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iii uniii~~ii-ii~i <br />FIRST AMENDMENT <br />TO <br />MINING OPTION TO PURCHASE AGREEMENT <br />("AGREEMENT"1 <br />'Phe parties to the Agreement dated the 16th day of February, <br />1995, being Harry D. Covey and Astrid L. Covey ("Seller") and <br />Rocky Conner and Youn H. Oh ("Buyers"), for good and valuable <br />consideration, the receipt and sufficiency of which is hereby <br />acknowledged and confirmed, do hereby make the following <br />amendments to the Agreement. All terms and conditions not <br />specifically changed here shall remain the same unless further <br />modified by the parties in the form of a signed writing: <br />1. Section 1.2 <br />Add the following sentence: <br />"Any royalty paid to the Sellers during the <br />evaluation period, or upon production from the <br />Property occurring after Closing, shall not serve <br />to reduce the purchase price, but shall be in <br />addition to the option monies or the purchase <br />price, as the case may be." <br />2. Section 1.3 Option to Purchase <br />Add the following language: <br />"Unless otherwise agreed by the parties prior to <br />Closing, Seller agrees to carry the remaining <br />$750,000 purchase price balance in the form of a <br />First Note and Deed of Trust, payable in equal <br />monthly installments at 8% per annum, payable <br />monthly over the 20 year period, beginning 3o days <br />after the date of Closing. <br />_ Buyers may exercise the Purchase~Option by giving _ <br />written notice of exercise to Sellers no later =- <br />than thirty (30) days after the exgiration of the <br />12 month evaluation period which evaluation period <br />begins on March 10, 1995, and ending at midnight on <br />March 10, 1996. Closing shall occur twenty (20) <br />days after the date of the notice of exercise of <br />the purchase option unless otherwise agreed by the <br />parties in writing. As noted above, the <br />evaluation period has been modified to begin on <br />March 10, 1995, rather than February 16, 1995." <br />61jrhlcoveyS.az~ -1- <br />