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• parpase of s~sq ooal,` ~fos a <br />tarsi of fiftp (SO) tsars <br />ca~eneinq oo the date o! - <br />exercise of the Option. During <br />the tats of the Option, <br />Optiooee bas the right to <br />explore, prospect and test <br />the coal reserves under the <br />properties Lo rhich the <br />Option relates. <br />OTHER P:.?':' ::I.~NS: loot itt is berebp givtn that <br />the Option contains additional <br />terns and provisions not set <br />forth in this tiesorandua of <br />Option to Lcase. <br />The provisions of this Meieorandum of Option to Swale <br />shall not be construed to vary the terms, covenants, conditions <br />and provisions of the Option. <br />OPTSONOR: <br />~,,,,.,,.. ^ ,w ..,.. <br />~'' =' ': <br />U1~`~ <br />f'*~„ "~ - <br />1~4.. ~:. r'. <br />mac-. --: <br />THE VICTOR-AMERICAN <br />PQEL COMPANY <br />Corporate Seal <br />THE VICRVR-IUSERIC.IW !IIffi. <br />COMPANY <br />gY= <br />au anovics, res sat - <br />ATTEST: <br />N Cy COs nZO, 5615 L $eGretary <br />OPTIOI~E: <br /> <br />DR~%'1D VElPfQRffi, IIIC. <br />