Document:

Option to purchase agreement

 EXHIBIT 10.15 
 OPTION TO PURCHASE AGREEMENT 
 THIS OPTION TO PURCHASE AGREEMENT (this
“Agreement”) is entered into effective as of the 27th day of March, 2007 (the “Effective Date”) by and between NEWMONT REALTY COMPANY, a Delaware corporation(“Seller”), whose address is 1700
Lincoln Street, Suite 3600, Denver, Colorado 80203, and AURELIO RESOURCE CORPORATION, a Colorado corporation (“Buyer”), whose address is 5554 South Prince Street, Suite 200, Littleton, Colorado 80120, in consideration of the
payments to be made pursuant to, the mutual covenants contained in, and the mutual benefits to be derived from this Agreement. 
 SECTION
1. OPTION TO PURCHASE 
 1.1 Grant of Option. Seller hereby grants to Buyer the exclusive and irrevocable option to purchase
patented claims owned by Seller on the terms and conditions of this Agreement (the “Option”). As used in this Agreement, the term “Property” shall mean the patented claims described in Exhibit A attached
hereto. The period of the Option shall be one year from the Effective Date, which period shall be extended until Closing occurs in the event that Buyer appropriately exercises the Option (the “Option Period”), unless sooner
terminated pursuant to Section 5 below. 
 1.2 Option Payments. Subject to prior termination of this Agreement as provided for
herein, Buyer shall pay to Seller the following option payments on or before the due date applicable thereto (“Option Payments”): 
  

				
	Payment Amount	  	 Due Date

	$	25,000.00	  	Execution of this Agreement
	$	25,000.00	  	Six Months after the Effective Date
	$	25,000.00	  	Nine Months after the Effective Date
	$	25,000.00	  	Twelve Months after the Effective Date

 All Option Payments made to Seller shall be credited toward the purchase price of the Property set forth in
Section 2.2 below. 
 1.3 Limited Access Rights. Until the termination of this Agreement, (a) Seller shall allow Buyer
access to the Property solely for the purpose of exploring for ores, metals, minerals or similar products, and (b) Seller grants to Buyer the right (to the extent permitted under Seller’s retained rights to the Property) to conduct such
exploration; provided, however, that Buyer shall have no right to mine, otherwise develop, or sell ores, metals, minerals or other products or mineral rights of any kind or nature found in, under or upon the surface or subsurface of the Property
until such time as Closing shall have occurred hereunder. Except as specifically set forth in Section 2.4.3, below, as of the Effective Date, (i) Buyer assumes all liability with respect to the Property, and (ii) Buyer shall
indemnify, defend, and hold harmless Seller, its affiliates, and their respective employees, agents, officers and directors from and against any and all losses, claims, actions, suits (including costs and reasonable attorneys’ fees), and
damages arising with respect to the Property or with respect to Seller’s activities on the Property on and after the Effective Date. 
 1.4 Reclamation. Upon termination of this Agreement (other than as a result of Closing having occurred), Buyer shall reclaim all surface disturbances caused by its activities on the Property in accordance with all applicable laws,
shall otherwise perform all 

 
obligations and satisfy all liabilities to Seller and to third parties respecting the Property that have accrued prior to the date of such termination, and
shall cease and desist all activities on the Property other than those required to fulfill its obligations under this Section. 
 1.5
Press Releases. Buyer shall not issue any press releases referencing Seller without Seller’s prior written consent, which consent shall not be unreasonably withheld. Seller acknowledges Buyer’s obligations under the Securities Laws of
the United States of America to disclose material information to the public, and will exercise its foregoing consent rights concerning press releases giving due consideration to Buyer’s obligations. 
 SECTION 2. EXERCISE OF OPTION 
 2.1
Exercise of Option. Upon payment to Seller of all four Option Payments, the Option will be deemed to have been exercised. 
 2.2
Purchase Price. The total purchase price of the Property shall be ONE HUNDRED THOUSAND DOLLARS ($100,000.00). 
 2.3 No
Reliance. Buyer is relying solely on Buyer’s own investigation in entering into this Agreement and providing consideration to Seller for the Option and for the Property, and Buyer is not relying on any representation of Seller or its agents
with respect thereto other than as may be expressly set forth in this Agreement. 
 2.4 Closing. If Buyer exercises the Option prior
to the expiration of the Option Period, the closing of the sale of the Property shall take place within 60 days following the receipt by Seller of the fourth Option Payment or at such other time as may be mutually agreed to by the parties
(“Closing”). Closing shall be held at a date (the “Closing Date”), time and place as may be mutually agreed upon by the parties. At Closing, the following shall occur: 
 2.4.1 Seller shall deliver to Buyer a properly executed and acknowledged Quitclaim Deed, in the form set forth in Exhibit B attached hereto,
conveying the Property to Buyer. 
 2.4.2 Buyer shall convey to Seller a net smelter return royalty (“Net Smelter Return
Royalty”) on mineral production from the Property, from the Man 1-13 (AMC Nos. 364635-364640, 367982-367988) and Man 14-21, 23-31 unpatented claims (AMC Nos. 377495-377511), and from any other property hereafter owned, leased, subleased or
otherwise controlled by Buyer or any of its affiliates within the area of interest defined on Exhibit C attached hereto (“Area of Interest”) by delivering to Seller an executed royalty deed in the form of Exhibit D
attached hereto (the “Royalty Deed”). 
 2.4.3 Ad Valorem, property and other taxes and assessments imposed upon the
Property shall be prorated between Seller and Buyer as of the Closing Date, with Seller being charged for and paying all such taxes and assessments prior to the Closing Date and Buyer being charged for and paying all such taxes and assessments on
and after the Closing Date. 
 2.5 Non-Exercise of Option. Buyer’s Notice of waiver of the Option or Buyer’s failure to pay
any one of the Option Payments prior to its due date will constitute an irrevocable waiver of the Option by Buyer and the parties thereafter will be released from the terms of this Agreement except as otherwise expressly set forth herein.

  

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 SECTION 3. TITLES AND INFORMATION 
 3.1 Seller’s Disclosures. Seller has no actual knowledge of (a) any environmental hazards or dump sites on the Property, or of any part
of the Property that contains any condition that could result in recovery by any governmental agency or private party of remedial or removal costs, natural resources damages, property damages, damages for personal injuries or other costs, expenses,
damages or injunctive relief arising from any alleged injury or threat of injury to health, safety or the environment relating to the Property; or (b) any liens, encumbrances, suits, actions, judgments or pending litigation, arbitration,
governmental investigation or other similar matters affecting, concerning or threatening the Property. 
 3.2 Title Defects. If Buyer
reasonably determines, during the Option Period, that title to any of the Property is defective, Buyer may give Notice to Seller of such defect. Upon receipt of such Notice, Seller may, at its option, (a) take such action as it deems
appropriate to cure such defect within a reasonable period of time, or (b) by Notice to Buyer, decline to take such action, in which case Buyer may undertake, at its sole expense, to cure any such defects or to defend or to initiate litigation
to perfect, defend, or cure title to the Property. Seller shall cooperate with Buyer in any and all steps reasonably undertaken by Buyer to remedy title defects. 
 SECTION 4. RIGHT OF FIRST OFFER 
 4.1 If Buyer intends to enter into a joint venture, or
transfer all or any part of its interest (the “Transaction”), including but not limited to any royalty, in the Property, the Man 1-13 (AMC Nos. 364635-364640, 367982-367988) and the Man 14-21, 23-31 unpatented claims (AMC Nos.
377495-377511) and any other property hereafter owned, leased, subleased or otherwise controlled by Buyer or any of its affiliates within the Area of Interest (“Offered Property”), it shall promptly give Notice to Seller,
specifically identifying the Offered Property, the price, and all other pertinent terms and conditions of the Transaction on such terms as Buyer is willing to accept, which in the case of a transfer shall be for monetary consideration only
(“Offered Terms”). Buyer shall include with such Notice all data pertaining to the Offered Property that was not previously provided to Seller. Seller shall have 60 days from the date such Notice is delivered to notify Buyer whether
it elects to participate in the Transaction on the Offered Terms. If Seller does elect to participate in the Transaction, closing of the Transaction shall occur within 60 days after Notice of such election is delivered to Buyer or within such other
time frame as may be mutually agreed upon by the parties and, effective as of such closing, the Net Smelter Return Royalty due Seller shall be waived for the Offered Property. If Seller fails to provide Buyer with Notice of its election to
participate in the Transaction within such 60 days, such failure shall be deemed to be an election to not participate in the Transaction, and the Net Smelter Return Royalty due Seller shall remain in effect. If Seller elects not to participate in
the Transaction, Buyer shall have 150 days following the expiration of such period to complete the Transaction, with respect to the entire Offered Property, to a third party at a price and on terms no less favorable to Buyer than the Offered Terms;
provided, however, that Buyer shall be entitled to sell the Offered Property for non-cash consideration if such consideration has a monetary value equal to or greater than the cash price included in the Offered Terms. Such Transaction may be made
only if the other party thereto agrees in writing with Seller to assume all of Buyer’s obligations under this Agreement with respect to the Offered Property; provided, however, no joint venture or other transfer of any interest in the Property
or this Agreement shall relieve Buyer of its obligations under this Agreement unless Seller otherwise agrees in writing. If Buyer fails to complete such Transaction within such period with respect to 

  

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the entire Offered Property to a third party on terms no less favorable to Buyer than the Offered Terms, Seller’s right of first offer in the Offered
Property shall be revived. Any subsequent proposal by Buyer to transfer the Offered Property, or any part thereof, shall be deemed a new Transaction and shall be governed by all of the procedures set forth in this Section. This obligation will apply
to Buyer and any successor (including affiliates and successors by merger) but shall not apply to (a) any equity offering made by Buyer, (b) any full or partial sale of Buyer made other than to circumvent this restriction, or (c) any
transfer to a wholly-owned affiliate. The term of this right of first offer shall expire 10 years from the Effective Date. 
 SECTION 5.
TERMINATION 
 5.1 By Seller. At the election of Seller, the failure of Buyer to timely make or cause to be made any of the Option
Payments or to keep or perform any other agreement on Buyer’s part to be kept or performed according to the terms or provisions of this Agreement shall constitute an event of default. Upon an event of default, Seller may give to Buyer Notice of
default, specifying the particular default or defaults relied on by Seller. Buyer shall have 30 days after receipt of such Notice in which to cure the alleged default or defaults. Upon Buyer’s failure to cure the default, Seller may declare, by
Notice to Buyer, termination of this Agreement. 
 5.2 By Buyer. Notwithstanding any provisions herein to the contrary, Buyer may at
any time terminate and surrender this Agreement as to all of the Property by giving Notice to Seller. Promptly thereafter Buyer shall deliver to Seller a properly executed release of the Option as to the Property. 
 5.3 Upon Expiration of the Option Period or Upon Closing. This Agreement shall automatically terminate upon the earlier to occur of the expiration
of the Option Period or Closing. 
 5.4 Obligations Upon Termination. Upon termination of this Agreement, neither party shall be under
any further obligation or liability under this Agreement to the other from and after the date of termination, except as specifically set forth in Section 7.5. Any and all Option Payments made to Seller as of the date of any such termination
shall be and remain the property of Seller and Buyer shall be entitled to no refund thereof. 
 SECTION 6. NOTICES AND PAYMENTS

