Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Romarco Minerals U.S. Inc. - Exhibit 4.10

 

 Mining Lease and Option to Purchase Agreement 

                This
  Mining Lease and Option to Purchase Agreement (“Agreement”) is made
  and entered into by and between Scoonover Exploration, a Nevada Limited Liability
  Company (“Owner”), and Romarco Minerals U.S. Inc., a Nevada corporation
  (“Romarco”). 

 Recitals 

 A.            Owner
  owns the unpatented mining claims collectively known as the DS and GM unpatented
  mining claim group situated in Eureka County, Nevada, more particularly described
  in Exhibit A attached to and by this reference incorporated in this Agreement
  (collectively the “Property”). 

 B.            Owner
  and Romarco are parties to the Letter Agreement dated effective October 20,
  2004, pursuant to which the parties agreed upon the terms and conditions for
  the purchase and sale of the Property. 

 C.            Owner
  desires to lease the Property to Romarco and to grant to Romarco the option
  to purchase the Property on the terms and conditions of this Agreement.

                Now,
  therefore, in consideration of their mutual promises, the parties agree as follows:

 1.            Definitions.
  The following defined terms, wherever used in this Agreement, shall have the
  meanings described below:

                1.1
             “Area
  of Interest” means the geographic area within the exterior boundaries
  of the Properties.

                1.2
             “Closing
  Date” means the date on which Romarco’s purchase of the Property
  is closed in accordance with Section 5. 

                1.3
             “Effective
  Date” means October 20, 2004. 

                1.4           
  “Governmental Regulations” means all directives, laws, orders,
  ordinances, regulations and statutes of any federal, state or local agency,
  court or office. 

                1.5
             “Interest
  Rate” means LIBOR plus two percent (2%) per annum. 

                1.6
             “Lease
  Year” means each one (1) year period following the Effective Date and
  each anniversary of the Effective Date. 

                1.7           
  “Minerals” means all minerals and mineral materials, including
  gold, silver, platinum and platinum group metals, base metals (including antimony,
  chromium, cobalt, copper, lead, manganese, mercury, nickel, molybdenum, titanium,
  tungsten, zinc), and other metals and mineral materials which are on, in or
  under the Property.

	  	 1	  

                1.8
             “Net
  Smelter Returns” means the net smelter returns from the production of
  Minerals from the Property as calculated and determined in accordance with Exhibit
  1 to the conveyance to be executed and delivered in accordance with Section
  5.5. 

                1.9           
  “Option” means the Option granted by Owner to Romarco to purchase
  the Property. 

                1.10
             “Owner”
  means Scoonover Exploration, a Nevada Limited Liability Company, and its successors
  and assigns.

                1.11
             “Payments”
  means the payments payable by Romarco in accordance with Section 4.1. 

                1.12           
  “Property” means the unpatented mining claims collectively known
  as the DS and GM unpatented mining claim group situated in Eureka County, Nevada,
  plus any additional unpatented mining claims which are made subject to this
  Agreement in accordance with its terms. 

                1.13
             “Purchase
  Price” means the purchase price for the Property described in Section
  5. 

                1.14
             “Romarco”
  means Romarco Minerals U.S. Inc., a Nevada corporation, and its successors and
  assigns.

                1.15
             “Royalty”
  means the production royalty payable by Romarco to Owner in accordance with
  Section 4.2. 

 2.           
  Lease and Grant of Rights. Owner leases the Property to Romarco and
  grants Romarco the rights and privileges described in this Section.

                2.1
             Lease.
  Owner leases the Property to Romarco for the purposes of exploration for Minerals,
  provided, however, that Romarco shall have no right to construct, develop or
  operate a mine on the Property without first having exercised and closed the
  Option.

                2.2
             Water
  Rights. Subject to the regulations of the State of Nevada concerning the
  appropriation and taking of water, Romarco shall have the right to appropriate
  and use water, to drill wells for the water on the Property and to lay and maintain
  all necessary water lines as may be required by Romarco in its operations on
  the Property. If Romarco acquires or files any application for appropriation
  or a permit, it shall cause each such application and permit to be taken jointly
  in the names of Owner and Romarco. On termination of this Agreement, except
  on Romarco’s exercise and closing of the Option, Romarco shall assign
  and convey to Owner all permits and water rights appurtenant to the Property
  which are acquired by Romarco during the term of this Agreement. If Romarco
  exercises and closes the Option, Owner shall assign and convey to Romarco all
  permits and water rights appurtenant to the Property.

 3.            Term.
  The initial term of this Agreement shall commence on the Effective Date and
  shall expire twenty (20) years after the Effective Date, unless this Agreement
  is sooner terminated, canceled or extended. Romarco shall have the right to
  extend this Agreement for additional one (1) year terms, provided that Romarco
  has fully performed all of its obligations under this Agreement and is conducting
  exploration or pre-development activities on the Property on the expiration
  of the term 

	  	 2	  

 immediately preceding the extension term. Romarco shall deliver
  written notice to Owner of Romarco’s intent to extend this Agreement.

 4.            Payments.
  

                4.1
             Minimum
  Advance Royalty Payments. On the dates described below, Romarco shall pay
  to Owner the sums described below:

	 Date  	 Payment Amount  
	 Owner’s execution of this Agreement 
    	 $25,000.00  
	 First anniversary of the Effective Date  	 $30,000.00  
	 Second anniversary of the Effective Date  	 $35,000.00  
	 Third anniversary of the Effective Date  	 $40,000.00  
	 Fourth anniversary of the Effective Date  	 $45,000.00  
	 Fifth and each subsequent anniversary  	 $50,000.00  
	                 of
      the Effective Date  	  

                The
  foregoing payments shall be minimum advance Royalty payments and shall be credited
  cumulatively in favor of Romarco against its obligation to pay the Royalty prescribed
  in Section 4.2. The foregoing cash Payments shall not be credited against the
  Purchase Price. Owner acknowledges that Romarco has reimbursed Owner the sum
  of $9,168.50 to cover the cost of filing and recording the initial 13 “DS”
  and 18 “GM” claims, and for the Federal annual mining claim maintenance
  fees for those claims for the annual assessment year September 1, 2004, to September
  1, 2005. Romarco agrees to pay to Owner on execution of this Agreement the sum
  of $263.50 representing reimbursement of the recording fees for recording
  of the notice of intent to hold for the unpatented mining claims. The costs
  reimbursed by Romarco to Owner shall not be credited against the Purchase Price
  or the Royalty. 

