MINING LEASE WITH OPTION TO PURCHASE
THIS MINING LEASE WITH OPTION TO PURCHASE (the “Agreement”) is made this 3rd
day of June, 2005 by and between ROBERT T. McCUSKER, a/k/a ROBERT McCUSKER, and
MARTHA T. GNAM, husband and wife (“Owner”); and MIRANDA U.S.A., INC., a Nevada
A. Owner owns and possesses twenty-eight (28) unpatented lode mining claims situated in
the Iron Point Mining District, Humboldt County, Nevada. The claims are more particularly
described as follows:
The foregoing claims are located in Section 26, T. 36 N., R. 41 E., MDM.
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
B. The parties now desire to enter into an agreement giving Lessee the exclusive right to
explore, develop, and mine the Property, and further granting to Lessee the exclusive right and
option to purchase the Property.
THEREFORE, the parties have agreed as follows:
Lease Term and Royalties
Term of Lease . Owner hereby leases the Property to Lessee for a term of twenty
(20) years, and for so long thereafter as Lessee is engaged in mineral development, mining, or
reclamation and closure activities on the Property. The Effective Date of this Agreement will be
June _____, 2005, and all rights and obligations shall be calculated on the basis of that date.
1.2 Advance Minimum Royalty Payments . Until production is achieved from the
Property, Lessee shall make the following advance minimum royalty payments to Owner:
Lessee shall pay Owner the sum of SEVEN THOUSAND DOLLARS
($7,000.00) upon execution of this Agreement.
Commencing with the first anniversary of the E