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EXHIBIT 10(b)
TABLE OF CONTENTS
STERLING MINING LEASE
ARTICLE 1. DESCRIPTION OF THE PROPERTY ................ 3
ARTICLE 2. GRANT OF LEASE ............................. 3
ARTICLE 3. TERM OF LEASE .............................. 3
ARTICLE 4 ............................................. 4
(A) POSSESSION AND CONTROL OF PROPERTY ............ 4
(B) TIMBER ........................................ 4
ARTICLE 5. MANNER OF WORK ............................. 5
ARTICLE 6. WORK REQUIREMENTS ........................... 5
ARTICLE 7. ROYALTIES ................................... 5
(A) ROYALTY SCHEDULE .............................. 5
(1) OPERATING EXPENDITURES ................... 6
(2) EXPLORATION AND DEVELOPMENT EXPENDITURES.. 6
(B) COMMINGLING OF ORE ............................ 7
(C) TREATMENT AT LESSEE'S PROCESSING FACILITIES.... 7
(D) DISPUTES REGARDING ROYALTIES .................. 7
(E) ADVANCE MINIMUM ROYALTY ....................... 8
ARTICLE 8. XXXXXXXX AND RESIDUE ........................ 8
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STERLING MINING LEASE CONT'D.
ARTICLE 9. CROSS MINING RIGHTS ......................... 8
ARTICLE 10. VERTICAL BOUNDARY PLANES ................... 9
ARTICLE 11. RECORDS AND INSPECTION. .................... 9
ARTICLE 12. TAXES. ..................................... 10
ARTICLE 13. STATE AND FEDERAL LAWS AND REGULATIONS...... 10
ARTICLE 14. PROTECTION FROM LIENS AND DAMAGES. ......... 10
ARTICLE 15. FORCE MAJEURE .............................. 11
ARTICLE 16. DEFAULT .................................... 11
ARTICLE 17. CANCELLATION ............................... 12
ARTICLE 18. SURRENDER OF PROPERTY ...................... 12
ARTICLE 19. REMOVAL OF EQUIPMENT ....................... 13
ARTICLE 20. TITLE AND PATENT. .......................... 13
ARTICLE 21. ARBITRATION OF DISPUTES .................... 13
ARTICLE 22. RECORDATION OF SHORT FORM NOTICE ........... 15
ARTICLE 23. NOTICES .................................... 15
ARTICLE 24. INUREMENT .................................. 16
ARTICLE 25. CONSTRUCTION ............................... 16
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STERLING MINING LEASE
THIS MINING LEASE, effective as of the 23rd day of April, 1996,
regardless of the actual times of signing and acknowledgment, between STERLING
MINING COMPANY, an Idaho corporation, hereinafter called Lessor, and SILVER
VALLEY RESOURCES CORPORATION, a Delaware Corporation, hereinafter called
Lessee,
WITNESSETH:
ARTICLE 1. DESCRIPTION OF THE PROPERTY.
Lessor represents that it is the owner of 17 unpatented lode mining
claims situated in Shoshone County, Idaho, as described on Exhibit A which by
this reference is made a part of this Lease.
ARTICLE 2. GRANT OF LEASE.
The Lessor in consideration of the royalties herein reserved and the
covenants to be performed by Xxxxxx, does hereby lease, let and demise unto
Lessee, its successors and assigns, all of the above described property
(hereinafter referred to as the "leased premises" or "demised premises").
ARTICLE 3. TERM OF LEASE.
