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[Neal&Co]
Consultants
Frank Hallam
July 26, 2005
Chief financial Officer
MAG Silver Corp
328 - 550 Burrard Street
Vancouver BC, V6C 2B5
Dear Frank,
As a result of my meeting on July 25th with you, Dan MacInnis and Mike Jones I submit the following amendments to our agreement between Mag Silver and Neal & Company Consultants and proposed to take effect August 1, 2005.
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Gord Neal (Neal & Company) will dedicate 90% of his (its) time to MAG Silver business.
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Remuneration for services will be $9,000/month
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Neal and Company will be granted an additional 90,000 options (or an amount that is determined by MAG’s board to meet regulatory requirements)
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Bonus program –
1.
$10,000 per new analyst coverage.
2.
$10,000 for each 3 new and (non- financing associated) institutions brought to the company by Gord Neal that take a $250,000 share purchase in MAG. This program is to be shared with john Foulkes of PTM
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Neal and Company will receive a maximum $50,000 bonus for coordinating and closing any MAG financing of $5,000,000 or greater. This bonus is to be divided between Dan MacInnis (20%) and Neal & Co (30%)
Let me know if this meets our objectives
“Gordon Neal”