American Goldfields Inc.
000-0000 Xxxxx Xxxxx Xxxxx
Xxxxxxx, X.X. Xxxxxx, X0X 0X0
April 20, 0000
Xxxxx X. Xxxxxx
President
CJL Enterprises Ltd.
Xxx 000
Xxxxxxxx X.X., Xxxxxx
X0X 0X0
Re: Termination of Joint Venture
Gentlemen:
Reference is hereby made to the Joint Venture Agreement dated December
28, 2001, as amended by Joint Venture Agreement - Amendment No. 1 dated December
17, 2002 (together, the "Agreement"), by and between Baymont Explorations Inc.,
a subsidiary of Baymont Corporation, a Nevada corporation n/k/a American
Goldfields Inc. (the "Company") and Xxxxx X. Xxxxxx (the "Operator").
Each of the undersigned agrees to terminate the Agreement and any and
all other agreements, arrangements and understandings between the Company and
the Operator. Execution of this letter agreement shall serve as confirmation
that as of the date hereof, neither party has any outstanding debts, liabilities
or obligations of any nature (whether absolute, accrued, contingent or
otherwise) owed to the other.
Each of the undersigned agrees to indemnify and hold each other and its
respective officers, directors, stockholders, affiliates, employees, agents,
consultants, representatives and their respective successors and assigns
harmless from any loss, liability, claim, damage, expense (including, but not
limited to, attorneys' fees and expenses) arising from or in connection with any
inaccuracy or breach of any of the foregoing.
American Goldfields Inc.
/s/ Xxxxxx Xxxx
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Name: Xxxxxx Xxxx
Title: President, CEO
AGREED AND ACKNOWLEDGED:
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