                4.2
             Production
  Royalty. Romarco shall pay to Owner a production royalty based on the Net
  Smelter Returns from the production or sale of Minerals from the Property, including
  any additions to the Property resulting from the parties’ location of
  unpatented mining claims in the Area of Interest. The Royalty percentage rate
  shall be three percent (3%). Romarco shall have the option to purchase the Royalty
  in accordance with the terms of the conveyance to be executed and delivered
  in accordance with Section 5.5. 

                4.3
             Method
  of Payment. Except as otherwise provided in this Agreement, all payments
  by Romarco to Owner shall be paid by check or wire transfer to an account designated
  by Owner. 

                4.4
             Late
  Charge and Interest. If Romarco does not timely pay any Payment or any other
  amount payable by Romarco under this Agreement within ten business (10) days
  after the date on which such payment is due, Romarco shall pay interest on such
  overdue amount at the greater of the Interest Rate or ten percent (10%) per
  annum. If any Payment or other amount payable by Romarco remains delinquent
  for a period in excess of thirty (30) days, Romarco shall pay to Owner, in addition
  to the late charge, interest from and after the due date at the Interest Rate.

                4.5
             Currency.
  All sums referred to in this Agreement are in United States currency.

	  	 3	  

 5.            Option.
  Owner grants to Romarco the exclusive right to purchase the Property, subject
  to the Royalty reserved by Owner and subject to Romarco’s obligations
  under the conveyance executed and delivered by Owner on the closing of the Option.
  Romarco may exercise the Option at any time after Romarco commits to commence
  development of a mine or mining on the Property or completes a positive feasibility
  study for development or mining on the Property. The Purchase Price for the
  Property shall be Five Thousand Dollars ($5,000.00) . 

                5.1
             Notice
  of Election. If Romarco elects to exercise the Option, Romarco shall deliver
  written notice to Owner. On Owner’s receipt of Romarco’s notice
  of exercise of the Option, the parties shall make diligent efforts to close
  the conveyance of the Property, as applicable, within thirty (30) days after
  Owner’s delivery of the notice.

                5.2
             Real
  Property Transfer Taxes. Romarco shall pay the real property transfer taxes,
  if any, the costs of escrow and all recording costs incurred in closing of the
  Option. The parties acknowledge that there are presently no real property transfer
  taxes assessed on the transfer of title to unpatented mining claims, including
  the unpatented mining claims which constitute the Property.

                5.3
             Proration
  of Taxes. Payment of any and all state and local real property and personal
  property taxes levied on the Property and not otherwise provided for in this
  Agreement shall be prorated between the parties as of the closing of any transaction
  on the basis of a thirty (30) day month. The parties acknowledge that there
  are presently no real property taxes assessed against unpatented mining claims,
  including the unpatented mining claims which constitute the Property.

                5.4
             Payment
  on Closing. On closing of the Option, Romarco shall pay the Purchase Price
  to Owner in cash or by wire transfer in accordance with Section 4.3

                5.5
             Conveyance
  on Closing. If Romarco exercises and closes the Option, Owner shall execute
  and deliver to Romarco a conveyance of the Property which contains the reservation
  of the Royalty and obligates Romarco to make the Payments in the form of Exhibit
  B attached to and by this reference incorporated in this Agreement. On the closing
  of the Option, the parties shall complete the conveyance by inserting the description
  of all of the unpatented mining claims which comprise the Property on closing
  of the Option. The execution, delivery and recording of the conveyance shall
  not constitute a merger of Romarco’s obligations under this Agreement
  which shall survive the closing of the Option. Owner and Romarco shall execute
  and deliver such other written assurances and instruments as are reasonably
  necessary for the purpose of closing the purchase of the Property.

                5.6
             Effect
  of Closing. On closing of the Option, Romarco shall own the Property, subject
  to the Royalty reserved by Owner and Romarco’s obligations which survive
  exercise of the Option and the obligations stated in the conveyance of the Property.

 6.            Compliance
  With The Law. Romarco shall, at Romarco’s sole cost, promptly comply
  with all Governmental Regulations relating to the condition, use or occupancy
  of the Property by Romarco, including but not limited to all exploration and
  development work performed by Romarco during the term of this Agreement. Romarco
  shall, at its sole cost, promptly comply with all applicable Governmental Regulations
  regarding reclamation of the Property and Romarco shall defend, indemnify and
  hold harmless Owner from any and all actions, assessments, claims, costs, fines,
  liability and penalties arising from or relating to Romarco’s failure
  to comply with any applicable Governmental 

	  	 4	  

 Regulations. Owner agrees to cooperate with Romarco in Romarco’s
  application for governmental licenses, permits and approvals, the costs of which
  Romarco shall bear.

 7.            Work
  Practices, Data, Reports and Operations. 

                7.1
             Work
  Practices. Romarco shall work the Property in a miner-like fashion.

                7.2
             Inspection
  of Data. During the term of this Agreement, Owner shall have the right to
  examine and make copies of all data, including interpretative data, regarding
  the Property in Romarco’s possession during reasonable business hours
  and upon prior notice, provided, however, that the rights of Owner to examine
  such data shall be exercised in a manner that does not interfere with the operations
  of Romarco. On execution of this Agreement, Owner shall allow Romarco to inspect
  all data, including interpreted data, regarding the Property in Owner’s
  possession. Romarco shall have the right to make copies of any such data, subject
  to Romarco’s confidentiality obligations and the obligation to return
  such data on termination of this Agreement (except on Romarco’s exercise
  of the Option).

