March 30, 2007 Re: Letter Agreement, Bell Flat and Panorama Properties, Nevada.
Exhibit 10.3
March 30, 2007
Re: Letter Agreement, ▇▇▇▇ Flat and Panorama Properties, Nevada.
The following agreement amends the general terms and conditions for the agreement between Desert Pacific Exploration, Inc. (DPE) and Homeland Precious Metals, Inc. (HPM) governing DPE’s ▇▇▇▇ Flat property, ▇▇▇▇▇▇▇▇▇ County, Nevada and Panorama property, Mineral County, Nevada, U. S. A. The parties hereto acknowledge that they have expressed herein the amended understanding and obligation of this Agreement combined with the original agreement dated April 30, 2005. It is expressly understood and agreed that this amendment of terms combined with the original agreement will constitute the entire agreement.
| Form of Agreement | Mining Lease | |
| Term | 5 years with extensions so long as conditions of the option are met. | |
| Production Royalties | 3.0% Net Smelter Return | |
| Advance Royalties | April 30, 2006 | Paid US$20,000.00 |
| April 30, 2007 | Paid US$10,000.00 | |
| April 30, 2008 | US$10,000.00 | |
| April 30, 2009 | US$50,000.00 | |
| April 30, 2010 | US$70,000.00 | |
| April 30, 2011 | US$150,000.00 | |
| Work Commitments | April 30, 2008 | US$100,000.00 |
| April 30, 2009 | US$250,000.00 | |
| April 30, 2010 | US$300,000.00 | |
| April 30, 2011 | US$400,000.00 | |
| Performance Requirements | Federal and state mining claim maintenance fees shall be kept in good | |
| standing and payments made before July 1 of any given year. | ||
| Reclamation | HPM shall perform reclamation work on the Property as required by | |
| Federal, State, and Local law for disturbances resulting from HPM’s | ||
| activities on the Property. | ||
| Interest Area | One mile from the outside perimeter of the ▇▇▇▇ Flat and Panorama claim | |
| boundaries. | ||
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 document will serve to amend the original terms of the agreement previously adopted by DPE and HPM.
Letter Agreement, ▇▇▇▇▇▇▇▇▇▇ Pass Panorama Property
Page 2 of 2
March 30, 2007
Agreed and accepted to this 30th day of March, 2007.
By: ▇▇▇▇ ▇▇▇▇▇
(President – Desert Pacific Exploration, Inc.)
By: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
(President – Homeland Precious Metals, Inc.)