Document:

Golden Queen Mining Co. Ltd.: Exhibit 10.1 - Filed by newsfilecorp.com

AMENDMENT TO MANAGEMENT AGREEMENT 

THIS AGREEMENT is effective as of the
31st day of May, 2010; 

BETWEEN: 

		GOLDEN QUEEN MINING CO. LTD., a
      company duly incorporated under the laws of the Province of British
      Columbia, having its Registered and Records Office at #1200 - 750 West
      Pender Street, Vancouver British Columbia, V6C 2T8 	
	 	  	 
	 	(the “Company”) 	 

OF THE FIRST PART 

AND: 

		H. LUTZ KLINGMANN,
      President of the Company, residing at 6411 Imperial Avenue, West
      Vancouver, British Columbia, V7W 2J5 	
	 	 	 
	 	(the "Contractor") 	 

OF THE SECOND PART 

WHEREAS the Company and the Contractor wish to amend the
management agreement entered into between them and dated the 11th day
of March 2004 (the “Management Agreement”). 

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the premises and mutual covenants and conditions herein
contained, and for the continued efforts of the Contractor, the parties hereto
covenant and agree, as follows: 

	1. 	
      The Company and the Contractor hereby agree that the
      Management Agreement is hereby amended as follows:

	 	 	 
		a. 	
      Section 5 of the Management Agreement is hereby
      deleted and replaced with the following:

	 	 	 
			
      This Agreement shall be for a term of 36 months and shall
      automatically renew for 24 month periods unless terminated in accordance
      with the termination provisions herein.

	 	 	 
		b. 	
      Section 6 of the Management Agreement is hereby
      deleted and replaced with the following:

	 	 	 
			
      This Agreement may be terminated by the Contractor by the
      giving of sixty (60) days notice to the Company (the “Contractor
      Notice”). In the event the Contractor gives the Contractor Notice
      within 12 months following a Change of Control, as defined below, the
      Contractor will be entitled to receive from the Company a lump sum
      termination fee equal to three (3) times the Contractor’s annual
      compensation paid by the Company to the Contractor pursuant to this
      Agreement for the latest completed calendar year (the “Annual
      Payment”). In all other cases where the Contractor Notice is provided,
      the Contractor will be entitled to receive a termination bonus equal to
      one (1) time the Annual Payment. In the event the
Contractor provides the Contractor Notice the Contractor agrees to provide
reasonable assistance with an orderly transition of duties of the Contractor to
persons designated by the Company. The Company agrees to pay the foregoing
termination fee or termination bonus, as applicable, within fifteen (15)
calendar days following the end of the sixty (60) day notice period. 

For the purposes of this section,
“Change of Control” means: 

	 	(i) 	
      the direct or indirect acquisition at or above the
      Threshold Price in any manner of voting shares of the Company and/or
      securities exchangeable, exerciseable or convertible into voting shares of
      the Company, by a person, group of persons or persons acting jointly (in
      each case the “Holder”) which would entitle the Holder to cast more
      than 50% of the votes attaching to all of the shares of the Company which
      may be cast to elect directors of the Company, assuming full exchange,
      exercise and conversion of convertible securities held by the
    Holder;

	 	 	 
	 	(ii) 	
      the closing of an amalgamation, arrangement, merger or
      other combination or exchange of securities of the Company with another
      company or the shareholders of another company, which results in the
      shareholders of the Company immediately thereafter owning shares of the
      successor company entitling them to cast less than 40% of the votes
      attaching to all of the shares in the capital of the successor company
      which may be cast to elect directors of that company;

	 	 	 
	 	(iii) 	
      a sale of all or substantially all of the Company’s
      assets (which for the purposes hereof includes the sale of all or
      substantially all of the assets of a material subsidiary of the Company);
      or

	 	 	 
	 	(iv) 	
      a transaction or process similar to those described in
      (i) – (iii) above.

	 		
      For the purposes of the (i) and (ii) above, the Threshold
      Price means CAD$1.00 per voting share of the Company as such shares are
      presently constituted, and subject to adjustment in the event of a
      Transaction (as defined in section 11).

	 	 	 	 
	 	c. 	
      Section 7 of the Management Agreement is hereby
      deleted and replaced with the following:

	 	 	 	 
	 		
      This Agreement may be terminated by the Company upon
      notice to Contractor for “just” cause” which includes one or more of the
      following acts of the Contractor:

	 	 	 	 
	 		(a) 	
      commits a material breach of a provision of this
      Agreement;

	 	 	 	 
	 		(b) 	
      is unable or unwilling to perform the duties under this
      Agreement;

	 	 	 	 
	 		(c) 	
      commits fraud or serious neglect or misconduct in the
      discharge of his duties hereunder;

	 	 	 	 
	 			
      or

	 	 	 	 
	 		(d) 	
      becomes bankrupt or makes any arrangement or compromise
      with his creditors.

For the purposes of this Agreement,
the term “just cause” shall mean the legal test for dismissal of an employee as interpreted by the Supreme
Court of British Columbia.

2

	 	d. 	
      Section 8 of the Management Agreement is hereby
      deleted and replaced with the following:

	 	 	 
	 		
      This Agreement may be terminated by the Company without
      cause on providing the Contractor sixty (60) days written notice (the
      “Company Notice”). In the event the Company provides the Company
      Notice to the Contractor, the Contractor will be entitled to receive a
      termination fee equal to one (1) times the Annual Payment in the event the
      30 day VWAP on the date of the Company Notice is below the Threshold Price
      and otherwise a termination fee equal to three (3) times the Annual
      Payment. The Company agrees to pay the foregoing termination fee within
      fifteen (15) calendar days following the end of the sixty (60) day notice
      period.

	 	 	 
	 	e. 	
      Section 11 of the Management Agreement is hereby
      deleted and replaced with the following:

	 	 	 
	 		
      The Company agrees to issue common shares of the Company
      as a bonus to the Contractor as follows:

		(a) 	(i) 	Upon receipt by the Company of a bankable
      feasibility study and the decision to place the Property into commercial
      production, a performance bonus of 150,000 common shares; and
	 	  	  	  
			(ii) 	Upon commencement of commercial production on
      the property, a performance bonus of 150,000 common shares; or 
	 	  	  	  
		(b) 	In the event of a Change of Control
      at or above the Threshold Price, a performance bonus of 300,000 common
      shares; or 
	 	  	  	  
		(c) 	In the event of a Change of Control
      at or above 150% of the Threshold Price, a performance bonus of 600,000
      common shares. 
	 	  	  	  
