Document:

Exhibit
10.2

     

    
      Exhibit
B

    

    

    PROMISSORY
NOTE

    

         FOR
VALUE RECEIVED, Trilliant Exploration
Corp., (hereinafter called "Borrower"), hereby promises to pay to Compania
Minera del Pacifico Noreste S.A.., (the "Holder") or its registered assigns or
successors in interest or order, without demand, the principal sum
of  Three Million Six Hundred Thousand U.S. Dollars ($3,600,000) (the
"Principal Amount"), together with interest as set forth herein, according to
the payment Schedule set forth herein.

    

         This
Note (the “Note”, also the “Agreement”) has been entered into pursuant to the
terms of a Share Transfer Agreement between the Borrower, the Holder and
Compania Muluncaygold Corp, S.A. dated March 30, 2009 (the "Share Transfer
Agreement").   Unless otherwise separately defined herein, all
capitalized terms used in this Note shall have the same meaning as is set forth
in the Share Transfer Agreement. The following terms shall apply to this
Note:

    

    ARTICLE
I

    

    INTEREST

    

              1.1.
INTEREST RATE. Interest on the outstanding Principal Amount shall accrue at a
rate of Four and One Half Percent (4.5%) per annum (the "Interest Rate") and
shall be compounded quarterly.   The principal amount of this
Note together with all unpaid interest shall be payable in
installments.  Each installment shall be due on the date (“each a
“Maturity Date”) as set forth in Section 2.1 herein.

     

    ARTICLE
II

    

    REPAYMENT
/ REDEMPTION

    

                  2.1
REPAYMENT / REPAYMENT SCHEDULE.  Repayment of the Principal Amount and
interest thereon shall begin only upon Compania Ecuadorgold Corp SA (or their
successors or assigns) reaching production of 400 tons per day in their
operations of the Assets, using 26 day average in 30 day calendar month (the
“Minimum Operations”).  Beginning 30 days from the date of first
reaching Minimum Operations, Borrower shall make four (4) quarterly payments to
the Holder in the minimum amount of Two Hundred Thousand Dollars ($200,000)
each.  After making the first four (4) quarterly payments, the
Borrower shall continue to make quarterly payments in the minimum amount of
Three Hundred Thousand Dollars ($300,000) each until all principal and interest
is fully paid.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

        Exhibit
10.2

         

      

    

    2.2 REDEMPTION OF PRINCIPAL AMOUNT.
During the Loan Period, the Borrower will have the option of repaying the
outstanding Principal Amount of this Note, in whole or in part, before any
Maturity Date, by paying to the Holder a sum of money equal the Principal
Amount, together with accrued but unpaid interest thereon and any and all other
sums due, accrued or payable to the Holder arising under this Note through the
Redemption Payment Date as defined below (the "Redemption Amount"). Borrower's
election to exercise its right to prepay must be by notice in writing ("Notice
of Redemption").  The Notice of Redemption shall specify the date for
such Optional Redemption (the "Redemption Payment Date"), which date shall be no
more than thirty (30) business days after the date of the Notice of Redemption
(the "Redemption Period").

     

    ARTICLE
III

    

    EVENTS OF
DEFAULT

    

         The
occurrence of any of the following events of default ("Event of Default") shall,
at the option of the Holder hereof, make all sums of principal and interest then
remaining unpaid hereon and all other amounts payable hereunder immediately due
and payable, upon demand, without presentment, or grace period, all of which
hereby are expressly waived, except as set forth below:

    

              3.1
RECEIVER OR TRUSTEE. The Borrower or any Subsidiary of Borrower shall make an
assignment for the benefit of creditors, or apply for or consent to the
appointment of a  receiver or trustee for them or for a substantial
part of their property or business; or such a receiver or trustee shall
otherwise be appointed.

    

              3.2
JUDGMENTS. Any money judgment, writ or similar final process shall be entered or
filed against Borrower for more than $500,000, and shall remain unvacated,
unbonded, unappealed, unsatisfied, or unstayed for a period of forty-five (45)
days.

