Document:

EXHIBIT
10.1

      Wits
Basin Precious Minerals Inc.

      900
IDS Center

      80
South 8th Street

      Minneapolis
MN 55402-8773

      

      July 1,
2009

      

      
        	
                Hawk
      Uranium Inc.

                Attn:
      Vance White

                2500
      – 120 Adelaide St. W

                Toronto,
      ON M5H 1T1

                CANADA

              	 
      

      

       

      
        
          
            	 	
                    Re:

                  	
                    Payment
      in Satisfaction of certain Management Services Agreements by and between
      Wits Basin Precious Minerals Inc. (“Wits Basin”) and Hawk Uranium Inc.
      (“Hawk”), and Extension of Promissory Note Maturity
  Date

                  

          

        

      

      

       

      Dear
Vance:

       

      Reference
is made herein to (i) that certain Management Services Agreement dated August
28, 2007 by and between Wits Basin and Hawk, (ii) that certain Management
Services Agreement dated January 22, 2008 by and between Wits Basin and Hawk
(the agreements in (i) and (ii) collectively referred to as the “Management
Services Agreements”) and (iii) that certain Promissory Note of Wits Basin dated
November 12, 2008 issued in favor of Hawk in the principal amount of $60,000
(the “Note”).  All capitalized terms not defined herein shall have the
meaning provided in the Management Services Agreements and Note,
respectively.

       

      Wits and
Hawk agree that all amounts due and payable under the Management Services
Agreements, including any interest or penalties that may have accrued
thereunder, will be paid and settled in full through 3,218,878 unregistered and
restricted shares of Wits Basin common stock (the “Shares”), which Shares Wits
must issue and deliver to Hawk on or before the Due Date (as hereinafter
defined).

       

      With
respect to the Note, the parties hereto hereby agree that upon the delivery by
Wits to Hawk of the Warrant (as hereinafter defined) on or before the Due Date,
the Maturity Date applicable to the Note will be extended to August 31,
2009.  Furthermore, Wits covenants with Hawk that with respect to any
proceeds in excess of an aggregate of $300,000 (the “Minimum Raise”) received
prior to August 31, 2009 by Wits Basin from (x) the sale of equity of Wits
Basin, (y) an increase in the principal amount of any loan made by Wits Basin
that is outstanding on the date hereof or (z) a loan that is made by Wits Basin
that is not outstanding on the date hereof, Wits Basin shall, within two (2)
business days of the close of such sale, loan or loan increase, make a payment
under the Note to Hawk in an amount equal to the lesser of (i) twenty-five
percent (25%) of the gross proceeds to Wits Basin from such sale, loan or loan
increase in excess of the Minimum Raise and (ii) the outstanding balance of the
Note; provided that, a refinancing by Wits Basin of any then currently
outstanding debt (in an amount equal to or less than such outstanding debt)
shall not require a payment to Hawk under this provision.  Wits Basin
and Hawk agree that the consideration for the amendments to the terms of the
Note shall be comprised of a cashless five-year warrant issued to Hawk to
purchase 150,000 shares of Wits Basin common stock at an exercise price of $0.15
per share (the “Warrant”), which Warrant must be delivered to Hawk on or before
the Due Date.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      In
consideration of the terms hereof, with respect to any shares of Wits Basin
common stock held by Hawk (including, without limitation, shares issued
hereunder and shares issuable upon exercise of the Warrant), Hawk hereby agrees
to give Wits Basin at least three (3) business days prior written notice of its
intent to sell such shares (each such notice being a “Sale Notice”) and provide
Wits Basin a right to purchase such shares at the then-current market
price.  In the event Wits Basin does not notify Hawk within three (3)
business days of its receipt of notice from Hawk of Wits Basin’s intent to
purchase such shares for cash from Hawk on the terms specified and complete such
purchase within ten (10) calendar days of the Sale Notice, Hawk shall be
entitled to proceed with the sale of the number of shares specified in the Sale
Notice, provided such sale by Hawk must occur (a) within the thirty (30) days
following the original notice or, (b) if Wits Basin responds to a Sale Notice by
notifying Hawk of its intention to purchase the applicable shares of Wits Basin
and then fails to complete such sale within ten (10) calendar days of the Sale
Notice, then within the forty (40) days following the Sale Notice.

