DIRECTOR / OFFICER NON-QUALIFIED STOCK OPTION AGREEMENT OF IRELAND INC.

DIRECTOR / OFFICER NON-QUALIFIED STOCK OPTION AGREEMENT OF IRELAND INC.
A Nevada Corporation

THIS AGREEMENT is made between IRELAND INC. , a Nevada corporation (hereinafter referred to as the "Company"), and LORRIE ANN ARCHIBALD of 1745 Larkhall Crescent, North Vancouver, BC V7H 2Z3 (hereinafter referred to as the “Optionee”), a director or officer of the Company, effective as of the 28th day of March, 2007.

The Company hereby grants the Optionee a non-qualified option to purchase Five Thousand (5,000) shares of the Company’s Common Stock at a purchase price of $0.20 US per share for a term commencing on the effective date of this Agreement and expiring at 5:00 pm (Pacific Time) on the 28th day of March, 2009 (the “Expiration Date”), subject to termination as set forth herein. All options will be fully vested upon execution of this Agreement.

The Optionee may exercise the option granted herein at any time after the effective date of this Agreement until the date of termination of the option as provided herein.

This option shall be exercised by written notice delivered to the Company at its principal place of business, stating the number of shares for which the option is being exercised. The notice must be accompanied by a check or other methods of payment acceptable to the Plan Administrator for the amount of the purchase price, and comply with all the requirements of the Company’s 2007 Stock Incentive Plan dated March 27, 2007, attached hereto and made a part hereof by this reference.

The existence of this option shall not affect in any way the right or power of the Company or its stockholders to: (1) make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business; (2) enter into any merger or consolidation; (3) issue any bonds, debentures, preferred or prior preference stocks ahead of or affecting the common stock or the rights thereof, (4) issue any securities convertible into any common stock, (5) issue any rights, options, or warrants to purchase any common stock, (6) dissolve or liquidate the Company, (7) sell or transfer all or any part of its assets or business, or (8) take any other corporate act or proceedings, whether of a similar character or otherwise.

If there shall, prior to the exercise of any of the options provided for by this Agreement, be any reorganization of the authorized capital of the Company by way of consolidation, merger, subdivision, amalgamation or otherwise, or the payment of any stock dividends, then there shall automatically be an adjustment in either or both of the number of shares which may be purchased pursuant hereto or the