are maintained; and

	 	 	 
	 	(c)	the Company shall report the results of the Contractor's
      duties hereunder as may be requested by the Company from time to
    time.

2

1.3 Authority of Contractor. The Contractor shall have
no right or authority, express or implied, to commit or otherwise obligate the
Company in any manner whatsoever except to the extent specifically provided
herein or specifically authorized in writing by the Company.

1.4 Independent Contractor. In performing the Services,
the Contractor shall be an independent contractor and not an employee or agent
of the Company, except that the Contractor shall be the agent of the Company
solely in circumstances where the Contractor must be the agent to carry out its
obligations as set forth in this Agreement. Nothing in this Agreement shall be
deemed to require the Contractor to provide the Services exclusively to the
Company and the Contractor hereby acknowledges that the Company is not required
and shall not be required to make any remittances and payments required of
employers by statute on the Contractor's behalf and the Contractor or any of its
agents shall not be entitled to the fringe benefits provided by the Company to
its employees.

ARTICLE 2
 CONTRACTOR'S AGREEMENTS

2.1 Expense Statements. The Contractor may incur
expenses in the name of the Company as agreed in advance in writing by the
Company, provided that such expenses relate solely to the carrying out of the
Services. The Contractor will immediately forward all invoices for expenses
incurred on behalf of and in the name of the Company and the Company agrees to
pay said invoices directly on a timely basis. The Contractor agrees to obtain
approval from the Company in writing for any individual expense of $1,500 or
greater or any aggregate expense in excess of $5,000 incurred in any given month
by the Contractor in connection with the carrying out of the Services.

2.2 Regulatory Compliance. The Contractor agrees to
comply with all applicable securities legislation and regulatory policies in
relation to providing the Services, including but not limited to United States
securities laws (in particular, Regulation FD) and the policies of the United
States Securities and Exchange Commission. 

2.3 Prohibition Against Insider Trading. The Contractor
hereby acknowledges that the Contractor is aware, and further agrees that the
Contractor will advise those of its directors, officers, employees and agents
who may have access to Confidential Information, that United States securities
laws prohibit any person who has material, non-public information about a
company from purchasing or selling securities of such a company or from
communicating such information to any other person under circumstances in which
it is reasonably foreseeable that such person is likely to purchase or sell such
securities. 

ARTICLE 3 
COMPANY'S AGREEMENTS

3.1 Compensation Shares. The compensation for agreeing
to enter into this Agreement and provide the Services to be rendered by the
Contractor pursuant to this Agreement shall be payable in 2,500,000 shares of the Company's common stock issuable
immediately upon signing (the "Compensation Shares") for the Term.

3

3.2 Clawback of Unpaid Compensation Shares. The
Contractor acknowledges and agrees that any assessable Compensation Shares will
be subject to cancellation in the event that this Agreement is terminated for
any reason before such Compensation Shares have been paid fully for by the
provision of Services, and that the Company's obligation to issue the balance of
the Compensation Shares which have not been fully paid for will terminate
immediately upon early termination of this Agreement. If the Agreement is
terminated prior to the end of the one year period, the number of Compensation
Shares that the Contractor is entitled to receive in respect of such period
shall be calculated by reference to the following formula:

2,500,000 X A 
1095

where A = the number of days of the
period up to and including the date of termination.

For greater certainty no fractional Compensation Shares will be
issued but the Contractor will be entitled to receive one whole Compensation
Share if, but for this section, the Contractor would otherwise be entitled to
receive a fractional Compensation Share.

3.3 Commitment. The Company and the Contractor
acknowledge and agree that the Services to be provided at the present time will
require approximately 24 hours per month. Such amount of work required to
perform the Services shall be re-evaluated by the parties afer three months, and
should the work required to perform the Services require time materially in
excess of 24 hours per month, the parties shall agree to negotiate amended
compensatory terms.

3.4 Voting of Compensation Shares. The Contractor
covenants and agrees that, with respect to the Compensation Shares that it
receives, it shall, at all times that it is the beneficial owner of such shares,
vote such shares on all matters coming before it as a stockholder of the Company
in the same manner as the majority of the board of directors of the Company
shall recommend.

