WORK COMMITMENTS. Company agrees to fund certain work commitments and incur claim maintenance expenses sufficient to maintain any and all unpatented mining claims which comprise the Premises. Work commitments shall include, but not be limited to, all salaries and wages (and related benefits) of Company employees (permanent or temporary) engaged in and working for the benefit of Company on the Premises, costs of electric power and other fuels consumed in operations, costs of transportation of employees (permanent or temporary) and material necessary for operations, costs and expenses necessary for repair or replacement of property utilized for operations, payments to contractors (including legal and accounting fees) required for operations, cost of expenditures or contributions made by Company pursuant to assessments imposed by governmental authorities, insurance premiums for insurance required by this Agreement, title investigation and curative costs incurred in accordance with Article VII, costs of all taxes paid by Company in accordance with Article VIII below, and costs of all materials and supplies. Company shall submit to Lessor by October 30 of each year for which such work shall have been performed, accountings of all expenditures made by Company in compliance with its obligation to perform the above-referenced work commitments.
WORK COMMITMENTS. Unless this Agreement is terminated as provided herein, the following Allowable Expenditures will be incurred or funded by Zebra on or before the end of the following respective Years: Year Allowable Expenditures ---- ---------------------- Year 1 $150,000 Year 2 $200,000 Year 3 $250,000 Year 4 $300,000 Year 5 $350,000 ARTICLE V MINING OPERATION 5.01
WORK COMMITMENTS. (a) Before the seventh anniversary of the effective date of the lease, the lessee shall complete, suspend, or plug and abandon one well that has penetrated to the base of the Kuparuk C interval as observed as the LCU correlative stratigraphic surface seen in the X. Xxxxxxxx Bay #1 well (API No. 50-10320007-00-00) at 7,289 feet measured depth.
(b) The lessee shall submit well data, to include at a minimum a mudlog, gamma ray log, resistivity log, and porosity log, before the seventh anniversary of the effective date of the lease, to substantiate adherence to the work commitment terms. Data must be submitted according to the instructions set out in Attachment 1
(c) The work commitment will be considered met if the lessee completes the work as described in (a) and (b) of this paragraph on any of ADLs 393709, 393710, 393711, 393712, 393713, 393714, 393715, 393716, 393717, 393718, 393719, 393720, 393721, 393722, 393723, 393724, 393725, 393726, 393727, 393728, or 393729.
(d) If the lessee fails to meet the work commitment set out in this paragraph, this lease will automatically terminate as provided under 11 AAC 83.700 - 11 AAC 83.705
WORK COMMITMENTS. 2.01 To maintain the Option in good standing, the Optionee will carry out the following to develop the Property:
(a) a work program consisting of sampling and sample analysis, involving a minimum expenditure of $375,000 during 2004;
(b) a work program consisting of sampling, sample analysis, geophysical survey and additional agreed exploration, involving a minimum expenditure of $400,000 during 2005;
(c) a work program consisting primarily of drilling, involving a minimum of $450,000 during 2006. The Optionor acknowledges that above dollar amounts do not include taxes and represent minimum work commitments and the Optionee agrees to use its best efforts to carry out programs involving the expenditure of $500,000 in 2004, $600,000 in 2005 and $600,000 in 2006.