       

      In
consideration of the terms hereof, and specifically of the right extended by
Hawk to Wits Basin under the preceding paragraph, Wits Basin undertakes that if
Hawk provides Wits Basin and its transfer agent with required representations
and documents in support of a request that any legend be removed from any
certificate or instrument representing any of the securities of Wits Basin held
by Hawk from time to time, it shall cause its counsel to forthwith issue an
opinion to Wits Basin’s transfer agent authorizing the removal of such
legend.  In addition, Wits Basin confirms that the security interest
granted to Hawk under the Note, as well as the assets of Wits Basin that are
subject to such security interest, have not, since the issue date of the Note,
been further encumbered or modified, and until repayment of the Note (including
any interest and other fees due thereon) in full, it will not enter into any
agreement or take any other action that does or will give rise to a further
encumbrance or modification.

       

      Except
with respect to the terms explicitly set forth herein, the terms of the Note
shall continue to be in full force and effect as set forth
therein.  By execution of this Agreement, Hawk represents that it has
not sold or otherwise transferred its rights under the Note or Management
Services Agreements to any third party.  Hawk further acknowledges and
agrees that, subject to the performance of the terms hereof and with the
exception of the outstanding obligations of Wits Basin under the Note, that Wits
Basin and its affiliates (other than Vance White) have no indebtedness or
further obligations to Hawk of any nature, whether pursuant to the Management
Services Agreements or otherwise.

       

      If the
terms of this Agreement are consistent with your understanding, please execute
where provided below to confirm Hawk’s acceptance of the terms hereof, and
return it to Wits Basin Precious Minerals Inc. at 900 IDS Center, 80 South 8th
Street, Minneapolis Minnesota 55402-8773, Attention:  Mark Dacko, or
by fax to (612) 395-5276,
Attention:  Mark Dacko.  Wits Basin shall deliver the
Shares and Warrant to Hawk within five (5) business days of its receipt of the
countersigned Letter Agreement (the fifth (5th)
business day after receipt of the countersigned Letter Agreement being the “Due
Date”).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      The
parties agree that if the Shares and Warrant are not delivered to Hawk on or
before the Due Date, this Letter Agreement shall be null and void.

       

      If you
have any questions, please feel free to contact Stephen King at (678) 222-0291
or me at (612) 349-5277.   Thank you.

       

      
        
          
            
              
                
                  	 
      	
                          Sincerely,

                        
	 
      	 
      	 
      
	 
      	
                          /s/
      Mark D. Dacko

                        
	 
      	 
      	 
      
	 
      	
                          Mark
      D. Dacko

                        
	 
      	
                          Chief
      Financial
Officer

                        

                

              

            

          

        

      

      

      

      Agreed as
of the 1st day of July, 2009 by:

      

      

      
        	
                Hawk
      Uranium Inc.

                 

                 

                By:
      /s/ H. Vance White

                  Its:
      PresidentUnassociated Document

    

    Ec1

    Contract
of Maximum Line of Credit

    No.
A04 1101 0906 0100 028

    

    Party
A: International Business Department, Bank of Nanjing Co.,
Ltd.

    Party
B: Ever-Glory International Group Apparel Inc.

    

    In order
to ensure Party A has its loan paid by Party B to the maximum amount, and to
clarify the domain of credit of the guaranty of maximum amount, Party A and
Party B have entered into the Contract for mutual observance and joint
performance, according to governing laws, regulations and rules, and through
negotiation and agreement.

    

    

    Article
1  Definitions

    

    
      	
              1.1  

            	
              Maximum
      Line of Credit referred to in the Contract is the maximum amount of the
      credits (including but not limited to such on-or-off balance sheet
      businesses as a loan, a commitment of loan, an acceptance, a discount
      cash, a bond buy-back, a business financing, a factor, a letter of credit,
      a letter of guarantee, an overdraft, an inter-bank lending, a guaranty,
      etc.) that will be determinated in succession during a given term (i.e.
      Credit-determination Period). It is the summation of the balances of a
      credit Party A grants Party B during a given term, including the following
      two portions of undue balances of credit and due but unpaid balances of
      credit:

            
	 	 

    

    
      	
                     
      (1)  

            	
              Undue
      balance is the summation of all the credit balances to be paid but not
      paid because the term of debt-paying has not
  expired;

            

    

    
      	
                      (2)  

            	
              Due
      but unpaid balance is the summation of all the credit balances not paid by
      Party B despite of the expiration of the debt-paying
  term.

