2009-08-31_INSPECTION - M1994117

• Permit No: M1994117
• 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 11:54AM 1...,
-5-
(xvi) on or before June 1, 2018 and on or before the first day of June each and
• every year thertahtex - $100,000_
3
5 In addition to the payments set out in Paragraph 5.2(b), Global shall make an annual
. 000 to an escrow account for the pmPoses of creating a fund to satisfy any
osit of 510
d
,
ep
reclamation or banding requirements of tho State of Colorado. Global shell continue to
000 to the escrow account until such time as the principal
f $10
,
make annual deposits o
amount of the escrow socount in equal to at load 150% of the amount required by the
rules, reguladoans or orders of tho Stabs of Colorado. The principal amount of the
laws
,
escrow account shall only be rekased from escrow with the consent of all Parties hereto.
6. PROPERTY OWN1liW v T> am
6.1 In consideration of contributing the Properties to the IV, the Property Owners shall have
a 50% Participating Interest in the N.
61 Title to and beneficial ownership of the Properties shall be held by and remain with the
property Owners.
63 At any time during the currency of this Agreement, the property owners shall have the
right, by giving at least 60 days written notice to Global, to elect to convert their 50%
"
) to be
PartieipSAR19 Interest in the N to a 5% net smelter raturns royalty ("NSR
calculated in accordance with Schedule "B", after which time Global shall have a 1009%
Participating Interest in the N and the Property owners shall only be entitled to the NSR.
7. GI-DRAL'S PJGIM AND OBLIGATIONS
• 7.1 Global shall be responsible for paying all Costs throughout the term of this Agreement,
recover the Coats in accordance with Section 9.1.
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7.2 Global will be the Operator of the N and ere the Operator shag be responsible for all
Exploration, Dcvelopmemt, Alining and Milling carried out by the N on the Properties,
including without limitation, the oparatiou of my mine, mines or mills on the Properties.
7.3 Global shall solely be responsible for making all decisions regarding Operations to be
carried out on the Properties and shall conduct all Operations in a good, workmanlike and
efficient manner, in accordance with Round mining and milling practices and other
applicable industry standards and practices, and in accordance with the terms and
provisions of le2ses, lic ensea, permits, contracts or other relevant agreements-
7A Global shall be entitled to charge a reasonable fcc for manapment, 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 Property 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 respect to the Properties;
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