                7.3
             Reports.
  On or before April 1 following each calendar year during which this Agreement
  is effective, Romarco shall deliver to Owner a comprehensive report, which includes
  all factual data, of all of Romarco’s activities conducted on the Property
  for the previous calendar year.

                7.4
             Owner’s
  Data and Information. On execution of this Agreement and on request by Romarco,
  Owner shall make available for Romarco’s inspection and copying Owner’s
  data and information concerning the geology, geochemistry or other technical
  aspects of the Property and any abstracts of title, preliminary title reports
  or title insurance policies for the Property. Romarco may exercise its right
  to inspect and copy Owner’s data and information during Owner’s
  regular business hours and on reasonable advance notice from Romarco to Owner
  which shall be not less than ten (10) business days. 

                7.5
             Cross
  Mining. Romarco is granted the right to mine and remove Minerals and products
  of Minerals and other materials from the Property through or by means of shafts,
  openings or pits which may be in or upon adjoining or nearby lands owned or
  controlled by Romarco. Romarco may use the Property and any shafts, openings
  and pits on the Property for the mining, removal, treatment and transportation
  of ores and materials from adjoining or nearby lands, or for any purpose connected
  with such activities. Romarco shall have the right to treat or process, in any
  manner (including in situ or solution mining), any Minerals, products of Minerals
  or other materials mined or produced from the Property and from other lands.
  Such treatment may be conducted wholly or in part at facilities established
  or maintained on the Property or on other lands. The tailings and residue from
  such treatment shall be deemed waste and may be deposited on the Property or
  on other lands and Romarco shall have no obligation to remove such Waste from
  the Property nor to return to the Property Waste resulting from the processing
  Minerals, products of Minerals or other materials from the Property. 

                7.6
             Unitization.
  Romarco's operations on the Property and its operations on other lands may be
  conducted upon the Property and upon any and all such other lands as a single
  mining operation, to the same extent as if all such properties constituted a
  single tract of land. 

	  	 5	  

                7.7           
  Stockpiling and Waste. Romarco shall have the right to stockpile
  on the Property or on other lands any Minerals, products of Minerals, waste
  or materials mined or produced from the Property at such place or places as
  Romarco may elect, without the obligation to remove them from where stockpiled
  or to return them to the Property. The stockpiling of Minerals or products of
  Minerals from the Property on other lands shall not be deemed a removal or shipment
  requiring payment in respect of Owner's interest. Romarco shall have the right
  to stockpile on the Property any ore, materials or waste mined or produced by
  Romarco from other lands without obligation to remove the same at any time.
  Owner agrees to recognize the rights and interests of others in such other ores,
  materials and waste stockpiled on the Property and to permit their removal by
  Romarco or the owner of such other ores, materials and wastes. Waste, overburden,
  surface stripping and other materials from the Property may be deposited on
  or off the Property. 

                7.8
             Commingling.
  Romarco shall have the right to commingle Minerals, products of Minerals
  and other materials from the Property and ores and other materials from other
  properties. Romarco shall measure, assay and sample Minerals, products of Minerals
  and materials from the Property and materials and ores from other properties
  before commingling. Representative samples of Minerals, products of Minerals
  and other ore and other materials shall be retained by Romarco, and assays of
  these samples shall be made before commingling to determine the metal content
  of each ore. Romarco shall keep detailed records of the measurements, assays
  of metal content and gross metal content of the Minerals, products of Minerals
  and other ore and materials. 

 8.            Scope
  of Agreement. This Agreement shall extend to and include the unpatented
  mining claims described in Exhibit A which is part of this Agreement, and in
  the exhibits which are part of this Agreement, and all other interests, mining
  claims and property rights made part of and subject to this Agreement in accordance
  with this Section. All unpatented mining claims amended or located by Owner
  or Romarco which are within the Area of Interest shall be amended and located
  in Owner’s name and shall be part of and subject to this Agreement. If
  a party locates any unpatented mining claims in the Area of Interest, the locator
  shall promptly notify the other party. The parties shall execute and deliver
  an amendment of this Agreement, in recordable form, which provides that the
  newly located unpatented mining claims are part of the Property and are subject
  to this Agreement. The amendment may be recorded by either party.

 9.            Liens
  and Notices of Non-Responsibility. Romarco agrees to keep the Property at
  all times free and clear of all liens, charges and encumbrances of any and every
  nature and description done made or caused by Romarco, and to pay, and defend,
  indemnify and hold harmless Owner from and against, all indebtedness and liabilities
  incurred by or for Romarco which may or might become a lien, charge or encumbrance;
  except that Romarco need not discharge or release any such lien, charge or encumbrance
  so long as Romarco disputes or contests the lien, charge or encumbrance and
  posts a bond sufficient to discharge lien acceptable to Owner. Subject to Romarco’s
  right to post a bond in accordance with the foregoing, if Romarco does not within
  thirty (30) days following the imposition of any such lien, charge or encumbrance,
  cause the same to be released of record, Owner shall have, in addition to Owner’s
  contractual and legal remedies, the right, but not the obligation, to cause
  the lien to be released by such manner as Owner deems proper, including payment
  of the claim giving rise to such lien, charge or encumbrance. All sums paid
  by Owner for and all expenses incurred by it in connection with such purpose,
  including court costs and attorney’s fees, shall be payable by Romarco
  to Owner on demand with interest at the Interest Rate. Notwithstanding the foregoing,
  Romarco shall have the right to grant a lien and security interest in its leasehold
  interest under this Agreement for the purpose of 

	  	 6	  

 obtaining financing for Romarco’s activities on the
  Property.

