Document:

EXHIBIT
      10.7

    

    

    UPDATED
      PAYMENT SCHEDULE 

    WITS
      BASIN PRECIOUS MINERALS

    AND
      SELLERS

    

    25
      January 2008

    

    The
      following updated payment schedule concerns the Equity and Asset Heads of
      Agreement between the sellers on document control number 260018_6 dated 4 May
      2007 and China Global Mining Resources, a British Virgin Islands registered
      company or, at its sole election, Wits Basin Precious Minerals, Inc. a Minnesota
      Corporation.

    

    It
      is
      hereby agreed at a meeting held at the Marriott Hotel in Zurich, Switzerland,
      on
      January 24th and January 25th 2008 that the following amount of funding would
      be
      made available in relation to the above named project.

    

    The
      total
      agreed purchase price for the project is Six Hundred Twenty Million RMB Dollars
      (CNY$620,000,000{RMB}). Schedule of payments: Within 30 days of verification
      of
      the permit of Xiao Nan Shan Mining Co. Ltd. 25% of the total purchase price
      will
      be made available, 50% of the total purchase price will be made available within
      30 days of verification of the permit for the additional reserves contiguous
      to
      the Xiao Nan Shan mine and the final 25% of the purchase price will be made
      available within 30 days of verification of the permit for Maanshan Zhaoyuan
      Mining Co. Ltd.

    

    The
      agreed total amount of capital injection into the projects is Sixty Nine Million
      US Dollars ($69,000,000). It is anticipated that this capital injection will
      be
      implemented over the next six (6) quarters i.e. eighteen (18)
      months.

    

    The
      purchaser acknowledges that to implement stages 2 and 3 of the purchase a
      deposit of Ten Million US Dollars ($10,000,000) will be made available to the
      seller. These funds will be advised to the seller and transacted through the
      buyer's project management company in Switzerland. (Proof of the availability
      of
      asset will be made available to the seller week commencing February 4, 2008).
      A
      special purpose corporate vehicle will be formed by the project management
      company for the buyer to assist in receipt of the asset.

    

    
      	
              Agreed
                and ratified:

            	 	 
	 	 	 
	
              China
                Global Mining Resources

            	
              By:

            	
              /s/
                William B. Green

            
	 	
              It’s:

            	 
	 	 	 
	 	 	 
	
              Wits
                Basin Precious Minerals

            	
              By:

            	
              /s/
                Stephen D. King

            
	 	
              It’s:  

            	
              CEO

            
	 	 	 
	 	 	 
	
              Sellers

            	
              By:

            	
              /s/
                Lu Ben-Zhao

            
	 	
              It’s:

            	
              owner

            
	 	 	 
	
              Witness:[Portions
      herein identified by [* * *] have been omitted pursuant to

    a
      request for confidential treatment and have been filed separately
      with

    the
      Commission pursuant to Rule 24b-2 of the Exchange Act of
      1934]

    

    EXHIBIT
      10.8

    

    Iron
      Ore Contract Amendment

    

    Dated
      March 14, 2008, by and between Wits Basin Precious Minerals Incorporated
      and

    its
      wholly owned subsidiary, China Global Mining Resources Limited
      ("Purchaser"),

    AND

    Mr.Lu
      Ben-Zhao, ("Seller and Guarantor"), Nanjing Sudan Mining Company
      (processing

    plant),
      Xiaonanshan Mining Company (mine), and Matang Zhaoyuan Mining
      Company

    (mine).

    

    This
      amendment herein is made in affirmation of and furtherance to (1) Contract
      number 260018_6 dated May 4, 2007; (2) Amendment from October 2007 whereby
      said
      contract was assigned to Wits Basin at its sole and absolute option; and (3)
      Amendment updating payment schedule as signed in January, 2008, in Zurich,
      Switzerland.

    

    The
      closing date for the purchase of the first phase (per above (3) amendment)
      of
      the contract and amendments is set to be on or about April 20, 2008. The payment
      of RMB$155,000,000 is due in cash and will be paid at sale. The purchase shall
      include Nanjing Sudan Mining Company (processing plant) and Xiaonanshan Mining
      Company (mine) with paid permits of more than 3.1 million tons of ore and shall
      be assigned to the purchaser.