    

              3.3
BANKRUPTCY. Bankruptcy, insolvency, reorganization, or
liquidation      proceedings or other proceedings
or relief under any bankruptcy law or any law, or the issuance of any notice in
relation to such event, for the relief of debtors shall be instituted by or
against the Borrower and are not dismissed within forty-five (45) days of
initiation.

    

              3.4
FAILURE TO MAKE PAYMENT.  Failure of the Borrower to make any
scheduled Payment pursuant to this Agreement within 30 days of such Payment’s
due date.

    

    ARTICLE
IV

    

    MISCELLANEOUS

    

              4.1
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of Holder
hereof in the exercise of any power, right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power,
right or privilege preclude other or further exercise thereof or of any other
right, power or privilege. All rights and
remedies      existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise
available.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
       

      Exhibit
10.2

       

    

              4.2
NOTICES. All notices, demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be in writing and, unless
otherwise specified herein, shall be (i) personally served, (ii) deposited in
the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, or facsimile, addressed as set forth
below or to such other address as such party shall have specified most recently
by written notice.

    

              4.3
AMENDMENT PROVISION. The term "Note" and all reference thereto, as used
throughout this instrument, shall mean this instrument as originally executed,
or if later amended or supplemented, then as so amended or
supplemented.

    

              4.4
ASSIGNABILITY. This Note shall be binding upon the Borrower and its successors
and assigns, and shall inure to the benefit of the Holder and its successors and
assigns.

    

              4.5
COST OF COLLECTION. If default is made in the payment of this Note, Borrower
shall pay the Holder hereof reasonable costs of collection, including reasonable
attorneys' fees.

    

              4.6    LAW
GOVERNING THIS NOTE. This Note shall be governed by and construed in accordance
with the laws of the State of New York, without regard to principles of
conflicts of laws. Any action brought by either party against the other
concerning this Note shall be brought only in the state courts or federal courts
sitting in New York. The Borrower and any Holder hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall
not assert any defense based on lack of jurisdiction or venue or based upon
FORUM NON CONVENIENS.

    

              4.7
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed
to  establish or require the payment of a rate of interest or other
charges in excess of the maximum permitted by applicable law. In the event that
the rate of interest required to be paid or other charges hereunder exceed the
maximum permitted by such law, any payments in excess of such maximum
shall      be credited against amounts owed by the
Borrower to the Holder and thus refunded to the Borrower.

    

              4.8.
CONSTRUCTION. Each party acknowledges that its legal counsel participated in the
preparation of this Note and, therefore, stipulates that the rule of
construction that ambiguities are to be resolved against the drafting party
shall not be applied in the interpretation of this
Note      to favor any party against the
other.

    

              4.9
REDEMPTION. This Note may not be redeemed or called without the consent of the
Holder except as described in this Note or the Share Transfer
Agreement.

    

               4.10
NON-BUSINESS DAYS. Whenever any payment or any action to be made shall be due on
a Saturday, Sunday or a public holiday under the laws of the State of New York,
such payment may be due or action shall be required on the next succeeding
business day and, for such payment, such next succeeding day shall be included
in the calculation of the amount of      accrued
interest payable on such date.

    

    IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name
by an
authorized officer as of the 30th day of March, 2009.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
       

      Exhibit
10.2

       

    

    
      
        
          
            
              	  	
                      TRILLIANT
      EXPLORATION CORP.

