Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or (b) transfer of title to the Company under Section 7, Company shall make the work expenditures on or for the benefit of the Oatman Gold Project in the following amounts:
A. The sum of US$100,000 (One hundred thousand dollars) on or before November 30, 2011.
B. The sum of US$100,000 (One hundred thousand dollars) on or before November 30 of each year thereafter.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of $100,000 on or before October 31, 2005. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures; Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of $100,000 on or before October 31, 2006.
C. The sum of $100,000 on or before October 31 of each year thereafter.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of $100,000 on or before June 30, 2006. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures, Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of $100,000 on or before June 30, 2007.
C. The sum of $100,000 on or before June 30 of each year thereafter.
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or (b) transfer of title to the Company under Section 7, Company shall make the work expenditures on or for the benefit of the Property in the following amounts:
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or until transfer of title to the Company under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of US$5,000 (Five thousand Dollars) on or before December 31, 2010. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures, Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of US$5,000 (Five thousand Dollars) on or before December 31, 2011.
C. The sum of US$5,000 (Five thousand Dollars) on or before December 31 of each year thereafter. Any excess of Work Expenditures in any year shall be carried forward to the succeeding year. If Work Expenditures in any year after the period ended December 31, 2010 are deficient and Company desires to maintain this Agreement in effect, Company shall pay Claimholder in immediately available funds a sum equal to the deficiency in lieu of the Work Expenditure shortfall. For purposes of this Agreement, “Work Expenditures” is defined as sums spent or incurred by Company directly on the Property for exploration and development of the Property, including drilling, geochemical sampling, geophysical or seismic survey, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures.
Work Expenditures. During the Lease Term, until terminated by Amax under Section 6 or until the Purchase Option is exercised under Section 7, Amax shall make work expenditures ("Work Expenditures") on or for the benefit of theProperty in the following amounts:
A. The sum of $500,000 on or before January 31, 1998. This is a firm commitment. If Amax fails to perform the total amount of such Work Expenditures, Amax shall pay RLV the deficiency in immediately available funds. B. The sum of $500,000 on or before January 31 of each year thereafter. Any excess of Work Expenditures in any year (or during the period prior to January 31, 1998) shall be carried forward to the succeeding year. If Work Expenditures in any year after the period ended January 31, 1998 are deficient and Amax desires to maintain the Lease and Purchase Option in effect, Amax shall pay RLV in immediately available funds a sum equal to 50% of the deficiency. Work Expenditures may include any and all sums spent or incurred by Amax in exploration, evaluation, and development of the Property, including without limitation all costs for land acquisition and maintenance; drilling, sampling, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; title examination and curative; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures. All Work Expenditures shall be subject to recoupment by Amax under Section 8D, but any cash payments in lieu of Work Expenditures made by Amax to RLV under this Section 4 shall not be subject to recoupment by Amax.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. An initial Exploration drilling program will be carried out consisting of:
1) The sum of $1,500,000.00 will be committed during an 18-month period beginning September 15, 2004 to fully define known ore bodies and structures on the Aventura IV-A claim to a Proven Reserve status. Adjoining claims, not yet explored, will be outlined for further reserve addition. An option to develop and produce known reserves during this drilling program will be defined by the Company.
2) The Proven reserve status and results of the Exploration program will determine the following development and production outline: Upon defining Proven Gold Reserve resources of not less than 250,000 nor more than 500,000 Xxxx ounces, a $5,000,000.00 development Capital Expenditure (CAPEX) will be allocated for mine and processing plant infrastructures at the 500 ton/day level. This investment will be at the discretion of the Company whether it will take place during the 18 months Exploration Program or within a six-month period after. No considerations to Claim holder are to be considered in this program.
B. Upon defining a proven Gold Reserve resource of plus 1,000,000 Xxxx ounces, further CAPEX outlay will be designated to increase planned production to the 750- 1,000 ton/day capacity level. Any excess of Work Expenditures in any year shall be carried forward to the succeeding year. For purposes of this Agreement, “Work Expenditures” is defined as sums spent or incurred by Company directly on the Property for exploration and development of the Property, including drilling, geochemical sampling, geophysical or seismic survey, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures.