 6.1 Method of Making Payments. Any payments required to be made by Buyer to Seller hereunder may be made in cash or by check,
in the sole discretion of Buyer, and may be personally delivered or deposited in the United States mail, postage prepaid, certified, with return receipt requested and addressed to Seller at the first address shown below. 
 6.2 Notices. Any notice or communication required under this Agreement (“Notice”) shall be in writing and shall be effective when
addressed: 
  

			
	If to Seller:	 	Newmont Realty Company
		 	Attention Land Department
		 	1700 Lincoln Street, Suite 3600
		 	Denver, Colorado 80203
		 	Fax No.: 303-837-5851

  

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	Buyer:	 	Aurelio Resource Corporation
		 	Attention David Stafford Johnson
		 	5554 South Prince Street, Suite 200
		 	Littleton, Colorado 80120
		 	Fax No: 303-607-6528

 and (a) personally delivered, (b) three business days after it is deposited, postage prepaid, certified
mail with return receipt requested, in the United States mail, or (c) sent via electronic facsimile with confirmation of delivery. Either Seller or Buyer may, by Notice to the other given as aforesaid, change its address for future Notices.

 SECTION 7. GENERAL 
 7.1 Entire Agreement; Modification. This Agreement (including the Exhibits hereto which are incorporated herein by this reference) is the entire agreement between the parties pertaining to the subject matter hereof and supersedes,
merges, and voids all negotiations, prior discussions, and prior agreements and understandings, whether written or oral, relating to the subject matter hereof. No modification of this Agreement shall be effective unless in writing and executed by
both parties to this Agreement. 
 7.2 Governing Law. This Agreement shall be governed in all respects by the laws of the State of
Arizona. 
 7.3 Further Documents. The parties shall execute all such further documents and do all such further things as may be
necessary to give full effect to the terms of this Agreement, whether before, at, or after Closing, including, without limitation, the execution and recording of a recordable memorandum counterpart of this Agreement. 
 7.4 Assignment; Binding Effect. This Agreement and all rights and obligations hereunder shall not be assigned by either party without the prior
written consent of the other. Subject to the foregoing, all of the covenants, conditions and provisions of this Agreement shall run with the Property and shall inure to the benefit of and be binding upon the parties and their respective heirs,
executors, administrators, successors and assigns. 
 7.5 Survival. To the extent necessary to effectuate the intention of the
parties, the obligations and rights of the parties under this Agreement shall survive (a) exercise of the Option and the delivery of all deeds and other instruments at Closing, (b) expiration of the Option Period, and (c) termination
of this Agreement, specifically including without limitation the provisions set forth in Sections 1.3(ii), 1.4, 1.5, 4.1, 7.3, and 7.6. 
 7.6 Brokers; Attorney Fees; Construction. Each party acknowledges and represents that it has not entered into any brokerage, listing, or sales agency agreement with any real estate broker or agent with respect to the sale of the
Property. If any real estate broker, attorney, or agent subsequently claims any fee or commission with respect to the sale of the Property hereunder, the party through whom the broker claims the fee will indemnify the other party and hold that party
harmless against all claims by the broker or agent. Each party shall bear the attorney fees incurred through their respective attorneys with respect to this Agreement and Closing. Each party and counsel for each party has reviewed, or has had the
opportunity to review, this Agreement and, accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
  

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 7.7 Severability; Counterparts; Facsimile. If any provision hereof is held to be inapplicable or
unenforceable under applicable laws, then that provision shall be deemed severed from this Agreement. All other provisions shall continue in full force and effect. This Agreement may be executed in duplicate original counterparts and by use of
facsimile signatures. 
 EXECUTED as of the Effective Date. 
  

									
	SELLER:	 		 	BUYER:
			
	NEWMONT REALTY COMPANY	 		 	AURELIO RESOURCE CORPORATION
					
	By:	 	 /s/ Thomas M. Roesch
	 		 	By	 	 /s/ Fred W. Warnaars

	Name:	 	Thomas M. Roesch	 		 	Name:	 	Fred W. Warnaars
	Title:	 	Vice President	 		 	Title:	 	President

  

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 EXHIBIT A 
 TO 
 OPTION TO PURCHASE AGREEMENT 
 DESCRIPTION OF PROPERTY 
 The land referred to herein is situate in the State of Arizona,
County of Cochise, more particularly described as follows: 
 TOWNSHIP 19 SOUTH, RANGE 25 EAST, 
 Section 21 and 28 
  

			
	Patented Claims:	 	
		
	Banner (100%)	 	MS 2665
	Australia (50%)	 	MS 2645

  

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 EXHIBIT B 
 TO 
 OPTION TO PURCHASE AGREEMENT 
 Recording requested by, and to be returned to: 
 Aurelio Resource Corporation 
 5554 South Prince Street, Ste 200 
 Littleton, Colorado 80120 
 QUITCLAIM DEED 
 THIS
INDENTURE is made and entered into as of the      day of                     ,
200    , by and between NEWMONT REALTY COMPANY, a Delaware corporation (“Grantor”), and AURELIO RESOURCE CORPORATION, a Colorado corporation (“Grantee”); 
 WITNESSETH 
 That Grantor, for and in
consideration of the sum of ten dollars, and other good and valuable consideration paid to it by Grantee, the receipt of which is hereby acknowledged, does, by these presents, convey and quitclaim unto Grantee, and to the successors and assigns of
Grantee, forever all that certain real property situate, lying and being in the County of Cochise, State of Arizona, and more particularly described as follows: 
 See Exhibit “A” attached hereto and incorporated herein by this reference. 
 TO HAVE AND TO
HOLD, all and singular, the said premises, together with the appurtenances unto Grantee and to the successors and assigns of Grantee forever. 
 IN WITNESS WHEREOF, Grantor has hereunto set its hand as of the day and year first hereinabove written. 
  

			
	NEWMONT REALTY COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	Vice President

  

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	STATE OF COLORADO	 	)
		 	) ss.
	COUNTY OF                     	 	)

 On this      day of
                    , 200    , personally appeared before me, a Notary Public,
                    , a Vice President of NEWMONT REALTY COMPANY, a Delaware corporation, personally known (or proved) to me to be said person
whose name is subscribed to the above instrument who acknowledged that he executed the instrument on behalf of NEWMONT REALTY COMPANY. 
  

	
	  

	NOTARY PUBLIC

  

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 EXHIBIT A 
 TO 
 QUITCLAIM DEED 
 LEGAL DESCRIPTION 
 The land referred to herein is situate in the State of Arizona, County of
Cochise, more particularly described as follows: 
 TOWNSHIP 19 SOUTH, RANGE 25 EAST, 
 Section 21 and 28: 
  

			
	Patented Claims:	 	
		
	Banner (100%)	 	MS 2665
	Australia (50%)	 	MS 2645

  

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 EXHIBIT C 
 TO 
 OPTION TO PURCHASE AGREEMENT 
 AREA OF INTEREST 
 Township 18 South, Range 25 East 
 Sections: 27-29, 33 and 34 
 and 
 Township 19 South Range 25 East 
 Sections: 3-5, 7-10, 14-18, 20-23,
26-29, 32-35 
 and 
 Township 20 South, Range 25 East 

 Sections: 2-8, 18 
 Cochise County, Arizona 
  

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 EXHIBIT D 
 TO 
 OPTION TO PURCHASE AGREEMENT 
 When recorded, return to: 
 Land Department 
 Newmont Realty Corporation 
 1700 Lincoln, 36th Floor 
 Denver, Colorado 80203 
 ROYALTY DEED 
 This Royalty Deed (this “Deed”), effective as of the      day of
                    , 200    , is by and between AURELIO RESOURCE CORPORATION, a Colorado corporation, whose
address is 5554 South Prince Street, Suite 200, Littleton, Colorado 80120 (“Grantor”) and NEWMONT REALTY COMPANY, a Delaware corporation, whose address is 1700 Lincoln Street, Suite 3600, Denver, Colorado 80203
(“Newmont”). 
 Whereas, the Grantor and Newmont are parties to that certain Option to Purchase Agreement, dated February
___, 2007 (the “Option Agreement”); and 
 Whereas, pursuant to that certain Quitclaim Deed, of even date herewith, from
Newmont to Grantor (the “Quitclaim Deed”), Newmont has conveyed to Grantor the Banner and Australia Patented claims as more fully described in the Quitclaim Deed; 
 Now, therefore, Grantor, for and in consideration of the sum of $10.00 lawful money of the United States of America, together with other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, by these presents does remise, release, sell, transfer, convey and forever quitclaim unto Newmont a production royalty (as more specifically defined in this Deed,
the “Production Royalty”) on production of Minerals from the Property. For purposes of this Deed, the term “Mineral(s)” shall mean any and all metals, minerals and mineral rights of whatever kind and nature in,
under or upon the surface or subsurface of the Property (including, without limitation metals, precious metals, base metals, industrial minerals, gems, diamonds, commercially valuable rock, aggregate, clays and diatomaceous earth, hydrocarbons, and
oil and gas, and other minerals which are mined, excavated, extracted or otherwise recovered). 
 1. Property Subject to Production
Royalty. The Production Royalty shall be a royalty interest in and a burden upon the Banner and Australia Patented claims, the Man 1-13 unpatented claims (AMC Nos. 364635-364640, 367982-367988) and Man 14-21, 23-31unpatented claims (AMC Nos.
377495-377511) and any other property owned, leased, subleased or otherwise controlled by Grantor or any of its affiliates from the date of the Option Agreement and thereafter, and within the area of interest more particularly described on
Exhibit A attached hereto (the “Property”). 
 2. Production Royalty. Grantor shall pay to Newmont a
perpetual Production Royalty in an amount equal to one percent (1%) of Net Smelter Returns from the Disposition of all Minerals produced from the Property, determined in accordance with the provisions 

