This MINING LEASE (“Agreement”) is hereby made and entered into as of the 27th day of May,
2004 (the “Effective Date”) by and between: NEVADA NORTH RESOURCES (U.S.A.), INC., hereinafter
called “Lessor”, and MIRANDA U.S.A., INC., a Nevada corporation hereinafter called “Lessee or Miranda”.
Lessor and Lessee agree that their previous agreement, which encompassed four properties (Red Hill, Cono,
BPV and Coal Canyon), shall be terminated, and superceded by this Agreement, which covers the Cono
property separately, and three similar agreements covering the other three properties separately. Accordingly,
Lessor and Lessee covenant and mutually promise as set forth below.
In consideration of the mutual promises and covenants set forth herein, Ten Dollars ($10.00) in hand
paid and other good and valuable consideration, the receipt and suffciency of which are hereby acknowledged,
Lessee and Lessor (sometimes referred to hereinafter as a “Party” or collectively as the “Parties”) agree as
I. Grant of Lease
1.1 Grant of Lease.
Lessor hereby grants and conveys unto Lessee, its successors and assigns, subject to Section 5.1 below, an
exclusive lease unto the Property on the terms and conditions set forth in this Agreement. As used in this
Agreement, the term “Property” means Lessor’s entire interest in the Cono property described in Exhibit A,
attached hereto and made a part hereof, together with all minerals, mineral substances, mineral rights, water rights
and all surface, access, and other rights associated with or appurtenant to such Property.
The initial term of this Agreement shall be twenty (20) years from the Effective Date, unless sooner terminated
according to the provisions of this Agreement. This Agreement shall remain in effect after the initial term for so
long as mining, processing, construction of mine facilities, development of ore reserves or exploration activities
(“Mining Related Ac