Royalty Purchase Option. Lessee shall have the option to purchase a portion of the 3% Royalty from the “Property” representing one percent (1%) of the NSR for one million dollars ($1,000,000 million), in accordance with the terms of the Deed. Lessee shall have the option to purchase an additional one percent (1%) of the NSR for three million dollars ($3,000,000 million), in accordance with the terms of the Deed. Lessee may exercise the option to purchase the Royalty at any time within one hundred and eighty (180) days after Lessee completes a positive, bankable, feasibility study and commits the development of the Property as a mine. The one percent (1%) Royalties from third parties within the AOI shall not be available for purchase.
Appears in 2 contracts
Samples: Exploration and Mining Lease and Option to Purchase Agreement, Exploration and Mining Lease and Option to Purchase Agreement (Rarus Minerals Inc)
Royalty Purchase Option. Lessee shall have the option to purchase a portion of the 3% Royalty from the “Property” representing one percent (1%) of the NSR for one million dollars ($1,000,000 million), in accordance with the terms of the Deed. Lessee shall have the option to purchase an additional one percent (1%) of the NSR for three million dollars ($3,000,000 million), in accordance with the terms of the Deed. Lessee may exercise the option to purchase the Royalty at any time within one hundred and eighty six (1806) days months after Lessee completes a positive, bankable, feasibility study and commits the development of the Property as a mine. The one percent (1%) Royalties from third parties within the AOI shall not be available for purchase.
Appears in 2 contracts
Samples: Exploration and Mining Lease and Option to Purchase Agreement (Idaho North Resources Corp.), Exploration and Mining Lease and Option to Purchase Agreement (Idaho North Resources Corp.)
Royalty Purchase Option. Lessee shall have the option to purchase a portion of the 35% Royalty from the “Property” representing one percent (1%) of the NSR minerals for one million dollars ($1,000,000 million1,000,000), in accordance with the terms theterms of the Deed. Lessee shall have the option to purchase an additional one percent (1%) of the NSR for three million dollars ($3,000,000 million), in accordance with the terms of the Deed. Lessee may exercise the option to purchase the Royalty at any time within one hundred and eighty six (1806) days months after Lessee completes a positive, bankable, feasibility study and commits the development of the Property as a mine. The one percent (1%) Royalties from third parties within the AOI shall not be available for purchase.
Appears in 1 contract
Samples: Processing Lease and Option to Purchase Agreement (JPX Global Inc.)