  

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set forth in this Deed. “Disposition” means the time at which refined production from Property is delivered, made available, or otherwise
credited to Grantor by a mine or refiner. 
 3. Net Smelter Returns. Net Smelter Returns shall be defined as follows: 
 (a) For Precious Metals. “Net Smelter Returns”, in the case of gold, silver, and platinum group metals (“Precious
Metals”), shall be determined by multiplying (i) the gross number of troy ounces of Precious Metals recovered from the production from the Property during any given month (“Monthly Production”) and delivered to the
smelter, refiner, processor, purchaser or other recipient of such production (in each case, the “Payor”), by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the calendar month of such
delivery to the Payor (the “Delivery Month”), and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the Delivery Month for the particular Mineral for which the price is being
determined, and subtracting from the product of (i) and (ii) only the following if actually incurred: 
 (i) charges imposed by the
Payor for refining bullion from doré or concentrates of Precious Metals (“Beneficiated Precious Metals”) produced by Grantor’s final mill or other final processing plant; however, charges imposed by the Payor for
smelting or refining of raw or crushed ore containing Precious Metals or other preliminarily processed Precious Metals shall not be subtracted in determining Net Smelter Returns; 
 (ii) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and

 (iii) charges and costs, if any, for transportation and insurance of Beneficiated Precious Metals from Grantor’s mill or other final
processing plant to places where such Beneficiated Precious Metals are smelted, refined and/or sold or otherwise disposed of. 
 In the event the refining of
bullion from the Beneficiated Precious Metals contained in such production is carried out in custom toll facilities owned or controlled, in whole or in part, by Grantor, which facilities were not constructed for the purpose of refining Beneficiated
Precious Metals or other Minerals from the Property, then charges, costs and penalties for such refining shall mean the amount Grantor would have incurred if such refining were carried out at facilities not owned or controlled by Grantor then
offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by Grantor with respect to such refining. 
 (b) For Other Minerals. “Net Smelter Returns”, in the case of all Minerals other than Precious Metals and the beneficiated products thereof (“Other Minerals”), shall be
determined by multiplying (i) the gross amount of the particular Other Mineral contained in the Monthly Production and delivered to the Payor by (ii) the average of the New York Commodities Exchange final daily spot prices of the
appropriate Other Mineral for the Delivery Month, and subtracting from the product of (i) and (ii) only the following if actually incurred: 
 (i) charges imposed by the Payor for smelting, refining or processing Other Minerals contained in such production, but excluding any and all charges and costs related to Grantor’s mills or other processing plants
constructed for the purpose of milling or processing Other Minerals, in whole or in part; 
  

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 (ii) penalty substance, assaying, and sampling charges imposed by the Payor for smelting, refining, or
processing Other Minerals contained in such production, but excluding any and all charges and costs of or related to Grantor’s mills or other processing plants constructed for the purpose of milling or processing Other Minerals, in whole or in
part; and 
 (iii) charges and costs, if any, for transportation and insurance of Other Minerals and the beneficiated products thereof from
Grantor’s final mill or other final processing plant to places where such Other Minerals or the beneficiated products thereof are smelted, refined and/or sold or otherwise disposed of. 
 In the event smelting, refining, or processing of Other Minerals are carried out in custom toll facilities owned or controlled, in whole or in part, by Grantor, which
facilities were not constructed for the purpose of smelting, refining, or processing Other Minerals, then charges, costs and penalties for such smelting, refining or processing shall mean the amount Grantor would have incurred if such smelting,
refining or processing were carried out at facilities not owned or controlled by Grantor then offering comparable services for comparable products on prevailing terms, but in no event greater than actual costs incurred by Grantor with respect to
such smelting and refining. 
 4. Other Procedures for Calculating and Paying Production Royalty. 
 (a) Payments of Production Royalty In Cash or In Kind. Production Royalty payments shall be made to Newmont as follows: 
 (i) Royalty In Kind. Newmont may elect to receive its Production Royalty payment for Precious Metals from the Property “in cash” or
“in kind” as refined bullion. The election may be exercised once per year on a calendar year basis during the life of production from the Property. Notice of election to receive the following year’s Production Royalty payments for
Precious Metals in cash or in kind shall be made in writing by Newmont and delivered to Grantor on or before November 1 of each year. In the event no written election is made, the Production Royalty payments for Precious Metals will continue to
be paid as they are then being paid. As of the date of this Deed, Newmont elects to receive its Production Royalty payments on Precious Metals in cash. Production Royalty payments on Other Minerals shall not be payable in kind. 
 (A) If Newmont elects to receive its Production Royalty payments for Precious Metals in kind, Newmont shall open a bullion storage account at each
refinery or mint designated by Grantor as a possible recipient of refined bullion in which Newmont owns an interest. Newmont shall be solely responsible for all costs and liabilities associated with maintenance of such account or accounts, and
Grantor shall not be required to bear any additional expense with respect to such in-kind payments. 
 (B) Grantor shall pay in kind
Production Royalty payments to Newmont by causing the Payor to deposit refined bullion into Newmont’s account. On or before the 25th day of each calendar month following Disposition of the applicable Precious Metals, Grantor shall deliver
written instructions to the mint or refinery, with a copy to Newmont, directing the mint or refinery to deliver refined bullion due to Newmont, by crediting to Newmont’s account the number of ounces of refined bullion for which the Production
Royalty is due; provided, however, that the processing, milling, beneficiation or refining losses of Precious Metals shall not be included in such calculation. The number of ounces of refined bullion to be credited will be based upon
Newmont’s share of the applicable Monthly Production of Precious Metals as calculated pursuant to the commingling provisions of Section 4(d) hereof. 
  

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 (C) A Production Royalty payable in kind on silver or platinum group metals shall be converted to the
gold equivalent of such silver or platinum group metals by using the average monthly spot prices for Precious Metals described in Section 3(a). 
 (D) Title to refined bullion delivered to Newmont under this Deed shall pass to Newmont at the time such bullion is credited to Newmont’s account at the mint or refinery. 
 (E) Newmont assumes all responsibility for Newmont’s trading and hedging activities, including any shortages which occur as a result of
Newmont’s anticipation of credits to its account in advance of an actual deposit or credit to its account by a refiner or mint. 
 (F)
When a Production Royalty is paid in kind, it will not reflect the costs deductible in calculating Net Smelter Returns under this Deed. Within 15 days after the receipt of a statement showing charges incurred by Grantor for transportation, smelting
or other deductible costs, Newmont shall remit to Grantor full payment for such charges. 
 (ii) In Cash. If Newmont elects to receive its Production Royalty for Precious Metals in cash, and as to Production Royalties payable on Other Minerals, payments shall be paid to Newmont by Grantor on or before the 25th day of the month following the Delivery Month of the applicable Minerals. The price used for calculating the cash amount due for Production Royalty on
Precious Metals or Other Minerals shall be determined in accordance with Section 3(a) and (b), as applicable. Grantor shall make each Royalty Production payment to be paid in cash by delivery of a check or draft payable to Newmont and
delivering the check to Newmont at its address listed in Section 8(i). 
 (iii) Detailed Statement. All Production
Royalty payments or credits shall be accompanied by a detailed statement explaining the calculation thereof together with any available settlement sheets from the Payor. 
 (b) Monthly Reconciliation. 
 (i) On or before the 25th day of each month, Grantor shall make an
interim settlement based on the information then available of all Production Royalty payments due that month, either in cash or in kind, whichever is applicable, by paying (A) not less than one hundred percent (100%) of the anticipated
final settlement of in kind Precious Metals Production Royalty payments and (B) not less than ninety-five percent (95%) of the anticipated final settlement of cash Production Royalty payments. 
 (ii) The parties recognize that a period of time exists between the production of ore, the production of doré or concentrates from ore, the
production of refined or finished product from doré or concentrates, and the receipt of Payor’s statements for refined or finished product. As a result, Production Royalty payments will not coincide exactly with the actual amount of
refined or finished product produced from the Property. Grantor will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. 
 (iii) In the event that Newmont has been underpaid for any provisional payment (whether in cash or in kind), 

  

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Grantor shall pay the difference in cash or check, but not in kind, with such payment being made at the time of the final reconciliation. If Newmont has been
overpaid in the previous calendar quarter, Newmont shall make a payment to Grantor of the difference by check. Reconciliation payments shall be made on the same basis as used for the payment in cash pursuant to Section 4(a)(ii). 
 (c) Hedging Transactions. All profits and losses resulting from Grantor’s sales of Precious Metals, or Grantor’s engaging in any
commodity futures trading, option trading, or metals trading, or any combination thereof, and any other hedging transactions, including trading transactions designed to avoid losses and obtain possible gains due to metal price fluctuations
(collectively, “hedging transactions”), are specifically excluded from Royalty Production calculations pursuant to this Deed. All hedging transactions by Grantor and all profits or losses associated therewith, if any, shall be
solely for Grantor’s account. 
 The Royalty payable on Precious Metals or Other Minerals subject to hedging transactions shall be determined as
follows: 
 (i) Affecting Precious Metals. The amount of Production Royalty payments on all Precious Metals subject to hedging
transactions by Grantor shall be determined in the same manner as provided in Sections 2 and 3(a), with the understanding that the average monthly spot price shall be for the calendar month preceding the Delivery Month for such Precious Metals.

 (ii) Affecting Other Minerals. The amount of Production Royalty payments on all Other Minerals subject to hedging transactions by
Grantor shall be determined in the same manner as provided in Sections 2 and 3(b), with the understanding that the average monthly spot price shall be for the calendar month preceding the Delivery Month for such Other Minerals. 
 (d) Commingling. Grantor shall have the right to commingle Minerals from the Property with minerals from other properties. Before any Precious
Metals or Other Minerals produced from the Property are commingled with minerals from other properties, the Precious Metals or Other Minerals produced from the Property shall be measured and sampled in accordance with sound mining and metallurgical
practices for moisture, metal, commercial minerals and other appropriate content. Representative samples of the Precious Metals or Other Minerals shall be retained by Grantor and assays (including moisture and penalty substances) and other
appropriate analyses of these samples shall be made before commingling to determine gross metal content of Precious Metals or gross metal or mineral content of Other Minerals. Grantor shall retain such analyses for a reasonable amount of time, but
not less than 18 months, after receipt by Newmont of the Production Royalty paid with respect to such commingled Minerals from the Property; and shall retain such samples taken from the Property for 30 days after collection. 
 (e) Stockpiling and Tailings. All tailings, residues, waste rock, spoiled leach materials, and other materials (collectively
“Materials”) resulting from Grantor’s operations and activities with respect to the Property shall be the sole property of Grantor, but shall remain subject to the Production Royalty (calculated and paid in accordance with the
terms of this Deed) should the Materials be processed or reprocessed, as the case may be, in the future and result in the Disposition of Precious Metals or Other Minerals. Notwithstanding the foregoing, Grantor shall have the right to dispose of any
or all such Materials and to commingle the same with other minerals from other properties. In the event Materials from the Property are processed or reprocessed, as the case may be, and regardless of where such processing or reprocessing occurs, the
Production Royalty payable thereon under this Deed shall be determined on a pro rata basis as determined by using the best engineering and technical practices then available. 
  

