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- - ~ $FC'fl ~~~ t12 1996 SETTLEMENT AGREEMENT AND MUTUAL RELEASE This Settlement Agreement and Mutual Release (the "Agreement") is between Joe Baldwin and Arlene Baldwin Qointly "the Baldwins") and Dorothy Blake d/b/a Blake Mining Company ("Blake"). RECITALS 1. On July 13, 1992, judgment was entered in favor of Perry A. Flanigan in the amount of $40,625.00 and Ryan Limited in the amount of $284,375.00 against David E. Blake d/b/a Blake Mining Gompany in the District Court, County of Montrose, State of Colorado, Civil Action No. 91-CV-50 (the "Judgment"). 2. Following the entry of Judgment, David E. Blake died. Dorothy Blake, his wife, was bequeathed ownership of the assets of David E. Blake including Blake Mining Company. Dorothy Blake is the authorized representative of the estate of David E. Blake and Blake Mining Company. 3. On July 31, 1996, Perry A. Flanigan, individually and as a partner of Ryan Limited, and Gerald Flanigan, as a partner of Ryan Limited, assigned all of their interests in the Judgment to Joe Baldwin and Arlene Baldwin. A copy of this Assignment is attached as Exhibit A. 4. Dorothy Blake and the Baldwins have entered into an agreement to settle all claims to resolve all outstanding disputes among them and to fully and completely satisfy the Judgment. Accordingly, the parties agree as follows: AGREEMENT Blake agrees to convey to the Baldwins the following: a. C-JD-5 Joe Dandy Mining District, Monogram Mesa Sections 21 & 22, T46N, R17W, Montrose County, Colorado 88 acres b. C-SR-13 AT-(05-1)-ML-60.8-C-SR-13 Slick Rock Mining District, Dolores River Sections 29, 30, 31, 32 & 33, T44N, R18W Received San Miguel County, Colorado 998 acres DE.C 0 ~ 197 c. C-SR-15 AT-(05-1 }-ML-60.8-C-SR-15 Slick Rock Mining District, Cougar Road Durango Field Osice Sections 23, T44N, R18W, NMPM Qlv~ion of Mirtarafs 8 Gealogy San Miguel County, Colorado