Exhibit 10.1
PROPERTY OPTION AGREEMENT
THIS AGREEMENT made and entered into as of the 25th day of July, 2003.
BETWEEN: MinQuest Inc., a company having a mailing address at 4235 Christy Way, Reno, Nevada, 89509,
U.S.A.
(herein called the "Optionor")
OF THE FIRST PART
AND: Patriot Gold Corporation, a company having an office at 102 Donaghy Avenue, North Vancouver, B.C.,
V7P 2L5
(herein called the "Optionee")
OF THE SECOND PART
WHEREAS the Optionor has represented that it is the sole recorded and beneficial owner in and to two
properties called the Bruner Project and the Vernal Project (the "Property") described in Schedule "A" attached
hereto;
AND WHEREAS the Optionor, subject to the Net Smelter Royalty reserved to the Optionor, now wishes to
grant to the Optionee the exclusive right and option to acquire an undivided 100% right, title and interest in and to
the Property on the terms and conditions hereinafter set forth;
NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises, the mutual
covenants herein set forth and the sum of One Dollar ($1.00) of lawful money of U.S. currency now paid by the
Optionee to the Optionor (the receipt whereof is hereby acknowledged), the Parties hereto do hereby mutually
covenant and agree as follows:
1. Definitions
The following words, phrases and expressions shall have the following meanings:
(a) "After Acquired Properties" means any and all mineral
interests staked, located, granted or acquired by or on
behalf of either of the parties hereto during the currency
of this Agreement which are located, in whole or in part,
within two miles of the existing perimeter of the
Property;
(b) "Exchange" means OTCBB Venture Exchange;
(c) "Expenditures" includes all direct or indirect expenses
[net of government incentives and n