ADDENDUM TO ADDENDUM TO OPTION AGREEMENT AMENDMENT DATED NOVEMBER 4, 2004 FOR THE UNDERSHIL AIMAG “ALTAN” PROPERTY
ADDENDUM
TO
ADDENDUM TO OPTION AGREEMENT AMENDMENT DATED NOVEMBER 4,
2004
FOR
THE UNDERSHIL AIMAG “ALTAN” PROPERTY
THIS
ADDENDUM is
made
effective as of the 25th
day of
June, 2005
BETWEEN
MONGOLAIN
EXPLORATIONS LTD. (the “XXX”)
A
Nevada
Corporation
000
Xxxx
Xxxxxx Xxxxxx, Xxx. 0000, Xxxxxxxxx, X.X., X0X 0X0
&
TON
FEI
XXXX XXXX & ASSOCIATES (“THAM”)
0000
Xxxx
00xx
Xxxxxx,
Xxxxxxxxx, X.X., Xxxxxx, X0X 0X0
WHEREAS:
| 1) |
This
addendum to the Addendum to Option Agreement (the “OA”) dated November 4,
2004 does not supercede or override any previous addendum unless
specifically stated herein.
|
| 2) |
Due
to (a) Rio Minerals Limited unavailability to perform the exploration
work
program slated for July 31, 2005; (b) the ongoing attempt of Mongolian
to
obtain its Registration Statement “effective” status with the U.S.
Securities and Exchange Commission regarding its filing of the SB-2
Registration Statements; (c) the oncoming inclement weather conditions;
and (d) as a consequence, to raise the necessary capital in a timely
manner which has caused Mongolian to amend the Option Agreement;
and
|
WHEREAS:
Pursuant
to the Section 2 of the Addendum to Option Agreement dated November 4, 2004,
Mongolian was required to incur the following exploration
expenditures:
| (a) |
(ii)
(2) $26,444 on or before July 31, 2005
|
| (b) |
(ii)
(3) $50,000 on or before July 31, 2006;
and
|
| (c) |
(ii)
(4) $100,000 on or before July 31, 2007.
|
NOW,
THEREFORE BE IT RESOLVED:
Section
2
of the Addendum to Option Agreement dated November 4, 2004, shall be amended
in
the following manner:
| (a) |
(ii)
$26,444 on or before March 31, 2006
|
| (b) |
(ii)
$50,000 on or before December 31, 2006;
and
|
| (c) |
(ii)
$100,000 on or before December 31, 2007.
|
IN
WITNESS WHEREOF,
this
Addendum to the Addendum to Option Agreement dated November 4, 2004, has been
executed by the parties hereto as of the day and the year first above
written.
MONGOLIAN
EXPLORATIONS
LTD
TON
FEI
XXXX XXXX & ASSOCIATES
/s/
Xxxx
Xxxxx
/s/ Ton Fei Xxxx
Xxxx
Xxxx
Xxxxx, President,
Director
Ton
Fei
Xxxx Xxxx