3.5 Information. Subject to the terms of this Agreement,
including without limitation Article 5 hereof, and provided that the Contractor
agrees that it will not disclose any material non-public information to any
person or entity, the Company shall make available to the Contractor such
information and data and shall permit the Contractor to have access to such
documents as are reasonably necessary to enable it to perform the Services under
this Agreement. The Company also agrees that it will act reasonably and promptly
in reviewing materials submitted to it from time to time by the Contractor and
inform the Contractor of any material inaccuracies or omissions in such
materials.

3.6. Cash Compensation. Contractor shall also be paid
$1,000 USD on the first day of each of the 36 months of the Term period as a
salary, plus reimbursement of expenses, subject to the provisions of Section 2.1
herein.

ARTICLE 4
DURATION, TERMINATION AND DEFAULT

4.1 Effective Date. This Agreement shall become
effective as of _________________, 2010 (the "Effective Date"), and shall continue
to _________________, 2013 (the "Term") or until earlier terminated pursuant to the
terms of this Agreement.

4

4.2 Termination. Without prejudicing any other rights
that the Company may have hereunder or at law or in equity, the Company may
terminate this Agreement immediately upon it election to do so, or if it so
elects, upon delivery of written notice to the Contractor if:

	 	(a) 	
      the Contractor breaches section 2.2 of this
    Agreement;

	 	 	 
	 	(b) 	
      the Contractor breaches any other material term of this
      Agreement and such breach is not cured to the reasonable satisfaction of
      the Company within thirty (30) days after written notice describing the
      breach in reasonable detail is delivered to the Contractor;

	 	 	 
	 	(c) 	
      the Company acting reasonably determines that the
      Contractor has acted, is acting or is likely to act in a manner
      detrimental to the Company or has violated or is likely to violate the
      confidentiality of any information as provided for in this
    Agreement;

	 	 	 
	 	(d) 	
      the Contractor is unable or unwilling to perform the
      Services under this Agreement, or

	 	 	 
	 	(e) 	
      the Contractor commits fraud, serious neglect or
      misconduct in the discharge of the Services.

4.3 Duties Upon Termination. Upon termination of this
Agreement for any reason, the Contractor shall upon receipt of all sums due and
owing, promptly deliver the following in accordance with the directions of the
Company:

	 	(a) 	
      a final accounting, reflecting the balance of expenses
      incurred on behalf of the Company as of the date of termination;
  and

	 	 	 
	 	(b) 	
      all documents pertaining to the Company or this
      Agreement, including but not limited to, all books of account,
      correspondence and contracts in his possession, provided that the
      Contractor shall be entitled thereafter to inspect, examine and copy all
      of the documents which it delivers in accordance with this provision at
      all reasonable times upon three (3) days' notice to the
  Company.

4.4 Compensation of Contractor on Termination. Upon
termination of this Agreement, the Contractor shall be entitled to receive as
its full and sole compensation in discharge of obligations of the Company to the
Contractor under this Agreement all sums due and payable under this Agreement to
the date of termination and the Contractor shall have no right to receive any
further payments; provided, however, that the Company shall have the right to
offset against any payment owing to the Contractor under this Agreement any
damages, liabilities, costs or expenses suffered by the Company by reason of the
fraud, negligence or wilful act of the Contractor, to the extent such right has
not been waived by the Company.

4.5 Early Vesting. In the event the Company is acquired,
merged, amalgamated, liquidated, or any other event by which the Company's
corporate structure is altered or by which it undergoes a change of control, all
stock and salary which would have been paid to Consultant if he had successfully
completed the Term of the Contract will immediately be paid and released to him.
It is the understanding of the parties hereto that the Company plans to list
itself as a publicly traded company. If so, and the extraordinary corporate
change causes it to be delisted or listed on a less liquid exchange or over the
counter entity, Company will release all shares to Consultant in sufficient time
to allow him time to liquidate his shares in an orderly manner.

5

4.6. Relocation. The Company shall use the Contractor's
business office as its United States administrative office. The Company
understands that Contractor's primary source of income is from Contractor's law
practice in Indianapolis, Indiana.

