Exhibit 10.1
PROPERTY AGREEMENT
THIS AGREEMENT dated as of December 23, 2006 is entered into by and between Shaun D. Langford of
2678 Point Grey Rd., Vancouver, British Columbia, Canada V6K 1A5 (“Langford”) and Elray Resources,
Inc. a Nevada corporation, of 2678 Point Grey Rd., Vancouver, British Columbia, Canada V6K 1A5 (“Elray”).
WHEREAS:
A.
In his capacity as president of Elray, Langford retained James W. McLeod, P. Geo. (“McLeod”), to
acquire a mining claim in the Osoyoos mining district of British Columbia favourably situated for precious minerals
exploration and to prepare a technical report on the claim;
B.
On December 15, 2006, in furtherance of his retainer, McLeod caused his wholly owned company
Omega Exploration Services Inc. (“Omega”), to acquire DL Mineral Claim, Tenure #547506, situated in the
Osoyoos mining district of British Columbia, which mining claim is more particularly described in Schedule
“A” (the “DL Claim”);
C.
On December 18, 2006, Omega transferred to Langford legal and beneficial ownership of the DL Claim;
D.
On December 23, 2006, McLeod delivered to Elray his technical report on the DL Claim dated
December 23, 2006 (the “Geologist’s Report”) and his invoice in the amount of $3,500 (the “Invoice”)
representing his fees and disbursements in connection with acquisition and transfer of the DL Claim and
preparation of the Geologist’s Report;
E.
Langford has paid the Invoice for and on behalf of Elray; and
F.
The parties have agreed that Langford will sell to Elray, and Elray will buy from Langford, the entire
beneficial interest of Langford in the DL Claim, in consideration of Elray’s reimbursement of Langford’s payment
of the Invoice.
THIS AGREEMENT WITNESSES that in consideration of the premises and the mutual covenants herein
contained, the parties agree as follows:
1.
Transfer of Beneficial Interest
1.1
Langford hereby transfers to Elray an undivided 100% beneficial interest in the DL Claim, in accordance
with the terms of this