The primary term of this lease shall be twenty (20) years to commence
on April 23, 1996. Upon written notice, which must be sent to Lessor at least
thirty (30) days prior to the expiration of the primary term in order to be
effective, Lessee may extend this lease for a successive term of twenty (20)
years and so long thereafter as ores or minerals from the leased premises are
being developed, mined, processed or marketed on a continuing basis. Whenever
the continued term of this Lease is dependent upon continuing development,
mining, processing or marketing by Lessee and there occur periods (i) when
there is no reasonable market for ores or minerals which are or could be
produced by Lessee from the leased premises, or (ii) when the continuing
development, mining, processing or marketing by Lessee of ores or minerals from
the leased premises is prevented or interrupted by a condition or happening of
force majeure, the term of this Lease shall nevertheless continue during such
periods, subject to termination by Lessor if the suspension of operations for
the enumerated causes has continued without interruption for at least five (5)
years. When a satisfactory
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STERLING MINING LEASE CONT'D.
market becomes available, or upon cessation of any period of force majeure,
Lessee shall have a reasonable time thereafter within which to resume
development, mining, processing or marketing of ores and minerals from the
leased premises. No cessation of operations for one hundred eighty (180)
consecutive days or less, when such cessation is caused by any other reason,
shall be considered a break in the continuity of development, mining, processing
or marketing. A "reasonable market" shall not be deemed to exist and Lessee may
suspend operations during periods when the products of the leased premises
cannot be produced and sold at a profit by reason of low metal prices or
otherwise or when such products cannot be readily sold at prevailing prices so
that an unreasonable inventory thereof has accumulated or otherwise would
accumulate.
ARTICLE 4.
(a) POSSESSION AND CONTROL OF PROPERTY.
Lessee shall have, and it is hereby given and granted, the right to enter upon
and take over, at the beginning of the primary term hereof, the sole and
exclusive possession and control of the leased premises and the whole and every
part thereof, and, during the term of this lease, to remain in the sole and
exclusive possession and control thereof, and to investigate, measure, sample,
examine, test, develop, work, mine, operate, use, manage, and control the same
and the water and water rights appurtenant thereto, and to mine, extract and
remove from said property the ores and minerals therein and appurtenant and
belonging thereto, and to treat, mill, ship, sell or otherwise dispose of the
same and receive the full proceeds therefrom; and to erect, construct,
maintain, use and operate thereon and therein buildings, structures, machinery
and equipment. The time, nature, location and extent of such or any or all the
above activities and mining or mining operations and the cessation and
resumption thereof shall be at the sole discretion of Lessee, and may include,
without limitation, open pit, underground, strip, or solution mining methods,
together with the right to use so much of the surface as may be necessary,
useful or convenient for the enjoyment of all rights herein granted including
construction of a surface mine waste rock dump, if necessary, from development
of Lessor's property. Any surface mine waste dump constructed during the life
of this lease shall be reclaimed to industry standards by Lessee at lease
termination.
(b) TIMBER. Lessee shall have the right, pursuant to applicable law,
to manage and use timber upon the property in
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accordance with law. In addition, in the event Lessee elects to seek patents for
the property described on Exhibit A, Lessee shall have the right to manage and
harvest the timber situated thereon. In either event Lessee shall account for
the value of timber removed and the value shall be treated just as proceeds from
the sale of metal is treated and accounted for under this lease.
ARTICLE 5. MANNER OF WORK.
Xxxxxx agrees to cause all work, development and mining to be done
in a careful and minerlike manner, and to conform in all respects to the mining
laws and regulations of the United States and the State of Idaho.
ARTICLE 6. WORK REQUIREMENTS.
During the first three years of the primary term hereof Lessee shall
perform at least 1,500 feet of diamond drilling upon, toward or for the benefit
of the leased premises. Thereafter Lessee shall perform at least 1,500 feet of
diamond drilling or its equivalent upon, toward or for the benefit of the
leased premises for each five year period this lease is in effect. In the event
work is performed in excess of the minimum during any period, the excess may be
carried forward to the credit of Lessee for subsequent periods.
ARTICLE 7. ROYALTIES.
