Exhibit 10.7
Promissory Note
GEMCO MINERALS INC.
A FLORIDA STATE CORPORATION,
HAVING
ITS CORPORATE OFFICE AT
#203 - 20189 56th Ave, LANGLEY, BC, CANADA V3A 3Y6
Debt
Owing Due
Date Annual Interest Rate
Interest Starting Date
---------------
---------
-------------------- ----------------------
$112,933.12 CDN On
Demand
12%
January 1, 2007
Monthly
Payment
First Payment Date
-------
------------------
Nil
January 15, 2007
FOR VALUABLE CONSIDERATION, I/we, the undersigned Debtor(s)
(Jointly and
severally where more than one) promise(s) to PAY
To Great West Management
Corp.
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Name of
Creditor
At: #203-20189 56th Avenue. Langley.
BC. V3A 3V6
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Address of
Creditor
The debt owing on the due date, together with interest at the
annual interest
rate both before and after maturity, computed from the interest
starting date,
al] of which are set forth in Boxes 1, 2, 3 and 4 above.
Where monthly payments are contemplated, then during the time all
or part of the
debt owing is outstanding the undersigned agrees to pay to the
Creditor monthly
payments of interest, or principal and interest, in the amount set
forth in Box
5, the first of such payments to be paid on the date set forth in
Box 6, and
thereafter on the same date of each and every month until the whole
of the debt
owing and interest is fully paid and satisfied, or until the due
date set forth
in Box 2, whichever shall first occur. Payments shall be applied
firstly m
payment of interest and, where applicable, secondly in reduction of
principal;
PROVIDED the undersigned shall have the privilege of prepaying the
whole or any
part of the debt owing without notice, bonus or penalty.
If any monthly payment is not paid on the proper date, then the
whole of the
then outstanding balance of the debt owing, together with the
interest, shall
immediately become due and payable.
The Credito
