exh10-20.htm


     

    
      

      

    

     

     

     

     

     

     

     

     

     

     

     

     

    EXHIBIT
      10.20

     

    CONVERTIBLE
      PROMISSORY NOTE ISSUED TO

    DOUGLAS
      K. LEE DATED JANUARY 1, 2007

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    C
      O N V E R T I B L E   P R O M I S S O R Y   N O T
      E

    


    $4,409.36

                                                            January
      1,
      2007

                                                            Denver,
      Colorado

    


    FOR
      VALUE RECEIVED, PARK-PREMIER MINING
      COMPANY, a Utah corporation ("Maker"), hereby promises to pay to the order
      of
      Douglas Lee or his assigns ("Holder"), at 6653 Conch Court, Boyton Beach,
      Florida 33437 or at such other place Holder may from time to time designate
      in
      writing, in lawful money of the United States of America, the principal sum
      of
      Four Thousand Four Hundred Nine and 36/100 US Dollars ($4,409.36), together
      with
      interest on the unpaid balance at the rate of Twelve Percent (12%) per annum,
      on
      demand of Holder; provided, however, if not sooner paid, the entire principal
      amount outstanding and accrued interest thereon, shall be due and payable on
      December 31, 2007.

    


    This
      Note
      may be converted into shares of Maker's common stock at the conversion price
      of
      $.10 per share or such other conversion price as the board of directors of
      Maker
      may deem appropriate, not in excess of $.10 per share, until the due date
      hereof, at the Holder's option.

    


    This
      Note
      is subject to prepayment in whole or in part, upon ten (10) days prior written
      notice to Holder, at the option of Maker without penalty but subject to exercise
      of Holder’s conversion rights.  Prepayments shall be applied first to
      interest accrued and then to principal due hereunder.

    


    In
      case
      this Note shall not be paid in full whenever it shall become due, the Maker
      agrees to pay all costs and expenses of collection, including reasonable
      attorney's fees, not to exceed 15% of the unpaid balance.

    


    All
      rights and obligations hereunder shall be governed by the laws of the State
      of
      Colorado, without application of its choice or conflict of law principles.
      If
      any part of the assets or capital stock of Maker is sold or transferred without
      Holder’s prior written consent, except sales and transfers in the ordinary
      course of business and except transfers by devise, descent or by operation
      of
      law upon the death of a joint tenant: (1) Holder may, at Holder’s option,
      declare all the sums due under this Note to be immediately due and payable,
      and
      (2) if the sale or transfer involves substantially all of the assets of Maker,
      the transferee shall be deemed to have assumed all of the obligations of Maker
      under this Note. This Note is unsecured.

    


    IN
      WITNESS WHEREOF, the Maker has signed this Note effective as of the date first
      above written.

    


    Description:  Unreimbursed
      Expenses

    PARK-PREMIER
      MINING COMPANY

    


    


    By:      /s/
      Robert W.
      Dunlap                                                                     

    Robert
      W. Dunlap,
      President