(a) Royalty Schedule. Lessee shall pay Lessor a 15% Net Profits
Royalty, as defined in Exhibit B, on all development and production ores and
minerals extracted, milled and sold from the leased premises in accordance with
Exhibit B which is attached hereto and by this reference is made a part of this
Lease. Obligation for quarterly payment of the Net Profits Royalty shall
commence after Xxxxxx has recovered all operating, exploration and development
expenditures incurred by Xxxxxx attributed to the leased premises following the
effective date of this lease. For the purpose of calculating these costs, all
applicable operating, exploration and development expenditures shall be
determined in accordance with generally accepted accounting principles for
metallic mining ventures within the United States applied on a consistent basis
("GAAP") which are incurred after the effective date of this lease, as follows
(calculation of Net Profits Royalty shall be determined
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exclusively under Exhibit B after these operating, exploration and development
expenditures have been recovered):
(1) Operating expenditures include:
(i) Mining Costs. Costs incurred by Lessee in
exploring for, mining, extracting, removing and
transporting to a mill ores and minerals produced
from the leased premises. Such costs shall
include, without limitation, those incurred for
labor, machinery operation, fuel, explosives and
other materials, exploration drilling,
develop-mental or ore delineation drilling,
allowance for depreciation and amortization of
mining equipment and machinery acquired after the
effective date of this Lease. Mining costs shall
not include depletion or income taxes.
(ii) Milling and Processing Costs. Costs incurred in
milling or processing ores and minerals produced
from the leased premises at a mill or central
processing facility utilized to process ores and
minerals produced from the leased premises, if any,
(hereinafter referred to as the "Mill").
(iii) General and Administrative Costs. Costs incurred
as a direct result of the administration of the
leased premises, and the production of ores and
minerals therefrom, including costs incurred in
connection with the marketing, selling, and
collection of proceeds from sale of ores and
minerals produced from the leased premises.
(iv) Taxes. All taxes levied against Xxxxxx's operation
of the leased premises, excluding income taxes but
including mining and property taxes.
(2) Exploration and Development Expenditures. Costs incurred by
Lessee after the effective date hereof with respect to exploring and developing
the leased premises and all matters connected therewith including, but not
limited to, costs relating to geological, geochemical and geophysical studies,
exploration and developmental drilling, sampling and assaying, mine design and
development, acquisition of mining or processing equipment or machinery, direct
expenses of making application for and
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obtaining environmental and regulatory permits from government agencies
(including reasonable attorney's fees), costs to patent the unpatented claims
and any other costs which would be included within mining costs and/or milling
and processing costs if such costs were incurred after the Commencement of
Commercial Production.
If any of the costs otherwise includable in Lessee's costs as set
forth above are incurred partly for the benefit of any other properties or
interests of Lessee, only the portion of such costs reasonably attributable to
development and operation of the leased premises in accordance with GAAP shall
be included.
(b) Commingling of Ore.
Lessee may commingle ore from the leased premises with ore
from other properties, either before or after concentration or beneficiation,
so long as the data necessary to determine the weight and grade, both of the
ore removed from the leased premises and the ore with which it is commingled,
are obtained by Lessee. Lessee shall then use that weight and grade data to
allocate Gross Sales (as defined in Exhibit B) from the commingled ore between
the leased premises and the other properties from which the other commingled
ore was removed. All such weight, grade and allocation calculations by Lessee
shall be done in a manner recognized by the mining industry as practical and
sufficient at that time. If, in Xxxxxx's judgment, it is impractical to
determine which portions of any of the costs and expenses described in
Paragraph (a) above are directly attributable to ore removed from the leased
premises, Lessee may allocate all such costs and expenses on a straight-line,
per-ton basis among all ores that give rise to those expenses, in accordance
with GAAP.
(c) Treatment at Lessee's Processing Facilities. Lessee shall
have the right to purchase and to treat concentrates and smelting ores produced
from the leased premises at its own metallurgical facility; provided, however,
that any such purchase and treatment shall be made under comparable terms as
the metallurgical facility is then offering to other shippers of concentrates
and smelting ores on purchases of like quantities and qualities.
(d) Disputes Regarding Royalties.
Lessor shall be deemed to have waived any right the Lessor
may have had to object to the royalty settlement made by
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Lessee in accordance with Exhibit B for any calendar quarter, unless Lessor
notifies Lessee in writing of such objection within twelve (12) months after
such royalty is due under this Lease. If Xxxxxx and Xxxxxx are unable to
resolve the question by agreement within thirty (30) days after Xxxxxx's
receipt of Xxxxxx's notice, the dispute shall be resolved by arbitration, in
accordance with the provisions of Article 21.