 10.          Taxes.
  

                10.1
            Real Property
  Taxes. Owner shall pay any and all taxes assessed and due against the Property
  before execution of this Agreement. Romarco shall pay promptly before delinquency
  all taxes and assessments, general, special, ordinary and extraordinary, that
  may be levied or assessed during the term of this Agreement upon the Property.
  All such taxes for the year in which this Agreement is executed and for the
  year in which this Agreement terminates shall be prorated between Owner and
  Romarco, except that neither Owner nor Romarco shall be responsible for the
  payment of any taxes which are based upon income, net proceeds, production or
  revenues from the Property assessed solely to the other party. The parties acknowledge
  that there are presently no real property taxes assessed against unpatented
  mining claims, including the unpatented mining claims which constitute the Property.

                10.2           Personal
  Property Taxes. Each party shall promptly when due pay all taxes assessed
  against such party’s personal property, improvements or structures placed
  or used on the Property.

                10.3           Income
  Taxes. Owner shall not be liable for any taxes levied on or measured by
  income or net proceeds, or other taxes applicable to Romarco, based upon payments
  under this Agreement or under the conveyance executed and delivered by Owner
  on the Closing of the Option.

                10.4           Delivery
  of Tax Notices. If Owner receives tax bills or claims which are Romarco’s
  responsibility, Owner shall promptly forward them to Romarco for payment. 

 11.          Insurance
  and Indemnity. 

                11.1
            Romarco’s
  Liability Insurance. Romarco shall, at Romarco’s sole cost, keep in
  force during this Agreement term a policy of commercial general liability insurance
  covering property damage and liability for personal injury occurring on or about
  the Property in with coverage in amounts considered reasonable under Nevada
  mineral exploration practices and standards, but not less that One Million Dollars
  ($1,000,000.00), and with a contractual liability endorsement insuring Romarco’s
  performance of Romarco’s indemnity obligations under this Agreement.

                11.2           Form
  and Certificates. Such policy shall name Owner as an additional insured
  and contain a cross-liability and severability endorsement. Romarco’s
  insurance policy shall also be primary insurance without right of contribution
  from any policy carried by Owner. A certificate of insurance and a copy of Romarco’s
  insurance policy shall be provided to Owner before any entry by Romarco or its
  agents or employees on the Property and shall provide that such policy is not
  subject to cancellation, expiration or change, except upon thirty (30) days
  prior written notice to Owner. 

                11.3           Waiver
  of Subrogation. Romarco and Owner each waives any and all rights of recovery
  against the other, and against the partners, members, officers, employees, agents
  and representatives of the other, for loss of or damage to the Property or injury
  to person to the extent such damage or injury is covered by proceeds received
  under any insurance policy carried by Owner or Romarco and in force at the time
  of such loss or damage.

	  	 7	  

                11.4           Indemnification.
  Romarco shall defend, indemnify and hold harmless Owner and its members,
  officers, directors, agents and employees from and against any and all claims,
  judgments, damage, demands, losses, expenses, costs or liability arising from
  or relating to Romarco’s activities or operations on the Property, excluding,
  however, those arising from or relating to Owner’s negligence. Owner shall
  defend, indemnify and hold harmless Romarco and its members, officers, directors,
  agents and employees from and against any and all claims, judgments, damage,
  demands, losses, expenses, costs or liability arising from or relating to Owner’s
  activities or operations on the Property, excluding, however, those arising
  from or relating to Romarco’s negligence, including any such claims, damages
  or losses arising from or relating to any physical condition existing on the
  Property on the Effective Date or arising from or relating to activities or
  operations conducted by Owner or its predecessors-in-interest or affecting the
  Property. 

 12.          Property
  Maintenance. 

                12.1           Claim
  Maintenance. 

                                   12.1.1
      Annual Assessment Work. To the extent required
  by law, beginning with the annual assessment work period of September 1, 2005,
  to September 1, 2006, and for each succeeding annual assessment work year commencing
  during the term of this Agreement, and not less than thirty (30) days before
  the applicable deadline, Romarco shall perform for the benefit of the Property
  work of a type customarily deemed applicable as assessment work and of sufficient
  value to satisfy the annual assessment work requirements of all applicable federal,
  state and local laws, regulations and ordinances, if any, and shall prepare
  evidence of the same in form proper for recordation and filing, and shall timely
  record and/or file such evidence in the appropriate federal, state and local
  office as required by applicable federal, state and local laws, regulations
  and ordinances. Romarco shall deliver to Owner proof of Romarco’s compliance
  with this Section not less than ten (10) days before the applicable deadline.
  If Romarco elects to terminate this Agreement more than two (2) months before
  the deadline for performance of annual assessment work for the succeeding annual
  assessment year, Romarco shall have no obligation to perform annual assessment
  work nor to prepare, record and/or file evidence of the same for the following
  annual assessment year. The parties acknowledge that there are presently no
  annual assessment work requirements for the unpatented mining claims which constitute
  the Property.

                                   12.1.2     
  Federal Mining Claim Maintenance Fees. If under applicable federal
  laws and regulations federal annual mining claim maintenance fees are required
  to be paid for the unpatented mining claims which constitute all or part of
  the Property, beginning with the annual assessment work period of September
  1, 2005, to September 1, 2006, and not less than thirty (30) days before the
  applicable deadline (except for the assessment year ending on September 1, 2005),
  Romarco shall timely and properly pay the federal annual mining claim maintenance
  fees, and shall execute and record or file, as applicable, proof of payment
  of the federal annual mining claim maintenance fees and of Owner's intention
  to hold the unpatented mining claims which constitute the Property. Romarco
  shall deliver to Owner proof of Romarco’s compliance with this Section
  not less than ten (10) days before the applicable deadline. If Romarco elects
  to terminate this Agreement more than two (2) months before the deadline for
  payment of the federal annual mining claim maintenance fees for the succeeding
  annual assessment year, Romarco shall have no obligation to pay the federal
  annual mining claim maintenance fees for the Property for the succeeding assessment
  year.

