EXHIBIT 10.01
FIRST AMENDMENT TO TRl-PARTY LEASE AGREEMENT WITH A
PURCHASE OPTION DATED JULY 16, 1999
THIS FIRST AMENDMENT TO THE TRI-PARTY LEASE AGREEMENT WITH A PURCHASE
OPTION DATED JULY 16, 1999, ("First Amendment") is made as of the 30th day of
March, 2001 between PLATINUM FOX. LLC, a Washington limited liability company
("FOX"), EMERALD CHIMERA, LLC, a Washington limited liability company ("EC"),
and IDAHO CONSOLIDATED METALS CORPORATION, a British Columbia, Canada
corporation ("ICMC").
WHEREAS, XXX, XX and ICMC executed a Tri-Party Lease Agreement With A
Purchase Option (the "Agreement") dated July 16, 1999.
WHEREAS, XXX, XX and ICMC are desirous of amending the Agreement.
WHEREAS, ICMC has completed two years of exploration on the property
and further has accumulated an additional approximate 1,650 mining claims in the
Stillwater Complex and whereas Xxx, XX and ICMC recognize the value of the
property and intend to continue exploration on the property in conjunction with
the additional ICMC claims with the 54 claim subject this tri-party lease
agreement fitting into the larger picture.
WHERAS, XXX, XX and ICMC agree that the terms and conditions set forth
herein shall amend, restate and supersede those certain paragraphs in the
Agreement and that all provisions not altered by this First Amendment shall
remain unchanged.
NOW, THEREFORE, it is mutually agreed by and between the parties as
follows:
1) Amendment. The following terms and conditions of the Agreement
shall be amended and restated as follows:
a. Section 4.1 Term And Consideration. The term of this
Agreement shall be for five years.
b. Section 4.2 Term and Consideration. The following
consideration shall be payable by ICMC in connection
with the sublease granted by EC to ICMC hereunder:
----------------------------- ------------------------ -------------------------
Lease Payment Date Cash in United States Shares of ICMC Common
Dollars Stock
----------------------------- ------------------------ -------------------------
Lease Execution $19,500 150,000
----------------------------- ------------------------ -------------------------
July 16, 2000 $-0- 200,000
----------------------------- ------------------------ -------------------------
July 16, 2001 $-0- 200,000
----------------------------- ------------------------ -------------------------
July 16, 2002 $-0- 375,000
----------------------------- ------------------------ -------------------------
July 16, 2003 $-0- 575,000
----------------------------- ------------------------ -------------------------
FIRST AMENDMENT TO TRI-PARTY LEASE AGREEMENT WITH PURCHASE OPTION
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Payments of stock for years 2002 and 2003 shall be
conditioned upon accumulation of sufficient and positive
drill data to indicate a possible resource and commence a
feasibility study. ICMC shall use its commercial best
efforts to both; (i) accumulate the necessary drill data
in order to make a determination on whether to commence a
feasibility study, and (ii) if the determination is made
to commence a feasibility study said study shall be
commenced before the 2002 year of this Agreement. The
commencement of a feasibility study shall be based upon
standard to the mining industry criteria provided by an
independent geological consultant acceptable to both
parties. In the event the exploration and development has
not reached that stage of development to commence a
feasibility study, the Agreement shall remain in full
force and effect but no further stock consideration shall
be paid until a feasibility study has been commenced.
c. All other terms and provisions of the Agreement are hereby
ratified and affirmed.
2) Facsimile Counterparts. This First Amendment may be executed
in counterpart facsimile signatures, which facsimile
signatures shall be relied upon as the signatures of XXX, XX
and ICMC.
3) Regulatory Approval. This First Amendment is specifically
subject to the approval of the regulatory authorities of the
province of British Columbia, Canada, and the Canadian Venture
Exchange.
IN WITNESS WHEREOF. the parties have executed the foregoing First Amendment as
of the last date appearing below.
PLATINUM FOX, LLC
By _______________________ Date 3/30/01
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Xxx Xxxxxxxx
Its: Co-Manager
EMERALD CHIMERA, LLC
By _______________________ Date 3/30/01
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Xxx Xxxxxxxx
Its: Manager
IDAHO CONSOLIDATED METALS CORPORATION
By _______________________ Date 3/30/01
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Xxxxxxx Xxxxxxx
Its: President
FIRST AMENDMENT TO TRI-PARTY LEASE AGREEMENT WITH PURCHASE OPTION
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