PAN AMERICAN LITHIUM CORP. 3040 N. Campbell Avenue, Suite 110 Tucson, Arizona, USA 85719

PAN AMERICAN LITHIUM CORP.
0000 X. Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxx, Xxxxxxx, XXX 00000

XXX XXXXXXXXXX XXXX

Xxxxxxx 00, 0000

Xxxxxxxxxx International S.A. de C.V.
Avenida Xxxxxxx Xxxxxxx 514 –
A, Col. Pro – Hogar, Mexicali,
Baja California, Mexico

The Shareholders of Escondidas
International S.A. de C.V.

Dear Sirs:

Re: Third Amendment to Share Option Agreement dated December 18, 2009

Further to the Share Option Agreement (the “Option Agreement”) among Pan American Lithium Corp. (formerly Etna Resources Inc.), Escondidas International S.A. de C.V. (“Escondidas”) and the shareholders of Escondidas dated December 18, 2009, we hereby agree, for good and valuable consideration, the receipt of which is acknowledged by each party, to:

	1.	amend section 1.1(j) of the Option Agreement by deleting the reference to “October 31, 2010” as set out in the definition of “Closing Date” and replacing it with “April 30, 2011”;
	2.	amend section 27.1 (d) of the Option Agreement by deleting the reference to “October 31, 2010” and replacing it with “April 30, 2011”; and
	3.	amend section 27.1 (e) of the Option Agreement by deleting the reference to “October 31, 2010” and replacing it with “April 30, 2011”.

All other terms and conditions of the Option Agreement, as amended, remain unchanged and in full force and effect, and the parties ratify and affirm the Option Agreement, as amended hereby.

If the foregoing is acceptable to you, please so indicate by executing a copy of this letter agreement where indicated below and return it to our attention via electronic mail or fax at your earliest convenience.

Yours truly,

PAN AMERICAN LITHIUM CORP.

By:	/s/ Xxxxxx Xxxxxxx
	Authorized Signatory

The foregoing is hereby accepted and agreed to by the undersigned this 28th day of October, 2010.

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ESCONDIDAS INTERNACIONAL S.A. de C.V.

Per:	/s/ Xxxx Xxxxxxx
	Authorized Signatory