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L..nI..S.v I lvtI w.v, I <br /> Lessee: State Land Board: <br /> Zephyr Gold USA Ltd. Colorado State Board of Land Commissioners <br /> 1959 Upper Water Street, Suite 1300 Minerals Director <br /> Purdy's Wharf Tower 1 1127 Sherman Street Suite 300 <br /> Halifax, NS B3J 3N2 Canada Denver Colorado 80203 <br /> with a copy to (which shall not <br /> constitute notice for purposes of this <br /> Lease Agreement): <br /> Bennett Jones LLP <br /> 3400 One First Canadian Place <br /> Toronto, ON M5X 1A4 Canada <br /> Attention: Michael Melanson <br /> 23. PROSPECTING -- Lessee agrees that while using and operating any drill on the Leased Premises, Lessee <br /> shall keep an accurate log on all work so done and performed, showing geological formations <br /> penetrated, the depth and thickness of each, the mineral character of each including but not limited <br /> to, the location and elevation of each tied to a corner established by United States survey, and each <br /> and everything necessary to make a complete log of the hole throughout its entire depth. A true copy <br /> of such log shall be furnished to Lessor. <br /> The methods used in carrying out any program of exploration, and the rate of progress of such program <br /> shall be determined by Lessee. If Lessee carries on any program of exploration, other than drilling, <br /> Lessee shall submit to Lessor written reports showing the character and extent of prospecting being <br /> carried out on the Leased Premises and giving any details of Mineral occurrences which may have been <br /> encountered; and Lessor agrees that during the term of this Lease all such information so supplied by <br /> Lessee shall remain confidential and unpublished for the duration of this Lease insofar as such <br /> confidentiality is consistent within the law. <br /> 24. NOTIFICATION OF MINING OPERATIONS -- If Lessor does not own or control, or has leased to a third <br /> party the surface of the Leased Premises, Lessee shall be responsible for identifying and notifying such <br /> surface owner or lessee(s) in advance of any on-site activity. Notification will be given thirty (30) days <br /> in advance for untitled or grazing acreage and sixty (60) days in advance for tilled farm ground prior to <br /> any on-site activity. Lessee shall closely coordinate any on-site activity with the surface owner or <br /> lessee, and make a reasonable effort to protect the integrity of surface owners or lessee's roads, <br /> fences, gates, cattleguards, and other property. <br /> 25. SURFACE DAMAGE -- Lessee has the right to utilize up to one (1) acre of the surface of the Leased <br /> Premises in accordance with Paragraph 2 of this Lease; however, Lessee shall be liable and agrees to <br /> pay for all damages, caused by Lessee or as a result of Lessee's operations, to the surface of the <br /> Leased Premises not permitted for use by Lessee and livestock, growing crops, water wells, reservoirs, <br /> or other improvements. Lessee shalt be responsible for and agrees to pay for all damages from <br /> subsidence. <br /> 26. LIABILITY -- <br /> a) The Lessor shall not be liable to the Lessee, its agents, employees, invitees, patrons or any other <br /> Page 10 of 18 <br />