Anglo Alaska Gold Corp.
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Anglo Alaska Gold Corp.
X.X. Xxx 00000
Xxxxxxxxx, Xxxxxx 00000
Phone: 000-000-0000
Fax: 000-000-0000
VIA EMAIL
July 9, 2002
Mr. Xxxxx Xxxx, President
International Freegold Mineral Development Inc.
0000 Xxxx 00xx Xxx.
Xxxxxxxxx, X.X. X0X 0X0
QUIT CLAIM DEED AGREEMENT EXCLUSIVE AND BINDING ON BOTH PARTIES
XXXXXX PROPERTY, ALASKA
Dear Xx. Xxxx,
As per our previous conversation, I am forwarding this Quit Claim Deed (the “Agreement” for your approval. This Agreement is designed to enumerate the terms and conditions of a transfer of rights via Quit Claim deed from Anglo Alaska Gold Corporation, an Alaska corporation with address at X.X. Xxx 00000, Xxxxxxxxx, Xxxxxx 00000 (hereinafter Anglo Alaska) to Freegold Recovery Inc. USA, a Nevada corporation with Authorization to conduct business in Alaska (hereinafter Freegold USA) and its parent corporation International Freegold Mineral Development Inc., a British Columbia corporation with address at 0000 Xxxx 00xx Xxx., Xxxxxxxxx, X.X. X0X 0X0 (hereinafter Freegold Intl.). Freegold USA and Freegold Intl. will be referred to collectively as “Freegold”.
The terms of this Agreement are as follows
1.
Anglo Alaska owns a 100% interest in certain mining claims known here as the Xxxxxx property (hereinafter the “Property”) located in the Fairbanks Mining District, Fairbanks Recording District, State of Alaska. A legal description of the Property is attached hereto as Exhibit A and by this reference made a part hereof.
2.
Freegold wishes to conduct mineral exploration, development and/or production on the Property.
3.
The parties hereto agree that the terms of this Agreement shall survive any transfer of Freegold’s rights hereunder to any other party.’
4.
Anglo Alaska warrants that, to the best of its knowledge, the Property is in good standing and is free of legal, financial and environmental encumbrances.
5.
Freegold agrees that upon execution of this Agreement, Freegold shall assume 100% of the right, title and interest to the Property subject only to this Agreement.
6.
In consideration for transferring the Property to Freegold, Freegold agrees to make cash payments to Anglo Alaska according to the following schedule:
A.
US$12,500 upon execution of this Agreement.
B.
US$12,500 on the earlier of October 1, 2002 or upon receiving approval if approval of this Agreement by Canadian regulatory authorities having jurisdiction over Intl. Freegold is not received before September 1, 2002.
C.
July 1, 2003 = US$20,000
D.
July 1, 2004 = US$25,000
E.
July 1, 2005 = US$25,000
F.
July 1, 2006 = US$30,000
G.
July 1, 2007 = US$50,000
H.
July 1, 2008 = US$50,000
1.
As additional consideration for the rights, duties and responsibilities in the Property that Anglo Alaska is transferring to Freegold, Freegold Intl. agrees to issue shares of its common stock to Anglo Alaska according to the following schedule:
A.
300,000 shares upon approval of this Agreement by Canadian regulatory authorities having jurisdiction over Intl. Freegold.
B.
300,000 shares on or before July 1, 2003
C.
300,000 shares on or before July 1, 2004
D.
500,000 shares at such time as Freegold or other parties working through or with Freegold have expended an aggregate of US$1,000,000 on the Property. Cash payments and cash-equivalent value of stock issued under this Agreement shall be considered a valid expense under this Agreement.
1.
Anglo Alaska acknowledges that Freegold Intl. intends in the near future to consolidate its currently outstanding common stock on a 4 old shares for 1 new share basis. It is the understanding and intent of both parties that the common share issuances contemplated in Section 7 of this Agreement are intended to be post-consolidation shares in the publicly traded successor corporation to International Freegold Mineral Development Inc.
2.
Upon approval of this Agreement, Freegold agrees to be bound to maintain this Agreement through at least September 30, 2003.
3.
Anglo Alaska retains for itself a one percent (2%) net smelter return (NSR) production royalty from production derived from the Property.
4.
Freegold shall have the right but not the obligation to purchase one-half of the above net smelter returns royalty for US$1,000,000.
5.
