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:. • III IIIIIIIIIIIIIIII • Dr~ino! .. MEMORANDUM OF SURFACE USS AGREEMENT THIS MEMORANDUM OF SURFACE USS AGREEMENT (the "Memorandum"), dated effective the 27th day of September, 1994, is by and between Dorman D. Silver and Mary L. Silver, husband and wife, with an address at 565 Taylor St., Craig, Colorado 81625 (hereinafter collectively referred to as "Surface Owner", whether one or more), and CYPRUS EMIRS CORPORATION, a Delaware corporation, with an address at 1303 County Road 107, P. O. Box 68, Craig, Colorado 81626 (hereinafter referred to as "Cyprus"). Surface Owner, in consideration of the covenants and agreements contained in that certain unrecorded Subsidence and Surface Use Agreement (the "Agreement") dated concurrently herewith, granted unto Cyprus certain rights to enter upon and use certain lands (the "Lands") belonging to Surface Owner as further described in Exhibit "A" attached hereto and made a part hereof, for the right to (I) survey; (2) conduct baseline environmental studies as Cyprus may desire, including, but not limited to, vegetation and soil sampling and mapping, surface hydrology investigation, cultural resources survey and mitigation (if necessary) and geologic reconnaissance and exploration activities; (3) construct a pad or pond for an exploration and/or ventilation borehole and drill an exploration borehole; (4) utilize and upgrade an existing road into the drilling site and construct an exploration road from the existing road into the drill site; (5) install an electric powerline; (6) remove and replace existing drainage culverts, if any; (7) install subsidence monuments; (8) conduct seismic surveys; (9) construct and maintain water monitoring wells; and (10) conduct general reclamation of drill/bore hole sites and other disturbed areas. The Lands are subject to all of the terms and conditions of the Agreement, reference to which may be made for a complete statement of rights and obligations of Surface Owner and Cyprus. Should there be any discrepancy between this Memorandum of Subsidence and Surface Use Agreement and the Agreement, the Agreement shall control. The term of the Agreement shall be for a primary term of three (3) years and shall commence on the effective date hereof. The term of the Agreement may be extended by Cyprus for twenty-five (25) additional one (1) year terms in accordance with the Agreement. Copies of the Agreement may be found at the above indicated addresses of the parties. This Memorandum may be executed in any number of counterparts and shall be binding upon all owners of interests in the Lands executing the same or a counterpart hereof, whether or not named herein as one of the Surface Owners, and whether or not other owners of interests in the Lands have executed other counterparts or have not entered into the Agreement. All the terms, conditions and covenants of the Agreement shall be binding upon and shall inure to the benefit of the heirs, ~..~s.ooi/iw - 1 -