                    
	 
      	 
      
	 
      	      
                      /s/
      William R. Lieberman /s/

                    	
                       

                    
	 
      	
                       
      Signature

                    
	 
      	 
      
	 
      	
                      William
      Lieberman,
President

                    

            

          

        

      

    

    

    
      
         

      

      
        4MULUNCAY PROJECT

    

    Gold-Silver
Deposit

     

    Arcapamba,
Ecuador

    

    

    

    Report
Prepared by Exploration Alliance Ltd

    

    Authors:
A. Tunningley and C.Wilson

    

    July
2008

     

    
      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Muluncay
      Project, Ecuador

            

    

    

    
      	
              1.0

            	
              Introduction

            

    

    
      
        The
Muluncay Project comprises three past producing gold mines located in the El Oro
Province of Ecuador, 60 kilometres east of the major port of Machala (Figure 1).
The project is currently operated by Minera Del Pacifico. Access is via paved
road in good condition, and partial gravel track. The local towns of Portovelo
and Zaruma are easily accessible from the property and can provide experienced
labor.

      

       

    

    
      	
              2.0

            	
              Terms
      of Reference

            

    

    
      Exploration
Alliance Ltd (EAL) geologists visited the Aguacate Mine on 23rd April 2008 as
part of a review of gold projects in Ecuador. A field assessment of the geology,
including underground observations, was undertaken. A 43-101 Technical Report
was provided by the client.

    

    

    
      	
              3.0

            	
              Historical
      Production

            

    

    
      The
Muluncay Project lies within a major historic gold-silver producing district
known as the Portovelo-Zaruma-Ayapamba district (Figure 1). Production commenced
in 1905 and the district has since yielded approximately 4.5 million ounces of
gold. The majority of this production is from the Grand Shaft Mine, Casa Negra
concession which produced 3.5 million ounces of gold and 12 million ounces of
silver at 14.6 g/t gold and 48.9 g/t silver.

    

     

    
      	
              4.0

            	
              Muluncay
      Concession

            

    

    
      Three
mines are held under the Muluncay concession; Aguacate, Fatima and Nueva
Esperanza 1. Also held is an operational processing plant which is currently
being upgraded to 110 tons per day, with a final estimated capacity of 500 tons
per day. Modernisation of mining methods and mine preparation are
ongoing.

      

      The Aguacate Mine is the main focus of
current work. Mineralisation is hosted in two subparallel veins, Jen and
Christina, which have an estimated vertical extent of approximately 800
metres and a strike length of approximately 1500 metres. Average vein width is
1.2 metres.

      

      High
grade ore has been extracted manually, almost exhausting bonanza grade material
to a depth of 200 metres. However, vein material below approximately 20 g/t Au
has not been considered economic in the past and there has been no drilling to
test depth potential. Mineralisation in the district occurs over a 1400 metre
vertical range, and the nearby Casa Negra mine has been developed over 800
metres vertically.

    

     

    
      	
              4.1
      

            	
              Mineralisation

            

    

    
      Previously
described as a low sulphidation vein type deposit, mineralisation at Muluncay is
now believed to represent a mesothermal vein and breccia target (Figure
2).

      

      Jen and
Christina breccias have been the focus of historic development. Exploration of
other sub-parallel veins and breccias situated between the Jen and Christina
structures is required. Additionally, stockwork quartz-sulphide veins in the
hanging walls of the main structures have not been worked historically due their
relatively low grade, however modern mining and processing techniques means this
style of mineralisation should also be considered (Figure 3).

      

      Mineralisation
occurs mainly in the form of breccias (Figure 2), composed of sub-angular,
chlorite-pyrite altered andesite fragments supported in a coarse-grained, banded
and comb texture quartz (Figures 4 and 5). Mulitple stages of sulphide
mineralisation associated with later quartz, quartz-calcite and calcite veins is
recognised (Figures 6 and 7). The main sulphides are iron rich sphalerite,
galena and pyrite. High gold grades are typically associated with high pyrite
content, whereas high silver grades are associated with high galena
content.

      

      Stockwork
quartz-sulphide veins have formed in the hanging wall of breccias and have not
been mined historically. Such zones may increase the size potential of the
target and represent a good exploration target if proximal to high grade
breccias (Figure 3).

    

     

    
      	 
      	 
      
	
              Report prepared by Exploration Alliance
      Ltd.

