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EXHIBIT 10.12
Letter of intent
Between: Fortune Resources Corporation
0000- 0xx Xxxxxx
Xxxxx, X.X. X0X XX0
And First American Scientific Corp.
0000-000 Xxxxxxxxx Xx.
Xxxxxxxxx, X.X. X0X 0X0
Whereas
FASC is the owner of proprietary technology and equipment that is
used in the rocessing and extraction of metals from Ore and that FRC
is the owner of five claims comprising 80 acres in Winnemucca, Nevada.
FASC and FRC enter this letter that they agree to equally share
costs of establishing a test facility on the Stormy claims and that
they will equally share any revenues after costs from production of
said property. FASC will supply existing equipment it owns.
This letter will be replaced by a formal agreement reflecting
the intent of this letter.
/s/ Xxx Xxxxx, President /s/ Xxxx Burnie, President
Fortune Resources Corp. First American Scientific Corp.
August 6, 1999
