Option Agreement – Merit Property (“Option Agreement”) Amendment No. 6
Exhibit 99.1
June 8, 2012
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Attention: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇ ▇▇▇▇▇▇
Dear Sirs:
Re: Sunburst Exploration Inc. and Almaden Minerals Ltd.
Option Agreement – Merit Property (“Option Agreement”)
Amendment No. 6
Sunburst Exploration Inc. (the “Sunburst”) and Almaden Minerals Ltd. (“Almaden”, collectively with Sunburst, the “Parties”) are parties to the Option Agreement dated May 21, 2010, as amended by letter agreement dated May 20, 2011 (“Amendment No. 1”), and as amended by letter agreement dated July 12, 2011 (“Amendment No. 2”) and as amended by letter agreement dated September 19, 2011 (“Amendment No. 3”) and as further amended by letter agreement dated December 8, 2011 (“Amendment No. 4”) in respect of an option on the group of mineral claim tenures, known as the Merit Property, on the terms set out therein, located approximately 22 kilometres west of ▇▇▇▇▇▇▇, ▇.▇., in the Nicola Mining Division.
The Parties have agreed to effect the following further revision to the Option Agreement in accordance with the terms of this letter agreement (“Amendment No. 5”).
Section 19.2 of the Option Agreement shall be replaced in its entirety as follows:
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“19.2
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Time will be of the essence in the performance of this Agreement Notwithstanding the generality of the foregoing, Sunburst agrees to proceed expeditiously with the initial public offering and the listing referenced in in Section 3.3 (b) hereof in an expeditious manner and agrees that if such listing is not completed by October 30, 2012 then Almaden may by written notice terminate this agreement and upon giving of such notice this agreement shall be at an end and Sunburst will have no rights hereunder. The provisions of Section 14.1 of this Agreement shall not apply to any notice given by Almaden under this Section 19.2.”
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Page 2.
Yours very truly,
SUNBURST EXPLORATION INC.
Per:
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Authorized Signatory
Accepted and agreed to on and effective as of June 8, 2012 by:
Per:
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Authorized Signatory
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