Pengram (PNGM) Inactive 10-Q2011 Q2 Quarterly report

Filed: 20 Jul 11, 12:00am

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Readability	8th grade Good

New words: agency, AIM, appointed, Archibald, authoritative, BLM, calculated, Canyon, CDC, created, David, Don, fill, gain, Howard, independently, joint, Lane, lode, London, Lone, matter, Metzler, Mountain, Optionee, Optionor, ownership, President, publicly, pursuit, reorganization, replace, resignation, resigned, Ryan, settled, single, source, spun, Terrace, undertook, unexercised, unpatented, vacancy, venture, waive, Walker, Western

Removed: anniversary, communicated, designed, diligence, limitation, making, Optioned, processed, timely, writing

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TERRACE VENTURES INC.

Suite 201, 810 Peace Portal Drive

Blaine, WA 98230

June 29, 2011

PENGRAM CORPORATION

1200 Dupont Street, Suite 2J

Bellingham, WA 98225

Attention: Richard W. Donaldson, President

Dear Sirs:

Re: Option to Acquire Golden Snow Property
Earn-In Agreement dated April 26, 2011

We write to confirm our agreement to amend the above-referenced agreement by extending the maturity date of the Promissory Note issued in favor of Pengram Corporation pursuant to Paragraph 4(a)(i) of the Earn-In Agreement from June 10, 2011 to September 27, 2011 (being 90 days from date of this amendment agreement). In consideration of this extension, Terrace will pay interest on the principal sum of $25,000 at the rate of 10% per annum, calculated from the date of execution of the Earn-In Agreement, being April 26, 2011.

Please sign where indicated below confirming our agreement in this matter.

Yours truly,

TERRACE VENTURES INC.

Per:	/s/ Howard Thomson

	Howard Thomson
	President and Chief Executive Officer

Agreed and accepted as of the 29th day of June, 2011.

PENGRAM CORPORATION

Per:	/s/ Richard W. Donaldson

	Richard W. Donaldson
	President and Chief Executive Officer

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