Exhibit 10.4 Option Amendment Agreement, Xxxxxx Mineral Claims
OPTION AMENDMENT AGREEMENT
THIS AGREEMENT made as of Friday, 25th day of July, 2003
BETWEEN:
XXXXX X. XXXXXXXXX Geologist, of
Xxxxx 000, 0000 Xxxxxx Xxxxxx, Xxxxxxxxx,
Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Optionor")
OF THE FIRST PART
AND:
FIRST CYPRESS, INC., a company duly
Incorporated pursuant to the laws of the state of Nevada,
and having an office at #3362, 000 Xxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(the Optionee")
OF THE SECOND PART
WHEREAS:
(a) The Optionor and the Optionee have entered into an option agreement
dated February 18, 2003 with respect to certain mineral claims located
in the Osoyoos Mining Division of British Columbia (the "Option
Agreement").
(b) Optionor and the Optionee have agreed to amend the dates for the
completion of the required exploration expenditures on the terms and
conditions hereinafter set forth.
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the sum of $1.00
U.S. funds now paid by the Optionee to the Optionor (the receipt of which is
hereby acknowledged), the parties agree as follows:
1. Section 4(b) of the Option Agreement is hereby deleted and replaced with
the following in order to extend the dates for completion of the required
completion of Exploration Expenditures on the Property as follows:
"4(b) The Option shall be exercised by the Optionee:
(i) paying the Optionor $1,500 U.S. on the execution of this
Agreement, the receipt of which is hereby acknowledge by the
Optionor;
(ii) allotting and issuing to the Optionor, as fully paid and
non-assessable, the Shares as follows:
(A) 10,000 shares forthwith upon execution of this Agreement
duly issued to the Optionor;
(B) 10,000 shares upon the completion of the first phase of an
exploration program on the Property on or before November
30, 2003;
(C) 50,000 shares upon the completion of the second phase of an
exploration program on the Property on or before July 31,
2004;
(D) 50,000 shares upon the completion of the third phase of an
exploration program on the Property on or before July 30,
2005.
(iii)incurring Exploration Expenditures of $115,000 U.S. on the
Property on a three phase exploration program as follows:
(A) $5,000 U.S. on or before November 30, 2003;
(B) a further $10,000 U.S. on or before July 31, 2004; and
(C) a further $100,000 U.S. on or before June 30, 2005.
In the event that the Optionee spends, in any of the above periods, less
than the specified sum, it may pay to the Optionor the difference between
the amount it actually spent and the specified sum before the expiry of
that period in full satisfaction of the Exploration Expenditures to be
incurred. In the event that the Optionee spends, in any period, more than
the specified sum, the excess shall be carried forward and applied to the
Exploration Expenditures to be incurred in succeeding periods.
The Option shall be deemed to be exercised upon the Optionee making all
payments, issuing all shares and incurring all Exploration Expenditures in
accordance with this Paragraph 4(b)
2. The Option Agreement shall continue in full force and effect without
amendment except as amended by this Agreement.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the
day and year first above written
SIGNED, SEALED AND DELIVERED
BY XXXXX X. XXXXXXXXX
in presence of:
/s/Xxxxxxx Xxxxxx /s/Xxxxx X. Xxxxxxxxx
----------------------------- -----------------------------
Signature of Witness XXXXX X. XXXXXXXXX
Xxxxxxx Xxxxxx
-----------------------------
Name of Witness
-----------------------------
Address
FIRST CYPRESS, INC.
By its authorized signatory:
/s/Xxxxxx Xxxxxx
----------------------------
Authorized Signatory
