ex10-62.htm


Exhibit 10.62


 





 


 


 


By e-mail







Mr. Perry Leopold, CEO


North Bay Resources Inc.


2120 Bethel Road


Lansdale, PA 19446


United States of America







 



	
Re:

	
Second Amendment to Section 3 – Option of the Fawn & Buck Option and Joint Venture Agreement made as of October 15, 2009 (the “Option Agreement”)







 



	
  

	
Dear Mr. Leopold:







 


Further to your exchange of emails with Mr. Turner concerning an amendment to the Option Agreement in respect of the dates by which exploration Expenditures have to be incurred, this letter is to document the parties’ agreement that Section 3.2 of the Option Agreement will be further amended to read as follows:


 


3.2 In order to maintain the Option in good standing and to earn an undivided 75% Joint Venture Interest in the Property, Silver Quest must incur at least two hundred fifty thousand (250,000) dollars in Expenditures on or before the second anniversary of the Effective Date and make cash payments, share issuances and Expenditures as follows:


 



	
 


On or before

	 	
Cash Payments

	 	
Silver Quest Shares

	 	
Cumulative Expenditures


	  	 	  	 	  	 	  
	
First anniversary of the Effective Date

	 	
$25,000

	 	
See note A

	 	
$Nil


	
Second anniversary of the Effective  Date

	 	
$25,000

	 	
See note A

	 	
$250,000


	
Third anniversary of the Effective Date

	 	
$25,000

	 	
Nil

	 	
$675,000


	
Fourth anniversary of the Effective Date

	 	
$Nil

	 	
Nil

	 	
$1,100,000


	
Fifth anniversary of the Effective Date

	 	
$Nil

	 	
Nil

	 	
$1,500,000












 



	
  

	
Note A:

	
The requirement to issue 50,000 shares on or before the first and second anniversaries of the Effective Date was amended pursuant to an amending letter dated November 25, 2009 to provide for cash payments in lieu of issuing said shares.  The November 25, 2009 amendment shall not be affected by this second amendment.







 


In consideration of North Bay Resources agreeing to the foregoing amendment, Silver Quest will, upon receipt of your acceptance of this letter by email, make a payment of US $25,000 by wire transfer to North Bay Resources’  bank account.


 


 



Silver Quest Resources Ltd.


Suite 1410 – 650 West Georgia Street, Vancouver, BC V6B 4N8


Tel: 604-687-3959 Fax: 604-687-144






  





  











  






 


 


Mr. Perry Leopold


September 13, 2010


Page two


 







If the foregoing proposal is acceptable, please sign and return a copy of this letter by email (with original to follow by courier) to my attention.


 


Thank you for your consideration.


 


SILVER QUEST RESOURCES LTD.


 


/s/  J. C. Mitchell          


 


J. C. Mitchell


Chief Financial Officer












AGREED AND ACCEPTED THIS 13th DAY OF SEPTEMBER, 2010







NORTH BAY RESOURCES INC.







By:           /s/ Perry Leopold                                           







Perry Leopold, CEO                                                      
































 
































100913-1_SQI


 



Silver Quest Resources Ltd.


Suite 1410 – 650 West Georgia Street, Vancouver, BC V6B 4N8


Tel: 604-687-3959 Fax: 604-687-144