Dear Sirs/Mesdames: RE: Amendment To Letter Agreement: Galaxie and ZNT Projects – Joint VentureJoint Venture Agreement • November 29th, 2013 • Quartz Mountain Resources LTD • Gold and silver ores
We refer to the letter agreement dated November 1, 2012 the (“Letter Agreement”) between Amarc Resources Ltd (“Amarc”) and Quartz Mountain Resources Ltd. (“Quartz”) pursuant to which Amarc and Quartz have established the Galaxie/ZNT Joint Venture under which Amarc currently holds a 40% Ownership Interest and Quartz holds a 60% Ownership Interest in the Joint Venture following the completion by Amarc of the funding obligations described in Section 6 of the Letter Agreement.
