Exhibit 10.9
LEASE ASSIGNMENT AGREEMENT
This agreement is made and entered into this ____ day of ____________,
1996, for the express purpose of assignment of the rights to the minerals on
properties in the Wikieup area owned or controlled by Xxxx Xxxxxxx and Xxxxx
Xxxxxxx to Gold and Minerals Company, Inc. These include the SW and SE quarter
of sections 25 and 26, Township 16 1/2 N, Range 14 West in an area northwest of
Wikieup, Arizona, in Mojave county.
For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:
Xx. Xxxxxxx and Xx. Xxxxxxx will receive advance production bonus
payments totaling $10,000, $1,000 to be paid upon closing of this
agreement, and $9,000 when the concentration plant is in production.
Xx. Xxxxxxx and Xx. Xxxxxxx will lease 240 or more acres exclusively
for the use by Gold and Minerals for processing on the San Tan
Reservation releasing by deed or xxxx of sale acreage as needed to
Gold and Minerals for their operations.
Gold and Minerals shall have first right of refusal on all properties
owned or controlled by Xx. Xxxxxxx and Xx. Xxxxxxx.
Xx. Xxxxxxx and Xx. Xxxxxxx will receive a combined monthly production
bonus of $10.00 per ton of ore removed from the property. This ore
must have minimum values of 3 ounces per ton. For ores of lesser
value, the bonus will be pro-rated. Initial projections are for
removal of 20 tons daily. These bonuses shall continue for as long as
Gold and Minerals continues to remove ore from these properties. These
bonuses shall begin and be paid 30 days after removal of production
quantities of ore from the property. This bonus will be reevaluat- ed
if the amount of tonnage removed is dramatically reduced and a fair
adjustment to the production bonus will be made.
This contract will remain in effect as long as economically feasible
for Gold and Minerals.
/s/ Xxxxx Xxxxxxxx /s/ Xxxx Xxxxxxx
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Xxxxx Xxxxxxxx Xxxx Xxxxxxx
President - Gold and Minerals
/s/ Xxxxxx Xxxxxxx /s/ Xxxx Xxxxxxx
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Xxxxxx Xxxxxxx Xxxx Xxxxxxx
Chief Executive Officer -
Gold and Minerals
When recorded mail to:
Xxxx Xxxxxxx
X.X. Xxx 0000
Xxxxxxxx, XX
00000
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QUIT CLAIM DEED
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Effective Date: 11/13/96
GRANTORS: (Person(s) on the Deed now) Xxxx Xxxxxxx
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GRANTEE: (Person(s) to be on the Deed after recording) GOLD AND MINERAL CO. INC.
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Subject Real Property (Address or Location) MINING CLAIM BORESIGHT #5
Located in South east 1/4 Sec., Sec.#26 Township 00 0/0 X. Xxxxx,
00 X Xxxxxx Xx. Xx. 2801, Pg. 620
Subject Real Property (ENTIRE Legal Description)
Mining Claim Boresight #5 = 20, 232 Ft. w/o US Hy __,
Located in South east 1/4 Sec., Xxx 00 Xxxxxxxx 00 1/2Range
14W AMC #341926, Mohave Co. Book 2801, Pg. 620
For valuable consideration, Grantor quit claims to Grantee all rights,
title, and interest of Grantor in Subject Real Property together with all rights
and privileges appurtenant or to become appurtenant to Subject Real Property on
effective date.
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(DO NOT sign until you are in front of a Notary Public)
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Grantor Grantor
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Grantee Chief Executive Officer Grantee
Gold & Minerals Co. Inc.
Subscribed and sworn to before me on this 13th day of November, 1996.
Notary Public (Xxxxxxx Xxxxxxx)
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My Commission Expires July 8, 1999
(Seal)
