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• • C, <br /> 491693 03/29/1099 02:00P 498 Gunt{err County <br /> 1 of 3 R 16.73 D 6.60 N 0.00 _ <br /> MEMORANDUM OF AGREEMENT <br /> Agreement made and entered into on the day of March, 1999, by and between <br /> OMYA, Inc., with an office at 61 Main Street octor, Vermont 05765 (hereinafter called <br /> "Lessor") and Sierra Minerals Corporation, with an office at 6164 South Newport Street, Suite <br /> 2000, Englewood, Colorado 80111 (hereinafter called "Lessee") affecting certain property more <br /> particularly described on Schedule A attached hereto and incorporated herein. <br /> By Lease Agreement of even date herewith, Lessor has granted to Lessee an Option to <br /> Lease the property which option expires on December 31, 1999 unless earlier exercised. In the <br /> event of exercise, the Initial Term of the Lease shall be thirty-five (35) years to and until <br /> December 31, 2034 with a right in Lessee to extend the term of the Lease for an additional thirty- <br /> five (35) years. In the event Lessee fails to exercise the Option or extend the Initial Term or <br /> upon expiration or termination of the Lease Agreement, notice of same may be filed for record <br /> by Lessor which such filing shall be binding upon Lessee. Lessee hereby names and appoints <br /> Lessor its attorney in fact, with full power of substitution, to take such action, execute such <br /> documents and perform such deeds, in Lessee's name, place and stead, as may be necessary to <br /> cant'out the aforesaid issuance of notice of expiration or termination of the Lease Agreement. <br /> IN WITNESS WHEREOF, the parties hereto have executed this Memorandum of <br /> Agreement as of the day, month and year first above set forth. <br /> Witnesses: LESSOR: <br /> A, / <br /> By <br /> J hn M. Mitchell, Executive <br /> Vice President&Treasurer <br /> STATE OF VERMONT <br /> COUNTY OF RUTLAND ) SS <br /> At Proctor, this day of March, 1999, personally appeared before me John M. <br /> Mitchell, being the Executive Vice President and Treasurer of OMYA, Inc. and he <br /> acknowledged the foregoing instrument by him signed and sealed to be his free act and deed and <br /> the free act and deed of OMYA, Inc. <br /> Before me <br /> ROYARV PUBLIC <br /> My commission expires: 2/10/2003 <br /> Page 1 of 2 <br /> 27 <br />