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<br />b) Durango has a prospector permit to mine the said ores of the Mogul <br />Mine, authorizing mining of certain tonnage from the said Mogul Mine as set forth <br />in attached Faciribit B; <br />c) It has filed an application for mining permit with the Division of Mines ~:' <br />and Geology of the State of Colorado, which is pending as of the date of this ' <br />Agreement, and that as of the date of this Agreement Hartley is not aware of any <br />--- grounds upon which the said Division would deny the said application for mining ~~. •i <br />permit, and further, that said application will be completed and granted to Durango '~ <br />on or before May 1, 1996; ~`~~' <br />d) It is in compliance with any and all applicable state and county <br />requirements, including zoning requirements, with respect to the said Mogul Mine <br />and witlr respect to the transfer of any ores from the said Mogul Mine to any milling <br />facility to be designated by LLC or its successors and/or assigns. <br />5. Profit Interest. Durango hereby grants LLC, during the terms of said leases, <br />a 10 percent profit interest in net smelter returns received from the smelting of ores from <br />the Mogul Mine. <br />6. Financine. LLC agrees, during the terms of said leaases, to finance Durango <br />in the mining of said ore from the Mogul Mine, and further, agrees to pay off indebtedness <br />to Durango in the approximate amount of $370,000.00. <br />7. Complete Agreement. This Agreement is the full and complete Agreement <br />of the parties with respect to the subject matter hereof, and supersedes any and all prior <br />agreements or understandings, whether written or otherwise, between the parties hereto <br />with respect to the subject matter hereof. <br />8. Venue and Choice of Law. This Agreement is. enforceable in the District <br />Courts of the State of Colorado and shall be governed by Colorado law. <br />2 <br /> <br />