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EXHIBIT
10.10
SECURED PROMISSORY
NOTE
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Minneapolis,
Minnesota
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October 28,
2008
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FOR VALUE RECEIVED, Wits Basin Precious Minerals
Inc., a corporation organized and existing under the laws of the
State of Minnesota (the “Maker”), hereby
unconditionally promises to pay to China Gold, LLC, a Kansas
limited liability company, or its successors and assigns (the
“Payee”), at 4520 Main Street, Suite 1650, Kansas City,
MO 64111, or such other place or places as may be designated by the
Payee, the principal sum of Four Hundred Forty-One Thousand Dollars
($441,000.00) and any accrued interest at the earlier of (i)
December 31, 2008 or (ii) such time as the Maker consummates that
certain joint venture with London Mining plc relating to China
Global Mining Resources Ltd (“CGMR”) and the related
acquisition by CGMR of certain iron ore properties in the
People’s Republic of China. Interest shall accrue on the
outstanding principal balance at a daily rate of 12.25%.
As consideration to Payee for providing
financial accommodations to Maker, Maker has agreed to grant a
two-year warrant to purchase up to an aggregate of 882,000 shares
of the Maker’s $0.01 par value common stock, at a purchase
price of $0.11 per share and include a
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