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<br />July 1, 1999 <br />Rey Loesby <br />Sierra Minerals Corporation <br />6164 South Newport Street <br />Englewood, CO 80111 <br /> <br />Re: Uptiou and Lease Agzr:emenl -Colorado Yulc Quarry <br />Dear Rey: <br />onw,: ,; <br />Gt M1idln Slrve. <br />C:ICr VCrnpn1057G$ <br />BO's a69 5i:' <br />lax B02 •159 2725 <br />This letter will sen'e as confirmation that, ptarisuant to the terms of ilre Option and Lease <br />agreement, dated March 1, 1999, between OMYA, IrrC. and Sierra Minerals Corporation, written <br />notice Iras been received by C)MYA, Inc. fiom Sierra Minerals Corporation exercising its option to <br />lease the Colorado Yule Quany, as of Tone 1, 1999. Siena Minerals Corporation, as Lessee, and <br />subject to [hc terms and conditions o£ said Lease Agreement, has possession of the property for <br />conducting a marble quarry operation including reclamation activities as set forth ur the permit <br />applieaiiun and Supporting doetutrentation approved by OMYA, Inc. <br />Si[tcerely, <br />... ~ <br />John bt. Mitchell <br />I Executive Vice President ~ <br />Treasurer <br /> <br />J <br />