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-4- <br />1V. RECITALS <br />On May 9, 1997 Permit Number M 1980-055 HR was granted to <br />International Uranium (USA) Corp. (existing operator) ("Pemiltfee°), pursuant to which <br />Pemtittee has been conducting a mining operation in the County of San Miguel ,State of Colorado. <br />2. Permittee wishes to assign the pemtit 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 reclamation plan (the "Plan") required by the permit and by applicable <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 />Permittee and Successor hereby agree, for their own benefit and for the benefit of the State, such agreements to be <br />effective ? >so facto upon the approval by the State of the transfer of the Pernvt from Pennittee to Successor, as <br />follows: <br />I. Successor has inspected the mining and reclarrtation operations to its entire satisfaction and is fully aware <br />of the conditions thereof. Successor understands and accepts all of the conditions of the Pertnit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for cotitpleting such planas to <br />atl areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Permittee under the Permit which have not heretofore been performed by Petmittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial W aaanties*, which aze to be <br />substituted for the Performance and Financial Warranties heretofore tiled by the Permittee, effective upon the <br />release of the latter Warranties. <br />4. Successor represents to the State that, to the best of its knowledge, information and belief, it is not in <br />violation ofany of the provisions ofthe Colorado Mined Land reclamation Act with respect to any other operation <br />conducted by it in fire State ofColorado. <br />PermiMee and Successor hereby request the State to consent to the assignment ofthe Permit, to recognise Successor <br />as Successor Operator under the Permit, and to accept the tendered substitute Performance and Financial <br />Warranries in place of the Warranties presently on ftle with the State. <br />