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TEL No. MaJ 12. 1 ~~15~.0:~ <br />• • <br />2 sso JAN ~00~433 ~~~f424 <br />Kea 21ca ~u._, ~_q ~D <br />- - - - 8 tY ~ rr ,~~hJ~J~ <br />EXPLORATION AND P SE OPT 0 AGREEMENT <br />(S r Form) <br />THIS EXPLORATION AND PURCHASE OPTION AGREEMENT (short <br />rm) is made and entered into effective this ~-J day of <br />uary, 1990 by and between THOMAS O. BRADBURY, GLADYS BRADBURY, <br />N P. PECHMAN AND LAWRENCE C. PHIPPS, III of City and County of <br />ver, Colorado, hereinafter called the Optionor, and the <br />inson Brick Company, a Colorado Corporation, hereinafter <br />alled the Optionee. <br />1. For and in consideration of the payments to be <br />and the covenants to be kept, observed and performed by <br />ptionee as particularly set forth in that certain Exploration <br />nd Purchase Option Agreement between the parties hereto entered <br />nto effective as of the date hereof, and upon the terms and <br />onditions therein stated, Optionor has granted and does hereby <br />rant to Optionee the exclusive right to conduct thereon such <br />ineral exploration as Optionee may elect to conduct, and the <br />ive and irrevocable right and option to purchase from the <br />ionor on the following described land with mineral tights <br />except oil and gas) and water rights, to wit: <br />East 1/2 Northwest 1/4, West 1/2 <br />Northeast 1/4, West 1/2 East 1/2 <br />Northeast 1/a, Section 31, T6S, <br />R63W, Elbert County, Colorado <br />consisting of 200 acres more or <br />less. <br />lands, mineral rights (except oil and gas), and water <br />ights are hereinafter called "Subject Lands." <br />2. The terms of said Exploration and Purchase Option <br />reement grant onto Optionee for a period of one (1) year from <br />