1
This agreement is dated the _____ of July, 1996 and amends that
certain agreement signed on the 19th of April, 1996 between Royal
Silver Mines, Inc.(Royal), a Utah corporation and Placer Mining
corporation (Placer), a Nevada corporation and entitled "Option
to Joint Venture."
In that, Royal and Placer entered into the above agreement in
contemplation of signing a Joint Venture agreement between the
parties; and
In that, Royal and Placer agreed to a option and due diligence
period of 90 days to commence on April 19, 1996 and end on July
22, 1996 such that Royal could ascertain title to mining claims,
analyze geological and engineering data, and conduct an
environmental review of the project; and
In that, Royal has been unable to fully accomplish the necessary
due diligence which Royal management believes the company must
accomplish to faithfully enter the contemplated Joint Venture,
and
In that, Royal previously paid Placer the sum of $50,000 and
100,000 shares of Royal common stock as consideration for this
option and due diligence period, and
In that, Royal and Placer both agree that it is in the best
interest of both parties to continue to pursue the contemplated
Joint Venture,
Therefore, the option to Joint Venture agreement is modified to
provide an additional days for Royal to conduct its
due diligence, such period to commence immediately upon signing
of this amendment and to end at midnight on _________________,
1996. All other terms of the Option to Joint Venture agreement
will remain the same.
By signing below, both parties acknowledge that past
consideration exchanged and the continuing possibility of a
future business relationship are adequate consideration for this
amendment.
IN WITNESS HEREOF, each of the parties has executed this
Agreement as of the day and year first written above.
ROYAL SILVER, MINES, INC. PLACER MINING CORP.
BY: ___________________________ BY: __________________________
Its President Its President
