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857 <br />iof14 <br />998 94~23F <br /> <br />TO DEVELOP SURFACE RESOURCES <br />GOLD HILL AND CENTRAL MIN1NG DISTRICTS <br />THIS CONVEYANCE OF CONTRACTUAL RIGHTS TO DEVELOP SURFACE <br />RESOURCES ("Conveyance") dated June 6, 1998, is by and between Golden Toniine LLC, a <br />Colorado limited liability company, acting by and through its members whose address for <br />purposes hereof is P.O. Box 1523, Longmont, Colorado, 80502 ("GT"), Mark A. Steen, an <br />individual whose address is P.O. Box 1523, Longmont, Colorado 80502 ("Steen"), and ITEC <br />Environmental Colorado Inc, a Colorado corporation, whose address is 707 17th Street, <br />Suite 3120, Denver, Colorado 80202 ("ITEC" or "Grantee"). GT, the GT Members (as defined <br />below) and Steen may be referred to collectively as "Grantor." <br />RECITALS <br />A. Golden Tontine LLC is a Colorado limited liability company formed by its <br />members -Gold Hill Mines, Inc., Gold Reef Mining Company, Southern Cross Prospecting <br />Company and Mi Vida Enterprises, Inc. (the "GT Members"). The GT Members granted GT the <br />contractual right to develop the Surface Resources, and all rights associated with the Claims to <br />develop the Surface Resources (as defined below), pursuant to that certain Conveyance of <br />Contractual Rights to Develop Surface Resources, dated effective January 23, 1998 recorded in <br />the Boulder County, Colorado real property records on January 29, 1998 at Reception <br />No. 1767281. <br />B. ITEC Environmental Colorado Inc. ("ITEC") is a wholly owned subsidiary of <br />ITEC Mineral Inc. ("ITEC Mineral"). <br />C. ITEC Mineral, the GT Members and Steen entered into that certain "Option: <br />Remising and Environmental Restoration Joint Venture Dated April 23, 1997" as amended, and <br />that Option has been replaced in its entirety by that certain Agreement Regarding Surface <br />Resources between Steen, GT and ITEC dated June 6, 1998 (the "Agreement"). <br />D. ITEC, GT and Steen wish to enter into this Conveyance to reflect (i) the <br />conveyance to ITEC of an exclusive contractual right to develop the Surface Resources, and <br />(ii) the right to use the surface of the Claims to develop the Surface Resources. <br />AGREEMENT <br />NOW THEREFORE, for and in consideration of the mutual promises and covenants <br />herein contained, ONE HUNDRED DOLLARS and other good and valuable consideration the <br />receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: <br />ocsa1s~va <br />1w.1 ivs~ s.:~ P, <br />"' 'j3- <br />