	 	  	(each hereinafter referred to as the
      “Performance Shares”) 

For the purposes of the foregoing, the
Performance Shares mean common shares of the Company as constituted on the date
of this Agreement. The obligation of the Company to issue the Performance Shares
is subject to the Company having sufficient authorized share capital in order to
issue the Performance Shares.

The Contractor hereby acknowledges
that the Company is currently contemplating a private placement equity financing
which, if completed, will result in the Company having insufficient authorized
share capital to issue the Performance Shares. 

In the event the Company conducts or
participates in a transaction, reorganization, or capital change (each a
“Transaction”) affecting the shareholders of the Company or the common
shares of the Company, the Contractor shall in all cases be entitled to receive
any securities or consideration resulting from such Transaction as if the
Contractor were the holder of record of the Performance Shares on the record
date and/or the closing date of such Transaction provided that such securities
or consideration shall be issued or paid to Contractor only if Contractor would
otherwise be entitled to receive Performance Shares pursuant to this Section 11.

3

	 		
      In the event of a Change of Control transaction where the
      holders of the common shares of the Company are entitled to receive any
      securities or other consideration pursuant to such Change of Control
      transaction, the Contractor will receive such securities or other
      consideration in lieu of the Performance Shares that the Contractor would
      otherwise be entitled to pursuant to this Section 11, as if the Contractor
      were the holder of record of the Performance Shares on the record date
      and/or the closing date of such Change of Control transaction.

	 	 	 
	 		
      The Company agrees to include in any agreement entered
      into by the Company in connection with a Change of Control transaction or
      a Transaction a provision requiring any third party to comply with this
      Agreement, including the adjustment provisions herein.

	 	 	 
	 		
      If any issuance of securities pursuant to this section
      would contravene any provision of law, regulation or policy of a stock
      exchange, then the Contractor shall receive the fair market value of such
      securities, determined as at the time such securities are otherwise
      payable, in cash in lieu of receiving the securities.

	 	 	 
	 		
      This section shall apply to successive Transactions. The
      obligation to issue the Performance Shares, and any securities or
      consideration in lieu thereof due to one or more Transactions, pursuant to
      this section shall survive the termination of this Agreement for a period
      of five (5) years from the termination date.

	 	 	 
	 	f. 	
      Section 11.1 is hereby added to the Management
      Agreement as follows:

	 	 	 
	 		
      The parties agree that the Contractor is not an employee
      of the Company and, as such, the Company shall be no deductions for any
      statutory withholdings such as income tax, Canada Pension Plan,
      Unemployment Insurance or Worker’s Compensation, or equivalent provisions
      in any foreign jurisdiction in which the Contractor may be resident or in
      which the Contractor may be performing the services pursuant to this
      Agreement. The Contractor agrees to pay all income taxes, and make and
      remit all statutory withholdings as may be required by it in respect of
      the compensation paid to the Contractor pursuant to this Agreement. The
      Contractor hereby agrees to indemnify the Company from any loss or expense
      that the Company may incur or realize as a result of having to pay any
      taxes, statutory withholdings, interest and penalties in respect of the
      Contractor’s compensation pursuant to this Agreement.

	 	 	 
	 	g. 	
      Section 17 of the Management Agreement is hereby
      deleted and replaced with the following:

	 	 	 
	 		
      In the event the issuance of the Performance Shares
      referred to in 11(c) of the Management Agreement, as amended hereby,
      requires approval by the Toronto Stock Exchange, the Company shall take
      all reasonable and necessary steps to obtain such
  approval.

	2. 	
      Other than as amended by this amendment agreement, all
      other provisions of the Management Agreement shall remain in full force
      and effect.

4

IN WITNESS WHEREOF the Company and the Contractor have
executed this Agreement as of the day, month and year first above written. 

GOLDEN QUEEN MINING CO. LTD. 

Per: 

       /s/ Golden Queen Mining
Co. Ltd. 
       Authorized Signatory 

	Executed by H. LUTZ KLINGMANN in the
    	 	) 
	presence of: 	 	) 
	  	 	) 
	  	 	) 
	  	 	) 
	Signature 	 	)    /s/ H. Lutz Klingmann
      
	  	 	)    H. LUTZ KLINGMANN
  
	  	 	) 
	  	 	) 
	Print Name 	 	) 

5

MANAGEMENT AGREEMENT 

THIS AGREEMENT is effective as of the 11th day of March,
2004; BETWEEN: 

		GOLDEN QUEEN MINING CO. LTD., a
      company duly incorporated under the laws of the Province of British
      Columbia, having its Registered and Records Office at #1200 - 750 West
      Pender Street, Vancouver British Columbia, V6C 2T8 	
	 	  	 
	 	(the “Company”) 	 

OF THE FIRST PART 

AND: 

	 	H. LUTZ KLINGMANN,
      President of the Company, residing at 	 
	 	6411 Imperial Avenue, West Vancouver, British
      Columbia, V7W 2J5 	 
	 	 	 
	 	(the "Contractor") 	 

OF THE SECOND PART 

WHEREAS: 

	A. 	
      The Company is listed on the Toronto Stock Exchange
      (“TSX”) and is involved in the business of developing an open pit,
      gold-silver heap leach operation on its Soledad Mountain property, which
      is located in southern California (the “Property”);

	 	 
	B. 	
      The Company desires to retain the Contractor to look
      after the management of the Company and the Contractor has agreed to
      manage the affairs of the Company pursuant to the terms of this
      Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the premises and mutual covenants and conditions herein
contained, the parties hereto covenant and agree, as follows: 

Duties of the Contractor 

	1. 	
      The Contractor shall act as chief operating officer and
      have overall management responsibilities for the operations of the Company
      pursuant to the terms and conditions of this Agreement.