Freegold shall have the right to transfer its rights and obligations in the Property to any financially capable third party or parties. Notice of such transfer shall be promptly given to the Anglo Alaska.
6.
Anglo Alaska shall retain the right to sell, transfer or otherwise dispose of all or any portion of its interest in this Agreement and/or the Property subject to a first right of refusal granted to Freegold.
7.
In the event Freegold does not timely make the scheduled cash payments and stock issuances set out in this Agreement, Anglo Alaska shall give to Freegold written notice specifying in detail the particular default or defaults asserted and Freegold shall have thirty (30) days after the receipt of said notice to cure such default. In the event of such a cure by Freegold, this Agreement shall continue in full force and effect as though no default had occurred. In the event such curative action is not so completed or diligent efforts to cure such defaults are not undertaken within the above described cure period, Anglo Alaska may elect, at any date thereafter, to terminate this Agreement by giving notice to Freegold of such termination. If such termination notice is issued, Anglo Alaska may keep all cash payments and all stock issuances previously made to Anglo Alaska hereunder, and Freegold shall have no further obligations hereunder or liability to Anglo Alaska by way of damages of any kind or otherwise, except with respect to: (a) cash payments or stock issuances to Anglo Alaska pursuant to this Agreement which accrued prior to termination; and (b) the obligation to return the Property to Anglo Alaska free and clear of liens or encumbrances of any kind.
8.
The parties hereto agree to execute a recordable document evidencing the non-monetary terms of this Agreement and to record such document in the Fairbanks Recording District, Fourth Judicial District, State of Alaska at Fairbanks, Alaska.
9.
If Freegold and its transfers or assigns legally terminate all of its interests in this Agreement at any time after September 30, 2003, or if Anglo Alaska terminates this Agreement by virtue of the terms of section 14 of this Agreement, Anglo Alaska or its assigns shall promptly execute a quit claim deed forever transferring 100% interest in the Property in favor of Anglo Alaska and shall transfer to Anglo Alaska all geological information, including maps, geochemistry, geophysics, and other pertinent data, generated on the Property prior to the termination date.
If the above terms are acceptable to you please signify so by signing in the space provided below.
Sincerely,
ANGLO ALASKA GOLD CORP.
“Xxxxxx X. Xxxxxxx”
Xxxxxx X. Xxxxxxx
President
I hereby agree to the terms of this Agreement.
“Xxxxx Xxxx”
_______________________________
By Xxxxx Xxxx
As President on behalf of
International Freegold Mineral Development Inc.
I hereby agree to the terms of this Agreement.
“Xxxxx X. Xxxx”
_______________________________
By Xxxxx X. Xxxx
As President on behalf of
Freegold Recovery Inc. USA
EXHIBIT A
Xxxxxx property list. All claims located in the Fairbanks Recording District, Fairbanks Meridian, Alaska.
Claim | Type | Acreage | Township | Range | Section | Meridian | ADL# |
MC 1 | C | 160 | 3N | 2E | 14 | Fairbanks | 604810 |
