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-A- <br />1V. RECCTALS <br />1. On May 9, 1997 Persnit Number M 1981-021 was granted io <br />InternationalUr3nlnln(USA)COI'p. (existing operator)("Permittee"),pursuanttowhich <br />Permittee has been conducting a mining operation in the County of San Miguel ,State of Colorado. <br />2. Permittee wishes to assign the permit to Denison Mines (USA} Corp. (new <br />operator}, as Successor Operator ("Successor") and Successor wishes to become Successor Permittee under the <br />pemtit. <br />3. Successor understands that the rectatnation plan (the "Plan") required by [he pemrit and by appiicable <br />State laws and regulations has not been completed and is willing to assume full responsibility for the completion of <br />the Plan. <br />V. <br />Perrr»ttee and Successor hereby agree, for their own benefiT and for the benefit of the State, auch agreements to be <br />effective ipso fac o upon the approval by the State of the transfer of the Permit from Permittee to Successor, as <br />follows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully awaze <br />of the conditions thereof. Successor understands and accepts all of [he conditions of the Perndt. <br />2. Suecessorwillcompletethereclamationplan,andherebyassumesliabilityforcompletingsuchplanasto <br />all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Pertnittee under the Permit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to the State its attached Perforrmnce and Financial Warranties*, which are to be <br />substituted for the Performance and Financial Warranties heretofore feted by the Permittee, effective upon the <br />release of the latter Warranties. <br />4. Successor represents to the State that, to the best oY' its knowledge, information and belief, it is not in <br />violation of any of the provisions ofthe Colorado Mined Land reclamation Act with respect to any other operation <br />conducted by it in the State of Colorado. <br />Permittee and Successor hereby request the State to consent to the assignment ofthe Permit, to recogni2e Successor <br />as Successor Operator under the Perm][, and to accept [he tendered substitute Performance and Financial <br />Warranties in place of the Warranties presently on file with the State. <br />