(e) Advance Minimum Royalty.
Commencing with the month this lease is executed and
for each month thereafter that this lease continues and while it remains
unterminated, Lessee shall pay an advance minimum royalty of $350 per month.
This advance minimum royalty shall be credited to the Net Profits Royalty
obligation referred to above in this Article 7. The royalty shall be paid during
the month this lease is executed on or before the last day of the month, and
thereafter on or before the last day of each succeeding month.
ARTICLE 8. TAILINGS AND RESIDUE.
Tailings and other residue resulting from the milling or other
beneficiating of ores produced from the leased premises and subsequently
utilized in mining operations shall be the sole and exclusive property of Lessee
prior to termination of this lease. Tailings and other residue remaining
underground in the leased premises shall become the property of the Lessor upon
termination of this lease. A separate written agreement will be negotiated by
the parties in good faith for the construction of a surface mill tailings
impoundment on the leased premises if determined necessary by the Lessee. The
terms of such agreement shall be consistent with industry standards and the
parties agree to submit to arbitration any matter to which the parties can not
agree during the negotiation of such an agreement.
ARTICLE 9. CROSS-MINING RIGHTS.
Lessee is hereby granted the right, if it so desires, to mine or
remove from the leased premises any ores, waste, water and other materials
existing therein or thereon or in any part thereof, through or by means of
shafts, openings or pits which may be sunk or made upon adjoining or nearby
property owned or controlled by Lessee, and may stockpile any ores, waste, or
other materials and/or concentrated products of ores or materials from the
leased premises or any part thereof, upon stockpile grounds
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situated upon any such adjoining or nearby property; and Lessee may, if it so
desires, use the leased premises and any part thereof and any shafts, openings,
pits and stockpile grounds sunk or made thereon for the mining, removal and/or
stockpiling of any ores, waste, water and other materials and/or concentrated
products of ores or materials from any such adjoining or nearby property, or
for any purpose or purposes connected therewith, not, however, preventing or
interfering with the mining or removal of ore from the leased premises. If,
after this lease expires or terminates, Lessee is exploring, mining or
developing adjacent properties thereto, it may use any haulageways developed
during the terms of the lease for ingress and egress reasonably necessary to
explore, develop or mine such adjacent properties. The Lessee shall be
responsible for haulageway maintenance costs and liabilities resulting from its
negligent acts. The Lessee's right of ingress and egress shall not interfere
with future development of the property by the Lessor. This provision for
ingress and egress to and from such adjacent properties shall survive the
expiration or termination of this lease.
ARTICLE 10. VERTICAL BOUNDARY PLANES.
In consideration of Xxxxxx's execution of this mining
lease, and the reciprocal benefits received by reason of the terms of this
Article by the Lessor and the Lessee, Lessor and Lessee hereby agree with each
other that any and all ores and minerals within the surface boundaries extended
downward vertically of any claim so held under lease and herein defined as
leased premises shall belong to such claim.
ARTICLE 11. RECORDS AND INSPECTION.
Lessee's engineering progress maps and all factual exploration,
development and production data including drill core and assay results (but
excluding interpretive information or data) from the leased premises shall be
available upon reasonable request for Lessor's inspection. The Lessor may enter
said property at reasonable times for the purpose of inspecting the same, and
Lessee shall facilitate such inspection in reasonable ways, but Lessor shall
enter upon said leased premises at Lessor's own risk and so as not to hinder
unreasonably the operations of Lessee; and the Lessor shall indemnify and hold
harmless the Lessee from any damage, claim or demand by reason of injury to or
the presence of the Lessor or the Lessor's
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agents, representatives, licensees, or guests or any of them on the leased
premises or approaches thereto.
ARTICLE 12. TAXES.
