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• <br />• <br />y1 y1 20'!099 <br />1. Representations and Warranties <br />1.1 Each party represents and warrants to the other party hereto that: <br />(a) The parties have full power and authority to enter into this Agreement and <br />any agreement or instrument referred to or contemplated by this <br />Agreement; <br />(b) Neither the execution and delivery of this Agreement nor any of the <br />agreements contemplated hereby, nor the consummation of the transactions <br />hereby contemplated, conflict with, or result in the breach of, or accelerate <br />the performance required by any agreement to which they are a party; and <br />(c) The parties will diligently and in good faith perform their duties and <br />obligations of this Agreement in the event of a party conducting or <br />supervising exploration and development then it shall conduct or supervise <br />the same in a careful, diligent, efficient and professional manner, shall file <br />all eligible expenditures for assessment work with the appropriate mining <br />claim recorder, and shall keep the Property in good standing. <br />• 1.2 Aardvark represents and warrants to Calais that: <br />(a) It is the legal owner of all of the land and mineral interests comprising the <br />Property, free and clear of all liens, charges and claims of others, and, <br />except as disclosed herein, no taxes or rentals are due in respect of any <br />thereof, Aardvark has free and unimpeded right of access to the Property <br />and Aardvark has use of the Property surface for the herein purposes; and <br />(b) The mineral and land interests comprised in the Property have been duly <br />and validly recorded pursuant to the laws of Colorado and the Property is <br />in good standing in the land records of Boulder County, Colorado, or such <br />other entity with jurisdiction over such matters, on the date of this <br />Agreement. <br />2. Grant and Maintenance of the Right <br />2.1 Aardvark hereby gives and grants to Calais the right to redeem and re- acquire the <br />Property in accordance with the terms and conditions of this Agreement (the "Right"). <br />2.2 In order to redeem the Property, Calais shall pay to Aardvark the amount paid to <br />Calais by Aardvark at the time the Property was transferred from Nederland Mines and DJH <br />2tmytilesyrnv¢tdrickslcalaissro Yart-C - d*is Agreemnu <br />