Tuesday, November 14, 2006 7:09:19 PM
During February 2003, the Company entered into a first amendment agreement with
F.W. Lewis, Inc. (Lewis) extending the term of the existing exploration license
to December 31, 2007. The Company is to continue making exploration license
payments of $2,500 per month, stock distributions of 350,000 shares of the
Company's common stock on January 1 and July 1 of each year and yearly minimum
work commitment of $100,000. On May 7, 2003, the parties signed a second
amendment that clarified that expenditures for work performed by the Company on
either the Lewis property or the adjoining International Enexco, Ltd. (Enexco)
property shall be applied to Lewis' minimum work commitment. Additionally, the
second amendment clarified that Lewis holds a Production Royalty with respect to
the Enexco property.
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With this thing running out end of year, it's gotta be tied to the whole Contact situation...they were obviously talking back and forth, according to the info in the filing today...
my guess is that the Lewis family has to keep the claim alive, or lose out? I don't remember there being bad blood over this...
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