	  	 8	  

                12.2
            Amendment
  of Mining Laws.  The parties acknowledge that legislation for the amendment
  or repeal of the mining laws of the United States applicable to the Property
  has been, and in the future may be, considered by the United States Congress.
  The parties desire to insure that any and all interests of the parties in the
  lands subject to the unpatented mining claims which comprise all or part of
  the Property, including any rights or interests acquired in such lands under
  the mining laws as amended, repealed or superseded, shall be part of the Property
  and shall be subject to the Agreement. If the mining laws applicable to the
  unpatented mining claims subject to this Agreement are amended, repealed or
  superseded, the conversion or termination of Owner's interest in the Property
  pursuant to such amendment, repeal or supersession of the mining laws shall
  not be considered a deficiency or defect in Owner's title in the Property, and
  Romarco shall have no right or claim against Owner resulting from the conversion,
  diminution, or loss of Owner's interest in and to the Property, except as expressly
  provided in this Agreement.

 If pursuant to any amendment or supersession of the mining
  laws Owner is granted the right to convert its interest in the unpatented mining
  claims comprising the Property to a permit, license, lease, or other right or
  interest, all converted interests or rights shall be deemed to be part of the
  Property subject to this Agreement. Upon the grant or issuance of such converted
  interests or rights, the parties shall execute and deliver an addendum to this
  Agreement, in recordable form, by which such converted interests or rights are
  made subject to this Agreement.

 13.          Relationship
  of the Parties. 

                13.1
            No Partnership.
  This Agreement shall not be deemed to constitute any party, in its capacity
  as such, the partner, agent or legal representative of any other party, or to
  create any joint venture, partnership, mining partnership or other partnership
  relationship between the parties.

                13.2           Competition.
  Except as expressly provided in this Agreement, each party shall have the
  free and unrestricted right independently to engage in and receive the full
  benefits of any and all business endeavors of any sort outside the Property
  or outside the scope of this Agreement, whether or not competitive with the
  endeavors contemplated under this Agreement, without consultation with or participation
  of the other party. In particular, without limiting the foregoing, neither party
  to this Agreement shall have any obligation to the other as to any opportunity
  to acquire any interest, property or right offered to it outside the scope of
  this Agreement.

 14.          Inspection.
  Owner or Owner’s duly authorized representatives shall be permitted
  to enter on the Property and Romarco’s workings at all reasonable times
  for the purpose of inspection, but they shall enter on the Property at their
  own risk and in such a manner which does not unreasonably hinder, delay or interfere
  with Romarco’s operations.

 15.          Title.
  Owner represents and warrants that: (a) the claims were properly located
  in accordance with applicable federal and state laws and regulations; (b) all
  assessment work requirements for the claims have been performed and all filings
  and recordings of proof of performance have been made properly and the federal
  annual mining claim maintenance and rental fees have been paid properly; (c)
  the claims are in good standing; (d) subject to the paramount title of the United
  States, Owner has good right and full power to lease and to convey the interests
  described in this Agreement; (e) the claims are free and clear of all liens,
  claims and encumbrances created by, through or under Owner; and (f) Owner has
  not received from any third party notice of any claim, encumbrance or lien asserted,
  or 

	  	 9	  

 sought to be asserted, against Owner or the Property. Owner
  disclaims any representation or warranty concerning the existence or proof of
  a discovery of locatable minerals on or under the Property.

 16.         Covenants,
  Warranties and Representations. Each of the parties covenants, warrants
  and represents for itself as follows:

                16.1           Compliance
  with Laws. That it has complied with all applicable laws and regulations
  of any governmental body, federal, state or local, regarding the terms of and
  performance of its obligations under this Agreement.

                16.2           No
  Pending Proceedings. That there are no lawsuits or proceedings pending or
  threatened which affect its ability to perform the terms of this Agreement.

                16.3           Costs.
  That it shall pay all costs and expenses incurred or to be incurred by it in
  negotiating and preparing this Agreement and in closing and carrying out the
  transactions contemplated by this Agreement. 

                16.4           Brokers.
  That it has had no dealings with any agent, broker or finder in connection
  with this Agreement, and shall indemnify, defend and hold the other party harmless
  from and against any claims that may be asserted through such party that any
  agent’s broker’s or finder’s fee is due in connection with
  this Agreement.

                16.5           Patriot
  Act. It is not on the Specially Designated National & Blocked Persons
  List of the Office of Foreign Assets Control of the United States Treasury Department
  and is not otherwise blocked or banned by any foreign assets or any other law
  or regulation, including the USA Patriot Act or Executive Order 13224.

 17.          Termination
  by Owner. Any failure by Romarco to perform any of its covenants, liabilities,
  obligations or responsibilities under this Agreement shall be a default. Owner
  must give Romarco written notice of a default. If the default is not remedied
  within thirty (30) days after receipt of the notice, provided the default can
  reasonably be cured within that time, or, if not, if Romarco has not within
  that time commenced action to cure the same or does not after such commencement
  diligently prosecute such action to completion, Owner may terminate this Agreement
  by delivering notice to Romarco of Owner’s termination of this Agreement.
  On termination of this Agreement based on Romarco’s default, within ten
  (10) days after termination Romarco shall execute and deliver to Owner a release
  and termination of this Agreement in form acceptable for recording.

