REV99479

• Permit No: M1994117
• IBM Index Class Name: Revision
• Doc Name: CONVEYANCE OF CONTRACTUAL RIGHTS TO DEVELOP SURFACE RESOURCES
• Type & Sequence: TR4
• Media Type: D
• Archive: No

• I I~IIII ~~I~I II~II~I Illrlk IIIDIIIIIIIIIIIIIIIIIIIIIIIIIII 66 86/01 998 64, 23P
y R71.66 Dfi.BB
owned or hereafter acquired by GT or the GT Members in Boulder County, Colorado west of the
boundary line between Range 71 West and Range 70 West. If and to the extent any new lands
are acquired by GT, the GT Members or Steen within the area described in the previous
sentence, Grantor, Grantee and Steen shall take all steps necessary to amend this Conveyance to
include the Surface Resources located thereon.
(1) Slide Mine/Corning Tunnel Rock Products. Certain of the
non-mineral reject materials generated by construction of the Coming
Tunnel are located on the Slide and Prussian Mine Claim Group ("Corning
Rock Products") and the Corning Rock Products are specifically excluded
from the Surface Resources.
Section 2 -Development of the Surface Resources. Grantee's rights shall include,
without limitation, the following:
(a) Exclusive Control. Grantee shall have exclusive control over (i) the
timing of development of the Surface Resources, and whether to develop the Surface Resources,
if at all, (ii) all development, removal, transport, and processing of the Surface Resources, and
(iii) all permits, water rights, equipment, supplies, machinery or other assets purchased or
otherwise acquired in connection with such development, removal, transport and processing
operations.
(b) Permits. Grantee shall have the exclusive control over, and the authority
to apply for all necessary permits, licenses and other approvals from the United States of
America, the State of Colorado or any other governmental or other entity having regulatory
authority over any part of the Claims or Surface Resources; provided however that Grantor
agrees not to obstruct or unreasonably delay Grantee's applications for permits, licenses and or
other approvals.
(c) Milline and Processing. Grantee shall have exclusive control over all
determinations with respect to whether, if at all, or how Surface Resources will be processed,
beneficiated, or milled by Grantee, the methods used to process, beneficiate and mill the Surface
Resources, the constituents to be recovered therefrom and the purchasers to whom any minerals
or mineral substances derived from the Surface Resources may be sold.
(d) Incidental Riehts. Grantee shall have all other rights necessary or incident
to exercising its rights granted in this Conveyance.
Section 3 - Underground Mining Activities.
(a) Grant of Access. ITEC agrees to grant access to third parties conducting
underground mining activities on the Claims pursuant to prospecting and exploration permits;
provided, however, that the holder of such permit as operator of the underground prospecting
-3-