▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
MINING GEOLOGIST
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇. , ▇▇▇▇ ▇▇ ▇▇▇▇▇
Telephone (▇▇▇) ▇▇▇-▇▇▇▇
October 30, 2000
Mr. ▇▇▇▇▇ ▇▇▇▇▇
President
▇▇▇▇ Resources Inc.
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇.
Vancouver, B.C. V6N 2T5
Canada
Re: Letter Agreement Door Greek Property, Lemhi County, Idaho.
Unpatented mining claims: Alafi 1 .4 (IMC #175493-175496)
Dear ▇▇. ▇▇▇▇▇:
The following sets out the general terms and conditions for the agreement
between ▇▇▇▇▇▇ & ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ + C, ▇▇▇▇▇▇▇ & ▇▇▇▇ ▇▇▇▇▇▇ (GE or Lessor)
and Drew Resources Inc, (Drew or Lessee) governing GE's Deer Creek
property, Lemhi County, Idaho, U. S. A.
Form of Agreement Mining Lease
Term 20 years with automatic extensions so long
as
conditions of the lease are met.
Production Royalties 3.0% Net Smelter Return
Advance Royalties Upon Execution US$ 5,000.00
1st Anniversary US$ 5,000.00
2nd Anniversary US$10,000.00
3rd Anniversary US$20,000.00
4th Anniversary & thereafter US$50,000.00
Adjusted to annual changes in the consumer price index (CPI) with 2000 as
the base year. CPI payments apply to payments beginning with the 4th
anniversary.
Performance Requirements Federal and state mining claim maintenance
fees for any year In which this agreement
Is maintained in good standing after June 1.
Reclamation ▇▇▇▇ shall perform reclamation work an the
Property as required by Federal, State, and
Local law for disturbances resulting from
▇▇▇▇'s activities on the Property.
Assignment Freely by either party so long as Assignee
accepts terms and conditions of the Lease in
writing.
Interest Area One mile from the outside perimeter of the
Alafi claims claim boundary for new claims
located either by GE or by ▇▇▇▇.
If the above terms and conditions are consistent with our earlier
discussions, please acknowledge by signing in the space provided below and
return one copy. This will serve to bind GE and ▇▇▇▇ while a formal and
comprehensive agreement, Incorporating then general terms, is prepared.
Very truly yours,
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ and accepted to this 30th day of October, 2000.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇ President
Title