 16 

 (f) No Obligation to Mine. Grantor shall have sole discretion to determine the extent of its
mining of the Property and the time or the times for beginning, continuing or resuming mining operations with respect thereto. Grantor shall have no obligation to Newmont or otherwise to mine any of the Property. 
 (g) Loss of Production or Casualty Loss to Minerals. Notwithstanding any of the foregoing
provisions in the Section, if Grantor receives insurance proceeds for loss of production on the Property or a casualty loss of Minerals from the Property, Grantor shall pay to Newmont the Production Royalty percentage of all insurance proceeds that
are received by Grantor for lost Minerals or proceeds from the Disposition thereof. Such payments shall be paid by Grantor on or before the 25th day of the
month following the calendar month in which the Grantor receives payment from the insurer for such loss. 
 5. Books and Records;
Inspections; Audits; Confidentiality; and Press Releases. 
 (a) Not later than March 1 following the end of each calendar year,
Grantor shall provide Newmont with an annual report of activities and operations conducted with respect to the Property during the preceding calendar year. Such annual report shall include details of: (i) the preceding year’s activities
with respect to the Property; (ii) ore reserve data for the calendar year just ended; and (iii) estimates of anticipated production and estimated remaining ore reserves with respect to proposed activities for the Property for the current
calendar year. In addition, Newmont or its designated representative shall have the right, upon reasonable notice to Grantor, to inspect and copy all books, records, technical data, information and materials (the “Data”) pertaining
to Grantor’s activities with respect to the Property, including but not limited to records of all mining and milling operations on the Property and records with respect to commingling of production from the Property; provided that such
inspections shall not unreasonably interfere with Grantor’s activities with respect to the Property. Grantor makes no representations or warranties to Newmont concerning any of the Data or any information contained in the annual reports, and if
Newmont elects to rely on any such Data or information, it does so at its sole risk. 
 (b) If Grantor establishes a mineral resource or
mineral reserve on any of the Property, Grantor shall provide to Newmont the amount of such resource or reserve as soon as practicable after Grantor makes a public declaration with respect to the establishment thereof 
 (c) Newmont shall have the right to audit the books and records pertaining to production from the Property and contest payments of Production Royalties
for 24 months after receipt by Newmont of the payments to which such books and records pertain. If any such audit reveals that Production Royalty payments for any calendar year are underpaid by more than five percent, Grantor shall reimburse Newmont
for its reasonable costs incurred in such audit or inspection. 
 (d) Newmont shall have the right, upon reasonable notice, to inspect the
facilities associated with the Property. 
 (e) Newmont shall not, without the prior written consent of Grantor, which shall not be
unreasonably withheld, knowingly disclose to any third party data or information obtained pursuant to this Deed which is not generally available to the public; provided, however, Newmont may disclose data or information so obtained
without the consent of Grantor: (i) if required for compliance 

  

 17 

 
with laws, rules, regulations or orders of a governmental agency, court, or stock exchange; (ii) to any of Newmont’s contractors or consultants;
(iii) to any third party to whom Newmont, in good faith, anticipates selling or assigning Newmont’s interest in the Property; (iv) to a prospective lender, or (v) to a party which Newmont or an affiliate contemplates a merger,
amalgamation or other corporate reorganization, provided however, that any such third party to whom disclosure is made has a legitimate business or legal need to know the disclosed information and, except with respect to disclosure pursuant to
clause (i), shall first agree in writing to protect the confidential nature of such information to the same extent Newmont is obligated under this subsection. 
 (f) Subject to Newmont’s rights and obligations under Section 5(e), neither party shall issue any press releases pertaining to this Agreement or the other party’s business or operations except upon
giving the other party three days advance written notice of the contents thereof, and the issuing party shall make any reasonable changes to such proposed press releases requested by the other party. Neither party shall, without the other
party’s consent, issue any press release that implies or infers that the other party endorses or joins in the issuing party’s statements or representations contained in any press release. 
 6. Compliance with Law. Grantor shall at all times comply with all applicable federal, state, and local laws, statutes, rules, regulations,
permits, ordinances, certificates, licenses and other regulatory requirements, policies and guidelines relating to operations and activities on or with respect to the Property; provided, however, Grantor shall have the right to contest
any of the same in good faith. Without limiting the generality of the foregoing, Grantor represents and warrants to Newmont that: 
 (a) in
the event that (i) any of Grantor’s directors, officers, employees or agents is or becomes an official or employee of any government, or of any agency, instrumentality, or political subdivision of any government, or of any political party,
or of any public international organization; or (ii) an official or employee of any government, or of any agency, instrumentality, or political subdivision of any government, or of any political party, or of any public international
organization, owns or acquires, directly or indirectly, any shares or other beneficial interest in Grantor, Grantor shall immediately inform Newmont of such fact in writing; provided, however, that if Grantor is an issuer of securities registered
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (or any successor law thereto), then clause (i) in this sub-section shall apply only if the official or employee is in a position to influence official decisions
that could affect Newmont; and clause (ii) in this sub-section shall apply only to shareholders of Grantor who own or acquire a controlling interest in Grantor. 
 (b) in carrying out its responsibilities under this Deed, neither Grantor nor any director, officer, employee, agent, or shareholder thereof shall, directly or indirectly, pay, promise to pay, or authorize the payment
of any money, or give, promise to give, or authorize the giving of anything of value to any official or employee of any government, or of any agency or instrumentality of any government (including any official or employee of the State of Arizona or
the United States of America or of any of its agencies or instrumentalities or political subdivisions), or to any political party or official thereof, or to any candidate for political office (including any party, official, or candidate in the State
of Arizona or the United States of America), or to any official or employee of any public international organization, for the purpose of influencing any act or decision of such official or employee or otherwise promoting the business interests of
Newmont in any respect. Grantor further represents and warrants that no payment, authorization, promise, or gift of the sort described in this paragraph has been made prior to the date of this Deed. 
 Upon receipt of notice by Newmont under sub-section (a) above or upon receipt by Newmont of information which, in its sole 

  

 18 

 
discretion, it determines to be evidence of a breach by Grantor of any undertakings in sub-sections (a) or (b) above, the parties promptly shall
meet to discuss the effect of such notice or breach on Grantor’s obligations under this Deed, including its representations and warranties under paragraph (b) of this section, and to attempt to resolve any concerns raised by Newmont.
Following such discussion (or, if Grantor declines to meet with Newmont, then immediately upon receipt by Newmont of Grantor’s decision not to meet), and notwithstanding any other provision of this Deed, Newmont may, in its sole discretion,
immediately suspend Grantor’s performance under this Deed in order to collect more information and/or further analyze the effect of such notice or breach or it may immediately terminate this Deed. In the event of such termination, Newmont shall
have no liability to Grantor under this Deed for (i) any fees, reimbursements or other compensation under this Deed except for compensation for services rendered or goods provided to Newmont, or (ii) any other loss, cost, claim, or damage
resulting, directly or indirectly, to Grantor from such termination. 
 7. Real Property Interest and Relinquishment of Property. The
Production Royalty shall attach to any amendments, relocations or conversions of any mining claims or leases comprising the Property, or to any renewals or extensions of leases thereof. The Production Royalty shall be a real property interest that
runs with the Property and shall be applicable to Grantor and its successors and assigns of the Property. If the Grantor surrenders or relinquishes any of the Property, but reacquires any such properties within a period of five years after the
effective date of relinquishment or abandonment, such reacquired properties shall be included in the Property from and after the date of such reacquisition. 
 8. General Provisions. 
 (a) The parties promptly shall execute all such further instruments and
documents and do all such further actions as may be necessary to effectuate the purposes of this Deed. 
 (b) All covenants, conditions and
terms of this Deed shall be of benefit to the parties and run as a covenant with the Property and shall bind and inure to the benefit of the parties hereto and their respective assigns and successors. 
 (c) This Deed shall not be construed to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, or other
partnership relationship between Grantor and Newmont. 
 (d) This Deed may not be modified orally, but only by written agreement executed by
Grantor and Newmont. 
 (e) Time is of the essence in this Deed. 
 (f) This Deed is to be governed by and construed under the laws of the State of Arizona. 
 (g) As used in this Deed, the term “Newmont” shall include all of Newmont’s successors-in-interest, including without limitation
assignees, partners, joint venture partners, lessees, and when applicable mortgagees and affiliated companies having or claiming an interest in the Property. As used in this Deed, the term “Grantor” shall include all of
Grantor’s successors-in-interest, including without limitation assignees, partners, joint venture partners, lessees, and when applicable mortgagees and affiliated companies having or claiming an interest in the Property. As used in this Deed,
the term “party” or “parties” shall mean one or both, as the case may be, of Grantor and Newmont. 
  

 19 

 (h) Grantor may convey, transfer, assign, abandon or encumber all or any portion of its interest in the
Property only in accordance with Section 4.1 of the Option Agreement, and provided that (i) in the event of any such conveyance, transfer or assignment, it shall require the party or parties acquiring such interest to assume in a written
agreement with Newmont the obligations of this Deed in respect of such interest; and (ii) in the event of the granting of any mortgage, charge, security interests, lien or other encumbrance (in each case a “Lien”) on any
Property, it shall require the holder of such encumbrance (a “Lien Holder”) to acknowledge in writing that the Lien Holder’s rights in the Property are subject to the rights of Newmont under this Deed. A Lien Holder shall be
free to convey, transfer and assign all or any portion of the Property subject to its Lien, provided that it shall require the party or parties acquiring such interest to assume in writing the obligations of this Deed in respect of such interest
from and after the date of transfer. 
 (i) Any notice or other correspondence required or permitted hereunder shall be deemed to have been
property given or delivered when made in writing and hand delivered to the party to whom directed, or when sent by United States certified mail, or electronic facsimile transmission, with all necessary postage or charges fully prepaid, return
receipt requested (or in the case of a facsimile or telegram, confirmation of delivery), and addressed to the party to whom directed at the following address: 
 Grantor: 
 Aurelio Resource Corporation 
 5554 South Prince Street, Suite 200 
 Littleton, Colorado 80120 
 Attn: David Stafford Johnson 
 Telecopier No. 303-607-6528 
 Newmont:

 Newmont Realty Company 
 1700
Lincoln Street, Suite 3600 
 Denver, Colorado 80203 
 Attention: Land Department 
 Telecopier No.: (303) 837-5851 
 Either party hereto may change its address for the purpose of notices or communications hereunder by furnishing notice thereof to the other party in compliance with this
Section. 
  

