Gold City Industries Ltd.
Exhibit 4.5
Suite 550 – 000 Xxxxxx Xxxxxx, Xxxxxxxxx, XX X0X 0X0
telephone: (000) 000-0000 fax: (000) 000-0000
email: xxxx@xxxx-xxxx.xxx Website: xxx.xxxx-xxxx.xxx
September 14, 0000
Xxxx Xxxx
Xxx 000
Xxxxx Xxxxx, XX X0X 0X0
Dear Xxxx:
Re:
Letter Agreement to Acquire Zip Claims, Xxxxxxxxx, XX.
This letter will confirm that Gold City Industries Ltd. (“Gold City”) agrees to acquire 100% interest in the Zip 1-11 mineral claims located about 8 kilometres east of Greenwood, British Columbia from Xxxx Xxxx on the following basis:
1.
Gold City will make a cash payment of $500 to Xxxx Xxxx;
2.
Gold City will deliver 25,000 shares to Xxxx Xxxx;
3.
Xxxx Xxxx will receive a 1.5% NSR royalty to be capped at $750,000;
4.
Gold City will have the right to purchase the NSR royalty for $375,000 at $125,000 per increment of 0.5% at any time within 5 years of signing this agreement.
If you are in agreement with the terms of this agreement please sign as indicated below:
Yours truly,
/s/ Xxxx Xxxxxxxx
Xxxx Xxxxxxxx, P.Eng.
President and CEO
Agreed to this 16th day of September, 2002
/s/ Xxxx Xxxx