First Amendment to Mining Lease (Secret Claims) between RS Gold, LLC and Magellan Gold Corporation
RS Gold, LLC and Magellan Gold Corporation have amended their existing Mining Lease for the Secret claim group in Washoe County, Nevada. The amendment changes the payment schedule for the 2011 advance royalty, splitting the $20,000 due into two payments: $10,000 upon signing this amendment and $10,000 by December 31, 2011. All other terms of the original lease remain unchanged.
FIRST AMENDMENT TO MINING LEASE
(SECRET CLAIMS)
On September 28, 2010 RS Gold, LLC, a Nevada limited liability company, and Magellan Gold Corporation, a Nevada corporation, entered into a "Mining Lease (Secret Claims)" affecting the Secret claim group situated in Washoe County, Nevada. The parties wish to amend the Mining Lease as follows:
1.
2011 Advance Royalty Payment. The annual Advance Royalty Payment of $20,000.00 due on September 28, 2011 shall be paid as follows:
a.
TEN THOUSAND DOLLARS ($10,000.00) shall be paid upon execution of this First Amendment.
b.
TEN THOUSAND DOLLARS ($10,000.00) shall be paid by Magellan Gold to RS Gold on or before December 31, 2011.
2_
Continuing Effect. All other provisions of the Mining Lease shall remain in full force and effect, except as modified by this First Amendment.
DATED this30th day of September, 2011.
RS GOLD, LLC, a Nevada limited liability company
By: /s/ Randall Stoeberl
RANDALL STOEBERL, Manager
MAGELLAN GOLD CORPORATION, a Nevada Corporation
By: /s/ John C. Power
JOHN C. POWER, President
