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4- <br />IV. RECITALS <br />I. On May 9, 1997 Pemilt Number M 1977-285 was granted to <br />International Uranium (USA) Corp. (existing operator) ("Permittee"),pursuant to which <br />Pennittee has been conducting a mining operation in the County of Satt Mlgnel ,State of Colorado. <br />Denison Mines (USA) Corp. <br />Z. Permittee wishes to assign the pemtit to (new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Successor Petmittee under the <br />permit. <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 i Aso facto upon the approval by the State of [he transfer of the Pemv[ from Permittee 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 [he conditions of the Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for completing such plan as to <br />all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Pemuttee under the Permit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to the State its attached Perfotmance and Financial Warranties'", which are to be <br />substituted for the Perfonrrazice and Financial Warranties heretofore filed by the Pernrittee, effective upon the <br />release of the latter Warranties. <br />A. Successor represents to the State that, to the best of its knowledge, information and belief, it is not in <br />violation of any of the provisions ofthe Colorado Nlined Land reclamation Act with respect to any otheropemtion <br />conducted by it in the State of Colorado. <br />Permittee and Successor hereby request the State to consent to the assignment ofthe Yermit, 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 />