WORK COMMITMENTS. US Gold shall perform the following work commitments (the “Work Commitments”), totaling U.S. FIVE MILLION DOLLARS AND 00/100 CENTS (USD$5,000,000.00), to be completed on the schedule set forth below:
a. During the period commencing July 15, 2011, and ending July 14, 2012, (“Year 1”): US Gold to spend U.S. ONE MILLION DOLLARS AND 00/100 CENTS (USD$1,000,000.00) in expenditures (preparation and field work), including US Gold’s best efforts to complete 5,000 feet of core drilling, contingent upon the receipt of environmental permits, and the procurement of a suitable drilling rig and crew, and other considerations at US Gold’s sole discretion,
b. During the period commencing July 15, 2012, and ending July 14, 2013, (“Year 2”): US Gold to spend U.S. ONE MILLION TWO HUNDRED THOUSAND DOLLARS AND 00/100 CENTS (USD$1,200,000.00) in expenditures, and completion of additional core drilling for a cumulative total of 15,000 feet which is not contingent upon the receipt of environmental permits or procurement of a suitable drilling rig and crew and other consideration of US Gold;
c. During the period commencing July 15, 2013, and ending July 14, 2014, (“Year 3”): US Gold to spend U.S. ONE MILLION FOUR HUNDRED THOUSAND DOLLARS AND 00/100 CENTS (USD$1,400,000.00) in expenditures, and completion of additional core drilling for a cumulative total of 25,000 feet which is not contingent upon the receipt of environmental permits or procurement of a suitable drilling rig and crew and other consideration of US Gold; and
d. During the period commencing July 15, 2014, and ending July 14, 2015, (“Year 4”): US Gold to spend U.S. ONE MILLION FOUR HUNDRED THOUSAND DOLLARS AND 00/100 CENTS (USD$1,400,000.00) in expenditures, and completion of additional core drilling for a cumulative total of 30,000 feet which is not contingent upon the receipt of environmental permits or procurement of a suitable drilling rig and crew and other consideration of US Gold. Expenditures in excess of the annual Work Commitments may be carried over as a credit to reduce the following year’s Work Commitments. US Gold shall have the right to accelerate payment of the Option Payments and complete the Work Commitments on the Property prior to the end of Year 4. Option Payments shall not be credited against Work Commitments expenditures. In the event that US Gold shall have expended or drilled less than the minimum Work Commitment expenditures or drilling in any one year, on or before the applicable schedule de...
WORK COMMITMENTS. Subject to subclause 2.1.4, PROMISEE shall incur Expenditures of not less than:
(a) five hundred thousand US Dollars (US$500,000), including without limitation completing two thousand (2,000) meters of core sample drilling, on or before the first anniversary of the Effective Date; and
(b) an additional five hundred thousand US Dollars (US$500,000) in Expenditures on or before the second anniversary of the Effective Date. It is understood that the amounts required to be spent within the periods referred to in this subclause 2.1.3 are cumulative, aggregate amounts and that, accordingly, all Expenditures incurred in a particular period, including any excess in the amount of Expenditures required to be incurred to maintain the Option during such period, shall be carried over and included in the aggregate amount of Expenditures for the subsequent period. In the event PROMISEE fails to perform its obligation under subclause 2.1.3(a), PROMISEE shall pay PROMISOR the Damages Amount set out in subclause 3.5.3, following which the Option and this Agreement shall terminate in accordance with clause 2.4.
WORK COMMITMENTS. During the Initial Term hereof, Lessee shall complete the following work expenditures upon, towards or for the eventual benefit of the Property: · $200,000 in expenditures by the third anniversary of the Effective Date (on or by September 12, 2015) · $300,000 in additional expenditures by the sixth anniversary of the Effective Date (on or by September 12, 2018) · $400,000 in additional expenditures for each consecutive three-year period that this Agreement remains in effect or until commercial production commences
WORK COMMITMENTS. 5.1 During the License Period, ORE will incur at least US$250,000 in Expenditures. For purposes of this Agreement "Expenditures" shall mean the expenses incurred by ORE in ascertaining the existence, location, quantity, quality or commercial value of a deposit of minerals on or within the NN Target Area, including analysis of the NN Data ("Exploration Work"), described below:
(a) Actual field and office salaries and wages (or the allocable portion thereof), including benefit costs and payroll taxes, of employees or contractors of ORE actually performing Exploration Work; provided, however that office administration costs shall not exceed 10% of Expenditures;
(b) Costs and expenses for the use of machinery, facilities, equipment and supplies required for Exploration Work;
(c) Travel expenses and transportation of employees and contractors, materials, equipment and supplies reasonably necessary for the conduct of Exploration Work;
(d) All payments to contractors for Exploration Work;
(e) Costs of assays or other costs incurred to determine the quality and quantity of minerals on or within any of the NN Target Area;
(f) Costs incurred to obtain permits, rights of way and other similar rights as may be incurred in connection with Exploration Work;
(g) Costs and expenses of performing feasibility or other studies to evaluate the economic feasibility of mining on any of the NN Target Area;
(h) Costs and expenses of performing reclamation and rehabilitation work to mitigate any adverse impact on the environment, but Expenditures will exclude payments and costs incurred to acquire exploration licenses within the NN Target Area.
