AMENDMENT NO. 1
TO WOOL BAY PROPERTY OPTION AGREEMENT
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THIS AGREEMENT dated as of the 15th day of April, 2003.
BETWEEN:
4763 NWT LTD.,
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a company incorporated under the laws of the Northwest Territories
(hereinafter called "NWT")
AND:
NORTH AMERICAN GENERAL RESOURCES CORPORATION., a Nevada corporation
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(hereinafter called "NAGR")
WHEREAS:
A. The parties entered into an option agreement dated May, 2002 (the "Option
Agreement") pursuant to which NAGR was granted the option to earn a 70% interest
in the Wool Bay Mineral Property (the "Property"), as more particularly
described in the Option Agreement.
B. NAGR is required to spend $4,000 Cdn. on the Property in each of the four
years following the date of the Option Agreement.
C. NAGR wishes to obtain an immediate vested 70% interest in the Property.
NOW THEREFORE in consideration of the foregoing and of the mutual covenants and
agreements hereinafter provided THE PARTIES HAVE AGREED AND DO HEREBY AGREE AS
FOLLOWS:
1. In consideration of the immediate payment of $2,000, NWT hereby waives
the property work requirements set out in paragraph 5 of the Option Agreement
and NAGR shall be deemed to have completed its work requirements under the
Option Agreement and to have acquired a 70% vested interest in the Property.
2. The parties agree that notwithstanding the waiver by NWT of NAGR'S work
obligations under the Option Agreement, NWT shall not be
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obligated to contribute its share of any work programs under the Joint Venture
Agreement until such time as the aggregate expenditures by NAGR shall be equal
to $16,000.
3. The parties agree to enter into such further and other documents as may
be necessary to give effect to this Agreement.
4. This Agreement may be executed in several parts in the same form and such
parts as so executed shall together constitute one original agreement, and such
parts, if more than one, shall be read together and construed as if all the
signing parties hereto had executed one copy of this Agreement.
4763 NWT LTD.
by its authorized signatory:
/s/ Xxxxx Xxxxxxx
______________________________
Signature of Authorized Signatory
Xxxxx Xxxxxxx
______________________________
Name of Authorized Signatory
President
______________________________
Position of Authorized Signatory
NORTH AMERICAN GENERAL RESOURCES CORP.
by its authorized signatory:
/s/ Xxxxxxxx Xxxxx
______________________________
Signature of Authorized Signatory
Xxxxxxxx Xxxxx
______________________________
Name of Authorized Signatory
Secretary
______________________________
Position of Authorized Signatory
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