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<br /> GM-ST.DOC STATE OF COLORADO
<br /> Rev. 1 I/99 STATE BOARD OF LAND COMMISSIONERS
<br /> Department of Natural Resources
<br /> Denver.Colorado
<br /> GENERAL MINING LEASE NO. GM 3410
<br /> THIS LEASE ISSUED IN LIEU OF EXTENSION OF GM 3122
<br /> THIS MINING LEASE, Made in duplicate and entered into this 1st day of November, 1999, by and
<br /> between the State of Colorado,acting through its STATE BOARD OF LAND COMMISSIONERS,hereinafter referred
<br /> to as Lessor, and Alvin Mosch, David Mosch,and Patricia C Mosch(1TWROS), ` Phoenix Mine,P.O.Box 3236,
<br /> Idaho Springs,CO 80452 hereinafter referred to as Lessee:
<br /> WITNESSETH• Lessor,for and in consideration of the sum of Three hundred thirty-two and 10/100 Dollars
<br /> ($332.10), receipt of which is hereby acknowledged as payment of the filing fee in the amount of$ 20.00. first year's
<br /> rent in the amount of$ 90.00,advance minimum royalty in the amount of$222.10,and a bonus in the amount of$ -0- ,
<br /> and in further consideration of Lessee's agreement to pay Two Dollar(s) ($ 2.00 ) per acre annually as rental in
<br /> advance of the anniversary date of this lease so long as said lease shall remain in effect;and in further consideration of the
<br /> terms, conditions and agreements herein and of the payments of annual rentals and royalties reserved herein,to he kept
<br /> and performed by Lessee,its successors and assigns,does hereby lease to Lessee the right and privilege of exploring and
<br /> prospecting for, developing, and mining of and taking of Base and nrectous metals from the lands herein described,
<br /> situated in the County of Clear Creek, State of Colorado,to wit;
<br /> ACRES SUBDIVISION SEC.TWP.RGE PATENTS
<br /> 4 51 Lot 12 36-3S-74W None
<br /> 991 Lot 15
<br /> 10.00 SE4NE4SW4
<br /> 20 00 S2NW4SE4
<br /> *83.80 see letter of 9/08/2009 for descriptions
<br /> FUND. School
<br /> *128.22 ac
<br /> containing 44.42 acres,more or less,hereinafter called the "Leased Premises",together with the right to use as much
<br /> of the surface as may he reasonably required in the exercise of the right to mine, including strip mining, in situ solution
<br /> mining, and heap leaching; and the right to reasonable ingress and egress; the right to construct buildings, make
<br /> excavations, stockpiles, dumps, drains, roads, railroads, powerlines, pipelines, and other improvements as may be
<br /> reasonably necessary in the mining and removal of said minerals; subject, however, to all existing easements and
<br /> rights-of-way of third parties, and the rights of surface lessees and surface patentees, and further subject to the terms,
<br /> conditions and agreements set out in this lease. The above-mentioned rights may he exercised in connection with mining
<br /> on other or adjacent lands only when mining on such lands is carried on in conjunction with the actual mining on the
<br /> Leased Premises and subject to restrictions stated below.The benefits,terms,and obligations of this lease shall extend to
<br /> and he binding upon the heirs.executors,administrators.successors.or assigns of the respective parties hereto
<br /> RESERVING,however,to Lessor:
<br /> A All rights and privileges of every kind and nature,except as are herein specifically granted
<br /> B. The right to use or lease said premises or any hart thereof at any time for any purpose,including the right
<br /> to explore and prospect said premises,which use and leasing of said premises shall he for purposes other
<br /> than and not inconsistent with the rights and privileges herein specifically granted.
<br /> C. The right to dispose of or lease the surface where Lessor is the surface owner.
<br /> D. The right at all times during the life of this lease to go upon said premises and every part thereof for the
<br /> purpose of inspecting said premises,and the books of accounts and records of mineral workings therein.
<br /> and of ascertaining whether or not said Lessee and those holding thereunder by and from it, are carrying
<br /> out the terms,covenants and agreements in this lease contained.
<br /> E The right at any time to grant a right-of-way upon over cr across all or any part of said premises for any
<br /> ditch• reservoir, railroad. communication system, electric powerime, or pipeline, schoolhouse or other
<br /> lawful purpose;hut that such grants shall ne subject to the rights of Lessee
<br /> F The right at any time to place the Leased Premises into the Stewardship Trust as set forth in Section
<br /> l0 I)(h)(1)of Article IX,of the State Constitution.Said placement into the Stewardship Trust shall he for
<br /> reasons not inconsistent with the rights and privileges of Lessee
<br /> TO HAVE AND TO HOLD The above-described Leased Premises unto Lessee,its heirs,successors.assigns.or
<br /> legal representatives for the term of Ten years,and until Twelve O'clock noon on the 1st day of November, 2009,
<br /> and, except as hereinafter stated, as long thereafter as minerals are being produced in paying quantities from said
<br /> premises, and the royalties and rentals provided for herein are being paid, or by any extension hereof, subject to the
<br /> following terms,conditions and agreements.to-wit.
<br /> * Alvin Mosch letter of September 8, 2009.
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