This Trust Agreement involves
Title: EXTENSION OF DEED OF TRUST AND SECURITY AGREEMENT
Industry: Gold and Silver Sector: Basic Materials
EXTENSION OF DEED OF TRUST AND SECURITY AGREEMENT
I. BACKGROUND: On August 11, 2005, the undersigned Calais Resources, Inc, a British Columbia corporation and Calais Resources Colorado, Inc, a Nevada corporation (denoted collectively herein as the Borrower), executed their promissory note (the Note herein) in the original principal amount of $807,650.11 payable to Duane A. Duffy, Glenn E. Duffy, James Ober, and Luke Garvey, who shall collectively be designated herein as the Lender. The Borrower's repayment of the Note was secured by a deed of trust and security agreement (the DOT herein) of even date with the Note, which DOT encumbered real property and mining equipment of the Borrower located in Boulder County, Colorado, which DOT was recorded in the records of the Boulder County Clerk and Recorder on 8/23/05 at document reception, Document No. 2715644.
Between the original date of the Note and DOT, Borrower has made payments as to the obligations and the document payment terms have been extended. This document confirms the present Note and DOT balance and due date.
II. AGREEMENTS OF THE PARTIES:
Borrower and Lender hereby agree:
1. The Note has been revised on even date herewith. The debt balance owed by Borrowers to Lenders as of 12/1/2007 is agreed and confirmed as being $900,537.28. This is also the sum secured by the DOT as of that date.
2. The due date of the Note and DOT has been extended to 4/1/2008.
3. All other terms of the Note and DOT remain in effect.
Extension of Deed of Trust and Security Agreement Page l
Signed on the dates shown