Contract

EXHIBIT 10.1

Xxxxxx X Xxx

XX Xxx 000 Xxxxxxxxxx, Xxxxxxx Xxxxxxxxx 0000

Penola Inc

000 Xxxxxxx Xxxx

Xxxxxxx

Xxxxxxxx 0000

July 7, 2012

Dear Xxxx,

Mineral Property Option Agreement of 6th July 2010

I’m pleased to extend the period of the option of the above agreement for a further two years to 6th July 2014 on the existing conditions as the originally signed agreement.

Yours Faithfully

Xxxxxx Xxxxxxx Xxx