5.2 Notwithstanding Section 5.1, ORE may elect not to mcur US$250,000 m Expenditures provided that:
(a) at least eighteen months have elapsed from the date of this Agreement;
(b) ORE has incurred Expenditures of not less than US$150,000, or if ORE has spent less than US$150,000 it shall pay to BWG the difference between the amount spent and US$150,000; and
(c) ORE agrees not to acquire an interest in any mineral property within the NN Target Area for a period of five years from the date ORE notifies BWG that it has elected to incur less than US$250,000 in Expenditures in accordance with this Section 5.2. Upon any election made by ORE pursuant to this Section 5.2, the License Period will be deemed to have expired and the provision of Section 7.0 will apply.
5.3 On a quarterly basis, to the extent required by the New South Wales Department of...
WORK COMMITMENTS. La Teko shall diligently, in good faith, and in a good workmanlike manner, begin to or prosecute Exploration, Development and Mining on the Property. La Teko shall perform the following amounts of work in connection with and in furtherance of the exploration, development or Mining of the Property Lease Year Amount ,~ During Lease Year 1 $ 500,000 During Lease Year 2 $ 750,000 During Lease Year 3 $1,000,000 During Lease Year 4 $1,250,000 During Lease Years and $1,500,000 each succeeding lease year La Teko shall have the right to carry forward excess Costs spent in any one year and apply those excess Costs towards the next year's Work Commitment due; provided, however, that La Teko shall expend no less than 20% of the Work Commitment for any one year in which La Teko carries forward excess Costs. Should La Teko fail to expend the above sums on or for the benefit of the Property on or before the due dates for such expenditures, in order to maintain this Agreement in good standing, La Teko shall pay to the University, within 10 days after the anniversary date of this Agreement, the difference between the amount due and the amount expended on or for the benefit of the Property for the applicable period. Pursuant to Article 14, the University may terminate this Agreement for La Teko's failure to expend the above referenced Work Commitment amounts or to make payment to the University in lieu thereof within the time periods specified above
WORK COMMITMENTS a. For so long as Assignee continues to maintain any interest under this Agreement, or under either of the Mining Leases, Assignee covenants that it shall, on an annual basis, commencing with the effective date of this Agreement, complete on such portion or portions of the Properties as it may, in its complete discretion, select, the following minimum quantities of geological, geophysical, geochemical, mapping, sampling, assaying, reclamation or physical exploration and development work (collectively, "Work"): Work Period Dollar Value of Work December 1, 1994 - November 30, 1995 $ 150,000 December 1, 1995 - November 30, 1996 $ 250,000 December 1, 1996 - November 30, 1997 $ 400,000 December 1, 1997 - November 30, 1998 $ 500,000
b. In the event that Assignee fails to accomplish Work on the Properties in the minimum amount of $ 150,000 by November 30, 1995, Assignee covenants that it shall pay to Assignor, on or before December 15, 1995, the difference between such amount of Work as Assignee can document was completed on the Properties prior to November 30, 1995, and $ 150,000. This covenant shall survive termination of this Agreement.
c. In the event that Assignee fails, at any time following November 30, 1995, to complete such minimum amount of Work as is required within any relevant Work Period that commences after November 30, 1995, such failure shall constitute a default under Paragraph 11, and Assignor's sole remedy shall be its right to terminate under Paragraph 10. Assignee may avoid termination of this Agreement at the election of Assignor by tendering to Assignor, within 15 days following the expiration of the relevant Work Period, one-half of the difference between such amount of Work as was required to be performed on the Properties during such Work Period, and the amount of Work that Assignee can document was completed on the Properties during such Work Period.
d. Any sum expended on Work during any Work Period that exceeds the minimum amount required to be spent on the Properties during such Work Period may be applied by Assignee, on a cumulative basis, against the obligation(s) in subsequent Work Period(s).