ARTICLE 5 
CONFIDENTIALITY AND NON-COMPETITION

5.1 Maintenance of Confidential Information. The
Contractor acknowledges that in the course of its appointment hereunder the
Contractor will, either directly or indirectly, have access to and be entrusted
with information (whether oral, written or by inspection) relating to the
Company or its respective affiliates, associates or customers (the "Confidential
Information"). For the purposes of this Agreement, "Confidential Information"
includes, without limitation, any and all Developments (as defined herein),
trade secrets, inventions, innovations, techniques, processes, formulas,
drawings, designs, products, systems, creations, improvements, documentation,
data, specifications, technical reports, customer lists, supplier lists,
distributor lists, distribution channels and methods, retailer lists, reseller
lists, employee information, financial information, sales or marketing plans,
competitive analysis reports and any other thing or information whatsoever,
whether copyrightable or uncopyrightable or patentable or unpatentable. The
Contractor acknowledges that the Confidential Information constitutes a
proprietary right, which the Company is entitled to protect. Accordingly the
Contractor covenants and agrees that during the Term and thereafter until such
time as all the Confidential Information becomes publicly known and made
generally available through no action or inaction of the Contractor, the
Contractor will keep in strict confidence the Confidential Information and shall
not, without prior written consent of the Company in each instance, disclose,
use or otherwise disseminate the Confidential Information, directly or
indirectly, to any third party.

5.2 Exceptions. The general prohibition contained in
Section 5.1 against the unauthorized disclosure, use or dissemination of the
Confidential Information shall not apply in respect of any Confidential
Information that:

	 	(a) 	
      is available to the public generally in the form
      disclosed;

	 	 	 
	 	(b) 	
      becomes part of the public domain through no fault of the
      Contractor;

	 	 	 
	 	(c) 	
      is already in the lawful possession of the Contractor at
      the time of receipt of the Confidential Information; or

	 	 	 
	 	(d) 	
      is compelled by applicable law to be disclosed, provided
      that the Contractor gives the Company prompt written notice of such
      requirement prior to such disclosure and provides assistance in obtaining
      an order protecting the Confidential Information from public
      disclosure.

5.3 Developments. Any information, data, work product or
any other thing or documentation whatsoever which the Contractor, either by
itself or in conjunction with any third party, conceives, makes, develops,
acquires or acquires knowledge of during the Contractor's appointment with the
Company or which the Contractor, either by itself or in conjunction with any
third party, shall conceive, make, develop, acquire or acquire knowledge of
(collectively the "Developments") during the Term or at any time thereafter
during which the Contractor is engaged by the Company that is related to the
business of mining property acquisition and exploration shall automatically form
part of the Confidential Information and shall become and remain the sole and
exclusive property of the Company. Accordingly, the Contractor does hereby
irrevocably, exclusively and absolutely assign, transfer and convey to the
Company in perpetuity all worldwide right, title and interest in and to any and
all Developments and other rights of whatsoever nature and kind in or arising from or
pertaining to all such Developments created or produced by the Contractor during
the course of performing this Agreement, including, without limitation, the
right to effect any registration in the world to protect the foregoing rights.
The Company shall have the sole, absolute and unlimited right throughout the
world, therefore, to protect the Developments by patent, copyright, industrial
design, trademark or otherwise and to make, have made, use, reconstruct, repair,
modify, reproduce, publish, distribute and sell the Developments, in whole or in
part, or combine the Developments with any other matter, or not use the
Developments at all, as the Company sees fit.

6

5.4 Protection of Developments. The Contractor does
hereby agree that, both before and after the termination of this Agreement, the
Contractor shall perform such further acts and execute and deliver such further
instruments, writings, documents and assurances (including, without limitation,
specific assignments and other documentation which may be required anywhere in
the world to register evidence of ownership of the rights assigned pursuant
hereto) as the Company shall reasonably require in order to give full effect to
the true intent and purpose of the assignment made under Section 5.3 hereof. If
the Company is for any reason unable, after reasonable effort, to secure
execution by the Contractor on documents needed to effect any registration or to
apply for or prosecute any right or protection relating to the Developments, the
Contractor hereby designates and appoints the Company and its duly authorized
officers and agents as the Contractor's agent and attorney to act for and in the
Contractor's behalf and stead to execute and file any such document and do all
other lawfully permitted acts necessary or advisable in the opinion of the
Company to effect such registration or to apply for or prosecute such right or
protection, with the same legal force and effect as if executed by the
Contractor.

5.5 Remedies. The parties to this Agreement recognize
that any violation or threatened violation by the Contractor of any of the
provisions contained in this Article 5 will result in immediate and irreparable
damage to the Company and that the Company could not adequately be compensated
for such damage by monetary award alone. Accordingly, the Contractor agrees that
in the event of any such violation or threatened violation, the Company shall,
in addition to any other remedies available to the Company at law or in equity,
be entitled as a matter of right to apply to such relief by way of restraining
order, temporary or permanent injunction and to such other relief as any court
of competent jurisdiction may deem just and proper.