Work Expenditures. Newcrest shall expend the following amounts by each of the following dates on Exploration (as defined in Form 5A) operations on or for the benefit of the Properties and, if it so elects, on preparation of a Pre-Feasibility Study (as defined in Form 5A): January 23, 2005 $ 75,000 January 23, 2006 $150,000 January 23, 2007 $150,000 January 23, 2008 (and by $200,000 each January 23 thereafter until commencement of Commercial Production (as defined below) Excess amounts expended in any year shall credit against subsequent years' requirements only until such time as Newcrest has expended $1.8 million and earned a 65.0 percent Participating Interest in the Joint Venture. For purposes of this paragraph 5.B, "Commencement of Commercial Production" shall be deemed to have occurred at such time as the mine on the Properties and mill or other beneficiation facility constructed on or for the benefit of the Properties have operated for 60 continuous days at an average rate of at least 80% of the rated capacity contemplated by the Feasibility Study prepared by Newcrest pursuant to paragraph 7 below. If this Letter Agreement terminates within 60 days of the due dates for any lease or other contractual payments related to the Properties or within 90 days of the deadline for annual BLM maintenance fees for unpatented claims within the Properties, Newcrest shall be obligated to make those payments or pay those fees, as applicable. No Properties shall be dropped or released while this Letter Agreement remains in effect, unless both Newcrest and Miranda USA approve of same in writing. For purposes of determining what charges and costs will credit against the above expenditure requirements, the parties shall utilize the Accounting Procedures attached as Exhibit B to Form 5A, with the exception that the charge under Subsection 2.13(a)(i) of those accounting procedures for Newcrest's home office and general and administrative expenses shall be a flat fee of 5.0% of all Allowable Costs (as defined in those Accounting Procedures). Newcrest and Miranda USA agree that this figure may be adjusted upward if Newcrest can demonstrate by audited statements that home office and general and administrative expenses related to the Joint Venture are greater than 5.0% of all Allowable Costs and that the percentage charge should be raised by at least 1.0 to a total of 6.0% or higher. Any such increase must be reconfirmed on an annual basis, and if not reconfirmed the percentage charge allowed w...
Work Expenditures. In order to keep the Option in good standing, Crosshair shall incur during the Option Period, not less than $3,000,000 in Eligible Exploration Expenditures on the Property as follows:
(a) $100,000 on or before the first anniversary of the Approval Date;
(b) an additional $300,000 on or before the second anniversary of the Approval Date;
(c) an additional $500,000 on or before the third anniversary of the Approval Date;
(d) an additional $800,000 on or before the fourth anniversary of the Approval Date; and
(e) an additional $1,300,000 on or before the fifth anniversary of the Approval Date. Any expenditure above the minimum annual work expenditures may be carried forward to subsequent years.
Work Expenditures. In order to keep the Option in good standing, Crosshair shall, in addition to the payments aggregating 80,000 Shares set forth in section 3 hereof, incur during the Option Period, not less than $4,000,000 in Eligible Exploration Expenditures (defined below) on the Property as follows:
a. $750,000 on or before the first anniversary of the Execution Date (as a firm and binding commitment);
b. an additional $900,000 on or before the second anniversary of the Execution Date;
c. an additional $1,100,000 on or before the third anniversary of the Execution Date; and
d. an additional $1,250,000 on or before the fourth anniversary of the Execution Date. Any expenditures above the minimum annual work expenditures may be carried forward to subsequent years. The expenditure requirements in year two, three and four are optional only (but nonetheless required to keep the Option in good standing) and, accordingly, unlike the $750,000 expenditure requirement in year one, are not firm and binding commitments of Crosshair. For greater certainty, eligible exploration expenditures (“Eligible Exploration Expenditures”) shall be defined as all exploration expenditures and all property filing fees, including all reasonable technical reporting requirements. Crosshair will act as operator in respect of all exploration programs on the Property throughout the term of this Agreement, subject to the Optionor’s right to manage the exploration programs until the first anniversary of the Execution Date in accordance with the Management Contract attached as Schedule “F” hereto.
