OPTION AMENDMENT AGREEMENT
--------------------------
THIS AGREEMENT made as of the 30th day of November, 2001.
BETWEEN:
XXXX XXXXX XXXXXXXXX X.Xx., Geologist, of
#50 - 0000 000xx Xxxxxx, Xxxxxx
Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Optionor")
OF THE FIRST PART
AND:
PRINCETON VENTURES, INC.,
a Nevada corporation
(the "Optionee")
OF THE SECOND PART
WHEREAS:
A. The Optionor and the Optionee have entered into an option agreement dated
May 18, 2001 with respect to certain mineral claims located in the Lillooet
Mining Division of British Columbia (the "Option Agreement").
B. The Optionee has commenced the first phase of a mineral exploration
program on the mineral claims but requires additional time in order to complete
this first phase.
C. 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
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) 50,000 shares upon the completion of the third phase of an
exploration program on the Property on or before December 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 June 30, 2002;
(B) a further $10,000 U.S. on or before December 31, 2002; and
(C) a further $120,000 U.S. on or before December 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 XXXX XXXXX XXXXXXXXX
in the presence of:
/s/ Xxxx Xxxxxx /s/ XXXX XXXXX XXXXXXXXX
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Signature of Witness XXXX XXXXX XXXXXXXXX
Xxxx Xxxxxx
0000 Xxxxxxxxx Xxx.
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Name of Witness
West Vancouver, B.C.
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Address
PRINCETON VENTURES, INC.
by its authorized signatory:
/s/ Xxxxxxx X. Xxxxxxxxx
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Authorized Signatory
