Document:

Exhibit 10.2

AMENDING AGREEMENT

WHEREAS Nord Pacific Limited ("Nord"), Nord
Australex Nominees (PNG) Limited ("Australex"), Simberi Gold Company Limited
("SGC") and PGM Ventures Corporation ("PGM") have entered into the Simberi
Mining and Tabar Exploration Joint Venture Agreement on the 29th day of
November, 2002 (the "Joint Venture Agreement");

AND WHEREAS the Parties desire to amend certain
terms of the Joint Venture Agreement;

NOW THEREFORE IN CONSIDERATION of the sum of $1.00
now paid by each party hereto to the other and for other good and valuable
consideration (the receipt and sufficiency of which is hereby acknowledged)
each of the Parties hereby agree as follows:

2.           Section 2.4 of the Joint Venture Agreement is deleted in its entirety
and the following shall be substituted therefore:

"The Parties agree to appoint PricewaterhouseCoopers or
another international firm of accountants in Papua New Guinea (the
"Accountants") to receive monthly statements of accounts from the Mining Field
Manager and use the monthly statements of account to determine PGM's
Participating Interest in the Project earned in accordance with Clause 2.6. 
The Accountants may rely upon the face of the monthly statements of account and
shall not be required to audit or enquire into their correctness.  If the
Accountants require legal advice they may obtain it from a reputable firm of
lawyers in Papua New Guinea.  Whenever PGM becomes entitled to an increment in
its Participating Interest in accordance with Clause 2.6 the Accountants shall
provide to each of the Parties a certificate to that effect, which shall be
binding on the Parties.  The professional fees and disbursements of the
Accountants shall be a cost of the Mining Joint Venture.  The Parties release
and shall indemnify and hold harmless:

(a)       the Accountants from all
claims, suits, demands, liabilities, damages and judgements (including, without
limitation, legal costs) arising directly or indirectly from the Accountants'
determination of PGM's Participating Interest or the provision or contents of
the Accountants' certificates, and

(b)       the Mining Field Manager
from all claims, suits, demands, liabilities, damages and judgements
(including, without limitation, legal costs) arising directly or indirectly
from the preparation of the monthly statements of account."

 

3.          Section 3.4 of the Joint Venture Agreement is deleted in its entirety
and the following shall be substituted therefore:

"The Parties agree to appoint PricewaterhouseCoopers or
another international firm of accountants in Papua New Guinea (the
"Accountants") to receive monthly statements of accounts from the Exploration
Field Manager and use the monthly statements of account to determine PGM's
Participating Interest in the Exploration Joint Venture earned in accordance
with Clause 3.6.  The Accountants may rely upon the face of the monthly
statements of account and shall not be required to audit or enquire into their
correctness.  

If the Accountants require legal advice they may obtain
it from a reputable firm of lawyers in Papua New Guinea.  Whenever PGM becomes
entitled to an increment in its Participating Interest in accordance with
Clause 3.6 the Accountants shall provide to each of the Parties a certificate
to that effect, which shall be binding on the Parties.  The professional fees and
disbursements of the Accountants shall be a cost of the Exploration Joint
Venture.  The Parties release and shall indemnify and hold harmless:

(a)         the Accountants from all
claims, suits, demands, liabilities, damages and judgements (including without
limitation, legal costs) arising directly or indirectly from the Accountants'
determination of PGM's Participating Interest or the provision or contents of
the Accountants' certificates, and

(b)         the Mining Field Manager
from all claims, suits, demands, liabilities, damages and judgements
(including, without limitation, legal costs) arising directly or indirectly
from the preparation of the monthly statements of account."

4.        The reference to clause 3.7 in each of clauses 17.6 and 17.11 shall be
deleted and replaced with a reference to clause 3.6.

5.        Subsection 28.1(b) is hereby deleted and replaced with the following:

"'Permitted Transfer' means a transfer by PGM of its
Participating Interest to another entity for the purposes of and in connection
with a public float or public offering of securities in that entity or a
transfer to a Related Corporation."

