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d- <br />I V. REC[TAI,S <br />1. On May 9,1997 , <br />Permit Number M 1977-416 <br />was granted to <br />International Uranium (USA) Corp. (existing operator) ("Permittee"), pursuant to which <br />Pemtittee has been conducting a mining operation in the County of San Miguel ,State of Colorado. <br />Denison Mines (USA) Corp. <br />2. Pernrittee wishes to assign the pemrit to (new <br />operator}, as Successor Operator ("Successor") and Successor wishes ko 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 ipso Facto upon the approval by the State of [he transfer of the Perini[ from Petmittee to Successor, as <br />follows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully aware <br />of the conditions thereof Successor understands and accepts all of the conditions of the Permit. <br />2. Successorwillcompiete[hereclamationplan,andherebyassumesliabiliryforcotapletingsucitpianasto <br />all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Pemtitteo under the Permit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial Warranties*, which are to be <br />substituted for the Performance and Financial Warranties heretofore filed by the Pemtittee, 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 betief, 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 />Pennittee and Successor hereby request the State to consent to the assignment ofthe Permit, to recognize Successor <br />as Successor Operator under the Permit, and to accept the tendered substitute Performance and Financial <br />Warranties in place of the Warranties presently on file with the State. <br />