2009-08-31_INSPECTION - M1983141

• Permit No: M1983141
• IBM Index Class Name: INSPECTION
• Doc Date: 8/31/2009
• Doc Name: Corrective Actions
• From: Mount Royale Ventures, LLC
• To: DRMS
• Inspection Date: 5/6/2009
• Email Name: ACS
• Media Type: D
• Archive: No

APR. 4. M6 11:50M f ...
-5.

(xvi) on or before June 1, 2019 and on or before the first day of June each and
• every year *ffaaer - $100,000.
5.3 In addition to the payments set out in paragraph 5.2(b). Global shall make an annual
w account for the ptalxm s of creating a fund to satisfy any
deposit of $10,000 to an escro
ents of tho Stele of Colorado. Global shall continue to
reclamation or bonding requueam
make annual deposits of $10,000 to the escrow wcount until such time as the principal
rnal to at least 150% of the amount required by the
unt is c
g
amount of the escrow acco
tions or ordure of the State of Colorado. The principal amount of
l
a
laws, rules, regu
escrow account shall only be released from escrow with the consent of all Parties hereto.
6. PROPERTY OWN>1:W UnTy- sT
1
6 In consideration of contributing the Properties to the JV. the Property Owners shall have
. a 509/o Participating Interest in the N.
6.2 Title to end beneficial ownership of the Properties shall be held by and retrain with the
Owners.
pro
ert
63 p
y
At any time during the currency of this Agreement, the Property Owners shall have the
at least 60 days written notice to Global, to elect to convert their 50%
ivin
b
g
y g
right,
Partiell"flng Intiercat in the N to a 5% net smelter returns royalty ("NSR") to be
after which time Global shall have a 100°Yo
"B"
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h
d
,
e
u
e
calculated in accordance with Sc
Participating Interest in the N and the Property Owners shall only be entitled to the NSR.
7. GLOBAL'S RIGHTS AND OBLIGATIONS
7.1 Global shall be responsible for paying all Costs throughout the term of this Agreement,
bal to recover the Costs in accordance witb Section 9.1.
f Gl
h
• o
t o
subject only to the rig
7.2 Global will be the operator of the JV and as the Operator shall be responsible for all
Exploration, Dcvelopumt, Mining and Milling carried out by the N on the Properties,
including without limitation, tine operation of any mine, mines or mills on the Properties.
7.3 Global shall solely be responsible for making all decisions regarding Operation to be
carried out on the Properties and shall conduct all Operations in a good, workmanlike and
efficient manner, in accordance with sound mining and milling practices and other
applicable industry standards and practices, and in accordance with the terms and
provisions of leases, licenses, permits, contracts or other relevant agreements.
T4 Global shall be entitled to charge a reasonable £u for management, supervision and
administrative services to recover its costs in performing its services as Operator, it being
understood that Global is neither to make a profit nor suffer a loss in performing its duties
hereunder.
7.5 Global will:
(a) permit the Rope ty Owners, or their representatives duly authorized by them in
writing, at their own risk and expense, access to the Properties at all reasonable
times and to all records prepared by Global in connection with work done on or
with reaped to the Properties;
NADjm%C11entoV04VPropatykCWd [e-mail]
•