EXTENSION AGREEMENT
BETWEEN:
XXXXXXX XXXXXX, businesswoman (herein "Xxxxxx"),
of #705 000 Xxxxxxxxx Xx., Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X00 0X0
AND:
NAPTAU GOLD CORPORATION, a Delaware Corporation (herein "NAPTAU"), having
its registered offices at 11th Floor, Xxxxxx Square North, 00xx xxx Xxxxxx
Xxxxxxx, Xxxxxxxxxx, Xxx Xxxxxx Xxxxxx, Xxxxxxxx 00000
WITNESS THAT
WHEREAS
(1) NAPTAU and Xxxxxx entered into an agreement on the 12th day of October, 1995
for the acquisition by NAPTAU of Placer Lease #1160 in the Cariboo Mining
Division of British Columbia, in the area of Likely, British Columbia, Canada
(the "Agreement");
(2) Pursuant to the Agreement NAPTAU was obligated, in part, to pay the sum of
USD$200,000 to Xxxxxx on or before December 12, 1995;
(3) By an agreement dated April 30, 1996, NAPTAU was granted an extension of the
time for performance of its obligation to make the above payment to October 12,
1996 (the "Extension Agreement"). The Extension Agreement also included terms
reflecting settlement of any interest due on the above sum;
(4) By an agreement dated October 30, 1996 a Second Extension Agreement was
entered into providing for the extension of the amount required to be paid in
paragraph 2 above to the 12th day of October, 1997 and further providing for the
payment by NAPTAU to Xxxxxx of 100 ounces of raw gold from its share of the gold
produced from all of its placer mining operations in the Cariboo Mining Division
of British Columbia (the "Leases");
(5) By a Third Extension Agreement dated December 30th, 1997 the time for
payment of the money referred to in paragraph 2 was extended to December 31st
1998 and the number of ounces of raw gold required to be paid was increased to
150 ounces which was to be paid to Xxxxxx from production from the Leases;
(6) For reasons known to Xxxxxx, NAPTAU was unable to obtain sufficient
production of raw gold from the Leases in 1998 to meet its obligations to Xxxxxx
referred to in the preceding paragraph;
(7) Placer Lease #1160 was on October 14, 1998 combined into a mineral tenure
lease bearing Mineral Tenure #365488 (the "Mineral Tenure Lease");
(8) The Extension Agreement, Second Extension Agreement and Third Extension
Agreement has now expired and NAPTAU has not as yet made any of the monetary
payments above referred to; and
(9) Both Xxxxxx and NAPTAU would like to further extend the time for payment of
the said principal sum on mutually satisfactory terms.
IT IS NOW AGREED that in consideration of the payment of TEN DOLLARS ($10) by
NAPTAU to Xxxxxx, the receipt and sufficiency of which is hereby acknowledged,
and the further mutual covenants and agreements following that:
1. The amount agreed to be paid by NAPTAU to Xxxxxx in para.2 above shall be
paid on or before the 31st day of December, 1999.
2. Instead of the 150 ounces of raw gold to be paid by NAPTAU to Xxxxxx under
the Third Extension Agreement it is hereby agreed that Naptau will pay Xxxxxx
200 ounces of raw gold from its share of the gold produced from the mining
operations on the Mineral Tenure Lease.
3. The total number of ounces of raw gold to be paid to Xxxxxx under the terms
of this agreement shall be distributed to Xxxxxx from NAPTAU's share of the raw
gold due to it for the 1999 placer mining operations on the Mineral Tenure
Lease, immediately following the accumulation by NAPTAU of sufficient ounces of
raw gold to meet its obligations and commitments to Noble Metal Group
Incorporated under prior agreements for the 1999 placer mining season, but in
advance of any other party including NAPTAU itself.
4. NAPTAU may not, without Dennis's consent substitute refined gold or its
equivalent in value for raw gold.
IN WITNESS WHEREOF THE PARTIES HERETO, IF CORPORATE PARTIES HAVING BEEN DULY
AUTHORIZED BY THEIR RESPECTIVE BOARDS OF DIRECTORS, HAVE SET THEIR HANDS AND
SEALS AS OF THE 3Oth DAY OF MARCH,1999.
NAPTAU GOLD CORPORATION
ORIGINAL SIGNED
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BY: XXXXXX X. XXXXX, President
EXECUTED BY XXXXXXX XXXXXX )
IN THE PRESENCE OF: )
Name: ) ORIGINAL SIGNED AND WITNESSED
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Address: )
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) XXXXXXX XXXXXX
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Occupation: )
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