EXHIBIT 10.18
ADDENDUM
TO CONTRACT BETWEEN
THE FIRST INSTITUTE OF GEOLOGY EXPLORATION
OF HEILONGJIANG PROVINCE
AND
SAVOY RESOURCES CORP.
FOR AND IN CONSIDERATION of the payment of US$10.00 (RMB82.70 Yuan) and
the delivery of other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, paragraph 6.3 of Appendix A
"China-Foreign Joint Venture Terms" attached to the Contract between The First
Institute of Geology Exploration of Heilongjiang Province and Savoy Resources
Corp. dated March 2004 (the "Joint Venture Agreement"), is hereby modified and
amended as follows:
6.3 The timetable of the contribution of Party B:
The contribution of Party B shall be contributed in two and one-half years
following establishment of the JVE on June 30, 2004, as follows:
a). By April 5, 2005, the sum of US$500,000.00 (RMB4,140,000.00 Yuan) shall
be contributed to the JV, the receipt of which sum is hereby acknowledged by
Party A;
b). By July 31, 2005, the sum of US$500,000.00 (RMB4,140,000.00 Yuan) shall
be contributed to the JV;
c). By December 31, 2005, the sum of US$1,000,000.00 (RMB8,270,000.00 Yuan)
shall be contributed to the JV; and
d). By December 31, 2006, the sum of US$1,500,000.00 (RMB12,400,000.00
Yuan) shall be contributed to the JV.
The total contribution of Party B to the JV shall be the sum of
US$3,500,000.00 (RMB28,950,000.00 Yuan).
Except as amended in the manner set forth hereinabove, the balance of the
Joint Venture Agreement will remain in full force and effect.
EXECUTED EFFECTIVE as of this 11th day of May, 2005.
THE FIRST INSTITUTE OF GEOLOGY SAVOY RESOURCES CORP.
EXPLORATION OF HEILONGJIANG
PROVINCE
By: /s/ Zhenglin Ge By: /s/ Xxxxxx Xxxxxxx
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Zhenglin ("Xxxxxxx") Ge, President Xxxxxx Xxxxxxx, President
