--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 
 
 
 
 
 
 
 
 
EXHIBIT 10.04
 
 
 
 

 
 
 

--------------------------------------------------------------------------------

 
 
ALLONGE TO PROMISSORY NOTE

 

Aspen, Colorado December 15, 2006

 
PURSUANT TO a loan agreement dated August 1. 2003 (the "Loan Agreement"), Calais
Resources, Inc., a British Columbia corporation ("Calais BC"), Calais Resources
Colorado, Inc., a Nevada corporation ("Calais Colorado"), and Aardvark Agencies,
Inc., a Washington corporation ("Aardvark" and, collectively with Calais BC and
Calais Colorado, the "Borrowers") and subject to that certain Letter Agreement
of September 22, 2005 (the “Initial Agreement") between Calais BC and Calim
Private Equity, LLC ("Cailm") and that certain Letter Agreement dated July
27,2006 (the "Amendment") amending and clarifying certain of the terms of the
Initial Agreement (the Initial Agreement and the Amendment, collectively, the
"Letter Agreement"), executed and delivered the promissory note dated August
1,2003 in the original principal amount of US $4,500,000 as amended by that
certain Allonge dated December 15,2005 increasing the outstanding principal
amount to US $5,222,095.88 (the "2005 Allonge") to which this Allonge is
attached (the "Note"), payable to the parlies described therein as the "Note
Holder." The Borrowers hereby adopt this Allonge to reflect a 90-day extension
of the term of the Note, the conversion and all other rights applicable thereto
including those arising under the Letter Agreement to March 15, 2007. The term
and maturity of the Note and all rights arising thereunder together with
conversion and other rights set forth in the Letter Agreement are hereby
extended to March 15, 2007. The Note, as amended hereby, remains in full force
and effect.
 
This Allonge, the 2005 Allonge and the attached Note constitute collectively one
and a singular instrument, and one shall not be negotiated, transferred or
conveyed without the other; and the "Lender." within the meaning of the Loan
Agreement, shall not effect any transferor replacement of the Note without
attachment of the 2005 Allonge and this Allonge. Unless otherwise defined oi the
context otherwise requires, capitalized terms used in this Allonge shall have
the meanings assigned them in the Loan Agreement and the Letter Agreement
 
IN WITNESS OF THE ABOVE, the Borrowers have caused this Allonge to be executed
as of the date shown above.
 

  CALAIS RESOURCES, INC.          
 
By:
/s/ David K. Young                Authorized Officer                  

  CALAIS RESOURCES COLORADO, INC.          
 
By:
/s/                  Authorized Officer                  

 
 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------