PERMFILE66691

• Permit No: M1977002HR
• IBM Index Class Name: Permit File
• Doc Date: 10/21/1985
• Doc Name: LIMITED IMPACT
• Media Type: D
• Archive: No

AGREEMENT AND OPTION
THIS AGREEMENTANrpoOr~TION is made and entered into
effective as of this 14}~ day of +~, 1975, by and between ROCKY
MOUNTAIN ENERGY COMPANY, a Utah corporation (hereinafter for
convenience called "RMEC") and COLORADO LIEN COMPANY, a
Colorado corporation (hereinafter for convenience called "Optionee").
RECITALS;
RMEC is entitled to grant a lease covering all gypsum which
may be found in the N1V4 and NZSW'-, of Section 31, Township 11 Nortli,
Range 69 West of the 6th P. Srl. , La rimer County, Colorado (said lands
hereinafter for convenience called "Subject Lands").
Optionee nesires to conduct an exploratory drilling program
on the Subject Lands and to acquire the exclusive right and option to obtain
a lease from R1~IEC to mine, quarry, remove, and sell all gypsum from
the Subject Lands; and RMEC is willing to grant the necessary rights to
permit Optionee to conduct such program and the right to acquire a lease
to mine, quarry, remove, and sell all gypsum from the Subject Lands on
the following terms and conditions:
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and of
the mutual covenants herein contained the parties hereto agree as follows:
1. RMEC in consideration of the sum of Four I-Iundred Eighty
Dollars (480.00) hereby grants unto Optionee for a period of one (1) year
commencing with the effective date hereof, the exclusive right to enter
upon the Subject Lands for the purpose of conducting thereon an exploratory
drilling program relating to the discovery and evaluation of gypsum deposits
as may be found on the Subject Lands.
2. i:h-IEC hereby prints ~.uito Options:c for a term of one (1 )
year from the e[fective date hereof the exclusive and irrevocable right
and option to acquire fx•om RMEC a lease to mine, quarry, remove, and
sell all gypsum which may be found in the Subject Lands, in the form of
lease agreement attached hereto as Exhibit A and by this reference made
a part hereof and upon the terms and conditions contained therein.
3. Upon payment of the consideration set forth in section 1
hereof, Optionec may, at any time during the term of this Agrecinent and
Option, exercise its right to acquire a lease on the Subject Lands in the
forrri oC lease agreement attached hereto as Exhibit A by furnishing RMEC