	 	 
	2. 	
      The Contractor shall provide the following services to
      the Company:

	 	(a) 	
      management of the day to day affairs of the Company and
      coordination of management of the day to day affairs of any
    subsidiary;

	 	 	 	 
	 	(b) 	
      liaising with the Company's auditors, accountants and
      lawyers, consulting engineers and other professionals;

	 	 	 	 
	 	(c) 	
      applying the Contractor's geological and engineering
      expertise to:

	 	 	 	 
	 		(i) 	
      bring the Property to a stage that a commercial
      production decision can be made;

	 	 	 	 
	 		(ii) 	
      on a favourable decision, place the Property into
      commercial production; and

	 	 	 	 
	 		(iii) 	
      manage the mining operations of the Company once the
      Property is in commercial production.

	 	(d) 	
      developing financial plans to secure financing to place
      the Property into commercial production.

	 	 	 
	 	(e) 	
      negotiating and concluding, at the direction of the Board
      of Directors, acquisitions of resource properties having the potential for
      commercial mineral production;

	 	 	 
	 	(f) 	
      assisting the chief financial officer with all proposed
      corporate financings of the Company, including initiation of proposed
      financings as required from time to time to carry out those matters
      referred to in clauses (d) and (e); and

	 	 	 
	 	(g) 	
      co-ordinating with the chief financial officer the
      dissemination of information about the Company to the public and to
      shareholders of the Company.

	3. 	
      The Contractor agrees that he shall, during the
      continuance of this Agreement, provide sufficient time to the business of
      the Company, and to any subsidiary of the Company, for the performance of
      the said services faithfully, diligently, to the best of his abilities and
      in the best interests of the Company.

	 	 
	4. 	
      The term subsidiary as used herein means any company or
      companies of which more than fifty per cent of the outstanding shares
      carrying votes at all times (provided that the ownership of such shares
      confers the right at all times to elect at least a majority of the Board
      of Directors of such company or companies) are for the time being owned by
      or held for the Company and/or any other company in like relation to the
      Company and include any company in like relation to the
  subsidiary.

Term of this Agreement 

	5. 	
      This Agreement shall be for a term of 36 months and shall
      successively renew for 24 month periods, unless the parties jointly agree
      otherwise.

	 	 
	6. 	
      This Agreement may be terminated by the Contractor,
      without cause, by the giving of sixty (60) days notice, unless a shorter notice period is agreed to
by both parties hereto. 

2

	7. 	
      This Agreement may be terminated by the Company if there
      is "just cause" to do so, by the Company giving 120 days notice in writing
      to the Contractor with full reasons, which must include one or more of the
      following acts of the Contractor:

	 	 	 
		(a) 	
      commits a material breach of a provision of this
      Agreement;

	 	 	 
		(b) 	
      is unable or unwilling to perform the duties under this
      Agreement;

	 	 	 
		(c) 	
      commits fraud or serious neglect or misconduct in the
      discharge of his duties hereunder;

	 	 	 
			
      or

	 	 	 
		(d) 	
      becomes bankrupt or makes any arrangement or compromise
      with his creditors.

		
      For the purposes of this Agreement, the term "just cause"
      shall mean the legal test for dismissal of an employee as interpreted by
      the Supreme Court of British Columbia.

	 	 
	8. 	
      If the Company otherwise gives notice to the Contractor
      to terminate this Agreement (eg: where just cause cannot be established
      and the termination is prompted by a change in control of the Company),
      the Contractor shall be entitled to, and shall be immediately paid,
      without reservation or condition except agreement to terminate, a lump sum
      equal to the three month average amount paid to the Contractor for his
      services prior to the notice of termination, multiplied by twelve
    (12).

Compensation to the Contractor 

	9. 	
      For the Contractor's services under this Agreement, the
      Company shall pay the Contractor a fee In the amount of $60 per hour with
      no monthly maximum amount.

	 	 	 
	10. 	
      For the use of the Contractor’s office, equipment and
      out-of-pocket incidental expenses, the Company agrees to pay an additional
      amount of $5.00 per hour with no monthly maximum amount.

	 	 	 
	11. 	
      To issue up to 300,000 common shares of the Company as a
      bonus to the Contractor in the amounts set out below upon the achievement
      by the Company of the following:

	 	 	 
		(a) 	
      Upon receipt by the Company of a bankable feasibility
      study and the decision to place the Property into commercial production, a
      bonus of 150,000 common shares; and

	 	 	 
		(b) 	
      Upon commencement of commercial production on the
      property, a bonus of 150,000 common shares.

Restrictions on the Contractor 

	12. 	
      The Company is aware that the Contractor may provide
      management services to other companies and the Company recognizes that in
      such circumstances these companies will require a certain portion of the Contractor's time. The
      Company agrees that the Contractor may continue to provide services to
      such outside interests, provided that such interests do not conflict with
  his duties under this Agreement.

3

	13. 	
      The Contractor shall not, except as authorized or
      required by his duties, reveal or divulge to any person or companies any
      of the trade secrets, secret or confidential operations, processes or
      dealings or any information concerning the organization, business,
      finances, transactions or other affairs of the Company or of its
      subsidiary which may come to his knowledge during the term of this
      Agreement and shall keep in complete secrecy all confidential information
      entrusted to him and shall not use or attempt to use any such information
      in any manner which may injure or cause loss either directly or indirectly
      to the Company's business or may be likely so to do. This restriction
      shall continue to apply after the termination of this Agreement without
      limit in point of time but shall cease to apply to information or
      knowledge which may come into the public domain.