    

    There
      will be an employment contract to hire Mr. Lu Ben-Zhao, who agrees to operate
      and guarantee the output from operations. His guarantee is to provide [* *
      *]
      metric tonnes of iron ore concentrate within the first 30 months from the date
      of completion of purchase. In compensation for the fulfillment of this
      guarantee, Wits Basin shall grant Mr. Lu for his services [* * *] shares of
      Wits
      Basin stock. 

    

    
      	
              Wits
                Basin Precious Minerals Incorporated

            
	 
	
              /s/
                Stephen D. King

            
	
              Stephen
                D. King, CEO (signature subject to Board of Directors
                ratification)

            
	 
	
              China
                Global Mining Resources Limited

            
	 
	
              /s/
                William B. Green

            
	
              William
                B. Green, President

            
	 
	
              Nanjing
                Sudan Mining Co., Matang Zhaoyuan Mining Co., Xiannanshan Mining
                Co.

            
	 
	
              /s/
                Lu Ben-Zhao

            
	
              Lu
                Ben –Zhao, ownerEXHIBIT
      10.9

    
      

Supplement
      Agreement to the Assets Transfer and the Liabilities of
      Breach

    

    Purchaser:
      Wits
      Basin Precious Minerals Incorporated and its wholly owned subsidiary, China
      Global Mining Resources Limited

     

    Seller
      and Guarantor: Mr.
      Lu
      Ben-Zhao, Nanjing Sudan Mining Company, Maanshan Xiaonanshan Mining Company
      and
      Maanshan Zhaoyuan Mining Company

     

    The
      purchaser and the seller once signed the following contracts for purchasing
      Nanjing Sudan Mining Company, Maanshan Xiaonanshan Mining Company and Maanshan
      Zhaoyuan Mining Company ( collectively "object of transaction"):

    

    1. Contract
      number 260018_6 dated May, 2007;

    

    2. Amendment
      from October 2007 whereby said all the contractual rights and obligations of
      China Global Mining Resources Limited was assigned to Wits Basin at its sole
      and
      absolute option;

    

    3. Amendment
      updating payment schedule as signed in January, 2008, in Zurich,
      Switzerland

     

    As
      the
      assets of the "object of transaction" have changed since the formation of the
      contract No. 260018_6, the purchaser and the seller shall sign this supplement
      agreement to ensure the complete fulfillment of the contract, as
      follows:

    

    1. From
      the
      formation of the contract No. 260018_6 to Jan.lst
      , 2008,
      all the changes of the chattel and real estate including but not limited to
      the
      increasing, decreasing, damages, maintenance and refitment, which take place
      with the increase of the total value of the assets, belong to the properties
      of
      the "object of transaction" before the completion of the
      transaction.

     

    2. The
      seller shall fulfill the delivery procedures of the "object of transaction",
      meanwhile, the seller shall provide a list of the change of the chattel and
      real
      estate, with some relevant purchase vouchers or others, during the period from
      May lst
      ,
2007
      to
      the completion of the transaction.

     

    3. From
      Jan.1st
      ,
      2008 to
      the date of completion of the transaction, the purchaser shall pay the "object
      of transaction" for the chattel and real estate newly purchased as per the
      general market price agreed upon by both parties, excluding the transaction
      price.

    

    4. In
      order
      to represent their wishes to fulfill the contract more accurately, both parties
      agree to take the following items into consideration:

     

    a: Either
      party in breach shall pay the other party 10% of the total amount
      involved;

     

    b: Should
      either party be in breach, the other party has rights to terminate the contract
      or to continue fulfilling the contract after accepting the breach
      penalty.

    

    5. Should
      the articles stipulated in this agreement be different from the previous
      agreements or documents signed by the seller and the purchaser, this supplement
      agreement should be taken as valid and binding.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              Wits
                Basin Precious Minerals Incorporated

            
	 
	
              /s/
                Stephen D. King

            
	
              Stephen
                D. King, CEO (signature subject to Board of Directors
                ratification)

            
	 
	
              China
                Global Mining Resources Limited

            
	 
	
              /s/
                William B. Green

            
	
              William
                B. Green, President

            
	 
	
              Nanjing
                Sudan Mining Co., Matang Zhaoyuan Mining Co., Xiannanshan Mining
                Co.

            
	 
	
              /s/
                Lu Ben-Zhao

            
	
              Lu
                Ben-Zhao, owner

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]