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EXHIBIT 10.19
 
 
 
 
 
 

 
 
 

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CALAIS RESOURCES, INC.
4415 Caribou Road
P.O. Box 653 - Caribou,
Nederland, CO 80466-0653

 
                                           March 13, 2007
Mr. Duane A. Duffy
4550 Tule Lake Drive
Littleton, CO  80123
Luke Garvey, c/o Duane Duffy
4550 Tule Lake Drive
Littleton, CO  80123
Glenn E. Duffy
5679 Old Ranch Rd.
Sarasota, FL  34241-9602

 
James Ober c/o Duane Duffy
4550 Tule Lake Drive
Littleton, CO 80123
 
Gentlemen:
 
Pending performance of certain payment terms by Calais Resources, Inc. (the
"Company"), the Company and Duane A. Duffy, Glenn E. Duffy, James Ober and Luke
Garvey (the "Holders") have executed documents as of this date, resolving the
default by Calais Resources, Inc. (the "Company") on the that certain Note in
the face amount of US$ 807,650.11 dated August 1, 2005 (the "Note") in favor of
the Holders.
 
Of such documents, that certain Note and Trust Deed Modification Agreement
amending the Note" provides that the Holders shall receive an initial payment of
$200,000 on or before March 15, 2007. The parties to this Letter Agreement
recognize and understand that, while the Company shall use its best efforts to
deliver such initial payment to the Holders by the date provided, the funding
required to make such payment will be provided to the Company by Calim Private
Equity, LLC, a third-party investor not under the control of the Company. In the
event that the Company is not able to deliver the initial payment on or before
March 15, 2007, the Holders therefore agree to provide a reasonable grace period
in which the Company may make such payment in satisfaction of its obligation
under the Note and Trust Deed Modification Agreement. If this letter reflects
our understanding, please indicate your acknowledgement by executing and
delivering a copy of this letter to the Company on the lines indicated below.
 
                            Yours, sincerely,
 
                            /s/ David K. Young
                           David K. Young
 

 
ACCEPTED AND AGREED AS OF March 13, 2007
 
/s/ Duane A. Duffy                       
Duane A. Duffy
 
/s/ Glenn E. Duffy                       
Glenn E. Duffy by Duane A. Duffy
as his attorney in fact
 
/s/ Luke Garvey                        
Luke Garvey
     
 
/s/  James Ober                             
James Ober
   

 
 

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