            
	 	 

    

    The
above-mentioned Maximum Line of Credit does not include a full amount pledge
provided by a deposit certificate, national debt, guarantee deposit, Golden Plum
Blossom financing product, or a full amount irrevocable guaranty of joint and
several liability provided by a financial organization recognized by Party A, or
a full amount policy-based credit insurance provided by China Export &
Credit Insurance Corporation, or the credit amount guaranteed by other measures
which are capable of risk compensation to the full amount and are recognized by
Party A.

    
      	 	 
	
              1.2  

            	
              Credit-determination
      Period in the Contract is the period of time when credits occur. The
      credit of a guaranty of maximum amount is determinated when this Period
      expires.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    

    Article
2  The Maximum Line of Credit and the Credit-determination
Period

    

    The
Maximum Line of Credit under the Contract is RMB40,000,000.00, said Forty
Million RMB Yuan. The Credit-determination Period is from June 1, 2009 to June
1, 2010.

     

    During
the above-mentioned period of Period, the summation of the credit balances
granted to Party B by Party A shall not exceed the Maximum Line of Credit. When
some credits are repaid, Party B may apply for the re-use of the repaid
portion.

    

    

    Article
3  The Occurrence of Credit

    

    The
above-mentioned Maximum Line of Credit does not mean a public granting of credit
by Party A to Party B, and does not constitute any commitment of Party A for
Party B.

     

    During
the Credit-determination Period and within the Maximum Line of Credit, Party B
applies for specific businesses amount by amount based on its fund shortage, and
only can use the capital after Party A has audited, ratified, and agreed to its
usage. The beginning date of such a business shall be within the
Credit-determination Period, but the ending date of such a business shall or
shall not be within this Period depending on the specific business contracts,
agreements or the applications related to the business. These specific business
contracts, agreements or the applications related to the business are all the
legal part of the Contract.

    

    

    Article
4  The Guaranty of Maximum Amount

    

    
      
        	
                4.1

              	
                To
      ensure that Party B makes the repayment of the credits occurred in
      succession during the Credit-determination Period, one or more forms of
      guaranty are provided to Party A by the following
  sureties:

              
	 	 

      

    

    
      
        	
                (1)
       

              	
                Jiangsu
      Ever-Glory International Group Corporation and Goldenway Nanjing Garment
      Co., Ltd. provide the guaranties of maximum amount, and conclude with
      Party A related Contracts of Guaranty of Maximum Amount at the time
      when the Contract takes effect; or

              
	 	 

      

    

    
      
        	
                  (2)  
      

              	
                provides
      a pledge guarantee of maximum amount, and concludes with Party A a related
      Contract of Pledge of Maximum Amount at the time when the Contract takes
      effect; or

              
	 	 

      

    

    
      
        	
                
                  (3)
       

                

              	
                provides
      the pledge of rights guarantee of maximum amount, and concludes with Party
      A a related Contract of Pledge of Rights of Maximum Amount at the time
      when the Contract takes effect.

              
	 	 

      

    

    4.2 For
any change to the guaranty under the Contract which went against the credit of
Party A, Party B, by notification of Party A, shall provide further guaranty
recognized by Party A as required.

    

    Article
5  Remedy for Breach of the Contract

    

    In case
of any violation by Party B of laws, regulations, rules, etc. or any
stipulations of the Contract, Party A is entitled to execute one or more of the
following rights:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              (1)  

            	
              to
      demand Party B rectify its violation within a definite
    time;

            
	 	 

    

    
      	
              (2)  

            	
              to
      demand Party B provide further guaranty recognized by Party
    A;

            
	 	 

    

    
      	
              (3)  

            	
              to
      execute other rights provided by laws, rules, regulations, or stipulations
      of the Contract.

            

    

    

    

    Article
6  Applicable Laws and Settlement of Disputes

    

    
      
        	
                6.1

              	
                The
      Contract is concluded in accordance with the laws of People’s Republic of
      China, which are applicable to the Contract.

