2012-09-19_PERMIT FILE - X201222311 (2)

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When Recorded return To: c/o Steve Weist Oxbow Mining LLC PO Box 535 Somerset, CO 81434 9109111 TfiE AREA ABOVE IS RESERVED FOR RECORDER'S USE SURFACE USE AGREEMENT THIS SURFACE USE AGREEMENT (this " dated effective as of Sept. 9, 2011 (the " Effective Date "), is between Robert A. and Judy L. Conder ( "Landowner(s) ") whose address for the purposes of this Agreement is (PO Box 732, Norwood, CO 81423), Attn: Robert A. and Judy L. Conder and OXBOW MINING, LLC, a Delaware limited liability company ( " Oxbow "), whose address for the purposes of this Agreement is P.O. Box 535, Somerset, Colorado 81434, Attn: Jim Cooper. Robert A. and Judy L. Conder and Oxbow shall be referred to herein, individually, as a " Party ," and, collectively, as the " Parties ." Recitals A. Oxbow desires to conduct environmental and surface surveys on surface real estate interests owned by Landowner(s) in the Properties for the purpose of the preparation of an environment assessment for the Bureau of Land Management, the survey of possible drill hole locations, the identification and flagging of survey points for an aerial survey to be conducted by Oxbow, and identification of potential development of surface and ground water well monitoring sites (all collectively, the " Survey Activities "). B. In addition to conducting the Survey Activities, Oxbow is interested in completing exploration drilling of the coal seam(s) under the surface estate owned by Landowner(s) in the Properties pursuant to a coal exploration permit or exploration permits Oxbow intends to obtain from the United States of America, through the Bureau of Land Management (BLM), and the Colorado Division of Reclamation Mining and Safety (CDRMS), at some date in the future, insofar as those exploration permit or permits and notices of intent to explore pertain to underground coal deposits in the Properties. C. This Agreement sets forth the Parties' rights and obligations regarding the use of the Properties by Oxbow in connection with the exploration of the coal mineral estate contained within the Properties. Agree ment In consideration of the covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Definitions As used herein the terms "Agreement," "Effective Date," " Landowner(s)" " Oxbow ", "Party," "Parties" and ` Activities" shall have the meanings specified above, and the following terms shall have the following meanings: " Business Day means a day, other than a Saturday or a Sunday, on which commercial banks in Colorado are open for business for all banking functions. 111488959 v3 dc:n