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d <br />After Recording, Please Return To: <br />Bensirig and Associates, Inc. <br />P. O. Box 805 <br />Franktown, CO 80116 -0805 <br />Township 47 North, Range 16 West. NMPM <br />Section 25: N/2 NW /4 <br />RECEPTION #: 785817, 01/28/2008 at <br />10:38:05 AM, 1 OF 3, MEMO R $16.00 <br />FRANCINE TIPTON -LONG, MONTROSE <br />COUNTY, CO CLERK AND RECORDER <br />t <br />MEMORANDUM OF COAL MINING LEASE <br />THIS MEMORANDUM OF COAL MINING LEASE is by and between <br />GEORGE E. L. GLASIER, dealing in his sole and separate property, (hereinafter referred to <br />as "Lessor "), with an address at P.O. Box 98, Nucla, Colorado 81424, and WESTERN <br />FUELS COLORADO, A Limited Liability Company, a Colorado limited liability company <br />"Lessee "), with_an address at P.Q. BOX 33424, Denver, Colorado 80233 -3424 <br />Lessor, in consideration of the covenants and agreements contained in that certain <br />COAL MINING LEASE ( "Lease ") dated December yp , 2007, ( "Lease Date ") has leased <br />for mineral exploration purposes and mining purposes, and by these presents does lease to <br />Lessee for said purposes, that certain land ( "Property") situate in Montrose County, State of <br />Colorado, described as follows: <br />being Montrose County Assessor Parcel Number 402525200007, containing 80 acres, more or <br />less, with all of the rights to conduct mining activities as described in the Lease. <br />1. Grant. In consideration of any bonuses, rents, and royalties to be paid, and the <br />conditions and covenants to be observed in the Lease, Lessor hereby grants and leases to <br />Lessee the exclusive right and privilege to drill for, mine, extract, remove, or otherwise <br />process and dispose of the coal deposits in, upon, or under the Property. <br />2. Term. The lease shall be in effect for twenty (20) years commencing on the <br />Lease Date and for so long thereafter as: (1) coal is produced in commercial quantities from <br />flie'Woperty, or an p r th or any co ntiguous or near as part of contiguous * - <br />integrated mining operation oc mining plan, (2) the Property is being reclaimed per the <br />requirements of the mining permit covering the Property issued by the Colorado Division of <br />Minerals and Geology, Office of Mined Land Reclamation, or (3) until all reclamation bonds <br />issued on the Property are fully released. <br />3. Effect of Agreement. This Memorandum of Coal Mining Lease is provided as <br />constructive notice of the existence of the Lease between the parties and shall not be <br />construed as a change, modification, amendment or enlargement of said Lease. <br />