6.         Section 28.3 is hereby deleted and replaced with the following:

"The provision of the preceding clause shall not apply to a
transfer by PGM to a Related Corporation.  Subject to the provisions of this
Part, PGM may transfer the whole or any part of its Participating Interests to a
Related Corporation, provided that the intended transferee first executes and
delivers to each Joint Venture Party a deed of covenant by which the transferee
covenants with the transferor and each other Joint Venture Party that upon the
transferee ceasing to be a Related Corporation to the transferor, the
transferee shall reassign and the transferor shall accept a reassignment of the
Participating Interest transferred to the transferee."

 

 

2

 

7.         The following shall be added to the end of Part 1:

"1.6   Each of Nord and Australex represent and warrant that
there are currently 100 ordinary shares issued and outstanding as of the date
hereof and each of Nord and Australex covenant that no additional securities
shall be authorized or issued by Autstralex without the consent of PGM, such
consent may be unreasonably withheld.

1.7     Each of Nord and SGC represent and warrant that there
are currently 100 ordinary shares issued and outstanding as of the date hereof
and each of Nord and SGC covenant that no additional securities shall be
authorized or issued by SGC without the consent of PGM, such consent may be
unreasonably withheld."

8.         All capitalized terms used herein that are not defined, shall have the
meaning ascribed to them in the Joint Venture Agreement.

9.         Except as specifically provided for herein, all other terms and
conditions contained in the Joint Venture Agreements shall continue to apply
and time shall continue to be of the essence.  

DATED
this 27th day of January, 2003.

PGM VENTURES
CORPORATION

Per:  __________________________________________

NORD PACIFIC
LIMITED

Per:  __________________________________________

          Mark R. Welch                John C. Syriatowicz

          Director                           Assistant Secretary

 

 

3

 

 

NORD
AUSTRALEX NOMINEES (PNG) LIMITED

Per:  __________________________________________

           Mark R. Welch                John C. Syriatowicz

           Director                           Director

SIMBERI GOLD
COMPANY LIMITED

Per:  __________________________________________

Mark R. Welch                John C. Syriatowicz

            Director                          Director

 

 

4Exhibit 10.3

Deed of Agreement

Simberi Mining Joint
Venture

 

Aliens Arthur Robinson

International Lawyers

Level 11

Pacific Place

Cnr Musgrave Street
&

Champion Parade

Port Moresby

Papua New Guinea

Tel 675 320 2000

Fax 675 320 0588

www.aar.com.au

 

 

 

© Copyright Aliens Arthur Robinson 2000

  	Deed of Agreement	
      Aliens Arthur Robinson

 

 

 

 

 

Page i

  	Deed of Agreement	
      Aliens Arthur Robinson

Table of Contents

 

 

 

 

 

 Page ii

  	Deed of Agreement	
      Aliens Arthur Robinson

Date

Parties

1.    Nord Pacific
Limited of 2727 San Pedro NE, Suite 116, Albuquerque, New Mexico, 87110 (Nord)

2.    Nord Australex
Nominees (PNG) Limited of C/-KPMG, 2nd Floor, Mogoru Motu Building,
Champion Parade, Port Moresby, Papua New Guinea (Australex)

3.    Simberi Gold
Company Limited of C/-KPMG, 2nd Floor, Mogoru Motu Building,
Champion Parade, Port Moresby, Papua New Guinea (SGC)

4.    PGM Ventures
Corporation of Suite 200, 53 Yonge Street, Toronto, Ontario M5E 1J3 (PGM)

Recitals

A.          
The parties are parties to the Joint Venture Agreement.

B.          
The Joint Venture Agreement makes provision for the transfer of various
interests in the Mining Lease from Nord to PGM, the procurement by PGM of a
Project Loan, and the encumbrance by PGM of the Mining Joint Venture including
Tenements and all the issued shares of SGC to secure the Project Loan.

