RECITALS

                                OPTION AGREEMENT

         THIS OPTION AGREEMENT ("AGREEMENT") between and among Xxx Xxxxxxxxx, an
individual  ("Buyer") and Calbear Gas, L.L.C., a Texas Limited Liability Company
("Seller"), is ENTERED INTO AS OF THIS 23RD day of September, 1999.

                                    RECITALS

         WHEREAS,  Liberty Mint,  Ltd., a Colorado  Corporation  ("Liberty Mint,
LTD."),  was the parent  corporation of Liberty Mint,  Inc., a Utah  Corporation
("Liberty Mint, Inc.");

         WHEREAS,  Seller  recently  purchased from Liberty Mint,  Ltd., 100% of
Liberty Mint,  Ltd.'s  controlling  interest of Liberty  Mint,  Inc. via a Stock
Purchase Agreement dated September 23, 1999, ("Stock Purchase Agreement");

         WHEREAS,  pursuant to the Stock Purchase  Agreement,  Seller  purchased
7,291,326  shares of Liberty Mint,  Inc.  common stock from Liberty Mint,  Ltd.,
which constitutes  approximately an 88.2% controlling interest in Liberty, Mint,
Inc.; and

         WHEREAS,  Seller  wishes to give  Buyer the  option of buying  back the
7,291,326  shares of Liberty Mint, Inc. common stock that Seller  purchased from
Liberty Mint, Ltd. pursuant to the Stock Purchase Agreement.

         NOW THEREFORE,  in consideration of ten dollars ($10.00) and other good
and valuable consideration already received Seller and Buyer agree as follows:

                                    AGREEMENT

         For a ninety (90) day period from the date first written above,  Seller
hereby gives Buyer, the option, for Twenty-five dollars ($25.00) cash, the right
to buy back the 7,291,326  shares of Liberty Mint, Inc. common stock that Seller
purchased  from Liberty  Mint,  Ltd.  pursuant to the Stock  Purchase  Agreement
described above.

         This Agreement  constitutes the complete  understandings and agreements
between you and Buyer with  respect to the matters  referred to herein,  and all
other prior  representations,  negotiations and understandings,  whether oral or
written, are superseded by and merged into this Agreement. Neither you or Seller
shall be  liable  or bound  to any  other  person  in any  agreement,  warranty,
representation or guarantee, except as explicitly set forth herein.

Calbear Gas, L.L.C.                                      Xxx Xxxxxxxxx,
a Texas Limited liability company                        an individual

/S/ Xxxxxxxxxx X. Xxxxxxxx                               /S/ Xxx Xxxxxxxxx
---------------------------                              --------------------
By: XxxxxxXxxx X. Xxxxxxxx                               By: Xxx Xxxxxxxxx
Its: President

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