MC 2 | C | 160 | 3N | 2E | 14 | Fairbanks | 604811 |
MC 3 | C | 160 | 3N | 2E | 13 | Fairbanks | 604812 |
MC 4 | C | 160 | 3N | 2E | 13 | Fairbanks | 604813 |
MC 5 | C | 160 | 3N | 2E | 13 | Fairbanks | 604814 |
MC 6 | C | 40 | 3N | 2E | 14 | Fairbanks | 604815 |
MC 7 | C | 40 | 3N | 2E | 13 | Fairbanks | 604816 |
MC 8 | C | 40 | 3N | 2E | 13 | Fairbanks | 604817 |
MC 9 | C | 40 | 3N | 2E | 13 | Fairbanks | 604818 |
WC 1 | C | 160 | 3N | 3E | 17 | Fairbanks | 604819 |
WC 2 | C | 160 | 3N | 3E | 17 | Fairbanks | 604820 |
Xxxxxxxx 0 | X | 00 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 2 | C | 160 | 3N | 1E | 10 | Fairbanks | 604842 |
Xxxxxxxx 0 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 4 | C | 160 | 3N | 1E | 11 | Fairbanks | 604844 |
Xxxxxxxx 0 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 0 | X | 00 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 0 | X | 00 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 8 | C | 160 | 3N | 1E | 16 | Fairbanks | 604848 |
Xxxxxxxx 0 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 10 | C | 160 | 3N | 1E | 15 | Fairbanks | 604850 |
Xxxxxxxx 00 | X | 00 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 00 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxxxxx 13 | C | 160 | 3N | 1E | 15 | Fairbanks | 604853 |
Xxxxx 0 | X | 000 | 0X | 0X | 0 | Xxxxxxxxx | 000000 |
Xxxxx 2 | C | 160 | 3N | 2E | 8 | Fairbanks | 604855 |
Xxxxx 0 | X | 000 | 0X | 0X | 0 | Xxxxxxxxx | 604856 |
Xxxxx 0 | X | 000 | 0X | 0X | 0 | Xxxxxxxxx | 000000 |
Xxxxx 5 | C | 160 | 3N | 2E | 10 | Fairbanks | 604858 |
Xxxxx 0 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 604859 |
Xxxxx 0 | X | 000 | 0X | 0X | 0 | Xxxxxxxxx | 000000 |
Xxxxx 8 | C | 160 | 3N | 2E | 8 | Fairbanks | 604861 |
Xxxxx 0 | X | 00 | 0X | 0X | 0 | Xxxxxxxxx | 000000 |
Xxxxx 10 | C | 40 | 3N | 2E | 9 | Fairbanks | 604863 |
Xxxxx 00 | X | 000 | 0X | 0X | 0 | Xxxxxxxxx | 604864 |
Xxxxx 00 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxx 13 | C | 160 | 3N | 2E | 10 | Fairbanks | 604866 |
Claim | Type | Acreage | Township | Range | Section | Meridian | ADL# |
Xxxxx 00 | X | 00 | 0X | 0X | 00 | Xxxxxxxxx | 604867 |
Xxxxx 00 | X | 00 | 0X | 0X | 00 | Xxxxxxxxx | 604868 |
Xxxxx 00 | X | 00 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxx 17 | C | 160 | 3N | 2E | 17 | Fairbanks | 604870 |
Xxxxx 00 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxx 19 | C | 160 | 3N | 2E | 16 | Fairbanks | 604872 |
Xxxxx 00 | X | 000 | 0X | 0X | 00 | Xxxxxxxxx | 000000 |
Xxxxx 21 | C | 160 | 3N | 2E | 15 | Fairbanks | 604874 |
Captain 1 | C | 160 | 3N | 2E | 11 | Fairbanks | 604875 |
Captain 2 | C | 160 | 3N | 2E | 11 | Fairbanks | 604876 |
Captain 3 | C | 160 | 3N | 2E | 12 | Fairbanks | 604877 |
Captain 4 | C | 160 | 3N | 2E | 12 | Fairbanks | 604878 |
Captain 5 | C | 160 | 3N | 3E | 7 | Fairbanks | 604879 |
Captain 6 | C | 160 | 3N | 3E | 7 | Fairbanks | 604880 |
Captain 7 | C | 160 | 3N | 3E | 8 | Fairbanks | 604881 |
Captain 8 | C | 160 | 3N | 3E | 8 | Fairbanks | 604882 |
Captain 9 | C | 40 | 3N | 3E | 9 | Fairbanks | 604883 |
Captain 10 | C | 40 | 3N | 3E | 9 | Fairbanks | 604884 |
Captain 11 | C | 40 | 3N | 3E | 9 | Fairbanks | 604885 |
Captain 12 | C | 40 | 3N | 3E | 9 | Fairbanks | 604886 |
