WORK COMMITMENTS. Company agrees to fund certain work commitments and incur claim maintenance expenses sufficient to maintain any and all unpatented mining claims which comprise the Premises. Work commitments shall include, but not be limited to, all salaries and wages (and related benefits) of Company employees (permanent or temporary) engaged in and working for the benefit of Company on the Premises, costs of electric power and other fuels consumed in operations, costs of transportation of employees (permanent or temporary) and material necessary for operations, costs and expenses necessary for repair or replacement of property utilized for operations, payments to contractors (including legal and accounting fees) required for operations, cost of expenditures or contributions made by Company pursuant to assessments imposed by governmental authorities, insurance premiums for insurance required by this Agreement, title investigation and curative costs incurred in accordance with Article VII, costs of all taxes paid by Company in accordance with Article VIII below, and costs of all materials and supplies. Company shall submit to Lessor by October 30 of each year for which such work shall have been performed, accountings of all expenditures made by Company in compliance with its obligation to perform the above-referenced work commitments.
WORK COMMITMENTS. (a) Before the seventh anniversary of the effective date of the lease, the lessee shall complete, suspend, or plug and abandon one well that has penetrated to the base of the Kuparuk C interval as observed as the LCU correlative stratigraphic surface seen in the X. Xxxxxxxx Bay #1 well (API No. 50-10320007-00-00) at 7,289 feet measured depth.
WORK COMMITMENTS. La Teko shall diligently, in good faith, and in a good workmanlike manner, begin to or prosecute Exploration, Development and Mining on the Property. La Teko shall perform the following amounts of work in connection with and in furtherance of the exploration, development or Mining of the Property Lease Year Amount ,~ During Lease Year 1 $ 500,000 During Lease Year 2 $ 750,000 During Lease Year 3 $1,000,000 During Lease Year 4 $1,250,000 During Lease Years and $1,500,000 each succeeding lease year La Teko shall have the right to carry forward excess Costs spent in any one year and apply those excess Costs towards the next year's Work Commitment due; provided, however, that La Teko shall expend no less than 20% of the Work Commitment for any one year in which La Teko carries forward excess Costs. Should La Teko fail to expend the above sums on or for the benefit of the Property on or before the due dates for such expenditures, in order to maintain this Agreement in good standing, La Teko shall pay to the University, within 10 days after the anniversary date of this Agreement, the difference between the amount due and the amount expended on or for the benefit of the Property for the applicable period. Pursuant to Article 14, the University may terminate this Agreement for La Teko's failure to expend the above referenced Work Commitment amounts or to make payment to the University in lieu thereof within the time periods specified above
WORK COMMITMENTS. US Gold shall perform the following work commitments (the “Work Commitments”), totaling U.S. FIVE MILLION DOLLARS AND 00/100 CENTS (USD$5,000,000.00), to be completed on the schedule set forth below:
WORK COMMITMENTS. There are no minimum annual work commitments on our part except that we will, for a period of 5 years from Closing, keep the Property in good standing including the payment of property holding costs. This 5 year period will be reduced in the event we return the Property pursuant to paragraph 5 below.
WORK COMMITMENTS. 2.01 To maintain the Option in good standing, the Optionee will carry out the following to develop the Property:
WORK COMMITMENTS. During the Initial Term hereof, Lessee shall complete the following work expenditures upon, towards or for the eventual benefit of the Property: · $200,000 in expenditures by the third anniversary of the Effective Date (on or by September 12, 2015) · $300,000 in additional expenditures by the sixth anniversary of the Effective Date (on or by September 12, 2018) · $400,000 in additional expenditures for each consecutive three-year period that this Agreement remains in effect or until commercial production commences
WORK COMMITMENTS. Subject to subclause 2.1.4, PROMISEE shall incur Expenditures of not less than:
WORK COMMITMENTS. 5.1 During the License Period, ORE will incur at least US$250,000 in Expenditures. For purposes of this Agreement "Expenditures" shall mean the expenses incurred by ORE in ascertaining the existence, location, quantity, quality or commercial value of a deposit of minerals on or within the NN Target Area, including analysis of the NN Data ("Exploration Work"), described below:
WORK COMMITMENTS. Unless this Agreement is terminated as provided herein, the following Allowable Expenditures will be incurred or funded by Zebra on or before the end of the following respective Years: Year Allowable Expenditures ---- ---------------------- Year 1 $150,000 Year 2 $200,000 Year 3 $250,000 Year 4 $300,000 Year 5 $350,000 ARTICLE V MINING OPERATION
