EXTENSION AGREEMENT
THIS EXTENSION
AGREEMENT is made
effective as of the 22nd day of June, 2005, by and among Phage
Genomics, Inc. (the “Optionee”), K. Ian Matheson
(“Matheson”), Searchlight Minerals, Inc. and Gold Crown
Minerals Inc., (together the “Optionors”) (the
"Extension Agreement").
WHEREAS:
A.
The
Optionors, the Optionee and Matheson are parties to a Letter
Agreement dated as of February 8, 2005, (the "Letter Agreement"),
wherein the Optionors agreed to assign, subject to the fulfillment
of certain conditions, all of their right title and interest in the
following Nevada mineral claims to the Optionee:
|
Nevada Mineral
Claim
|
Serial Number
|
|
PV Brown 193
|
NMC 854993
|
|
PV Brown 301
|
NMC 854994
|
B.
The
Optionors and the Optionee mutually desire to extend the corporate
restructuring date set out in Section 7 to the Letter Agreement
(the “Restructuring Date”) upon the terms and
conditions set forth herein.
NOW THEREFORE THIS AGREEMENT
WITNESSES that in
consideration of the premises contained herein and for other good
and valuable consideration, the parties agree as
follows:
1.
Extension of Restructuring Date . Section 7 of the Letter Agreement is hereby
revised to read as follows:
“Phage is completing a
corporate restructuring and Phage will issue the securities as set
forth in this agreement upon completion of the
restructuring