C.          
The parties wish to make provision for the negotiation and execution of
documents as contemplated in the Joint Venture Agreement.

IT IS AGREED as follows:

1.           Interpretation

1.1        
Interpretation

Headings are for convenience only and do not affect
interpretation.  The following rules of interpretation apply unless the context
requires otherwise.

(a)        The singular include the plural and conversely.

(b)        A gender includes all genders.

(c)        Where a word or phrase is defined, its other grammatical
forms have a corresponding meaning.

(d)        A reference to a person includes a body corporate, an
unincorporated body or other entity and conversely.

Page 1

  	Deed of Agreement	
      Aliens Arthur Robinson

(e)         
A reference to a clause or schedule is to a clause of or
schedule to this Deed.

(f)          
A reference to any party to this Deed or any other agreement or
document includes the party's successors and permitted assigns.

(g)         
A reference to any agreement or document is to that
agreement or document as amended, novated, supplemented, varied or replaced
from time to time, except to the extent prohibited by this Deed or that other
agreement or document.

(h)         
A reference to any legislation or to any provision of any
legislation includes any modification or re-enactment of it, any legislative
provision substituted for it and all regulations and statutory instruments
issued under it.

(i)          
A reference to conduct includes any omission and any statement or
undertaking, whether or not in writing.

2.           
Definitions

In this Deed, including the Recitals, the following
definitions apply:

Joint Venture Agreement means the Simberi Mining
and Tabar Exploration Joint Venture Agreement among Nord, Nord Australex
Nominees (PNG) Limited, Simberi Gold Company Limited and PGM dated 29 November
2002;

Mining Lease has the same meaning as in the Joint
Venture Agreement;

Mining Joint Venture has the same meaning as in the
Joint Venture Agreement;

Participating Interest has the same meaning as in
the Joint Venture Agreement;

Project Loan has the same meaning as in the Joint
Venture Agreement;

Registrar of Tenements means the Registrar of
Tenements as defined under the Mining Act 1992;

Registrar of Companies has the meaning given that
term in the Companies Act 1997;

Tenements has the same meaning as in the Joint
Venture Agreement;

Transfer of Tenement means an application for
transfer of a tenement or interest in a tenement as prescribed by the Mining
Act 1992.

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  	Deed of Agreement	
      Aliens Arthur Robinson

3.          Substitution for Clause 2.4 of the Joint Venture Agreement

The following shall be substituted for Clause 2.4 of the
Joint Venture Agreement:

"The Parties agree to appoint Pricewaterhouse Coopers or another
international firm of accountants in Papua New Guinea (the Accountants)
to receive monthly statements of accounts from the Mining Field Manager and use
the monthly statements of account to determine PGM's Participating Interest in
the Project earned in accordance with Clause 2.6.  The Accountants may rely
upon the face of the monthly statements of account and shall not be required to
audit or enquire into their correctness.  If the Accountants require legal
advice they may obtain it from a reputable firm of lawyers in Papua New
Guinea.  Whenever PGM becomes entitled to an increment in its Participating
Interest in accordance with Clause 2.6 the Accountants shall provide to each of
the Parties a certificate to that effect, which shall be binding on the
Parties.  The professional fees and disbursements of the Accountants shall be a
cost of the Mining Joint Venture.  The Parties release and shall indemnify and
hold harmless:

(a)         
The Accountants from all claims, suits, demands, liabilities, damages
and judgments (including, without limitation, legal costs) arising directly or
indirectly from the Accountants' determination of PGM's Participating Interest
or the provision or contents of the Accountants' certificates, and

(b)        
The Mining Field Manager from all claims, suits, demands, liabilities,
damages and judgments (including, without limitation, legal costs) arising
directly; or indirectly from the preparation of the monthly statements of
account."

