EXHIBIT 10.10
September 15, 2005
Xx. Xxxxxxx X. Xxxxxx Xx.
President & CEO
American Stellar Energy Inc.
Re: Extension to Option Agreement on the San Xxxxxx Groupings, near Temoris,
Chihuahua, Mexico between Amermin S.A. de C.V., a 97% owned subsidiary of
American Stellar Energy, Inc. and Paramount Gold Mining Corp. in trust for a
Mexican subsidiary to be created at a later date (Paramount). The San Xxxxxx
Groupings are approximately 800 acres and are known as Santa Xxxxx, Las Tres
S.S.S., San Xxxx, El Carmen, Swanick, Sangre De Cristo, Las Tres B.B.B.,
Xxxxxxxxx De Los Xxxxx, San Xxxx, El Xxxxxxx, San Xxxxxx (Head of group) and
Empalme.
Dear Xx. Xxxxxx;
This agreement will serve to provide an extension to the original Option
Agreement regarding the San Xxxxxx Groupings Joint Venture dated the 3rd Day
of August, 2005 between American Stellar Energy, Inc. and Paramount Gold
Corp.. The deadlines described in the 1st paragraph under "Terms: 1.a)" and
2nd paragraph "Terms: 1.a)" both contained in Exhibit A below, will be
extended to November 30th, 2005.
Exhibit A
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Terms:
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1. Upon the signing of this Agreement, Paramount agrees to purchase 35% of
American Stellar Energy's interests in the San Xxxxxx Groupings by
completing the following;
a) Make a non-refundable payment of US$50,000.00, coinciding with the
signing of this Agreement (the payment will be refundable if a
satisfactory title search is not secured by Paramount from American
Stellar by August 17, 2005);
b) Make a payment of US$250,000.00 by August 18th 2005, to purchase 25%
of American Stellar Energy's interests in the San Xxxxxx Groupings;
c) Make a payment of US$100,000.00 by November 18th, 2005; to increase
the purchase to 35% of American Stellar Energy's interests in the San\
Xxxxxx Groupings and;
d) Paramount must issue to American Stellar 300,000 Rule 144 restricted
common shares
Upon signing of this Agreement, American Stellar agrees to:
a) Make available a certified copy of title for the San Xxxxxx Groupings
as soon as one is received or no later then August 17th, 2005.
The parties mutually understand that, subject to the conditions contained
herein, this letter constitutes a binding agreement.
Please indicate your concurrence with the foregoing by affixing your signature
below, and thereafter transmitting such executed copy in the manner heretofore
described.
DATED this ____ day of September, 2005
/s/ Xxxxxxxxxxx Xxxxx
Per: ______________________________
Xxxxxxxxxxx Xxxxx, CA
Director
Paramount Gold Mining Corp.
DATED this 15th day of September, 2005
/s/ Xxxxxxx X. Xxxxxx
Per: _____________________________
Xxxxxxx X. Xxxxxx Xx.
President & CEO
American Stellar Energy, Inc.
DATED this 15 day of September, 2005
/s/ Xxxxxx Xxxxxxx Xxxxxxx
Per: _____________________________
Xxxxxx Xxxxxxx Xxxxxxx
Title: President
Amermin S.A. De C.V.
