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• <br />• <br />• <br />and any other similar and necessary activity for the purpose of exploring for, extracting and <br />processing such ores, minerals, metals, rock, or other valuable materials from the Leased <br />Premises. <br />2.1 Unless otherwise terminated as provided herein, the term of this MINING LEASE <br />shall commence at Noon, Mountain daylight Time on the date hereof and shall continue fora <br />period of fifteen (15) years and shall expire at Noon, Mountain Daylight Time on the fifteenth <br />(15th) anniversary from the date hereof (the "Primary Term"). <br />2.2 . This MINING LEASE maybe extended for up to three (3) additional five (5) year <br />periods beyond the primary term stated in 2.1 above if LESSEE grants OWNER sixty (60) days <br />written notice to OWNER prior to the end of the initial term or any extended term hereof that it <br />wishes to extend for an additional five (5) year term. LESSEE shall not have the right to extend <br />if it is in default as to any monetary ten of this Lease at the time written notice of extension is <br />attempted. The Extended Term maybe initiated by written notice, and does not require <br />production from the properties to/be effective. <br />This section not included <br />This section not include <br />III. ROYALTIES <br />IV. RECORDS AND CO- MINGLING <br />Page 140 <br />