Lessee shall pay before they are delinquent all general property
taxes and governmental rental fees for unpatented claims assessed against the
Lessor's ownership in the leased premises during the term of this lease,
beginning with the year 1996. Lessee shall also pay, before they are delinquent,
all taxes levied or assessed against any or all personal property, machinery and
equipment placed upon the leased premises by the Lessee during the term of this
lease and beginning in the year 1996. As to severance tax and all other taxes
that are now or may be hereafter levied and computed on the amount or value of
ores produced from the leased premises, Lessee shall pay the same.
ARTICLE 13. STATE AND FEDERAL LAWS AND REGULATIONS.
Lessee shall comply with the Workmen's Compensation laws of Idaho
and with Social Security, Unemployment Insurance and all other state and
federal laws and regulations relating to Xxxxxx's operations and shall save
Lessor harmless from any claim for damages or liability by reason thereof.
ARTICLE 14. PROTECTION FROM LIENS AND DAMAGES.
Lessee shall keep the leased premises and the whole and every part
thereof free and clear of liens for labor done or work performed upon the
leased premises or materials furnished to it for the development or operation
thereof under this lease while the same is in force and effect, and will save
and keep harmless Lessor from all costs, loss or damage which may arise by
reason of injury to any persons employed by Lessee in or upon the leased
premises or any part thereof or which may arise by reason of injury to any
persons or damage to any property as the result of any work or operations of
the Lessee or of its possession and occupancy of the leased premises. A lien
upon the property shall not constitute a default if the Lessee in good faith
disputes the validity of the claim, in which event the existence of the lien
shall constitute a default only from and after the validity of the lien has
been adjudicated.
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ARTICLE 15. FORCE MAJEURE.
If Lessee is unable to perform any of the terms or covenants of this
lease by reason of damage or delay resulting from disaster, labor disturbances,
shortage of labor, strikes, lockouts, act of God, or from any regulations or
restrictions of any governmental agency, or on account of any eventuality beyond
the reasonable control of Lessee, including state and federal environmental
statute or regulation, Lessee shall be excused from performance during the
period of such prevention and the time for performance of such obligations shall
be extended for a period equal to the period or periods of prevention. In the
event Lessee or its purchaser of concentrates or crude ore is, becomes or
believes it is about to become subject, at any time, to environmental
regulations (which shall include any governmental law, rule, order, regulation,
policy, proposal or restriction relating to environmental pollution) which will
prohibit or materially affect any operation Lessee is carrying out, or planning
to carry out hereunder, Lessee shall have the right to declare the existence of
a condition of force majeure during the period in which it is in good faith
seeking a feasible method to comply with, be exempted from, modify, obtain
necessary permits or licenses under, or prevent the enactment or promulgation of
said environmental regulations. Xxxxxx agrees to use reasonable diligence to
remove causes of force majeure as may occur from time to time, but shall not be
required to settle strikes or other labor difficulties contrary to its own
judgment.
ARTICLE 16. DEFAULT.
The failure of Lessee to make or cause to be made any of the material
payments herein provided for or to keep or perform any material agreement on its
part to be kept or performed according to the terms and provisions of this
lease, shall, at the election of the Lessor, work a forfeiture hereof; provided,
however, that in the event of a default on the part of the Lessee, the Lessor
shall give to the Lessee a written notice of its intention to declare a
forfeiture of this lease and to terminate the same on account thereof, or of its
intention to take other action to enforce this lease, specifying the particular
default or defaults relied upon by it, and Lessee shall have a reasonable time
(which in any case shall not be less than sixty (60) days) after receipt of such
notice in which to make good such default or defaults, in which event there
shall be no forfeiture therefor, and no other action may be taken for
enforcement. If Lessee disagrees that such default occurred, it
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shall so advise Lessor in writing thirty (30) days after receipt of the notice
of default. If, within fifteen (15) days thereafter, the parties have not
resolved the dispute by mutual agreement, the issue of default shall then be
submitted to arbitration under Article 21 below. In the event that Lessor does
terminate this lease on account of a breach by Xxxxxx, Lessee shall be under no
further obligation or liability hereunder to Lessor from and after the date of
such termination except for the performance of obligations and the satisfaction
of liabilities to Lessor or third parties or respecting the leased premises,
which have accrued to the date of such termination.