Reporting by the Contractor 

	14. 	
      At least once in every month, the Contractor shall
      provide to each Director such information concerning the Company's
      businesses and activities for the previous month as the Directors may
      reasonably require.

General 

	15. 	
      This Agreement may not be assigned by any party except
      with the written consent of the other party hereto.

	 	 
	16. 	
      Time shall be of the essence of this Agreement.

	 	 
	17. 	
      This Agreement is subject to the acceptance of the
      TSX.

	 	 
	18. 	
      The parties hereto agree from time to time after the
      execution hereof to make, do, execute or cause or permit to be made, done
      or executed all such further and other lawful acts, deeds, things, devices
      and assurances in law whatsoever as may be required to carry out the true
      intention and to give full force and effect to this Agreement.

	 	 
	19. 	
      This Agreement embodies the entire agreement and
      understanding between the parties hereto and supersedes all prior
      agreements and undertakings, whether oral or written, relative to the
      subject matter hereof.

	 	 
	20. 	
      The following rules shall be applied in Interpreting this
      Agreement:

	 	(a) 	
      this Agreement shall enure to the benefit of and be
      binding upon each of the parties hereto and their respective successors
      and permitted assigns;

	 	 	 
	 	(b) 	
      if any provision of this Agreement or any part thereof
      shall be found or determined to be invalid it shall be severable from this
      Agreement and the remainder of this Agreement shall be construed as if such invalid provision or part
  has been deleted from this Agreement; and

4

	 	(c) 	
      this Agreement and all matters arising thereunder shall
      be governed by the laws of British Columbia and all disputes arising under
      this Agreement shall be referred to a court of British
  Columbia.

	21. 	
      Any notice, or instrument provided to be given hereunder
      shall be given in writing and be mailed, delivered or transmitted by
      facsimile to the other party at the address set out on page one. A party
      may give notice of any change of their respective address and the address
      of such party shall be deemed to be changed accordingly. Any notice, or
      Instrument if delivered or faxed shall be deemed to have been received on
      the day on which it was delivered or faxed, and if mailed, shall be deemed
      to have been received on the third business day following the day on which
      it was mailed, provided that if there shall be a postal strike, or labour
      dispute which may affect the delivery of the mail between the time of
      mailing and the actual receipt of notice then such notice shall only be
      effective if actually delivered.

	 	 
	22. 	
      The Contractor and the Company may execute this Agreement
      in two or more counterparts, and or by facsimile, each of which is deemed
      to be an original and all of which constitute one agreement, effective a
      of the date first above written.

IN WITNESS WHEREOF the Company and the Contractor have
executed this Agreement as of the day, month and year first above written. 

GOLDEN QUEEN MINING CO. LTD. 

Per: 

        /s/ Golden Queen
Mining Co. Ltd. 
        Authorized
Signatory 

	Executed by H. LUTZ KLINGMANN in the
    	 	) 	  
	presence of: 	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	) 	  
	Signature 	 	) 	/s/ H. Lutz Klingmann 
	  	 	) 	H. LUTZ KLINGMANN 
	  	 	) 	  
	  	 	) 	  
	Print Name 	 	) 	  

5Golden Queen Mining Co. Ltd.: Exhibit 10.3 - Filed by newsfilecorp.com

MINING LEASE

This Agreement made and entered into this 26t day of
April, 2001, by and between MRS. VIRGINIA KNIGHT (hereafter referred to as
“LESSOR”), and GOLDEN QUEEN CO., NC. a California corporation, jointly and
severally, (hereafter “LESSEE”).

	1.	
      Description of
      Property.     LESSOR is the owner of certain
      real property in Kern County, California, and more particularly described
      in Exhibit “A” attached hereto.

	 	 	 
	2. 	
      Grant of Lease.

	 	 	 
		2.1. 	
      LESSOR hereby leases exclusively to LESSEE, subject to
      the terms and conditions hereinafter expressed, the property set forth in
      Paragraph 1 (hereafter “LEASED PROPERTY”).

	 	 	 
		2.2. 	
      This lease is granted for the primary purpose of the
      exploration, development, and mining of the LEASE PROPERTY for minerals as
      may be found therein (hereinafter referred to as the “Leased Minerals”).
      LESSEE is hereby granted the exclusive right to enter into possession of
      the LEASED PROPERTY, and during the term of this lease, to remain in
      possession thereof, and diligently explore, develop, mine, operate and use
      the property and any surface or underground rights, including but not
      limited to access, and water or water rights, for purposes of conducting
      exploration, development, and mining operation on the LEASED PROPERTY the
      Leased Minerals and to treat, mill, stockpile, store, leach, ship, sell or
      otherwise dispose of the same and receive the full proceeds thereof
      (subjects to the obligation of rent and royalty payment as specified
      below); and to construct, use and operate thereon and therein structures,
      excavations, stockpiles, facilities, roads, equipment and other
      improvements which LESSEE shall deem reasonably required for, or in
      connection with, the full enjoyment of the rights and interests granted to
      LESSEE by this lease. Notwithstanding the foregoing, LESSEE will confer
      with LESSOR prior to the placement or modifications to any roads it
      intends to construct or modify.

Page 1 of 15

		2.3. 	Term of Lease.   
      The term of this Mining Lease shall be for twenty (15) years from and
      after the date of this lease and for so long thereafter as LESSEE is in
      production on properties located within a one (1) mile radius of the
      LEASED PROPERTY. For purposes of this paragraph, production shall be
      defined as the processing of in excess of 10,000 tons of ore per year. LES
      SEE may terminate this Lease at any time by delivery to LESSOR of a
      quitclaim deed to the LEASED PROPERTY, provided that LESSEE is not then in
      default under the terms of this lease. 