4.          Appointment of PGM as Attorney

By way of security each of Nord, Australex and SGC
severally appoint PGM as its attorney:

(a)         
to appoint accountants pursuant to Clause 2.4 of the Joint Venture
Agreement;

(b)        
to lodge the Joint Venture Agreement with the Registrar of Tenements;

(c)         
upon receipt of one or more certificates from the accountants appointed
pursuant to Clause 2.4 of the Joint Venture Agreement, certifying that PGM has
earned an increment in its Participating Interest to execute a Transfer of
Tenement to effect the transfer from Nord to PGM or PGM's nominee of the
incremental interest or incremental interests;

Page 3

  	Deed of Agreement	
      Aliens Arthur Robinson

(d)        
to lodge Transfers of Tenement with the Registrar of Tenements;

(e)         
to do anything which in the opinion of PGM is necessary or desirable to
effect the registration of the Joint Venture Agreement and Transfers of
Tenement under the Mining Act 1992;

(f)          
pursuant to Clauses 23.1 and 29.2(b) of the Joint Venture Agreement, to
negotiate the terms of, execute, deliver and conclude any and all documents and
arrangements, which in the sole opinion of PGM are necessary or desirable to
effect a Project Loan and without limiting the generality of the foregoing:

(i)          
to mortgage, charge, pledge or otherwise encumber the assets of the
Mining Joint Venture, including the Tenements and the issued shares of SGC for
the purposes of securing a Project Loan;

(ii)         
to lodge for approval and registration mortgages of the Tenements with
the Registrar of Tenements;

(iii)       
to lodge for approval and registration a mortgage, charge, pledge or
other encumbrance against all or any of the issued shares of SGC with the
Registrar of Companies;

(iv)       
to do anything which in the opinion of PGM is necessary or desirable to
effect the registration of mortgages of the Tenements under the Mining Act
of 1992; and 

(v)         
to do anything which in the opinion of PGM is necessary or desirable to
effect the registration of the mortgage, charge, pledge or other encumbrance
against all or any the issued shares of SGC under the Companies Act 1997.

5.           
Exercise of Powers

PGM may exercise any of its powers under Clause 4 in the
name of Nord, Australex or SGC respectively, or in the name of itself and as
the act of any or all of Nord, Australex or SGC.

6.           
Ratification

Each of Nord, Australex and SGC agree to ratify and confirm
whatever PGM does under Clause 4.

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  	Deed of Agreement	
      Aliens Arthur Robinson

7.           
Delegation

PGM may appoint sub-attorneys to exercise all or any of
the powers and authorities conferred by Clause 4 (other than the power
conferred by this Clause 7) and may replace them.  All provisions of this Deed
relating to PGM power of attorney shall apply to the sub-attorney.

8.           
Revocability

The powers given to PGM by this Deed are irrevocable.

9.           
Delivery of Documents

On the execution of this Deed each of Nord, Australex and
SGC will deliver to PGM the original owners copy of the Mining Lease, share
certificates in respect to the issued shares of SGM, title documents in respect
to the Pikung and Pigiput plantations and the title documents of all other
assets of the Mining Joint Venture.  Thereafter, Nord, Australex and SGC shall
deliver to PGM documents of title to any subsequently acquired assets of the
Mining Joint Venture.

10.        
Counterparts

This Deed may be executed in any number of counterparts
which together shall constitute one instrument.

11.        
Governing Law

This Deed is governed by the laws of the Independent State
of Papua New Guinea.

