Form of Addendum No. 1 to Mineral Property Sales Agreement dated September 18, 2009 between the director of the Company and the Landowners
ADDENDUM TO MINERAL PROPERTIES SALE AND PURCHASE AGREEMENT
IN RESPECT OF PRIMARY LICENCES No.
__________, ____________, ___________, ___________and _____________
WHEREAS Director with Company (the Purchaser) and ____________ in Partnership with ____________________________(“the owner”) entered into mineral properties sale and purchase agreement on the 21st day of May, 2009 in respect of the above mentioned Primary Mining Licence (“the Agreement”).
WHEREAS under clause 2.1.5 of the agreement the parties have agreed that the purchaser has options for a final buy out as follows:
Tshs ________________or the pro- rata portion of two percent (2%) of the Net Smelter Production, at the option of the Purchaser, for each PML listed on Schedule A that the Purchaser desires to finalise the purchase option of such Final Buy out Payment to be paid on or before 730days made in 2.1.2, 2.1.3 and 2.1.4 herein.
NOWTHEREFORE, the parties have agreed to add into the content of said clause 2.1.5 of the said agreement as follows:
Addition of a sentence…or 2% of the Net Sale Value immediately after the words 2% Net Smelter production.
Also, the Purchaser may return licenses in the event no viable discovery is made, within 540 days from the date of secondary payment. In the circumstance, the purchaser shall not be liable to the final buy out.
Signed and Delivered on the date first appearing hereinabove by the duly authorized representatives of:
DIRECTOR WITH COMPANY
By : Purchaser
Title : ________________________________
Date : ________________________________
________________________
By : _______________________________
Title : _______________________________
Date : _______________________________
________________________
By : _______________________________
Title : _______________________________
Date : _______________________________
_______________________
By : _______________________________
Title : _______________________________
Date : _______________________________
