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The State Land Board and the Lessee, by their signatures below, agree to the terms of this Lease. <br /> LESSEE: Titan Au, Inc. <br /> By: Date: <br /> Lance Bailer, President <br /> STATE LAND BOARD: <br /> STATE OF COLORADO ACTING BY AND THROUGH THE <br /> STATE BOARD OF LAND COMMISSIONERS <br /> By: Date: <br /> Phillip J. Courtney, Solid Minerals Leasing Manager <br /> Page 18 of 18 <br />