 18.          Termination
  by Romarco. Romarco may at any time terminate this Agreement by giving thirty
  (30) days advance written notice to Owner. If Romarco terminates this Agreement,
  Romarco shall perform all obligations and pay all payments which accrue or become
  due before the termination date. On Romarco’s termination of this Agreement,
  within ten (10) days after termination Romarco shall execute and deliver to
  Owner a release and termination of this Agreement in form acceptable for recording.

 19.          Surrender
  of Property. On expiration or termination of this Agreement, Romarco shall
  surrender the Property promptly to Owner and at Romarco’s sole cost shall
  remove from the Property all of Romarco’s buildings, equipment and structures.
  Romarco shall reclaim the Property in 

	  	 10	  

 accordance with all applicable Governmental Regulations. Romarco
  shall: (a) cause to be properly removed from the Property all hazardous materials
  stored at the Property in connection with Romarco’s use of the Property
  or in connection with hazardous materials; and (b) cause to be properly dismantled,
  closed and removed from the Property all devices, drums, equipment and containments
  used for handling, storing or treating hazardous materials.

 20.          Data.
  Within thirty (30) days following termination of this Agreement, Romarco
  shall deliver to Owner copies of all data regarding the Property in Romarco’s
  possession at the time of termination which before termination have not been
  furnished to Owner and, at Owner’s request, Romarco shall deliver to Owner
  all drilling core, samples and sample splits taken from the Property.

 21.          Confidentiality.
  The data and information, including the terms of this Agreement, coming
  into a party’s possession by virtue of this Agreement shall be deemed
  confidential and shall not be disclosed to outside third parties except as may
  be required to publicly record or protect title to the Property or to publicly
  announce and disclose information under Governmental Regulations or under the
  rules and regulations of any stock exchange on which the stock of any party,
  or the parent or affiliates of any party, is listed. Each party agrees to inform
  the other party of the content of the announcement or disclosure in sufficient
  time to permit the other party to jointly or simultaneously make a similar public
  announcement or disclosure. If a party negotiates for a transfer of all or any
  portion of its interest in the Property or under this Agreement or negotiates
  to procure financing or loans relating to the Property, in order to facilitate
  any such negotiations such party shall have the right to furnish information
  to third parties, provided that each third party to whom the information is
  disclosed agrees to maintain its confidentiality in the manner provided in this
  Section.

 22.          Assignment.
  

                22.1
            Romarco’s
  Assignment. Except as expressly provided in this Agreement, Romarco shall
  not assign or convey (a “Transfer”) all or any part of its interest
  in this Agreement or the Property, without, in each case, Owner’s prior
  written consent, which shall not be withheld unreasonably, except that without
  Owner’s prior consent Romarco may assign or convey all or any part of
  its interest in this Agreement and the Property to an affiliate of Romarco or
  to a joint venture, limited liability company or partnership of which Romarco
  is a member or partner. Owner shall respond to Romarco’s request for consent
  to assignment within fifteen (15) business days following Owner’s receipt
  of Romarco’s request, and Owner’s failure to respond during such
  fifteen (15) day period shall be deemed to be Owner’s consent to the proposed
  assignment.

                22.2           Owner’s
  Assignment. Subject to Romarco’s rights under this Agreement, Owner
  shall have the right to assign, convey, encumber, or sell all or any part of
  its interest in this Agreement or the Property. No change in ownership of Owner's
  interest in the Property shall affect Romarco's obligations under this Agreement
  unless and until Owner delivers and Romarco receives copies of the documents
  which demonstrate the change in ownership of Owner's interest. Until Romarco
  receives Owner's notice and the documents required to be delivered under this
  Section, Romarco may continue to make all payments under this Agreement as if
  the transfer of Owner's ownership interest had not occurred. No division of
  Owner's ownership as to all or any part of the Property shall enlarge Romarco's
  obligations or diminish Romarco's rights under this Agreement. 

 23.          Memorandum
  Agreement. The parties shall execute and deliver a memorandum of this 

	  	 11	  

 Agreement. The execution of the memorandum shall not limit,
  increase or in any manner affect any of the terms of this Agreement or any rights,
  interests or obligations of the parties.

 24.          Notices.
  Any notices required or authorized to be given by this Agreement shall be
  in writing and shall be sent either by commercial courier, facsimile, or by
  certified U.S. mail, postage prepaid and return receipt requested, addressed
  to the proper party at the address stated below or such address as the party
  shall have designated to the other parties in accordance with this Section.
  Such notice shall be effective on the date of receipt by the addressee party,
  except that any facsimiles received after 5:00 p.m. of the addressee’s
  local time shall be deemed delivered the next day.

	 	 If to Owner:  	 Scoonover Exploration,  
	 	  	 a Nevada Limited Liability Company  
	 	  	P.O. Box 2021 
	 	  	 Elko, Nevada 89803  
	 	  	 
	 	 If to Romarco :  	 Romarco Minerals U.S. Inc.  
	 	  	 80 Bitterbrush Road  
	 	  	 Reno, Nevada 89523-9679  
	 	  	 
	 	  	 Romarco Minerals Inc.  
	 	  	 885 W. Georgia Street  
	 	  	 Suite 1500  
	 	  	 Vancouver, BC, Canada V6C 3E8  

 25.          Binding
  Effect of Obligations. This Agreement shall be binding upon and inure to
  the benefit of the respective parties and their successors or assigns.

 26.          Entire
  Agreement. The parties agree that the entire agreement between them is written
  in this Agreement and in a memorandum of agreement of even date. There are no
  terms or conditions, express or implied, other than expressly stated in this
  Agreement. This Agreement may be amended or modified only by a written instrument
  signed by the parties with the same formality as this Agreement. 

 27.          Governing
  Law and Forum Selection. This Agreement shall be construed and enforced
  in accordance with the laws of the State of Nevada. Any action or proceeding
  concerning the construction, or interpretation of the terms of this Agreement
  or any claim or dispute between the parties shall be commenced and heard in
  the Second Judicial District Court of the State of Nevada, in and for the County
  of Washoe, Reno, Nevada.

