MEXICANA I
THIS AGREEMENT dated as of the 12th day of November, 1999.
BETWEEN:
ING. XXXXXXXXXX XXXXXX XXXXXXX, a businessman, having an
address at Dakota Xx. 000 - 000, Xxx. Xxxxxxx, 00000 Xxxxxx,
X.X. married under the separate property regime as is
evidenced with a copy of the marriage certificate attached
hereto as Schedule "A"
(hereinafter called "Xxxxxxx")
AND:
LA MEXICANA RESOURCES S.A. DE C.V., a body corporate and
having an office at Paseo De La Reforma 000, Xxxxx xx
Xxxxxxxxxxx, 00000 Xxxxxx, D.F.
(hereinafter called the "Company")
WHEREAS pursuant to an agreement (the "Option Agreement") dated the 12th day of
February, 1998, Xxxxxxx granted an option to the Company to acquire a 70%
interest in the "Mexicana 1" Lot (as described in the Option Agreement).
AND WHEREAS Xxxxxxx has previously verbally agreed to an extension of the time
required for the work commitment of US$300,000 due on or before February 12,
1999, and the issuances of shares, and the parties have now agreed to a further
extension.
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
of the covenants hereinafter set forth the parties hereto covenant and agree as
follows:
1. Section 2.1(e) of the Option Agreement be deleted in its entirety and
be replaced with the following:
(e) a further 750,000 shares of Pubco within three years of the
Listing Date, with a minimum of 250,000 shares to be issued by
February 12, 2000;
2. Section 2.1(f) of the Option Agreement be deleted in its entirety and
be replaced with the following:
(f) a minimum amount of US$1,500,000 shall be invested in work
commitments, according to the following budget schedule:
(i) US$300,000 on or before June 12, 2000,
(ii) US$1,000,000 on or February 12, 2001
IN WITNESS WHEREOF the parties have hereunto caused these presents to be
executed as of the day and year first above written.
ING. Xxxxxxxxxx Xxxxxx XXXXXXX
LA MEXICANA RESOURCES S.A. de C.V.
Per:
Authorized Signatory
