OPTION AMENDMENT AGREEMENT
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THIS AGREEMENT made as of the 29th day of July, 2001.
BETWEEN:
XXXXX X. XXXXXXXXX Geologist, of Xxxxx 000,0000
Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0
(the "Optionor")
OF THE FIRST PART
AND:
SOUTHBORROUGH VENTURES INC., a company duly
incorporated pursuant to the laws of the state of
Nevada
(the "Optionee")
OF THE SECOND PART
WHEREAS:
A. The Optionor and the Optionee have entered into an
option agreement dated November 20, 2000, as amended,
with respect to certain mineral claims located in the
Slocan Mining Division of British Columbia (the "Option
Agreement").
B. The Optionor and the Optionee have agreed to amend the
dates for the completion of the require exploration
expenditures on the terms and condtions hereinafter set
forth.
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration
of the sum of $10.00 now paid by the Optionee to the
Optionor (the receipt of which is hereby acknowledged), the
parties agree as follows:
1. Section 4(b) of the Option Agreement is hereby deleted
and replaced with the following in order to extend the dates
for completion of the required issuances of shares and
completion of Exploration Expenditures on the Property as
follows:
"4(b) The Option shall be exercised by the
Optionee:
(i) paying the Optionor $1,000 U.S. on the
execution of this Agreement, the receipt of
which is hereby acknowledged by the
Optionor;
(ii) allotting and issuing to the Optionor, as
fully paid and non-assesable, the Shares as
follows:
(A) 5,000 shares forthwith upon execution
of this Agreement;
(B)25,000 shares upon the completion of the
second phase of an exploration program
on the Property on or before October 31,
2002; and
(C) 25,000 shares upon the completion of the
third phase of an exploration program on the Property on or before
October 31, 2003
(iii) incurring Exploration Expenditures of
$135,000 U.S. on the Property on a three-
phase exploration program as follows:
(A) $5,000 U.S. on or before July 31, 2002;
(B) a further $10,000 U.S. on or before
October 31, 2002; and
(C) a further $120,000 U.S. on or before
October 31, 2003.
In the event that the Optionee spends, in any of
the above periods, less than the specified sum, it
may pay to the Optionor the difference between the
amount it actually spent and the specified sum
before the expiry of that penod in full
satisfaction of the Exploration Expenditures to be
incurred. In the event that the Optionee spends,
in any period, more than the specified sum, the
excess shall be carried forward and applied to the
Exploration Expenditures to be incurred in
succeeding periods.
The Option shall be deemed to be exercised upon the
Optionee making all payments, issuing all shares
and incurring all Exploration Expenditures in
accordance with this Paragraph 4(b)."
2. The Option Agreement shall continue in full force and
effect without amendment except as expressly amended by
this Agreement.
IN WITNESS WHEREOF the parties hereto have executed this
Agreement as of the day and year first above written
SIGNED, SEALED AND DELIVERED
BY XXXXX X. XXXXXXXXX
in the presence of:
/S/ X. Xxxxxxx /s/ Xxxxx X. Xxxxxxxxx
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Signature of Witness XXXXX X. XXXXXXXXX
X. Xxxxxxx
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Name of Witness
0000 Xxxxxxx Xx.
Xxxxxxxxx, X.X. VCE 151
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Address
SOUTHBORROUGH VENTURES INC.
by its authorized signatory:
/s/ Xxxx Xxxxxx
--------------------------------
Authorized Signatory