 28.          Multiple
  Counterparts. This Agreement may be executed in any number of counterparts,
  each of which shall be deemed to be an original, but all of which shall constitute
  the same Agreement.

 29.          Severability.
  If any part, term or provision of this Agreement is held by a court of competent
  jurisdiction to be illegal or in conflict with any Governmental Regulations,
  the validity of the remaining portions or provisions shall not be affected,
  and the rights and obligations of the parties shall be construed and enforced
  as if the Agreement did not contain the particular part, term or provision held
  to be invalid.

	  	 12	  

 30.          Time
  of Essence. Time is of the essence in the performance of the parties’
  obligations under this Agreement.

                 The
  parties have executed this Agreement effective as of the Effective Date. 

	 Scoonover Exploration, a Nevada Limited 
    	 	 	  
	 Liability Company  	 	 Romarco Minerals U.S. Inc.  
	 	  	 	 	 
	By	 
    	 	 	  
	 	              
           E.L. Hunsaker III, Manager  	 	By	 
    
	 	  	 	 	                  
       Diane Garrett, President  
	By	 
    	 	 	  
	 	              
           David D. Loreman, Manager  	 	 	  

	  	 13	  

	 STATE OF TEXAS,  	 )  	  
	  	 ss.  	  
	 COUNTY OF KERR  	 )  	  

                This
  Mining Lease and Option to Purchase Agreement was acknowledged before me on
  November ______ , 2004, by E.L. Hunsaker III, as Manager of Scoonover Exploration,
  a Nevada Limited Liability Company. 

	 	 	 
	  	  	 Notary Public  
	  	 	 
	 STATE OF NEVADA,  	 )  	  
	  	 ss.  	  
	 COUNTY OF  	 )  	  

                This
  Mining Lease and Option to Purchase Agreement was acknowledged before me on
  November ______ , 2004, by David D. Loreman, as Manager of Scoonover Exploration,
  a Nevada Limited Liability Company. 

	 	 	 
	  	  	 Notary Public  
	  	 	 
	 STATE OF TEXAS,  	 )  	  
	  	 ss.  	  
	 COUNTY OF KERR  	 )  	  

                This
  Mining Lease and Option to Purchase Agreement was acknowledged before me on
  November ______ , 2004, by Diane Garrett as President of Romarco Minerals U.S.
  Inc. 

	 	 	 
	  	  	 Notary Public  

  

	  	 14	  

 Mining Lease and Option to Purchase Agreement 

  Exhibit A 

  Description of DS & GM Unpatented Mining Claim Group 

  Eureka County, Nevada 

	Claim Name	 BLM  	 Eureka County  	 
	 
    	
      NMC #  	
      Book  	
      Page  
	 DS 8  	 878988  	  395  	 332  
	 DS 9  	 878989  	  395  	 333  
	 DS 10  	 878990  	  395  	 334  
	 DS 12  	 878991  	  395  	 335  
	 DS 14  	 878992  	  395  	 336  
	 DS 16  	 878993  	  395  	 337  
	 DS 37  	 878994  	  395  	 338  
	 DS 39  	 878995  	  395  	 339  
	 DS 41  	 878996  	  395  	 340  
	 DS 43  	 878997  	  395  	 341  
	 DS 47  	 878998  	  395  	 342  
	 DS 48  	 878999  	  395  	 343  
	 DS 49  	 879000  	  395  	 344  
	 	 	 	 
	 DS 7  	 880446  	  398  	 162  
	 DS 11  	 880447  	  398  	 163  
	 DS 13  	 880448  	  398  	 164  
	 DS 15  	 880449  	  398  	 165  
	 DS 17  	 880450  	  398  	 166  
	 DS 18  	 880451  	  398  	 167  
	 DS 19  	 880452  	  398  	 168  
	 DS 20  	 880453  	  398  	 169  
	 DS 21  	 880454  	  398  	 170  
	 DS 22  	 880455  	  398  	 171  
	 DS 23  	 880456  	  398  	 172  
	 DS 24  	 880457  	  398  	 173  
	 DS 25  	 880458  	  398  	 174  
	 DS 26  	 880459  	  398  	 175  
	 DS 27  	 880460  	  398  	 176  
	 DS 28  	 880461  	  398  	 177  
	 DS 29  	 880462  	  398  	 178  
	 DS 30  	 880463  	  398  	 179  
	 DS 31  	 880464  	  398  	 180  
	 DS 32  	 880465  	  398  	 181  
	 DS 33  	 880466  	  398  	 182  
	 DS 34  	 880467  	  398  	 183  
	 DS 35  	 880468  	  398  	 184  

	  	 15	  

 

