Carleton Ventures Corp. Suite 306 - 1140 Homer Street Vancouver, B.C. V6B 2X6 September 30, 2002 Senate Capital Group Inc. Suite 306 - 1140 Homer Street Vancouver, B.C. V6B 2X6 Dear Sirs: Re: Deferral of Management Fees...Deferral of Management Fees • December 18th, 2002 • Carleton Ventures Corp • Metal mining
Pursuant to the Company's Office Facilities and Service contract dated February 1, 2001, this letter serves as a record of our agreement that Carleton Ventures Corp. (the "Company") is entitled to defer the payment of the monthly management fee in order to enable the Company to proceed with further exploration of its mineral properties. These deferred management fees consisting of accrued management fees of $5,500 as of September 30, 2002 and ongoing management fees of $1,000 per month will only be paid to Senate Capital if we achieve sufficient additional financing that will enable us to pay these accrued management fees without impeding our exploration plans.
