Payment Extension Agreement between Jorge Alberto Almarez and Placer Del Mar, Ltd. (September 30, 2012)

Summary

Jorge Alberto Almarez and Placer Del Mar, Ltd. have agreed to extend the due date for monthly payments of $6,666, originally scheduled to begin on April 1, 2012, under their Mineral Rights Revenue Sharing Agreement. The new payment deadline is December 31, 2012, with the total amount due by that date being $133,320, unless payments are made earlier. This extension accommodates Placer Del Mar's cash flow situation while ensuring the obligation continues to accrue.

EX-10.6 2 ex10-6.txt Exhibit 10.6 Jorge Alberto Almarez 157 Calle Federico #157 B.C. Mexico September 30th, 2012 Humberto Bravo Placer Del Mar, Ltd. 302 Washington Street #351 San Diego, CA 92103 Dear Humberto: Per our conversation please accept this letter to formalize our agreement. As per section 4.1 of the Mineral Rights Revenue Sharing Agreement between me and Placer Del Mar, Placer Del Mar was to begin making payments of $6,666 per month on April 1, 2012. As we discussed I understand your situation with collecting outstanding receivables and agree to extend the payment due date from April 1, 2012 to December 31, 2012. The monthly amount of $6,666 will continue to accrue as of April 1, 2012 and if you are able to make payments before December 31, 2012 the amount due on that date will be $133,320.00. Respectfully yours, /s/ Jorge Alberto Almarez ------------------------------------- Jorge Alberto Almarez