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<br />personal property and improvements and to the Property resulting from the operations of the <br />Company, or its officers, employees, agents and contractors pursuant to the terms of this Option, <br />including the provisions in Pazagraph 6. <br />9. The Company shall be liable for any and all injuries or death to persons and any and <br />all damages to or destruction of property that results from or is caused by the prosecution or <br />omission of any work or obligation undertaken or required by this Option. The Company shall <br />defend, indemnify and save harmless Grantors and Grantors' agents, representatives, lessees, <br />contractors, invitees, officers and employees, from and against any and all liability, cost or expense, <br />including reasonable attorneys fees and expert fees, that arise from the Company's operations <br />hereunder, provided that the Company shall be required to pay amounts incurred in the settlement <br />of any claim or suit only where the settlement has been approved by the Company, which approval <br />shall not be unreasonably withheld. <br />10. The exercise by the Company of this Option to lease is subject to the approval of the <br />senior management of the Company. The Company shall advise Grantors within 60 days of <br />execution of this Agreement if the Company is unable to obtain such senior management approval, <br />In such event, this Agreement shall terminate, the parties shall have no further rights and duties <br />hereunder, and the option payment shall not be returned to the Company. <br />11. If not exercised within the time provided for in Pazagraph 2, this Option shall expire <br />and be of no further effect, and Grantors shall retain all payments received from the Company <br />hereunder as consideration for the grant of this Option. <br />12. The Company, upon the expiration of this Option without exercise, or upon <br />determination that it will not execute the Lease, shall, at Grantors' request, assign and Grantors shall <br />accept all right, title and interest in any and all permits covering the Property and/or Materials at no <br />cost and expense to Grantors, except as provided in this Paragraph. Such assignment shall be <br />without warranty of any kind, and Grantors shall have no right to mine or conduct operations under <br />any assigned permits or rights unless and until all releases of financial assurances posted by the <br />Company with the applicable governmental authorities have been obtained, and Grantors or <br />Grantors' agents, representatives, contractors or lessees have provided appropriate substitute <br />financial assurances. Grantors shall have six (6) months after expiration of this Option in which to <br />provide such substitute financial assurances. <br />13. The Company shall consult with Grantors with respect to all permit applications, <br />plans and designs of the Company; provided, however, that all final decisions on mine plans, <br />operations, reclamation, permits and other plans of operations shall be in the Company's sole <br />discretion and control. Grantor will be provided a copy of the Special Review application and the <br />approved DMG mining and reclamation plan. <br />RECEIVED <br />MAR 3 0 2000 <br />3 - division of Minerah & GeoloGy <br />