2012-09-19_PERMIT FILE - X201222311 (3)

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5. Payments to Nick R. Hughes (a) Closing Payment Oxbow shall pay Nick R. Hughes a closing payment in an amount agreed to as shown on Exhibit D relating to the 2011 calendar year within 2 Business Days of the mutual execution of this Agreement. (b) Exploration Drillhole Pad Pa, me . Oxbow shall pay Nick R. Hughes the Exploration Drillhole Pad Payment agreed to on Exhibit D per Exploration Drillhole Pad, Ground Water Well Monitoring Site, or other environmental monitoring site developed during the exploration drilling process. (c) Consideration The Parties agree that the sum of the payments described in subsections (a) and (b) above and shown on Exhibit D shall be full consideration for all surface use and access rights set forth in Section 2 and Section 3 above. 6. Reclamation Following the permanent cessation of Survey Activities and exploration activities, Oxbow shall reclaim or restore the affected portion of the Properties when and as required by applicable law, rule or regulation and shall be responsible for the costs of such reclamation resulting from the exploration drilling and construction of Exploration Drillhole Pads on the Properties. Nick R. Hughes acknowledges that state regulatory authorities will be required to access the reclaimed area to verify that appropriate reclamation activities occurred to any Exploration Access Road and Exploration Drillhole Pad. Oxbow shall also be entitled to such access in connection with the foregoing activities. These activities may include, without limitation, visits to the site for grading any erosion features, spraying for weeds or re- seeding, if necessary, and regulatory inspections. Oxbow agrees that it will endeavour to schedule these activities so as to minimize interference with landowner or ranch activities on the Properties, but the Parties recognize that the timing requirements of the applicable regulatory authorities may cause some disruption with ranch or Nick R. Hughes activities. 7. Miscellaneous (a) Notices All notices and other communications under this Agreement shall be in writing and delivered (i) personally, (ii) by registered or certified mail with postage prepaid, and return receipt requested, or (iii) by nationally recognized commercial overnight courier service with charges prepaid, directed to the intended recipient using its respective address provided in the introductory paragraph above. A notice or other communication shall be deemed delivered on the earliest to occur of (1) its actual receipt, (2) the fifth Business Day following its deposit in registered or certified mail, with postage prepaid and return receipt requested, or (3) the first Business Day following its deposit with a nationally recognized commercial overnight courier service, with charges prepaid.. Any Party may change the address to which notices and other communications hereunder can be delivered by giving the other notice in the manner herein set forth. #1488959 0 den