              
	 	 

      

    

    
      
        	
                6.2 

              	
                Any
      dispute occurred in the course of the execution of the Contract shall be
      settled through negotiations. In case of no settlement is reached, Type 1
      shall be chosen from the following settling manners:

              
	 	 

      

    

    
      
        	(Type
      1) 	Bring
      a lawsuit to the People’s Court at the locality of Party A,
or
	 	 
	
                (Type
      2)

              	
                Apply
      to / Arbitration Commission for arbitration (the locality is / ) with the
      arbitration rules active and effective at the time the application is
      made. The arbitration decision is final and binding on both
      parties.

              
	 	 

      

    

    In the
course of lawsuit or arbitration, terms and conditions under the Contract which
are not involved in the dispute shall still be executed or
fulfilled.

    

    Article
7  Effectiveness, Alteration and Periodination of the
Contract

    

    
      
        	
                7.1 

              	
                The
      Contract shall enter into effect on the day when it is signed by or sealed
      with the name stamp of the legal representative, principle, or authorized
      representative of Party A and sealed with the Corporate Seal or Special
      Contract Seal of Party A, and signed by or sealed with the name stamp of
      the legal representative or authorized representative of Party B and
      sealed with the Corporate Seal or Special Contract Seal of Party
      B

              
	 	 

      

    

    
      	
              7.1

            	
              After
      the Contract enters into effect, neither Party A nor Party B shall
      arbitrarily alter or terminate it unless further stipulated by the
      Contract; in the case of needy alteration or termination, a written
      agreement should be reached by both parties through negotiation. All terms
      and conditions of the Contract remain effective before such written
      agreement is reached.

            

    

    

    Article
8  Other Stipulations

     

    Not
Applicable

    

    Article
9  Supplementary Provisions

    

    
      
        	
                9.1

              	
                The
      Contract is made in two copies, one is held by Party B, and one is held by
      Party A, and each copy has the equal legal force.

              
	 	 

      

    

    
      	
              9.2

            	
              Any
      matters not covered by the Contract shall be handled in compliance with
      relevant national laws, regulations and
rules.

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    Article
10  Miscellaneous

    

    
      
        	
                10.1

              	
                In
      signing and exercising the Contract, both parties have been approved by
      law or have been given the approval by the competent decision-maker
      stipulated in their respective articles of corporation or by government
      supervision department, and obtained the necessary, sufficient and legal
      authorization.

              
	 	 

      

    

    
      
        	
                10.2

              	
                In
      signing the Contract, the parties expressed their true intentions, the
      signatures and seals were genuine, the signing representatives are
      authorized, and the Contract has legally binding on both
      parties.

              
	 	 

      

    

    
      
        	
                10.3

              	
                Party
      B has the right to own its whole property, and all the documentation it
      produced to Party A is true, legal and effective, and contains neither
      mistake nor omission of facts which disagrees with the
    truth.

              
	 	 

      

    

    
      
        	
                10.4

              	
                Party
      B has read all the content of the Contract. As requested by Party B, Party
      A has made relevant explanation on the terms and conditions of the
      Contract. Party B has got a full knowledge and understanding of the
      significations and legal consequences of the stipulations of the
      Contract.

              
	 	 

      

    

    
      	
              16.5

            	
              Party
      A is a legally established bank, and is qualified to operate the business
      under the Contract.

            

    

     

    
      
        	
                Party
      A:

              	
                Party
      B:

              
	
                International
      Business Department

              	
                Ever-Glory
      International Group Apparel Inc.

              
	
                Bank
      of Nanjing Co., ltd.

              	
                

                  (Seal)

                

              
	
                (Seal)

              	
                 

              
	 
      	 
      
	
                Legal
      Representative

              	
                Legal
      Representative

              
	
                (Principle
      or Authorized Agent):

              	
                (or
      Authorized Agent):

              
	
                (Signature)

              	
                (Signature)

              
	
                /s/
      Wei Zhang

              	
                /s/
      Jiajun Sun

              
	
                Address:

              	
                Address:

              
	
                Post
      Code:

              	
                Post
      Code:

              
	
                Contact
      No.:

              	
                Contact
      No.:

              
	
                Date
      of Signing: July 3, 2009

              	
                Date
      of Signing: July 3, 2009

              

      

    

     

    
      
        
        

      

      
        4

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