Mr. Perry Leopold, CEO North Bay Resources Inc.
Exhibit 10.62
By e-mail
Xx. Xxxxx Xxxxxxx, CEO
0000 Xxxxxx Xxxx
Lansdale, PA 19446
United States of America
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Re:
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Second Amendment to Section 3 – Option of the Fawn & Buck Option and Joint Venture Agreement made as of October 15, 2009 (the “Option Agreement”)
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Dear Xx. Xxxxxxx:
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Further to your exchange of emails with Xx. Xxxxxx concerning an amendment to the Option Agreement in respect of the dates by which exploration Expenditures have to be incurred, this letter is to document the parties’ agreement that Section 3.2 of the Option Agreement will be further amended to read as follows:
3.2 In order to maintain the Option in good standing and to earn an undivided 75% Joint Venture Interest in the Property, Silver Quest must incur at least two hundred fifty thousand (250,000) dollars in Expenditures on or before the second anniversary of the Effective Date and make cash payments, share issuances and Expenditures as follows:
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On or before
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Cash Payments
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Silver Quest Shares
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Cumulative Expenditures
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First anniversary of the Effective Date
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$25,000
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See note A
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$Nil
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Second anniversary of the Effective Date
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$25,000
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See note A
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$250,000
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Third anniversary of the Effective Date
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$25,000
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Nil
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$675,000
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Fourth anniversary of the Effective Date
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$Nil
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Nil
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$1,100,000
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Fifth anniversary of the Effective Date
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$Nil
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Nil
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$1,500,000
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Note A:
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The requirement to issue 50,000 shares on or before the first and second anniversaries of the Effective Date was amended pursuant to an amending letter dated November 25, 2009 to provide for cash payments in lieu of issuing said shares. The November 25, 2009 amendment shall not be affected by this second amendment.
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In consideration of North Bay Resources agreeing to the foregoing amendment, Silver Quest will, upon receipt of your acceptance of this letter by email, make a payment of US $25,000 by wire transfer to North Bay Resources’ bank account.
Silver Quest Resources Ltd.
Suite 0000 – 000 Xxxx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX X0X 0X0
Tel: 000-000-0000 Fax: 000-000-000
Xx. Xxxxx Xxxxxxx
September 13, 2010
Page two
If the foregoing proposal is acceptable, please sign and return a copy of this letter by email (with original to follow by courier) to my attention.
Thank you for your consideration.
SILVER QUEST RESOURCES LTD.
/s/ X. X. Xxxxxxxx
X. X. Xxxxxxxx
Chief Financial Officer
AGREED AND ACCEPTED THIS 13th DAY OF SEPTEMBER, 2010
By: /s/ Xxxxx Xxxxxxx
Xxxxx Xxxxxxx, CEO
100913-1_SQI
Silver Quest Resources Ltd.
Suite 0000 – 000 Xxxx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX X0X 0X0
Tel: 000-000-0000 Fax: 000-000-000