 20 

 This Deed is executed and delivered effective on the day and year above written. 
  

			
	Grantor:
	
	 AURELIO RESOURCE CORPORATION
 a Colorado
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	STATE OF COLORADO	 	)
		 	) ss.
	COUNTY OF                     	 	)

 On this      day of
                    , 200    , personally appeared before me, a Notary Public,
                    , an officer of AURELIO RESOURCE CORPORATION, a Colorado corporation, personally known (or proved) to me to be said person
whose name is subscribed to the above instrument who acknowledged that he executed the instrument on behalf of AURELIO RESOURCE CORPORATION. 
  

	
	  

	NOTARY PUBLIC

  

 21 

 EXHIBIT A 
 TO 
 ROYALTY DEED 
 AREA OF INTEREST 
 Township 18 South, Range 25 East 
 Sections: 27-29, 33 and 34 
 and 
 Township 19 South Range 25 East 
 Sections: 3-5, 7-10, 14-18, 20-23,
26-29, 32-35 
 and 
 Township 20 South, Range 25 East 

 Sections: 2-8, 18 
 Cochise County, Arizona 
  

 22 

 Assignment of Newmont’s Option to Purchase Agreement 
 From Aurelio Resource Corporation to Bolsa Resources Inc. 
 WHEREAS,
the undersigned is the owner of that certain Option to Purchase Agreement date March 27, 2007, between Aurelio Resources Corporation, a Nevada corporation, and Newmont Realty Company (“Agreement”), which Agreement is attached
hereto and made a party hereof for all purposes, covering certain properties located in Cochise County, Arizona. 
 NOW THEREFORE, for and in
consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned, the present owner of said Agreement and all rights there under or incident thereto, does hereby bargain,
sell, transfer, assign and in all other respects convey all rights, title and interest of the original Agreement and present owner in and to said Agreement and rights there under, together with all personal property used or obtained in connection
therewith, to Bolsa Resources, Inc., an Arizona corporation, its successors and assigns. 
 AND FOR THE SAME CONSIDERATION, the undersigned, for
itself and. Successors and representatives, does covenant with Bolsa Resources, Inc., its successors or assigns, that it is the lawful owner of the said Agreement and rights and interests there under and of the personal property thereon or used in
connection therewith; that the undersigned has good right and authority to sell and convey the same, and that said rights, interest and property are free and clear form all liens and encumbrances other than as may be described in the Agreement.

 IN WITNESS WHEREOF, the undersigned owner and assignor has signed and sealed this instrument the 13th day of April, 2007. 
  

	
	 /s/ Fred Warnaars

	Fred Warnaars, President
	Aurelio Resource Corporation

  

 23Mineral Lease Agreement and Option to Purchase

 EXHIBIT 10.16 
 MINERAL LEASE AGREEMENT WITH OPTION TO PURCHASE 
 Bolsa Resources, Inc. 
 and 
 Philip J. Sterling 
 Manuel R Hernandez 
 Fred Jenkins 
 Effective April 15, 2007 
 THIS MINERAL LEASE AGREEMENT WITH OPTION TO PURCHASE (“Agreement”) is made
effective this 15th day of April, 2007 between Philip J. Sterling, whose address is 6121 Rosetree Place NE, Albuquerque, New Mexico 87111, Manuel R.
Hernandez, whose address is PO Box 61 (1066 Eastland Road) Pearce, Arizona 85625, and Fred Jenkins, whose address is 24323 Road S.6, Dolores, Colorado 81323 (collectively “Lessor”), and Bolsa Resources, Inc., an Arizona Corporation,
whose address is 5554 S. Prince Street, Suite 200, Littleton, Colorado 80120(“Company”). 
 NOW THEREFORE, In
consideration of Lessor’s receipt of the sum of U.S. Twenty Thousand Dollars ($20,000.00), and the payments, obligations, representations and agreements set forth below, the Parties agree as follows: 
 ARTICLE I. RIGHTS GRANTED. Lessor grants, demises, leases, lets, transfers and otherwise conveys to Company and its successors and assigns
the interest in the real property described on Exhibit A (“Premises”), , free and clear of all liens and encumbrances, TOGETHER WITH (a) all ores, minerals, materials and mineral rights (including, but not limited to
(i) all gold, silver, and platinum group metals( collectively “Precious Metals”); and (ii) all iron, copper, lead, and zinc (collectively “Base Metals”); and (iii) molybdenum, chalcopyrite, galena,
sphalerite, bauxite, kaolin, and all other materials or substances of any nature whatsoever, excepting only oil, gas, and coal, found in natural deposits, whether similar or dissimilar in character to the foregoing) within the Premises
(“Mineral Substances”), whether or not such Mineral Substances were given any commercial consideration by the Parties at the time of execution of this Agreement; (b) all options, contracts, easements, and rights-of-way reserved
or, subsequent to the effective date of the Agreement, granted in or upon and pertaining to the Premises; (c) all dips, spurs and extralateral rights thereon or therefrom; (d) all dumps, severed ore, fixtures and improvements thereon; and,
(e) all and singular, the tenements, hereditaments and appurtenances belonging to or in any way appertaining to the Premises, including (i) the right to sample, map, survey, or conduct any other exploration or investigatory activities;
(ii) all water, geothermal water, and geothermal resource rights; (iii) the free, exclusive, unrestricted and uninterrupted rights of ingress and egress to use the Premises for all purposes reasonably incident to exploration for, mining of
(by underground mining, surface mining, strip mining or any other surface or subsurface method, including any method later developed), and extracting, milling, stockpiling, storing, leaching (heap or in-situ), concentrating, processing or marketing
of Mineral Substances from the Premises or from other properties; (iv) the right to place, construct, maintain, use and remove such structures, facilities, equipment, roadways, haulageways pumps, pipelines, electrical power lines, stockpiles,
waste piles, heapleach pads, settling ponds, and other improvements as may be convenient for the full enjoyment of all the rights granted under this Article; (v) the right to mine and remove Mineral Substances by means of shafts, openings or
pits which may be sunk or made upon adjoining or nearby properties and the right to stockpile Mineral Substances on the Premises or upon other properties; (vi) the right to commingle Mineral Substances from the Premises at any location with
Mineral Substances from other properties; (vii) the right to temporarily or permanently deposit tailings slurry, waste rock, overburden, surface stripping, process solutions and all other materials on the Premises, whether such materials are
from the Premises or from adjoining or nearby properties, even if such use is the sole use for the Premises; (viii) the right to divert streams, to remove lateral and subjacent supports, 

 
and to use, cave, subside, or consume the surface of the Premises; (ix) the right to commit waste; and (x) the right to beneficiate, concentrate,
process, or otherwise treat Mineral Substances at any location; (xi) the right to all geologic, drilling and related information concerning the Premises in the possession of Lessor, which Lessor shall provide Company upon the execution of this
Agreement; (xii) for the period from the effective date of this Agreement until April 14, 2011, the sole, exclusive and irrevocable right to purchase all or any portion of the Premises (including all buildings, structures, and other
improvements thereon) in the manner described in Article IV. (the “Premises Option”); and (xiii) for a period from the effective date of this Agreement and ending on April 14, 2008, the sole, exclusive and irrevocable
options to (1) purchase the Gold Coin 55 unpatented mining claim (AMC 361095) (“the “Gold Coin 55 Option”), and to (2) purchase the Arizona State Mineral Exploration Permits (## 08-109131, 08-109132 and 08-109133)
(the “Prospecting Permits Option”) also in the manner described in Article IV. Company shall further have the right to release to Lessor Ten Percent (10%) of the Premises each calendar year commencing in the year which is the
later of 2008, or the year following completion by the Company of a minimum of three thousand (3,000) feet of drilling on the Premises, provided Company gives notice to Lessor of its election in the manner described in Article XII below, and
provided that such notice is provide no later than January 1 of the relevant year. This Article shall be liberally construed in favor of Company and the ambiguities, if any, shall be construed and resolved in favor of Company. 
 ARTICLE II. AMENDMENT, RELOCATION AND PATENT OF CLAIMS. Company, in its sole discretion, shall have the right to amend or relocate as
unpatented federal mining claims or unpatented federal millsites, in the name of Lessor, any unpatented federal mining claims which are subject to this Agreement. If Company undertakes any such activity, Company shall use its best efforts to
complete the same in compliance with applicable statutes and regulations but shall not be liable to Lessor for any act (or failure to act) by it or any of its agents in connection with the amendment or relocation of claims so long as such act (or
omission) does not arise from gross negligence nor is made in bad faith. 
 ARTICLE III. TERM. Unless sooner terminated as
provided in this Agreement, the term of this Agreement shall be for a primary period commencing on the effective date of this Agreement and ending on April 14, 2011, and for so long thereafter as Company is conducting mining operations and/or
reclamation on the Premises. However, the Parties do not intend that there shall be any violation of the Rule Against Perpetuities or any related rule, and agree to any appropriate court action taken to resolve any inadvertent violation. For
purposes hereof, the term “Mining Operations” shall mean extraction and processing of sufficient minerals to result in products of merchantable form which are marketable at a profit by Company, in quantities larger than those
required for the purposes of sampling, testing, analysis, or evaluation (“Commercial Quantities”). Commercial quantities shall be deemed to be produced unless and until such time, if any, following the expiration of the primary
period, a period of 365 consecutive days elapses during which no production in commercial quantities occurs, excluding, however, periods of Force Majeure. 
 ARTICLE IV. PURCHASE PRICE AND CLOSING. If Company elects to exercise its options as described in Article I above it shall do so by giving notice to Lessor in the manner set forth in Article XII, with
the date of closing specified in the notice. The purchase price for all of the Premises under the Premises Option shall be U.S. One Million Five Hundred Thousand Dollars ($1,500,000.00). .The purchase price for the Gold Coin 55 claim under the Gold
Coin 55 Option shall be U.S. Twenty Five Thousand Dollars ($25,000.00). The purchase price for the Prospecting Permits under the Prospecting Permits Option shall be U.S. Seventy Five Thousand Dollars ($75,000.00). The purchase price under the
Premises Option shall be credited with the Rental and Royalty payments made pursuant to Sections V.A. and B. not already credited against purchase obligations under the Gold Coin 55 and Prospecting Permits Options; Monies paid for exercise of the
Gold Coin 55 and Prospecting Permits Option,; Expenditures by Company under the Lesser Interest provision of Section VII.,C; relating to the purchased Premises; Payments made by Company to remove liens and pay the other items discussed in Article X
relating to the purchase Premises; and any Production Royalty payments made under the Article V.B. below. . The purchase price under Gold Coin 55 and/or Prospecting Permit Options shall be credited with the Rental and Royalty payments made pursuant
to Sections V.A. and B.; Payments made by Company to remove liens and pay 

