Common use of Non-Compete Covenants Clause in Contracts

Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION 12.3, or is deemed to have withdrawn pursuant to SECTIONS 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four (24) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION 12.6, such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) days after the offer is received by such non-withdrawing Participant. Failure of a Participant's Affiliate to comply with this SECTION 12.6 shall be a breach by such Participant of this Agreement.

Appears in 2 contracts

Samples: Agreement (Gryphon Gold Corp), Agreement (Golden Phoenix Minerals Inc /Mn/)

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Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION Section 12.3, or is deemed to have withdrawn pursuant to SECTIONS Sections 5.2, 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four (24) 12 months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION Section 12.6, such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's ’s Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) 10 days after the offer is received by such non-withdrawing Participant. Failure of a Participant's ’s Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.

Appears in 1 contract

Samples: Operating Agreement (Midway Gold Corp)

Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION Section 12.3, or is deemed to have withdrawn pursuant to SECTIONS 6.3 Sections 5.2, 6.3, or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four (24) months 365 days after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION 12.6Section 12.5, such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's ’s Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) days after the offer is received by such non-withdrawing Participant. Failure of a Participant's ’s Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.. TABLE OF CONTENTS (continued) Page

Appears in 1 contract

Samples: Development and Operating Agreement (Apollo Gold Corp)

Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION 12.3Section 12.3 , or is deemed to have withdrawn pursuant to SECTIONS Sections 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four (24) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION 12.6Section 12.6 , such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without costcost to the non-withdrawing Participant, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) days after the offer is received by such non-withdrawing Participant. Failure of a Participant's ’s Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.

Appears in 1 contract

Samples: Venture Agreement (Uranerz Energy Corp.)

Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION Section 12.3, or is deemed to have withdrawn pursuant to SECTIONS Sections 5.2, 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four twelve (2412) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION Section 12.6, such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's ’s Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) days after the offer is received by such non-withdrawing Participant. Failure of a Participant's ’s Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.

Appears in 1 contract

Samples: Operating Agreement (Canyon Resources Corp)

Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION Section 12.3, or is deemed to have withdrawn pursuant to SECTIONS Sections 5.2, 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four (24) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION Section 12.6, such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's ’s Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) days after the offer is received by such non-withdrawing Participant. Failure of a Participant's ’s Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.

Appears in 1 contract

Samples: Operating Agreement (Miranda Gold Corp)

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Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION Section 12.3, or is deemed to have withdrawn pursuant to SECTIONS Sections 5.2, 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four twelve (2412) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION Section 12.6, such Participant shall be obligated to offer to convey to the non-withdrawing ParticipantParticipants, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing ParticipantParticipants, if the acquiring party is the withdrawing Participant's ’s Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant Participants at any time within ten (10) days after the offer is received by such non-withdrawing ParticipantParticipants. Failure of a Participant's ’s Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.

Appears in 1 contract

Samples: Operating Agreement (Hecla Mining Co/De/)

Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION Section 12.3, or is deemed to have withdrawn pursuant to SECTIONS Sections 5.2, 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-four twelve (2412) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION Section 12.6, such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) days after the offer is received by such non-withdrawing Participant. Failure of a Participant's Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.

Appears in 1 contract

Samples: Operating Agreement (Royal Gold Inc /De/)

Non-Compete Covenants. Neither a Participant that withdraws pursuant to SECTION Section 12.3, or is deemed to have withdrawn pursuant to SECTIONS Sections 6.3 or 10.5, nor any Affiliate of such a Participant, shall directly or indirectly acquire any interest or right to explore or mine, or both, on any property any part of which is within the Area of Interest for twenty-twenty- four (24) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this SECTION Section 12.6, such Participant shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired (or ensure its Affiliate offers to convey the property or interest to the non-withdrawing Participant, if the acquiring party is the withdrawing Participant's ’s Affiliate). Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within ten (10) days after the offer is received by such non-withdrawing Participant. Failure of a Participant's ’s Affiliate to comply with this SECTION Section 12.6 shall be a breach by such Participant of this Agreement.

Appears in 1 contract

Samples: Operating Agreement (Thompson Creek Metals CO Inc.)

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