Re: Pebble Property Agreement dated March 29, 2000
800 – 000 Xxxxxxxxx Xxxxxx
Xxxxxxxxx XX, Xxxxxx
X0X 0X0
Phone: (000) 000-0000
Fax: (000) 000-0000
xxx.xxxxxxxxxxxxxxxxxxx.xxx
October 17, 0000
Xxx Xxxxxxxxx
Xxxx Xxxx Resource Corporation
402 – 000 Xxxx Xxxxxx Xx.
Xxxxxxxxx XX, X0X 0X0
VIA FACSIMILE: (000) 000-0000
Dear Xxx,
Re: Pebble Property Agreement dated March 29, 2000
As you are aware, we are continuing to explore in the Pebble Property area. We have completed the detailed airborne magnetic survey as required under our extension agreement. The survey, interpretation and maps have cost $25,000. We have staked additional claims that add on to the Pebble property or add to the joint position at a cost of $10,000 including senior geologist’s time. In total we have completed $42,823 exploration expenditures towards the $100,000 of required expenditures under the option agreement.
We believe that the source of the recently announced Thread Pebble Pt-Pd-Ni-Co anomaly may be on the overlap claims that we recently staked for the joint venture we are currently in the field prospecting this area. We may have found evidence of an intrusion underneath the diabase but we only have a preliminary report. This work may add slightly to the total expenditures under the agreement but we will be at less than the required $100,000. As you are also aware the mapping and sampling work at Pebble, until now, has shown nothing but diabase. We believe that the property would be best explored for our mutual benefit by continuation of the option agreement.
Therefore we propose that, in consideration of our firm obligation to file sufficient assessment credit on the Pebble Property to maintain the property in good standing for a further year by the due dates (estimated to be approximately $32,000 of assessment work credit), PTM is hereby granted a further extension of time to have completed an aggregate of $100,000 in expenditures to July 31, 2003. This extension will amend the standing agreement referenced above.
Yours truly,
AGREED & ACCEPTED
East West Resource Corporation
R. Xxxxxxx Xxxxx
_____________________________
President
Xxx Xxxxxxxxx
Date:_____________________________
