Asset Purchase Agreement Termination Letter between Liberty Gold Corp. and Precious Metals Exploration, LTD.
Liberty Gold Corp. and Precious Metals Exploration, LTD. have agreed to terminate their Property Purchase Agreement dated March 31, 2011, concerning Liberty Gold's acquisition of a 60% interest in certain Alaskan mining claims. As part of the termination, Precious Metals Exploration will return 1,000,000 Liberty Gold shares, and Liberty Gold will relinquish any interest in the claims. Both parties release each other from any further obligations or claims related to the agreement or the mining claims, and no refunds are required for previous payments.
EXHIBIT 10.1
Liberty Gold Corp.
2415 East Camelback Road – Suite 700
Phoenix, Arizona 85016
(602) 553-1190
June 26, 2012
Precious Metals Exploration, LTD.
Fabriksgaten 7
Gothenbuurg 412 50, Sweden
Re: Asset Purchase Agreement Termination
Ladies and Gentlemen:
We refer to the Property Purchase Agreement, dated as of March 31, 2011 (the “Agreement”), between you and us relating to our acquisition of an undivided 60% interest in certain mining claims in Alaska (the “Claims”). We are terminating the Agreement as of the date hereof. Upon execution of this letter, you shall return to us the certificates for 1,000,000 shares of our common stock that we issued to you pursuant to the Agreement together with stock powers with medallion guarantee. We shall execute any document you request to surrender any interest we may have in the Claims. We shall have no further monetary obligations for any matters relating to the Claims or the Agreement. You are not required to refund any amounts we have previously paid. We release each other from any claims or rights we may have against each other relating to the Agreement or the Claims.
If the foregoing is acceptable to you, please sign where indicated below and return the common shares to us.
Very truly yours,
Liberty Gold Corp.
/s/ Lynn Harrison
By: ________________________________
Lynn Harrison, President and CEO
ACCEPTED AND AGREED TO:
Precious Metals Exploration, LTD.
/s/ Steven Drayton
By: ________________________________
Steven Drayton, Director
