EXHIBIT 4.64
OPTION AGREEMENT DATED SEPTEMBER 22, 2003,
BETWEEN THE COMPANY AND CLOUDBREAK RESOURCES LTD.
CLOUDBREAK RESOURCES LTD.
XXXXX XXXXXXXXXX
Direct Phone No. (000) 000-0000
Direct Fax No. (000) 000-0000
Email:xxxxx@xxxxxx.xxx
BY XXXXXXX
September 22, 2003
IMA EXPLORATION INC.
Xxxxx 000 - 000 Xxxx Xxxxxxxx Xxxxxx
Terminal City Club Tower
Vancouver, British Columbia
V6C 3N6
Attention: Xxxxxx Xxxxxx, President:
Dear Sirs:
Re: Gollete Property
Further to our correspondence we now enclose herewith our revised proposal for
the option by Cloudbreak Resources Ltd. for the acquisition of the Gollete
Property in San Xxxx Province, Patagonia.
We confirm that the terms of the proposal are the payment of 500,000 shares on
Exchange acceptance and 350,000 on October 1, 2004; and exploration expenditures
of US$ 1,000,000 over three years with US$150,000 being spent in the first year,
US$350,000 in the second year and US$500,000 in the third year in order to earn
an initial 50% interest. There will be the option to increase to 75% by making
additional exploration expenditures of US$1,000,000 in year 4; US$1,500,000 in
year 5; issuing 1,000,000 shares; and, providing a comprehensive report on the
results of the work performed up to the date of the report. Cloudbrake will also
pay to IMA amounts to cover fees, taxes and vendor payments due on the Property
to maintain the Property in good standing.
We trust the above terms meet with your approval and look forward to receipt of
your response at your earliest convenience.
Yours Truly, Terms accepted this 22nd day of September 2003
CLOUDBREAK RESOURCES LTD. IMA EXPLORATION INC.
Per: Per:
/s/ XXXXX XXXXXXXXXX
Xxxxx Xxxxxxxxxx /s/ XXXXXX XXXXXX
--------------------------------------------
Xxxxxx Xxxxxx, President & C.E.O.
Xxxxx 000- 000 Xxxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, Xxxxxx, X0X 0X0
Telephone: 000-000-0000 Facsimile: 000-000-0000