	3. 	
      Royalties and Consideration.

	 	 	 
		3.1. 	
      Advance Minimum Royalty.   
      LESSEE shall pay to LESSOR Advance Minimum Royalties as
  follows:

	Upon execution of this
      agreement 	 	$	10,000.00 	 
	  	 	 	  	 
	On the last day of each
      calendar quarter beginning April 30, 2004, or when the Company secures
      production financing reasonably acceptable to the Company whichever is
      sooner. 	 	$	 2,500.00    	 

	 	3.2. 	
      Production Royalties.     A production royalty to reflect a
      sliding scale royalty equal to Net Smelter Return (NSR) during a calendar
  quarter multiplied by Royalty Rate as defined hereafter:

	 	 	 	 
			3.2.1. 	
      The Net Smelter Return (“NSR”) is defined as the net
      dollar amount received by Lessee from the sale of Land Minerals produced
      from the Ore mined from the Premises in the corresponding calendar
      quarter, after deducting: (I) all charges, penalties, and deductions of
      any nature made by the smelter, refinery, or other treatment plant or
      purchaser arising out of the receipt, processing or handling of
      production, including umpire charges: and (II) the following items
      attributable to production paid by or for the account of Lessee: (a) all
      brokers’ or agents’ commissions negotiated at arms length with an independent party on
      the sale and all other costs of sale, (b) all cost of transportation
      (including but not limited to packaging, freight, insurance, handling,
      forwarding, port, demurrage, delay, and other like charges and expenses)
      from mine, mill or refinery, as the case may be, to the delivery
      destination specified in the purchase contract, and (c) any tax, royalty
      or fee levied on the ownership, mining production, processing, severance,
      or sale of the subject minerals.

Page 2 of 15

	 	3.2.2. 	NSR per Ton of Ore Production (“NSRPT”) is defined as the
      NSR divided by the tons of Ore produced during the corresponding calendar
      quarter and adjusted for inflation. The inflation factor shall be
      determined from the U.S. Government “Consumer Price Index for all urban
      consumers (all items)” or, if no longer issued, a corresponding government
      issued statistic. The factor is to be applied so as to reflect the April
      1, 2001 value of the U.S. dollar:
	 	 	 
	 		
      For example, assuming that (a) in the third quarter 2002,
      the production is 500,000 tons of Ore and the NSR is $6,500,000, and (b)
      CPI in the third quarter of 2002 is 460 and on April 1, 2001 is 405, then
      the NSRPT is

	 	$6,500,000             
      X           
      405     
      =             
      $1l.445/ton  of   ore 
	 	500,000
      tons                          460
    

	 	3.2.3. 	
      The Royalty Rate utilized to calculate Production
      Royalties shall vary according to the Quality of the Ore (in terms of its
      recovered unit value in dollars per ton, such unit value is a function of
      metal content and price of metal). The Royalty Rate on production derived
      from Ores shall be determined as follows:

	NSR per Ton of Ore Production 	Royalty Rate 
	(“NSRPT”) 	% 
	  	  
	Less than $12.00 	3% 
	 	 
	From $12.00 to $66.00 
	(NSRPT - 12) +3 

      12 
	 	 
	Greater than $66.00 	7.5% 

Page 3 of 15

	 	For example, if NSRPT is determined to
    be $11,445, the Royalty Rate of ore production would be	(11.445 - 12) +3 = 3%
	        12

	 	3.2.4. 	Rock Production Royalty. The royalty on every ton of Rock
      material produced from the Premises and sold (with Payment received by
      Lessee) shall be $0.10. For purposes of the Mining Lease, Rock material
      shall be defined as Non-Ore Minerals mined to allow for mining of Ore or
      mined separately, and material remaining after processing Ore and removing
      recoverable metals. Also for purposes of this Mining Lease, Ore shall be
      defined as Minerals owned an processed for metal content, and Minerals
      shall mean any and all minerals and rocks occurring in, on, and under the
      Premises.

	 	3.3. 	
      Manner of Payment.     All minerals mined, removed and
      extracted from the LEASED PROPERTY shall be sold under the name of LESSEE
      and a royalty settlement sheet accounting from such transactions shall be
      furnished to LESSOR on or before the twenty-fifth (2 5th) day of the next
      succeeding calendar month for all sales made and received during the
      preceding calendar quarter. All production royalty payments, accompanied
      by a settlement sheet required by this lease shall be made to the LESSOR
      monthly at the addresses set forth in Paragraph 7 by mail or personal
      delivery. LESSEE shall receive cumulative credit against production
      royalties for all minimum royalties paid pursuant to this lease agreement
      regardless of the year in which said rental payments are paid and
      production royalties shall not be payable until the production royalty set
      forth in Paragraph 3.2 exceeds the cumulative sums paid by LESSEE pursuant
      to Paragraph 3.1. If the Leased Minerals are sold to, or processed by, a
      smelter or refinery owned, operated, affiliated with or controlled by
      LESSEE, in no event shall the royalties computed herein be less that would
have been paid had the ore been sold to or processed by a major smelter or
refinery not owned, operated affiliated with, or controlled by LESSEE.

Page 4 of 15

	4. 	
      Conduct of Mining
      Operations.

		4.1. 	
      General.     LESSEE
      shall conduct, and cause all mining activities to be conducted in a
      prudent, workmanlike and miner-like manner in accordance with established
      mining practices.

	 	 	 
		4.2. 	
      Commingling of Ore.    
      LESSEE may commingle ore from the LEASED PROPERTY with ore from other
      properties, either before or after concentration or beneficiation,
      provided that the method and procedures LESSEE uses to commingle the ore
      and to determine the weight and grade of the ore removed from the LEASED
      PROPERTY and of the ore with which it is commingled shall be a method
      recognized by the mining industry and conducted in accordance with
      generally accepted accounting principles. LESSEE shall use that method to
      determine weight and grade and to allocate net returns from the commingled
      ore between the LEASED PROPERTY and the other properties from which the
      other commingled ore was removed and to assure that the share of
      production received by LESSOR is representative of the ore that was
      produced from the LEASED PROPERTY. All such weight, grade and allocation
      calculations by LESSEE shall be done in accordance with generally accepted
      accounting principles and in a manner recognized by the mining industry as
      practical and sufficient at that time. If it is impractical to determine
      which portions of any of the costs and expenses described in Paragraph
      3.2.2 above are directly attributable to ore removed from the LEASED
      PROPERTY, such costs and expenses shall be allocated on a straight-line,
      per-ton basis among all ores that give rise to those expenses, in
      accordance with generally accepted accounting standards.

