LETTER OF EXTENSION
EXHIBIT 10.1
This letter will serve to extend the payment schedule as outlined in the agreement between Golden Phoenix and Xxxxxxx and Xxxxxxx Xxxxxxx dated May 6th, 2005.
Paragraph 7 of the Golden Phoenix/Xxxxxxx agreement reads as follows:
The advance amount ($1,000,000) and premium payment ($2,000,000) will be paid in monthly installments as follows:
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a) |
15% of gross molybdenum concentrates sales produced from the Ashdown Mine on the first of every month starting when production begins. |
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b) |
Beginning October 1, 2005, a minimum payment of $500,000 or 15% of the gross, whichever is greater is due and payable on the first of every month thereafter until both the advance and premium are retired in full. |
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c) |
The final payment will be due and payable February 1, 2006. |
Golden Phoenix and Xxxxxxx and Xxxxxxx Xxxxxxx at this time wish to change the agreement to read the following:
The advance amount ($1,000,000) and premium payment ($2,000,000) will be paid in monthly installments as follows:
a) 15% of gross molybdenum concentrates sales produced from the Ashdown Mine on the first of every month within 30 days of when production begins.
b) A minimum payment of $500,000 or 15% of the gross, whichever is greater is due and payable on the first of every month thereafter until both the advance and premium are retired in full.
c) The first initial minimum payment shall be due no later than February 1st, 2006 and the final payment will be due and payable May 1st, 2006.
The parties have read, understood and agree to the terms of this Extension.
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/s/ Xxxxxxx X. Xxxxxx |
Dated 11/04/05 |
Golden Phoenix Minerals, Inc.
Xxxxxxx X. Xxxxxx CEO
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/s/ Xxxxxxx X. Xxxxxxx |
Dated 11/04/05 |
Xxxxxxx X. Xxxxxxx
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/s/ Xxxxxxx Xxxxxxx |
Dated 11/04/05 |
Xxxxxxx Xxxxxxx
