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 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. 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. 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. 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. 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 MARCH 15, 2005 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.
Work Expenditures. In order to keep the Option in good standing, Lima shall, in addition to the payments aggregating 400,000 Shares set forth in section 3 hereof, incur during the Option Period, not less than $1,750,000 in Eligible Exploration Expenditures (defined below) on the Property as follows:
(a) $250,000 on or before the first anniversary of the Approval Date (as a firm and binding commitment);
(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; and
(d) an additional $700,000 on or before the fourth anniversary of the Approval 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 $250,000 expenditure requirement in year one, are not firm and binding commitments of Lima. 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.
Work Expenditures. In order to keep the Option in good standing, Crosshair shall incur during the Option Period, not less than $600,000 in Eligible Exploration Expenditures on the Property as follows:
(a) $100,000 on or before the first anniversary of this Agreement (it being acknowledged by the Optionor that a pro-rata portion of the cost of an airborne survey which has already been completed by Crosshair on an area including the Property will be credited towards this work commitment);
(b) an additional $200,000 on or before the second anniversary of this Agreement; and
(c) an additional $300,000 on or before the third anniversary of this Agreement. Any expenditure above the minimum annual work expenditures may be carried forward to subsequent years.
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.