ARTICLE 17. CANCELLATION.
Notwithstanding any provision herein to the contrary, Lessee may at
any time upon 30 days' written notice, cancel and terminate this lease in its
entirety. Upon total cancellation and termination of this lease, Lessee shall be
under no further obligation of whatsoever kind or nature to the Lessor except
for the making of payments which have already accrued to the date of such
cancellation and termination, including governmental rental fees for unpatented
claims and for the payment of Xxxxxx's proportion of the aforesaid property
taxes accrued while this lease was in effect. If Lessee shall have included any
part of the leased premises in a "producing group" for assessment purposes, and
taxes based on such assessment shall have been levied but shall not have been
paid at the time of cancellation and termination Lessee shall pay such taxes
before they are delinquent. Work requirements specified in Article 6 shall cease
upon the date such notice is given.
ARTICLE 18. SURRENDER OF PROPERTY.
In the event of a valid forfeiture, cancellation, or other
termination of this lease, Xxxxxx shall surrender to Lessor peaceable
possession of the leased premises and at the written request of Lessor shall
deliver to the Lessor a written relinquishment hereof, together with a copy, if
requested by Lessor within thirty (30) days after termination of this lease, of
its engineering progress maps showing any workings made or uncovered by Xxxxxx
on the above-described leased premises. The Lessee's factual exploration,
development and production data including drill core and assay results (but
excluding interpretive information or data) from the leased premises shall be
available upon request to the Lessor.
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ARTICLE 19. REMOVAL OF EQUIPMENT.
Lessee shall have and is hereby given and granted twelve (12) months
after a valid forfeiture, cancellation or other termination of this lease to
remove from said property all buildings, structures, warehouse stocks,
merchandise, materials, tools, hoists, compressors, engines, motors, pumps,
transformers, electrical accessories, metal or wooden tanks, pipes and
connections, rails, mine cars and any and all machinery, trade fixtures, and
equipment erected or placed in or upon said property by it, provided that such
right of removal shall not extend to foundations and mine timbers in place
unless Lessor shall have given his previous written consent thereto. If Lessee
is hampered by snowdrifts, washouts, inclement weather, or other climatic
conditions, from completing the removal of said property and equipment within
the time specified, then Lessor agrees to extend the time by a reasonable
period if requested by Xxxxxx.
ARTICLE 20. TITLE AND PATENT.
Lessor covenants that Lessor now holds title and possession of the
leased premises free and clear from all former grants, sales, liens, or
encumbrances of any kind, and that there are no delinquent taxes and all
government rental fees are current; that Lessor has no knowledge of any defects
in title or adverse claims and agrees to furnish Lessee such abstracts, deeds,
or other evidences of title as may be in Lessor's possession and control, and
to allow and cooperate with Lessee, at Xxxxxx's option and initial expense, to
have abstracts brought to date and to take such steps and proceedings to search
and perfect title as Xxxxxx shall deem advisable. All reasonable expense so
incurred by Lessee shall apply as a credit against royalties. Lessee shall have
the right to seek to patent the leased premises or any portion thereof in the
name of Lessor if it so elects, and the cost thereof may be charged as
operating costs hereunder. Xxxxxx agrees to cooperate to a reasonable extent in
any patent proceedings.
ARTICLE 21. ARBITRATION OF DISPUTES.
Any controversy, dispute or claim arising out of or from this lease,
or alleged breach thereof, shall be settled by STERLING MINING LEASE CONT'D.
arbitration pursuant to the Uniform Arbitration Act of the State of Idaho
(Sections 7-901, et.seq., Idaho Code) as amended and as in
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effect on the date either party commences arbitration proceedings. Said Act
shall control the substantive and procedural aspects of the proceedings unless
otherwise agreed in this lease. Judicial review may be had pursuant to said
Act.