5.6 Reasonable Restrictions. The Contractor agrees that
all restrictions in this Article 5 are reasonable and valid, and all defenses to
the strict enforcement thereof by the Company are hereby waived by the
Contractor.

ARTICLE 6 
DEVOTION TO CONTRACT

6.1 Devotion to Contract. During the term of this
Agreement, the Contractor shall devote sufficient time, attention, and ability
to the business of the Company, and to any associated company, as is reasonably
necessary for the proper performance of the Services pursuant to this Agreement.
Nothing contained herein shall be deemed to require the Contractor to devote its
exclusive time, attention and ability to the business of the Company. During the
term of this Agreement, the Contractor shall, and shall cause each of its agents
assigned to performance of the Services on behalf of the Contractor, to:

	 	(a) 	
      at all times perform the Services faithfully, diligently,
      to the best of its abilities and in the best interests of the
    Company;

	 	 	 
	 	(b) 	
      devote such of its time, labour and attention to the
      business of the Company as is necessary for the proper performance of the
      Services hereunder; and

	 	 	 
	 	(c) 	refrain from acting in any manner contrary to the best
      interests of the Company or contrary to the duties of the Contractor as
    contemplated herein.

7

6.2 Other Activities. The Contractor shall not be
precluded from acting in a function similar to that contemplated under this
Agreement for any other person, firm or company.

ARTICLE 7
PRIVATE PLACEMENT OF COMPENSATION
SHARES

7.1 Documents Required from Contractor. The Contractor
shall complete, sign and return to the Company as soon as possible, on request
by the Company, such additional documents, notices and undertakings as may be
required by regulatory authorities and applicable law.

	7.2
      Acknowledgements of Contractor The Contractor
    acknowledges and agrees that:
	 	 	 
		(a) 	
      the Contractor agrees and acknowledges that none of the
      Compensation Shares have been registered under the Securities Act of 1933
      or under any state securities or "blue sky" laws of any state of the
      United States, and, unless so registered, may not be offered or sold in
      the United States or, directly or indirectly, to U.S. Persons (as that
      term is defined in Regulation S under the Securities Act of 1933), except
      in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the Securities Act of 1933, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the Securities Act of 1933 and in each case
      only in accordance with applicable state securities laws. However, the
      parties acknowledge that the Company shall register the Compensation
      Shares within one year from the date of this Agreement;

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

	 	 	 
		(c) 	
      the Compensation Shares will be subject in the United
      States to a hold period from the date of issuance of the Compensation
      Shares unless such Compensation Shares are registered with the Securities
      and Exchange Commission ("SEC");

	 	 	 
		(d) 	
      the decision to execute this Agreement and purchase the
      Compensation Shares agreed to be purchased hereunder has not been based
      upon any oral or written representation as to fact or otherwise made by or
      on behalf of the Company other than those made by the Company in the
      information the Company has filed with the SEC;

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

8

	 	(f) 	
      the issuance and sale of the Compensation Shares to the
      Contractor will not be completed if it would be unlawful;

	 	 	 
	 	(g) 	
      the Compensation Shares are not listed on any stock
      exchange or subject to quotation and no representation has been made to
      the Contractor that the Compensation Shares will become listed on any
      other stock exchange or subject to quotation on any other quotation system
      except that market makers are currently making markets in the Company's
      common stock on the OTC Bulletin Board;

	 	 	 
	 	(h) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Compensation Shares;

	 	 	 
	 	(i) 	
      there is no government or other insurance covering the
      Compensation Shares;

	 	 	 
	 	(j) 	
      there are risks associated with an investment in the
      Compensation Shares, including the risk that the Contractor could lose all
      of its investment;

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

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

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

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

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

9

	 	(i) 	
      any applicable laws of the jurisdiction in which the
      Contractor is resident in connection with the distribution of the
      Compensation Shares hereunder, and

	 	 	 
	 	(ii) 	
      applicable resale restrictions.