            	
              Page
      1

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Muluncay
      Project, Ecuador

            

    

    

    
      	
              4.2

            	
              Conceptual
      Model

            

    

    
      Mineralisation
at Muluncay is of the polymetallic gold-silver mesothermal vein type. These
systems are typified by coarse-grained, banded, cockade quartz-sulphide (for
example galena-sphalerite-pyrite) occuring in veins and as breccia cement. Many
deposits of this type can be mis-interpreted as epithermal due to quartz vein
textures, however in epithermal systems quartz is very fine- to fine-grained and
saccharoidal.

      

      Mineralisation
is hosted in en-echelon faults related to regional scale shear zones, and form
multiple parallel vein zones which pinch and swell along strike and down dip. In
contrast to epithermal systems, polymetallic gold-silver systems can display
precious metal deposition over a large (greater than one kilometre) vertical
extent (Figure 8).

       

    

    
      	
              5.0

            	
              Conclusion

            

    

    
      Excellent
potential exists at Muluncay for the existence of a low tonnage, high grade gold
and silver deposit with possible lead and zinc by-products. Despite the fact
that near surface (within 200 metres) high grade material has been largely
exhausted by previous workers, it appears economic ore blocks still exist in
current workings due to the present gold price and the introduction of modern
mining and processing technologies. Furthermore, there has been no drilling to
test the depth potential of the system despite the deposit being situated in a
district where other mines have been exploited to 800 metres below
surface.

      

      The
Muluncay Project also benefits from the existence of an operational processing
plant with an estimated final capacity of 500 tons per day. Mine development to
allow the mechanical extraction of ore is ongoing.

       

    

    
      	
              6.0

            	
              Recommendations

            

    

    Further
work to include:

    
      
        
          	 	 	 
	
                	
                  
                    ·

                  

                	
                  Channel
      sampling of existing adits with a rigorous QA/QC
  protocol;

                
	 	 	 

        

      

    

    
      
        	
              	
                
                  · 

                

              	
                Digital
      capture of mine plans, long sections and historic production
      data;

              
	 	 	 

      

    

    
      
        	
              	
                
                  ·

                

              	
                3
      dimensional modelling and resource-reserve estimate;

              
	 	 	 

      

    

    
      
        	
              	
                
                  · 

                

              	
                Bench
      scale metallurgical scoping study to maximise gold-silver recovery and
      assess potential Pb-Zn by- product;

              
	 	 	 

      

    

    
      
        	
              	
                
                  · 

                

              	
                Diamond
      drilling to test depth potential, distribution of grade in hanging wall of
      breccias and potential blind shoots;

              
	 	 	 

      

    

    
      
        	
              	
                
                  · 

                

              	
                Continuation
      of mine development and modernisation;

              
	 	 	 

      

    

    
      	
            	
              
                · 

              

            	
              Design
      parameters of processing plant should be revised upon completion of bench
      scale metallurgy study.

            

    

    

    
      	
              7.0

            	
              References

            

    

    
      Bain, D.,
2006, Report on Exploration Potential, Muluncay Epithermal Gold Project,
Portovelo-Zaruma-Ayapamba area, Province of El Oro, Ecuador. Technical
Report.

      

      Corbett, G.J., 2002, Epithermal Gold
for Explorationists: AIG Presidents Lecture, AIG Online Journal April
2002. AIG website www.aig.asn.au.

      

      Thournout,
F.V., Salemink, J., Valenzuela, G., Merlyn, M., Boven, A. and Muchez, P., 1996,
Portovelo: a volcanic-hosted epithermal vein system in Ecuador, South America.
Mineralium Deposita v31, p.269 - 276.

    

     

    
      	 
      	 
      
	
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              Muluncay
      Project, Ecuador

            

    

    

    

    

    Figure 1: Simplified geology,
Portovelo-Zaruma-Arcapamba gold district, Ecuador (modified from Bain, 2006 and
Thournout et al., 1996.

    
      	 
      	 
      
	
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              Muluncay
      Project, Ecuador

            

    

    

    

    Figure 2: Typical breccia. Note
moderate to steep dip of breccia, multi-phase mineralisation, sharp contact with
footwall and subparallel to weakly stockworked veining in hanging
wall.