	 	 	 
		4.3. 	Cross-Mining Rights.      LESSEE is hereby granted the right,
      if it so desires, to mine or remove from the LEASED PROPERTY any ores,
      waste, water and other materials existing therein or
thereon or in any part thereof, through or by means of shafts, openings or pits
which may be sunk or made upon other property owned, controlled, or operated by
or for LESSEE (hereinafter “Other Property”). LESSEE also may stockpile any
ores, waste, or other materials and/or concentrated products of ores or
materials (collectively “Products”) from LEASED PROPERTY, or any part thereof,
upon stockpile grounds situated upon such Other Property. In the event LESSEE
stockpiles Products from the LEASED PROPERTY on Other Properties, LESSEE shall
execute or cause to be executed such instruments as LESSOR may reasonably
request in writing to evidence LESSOR’S royalty interest in
the Products so stockpiled. Any such instrument executed by LESSEE, however,
expressly shall acknowledge LESSEE’S right to sell the stockpiled Products.
LESSEE also, if it so desires, may use the LEASED PROPERTY and any part thereof
and any shafts, openings, pits and stockpile grounds sunk or made for the
mining, removal and/or stockpiling of any Products from the LEASED PROPERTY
and/or from the Other Property, or for any purpose or purposes connected
therewith, provided, however, that such use of the LEASED PROPERTY does not
prevent or interfere with the mining or removal of ore from the LEASED
PROPERTY.

Page 5 of 15

	5. 	
      Records and Books of Account.

	 	5.1. 	
      Books of Account.    LESSEE shall keep complete, true and
      proper books and records of account showing all minerals mined and removed
      from the LEASED PROPERTY and recording all sales, transfers, conveyances
      or other dispositions of ores, minerals or other materials taken from the
      LEASED PROPERTY in accordance with generally accepted accounting
      principles. Said books and records shall be open to examination by LESSOR
      or its duly authorized representative during regular business hours and
      shall include any and all documents necessary to establish a gross selling
      price of the ores, minerals or other materials taken from the LEASED
  PROPERTY. LESSOR is hereby granted the right at LESSOR’S expense to examine and make
      a copy or copies of said books or records or any portion
thereof.

Page 6 of 15

	 	5.2. 	
      Inspection.     LESSOR or its duly authorized agents shall
      have following advanced notice the right at reasonable times under
      reasonable circumstances to enter upon the LEASED PROPERTY for the purpose
      of inspection operations and work being performed by LESSEE pursuant to
      this lease. Such entry shall be at LESSOR’S risk and LESSEE shall not be
      liable for injury to LESSOR unless such injury is caused by the willful or
  grossly negligent conduct of LESSEE.

	6. 	
      Protecting from Liens and Taxes.

	 	 	 
		6.1. 	
      LESSEE shall keep the subject LEASED PROPERTY and every
      part thereof free and clear of any and all liens and encumbrances for work
      performed upon the subject LEASED PROPERTY, or for materials furnished to
      it while this agreement remains in force and effect.

	 	 	 
		6.2. 	
      LESSEE shall pay not later than ten (10) days before due,
      one hundred percent (100%) of all taxes and assessments that may be levied
      or assessed against the Leased Property, including all taxes that may be
      levied or assessed as a direct or indirect result of LESSEE’S mining
      activities, and further including, but not limited to, taxes on the real
      property, the mineral estate, real property improvements and personal
      property and possessory interest taxes. LESSOR shall forward to LESSEE,
      upon receipt all notices of taxes and assessments
due.

	7. 	Notice.     Any notices required or
      permitted to be given to LESSOR or LESSEE hereunder shall be considered as
      delivered when received by the parties to whom they shall be directed.
      Notice shall be given by personal delivery or by registered mail, postage
      prepaid and return receipt requested, addressed to the persons and
      addresses given below or to such other person or address as the parties
      may designate by written notice from time to time. 

Page7of 15

	 	LESSEE: 	Golden Queen Mining Co., Inc. 
	 	  	P.O. Box 1030 
	 	  	Mojave, CA 93502-1030 
	 	  	  
	 	LESSOR: 	Mrs. Virginia Knight 
	 	  	540 5. Arden Blvd. 
	 	  	Los Angeles, CA 90020 

		
      Changes in the above names and addresses shall be
      effected by sending notice as set forth herein and said change shall be
      effective fifteen (15) days from receipt thereof.

	 	 
	8. 	
      Waste and Refuse.     LESSEE agrees to dispose of waste and
      refuse from all mining activities conducted pursuant to this lease in
      accordance with good mining practice and in accordance with the provisions
  of applicable ordinances, laws and regulations.

	 	 
	9. 	
      Insurance.     LESSEE shall at its sole cost and expense
      cause to be issued and maintained during the term of this lease or any
      extension thereof the following insurance
coverage:

	 	9.1. 	
      Workers’ Compensation Insurance.     LESSEE shall maintain
      workers’ compensation insurance coverage in accordance with the provision
  of California law.

	 	 	 
	 	9.2. 	
      Automobile and Comprehensive General Liability Insurance.          LESSEE shall cause to be maintained during the term of this agreement
      automobile liability and comprehensive general liability coverage with
      broad form endorsements in a amount of not less than One Million Dollars
      ($1,000,000.00) in insurance companies qualified to do insurance business
  in the State of California.

	 	 	 
	 	9.3. 	
      Certificates of Insurance.     LESSEE shall promptly furnish
      to LESSOR certificates of insurance for all types of insurance applicable
      under this lease, which certificates shall provide that the insurance
      described therein may not be canceled, restrictively modified or
      terminated except upon not less than thirty (30) days prior written notice
  delivered to LESSOR.

