PAYMENT EXTENSION AND LICENSE
AGREEMENT
THIS AGREEMENT
dated for reference the 13th day of
March, 2009
AMONG:
NEW
VERDE RIVER MINING CO., INC. , a company formed under the laws of the State
of Arizona having an office at 48412 N. Black Canyon Hwy., New
River, AZ 85087
(hereinafter referred to as “New
Verde”)
OF THE FIRST PART
AND:
ROBERT H. GUNNISON of 48412 N. Black Canyon Hwy., New River, AZ
85087
(hereinafter referred to as the
“Inventor”)
OF THE SECOND PART
AND:
ROYAL MINES AND MINERALS CORP.
, a company formed under the laws of
the State of Nevada having its corporate office at 2580 Anthem
Village Drive, Suite 112, Henderson, NV 89052
(hereinafter referred to as “Royal
Mines”)
OF THE THIRD PART
WHEREAS:
A. Pursuant to an agreement dated
April 2, 2007 (the "Technology and Asset Purchase Agreement"),
Royal Mines acquired from New Verde a technology for lixivation of
metals from ore utilizing thiourea stabilization (the
"Technology");
B. Pursuant to the Technology and
Asset Purchase Agreement, Royal Mines agreed to enter into an
employment agreement with the Inventor (the "Employment
Agreement");
C. Under the terms of the
Technology and Asset Purchase Agreement, Royal Mines agreed to pay
a total of $300,000 US to New Verde of which $197,731.67 has been
paid to date, leaving an outstanding balance of 102,268.33 (the
"Outstanding Balance");
D. Royal Mines is in default of
its obligation to pay the Outstanding Balance to New
Verde;
E. Royal Mines wishes to cure its
default under the Technology and Asset Purchase Agreement;
and
F. New Verde and the Inventor
wish to obtain a limited license with respect to the Technology in
the event of termination of the Employment Agreement,
NOW THEREFORE THIS AGREEMENT
WITNESSES that in
consideration of the premises, and of the mutual covenants and
agreements herein contained, the parties hereto have agreed and do
hereby agree as follows:
2
1.
New Verde agrees to extend the date for payment of the Outstanding
Balance to June 30, 2010 (the "Extension").
2.
Royal Mines agrees to pay interest on the Outstanding Balance at 6%
per annum from the date of this Agreement. The interest will be
payable on June 30, 2010.
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