 

 

 

Page 5

  	Deed of Agreement	
      Aliens Arthur Robinson

Executed as a Deed

Nord Pacific Limited

                                                                                                         

Director Signature                                Assistant
Secretary Signature

                                                                                                         

Print Name                                          Print
Name

Nord Australex

Nominees (PNG) Limited

                                                                                                         

Director Signature                                Director/Secretary
Signature

                                                                                                         

Print Name                                          Print
Name

Simberi Gold Company

Limited

                                                                                                         

Director Signature                                Director/Secretary
Signature

                                                                                                         

Print Name                                          Print
Name

PGM Ventures

Corporation was affixed in the presence of:

                                                                                                         

Director Signature                                Director/Secretary
Signature

                                                                                                         

Print Name                                          Print
Name

Page 6

Deed of Agreement

Tabar Exploration Joint
Venture

 

 

 

Aliens Arthur Robinson

International Lawyers

Level 11

Pacific Place

Cnr Musgrave Street
&

Champion Parade

Port Moresby

Papua New Guinea

Tel 675 320 2000

Fax 675 320 0588

www.aar.com.au

© Copyright Aliens Arthur Robinson 2000

  	Deed of Agreement	
      Aliens Arthur Robinson

Table of Contents

 

 

 

 

 

 

  	Deed of Agreement	
      Aliens Arthur Robinson

Date

Parties

1.    Nord Pacific
Limited of 2727 San Pedro NE, Suite 116, Albuquerque, New Mexico, 87110 (Nord)

2.    Nord Australex
Nominees (PNG) Limited of C/-KPMG, 2nd Floor, Mogoru Motu Building,
Champion Parade, Port Moresby, Papua New Guinea (Australex)

3.    Simberi Gold
Company Limited of C/-KPMG, 2nd Floor, Mogoru Motu Building,
Champion Parade, Port Moresby, Papua New Guinea (SGC)

4.    PGM Ventures
Corporation of Suite 200, 53 Yonge Street, Toronto, Ontario M5E 1J3 (PGM)

Recitals

A.          
The parties are parties to the Joint Venture Agreement.

B.          
The Joint Venture Agreement makes provision for the transfer of various
interests in the Exploration Licence from Nord to PGM.

C.          
The parties wish to make provision for the execution of the transfers as
contemplated in the Joint Venture Agreement.

IT IS AGREED as follows:

1.           Interpretation

1.1        
Interpretation

Headings are for convenience only and do not affect
interpretation.  The following rules of interpretation apply unless the context
requires otherwise.

(a)         
The singular include the plural and conversely.

(b)        
A gender includes all genders.

(c)         
Where a word or phrase is defined, its other grammatical
forms have a corresponding meaning.

(d)        
A reference to a person includes a body corporate, an
unincorporated body or other entity and conversely.

 

Page 1

  	Deed of Agreement	
      Aliens Arthur Robinson

 

(e)         
A reference to a clause or schedule is to a clause of or
schedule to this Deed.

(f)          
A reference to any party to this Deed or any other agreement or
document includes the party's successors and permitted assigns.

(g)         
A reference to any agreement or document is to that
agreement or document as amended, novated, supplemented, varied or replaced
from time to time, except to the extent prohibited by this Deed or that other
agreement or document.

(h)         
A reference to any legislation or any provision of any
legislation includes any modification or re-enactment of it, any legislative
provision substituted for it and all regulations and statutory instruments
issued under it.

(i)          
A reference to conduct includes any omission and any statement or
undertaking, whether or not in writing.

2.           
Definitions

In this Deed, including the Recitals, the following definitions
apply:

Joint Venture Agreement means the Simberi Mining
and Tabar Exploration Joint Venture Agreement among Nord, Nord Australex
Nominees (PNG) Limited, Simberi Gold Company Limited and PGM dated 29 November
2002;

Exploration Licence has the same meaning as in the
Joint Venture Agreement;

Participating Interest has the same meaning as in
the Joint Venture Agreement;

Registrar of Tenements means the Registrar of
Tenements as defined under the Mining Act 1992;

Transfer of Tenement means an application for
transfer of a tenement or interest in a tenement as prescribed by the Mining
Act 1992.

