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                                                                    EXHIBIT 10.3

               EXTENSION OF PURCHASE OPTION AGREEMENT AND PARTIAL
                         ACKNOWLEDGEMENT OF PERFORMANCE

         As of this date, January 31, 2004, Calais Resources, Inc. (CRI) a
public corporation (OTC CAAUF) P.O. Box 653 Nederland, CO 80466, and Panama
Mining of Golden Cycle, Inc., (PMO), and Golden Cycle of Panama (GCP), 1337 West
5th St., Marysville, OH 43040, hereby agree on the following terms to extend
that certain Purchase Option agreement Dated February 28, 2003.

         1.       The Purchase Option Agreement is attached hereto as Exhibit A.

         2.       The Purchase Option Agreement concerned the exclusive rights
to buy, explore, develop and mine the lode hardrock underground deposits and all
of the surface and placer and marine deposits located in the Faja (Faga) de Oro
concessions owned and controlled by PMO and GCP in the State of Veraguas in the
Country of Panama, the legal descriptions of which concessions are attached
hereto as Exhibit B.

         3.       The parties agree that the following terms of the Purchase
Option Agreement have been fully performed by Calais, with no further
requirement of additional performance:

                  Section 1; and
                  Section 5; and
                  Section 8; and
                  Section 10

         4.       For and in consideration of the performance to date by CRI,
and other good and valuable consideration the receipt and sufficiency of which
is hereby acknowledged and confirmed, the parties hereby agree to a 210 day
extension of the terms of Section 6, 7 and 12 of the Purchase Option Agreement,
as follow:

         a.       The date for the performance of Sections 6 and 7 is hereby
extended to and including June 30, 2004.

         b.       The date during which CRI shall have an option to purchase
either of the corporations under Section 12 of the POA shall be extended to
March 15, 2013.

         5.       The term during which the purchase options shall apply shall
continue to be until and including March 15, 2013.

         6.       PMO covenants and warrants that all necessary steps have been
taken to properly register, document or record the Purchase Option Agreement
with the proper Panamanian and local authorities, as may be required by local
law or regulation, and that such steps will be taken with regard to this
extension agreement.

         7.       PMO has informed CRI that title to the exploitation concession
may remain in Golden Cycle of Panama, Inc. ("GCP") PMO has also informed CRI
that stock certificates of GCP may be in the possession of third parties not
currently under the control of PMO, which possession may be wrongful and without
right. PMO understands and agrees that CRI must be protected in the development
of the placer options under the exploitation concession, and in its option to
purchase the corporation GCP, and shall continue diligent efforts to regain
control of the missing stock certificates and such other emblems of title as may
be necessary to securely vest

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such title in GCP, and to secure the control of the exploitation concession in
GCP, and to report such progress periodically to CRI.

         8.       In the event of the election by CRI to obtain title to the
concessions, and to place them in a corporation to be formed by it for that
purpose, PMO shall materially assist CRI in all aspects of affecting such
transfer within the confines of the laws of Panama and its mining code,
including acts required to properly register and to officially document such
titles.

         9        Intentionally deleted.

         10.      All other terms and conditions of the Purchase Option
Agreement shall remain the same, unless changed herein.

         Dated and effective this 31st day of January, 2004.

         /s/ Thomas S. Hendricks                                  Date: 1/27/04
         --------------------------------------------
         Thomas S. Hendricks
         President and CEO
         Calais Resources, Inc., CRI
         P.O. Box 653
         Nederland, CO 80466

         /s/ Brenda Zook                                          Date: 2/3/04
         -----------------------------------------------------
         Brenda Zook

         /s/ Gary Zook                                            Date: 2/3/04
         -----------------------------------------------------
         Gary Zook
         Panama Mining of Golden Cycles, Inc., PMO
         Golden Cycle of Panama Inc., GCP
         15231 North Del Rey
         Fountain Hills, AZ 85268

         /s/ Herbert Hendricks                                   Date: 2/17/04
         -----------------------------------------------------
         Herbert Hendricks
         Sec/Tres. PMO/GCP
         1337 West 5th Street
         Marysville, OH  43040

         This signed agreement shall serve as an interim agreement until the
changes verbally agreed to on February 17 are added into a new Extension
Agreement with proper legal language.