Page 8 of 15

	10. 	
      Compliance with Laws.   
      LESSEE shall conduct and cause to be conducted all mining activities in
      full compliance with the applicable laws of the State of California and
      the United States of America.

	 	 
	11. 	
      Title.

		11.1. 	
      LESSOR warrants the LESSOR is the owner of an undivided
      full interest to the LEASED PROPERTY and that there are no defects in its
      title to said percentage which would affect LESSOR’S right to possession
      and use pursuant to the terms of this lease. LESSOR warrants and
      represents that title to the LEASED PROPERTY is vested in LESSOR as to an
      undivided full interest as indicated in Exhibit “A”.

	 	 	 
		11.2. 	
      In the event that any defect in LESSOR’S title is
      determined to exist, LESSOR shall, at its sole cost and expense, take such
      steps as may be required, including, but not limited to, the commencement
      of litigation, the location of additional claims and the amendment or
      relocation of existing claims held by LESSOR. In the event LESSOR fails or
      refuses to take or complete appropriate steps to correct any defect in
      LESSOR’S title, LESSEE may elect to correct such defect and deduct the
      cost of such correction, including attorneys fees, from the payment
      obligations contained in this lease. LESSEE also may make such deductions
      for costs or corrections to title to the LEASED PROPERTY incurred by
      LESSEE prior to the date of this Lease.

	 	 	 
		11.3. 	In the event it is determined that LESSOR owns a different percentage
      of the LEASED PROPERTY than indicated in this paragraph, then LESSOR’S
      rights under this Agreement and the percentage indicated shall be adjusted
      upward or downward so as to reflect the actual interest owned. It is the
      intention of the parties that the full ownership of LESSOR be included in
      this Mining Lease.

	12. 	
      Default and
    Termination.

Page 9 of 15

	 	12.1. 	
      Default.    The
      occurrence of any of the following events shall constitute an event of
      default on the part of LESSEE:

	 	12.1.1. 	
      Breach of Covenants.   
      Failure (i) to perform any of LESSEE’S covenants hereunder, and (ii) to
      commence to remedy such failure within sixty (60) days after written
      demand is made therefore.

	 	 	 
	 	12.1.2. 	
      Assignments.    The making
      of a general assignment by LESSEE for the benefit of creditors.

	 	 	 
	 	12.1.3. 	
      Bankruptcy.    The filing of
      any form of voluntary petition in bankruptcy by LESSEE, or the filing of
      an involuntary petition by LESSEE’S creditors, if such petition remains
      undischarged for a period of thirty (30) days.

	 	 	 
	 	12.1.4. 	
      Receivership.    The
      appointment of a receiver to take possession of substantially all of
      LESSEE’S assets or of the interest held by LESSEE under this lease, if
      such receivership remains undissolved for a period of thirty (30)
    days.

	 	 	 
	 	12.1.5. 	
      Attachment.    The
      attachment or other judicial seizure of substantially all of LESSEE’S
      assets or of the interest held under this lease, if such attachment or
      other seizure remains undismissed or undischarged for a period of thirty
      (30) days after the levy thereof.

	 	12.2. 	
      Remedies.

	 	12.2.1. 	
      Termination.    In the event
      of the occurrence of any event of default mentioned in Paragraph 12.1
      hereof, LESSOR, shall have the right, so long as default continues, to
      immediately terminate this lease by giving LESSEE written notice of such
      termination.

	 	 	 
	 	12.2.2. 	
      Eviction.    In the event of
      any such termination of this lease, LESSOR may then or at any time
      thereafter, re-enter the LEASED PROPERTY, or any part thereof, and expel or remove therefrom LESSEE
      and any other person occupying the same, using such force as may be
      necessary so to do, and again repossess and enjoy the LEASED PROPERTY,
      without prejudice to any other remedies that LESSOR may have under this
      lease, or at law or equity, by reason of LESSEE’S default or of such
  termination.

Page 10 of 15

	 	12.2.3. 	
      Damages.    In the
      event of any such termination of this lease, LESSOR shall have all of the
      rights and remedies of a landlord provided by Section 1951.2 of the Civil
      Code of the State of California.

	 	 	 
	 	12.2.4. 	
      Remedies Under CC 1951.4.   
      In the event LESSEE breaches this lease and abandons the LEASED PROPERTY,
      LESSOR shall have all of the remedies of a landlord provided by Section
      1951.4 of the Civil Code of the State of California.

	 	 	 
	 	12.2.5. 	
      Default by Landlord.    In
      the event of default by LESSOR, LESSEE shall have all of the remedies of a
      tenant provided by the laws of the State of
California.

	 	12.3. 	
      Termination by LESSEE

	 	 	 
	 		
      This agreement may be terminated by LESSEE at any time by
      the giving of three (3) months written notice.

	 	 	 
	 	12.4. 	
      Information.

	 	 	 
	 		
      Upon termination of this Agreement LESSEE shall provide
      LESSOR with copies of all Information as defined below. As used in this
      Agreement, “Information” shall mean all geological, geophysical and
      geochemical data, all laboratory testing results maps and reports, whether
      acquired, generated or compiled by or for LESSEE. LESSEE warrants that all
      Information supplied to LESSOR pursuant to the terms of this provision
      shall be true and accurate copies of the Information acquired, generated
      or compiled by or for LESSEE; provided, however,
that LESSEE does not warrant that the data contained therein is an
accurate interpretation of the geology described therein.

Page 11 of 15

	 	12.4.1. 	
      Upon execution of this Agreement, LESSOR shall provide
      LESSEE access to all geological, geophysical and geochemical data
      concerning the LEASED PROPERTY which has been acquired, generated, or
      compiled by LESSOR.

	 	 	 
	 	12.4.2. 	
      Any and all data, information, reports and samples
      provided by LESSEE to LESSOR under terms of this agreement shall be
      treated and held confidential for the term of this
  Agreement.

