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SECTION ONE <br />'/aluation of Property, Royalties and Option to Purchase. <br />1,1 valuation of Property, Buyers will have a (12) twelve <br />month period of investigation and production. Buyers will pay <br />Sellers twenty thousand dollars (520,000.00) for said period. <br />1.2. Production Royalty. Buyers will pay Sellers a <br />12~ net smelter return royalty from all ore milled from property <br />during the 12 month period. After exercising option to purchase <br />royalty will reduce to 3$ of net smelter return for the life <br />of the mine, payable to the sellers, his heirs or assigns. <br />1.3 Option to Purchase. At the end of the valuation period <br />buyers will have a thirty (30) day period to make a down payment <br />of fifty thousand dollars ($50,000.00), of the eight hundred <br />thousand dollar ($800,000.00) purchase price. The Seller will <br />carry t:he balance at 88 for a period of no more than 20 years. <br />1.4. Delivery of Data. Upon execution of this Agreement, <br />Seller shall make available to Buyer copies of all maps, deeds <br />and other documents in Lessors possession which pertain to the <br />mine title and boundaries, prior workings, production history <br />and so forth. Buyers may copy said documents at Buyers expense <br />and return the original documents to.Sellers promptly. _ _ - <br />P2 <br />// <br />- ~ ~. <br />