Further to exchange bulletin dated Oct. 28, 2010, the TSX Venture Exchange has accepted for filing amendments to a property option letter agreement dated Oct. 7, 2010, between Minaurum Gold Inc. and Minera Zalamera S.A. de C.V. (David Jones), whereby the company will acquire a 100-per-cent interest in the Santa Marta project located in Oaxaca state, Mexico.

The agreement has been amended to delay and increase cash payments due and increase the number of shares payable.

Total consideration will now be $175,000 cash, 1,875,000 shares and $2.5-million in work expenditures.

• Exchange approval (paid), $20,000 cash; Within 60 days from approval (paid), 250,000 shares;
• One year from approval (paid), $30,000 cash, 250,000 shares and $25,000 in work expenditures;
• Two years from approval (paid), $50,000 cash, 250,000 shares and $475,000 in work expenditures;
• Three years from approval (paid), 325,000 shares;
• Before March 31, 2014, $15,000 cash and $500,000 in work expenditures;
• Before Oct. 28, 2014, $60,000 cash, 800,000 shares and $500,000 in work expenditures;
• Five years from approval, $1-million in work expenditures;
• Total, $175,000 cash, 1,875,000 shares and $2.5-million in work expenditures.

In addition to the above, upon commercial production, the company must deliver the lesser of one million shares with a deemed price as of the date of issuance or $5-million cash.

The net smelter return (NSR) remains the same. There is a 3-per-cent NSR relating to the acquisition. The company may at any time purchase up to 2 per cent of the net smelter return for $1-million per 0.5 per cent in order to reduce the total net smelter return to 1 per cent.