  

 - 2 - 

 
the other items discussed in Article X. Upon the purchase of all or any portion of the Premises in the aforesaid manner, all obligations of Company to Lessor
shall cease, including the obligation to pay a production royalty as described in Article V.B. below concerning the purchased Premises. 
 Closing shall take place within thirty (30) days from the date of the notice of election. On or before the date of closing, Company shall deliver to Lessor the balance of the purchase price calculated pursuant to this Article IV in
exchange for conveyance documents, in form acceptable to Company, conveying the Premises to Company. Such conveyance shall be made free and clear of any liens or encumbrances subject only to those matters set forth in Exhibit A and, with respect to
unpatented mining claims, the paramount title of the United States. Lessor shall execute other documents and perform such other acts as Company may reasonably require to effect transfer of the Premises to Company, whether or not such acts occur at
closing. Lessor shall bear the costs of any transfer or other taxes assessed due to the conveyance. 
 ARTICLE V. PAYMENTS TO
LESSOR 
 A. Rental. The annual rental payment under this Agreement shall be as follows: 
  

				
	 Anniversary
	  	Rental
	 First
	  	U.S. $	 55,000.00
	 Second
	  	U.S. $	 75,000.00
	 Third and thereafter
	  	U.S. $	150,000.00

 Annual payment shall be paid on or before the anniversary of the effective date of this Agreement
for each year, with credits for any payments made pursuant to exercise of the Gold Coin 55 and Prospect Permits Options described above. The obligation of Company to make these rental payments shall cease upon the earlier of: (i) the
commencement of Production Royalty payments pursuant to Section V.B; or (ii) termination of this Agreement under Article IX. Annual payments shall also be reduced on a pro-rata claim basis if Company elects to release portions of the Premises
in accordance with Article I. above. 
 B. Production Royalty. Company shall pay to Lessor a Production Royalty of one percent
(1%) of net smelter returns from the production from the Premises of any Base Metals, and two and one-half percent (2.5%) of net smelter returns from the production from the Premises of any Precious Metals. Net Smelter Returns will be
determined in the manner prescribed in Exhibit B which is incorporated in this Agreement. 
 C. Method of Making Payments. Any
payments required to be made by Company may be made in cash or by check and may be delivered in accordance with Article XII. “Lessor” is defined as including more than one individual, corporation or other entity, and payment shall be
divided equally to the owners at the addresses in paragraph one of this agreement. 
 ARTICLE VI. WORK COMMITMENTS. Company
agrees to fund certain work commitments and incur claim maintenance expenses sufficient to maintain any and all unpatented mining claims which comprise the Premises. Work commitments shall include, but not be limited to, all salaries and wages (and
related benefits) of Company employees (permanent or temporary) engaged in and working for the benefit of Company on the Premises, costs of electric power and other fuels consumed in operations, costs of transportation of employees (permanent or
temporary) and material necessary for operations, costs and expenses necessary for repair or replacement of property utilized for operations, payments to contractors (including legal and accounting fees) required for operations, cost of expenditures
or contributions made by Company pursuant to assessments imposed by governmental authorities, insurance premiums for insurance required by this Agreement, title investigation and curative costs incurred in accordance with Article VII, costs of all
taxes paid by Company in accordance with Article VIII below, and costs of all materials and supplies. Company shall submit to Lessor by October 30 of each year for which such work shall have been performed, accountings of all expenditures made
by Company in compliance with its obligation to perform the above-referenced work commitments. 
  

 - 3 - 

 ARTICLE VII. TITLE MATTERS 
 A. Representations and Warranties. Lessor covenants and warrants to Company, which covenants and warranties shall survive any expiration or
termination of this Agreement, that Lessor is in lawful possession of the Premises as further set forth in Exhibit A, and according to the mining laws of the United States and the State of Arizona; that Lessor has the right and power to convey the
same for the purposes of this Agreement; that the same are free from all prior liens or encumbrances, other than as may be described in Exhibit A, and, with respect to any unpatented federal mining claims, subject only to the paramount title of the
United States; that Company shall have quiet and peaceable possession of the Premises; that Lessor will defend its title to the Premises against all persons who may claim the same; that Lessor has not committed, nor will Lessor in the future commit,
any act or acts which will encumber or cause a lien to be placed against the Premises except subject and subordinate to the terms of this Agreement; that Lessor has received no notice of violation of any environmental law, regulation or permit; that
Lessor has no knowledge of the occurrence of any violation of any environmental law, regulation or permit; and that Lessor has received no notice of claim or demand by any person relating to the Premises. 
 Lessor agrees to make available to Company all instruments of title, or other data relating to or containing information with respect to the status of
ownership of the Premises. In addition, in the event of any dispute or legal proceeding between Lessor and third parties, with respect to title or ownership of the Premises, Company shall have the right at its sole discretion either to suspend the
performance of its obligations under this Agreement until such dispute or legal proceeding has been settled, or, in the alternative, to make such payments due Lessor hereunder to an escrow agent to hold pending the resolution of the dispute.

 B. Title Defects, Defense and Protection. At any time, at the request of Company, and at Company’s cost, Lessor shall
cause a title search to be made covering all or any part of the Premises. Company shall be entitled to receive the abstracts and other evidences of title. If, (i) in the opinion of Company for any reason, Lessor’s title to all or any part
of the Premises is defective or less than as represented in this Article VII; or (ii) Lessor’s title is contested or questioned by any person or entity, and Lessor is unable or unwilling to promptly correct the alleged defects, Company
may, without obligation, attempt to perfect or defend Lessor’s title. In that event, Lessor shall execute all documents and shall take such other actions as are reasonably necessary to assist Company in its efforts to perfect or defend
Lessor’s title, time being of the essence. If title is less than as represented in this Article VII, then the costs and expenses of perfecting or defending title shall be a credit against subsequent payments to be made to Lessor. Any
improvement or perfection of title to the Premises shall inure to the benefit of Company in the same manner and to the same extent as if such improvement or perfection has been made prior to the execution of this Agreement. 
 C. Lesser Interest. If Lessor’s title to the Premises (or any portion thereof) is less than the interest as described in Exhibit A,
Company shall have the right, without waiving any other rights it may have, to reduce all payments to be made to Lessor hereunder by the same proportion as the undivided right and title actually owned by Lessor bears to the entire undivided right
and title to the Premises as described in Exhibit A. Any improvement in or enhancement of Lessor’s title to or interest in the Premises shall inure to the benefit of Company, without additional consideration to Lessor. 
 ARTICLE VIII. OBLIGATIONS OF COMPANY. Company shall perform all of its operations on the Premises in a good and workmanlike manner and in
compliance with all applicable federal, state and local laws and regulations pertaining to environmental protection, reclamation and bonding. Company shall allow no lien to remain on the Premises resulting from the operations of Company. However,
Company shall not be required to remove any such lien so long as it is contesting the validity or the amount thereof. During the period in which this Agreement is in effect, Company shall pay all taxes assessed against any improvements which it may
place on the Premises and shall pay any increase in taxes on the Premises as a result of its operation thereon. Company shall not be liable for any taxes levied or measured by income of Lessor or based upon payments made to Lessor by Company under
this Agreement. 
  

 - 4 - 

 Commencing with the annual assessment work year beginning the first day of September immediately
preceding the effective date of this Agreement, and thereafter during its term, Company shall perform Lessor’s annual assessment work requirements relating to the federal claims subject to the Agreement. Company shall timely record or furnish
to Lessor for recording affidavits of such performance. The obligation to provide Lessor with recording affidavits shall cease when Company either exercises its option to purchase or this Agreement otherwise terminates prior to sixty days before the
end of any assessment work year. Lessor agrees that in the event Company owns or acquires by location, purchase, lease or option the right to explore claims or groups of claims adjoining the Premises, Company shall have the right to perform
assessment work required by the Agreement pursuant to a common plan of exploration and development which may include all or a portion of such federal claims or groups of federal claims and the Premises, whether such work is performed on or off the
Premises. Company shall not be liable on account of holdings by any court or agency that the effects of work so elected and performed by Company do not constitute the required annual assessment work for purposes of preserving title to such claims,
provided that the work is of the kind generally accepted as assessment work and that Company has expended a total amount sufficient to meet the minimum requirements with respect to all of the unpatented federal claims. 
 Company agrees to pay all taxes levied and assessed upon the Premises and production therefrom, including severance, ad valorem, production, sales, use
and like taxes, beginning with taxes levied for the current year. If Company is in possession under this Agreement for only a portion of a tax year, the tax for that year shall be prorated between Company and Lessor on the basis of the taxes for the
last preceding year, and Lessor will refund to Company any excess amounts paid by it. 
 ARTICLE IX. TERMINATION 
 A. Termination by Lessor. In the event Lessor considers that Company has not complied with any obligation hereunder, Lessor shall notify
Company setting out specifically in what respect it is claimed that Company has breached this Agreement. If the alleged breach is not cured within sixty (60) days after notice is given, or if Company has not within that time either commenced to
cure the alleged breach, or challenged the legitimacy of the alleged breach, Lessor may terminate this Agreement by delivering to Company notice of such termination. Neither the service of any notice nor the doing of any acts by Company aimed to
meet all or any of the alleged breaches shall be deemed an admission or presumption that Company has failed to perform all of its obligations under this Agreement. Notwithstanding the foregoing provisions of this Section, the rights granted to
Company may not be terminated, in whole or part, by less than all the individuals and/or entities included within the term “Lessor”. 
 B. Termination by Company. Company shall have the right to terminate this Agreement at any time and for any reason with respect to all of the Premises as they exist at the time of such termination by giving written notice to
Lessor at least sixty (60) days in advance of the effective date of termination. Upon such termination, all right, title, and interest of Company under this Agreement shall terminate with respect to the terminated portion of the Premises, and
Company shall be relieved of all further payment and other obligations set forth in this Agreement with respect to such terminated portion of the Premises except those obligations, if any, which have accrued prior to such termination. Any taxes,
assessments, and governmental charges shall be prorated as of the termination date. 
 C. Termination by Exercise of Option to
Purchase. Company’s election to exercise its options to purchase under Articles I and IV, shall operate to terminate this Agreement as to the portion so purchased, and the removal of the purchased portion from the term Premises, and
shall terminate the obligations of Company to Lessor as to the purchased portion, including, but not limited to, the obligation to pay Production Royalties. 
  