    

    

    Figure 3: Stockwork vein zone and
narrow breccias have not been considered economic in the past. The economic
potential of these zones should be re-assessed to reflect present metal
prices.

    
      	 
      	 
      
	
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              Muluncay
      Project, Ecuador

            

    

    

    

    Figure 4: Breccia composed of banded
quartz-sulphide-chlorite fragments supported in a quartz-sulphide cement. Assays
pending.

    

    

    Figure 5: Banded
quartz-sphalerite-chlorite vein with disseminated pyrite. Note coarse-grained
quartz and andesite fragments. Assays pending.

    
      	 
      	 
      
	
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              Muluncay
      Project, Ecuador

            

    

    

    

    Figure 6: Monomict breccia supported by
coarse-grained, cockade quartz-galena-sphalerite, crosscut by banded and massive
quartz and quartz-carbonate veins. Breccia is offset by late normal faults. Weak
limonite as fracture fill.

    

    

    Figure 7: Banded and brecciated
quartz-sulphide vein crosscut by massive quartz veins. Disseminated
pyrite-galena-sphalerite associated with all phases of quartz
deposition.

    
      	 
      	 
      
	
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              Muluncay
      Project, Ecuador

            

    

    

    

    Figure 8: Conceptual model for
mineralisation at Muluncay Project (modified from Corbett, 2002). Note this model
presents a much greater potential vertical extent for mineralisation than true
low sulphidation type deposits.

    
      	 
      	 
      
	
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              Muluncay
      Project, Ecuador

            

    

     

    REPORT AUTHORS

    

    
      	
              Chris
      Wilson, PhD, FAusIMM (CP), FSEG

            	 
      	
              
                Principal
      Consultant

              

            

    

    Chris is
an exploration geologist with over 15 years industry experience who specialises
in design, implementation and management of exploration projects from grassroots
to pre-feasibility, field mapping and core logging, implementation of appropriate
Best Practice and QA/QC, and audits of preparation and assay laboratories. Chris
has significant experience in mapping and assessment of mesothermal lode gold
systems, low and high sulphidation Au-Ag epithermal systems, Au-Cu-Mo porphyry
and porphyry related stockwork and breccia targets, secondary copper blankets,
sediment hosted gold systems and iron oxide-copper-gold. Chris has some
experience with Fe-Cu-Au skarns and VMS systems.

    

    Prior to
becoming an independant consultant, Chris was the exploration manager for
Ivanhoe Mines in Mongolia, where he was responsible for countrywide grassroots
exploration and area selection, and management of an exploration portfolio
consisting of over 125 exploration licences totalling over 11 million
hectares.

    

    
      	
              Andrew
      Tunningley, MGEOL (Hons), MAusIMM, MSEG

            	 
      	
              
                Exploration
      Geologist

              

            

    

    Andrew is
an exploration geologist with five years varied exploration experience in China,
Central Asia, Laos, Northeast Africa, Iran, Canada and Peru. Andrew has a broad
geological skills set developed whilst working as an exploration geologist for
Ivanhoe Mines in Mongolia and China, and more recently as an independant
consultant including: regional reconnaissance resulting in area selection and
target generation, design, management and interpretation of regional and
prospect scale GIS datasets, design and implementation of advanced project field
mapping, geochemical sampling and reverse circulation/diamond drill programs.
Andrew is fully conversant with all aspects of Best Practice as defined by the
JORC and National Instrument 43-101 codes, and the design and monitoring of
project specific sampling, sample preparation and QA/QC protocols.

    

    Andrew
has specific experience with Au-Cu-Mo porphyry systems and associated oxide
deposits, Cu-Au breccias, Au mesothermal vein systems, Au-Ag-base metal
epithermal systems and intrusion hosted gold systems.

    
      	 
      	 
      
	
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      prepared by Exploration Alliance Ltd.

            	
              Page
      8

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