(a) Proceedings shall be initiated by the complaining
party serving upon the other party a complaint, as
would be done in court proceedings. The allegations
regarding the circumstances giving rise to the issues
to be arbitrated shall be stated in detail and with
particularity. The party upon whom the complaint is
served shall answer or otherwise respond with a
pleading just as is required by the Idaho Rules of
Civil Procedure for a court action. Except, however,
the response shall be served upon the initiating party
within 30 days from the date of service of the
complaint.
(b) The parties shall agree upon an arbitrator, who shall
be a retired State of Idaho District Court judge (not
a retired Magistrate) who is neutral, competent
and willing to serve and, if possible, who has
experience in cases involving mining and mining
contracts. Should the parties fail to reach agreement
within 20 days from the date proceedings are
initiated, either party may apply to the court for
appointment of an arbitrator who meets the criteria
set forth herein pursuant to the provisions of section
7-903 Idaho Code.
(c) Prehearing discovery shall not be allowed except upon order
of the arbitrator for good cause shown, the parties being
in agreement that the expense and time associated with
discovery should be minimized, and that this desire should,
however, be balanced against the need for each party to be
able to effectively present its case.
(d) Each party to the arbitration proceedings shall bear
one-half of the arbitrator's fees and expenses, which
shall be promptly paid by each party monthly within 15
days from the submission by the arbitrator to the
parties of his reasonably detailed and itemized
statement for services rendered, which statement shall
be submitted by the arbitrator at the end of each
month.
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(e) Each party shall bear its own attorney's fees and costs of
litigation for the proceedings before the arbitrator. This
subparagraph (e) is not applicable to court proceedings, in
which event the parties recognize that applicable law shall
govern and the matter will be decided by the court.
ARTICLE 22. RECORDATION OF SHORT FORM NOTICE.
Xxxxxx agrees to execute, upon request by Xxxxxx, a short-form
notice of this lease, which notice shall be for purposes of recordation in the
real property records of Shoshone County, Idaho.
ARTICLE 23. NOTICES.
Any notices required or permitted to be given to the Lessor hereunder
shall be considered as delivered forty-eight (48) hours after the same shall
have been deposited in the United States mail, duly registered, with postage
thereon prepaid. All notices given hereunder shall be addressed to the
respective addresses given below:
If to Lessor,
Sterling Mining Company
000 Xxxx Xxxxxxx
Xxxxxxx, XX 00000
and if to Lessee,
Silver Valley Resources Corporation
P.O. Box 440
Wallace, Idaho 83873
Xxxx addresses for receiving notices may be changed by either party
upon two (2) days previous notice to the other party.
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ARTICLE 24. INUREMENT.
These presents shall inure to the benefit of and be binding upon the
respective heirs, executors, administrators, successors and assigns of the
parties hereto.
ARTICLE 25. CONSTRUCTION.
Titles to the respective articles hereof shall not be deemed a part
of this lease but shall be regarded as having been used for convenience only.
IN WITNESS WHEREOF, the parties hereto have executed this agreement
as of the day and year first above written.
LESSOR
STERLING MINING COMPANY
By
---------------------------------
Attest:
--------------------------------
Secretary
STATE OF IDAHO )
) ss.
COUNTY OF )
On this _____ day of April, 1996, before me, ________________, the
undersigned, a Notary Public in and for the State of Idaho, personally appeared,
___________________, known to me to be the _____________ of Sterling Mining
Company and whose name is subscribed to the within instrument, and acknowledged
to me that he executed the same on behalf of said corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
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Notary Public for Idaho
Residing at
-------------------------
My Commission expires
---------------
LESSEE
SILVER VALLEY RESOURCES CORPORATION
By
---------------------------------
Attest:
--------------------------------
Secretary
STATE OF IDAHO )
) ss.
COUNTY OF )
On this _____ day of April, 1996, before me, ________________, the
undersigned, a Notary Public in and for the State of Idaho, personally appeared,
___________________, known to me to be the _____________ of Silver Valley
Resources Corporation and whose name is subscribed to the within instrument, and
acknowledged to me that he executed the same on behalf of said corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
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Notary Public for Idaho
Residing at
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My Commission expires
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17
