Exhibit 10.5
TARI, INC.
000 - 000 Xxxx Xxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxx Xxxxxxxx
Xxxxxx
April 11, 2005
Xx. Xxx Xxxxxxxxx
0000 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxx 00000
Dear Sir:
Re: SP Project, Storey County - Mineral Claims Lease
We hereby confirm our agreement to amend our Lease Agreement dated effective May
15, 2001, as amended, by replacing paragraph G of the original agreement with
the following:
"G. Schedule of Minimum Payments. The Lessee shall pay to the Lessor minimum
payments, which shall be advance payments of the Royalty, of US$2,000 upon
execution of this lease. The Lessee may extend this lease upon payment of the
following:
1. Pay Lessor an additional US$5,000 by July 9, 2004 (paid);
2. Pay Lessor an additional US$5,000 by April 12, 2005;
3. Fund exploration expenditures on the SP Project of US$5,000 by April
12, 2005; and
4. Each annual payment thereafter shall be US$50,000 plus an annual
increase or decrease equivalent to the rate of inflation designated by
the Consumer's Price Index for that year with execution year as base
year. Each such payment shall be made by January 9 of each successive
year of the lease."
If the foregoing accurately sets forth your understanding of our agreement,
kindly sign this Agreement where indicated below, which will then form a binding
agreement between us, subject only to the terms and conditions aforesaid.
Yours truly,
TARI, INC.
PER: /s/ Xxxxxxxx Xxxxxxxxx Agreed and accepted on
XXXXXXXX XXXXXXXXX /s/ Xxx Xxxxxxxxx
C.E.O. -----------------------
Xxx Xxxxxxxxx
