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Title: |
Lease Agreement |
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Date: |
2004 |
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Preview shows 6KB of 25KB total |
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Price: |
$39 |
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ID: |
#1329242 |
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LEASE AGREEMENT
LEASE OF PATENTED MINING CLAIMS FOR EXPLORATION AND PRODUCTION OF MINERALS OTHER THAN PINK MARBLE.
THIS MINING LEASE AGREEMENT is made effective this 21st day of July, 2004.
BETWEEN:
JAYCOR MINING, INC.
a Nevada corporation with an office at 608 Front Street, P.O. Box 408, Mina, Nevada 89422 (hereinafter referred to as "Lessor")
AND:
ABERDENE MINES LIMITED
a Nevada corporation with an office at 101 Convention Center Drive, Suite 700, Las Vegas, Nevada 89109 (hereafter referred to as "Lessee")
WHEREAS:
A. Lessor owns certain patented mining claims situated in Mineral County, Nevada, more particularly described in Exhibit A attached hereto and by this reference made a part hereof and hereafter referred to as the "Property".
B. The Property is subject to the terms set forth in a Royalty Deed dated May 01, 2001 (the "Royalty Deed") between the Lessor and Kookaburra Resources Ltd. (hereafter referred to as "Kookaburra") in which a Net Smelter Returns Royalty (as hereinafter defined) in the amount one and three quarters percent (1.75%) up to a maximum of Two Million Dollars ($2,000,000) USD is payable to Kookaburra on all minerals except decorative stone.
C. Lessor and Lessee desire to enter into an agreement pursuant to which the Lessor shall grant to the Lessee a 15 year renewable lease of the Property, on the terms and conditions as herein set forth.
NOW, THEREFORE, in consideration of their mutual agreements and obligations hereinafter set forth, the parties agree as follows:
1.0 DEFINITIONS.
The following defined words wherever used in this Agreement, shall have the meaning described below:
1.1 "Commercial Production" shall mean the extraction, processing or handling of Products (but excluding ore extracted for bulk sampling purposes) removed from the Property.
1.2 "Effective Date" shall mean the date first above set forth.
1.3 "Lease Year" shall mean One (1) year period following the Effective Date and each anniversary of the Effective Date.
1.4 "Lessor" shall mean Jaycor Mining Inc. and their successors and assigns.
1.5 "Lessee" shall mean Aberdene Mines Limited and their successors and assigns.
1.6 "Products" shall mean copper, silver, gold or other ores, minerals or metals extracted or mined and processed from the Property, and all products resulting therefrom in the form of concentrates, metallics, bullion, tailings or otherwise, other than pink marble.
1.7 "Royalty" shall mean the Net Smelter Returns amount owed and payable to Kookaburra and to the Lessor from Commercial Production from the Property. The Net Smelter Returns is defined in the Royalty Deed (attached).
2.0 GRANT OF MINING PRIVILEGE, LEASE AND USE.
2.1 GENERAL: Lessor and Lessee enter into this Lease Agreement (sometimes hereinafter referred to as the "Agreement" or the "Lease") for the purposes hereinafter mentioned, and they agree that all their rights and all of the operations on or in connection with the Property shall be subject to and governed by this Agreement.
2.2 GRANT OF LEASE AND MINING PRIVILEGE: Subject to the terms and conditions of this Agreement and to the extent permitted by applicable federal, state and local laws, regulations and ordinances, Lessor leases the Property to Lessee and grants exclusively to Lessee the right to enter upon the Property for the purpose of exploring for, developing, mining and processing Products. Lessee may perform such drilling, blasting, bulldozing, cross mining, stockpiling and testing and other work on said mining Property as may be necessary to explore and develop the Property. Lessee has the privilege, at their election to construct buildings, roads, railways and aircraft landing areas on the Property, and to install and operate crushing and processing equipment in support of any operation.
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2.3 REPRESENTATIONS: The Lessor represents, warrants and covenants to and with the Lessee that:
(a) it is a company duly incorporated, validly subsisting, and in good standing under the laws of Nevada;
(b) it has full power and authority to enter into and carry out this Agreement and the signing, delivery, and performance of this Agreement will not conflict with any other agreement to which it is a party or by which it is bound, and will not contravene any applicable laws;
(c) it is the registered and beneficial owner of the Property and has good title to the Property (including all Products in, on, or under the Property or which may be removed or extracted from the Property) free and clear of any and all liens, charges, and encumbrances and is not subject to any right, claim, or interest of any other person, except pursuant to the Royalty Deed with Kookaburra;
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