7.3 Representations, Warranties and Covenants of the
Contractor. The Contractor hereby represents and warrants to and covenants
with the Company (which representations, warranties and covenants shall survive
the end of the expiry of the Term or early termination of this Agreement)
that:

	 	(a) 	
      The Contractor is a U.S. Person and is an "accredited
      investor" as that term is defined in Rule 501 of Regulation D promulgated
      under the 1933 Act;

	 	 	 
	 	(b) 	
      the Contractor is not acquiring the Compensation Shares
      for the account or benefit of, directly or indirectly, any other U.S.
      Person;

	 	 	 
	 	(c) 	
      the sale of the Compensation Shares to the Contractor as
      contemplated in this Agreement complies with or is exempt from the
      applicable securities legislation of the jurisdiction of residence of the
      Contractor;

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

	 	 	 
	 	(e) 	
      the Contractor is executing this Agreement and is
      acquiring the Compensation Shares as principal for the Contractor's own
      account, for investment purposes only, and not with a view to, or for,
      distribution or fractionalisation thereof, in whole or in part, and no
      other person has a direct or indirect beneficial interest in such
      Compensation Shares;

	 	 	 
	 	(f) 	
      the entering into of this Agreement and the transactions
      contemplated hereby have been duly authorized by all necessary corporate
      action on the part of the Contractor;

	 	 	 
	 	(g) 	
      the entering into of this Agreement and the transactions
      contemplated thereby will not result in the violation of any of the terms
      and provisions of any law applicable to the Contractor, or of any
      agreement, written or oral, to which the Contractor may be a party or by
      which the Contractor is or may be bound;

	 	 	 
	 	(h) 	
      the Contractor has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the
      Contractor enforceable against the Contractor in accordance with its
      terms;

	 	 	 
	 	(i) 	
      the Contractor has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the prospective investment in the Compensation Shares
      and the Company;

	 	 	 
	 	(j) 	
      the Contractor is not an underwriter of, or dealer in,
      the common shares of the Company, nor is the Contractor participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Compensation Shares;

	 	 	 
	 	(k) 	
      the Contractor is not aware of any advertisement of
      pertaining to the Company or any of the Compensation Shares;
  and

10

	 	(l) 	
      no person has made to the Contractor any written or oral
      representations:

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

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

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

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

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

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

  

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

ARTICLE 8 
MISCELLANEOUS

8.1 Notices. All notices required or allowed to be given
under this Agreement shall be made either personally by delivery to or by
facsimile transmission to the address as hereinafter set forth or to such other
address as may be designated from time to time by such party in writing:

	 	(a) 	
      in the case of the Company, to:

ALL AMERICAN GOLD CORP.
8
Hart Avenue, 15th Floor, Flat D, Tsim Sha Tsui, Kowloon, 
Hong
Kong 
Attention: Ma Cheng Ji

11

		(b) 	
      and in the case of the Contractor to:

	 	 	 
			
      BRENT WELKE,

			
      4839 N. College Ave. P.O. Box 55058
 Indianapolis,
      Indiana 46205

	 	 	 
	8.2 	
      Independent Legal Advice. The Contractor
      acknowledges that:

	 	 	 
		(a) 	
      this Agreement was prepared by the W.L. Macdonald Law
      Corporation for the Company;

	 	 	 
		(b) 	
      W.L. Macdonald Law Corporation received instructions from
      the Company and does not represent the Contractor;

	 	 	 
		(c) 	
      the Contractor has been requested to obtain his own
      independent legal advice on this Agreement prior to signing this
      Agreement;

	 	 	 
		(d) 	
      the Contractor has been given adequate time to obtain
      independent legal advice;

	 	 	 
		(e) 	
      by signing this Agreement, the Contractor confirms that
      he fully understands this Agreement; and

	 	 	 
		(f) 	
      by signing this Agreement without first obtaining
      independent legal advice, the Contractor waives his right to obtain
      independent legal advice.

8.3 Change of Address. Any party may, from time to time,
change its address for service hereunder by written notice to the other party in
the manner aforesaid.

8.4 Entire Agreement. As of from the date hereof, any
and all previous agreements, written or oral between the parties hereto or on
their behalf relating to the appointment of the Contractor by the Company are
null and void. The parties hereto agree that they have expressed herein their
entire understanding and agreement concerning the subject matter of this
Agreement and it is expressly agreed that no implied covenant, condition, term
or reservation or prior representation or warranty shall be read into this
Agreement relating to or concerning the subject matter hereof or any matter or
operation provided for herein.