Captain 13 | C | 40 | 3N | 3E | 9 | Fairbanks | 604887 |
Captain 14 | C | 40 | 3N | 3E | 9 | Fairbanks | 604888 |
Captain 15 | C | 40 | 3N | 3E | 9 | Fairbanks | 604889 |
Captain 16 | C | 40 | 3N | 3E | 9 | Fairbanks | 604890 |
Captain 17 | C | 160 | 3N | 3E | 10 | Fairbanks | 604891 |
Captain 18 | C | 160 | 3N | 3E | 10 | Fairbanks | 604892 |
Captain 19 | C | 160 | 3N | 2E | 11 | Fairbanks | 604893 |
Captain 20 | C | 160 | 3N | 2E | 11 | Fairbanks | 604894 |
Captain 21 | C | 160 | 3N | 2E | 12 | Fairbanks | 604895 |
Captain 22 | C | 160 | 3N | 2E | 12 | Fairbanks | 604896 |
Captain 23 | C | 160 | 3N | 3E | 7 | Fairbanks | 604897 |
Captain 24 | C | 160 | 3N | 3E | 7 | Fairbanks | 604898 |
Captain 25 | C | 40 | 3N | 3E | 8 | Fairbanks | 604899 |
Captain 26 | C | 40 | 3N | 3E | 8 | Fairbanks | 604900 |
Captain 27 | C | 40 | 3N | 3E | 8 | Fairbanks | 604901 |
Captain 28 | C | 40 | 3N | 3E | 8 | Fairbanks | 604902 |
Captain 29 | C | 160 | 3N | 3E | 9 | Fairbanks | 604903 |
Captain 30 | C | 160 | 3N | 3E | 9 | Fairbanks | 604904 |
Captain 31 | C | 160 | 3N | 3E | 10 | Fairbanks | 604905 |
Captain 32 | C | 160 | 3N | 3E | 10 | Fairbanks | 604906 |
Captain 33 | C | 20 | 3N | 3E | 16 | Fairbanks | 604907 |
Claim | Type | Acreage | Township | Range | Section | Meridian | ADL# |
Captain 34 | C | 160 | 3N | 3E | 16 | Fairbanks | 604908 |
Captain 35 | C | 160 | 3N | 3E | 15 | Fairbanks | 604909 |
Captain 36 | C | 160 | 3N | 3E | 15 | Fairbanks | 604910 |
Koko 1 | C | 160 | 4N | 3E | 32 | Fairbanks | 604911 |
Koko 2 | C | 160 | 4N | 3E | 32 | Fairbanks | 604912 |
Koko 3 | C | 160 | 4N | 3E | 33 | Fairbanks | 604913 |
Koko 4 | C | 160 | 4N | 3E | 33 | Fairbanks | 604914 |
Koko 5 | C | 160 | 4N | 3E | 32 | Fairbanks | 604915 |
Koko 6 | C | 160 | 4N | 3E | 32 | Fairbanks | 604916 |
Koko 7 | C | 160 | 4N | 3E | 33 | Fairbanks | 604917 |
Koko 8 | C | 160 | 4N | 3E | 33 | Fairbanks | 604918 |
Koko 9 | C | 160 | 3N | 3E | 5 | Fairbanks | 604919 |
Koko 10 | C | 160 | 3N | 3E | 5 | Fairbanks | 604920 |
Koko 11 | C | 160 | 3N | 3E | 4 | Fairbanks | 604921 |
Koko 12 | C | 160 | 3N | 3E | 4 | Fairbanks | 604922 |
Koko 13 | C | 40 | 3N | 3E | 3 | Fairbanks | 604923 |
Koko 14 | C | 40 | 3N | 3E | 3 | Fairbanks | 604924 |
Koko 15 | C | 40 | 3N | 3E | 3 | Fairbanks | 604925 |
Koko 00 | X | 00 | 0X | 0X | 0 | Xxxxxxxxx | 000000 |
Xxxx 17 | C | 160 | 3N | 3E | 3 | Fairbanks | 604927 |
Koko 18 | C | 160 | 3N | 3E | 5 | Fairbanks | 604928 |
Koko 19 | C | 160 | 3N | 3E | 5 | Fairbanks | 604929 |
Koko 20 | C | 40 | 3N | 3E | 4 | Fairbanks | 604930 |
Koko 21 | C | 40 | 3N | 3E | 4 | Fairbanks | 604931 |
Koko 22 | C | 40 | 3N | 3E | 4 | Fairbanks | 604932 |
Koko 23 | C | 40 | 3N | 3E | 4 | Fairbanks | 604933 |
Koko 24 | C | 40 | 3N | 3E | 4 | Fairbanks | 604934 |
Koko 25 | C | 40 | 3N | 3E | 4 | Fairbanks | 604935 |
Koko 26 | C | 40 | 3N | 3E | 4 | Fairbanks | 604936 |
Koko 27 | C | 40 | 3N | 3E | 4 | Fairbanks | 604937 |
Koko 28 | C | 40 | 3N | 3E | 3 | Fairbanks | 604938 |
Koko 29 | C | 40 | 3N | 3E | 3 | Fairbanks | 604939 |
Koko 30 | C | 40 | 3N | 3E | 3 | Fairbanks | 604940 |
Koko 00 | X | 00 | 0X | 0X | 0 | Xxxxxxxxx | 000000 |
Xxxx 32 | C | 160 | 3N | 3E | 3 | Fairbanks | 604942 |
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