	 DS 36  	 880469  	 398  	 185  
	 DS 38  	 880470  	 398  	 186  
	 DS 40  	 880471  	 398  	 187  
	 DS 42  	 880472  	 398  	 188  
	 DS 44  	 880473  	 398  	 189  
	 DS 45  	 880474  	 398  	 190  
	 DS 46  	 880475  	 398  	 191  
	 DS 50  	 880476  	 398  	 192  
	 DS 51  	 880477  	 398  	 193  
	 DS 52  	 880478  	 398  	 194  
	 DS 53  	 880479  	 398  	 195  
	 DS 54  	 880480  	 398  	 196  
	 DS 55  	 880481  	 398  	 197  
	 DS 56  	 880482  	 398  	 198  
	 DS 57  	 880483  	 398  	 199  
	 DS 58  	 880484  	 398  	 200  
	 DS 59  	 880485  	 398  	 201  
	 DS 60  	 880486  	 398  	 202  
	 DS 61  	 880487  	 398  	 203  
	 DS 62  	 880488  	 398  	 204  
	 DS 63  	 880489  	 398  	 205  
	 DS 64  	 880490  	 398  	 206  
	 DS 65  	 880491  	 398  	 207  
	 DS 66  	 880492  	 398  	 208  
	 DS 67  	 880493  	 398  	 209  
	 DS 68  	 880494  	 398  	 210  
	 DS 69  	 880495  	 398  	 211  
	 DS 70  	 880496  	 398  	 212  
	 DS 71  	 880497  	 398  	 213  
	 DS 72  	 880498  	 398  	 214  
	 DS 73  	 880499  	 398  	 215  
	 DS 74  	 880500  	 398  	 216  
	 DS 75  	 880501  	 398  	 217  
	 DS 76  	 880502  	 398  	 218  
	 DS 77  	 880503  	 398  	 219  
	 DS 78  	 880504  	 398  	 220  
	 DS 79  	 880505  	 398  	 221  
	 DS 80  	 880506  	 398  	 222  
	 DS 81  	 880507  	 398  	 223  
	 DS 82  	 880508  	 398  	 224  
	 DS 83  	 880509  	 398  	 225  
	 DS 84  	 880510  	 398  	 226  
	 DS 85  	 880511  	 398  	 227  
	 DS 86  	 880512  	 398  	 228  
	 	 	 	 
	GM 7	 879912  	 397  	 298  

	  	 16	  

 

	 GM 8	 879913  	 397  	 299  
	 GM 9	 879914  	 397  	 300  
	 GM 10	 879915  	 397  	 301  
	 GM 11	 879916  	 397  	 302  
	 GM 12	 879917  	 397  	 303  
	 GM 13	 879918  	 397  	 304  
	 GM 14	 879919  	 397  	 305  
	 GM 15	 879920  	 397  	 306  
	 GM 16	 879921  	 397  	 307  
	 GM 17	 879922  	 397  	 308  
	 GM 18	 879923  	 397  	 309  
	 GM 19	 879924  	 397  	 310  
	 GM 20	 879925  	 397  	 311  
	 GM 21	 879926  	 397  	 312  
	 GM 22	 879927  	 397  	 313  
	 GM 23	 879928  	 397  	 314  
	 GM 24	 879929  	 397  	 315  
	 	 	 	 
	 GM 25	 880438  	 398  	 150  
	 GM 26	 880439  	 398  	 151  
	 GM 27	 880440  	 398  	 152  
	 GM 28	 880441  	 398  	 153  
	 GM 29	 880442  	 398  	 154  
	 GM 30	 880443  	 398  	 155  
	 GM 31	 880444  	 398  	 156  
	 GM 32	 880445  	 398  	 157  
	 GM 33	 880434  	 398  	 158  
	 GM 34	 880435  	 398  	 159  
	 GM 35	 880436  	 398  	 160  
	 GM 36	 880437  	 398  	 161  

	  	 17Filed by Automated Filing Services Inc. (604) 609-0244 - Romarco Minerals U.S. Inc. - Exhibit 4.11

 AMENDING AGREEMENT

THIS AGREEMENT effective the 30th day of December, 2004

 BETWEEN: 

Romarco Minerals Inc., a company
  incorporated under the laws of Ontario and having an address of Suite 1500,
  885 West Georgia Street, Vancouver, British Columbia V6C 3E8, facsimile no.:
  (604) 688-9274 

(hereinafter collectively called "Romarco")

 AND: 

Paragon Precious Metals, LLC., a
  limited liability company, organized under the laws of the State of Nevada and
  having an address of 80 Bitterbrush Road, Reno, Nevada 89523, facsimile no.:
  (775) 345-7699 

(hereinafter called "Paragon) 

              WHEREAS
  Romarco and Paragon entered into a Mining Lease Agreement dated December 31,
  2003 (the “Mining Lease Agreement”) covering certain unpatanted
  mining claims situated in Humboldt County, Nevada known as the Buckskin-National
  Gold Project. 

 The parties have agreed to the following amendments. 

              NOW
  THEREFORE for good and valuable consideration the parties agree that the
  Mining Lease Agreement is amended as follows: 

	 1.      	 The Share Payment schedule as per Section 5.3 of
        the Mining Lease Agreement shall be amended as follows: 

	 
	 	 5.3    Share Payment. Romarco
        will issue to Paragon up to 1,500,000 fully paid and non- assessable Shares
        as consideration for the Lease of the Property according to the following
        schedule: 

	 
	 	 (a)    300,000 Shares upon execution
        of this Agreement; 

	 
	 	 (b)    300,000 Shares on or before
        January 15, 2005; 

	 
	 	 (c)    as of December 31st in
        each of 2005, 2006, and 2007, that number of Shares which is equal to
        the number which is obtained by dividing $300,000 by the greater of
        (i) $1.00; and (ii) the average Market Price of the 20 trading days
        immediately prior to December 31st in that year (converted
        into U.S. dollars at the average exchange rate quoted by the Bank of Canada
        for that 20 day period) as promptly as reasonably practicable after that
        date; 

	 	 (each a “Share Payment” and collectively
        the “Share Payments”) provided that in the event of
        any alteration of the Shares, including any subdivision, consolidation
        or reclassification, and in the event of any form of reorganization of
        Romarco, including any amalgamation, merger or arrangement, Paragon shall,
        following the occurrence of any of those events, be entitled to receive
        the same number of Shares that it would have been entitled to receive
        had the Share Payment been made immediately prior to the occurrence of
        those events, and in the case of more that one such event, all adjustments
        shall be cumulative. 

	 
	 2.      	 All other terms and conditions of the Mining Lease
        Agreement remain unchanged. 

	 Romarco Minerals Inc.  	 	 Paragon Precious Metals, LLC  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 Diane R. Garrett  	 	 Robert M. Hatch  
	 President & CEO  	 	 Manager and Member

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]