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AURORA GOLD CORPORATION
0000-000 Xxxxxxx Xxxxxx
Xxxxxxxxx, X.X., Xxxxxx
X0X 0X0
November 3, 1997
Xxxxxx Xxxxxxx, S.A.
00 xxxxx 00-00
Xxxx 0
Xxxxxxxxx Xxxx
Xxxxxxxxx
Attention: Xx. Xxxxxxx Xxxxxxxx & Xx. Xxxxxxx Xxxxxxxxx
Gentlemen,
This letter is to acknowledge a mutually agreed upon revision of our two
previous agreements covering the application and the granting of mineral
concession and mineral reconnaissance concessions in Guatemala.
- July 18, 1997 covering four (4) mineral concessions: El Triunfo, El
Rejon, Bola de Oro and Xxxxxxx.
- August 16, 1997 agreement covering eight (8) mineral concessions: Los
Cipreses, Chiyax, Los Angeles, La Union, Barranquillo, El Rancho, El
Jicaro, Monjitas and two (2) mineral reconnaissance concessions Atitlan
and San Diego.
The mutually agreed upon revisions to the above two agreements are as follows:
- July 18, 1997 agreement - The elimination of the second cash payment of
$10,000 USD. A reduction of the Aurora Gold Corporation common shares
to be granted upon completion of due diligence and governmental
approval of the four (4) mineral concessions from 10,000 common shares
per concession to 1,500 common shares per concession for a new total of
6,000 Aurora Gold Corporation. Also, the elimination of any Aurora Gold
Corporation common shares being granted upon completion of a positive
feasibility report for each distinct mineral deposit per mineral
concession that is deemed to be economically viable.
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- August 16, 1997 agreement - The elimination of the second cash payment
of $10,000 USD. A reduction of Aurora Gold Corporation common shares to
be granted upon completion of due diligence and governmental approval
of eight (8) mineral concessions and two (2) mineral reconnaissance
concessions from 11,500 common shares per concessions to 1,500 common
shares per concession for a new total of 15,000 common shares. Also,
the elimination of any Aurora Gold Corporation common shares being
granted upon completion of a positive feasibility report for each
distinct mineral deposit per mineral concession that is deemed to be
economically viable.
- The elimination of the 2% Net Smelter Royalty Interest (NSR) to Minera
Motagua, S.A. for each distinct mineral deposit per mineral concession
under either the July 18, 1997 or August 16, 1997 agreements.
It is acknowledged by all parties that Aurora Gold Corporation's nominee Aurora
Gold, S.A. will be the local Guatemalan operating company and all the above
concessions will be transferred and/or granted in the name of Aurora Gold, S.A.
Yours truly,
Aurora Gold Corporation
Xxxxx X. Xxxxxxx
President
The terms outlined above are accepted by Xxxxxx Xxxxxxx, S.A., this 3rd day of
November 1997.
Minera Motagua, S.A.
Per:
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Xxxxxxx Xxxxxxxx
Per:
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Xxxxxxx Xxxxxxxxx
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