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-4- <br />IV. RECITALS <br />On May 9, 1997 Permit Number M 1978-039 HR was granted to <br />International Uranium(USA)Corp. {existing operator){"Permittee"),pursuanttowhich <br />Permittee has been conducting a mining operation in the County of Satt Miguel ,Stale of Colorado. <br />2. Pemtittee wishes to assign dte pcmtit to Denison Mines (USA) Corp. (new <br />operafot), as Successor Operator ("Successor") and Successor wishes to become Successor Pemtittee under the <br />permit. <br />3. Successor understands that the reclamation plan (the "Plan") required by the pemrit 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 />Pemtittee and Successor hereby agree, for their own benefit and fur the benefit of the State, such agreements to be <br />effective ID56 facto upon the approval by the State of the transfer of the Pemdt 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 reclamationplan, and hereby assumes liability for completing such planas to <br />all 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 heremfore been performed by Petmittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial Warranties*, which are to be <br />substinrted for the Performance 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 knowledge, information and belief, it is not in <br />violation of any ofthe provisions ofthe Colorado Mined Land reclamation Act with respect to any other operation <br />wnducted by it in the State of Colorado. <br />Permittee 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 />Waranties in place of the Warranties presently on file with the Stara. <br />