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EXPLORATION AND PROSPECT DRILLING AGREEMENT tit <br />Made as of this e% day of ?, 2008 ("Effective Date) S <br />This EXPLORATION AND PROSPECT DRILLING AGREEMENT ("Agree nt" ), is made <br />by and between 20 Mile Sheep, LLC, with an address of 35513 North Highw 13, Craig, CO <br />91625 ("LICENSOR") and COLORADO COAL RESOURCES, LLC with an add ss of 701 Market <br />Street, Ste. 832, St. Louis, MO 63101 ("LICENSEE"). In consideration of th sum of $10.D0, the <br />receipt of which LICENSOR hereby acknowledges, and in further consideration of the mutual <br />covenants set forth below, LICENSOR and LICENSEE agree as follows: <br />1. Exploration Rights. LICENSOR grants LICENSEE or its :9 e s or subcontractors, for the <br />term of this Agreement, the nonexclusive right to enter thI nds depicted or described on <br />Exhibit A attached hereto and incorporated herein by refer nce (the "Property"), from time <br />to time, to prospect for, drill, take core samples, survey and otherwise evaluate coal and <br />other minerals and strata underlying the surface of t e Property. LICENSEE shall also <br />have the nonexclusive right to perform all studie necessary or convenient to obtain <br />governmental approvals and permits necessary for oal exploration and related operations. <br />LICENSEE shall not conduct any operations per tted under this Agreement between May <br />/and datyr20th in any applicable year. <br />,TuRG <br />2. Indemnity and Insurance. LICENSEE shal fully indemnify, defend and save LICENSOR <br />free and harmless against any and all aims, damages, loss and expense, including <br />attorney's fees and other legal expens by reason of liability imposed or claimed to be <br />imposed by law upon the LICENSO for damage because of bodily injuries (including <br />death at any time resulting therefro ) or on account of damage to property sustained by <br />any person or persons arising out f or in consequence of LICENSEE's use of the Property <br />described in this Agreement woe ,ef or not such bodily injuries, death or damage to <br />property arise or are claimed t have arisen in whole or in part out of the negligence or any <br />other grounds of legal liabi . y, but excluding, however, any liability caused by the sole <br />negligence or willful misc nduct of the employees or agents of LICENSOR. Without <br />limiting the foregoing, LI NSEE shall maintain in force the following insurance; <br />(a) If LICENSE has any employees (whether full or part time), Workers' <br />Compensat' n Coverage, Traumatic Injury (including death) and Occupational <br />Disease sability insurance in accordance with the laws of the state in which the <br />Propert s located for all employees located on the Property; and <br />(b) ehensive General Liability and Property Damage insurance (including <br />CO co tractual coverage) with bodily injury limits of $2,000,000.00 per person and <br />,000,000.00 aggregate and property damage with a limit of $1,000,000.00 <br />1(cA gregate; and <br />cide nt insurance covering each participant in an amount of $1,000,000.00 per <br />rson and aggregate. <br />All insurance policies must contain an unqualified provision that the insurance carrier will <br />give LICENSOR ten (10) days' prior written notice of any cancellation, change or lapse of <br />such policy. Prior to utilizing the property herein and upon LICESOR'S request, LICENSEE