THIS MINING LEASE WITH OPTION TO PURCHASE (the ‘ Agreement ’) is made this 11 th
day of November, 2005 (the ‘ Effective Date’ ) by and between NEVADA EAGLE RESOURCES LLC, a
Nevada LLC (“ NER ”), and PIEDMONT MINING COMPANY, INC., a North Carolina corporation (“ PMC
A. NER owns and possesses seventeen (17) unpatented lode mining claims situated in
Section 24, Township 29N, Range 46E in Lander County, Nevada. These claims are sometimes referred
to as the ‘Rynn Property’ or the ‘Bully Claims’ and are located on Bullion Mountain and more particularly
described in Exhibit A.
These claims, together with all ores, minerals, surface and mineral rights, and the right to explore for,
mine, and remove the same, and all water rights and improvements, easements, licenses, rights-of-way
and other interests appurtenant thereto, shall be referred to collectively as the ‘ Property ’.
B. PMC and NER have previously entered into a Letter of Intent dated November 11, 2005,
which sets forth the essential terms and conditions of a Mining Lease affecting the Property. The Letter
of Intent will be superseded by this Agreement.
C. The parties now desire to enter into an agreement giving PMC the exclusive right to explore
and develop the Property, and further granting to PMC the exclusive right and option to purchase the
Property, subject only to a royalty on production from the Property.
On Signing: $5,000 in cash plus $2,273.50 to reimburse NER for claims holding costs.
MINING LEASE WITH OPTION TO PURCHASE
(BULLION MOUNTAIN GOLD PROPERTY)
THEREFORE, the parties have agreed as follows:
Term of Lease : NER hereby leases the Property to PMC for a term of ten (10) years
commencing on the Effective Date of this Agreement written above and all rights and obligations
shall be calculated on the basis of that date.
Lease and Option Payments : Until the Purchase