8.5 Further Assurances. Each party hereto will promptly
and duly execute and deliver to the other party such further documents and
assurances and take such further action as such other party may from time to
time reasonably request in order to more effectively carry out the intent and
purpose of this Agreement and to establish and protect the rights and remedies
created or intended to be created hereby.

8.6 Waiver. No provision hereof shall be deemed waived
and no breach excused, unless such waiver or consent excusing the breach is made
in writing and signed by the party to be charged with such waiver or consent. A
waiver by a party of any provision of this Agreement shall not be construed as a
waiver of a further breach of the same provision.

8.7 Amendments in Writing. No amendment, modification or
rescission of this Agreement shall be effective unless set forth in writing and
signed by the parties hereto.

8.8 Assignment. Except as herein expressly provided, the
respective rights and obligations of the Contractor and the Company under this
Agreement shall not be assignable by either party without the written consent of
the other party and shall, subject to the foregoing, enure to the benefit of and
be binding upon the Contractor and the Company and their permitted
successors or assigns. Nothing herein expressed or implied is intended to confer
on any person other than the parties hereto any rights, remedies, obligations or
liabilities under or by reason of this Agreement.

12

8.9 Severability. In the event that any provision
contained in this Agreement shall be declared invalid, illegal or unenforceable
by a court or other lawful authority of competent jurisdiction, such provision
shall be deemed not to affect or impair the validity or enforceability of any
other provision of this Agreement, which shall continue to have full force and
effect.

8.10 Headings. The headings in this Agreement are
inserted for convenience of reference only and shall not affect the construction
or interpretation of this Agreement.

8.11 Number and Gender. Wherever the singular or
masculine or neuter is used in this Agreement, the same shall be construed as
meaning the plural or feminine or a body politic or corporate and vice versa
where the context so requires.

8.12 Time. Time shall be of the essence of this
Agreement. In the event that any day on or before which any action is required
to be taken hereunder is not a business day, then such action shall be required
to be taken at or before the requisite time on the next succeeding day that is a
business day. For the purposes of this Agreement, "business day" means a day
which is not Saturday or Sunday or a statutory holiday in Reno, Nevada,
U.S.A.

8.13 Enurement. This Agreement is intended to bind and
enure to the benefit of the Company, its successors and assigns, and the
Contractor and the personal legal representatives of the Contractor.

8.14 Counterparts. This Agreement may be executed in
several counterparts, each of which will be deemed to be an original and all of
which will together constitute one and the same instrument.

8.15 Currency. Unless otherwise provided, all dollar
amounts referred to in this Agreement are in lawful money of the United States
of America.

8.16 Electronic Means. Delivery of an executed copy of
this Agreement by electronic facsimile transmission or other means of electronic
communication capable of producing a printed copy will be deemed to be execution
and delivery of this Agreement as of the effective date of this Agreement.

8.17 Proper Law. This Agreement will be governed by and
construed in accordance with the law of Nevada. The parties hereby attorn to the
jurisdiction of the Courts in the State of Nevada.

     IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the day and year first above
written.

	ALL AMERICAN GOLD CORP. 	 
	 	 	 
	Per:		 
	 	Authorized Signatory 	 
	 	 	 
	 	 	 
	 	 	 
	BRENT WELKEYaterra Ventures Corp. - Exhibit 10.8 - Filed by newsfilecorp.com

FIFTH AMENDMENT AGREEMENT TO OPTION AGREEMENT

THIS AGREEMENT is dated for reference as of the 1st day
of September, 2010. 

BETWEEN: 

  
    GEOFFREY GOODALL 

      an individual having an
      address at Unit 154, 101 – 1001 

      West Broadway Street, Vancouver, BC V6H 4E4
      

      (the "Optionor") 

    

  

OF THE FIRST PART 

AND: 

  
    YATERRA VENTURES CORP.

      a Nevada corporation
      having an address at

      1200 Dupont Street, Suite 2J, Bellingham, WA 98225
      

      (the "Optionee") 

    

  

OF THE SECOND PART

WHEREAS: 

A. The Optionor and the Optionee entered into an option
agreement dated July 14, 2009 (the “Option Agreement”) whereby the Optionee was
granted an option to acquire a 60% interest in the mineral claim referred to as
the “Frances Property” located in the Vancouver Mining District of British
Columbia, Canada. 

B. On October 27, 2009, the Optionor and the Optionee entered
into an Amendment Agreement to the Option Agreement pursuant to which the
Optionor agreed to extend the due date of the Payment (as defined in the
Amendment Agreement). 

