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Page 11 of 11 Mining Lease- 110324 <br /> COLOMDO <br /> State Board of Land Commissioners <br /> Mining Lease - 110324 <br /> County: Moffat <br /> Board Order No. 2016- Meeting Date: May 12, 2016 Page 1 of 1 <br /> DRAFT <br /> Decision: <br /> After consideration of the materials presented and testimony given at its regular meeting of May 12, <br /> 2016, the Board determines that it is in the best interest of the trusts to approve the issuance of a <br /> mining lease on 80.91 acres in section 24, T12N-R94W (6th PM) in Moffat County with the following terms <br /> and conditions: <br /> • A primary lease term of 5 years <br /> • A secondary term of 5 years if minerals are produced in paying quantities <br /> • Annual Rental in the amount of $3.00 per acre <br /> • Production Royalty of 10% of the gross proceeds from all gold, titanium and rare earth minerals produced <br /> and sold from the lease, subject to review and adjustment every five years <br /> • Advance Minimum Royalty of $10,000 per year beginning in the second year of the lease, subject to <br /> review and adjustment every five years <br /> • A greater sage grouse stipulation in the lease stating, "This lease falls within the Greater Sage Grouse <br /> Priority Habitat Management Area and may be subject to restricted practices including timing and <br /> seasonal restrictions. Lessee shall consult with Colorado Parks and Wildlife prior to submittal of <br /> required permit applications." <br /> • Other standard lease terms and conditions of state mining leases, as determined by the Director <br /> The Board delegates authority to its Director to take appropriate action consistent with the Board's <br /> decision. <br /> COLORADO STATE BOARD OF LAND COMMISSIONERS <br /> Gary Butterworth, President William E. Ryan, Director <br /> A Board Order is not a contract or an offer to contract. Statements or writings by the Board, individual board <br /> members, or the Board's staff in considering a proposal are not binding. No lease, use, interest, or other obligation <br /> or disposition of state trust assets can be created until all terms thereof have been finalized, reduced to writing, <br /> approved by the Board, and executed by all parties. <br /> If the actions authorized by this Board Order have not been completed within two years from the date of the Board <br /> Order it will become null and void unless otherwise noted. <br /> 5.12.2016 <br />