         [Initialed by the parties]

                                       2exv10w38

 

Exhibit 10.38

Agreement No. 980427-03

Amendment No. 3

AMENDMENT NO. 3

TO AGREEMENT NO. 980427-03

This Amendment No. 3 to Agreement No. 980427-03, is effective on the date when
signed by the last Party (“Effective Date”), and amending Agreement No.
980427-03, is by and between Minorplanet Systems USA, Inc., a Delaware
corporation (“Minorplanet ”) and SBC Services, Inc., a Delaware corporation
(“SBC”), each of which may be referred to in the singular as “Party” or in the
plural as “Parties.”

WITNESSETH

WHEREAS, Minorplanet and SBC entered into Agreement No. 980427-03 on January
31, 2002 (the “Agreement”);

WHEREAS, Minorplanet and SBC desire to amend the Agreement as hereinafter set
forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter
contained, the Parties hereto agree as follows:

1. AMENDMENT TO SECTION A- TERMS & CONDITIONS APPLICABLE TO ENTIRE AGREEMENT,
SECTION 2.51 “TERM OF AGREEMENT.”

Paragraph 1. of Section 2.51 shall be amended with the following new Paragraph
1.:

     1. This Agreement is effective on the date when signed by the last Party
and unless Terminated or Canceled as provided in this Agreement, shall remain
in effect for a term ending on January 30, 2005. The term of this Agreement may
only be extended or renewed upon the mutual agreement of the parties hereto.

2. AMENDMENT TO SECTION D — MINORPLANET NETWORK SERVICES, SECTION 3.04 SERVICE
COMMITMENT

Subsection C of Section 3.04 shall be deleted in its entirety and replaced with
the following new Subsection C:

     C. All service terms described herein terminate on January 30, 2005.

For the term of this Agreement, SBC shall not be required to maintain any
minimum number of HM 5005S Units activated for service. However, if at any time
during the term, SBC does not maintain a minimum of 13,140 HM 5005S Units
activated for service, SBC and Minorplanet shall use

Proprietary Information

The information contained in this Agreement is not for use or disclosure outside SBC, Supplier, their Affiliates and their third party representatives, except under written Agreement by the contracting Parties.

1

 

Agreement No. 980427-03

Amendment No. 3

commercially reasonable efforts to negotiate such amendment to the Agreement to
adjust the service rates charged to SBC for transmission and
maintenance/repair. If SBC and Minorplanet are unable to negotiate and finally
consummate such amendment to the Agreement within 30 days from the day the
number of HM 5005S Units activated became less than 13,140, Minorplanet shall
be entitled to terminate the Agreement immediately upon written notice.

SBC and Minorplanet agree that Minorplanet will file no claims, actions or
other proceedings against SBC based on the refusal of SBC to either renew or
extend the Agreement Subsequent to the expiration of the term of this
Agreement.

If one party to the Agreement commits a material breach of the Agreement, and
the breaching party fails to cure such material breach within the applicable
cure period as provided for in the Agreement following receipt of written
notice of the material breach and a request to cure, the non-breaching party
may treat such material breach as a final repudiation of the Agreement by the
breaching party and terminate its performance under the Agreement. Following
such termination, the non-breaching party shall have no further liability under
the Agreement. Such termination of the Agreement by the non-breaching party
shall not be considered an election of remedies on the part of the
non-breaching party.

3. [TEXT HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.
THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SEC.]

(Signature page to follow)

Proprietary Information

The information contained in this Agreement is not for use or disclosure outside SBC, Supplier, their Affiliates and their third party representatives, except under written Agreement by the contracting Parties.

2

 

Agreement No. 980427-03

Amendment No. 3

The terms and conditions of Agreement No. 980427-03 in all other respects
remain unmodified and in full force and effect.

IN WITNESS WHEREOF, the Parties have caused this Amendment No. 3 to Agreement
No. 980427-03 to be executed, which may be in duplicate counterparts, each of
which will be deemed to be one and the same original instrument, as of the date
the last Party signs.

	 	 	 
	MINORPLANET SYSTEMS USA, INC.

	 	SBC Services, Inc.
	 
	 	 
	By: (x) W Michael Smith

	 	By: (x) Mark Hummel
	 
	 	 
	Printed Name: W. Michael Smith

	 	Printed Name: Mark Hummel
	 
	 	 
	Title: Chief Operating Officer

	 	Title: Executive Director-Marketing and
	

	 	            General Business Contracting
	 
	 	 
	Date: 1/21/2004

	 	Date: 1/21/2004

Proprietary Information

The information contained in this Agreement is not for use or disclosure outside SBC, Supplier, their Affiliates and their third party representatives, except under written Agreement by the contracting Parties.

3

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