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TEL No. May 12, 1 b--1~.J_> <br />~ ~ BR CK ~ r ~~~ ~~~~~~~~~~~~~ ~~~ <br />COMPANY ~ <br />~~~ <br />~~ <br />September •i, 1991 <br />Mr. Lawrence Phipps, III <br />41348 Road 29 <br />Elizabeth, Colorado 80101 <br />Re: k:x(,loration and purchase Option Agreement By and Between <br />Robirrson Brick Company and Thomas O• Uradbury, Gladys <br />)}lacj~ury.,. >74.?;!! i',_.!'.ec:Ilmn(1• .H(Lcl,•I.nwrgr)ce. C.:. 1'hll>~_s.,~?. <br />Dear Mr, Pl,ipp.~: <br />This letter is sent to confirm agreement between alI the referenced <br />partieR regarding c:otnment;ement of the option period under the <br />Agreement and other matters as set forth below. <br />It is agreed betweert the parties that: <br />1. T'l,e option period described in the Atir•er.ment is <br />commenced as of May ]3, 1991. <br />2. The additional option period descr•ibc•d in <br />pa[•agraptt 2 would commence or, May 13, 1992, if <br />exercised. <br />3, kohinaon has independently acduired i.hi•. Tupps <br />minr:ra] rights desc:r•i6ed in ParaK,•ap}, 6 and as a <br />result waives any c:onti.ngency a5tioc;iated therewith <br />and the i~urchase price of the Subject. Lands is <br />rcdut:cd by the s,xm taf S]0,000.00 '.ih tl,e event of <br />option exercise vy Robinsor, Brick Go. <br />4. RoUinsox, Brick Co. shall order within the next ten <br />(10) days the title inkurartce commitment specified <br />itt tt,c Agreemcrtt pursuant t.o Paragraph 7 from t.l,r <br />I/lbert County Ahstract and Title ('o. and after its <br />delivery, the inspection period six~cified iu <br />Paragraph 7 shall commence. <br />Ci. F2ohinson mxy oths~rwise exercise a].1 rights under <br />the Option Agreement including the Exploration <br />kiNhta descr•it,ed in paragraph 1 and each ul~tionor <br />:;hall cooperate with Rohinson ati it makes such <br />aPPl.icat.inns as are necGStiary t.o all local, state, <br />and fed.~ratl government ai{cutcies t,o obtain <br />approvals necessary to explore tu,d mine the <br />Subject Lands as otherwise described in Paragraph <br />14 of tl,e AKr•een,erlt. <br />184S Wa~:t U~rtmuulf, • P.O. Bux 5243 • Denver, Culurado 80217-`~G43 • (303) 781 9002 <br />