Filed by Automated Filing Services Inc. (604) 609-0244 - Azco Mining Inc. - Exhibit 10.2






RELEASE OF OBLIGATIONS UNDER

TRIPLE NET LEASE OF INDUSTRIAL LAND AND BUILDING

	DATE OF RELEASE: 	October 31, 2006 
	  	  
	DATE OF 	  
	ORIGINAL LEASE: 	January 11, 2002 



	LESSOR: 	Muzz Investments, LLC, an Arizona limited liability company
    
	  	15770 North Greenway/Hayden Loop, Suite 104 
	  	Scottsdale, Arizona 85260 
	  	  
	LESSEE: 	AZCO Mining, Inc., a Delaware corporation 
	  	7239 North El Mirage Road 
	  	Glendale, Arizona 85307 


     RELEASE entered into this 31st
day of October, 2006, by and between Muzz Investments, LLC, an Arizona
limited liability company, as Lessor, and AZCO Mining, Inc., a Delaware
corporation, as Lessee, both doing business in Maricopa County, Arizona.

     WHEREAS, on January 11, 2002, the
parties entered into that certain Triple Net Lease of Industrial Land and
Building dated as of January 11, 2002 (the "Lease") for the lease of the real
property located at 7239 North El Mirage Road, City of Glendale, County of
Maricopa, State of Arizona, legally described on Exhibit A (the “Property”);
and

WHEREAS, Lessee is indebted to Lessor for certain obligations
arising from the Lease; and

NOW THEREFORE, the parties agree:

	 	1. 	
      The Lease will be terminated by mutual agreement as of
      October 31, 2006.

	 	 	 
	 	2. 	
      Lessee shall facilitate a cashless exercise of Lessor’s
      2,550,000 Azco Mining, Inc. stock purchase warrants in accordance with the
      Exercise of Common Stock Purchase Warrant agreement dated September 6,
      2006 between Lessor and Lessee.

	 	 	 
	 	3. 	
      Lessee shall convey its interest in the Property to
      Lessor in accordance with the Real Property Purchase Agreement between
      Lessor and Lessee executed by Lessee on October 6, 2006.

	 	 	 
	 	4. 	
      In consideration of the above referenced cashless
      exercise of stock warrants and conveyance of the Property, Lessor shall
      release Lessee from all obligations arising under the Lease, including but
      not limited to indebtedness from unpaid rent and interest. Lessor shall
      cause the deed of trust encumbering Lessee’s Black Canyon mining claims to
      be released.



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     IN WITNESS WHEREOF, Lessor and
Lessee have executed this instrument to be effective as of the day and year
first written above.

	LESSOR: 	LESSEE: 
	MUZZ INVESTMENTS, LLC 	AZCO MINING, INC. 
	  	  
	By: /s/ Michael S. Musulin 	By: /s/ W. Pierce Carson 
	       Michael S. Musulin, Manager 	       W. Pierce Carson,
      President & CEO 



	STATE OF ARIZONA 	) 
	  	) ss. 
	County of Maricopa 	) 


     On this 3rd day of
November, 2006, before a Notary Public within and for said County, personally
appeared Michael S. Musulin, Manager of Muzz Investments, LLC, Lessor,
known to me to be the person described in and who executed the foregoing
instrument on behalf of Muzz Investments, LLC and acknowledged that he
executed the same as his free act and deed.

__________________________________

  Notary Public 

NOTARY STAMP

	STATE OF ARIZONA 	) 
	  	) ss. 
	County of Maricopa 	) 


     On this first day of November,
2006, before a Notary Public within and for said County, personally appeared
W. Pierce Carson, President & CEO of AZCO Mining, Inc., Lessee, known
to me to be the person described in and who executed the foregoing instrument on
behalf of AZCO Mining, Inc. and acknowledged that he executed the same as
his free act and deed.

__________________________________

  Notary Public 

NOTARY STAMP

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