 - 5 - 

 D. Removal of Property. Upon any termination or expiration of this Agreement (except
termination in accordance with Section IX.C.), Company shall have a period of one year after the date of termination during which to remove from the terminated portion of the Premises all of its machinery, buildings, structures, facilities,
equipment and other property of every nature and description erected, placed or situated thereon. Any property of Company not removed by the end of this one-year period shall become the property of Lessor; provided however, that Company does not
warrant the condition or safety of any such property. Company shall have the right to keep a watchman on the Premises during this one-year period. 
 ARTICLE X. LIENS. In the event that Lessor fails to promptly pay, when due, taxes, mortgages, or other liens levied against the Premises and payable by Lessor, Company shall have the right to pay such past due amounts and, if
Company does so, Company shall be subrogated to all the rights of the holders thereof and Lessor shall reimburse Company for all such payments and for all related costs and expenses paid or incurred by Company (including, without limitation, related
attorneys’ fees) within three (3) months after the same are paid or incurred by Company. At Company’s election, any payments due Lessor under this Agreement may be credited by reimbursements due Company under this Article. The
provisions of this Article X shall survive any termination or expiration of this Agreement. 
 ARTICLE XI. FORCE MAJEURE.
Company shall not be liable for failure to perform any of its obligations during any period in which performance is prevented, in whole or part, by causes herein termed “force majeure”. For purposes of this Agreement, the term
“force majeure” shall include labor disputes; acts of God; action of the elements, including inclement weather, floods, slides, cave-ins, earthquakes and drought; laws, rules, regulations, orders, directives, and requests of governmental
bodies or agencies; delay, failure or inability of suppliers or transporters of materials, parts, supplies, services or equipment; contractor or subcontractor shortage of labor, fuel, transportation, materials, machinery, equipment, supplies,
utilities or services; sink-holes; accidents; break down of equipment, machinery or facilities; judgments or orders of any court; inability to obtain on reasonably acceptable terms or in reasonably acceptable time any public or private licenses,
permits or other authorizations; curtailment or suspension of activities to remedy or avoid an actual or alleged, present or future violation of federal, state or local environmental standards; governmental actions or policies or market or economic
conditions (including unavailability of a suitable market, increase in mining, processing, or marketing costs, decrease in market prices of Mineral Substances), which restrict the legality or the profitability of extracting and selling any of the
Mineral Substances produced under this Agreement; acts of war or conditions arising out of or contributable to war, whether declared or undeclared; riot; civil strife; fire; explosion; or any other cause whether similar or dissimilar to the
foregoing. If Company desires to invoke the provisions of this Article XI, Company shall give notice of the commencement of the circumstances giving rise to such force majeure. The time for discharging Company’s obligations with respect to the
prevented performance shall be extended for the period of force majeure. Notwithstanding the provisions of this Article XI, Company shall remain obligated during periods of Force Majeure to make all payments described in Article V. 
 ARTICLE XII. NOTICES. Any required notice or communication shall be in writing and shall be effective when personally delivered or when
addressed: 
 If to Lessor: 
 Phil
Sterling 
 6121 Rosetree Place NE 
 Albuquerque, New Mexico 87111-7201 
 Fax: 505-271-2788 
 If to Company: 
 David Stafford Johnson 
 c/o Aurelio Resources, Inc. 
 5554 S. Prince Street, Suite 200 
 Littleton, Colorado 80120 
 Fax: 303-945-7270

  

 - 6 - 

 and deposited, postage prepaid, and registered or certified with return receipt requested, in the United States mail.
Either Lessor or Company may, by notice to the other given as aforesaid, change its mailing address for future notices. 
 ARTICLE
XIII. CONFIDENTIALITY. Lessor shall not, without the express written consent of Company, disclose any information concerning the terms of this Agreement or operations conducted under this Agreement, nor issue any press releases concerning
any operations or activities conducted pursuant to this Agreement. 
 ARTICLE XIV. TRANSFERS OF INTEREST/RIGHT OF FIRST REFUSAL.
This Agreement, and all rights and obligations hereunder may be assigned, in whole or in part, by either Party without the consent of the other; provided, however, that if Lessor, with the intent to sell, lease, transfer or otherwise convey,
receives an offer from a third party, Company shall have sixty (60) days following receipt from Lessor of written notice of the terms of any such offer to submit a preemptive offer to Lessor. If Company’s offer is based on equal or better
terms than the third party offer, Lessor shall accept Company’s offer. Any assignment of interest under this Agreement shall be made expressly subject to this Agreement and shall require the assignee to agree in writing to assume all of the
obligations as they relate to the interest assigned. In case of assignment by mortgage, however, such assumption of obligations shall not be required. Should such mortgage be foreclosed, the purchaser in foreclosure shall take subject to this
Agreement. No assignment shall be effective as between the Parties until delivery to the non-assigning Party of satisfactory evidence of such assignment. 
 ARTICLE XV. NO EXPRESS OR IMPLIED COVENANTS. Nothing in this Agreement shall impose any obligations or covenants upon Company, express or implied, to conduct any exploration, development or mining
operations upon the Premises, it being the intent of the Parties that Company shall have the sole discretion to determine the economic feasibility, time, method, manner and rate of conducting any such operations. 
 ARTICLE XVI. INDEMNIFICATION AND INSURANCE. During the term of this Agreement and for any period during which a watchman is on the Premises
after termination, Company shall protect Lessor against any damages arising out of Company’s operations on the Premises and shall indemnify Lessor against liability arising from those operations; provided, however, that Lessor or its agents
shall not have been a contributing cause to the event giving rise to such damages. Company shall carry liability insurance protecting Lessor against such damages. 
 ARTICLE XVII. RECORDS. Company agrees to keep accurate books and records on an accrual basis in accordance with generally accepted accounting principles showing the transactions and operations related to
Company’s work on the Premises and payments due to Lessor or hereunder. Upon request, and at reasonable times within ninety (90) days of the end of each year, Company agrees to permit Lessor reasonable access to Company’s books and
records regarding Company’s operations and activities on the Premises. If Lessor does not audit said books and records within ninety (90) days of year-end, the books and records shall be deemed correct. 
 Lessor, upon request, and at reasonable times, shall be entitled to inspect and copy at his own cost all data gathered and reports prepared by Lessee
regarding the minerals located in or upon the Premises; provided, however, that Lessor agrees to treat all information, reports, and other records relating to this Lease as confidential. 
 ARTICLE XVIII. BINDING EFFECT. The provisions of this Agreement shall inure to the benefit of and be binding upon the Parties and their
respective heirs, executors, administrators, personal representatives, beneficiaries, successors and assigns. It is the intent of the Parties that such provisions shall run with the land. 
  

 - 7 - 

 ARTICLE XIX. MEMORANDUM. Company and Lessor shall execute a Memorandum of this Agreement in
a recordable form sufficient under the law of the State of Arizona to give notice to third parties of the rights granted hereunder. Company shall have the right to record such Memorandum at any time. 
 ARTICLE XX. CONSTRUCTION OF AGREEMENT. This Agreement and its Exhibits constitute the sole understanding of the Parties with respect to the
Premises, all previous agreements between the Parties concerning the Premises being expressly rescinded. This Agreement shall be construed, interpreted and governed by the laws of the State of Arizona, and shall be subject to all valid and
applicable provisions of common law, rules and regulations. No modification or alteration of this Agreement shall be effective unless in writing and executed by the Parties. 
 IN WITNESS WHEREOF, Company and Lessor have executed this MINERAL LEASE AGREEMENT WITH OPTION TO PURCHASE effective as of the date first
above set forth. 
  

			
	LESSOR
		
	By:	 	 /s/ Philip J. Sterling

		 	Philip J. Sterling
	Date: 3-27-2007
		
	By:	 	 /s/ M.R. Hernandez

		 	Manuel R. Hernandez
	Date: 4-10-2007
		
	By:	 	 /s/ Fred Jenkins

		 	Fred Jenkins
	Date: 4-4-2007
	
	COMPANY
		
	By:	 	 /s/ Fred Warnaars

		 	Fred Warnaars
	Title:	 	President
	Date: 4-24-2007

  

 - 8 - 

 EXHIBIT A 
 To Mineral Lease Agreement with Option to Purchase 
 between Bolsa Resources, Inc. and 
 Philip J. Sterling, Manuel R. Hernandez, and Fred Jenkins 
 dated April 15, 2007 
 DESCRIPTION OF PREMISES 
 GOLD COIN No. 1 Through No. 65 
 Mining Claims, Cochise County, Arizona 
  

