Exhibit 10.4
MINERAL PROPERTY AMENDING AGREEMENT
THIS AGREEMENT dated for reference October 1, 2003.
BETWEEN:
XXXXXX XXXXXX XXXXXXXX, Seven Xxxx Xxxxx, X.X.
Xxx 00000, Xxxxx Xxxxxx; and
(the "Optionor")
OF THE FIRST PART
AND:
BLUESTONE VENTURES, INC., a body corporate,
duly incorporated under the laws of the State
of Nevada and having an office at 00000 Xxx
Xxxx Xxxx, Xxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0;
(the "Optionee")
OF THE SECOND PART
W H E R E A S :
A. The Optionor and The Optionee entered into a Mineral Property
Option Agreement dated December 15, 2000 (the "Agreement"),
whereby the Optionor granted to the Optionee the exclusive
right to acquire an undivided 100% undivided right, title and
interest in and to the Nag Lake property located in the
Thunder bay Mining District, Ontario, Canada (Claim no.
TB1195902) (the "Claims");
B. The Optionor and the Optionee entered into an amending
Agreement dated November 5, 2002, whereby the Optionor agreed
to amend the terms of the Agreement as set therein;
C. The Optionee was unable to comply with the terms of the
Agreement, as amended, due to difficulties in arranging for
the initial $1,000 payment to be made in Grand Cayman, but
the Optionor has now made arrangements to receive payment in
British Columbia; and
D. The Optionor and Optionee have therefore agreed to amend the
terms of the Agreement, as amended, on the following basis;
NOW THEREFORE IN CONSIDERATION of the payment of ONE DOLLAR
($1.00) by the Optionee to the Optionor, the receipt and
sufficiency of which is hereby acknowledged, and other good and
valuable consideration, including the premises, mutual covenants
and agreements herein contained, the parties hereto agree to amend
the Agreement as follows:
1. Subparagraphs 5.1 (b) and (c) be and are hereby deleted in
their entirety and replaced with the following:
" Cash Payments
(b) Pay to the Optionor a total of $250,000 in the following
manner:
(i) $25,000 upon execution of this Agreement
(the Optionor acknowledges receipt of this
payment);
(ii) an additional $25,000 by the earlier of
March 31, 2004 and the date that the Optionee's
shares of common stock are quoted for trading on
the NASD OTC Bulletin Board;
(iii) an additional $100,000 by June 1, 2005; and
(iv) an additional $100,000 on June 1, 2006;
Expenditure Commitments
(c) Provide funding of minimum cumulative expenditures
for exploration and development work on the Claims of at
least $100,000 under the direction of a qualified
geologist or project engineer in the following manner:
(i) $10,000 of expenditures to be incurred, or
caused to be incurred, by the Optionee on the
Claims by August 30, 2002 (the Optionor
acknowledges completion of these expenditures);
(ii) No less than a further $30,000 of
expenditures to be incurred, or caused to be
incurred, by the Optionee on the Claims by August
30, 2005; and
(iii) No less than a further $60,000 of
expenditures to be incurred, or caused to be
incurred, by the Optionee on the Claims by August
30, 2006."
2. All of the terms and conditions of the Agreement, except as
amended or modified hereby, remain in full force and effect.
IN WITNESS WHEREOF this Agreement has been executed as of the
day and year first above written.
BLUESTONE VENTURES, INC.
/s/ Xxxxxx Xxxxxxxx
___________________________ per: /s/ Xxxxxx Xxxx
Xxxxxx Xxxxxx Xxxxxxxx ____________________________
Authorized Signatory