C. On December 10, 2009, the Optionor and the Optionee entered
into a Second Amendment Agreement to the Option Agreement pursuant to which the
Optionor agreed to further extend the due date of certain payments, share
issuances and Exploration Expenditures (as defined in the Option Agreement).

D. On February 1, 2010, the Optionor and the Optionee entered
into a Third Amendment Agreement to the Option Agreement pursuant to which the
Optionor agreed to further extend the due date of certain payments, share
issuances and Exploration Expenditures. 

E. On June 1, 2010, the Optionor and the Optionee entered into
a Fourth Amendment Agreement to the Option Agreement pursuant to which the
Optionor agreed to further extend the due date of certain payments, share
issuances and Exploration Expenditures. 

F. The Optionor has now agreed to further extend the due date
of certain payments, share issuances and Exploration Expenditures on the terms
and conditions hereinafter set forth.

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the sum of $10.00 now paid by the Optionee to the Optionor (the
receipt of which is hereby acknowledged), the parties agree as follows: 

	1. 	
      The Optionee shall pay $500 CDN to the Optionor on
      execution of this Agreement.

	 	 
	2. 	
      Section 2.1(a)(ii) of the Option Agreement is hereby
      deleted and replaced with the following:

		 	 
		“(i) 	paying the Optionor $12,500 CDN as follows: 
		 	 	 
		 	(A) 	
      $2,500 CDN on April 15, 2011; and

	 	 	 	 
		 	(B) 	
      an additional $10,000 CDN within twenty four months of
      the Effective Date.”

	 	 	 	 
	3. 	
      Section 2.1(a)(iii) of the Option Agreement is hereby
      deleted and replaced with the following:

	 	 	 	 
	 	“(iii) 	incurring Exploration Expenditures of $160,000 CDN on
the Property as follows; 
	 	 	 
	 	 	(A) 	$10,000 CDN on or before March 15, 2011; and 

2 

		 	
      (B)
	 a further $150,000 CDN on or before the third
    anniversary of the Effective Date.”
	 	 
	4. 	
      Section 2.1(a)(iv) of the Option Agreement is hereby
      deleted and replaced with the following:

	 	 	 	 
	 	“(iv) 	Issuing shares of the Optionee’s common stock (the
“Shares”) to the Optionor as follows: 
	 	 	 	 
	 	 	(A) 	
      2,000 Shares on or before March 15, 2011;

	 	 	 	 
	 	 	(B) 	
      an additional 3,000 Shares on or before April 15, 2011;
      and

	 	 	 	 
	 	 	(C) 	
      an additional 10,000 Shares within on or before the
      second anniversary of the Effective Date.

      (collectively referred to as the “Option Shares”)” 

	 	 
	5. 	
      The parties confirm that the terms, covenants and
      conditions of the Option Agreement remain unchanged and in full force and
      effect, except as modified by this Agreement.

	 	 
	6. 	
      This Agreement has been prepared by O’Neill Law Group
      PLLC acting solely on behalf of the Optionor and the Optionee acknowledges
      that it has been advised to obtain independent legal advice.

	 	 
	7. 	
      Except as otherwise expressly provided herein, the
      provisions hereof shall inure to the benefit of, and be binding upon, the
      successors, assigns, heirs, executors and administrators of the parties
      hereto.

	 	 
	8. 	
      This Agreement constitutes the full and entire
      understanding and agreement between the parties with regard to the subject
      hereof.

	 	 
	9. 	
      This Agreement may be executed in two or more
      counterparts, each of which shall constitute an original, but all of
      which, when taken together, shall constitute but one instrument, and shall
      become effective when one or more counterparts have been signed by each
      party hereto and delivered to the other parties.

IN WITNESS WHEREOF the parties hereto have executed this
Agreement as of the 10th day of December, 2010. 

SIGNED, SEALED AND DELIVERED GEOFFREY GOODALL in
the presence of:

	  	 	/s/
      Geoffrey Goodall 
	Signature of Witness 	 	GEOFFREY GOODALL 
	 	 	 
	 	 	 
	Name of Witness 	 	  
	 	 	 
	 	 	 
	Address 	 	  
	 	 	 
	YATERRA VENTURES CORP. 	 	  
	by its authorized signatory: 	 	  
	  	 	  
	/s/ David K.
      Ryan 	 	  
	Authorized Signatory

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