	13. 	
      Force Majeure.    The
      failure to perform or comply with any of the covenants or conditions
      hereof on the part of LESSEE (including, but not limited to, production
      requirements set forth in Paragraph 3 above) will not be grounds for
      cancellation, penalty, termination or forfeiture hereof during such time
      as failure to perform is caused or compliance is prevented by severe
      weather, explosion, unusual mining casualty, mill shutdowns, damage to or
      destruction of mill or mill plant facility, fire, flood, civil or military
      authority, insurrection, strikes, riots, inability after diligent effort
      to obtain competent workmen or material or necessary permits, fuel
      shortages, inadequate or shortages of transportation facilities not due to
      the negligence or lack of diligence by LESSEE, governmental actions or
      policies which substantially restrict the legality or profitability of
      extracting and selling any of the valuable minerals produced under the
      Mining Lease, acts of God, or any circumstances or conditions beyond the
      control of LESSEE, and in such an event, LESSEE shall be excused from, and
      not held liable for, such failure to perform or comply. No event of force
      majeure shall affect LESSEE’S obligation to make the payments required
      under Paragraph 3.1 above.

	 	 
	14. 	
      Inurement.     This
      lease shall inure to the benefit of and be binding upon their respective
      heirs, trustees, conservators, successors and assigns of the
    parties.

Page 12 of 15

	15. 	
      Recordation.    This
      agreement is not to. be recorded. LESSEE may, however, prepare and submit
      to LESSOR for signature, a memorandum of this agreement for
      recordation.

	 	 
	16. 	
      Assignment.

	 	16.1. 	
      Assignment by LESSOR.   
      LESSOR agrees that it shall give notice to LESSEE of its intention to sell
      or otherwise assign the Lease or LEASED PROPERTY. Upon receipt of a bona
      fide offer to purchase the Lease or LEASED PROPERTY, the LESSOR shall
      forthwith give notice, to be accompanied by a true copy of such offer to
      purchase attached thereto, to LESSEE and LESSEE shall have sixty (60) days
      in which to present to LESSOR a written counter offer, such counter offer
      to be for greater consideration than the offer, expressed in cash or
      marketable securities. Upon receipt of such counter offer, LESSOR will
      have thirty (30) days to sell to LESSEE or to give notice to LESSEE of
      receipt of a further counter offer for greater consideration than LESSEE’S
      counter offer. In the event of a further counter offer being presented,
      LESSEE will have seven (7) days from receipt of notice to raise its offer
      and the offers and counter offers shall thereafter be limited to response
      time of seven (7) days from receipt.

	 	16.2. 	
      Assignment of LESSEE.

	 	 	 	 
	 		16.2.1. 	
      Prohibition.    LESSEE may
      assign this Lease without the prior written consent of LESSOR provided
      LESSEE guarantees the obligations of the assignee; otherwise, this Lease
      shall not be assigned by LESSEE without the prior written consent of
      LESSOR which consent shall not be unreasonably
withheld.

	17. 	
      Removal of Equipment.    At
      the termination of the lease, LESSEE may remove any and all equipment it
      placed on the property during the term of this lease, or any extension
      thereof, provided, said removal is completed within one (1) year of the
      termination date.

	 	 
	18. 	
      Arbitration.    Any dispute
      arising out of this Lease herein must be raised and settled in binding
      arbitration proceeding in accordance with the rules of the American
      Arbitration Association. The process for selecting arbitrators shall
      be as follows: Each party shall select an arbitrator and the two (2)
      selected arbitrators shall select the third arbitrator. Such selections
      must be made within fifteen (15) days after the party commencing the
      arbitration process gives notice to the other party of its intention to
      arbitrate a dispute or difference. Any arbitration award may include the
  reasonable attorney fees and costs of the prevailing party.

Page 13 of 15

	19. 	
      Counterparts.    This
      agreement may be signed in counterparts and shall be deemed effective when
      both parties have executed this agreement or any counterpart
    thereof.

	 	 
	20. 	
      Complete Agreement.    This
      writing and all terms and convenience contained herein are deemed to be
      the complete and unequivocal written agreement of the parties and no other
      agreements, either written or oral, are contemplated with respect to said
      property.

	 	 
	21. 	
      California Law.    This
      lease shall be governed by and construed and interpreted under the
      internal laws of the State of California.

	 	 
	22. 	
      Severability.    If any
      term, covenant, condition or provision of this agreement is held by a
      court of competent jurisdiction to be invalid, void, or unenforceable, the
      remainder of the provisions hereof shall remain in full force and effect
      and shall in no way be affected, impaired or invalidated.

	 	 
	23. 	
      Title Headings.    The
      headings of the respective paragraphs of this Agreement are inserted for
      convenience only and shall not be deemed to be a part of this Agreement
      and considered in construing this Agreement.

Page 14 of 15

EXHIBIT A

     Unpatented Lode Mining Claims

and Placer Claims and Mill Sites 

Portion of Section 6, T10N, R12W,
SBB&M

Portion of 32, T11N, R12W, SBB&M

Portion of 7, T10N, R12W,
SBB&M

Mojave Mining District
Kern County, California

	CLAIM 	CLAIM TYPE 	BLM SERIAL No. 
	B&H 	LODE 	041701 
	BOBTAIL 	LODE
    	218374 
	CAROLYN 	LODE 	041691 
	CHARITY 	LODE
    	041697 
	ELEPHANT 	LODE 	041696 
	ELEPHANT EXTENSION
    	LODE
    	041695 
	EXCELSIOR 	LODE 	041693 
	FAITH 1 	LODE
    	218369 
	FAITH 2 	LODE 	218370 
	FAITH 3 	LODE
    	218371 
	FAITH 4 	LODE 	218372 
	FAITH 5 	LODE
    	218373 
	HERMAN 	LODE 	041694 
	HOPE 	LODE
    	041699 
	MARILYN 	LODE 	041692 
	MOUNTAIN VIEW 	LODE
    	041698 
	CAROLYN 	MILL SITE 	041689 
	MARILYN 	MILL
      SITE 	041690 
	DOLLY X 	PLACER 	189836

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