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4- <br />iV. RECITALS <br />On November 3, 1999 Permit Number M 1980-055 HR was granted to <br />International Uranium (USA) Corp. (existing operator)("Petmittee"),puzsuanitowhich <br />Perntittee has been conducting a mining operation in the County of Satt Miguel ,State of Colorado. <br />2. Pemrittee wishes to assign the pcmtit to Denison Mines (USA) Corp. (new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Successor Pemrittee under the <br />pernriL <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. ACREEMErIT5 <br />Petmittee and Successor hereby agree, For their own benefit and for the benefit of the State, such agreements to be <br />efrective i~ facto upon the approval by the Slate of the transfer of the Pemvt from Permitter to Successor, as <br />follows: <br />t. Successor has inspected the mining and teclamafton operations to i[s entire satisfaction and is fully aware <br />of the conditions thereof. Successor understands and accepts all of the conditions of the Permit. <br />2. Successor will complete the reclamationplan,andherebyassumesliabili[yforcompletingsuchplanasto <br />all areas heretofore disturbed, as well as to alt areas hereafter disturbed. Successor will perform ail of the <br />obligations of the Permittee under the Petrnit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to the State its attached Perfortrtance and Financial Warranties, which are to be <br />substituted for the Perfoanazrce and Financial Warranties heretofore filed 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 lmowledge, information and belief, it is not !n <br />violation ofany ofthe provisions ofthe Colorado Mined Land reclamation Act with respect to any ocher operation <br />conducted by it in the State of Colorado. <br />Pertnittee and Successor hereby request the State to consent ro the assignment of the Permit, to recognize Successor <br />as Slrct:essor Operamr 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 />