					
	 SERIAL NUMBER
	  	 	  	 CLAIM NUMBER

	AMC356987	  	LODE CLAIM	  	GOLD COIN NO 1
	AMC356988	  	LODE CLAIM	  	GOLD COIN NO 2
	AMC356589	  	LODE CLAIM	  	GOLD COIN NO 3
	AMC356590	  	LODE CLAIM	  	GOLD COIN NO 4
	AMC356591*	  	LODE CLAIM	  	GOLD COIN NO 5
	AMC356592*	  	LODE CLAIM	  	GOLD COIN NO 6
	AMC356593*	  	LODE CLAIM	  	GOLD COIN NO 7
	AMC356594*	  	LODE CLAIM	  	GOLD COIN NO 8
	AMC356595*	  	LODE CLAIM	  	GOLD COIN NO 9
	AMC356996*	  	LODE CLAIM	  	GOLD COIN NO 10
	AMC356997	  	LODE CLAIM	  	GOLD COIN NO 11
	AMC356998	  	LODE CLAIM	  	GOLD COIN NO 12
	AMC356999	  	LODE CLAIM	  	GOLD COIN NO 13
	AMC357000	  	LODE CLAIM	  	GOLD COIN NO 14
	AMC357001	  	LODE CLAIM	  	GOLD COIN NO 15
	AMC357002	  	LODE CLAIM	  	GOLD COIN NO 16
	AMC357003	  	LODE CLAIM	  	GOLD COIN NO 17
	AMC383583	  	LOAD CLAIM	  	GOLD COIN 18 FRACTION
	AMC357005	  	LODE CLAIM	  	GOLD COIN NO 19
	AMC357006	  	LODE CLAIM	  	GOLD COIN NO 20
	AMC357007	  	LODE CLAIM	  	GOLD COIN NO 21
	AMC357008	  	LODE CLAIM	  	GOLD COIN NO 22
	AMC357009	  	LODE CLAIM	  	GOLD COIN NO 23
	AMC357010	  	LODE CLAIM	  	GOLD COIN NO 24
	AMC358991	  	LODE CLAIM	  	GOLD COIN NO 25
	AMC358992	  	LODE CLAIM	  	GOLD COIN NO 26
	AMC358993	  	LODE CLAIM	  	GOLD COIN NO 27
	AMC358994	  	LODE CLAIM	  	GOLD COIN NO 28
	AMC358995	  	LODE CLAIM	  	GOLD COIN NO 29
	AMC358996	  	LODE CLAIM	  	GOLD COIN NO 30
	AMC358997	  	LODE CLAIM	  	GOLD COIN NO 31
	AMC358998	  	LODE CLAIM	  	GOLD COIN NO 32
	AMC358999	  	LODE CLAIM	  	GOLD COIN NO 33
	AMC359000	  	LODE CLAIM	  	GOLD COIN NO 34
	AMC359001	  	LODE CLAIM	  	GOLD COIN NO 35
	AMC359002	  	LODE CLAIM	  	GOLD COIN NO 36
	AMC359003	  	LODE CLAIM	  	GOLD COIN NO 37
	AMC361819	  	LODE CLAIM	  	GOLD COIN NO 38
	AMC361087	  	LODE CLAIM	  	GOLD COIN #39
	AMC361088	  	LODE CLAIM	  	GOLD COIN #40

  

 - 9 - 

					
	 SERIAL NUMBER
	  	 	  	 CLAIM NUMBER

	AMC361089	  	LODE CLAIM	  	GOLD COIN #41
	AMC361090	  	LODE CLAIM	  	GOLD COIN #42
	AMC359004	  	LODE CLAIM	  	GOLD COIN NO 43
	AMC359005	  	LODE CLAIM	  	GOLD COIN NO 44
	AMC359006	  	LODE CLAIM	  	GOLD COIN NO 45
	AMC359007	  	LODE CLAIM	  	GOLD COIN NO 46
	AMC363564	  	LODE CLAIM	  	GOLD COIN #47
	AMC359008	  	LODE CLAIM	  	GOLD COIN NO 48
	AMC359009	  	LODE CLAIM	  	GOLD COIN NO 49
	AMC359010	  	LODE CLAIM	  	GOLD COIN NO 50
	AMC361091	  	LODE CLAIM	  	GOLD COIN #51
	AMC361092	  	LODE CLAIM	  	GOLD COIN #52
	AMC361093	  	LODE CLAIM	  	GOLD COIN #53
	AMC361094	  	LODE CLAIM	  	GOLD COIN #54
	AMC361095	  	LODE CLAIM	  	GOLD COIN #55
	AMC361096	  	LODE CLAIM	  	GOLD COIN #56
	AMC361097	  	LODE CLAIM	  	GOLD COIN #57
	AMC363565	  	LODE CLAIM	  	GOLD COIN #58
	AMC363566	  	LODE CLAIM	  	GOLD COIN #59
	AMC363567	  	LODE CLAIM	  	GOLD COIN #60
	AMC363568	  	LODE CLAIM	  	GOLD COIN #61
	AMC363569	  	LODE CLAIM	  	GOLD COIN #62
	AMC363570	  	LODE CLAIM	  	GOLD COIN #63
	AMC363571	  	LODE CLAIM	  	GOLD COIN #64
	AMC363572	  	LODE CLAIM	  	GOLD COIN #65

	*	Gold Coin claims 5-10 are potentially in conflict with Black Jack 1 and 2 however this matter needs to be settled with the BLM, who does not recognize the conflict in their records
and shows the later claims to be in the SW4/SW4/SW4 of section 4. The map filed by the claimant on the location notice filed October 16, 1996 clearly shows it to be in the NW4/NW4 of section 4 and NE4/NE4 of section 5 Township 20S/R25E,
therefore in conflict with the Gold Coin claims highlighted above. If this is determined to be the case and the Black Jack 1 and 2 were valid at the time of their location, Lessor will amend the above Gold Coin claims and move the location monuments
off the Black Jack claims. Further costs of curing title to or acquiring this property is at the sole expense of the Company. 

 as these
properties may from time to time be modified in accordance with Sections VIII.B. and C. of the Agreement. 
 Arizona State Mineral Exploration Permits
Numbered 
 08-109131; 
 08-109132; and 08-109133 
  

 - 10 - 

 EXHIBIT B 
 To Mineral Lease Agreement with Option to Purchase 
 between Bolsa Resources, Inc. and 
 Philip J. Sterling, Manuel R. Hernandez, and Fred Jenkins 
 dated April 15, 2007 
 NET SMELTER RETURNS 
 A. Definitions: All terms used in this definition shall have the same definitions as used in the Agreement to which this Exhibit B is attached. In
addition, the following terms shall have the following definitions for purposes of this Exhibit B: 
  

			
	(i)	  	 “Concentrates” means the product derived from Crude Ore after waste materials have been removed through leaching, milling or other
beneficiation.

	  
 (ii)
	  	  
 “Crude Ore” means all ores, metals, minerals and
other products containing Mineral Substances mined or removed from the Premises by Company that have not, except for sizing and crushing, been subject to further processing or concentrating.

	  
 (iii)
	  	  
 “Extraction Taxes” means sales, use, gross
receipts, ad valorem, severance and other taxes payable in respect to severance, production, removal, sale or disposition of the Crude Ore or Concentrates, but excluding any taxes on net income.

	  
 (iv)
	  	  
 “Proceeds” means the sum actually received by
Company for the sale of Crude Ore or Concentrates produced during each calendar quarter. Proceeds shall not include profits of Company from futures trading, from the forward-sale of gold, or from any other financing or hedging activities undertaken
by Company.

	  
 (v)
	  	  
 “Processing Costs” means either (a) the
amounts actually incurred by Company for leaching, milling, treating, processing or other beneficiation, including transporting, sizing and crushing of the ores, where such services are performed by a party other than Company, or (b) if such
operations are carried out by Company, the cost and penalties for such operations, including transportation, which Company would have incurred if such operations were carried out in facilities not owned or controlled by Company and then offering
comparable custom services for comparable products or on comparable terms.

	  
 (vi)
	  	  
 “Transportation Costs” means the expenses and
charges actually incurred by Company in transporting the Crude Ore or Concentrates from mine to mill, smelter, refinery or other place of sale. Such expenses shall include, but not be limited to, freight, shipment insurance, handling, port, delay,
demurrage, lighterage, tug, forwarding costs and transportation taxes.

 B. Calculation of Net Smelter Returns on Crude Ore or Concentrates: The Net Smelter on
Crude Ore or Concentrates derived and sold by Company from the Premises shall be determined as follows: 
  

			
	(i)	  	 If Crude Ore or Concentrates are sold by Company to a non-Affiliate, the Net Smelter Returns shall be the Proceeds received from such sale by Company, less, to
the extent borne by Company, sales and brokerage costs, Transportation Costs, Processing Costs and Extraction Taxes. Such Crude Ore or Concentrates shall be deemed sold at the time the Proceeds are received by Company.

  

 - 11 - 

			
	(ii)	  	 If Crude Ore or Concentrates are sold or transferred by Company to an Affiliate, they shall be deemed sold by Company at the time of delivery to the Affiliate, and
the Net Smelter Returns shall be deemed to be an amount equal to that which would have been received by Company from a bona fide third party purchaser in an arms-length transaction for an identical product less Transportation Costs, Processing Costs
and Extraction Taxes incurred by Company.

	  
 (iii)
	  	  
 If Concentrates are retained by Company for further smelting, refining,
precipitation or other additional processing, such Concentrates shall be deemed sold by Company at the time such Concentrates are delivered to the smelter, precipitation plant or other facility for further processing or refining, and the Net Smelter
Returns from such Concentrates shall be deemed to be an amount equal to that which would have been received by Company from a bona fide third party purchaser in an arms-length transaction for an identical product less Transportation Costs,
Processing Costs and Extraction Taxes incurred by Company.

 C. Payment: Payment of Production Royalties shall be made on or before the 25th day of April, July,
October, and January (“Payment Dates”) of each year for sales made during the preceding calendar quarter of Crude Ore or Concentrates actually produced during that calendar quarter. Payment for any deemed sale (i.e., through forward sale,
loans, futures trading, etc.) of any Crude Ore or Concentrates during a calendar quarter shall be made on the Payment Date following the calendar quarter during which production of Crude Ore or Concentrates actually occurs. Each Payment shall be
accompanied by a statement showing weights and values of Mineral Substances recovered from the Crude Ore and Concentrates produced from the Premises during the period for which payment is made, the proceeds received and the amount of the charges or
costs deductible therefrom. If no written objection is made by Lessor to the correctness of the statement within sixty (60) days from the date thereof, such statement shall be deemed conclusively to be correct and such royalty payment
sufficient and complete. 
 D. Disputes: In case of any dispute or question as to the ownership of any royalty interest, payment of any part thereof
to be made by Company under this Agreement, Company may deposit any amount otherwise due Lessor in escrow until the dispute is finally resolved. Company may credit all costs and expenses, including attorney’s fees, it incurs by reason of such
dispute or question against all amounts otherwise due Lessor. 
 E. Waste Rock, Spoil and Tailings: The ore, mine waters, leachates, pregnant liquors,
pregnant slurries, or other products or compounds of Mineral Substances mined or extracted from the Premises shall be the property of Company subject to the Production Royalty as provided herein. Company shall not be liable for mineral values lost
in mining or processing. The Production Royalty shall be payable only on Mineral Substances recovered prior to the time waste rock, spoil, tailings, or other mine wastes and residue are first disposed of as such, and such waste rock, spoil, tailings
or other mine wastes and residue shall be the sole property of Company. Company shall have the sole right to dump, deposit, sell, dispose of, or reprocess such waste rock, spoil, tailings, or other mine wastes and residues, and Lessor shall have no
claim or interest therein or to proceeds or minerals values recovered therefrom. 
  

 - 12 -

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