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PROPERTY LEASE AGREEMENT
<br /> THIS AGREEMENT ("Agreement") is by and between Mary Louise Adamic, an unmarried
<br /> woman, whose address is 860 Chantilly Lane, Idaho Falls, Idaho, 83402, USA, (the "Grantor"),
<br /> and Zephyr Gold USA Ltd., a Colorado corporation, doing business at Zephyr Gold USA Ltd.,
<br /> 402 Valley Road, Suite E, Canon City, CO 81212 (the "Grantee") (Grantor and Grantee, each a
<br /> "Party" and collectively the "Parties").
<br /> RECITALS
<br /> WHEREAS, Grantor and Grantee each own an undivided fifty percent (50%) interest in
<br /> that certain patented mining claim known as the "Fremont Placer Claim", as further described
<br /> on Exhibit A, Part 1 attached hereto and by reference made a part hereof, and Grantor is the
<br /> owner of one-hundred percent (100%) interest in that certain tract of land known as the Harris
<br /> Tract, as further described on Exhibit A, Part 2 (the "Harris Tract) attached hereto and by
<br /> reference made a part hereof, located in Fremont County, Colorado (the Fremont Placer Claim
<br /> and the Harris Tract, collectively referred to as the"Property").
<br /> WHEREAS, Grantee has patented and unpatented lode mining claims ("Claims") in
<br /> Colorado and desires to use the surface of the Property to conduct activities in connection with
<br /> the commercial extraction of gold and other metals from the Claims including transportation
<br /> ("Operations"); and
<br /> WHEREAS, it is the desire of the Parties hereto that Grantee be granted surface rights,
<br /> transportation rights, and other related rights necessary for support of its Operations, which will
<br /> be deemed to be ongoing in the event of a temporary shutdown while any of the facilities
<br /> comprising the Operations are on care and maintenance.
<br /> AGREEMENT
<br /> NOW, THEREFORE, for good and valuable consideration received, the Parties intend
<br /> to be legally bound by this Agreement and agree to the provisions and conditions set forth below.
<br /> ARTICLE I
<br /> RIGHTS GRANTED
<br /> SECTION 1. 1. Surface Rights and Rights to Construct Milling Facilities and Roads.
<br /> Grantor does hereby bargain, lease, let and grant unto Grantee the exclusive right and easement
<br /> to enter, use, disturb and make improvements, including buildings on the Property that it may
<br /> deem reasonably necessary, including without limitation, to construct and operate mining support
<br /> facilities and milling facilities, including, but not limited to a mill and dry stack tailing facility,to
<br /> support its Operations. Grantee is also granted the right to engineer, construct, maintain, use and
<br /> operate, enlarge, and relocate roads across the Property at such locations as Grantee may deem
<br /> necessary in connection with its Operations.
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