EXHIBIT 10.26
THIS MINING LEASE
is made the 17TH day of September 1992 between THE GOVERNMENT OF THE REPUBLIC OF
GHANA (hereinafter called "the Government") acting by XXXXXXX XXXXX XXXXXX, the
Minister of Energy and Mines (hereinafter called "the Minister") of the one part
and SATELLITE GOLDFIELDS LIMITED having its registered office at 00, 0XX
XXXXXXXX XXXX, XXXX XXXXXXXXXXX, XXXXX, XXXXX, (hereinafter called "the
Company") of the second part: W H E R E A S:
The Government is desirous of developing its mineral resources in such manner as
will ensure that the maximum possible benefits accrue to the nation from the
exploitation of minerals and has agreed to grant the Company a Gold Mining Lease
on the terms and conditions hereinafter following.
NOW THIS AGREEMENT WITNESSETH that:
1. GRANT OF SURFACE AND MINING RIGHTS
(a) The Government hereby grants to the Company mining rights to
ALL that piece of land described in the schedule hereto and
more particularly delineated on the Plan hereto attached and
shown edged red (hereinafter called "the Lease Area") together
with mines, beds, seams, veins, channels, and strata of gold
and other associated mineral substances lying and being within
and under the surface for a term of thirty (30) years from the
date of this Agreement. Such term shall be renewable from time
to time in accordance with PNDCL 153.
(b) The Government hereby grants to the Company the exclusive
rights to work, develop and produce gold and other associated
mineral substances in the Lease Area for the said term of
thirty (30) years (including, the processing, storing and
transportation of ore and materials together with the rights
and powers reasonably incidental thereto) subject to the
provisions of this Agreement. Such term shall be renewable
from time to time in accordance with PNDCL 153.
(c) The Company shall not, however, conduct any operations in a
sacred area and shall not, without the prior consent in
writing of the Minister conduct any operations:
(i) within 50 yards of any building, installation,
reservoir or dam, public road, railway or area
appropriated for railway; or
(ii) in an area occupied by a market, burial
ground/cemetery or Government office, or situated
within a town or village or set apart for, used,
appropriated or dedicated to a public purpose.
(d) The Company shall commence commercial production of gold
within two (2) years from the date of this Mining Lease.
(e) The Company shall conduct its operations in a manner
consistent with good commercial mining practices so as not to
interfere unreasonably with vegetation in the Lease Area or
with the customary rights and privileges of persons to xxxx
and snare game, gather firewood for domestic purposes and to
collect snails.
[STAMP BY LAND REGISTRY]
-2-
This is the instrument Marked "A" Referred to in the Oath of XXXXX XXXXX.
Sworn before me this 24TH day of AUGUST 1994.
[illegible signature]
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REGISTRAR OF LANDS
CERTIFICATE OF PROOF
On the 24TH day of AUGUST 1994 at 10:00 o'clock in the FORE noon this Instrument
was proved before me by the Oath of the within-named XXXXX XXXXX to have been
duly executed by the within-named XXXXXXX XXXXX XXXXXX for and on behalf of "the
Government" of the Republic of Ghana the Lessor herein.
[illegible signature]
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REGISTRAR OF LANDS
IN WITNESS WHEREOF the party of the first part has hereunto set his hand and
affixed the seal of the Ministry of Energy and Mines and the party hereto of the
second part has hereunto caused its common Seal to be affixed the day and year
first above written.
SIGNED, SEALED AND DELIVERED:
THE GOVERNMENT OF THE REPUBLIC OF GHANA
By XXXXXXX XXXXX XXXXXX
Minister of Energy and Mines
for and on behalf of the
Government of Ghana who by his
execution warrants to the
other party that he is duly
authorized and empowered to
enter into this Agreement in
the presence of:
MINERALS COMMISSION]
[illegible signature]
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THE COMMON SEAL OF THE WITHIN-NAMED
SATELLITE GOLDFIELDS LIMITED
was affixed to these presents and the
same were delivered in the presence of
[illegible signature]
---------------------
MANAGING DIRECTOR
[illegible signature]
---------------------
SECRETARY
OATH OF PROOF
-------------
I, XXXXX XXXXX of ACCRA make oath and say that on the 17TH day of SEPTEMBER 1992
I was present and saw XXXXXXX XXXXX XXXXXX Minister of Energy and Mines duly
execute the instrument now produced to me and marked "A" and that the said
XXXXXXX XXXXX XXXXXX can read and write.
SWORN at Accra, this 24TH day of AUGUST 1994
BEFORE ME
[illegible signature] [illegible signature]
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REGISTRAR OF LANDS D E P O N E N T
THIS IS THE PLAN REFERRED TO IN
THE ANNEXED MINING LEASE
DATED THIS 17TH DAY OF SEPTEMBER 1992
[illegible signature]
THE HON. MINISTER OF ENERGY AND MINES
MINISTRY OF MINES
Private Mail Bag, Ministries-Accra
Tel: 000-00-000000
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Republic of Ghana
Ref. Xx. XX/XX-00/000/00/00
00xx XXXXX, 0000
THE MANAGING DIRECTOR
SATELLITE GOLDFIELDS LTD
PRIVATE MAIL BAGS
AIRPORT - ACCRA
THE MANAGING DIRECTOR
WEXFORD GOLDFIELDS LTD
X/X XXXXXX-XXXXXXX & XXXXX
X.X. XXX 0000
XXXXX
THE MANAGING DIRECTOR
XXXXXXX XXXXXXXX
X.X. XXX 0000XX
XXXXXX XXXXX, 0XX XXXXX
103 SOUTH CHURCH STREET
GRAND CAYMAN
CAYMAN ISLAND
Dear Sir,
RE: APPLICATION BY SATELLITE GOLDFIELDS LTD TO
1. TRANSFER ITS MINING LEASE AND ASSETS TO
WEXFORD GOLDFIELDS LTD (A SUBSIDIARY OF
SATELLITE GOLDFIELDS) AND
2. SELL ITS SHARES IN WEXFORD GOLDFIELDS TO
WASFORD HOLDING LTD [SUBSIDIARY OF GOLDEN
STAR RESOURCES LTD. - OWNERS OF BOGOSU GOLD
RESOURCES]
==============================================================
At the 4th Regular Meeting of the Minerals Commission held
on the 16th of April, 2002, the Minerals Commission
recommended that I give my approval to the transfer of
Satellite Goldfields Ltd's (SGL) 90% shareholdings in Wexford
Goldfields Ltd. (WGL) to Wasford
Holdings and also for SGL to transfer its mining lease situate
at Subri covering a total of 50km2 in the Wassa West District
of the Western Region of Ghana to Wexford Goldfields Ltd.
In accordance with Section 19 & 60(e) of the Minerals and
Mining Law 1986, PNDCL 153, I hereby grant my consent to :
(i) the assignment between the parties; and
(ii) the sale of 90% of Satellites shares in WGL to
Wasford Holdings
Yours faithfully,
/s/ Xxxxxx Xxxxx-Xxxxx
XXXXXX XXXXX-XXXXX
MINISTER
CC: THE CHIEF EXECUTIVE,
MINERALS COMMISSION
ACCRA.
THE CHIEF INSPECTOR OF MINES
MINES DEPARTMENT
ACCRA.
THE LEGAL PRACTIONERS & NOTARIES PUBLIC,
XXXXXX-XXXXXXX & XXXXX,
X.X. XXX 0000,
XXXXX