3.           
Substitution for Clause 3.4 of the Joint Venture Agreement

The following shall be substituted for Clause 3.4 of the
Joint Venture Agreement:

"The Parties agree to appoint Pricewaterhouse Coopers or another
international firm of accountants in Papua New Guinea (the Accountants) to
receive monthly statements of accounts from the Exploration Field Manager and
use the monthly statements of account to determine PGM's Participating Interest
in the Exploration Joint Venture earned in accordance with Clause 3.6.  The
Accountants may rely upon the face of the monthly statements of account and
shall not obtain it from a reputable firm of lawyers in Papua New Guinea. 
Whenever PGM becomes entitled to an increment in its Participating Interest in
accordance with Clause 3.6 the Accountants shall provide to each of the Parties
a certificate to that effect, which shall be binding on the Parties.  The
professional fees and disbursements of the Accountants shall be a cost of the
Exploration Joint Venture.  The Parties release and shall indemnify/and hold
harmless:

Page 2

  	Deed of Agreement	
      Aliens Arthur Robinson

(a)         
The Accountants from all claims, suits, demands, liabilities, damages
and judgments (including, without limitation, legal costs) arising directly or
indirectly from the Accountants' determination of PGM's Participating Interest
or the provision or contents of the Accountants' certificates, and

(b)        
The Mining Field Manager from all claims, suits, demands, liabilities,
damages and judgments (including, without limitation, legal costs) arising
directly; or indirectly from the preparation of the monthly statements of
accounts."

4.           
Appointment of PGM as Attorney

By way of security each of Nord, Australex and SGC
severally appoint PGM as its attorney:

(a)         
to appoint accountants pursuant to Clause 3.4 of the Joint Venture
Agreement;

(b)        
to lodge the Joint Venture Agreement with the Registrar of Tenements;

(c)         
upon receipt of one or more certificates from the accountants appointed
pursuant to Clause 3.4 of the Joint Venture Agreement, certifying that PGM has
earned an increment in its Participating Interest to execute a Transfer of
Tenement to effect the transfer from Nord to PGM or PGM's nominee of the
incremental interest or incremental interests;

(d)        
to lodge Transfers of Tenement with the Registrar of Tenements;

(e)         
to do anything which in the opinion of PGM is necessary or desirable to
effect the registration of the Joint Venture Agreement and Transfers of
Tenement under the Mining Act 1992;

Page 3

  	Deed of Agreement	
      Aliens Arthur Robinson

5.           
Exercise of Powers

PGM may exercise any of its powers under Clause 4 in the
name of Nord or in the name of itself and as the at of any or all of Nord.

6.           
Ratification

Each of Nord, Australex and SGC agree to ratify and
confirm whatever PGM does under Clause 4.

7.           
Delegation

PGM may appoint sub-attorneys to exercise all or any of
the powers and authorities conferred by Clause 4 (other than the power
conferred by this Clause 7) and may replace them.  All provisions of this Deed
relating to PGM power of attorney shall apply to the sub-attorney.

8.           
Revocability

The powers given to PGM by this Deed are irrevocable.

9.           
Delivery of Documents

On the execution of this Deed each of Nord, Australex and
SGC will deliver to PGM the original owners copy of the Exploration Licence.

10.        
Counterparts

This Deed may be executed in any number of counterparts
which together shall constitute one instrument.

11.        
Governing Law

This Deed is governed by the laws of the Independent State
of Papua New Guinea.

 

 

 

Page 4

  	Deed of Agreement	
      Aliens Arthur Robinson

Executed as a Deed

Nord Pacific Limited

                                                                                                         

Director Signature                                Assistant
Secretary Signature

                                                                                                         

Print Name                                          Print
Name

Nord Australex

Nominees (PNG) Limited

                                                                                                         

Director Signature                                Director/Secretary
Signature

                                                                                                         

Print Name                                          Print
Name

Simberi Gold Company

Limited

                                                                                                         

Director Signature                                Director/Secretary
Signature

                                                                                                         

Print Name                                          Print
Name

PGM Ventures

Corporation

                                                                                                         

Director Signature                                Director/Secretary
Signature

                                                                                                         

Print Name                                          Print
Name

 

 

 

Page 5

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